Latest / CRYPTO 101 / Crypto Rundown: Crypto Crash Breakdown of What Happened with Altcoins, and What is Next?!

Transcript

Crypto Rundown: Crypto Crash Breakdown of What Happened with Altcoins, and What is Next?! · CRYPTO 101

• 0:08
  [SPEAKER_04]: Alright everybody, welcome back to the Crypto101 podcast presented by Gemini.
• 0:12
  [SPEAKER_04]: You're a bridge to the future of money.
• 0:14
  [SPEAKER_04]: And yes, if you're watching on YouTube, this is real life.
• 0:18
  [SPEAKER_04]: We are in person together in wonderful downtown San Diego.
• 0:21
  [SPEAKER_04]: This sounds a little bright, but behind us is a beautiful downtown San Diego skyline.
• 0:25
  [SPEAKER_04]: We are together for a crypto 101 summit.
• 0:28
  [SPEAKER_04]: The whole entire team is flying in today.
• 0:30
  [SPEAKER_04]: And we said last week, listen, if any breaking news happens.
• 0:34
  [SPEAKER_04]: we are going to try our best to make an episode.
• 0:36
  [SPEAKER_04]: We started Friday off, we knew the Trump tweet was there, we kind of broke down what could happen.
• 0:41
  [SPEAKER_04]: Yeah.
• 0:42
  [SPEAKER_04]: But by God did we have no idea what was about to happen two hours after we left the podcast, Brendan the largest liquidation vent in crypto history hot takes around guys.
• 0:54
  [SPEAKER_04]: We're going to break it down for you the best we can.
• 0:56
  [SPEAKER_04]: We are kind of in a situation where we're putting on a live event.
• 0:59
  [SPEAKER_04]: There's going to be people moving in the background behind this, but we wanted to make sure we get an awesome piece of content Brendan amazing to be here with you in person.
• 1:06
  [SPEAKER_04]: My dear brother, we survived.
• 1:08
  [SPEAKER_04]: We survived the largest liquidation vent in crypto history.
• 1:12
  [SPEAKER_04]: had you go over the weekend before we dive into the rundown here?
• 1:15
  [SPEAKER_04]: What are your thoughts?
• 1:16
  [SPEAKER_04]: What happened?
• 1:18
  [SPEAKER_02]: It was funny because I was talking to some of the other team members, Brian was watching in and other guys, and there was a quote from it on Friday where I said, there is no way that we see another 30% drawn out or anything like that.
• 1:34
  [SPEAKER_02]: Outside of some crazy black swan event like the tariff crash.
• 1:39
  [SPEAKER_02]: Boy did I jinx us.
• 1:40
  [SPEAKER_02]: Yeah, boy did I jinx.
• 1:41
  [SPEAKER_04]: Well, we're not going to we're not going to blame it on you.
• 1:43
  [SPEAKER_04]: We have a couple of people.
• 1:44
  [SPEAKER_04]: We might be able to blame.
• 1:45
  [SPEAKER_04]: Right.
• 1:45
  [SPEAKER_04]: We're not going.
• 1:45
  [SPEAKER_04]: We're not going to put that on you.
• 1:47
  [SPEAKER_04]: But again, we are we are still bullish.
• 1:50
  [SPEAKER_04]: We even said yesterday Friday after the tweet.
• 1:52
  [SPEAKER_04]: We're bullish the playbook.
• 1:53
  [SPEAKER_04]: We've seen this before.
• 1:55
  [SPEAKER_04]: And then I think the number one reason why we didn't run to do something over the weekend besides us traveling here was when that stuff happens.
• 2:01
  [SPEAKER_04]: You've got to digest.
• 2:02
  [SPEAKER_04]: You got to.
• 2:03
  [SPEAKER_04]: Like, there was some wild digestion there that needed to happen, saturday and to Sunday.
• 2:07
  [SPEAKER_04]: They're obviously, internally, we're putting out our market alerts.
• 2:09
  [SPEAKER_04]: So if you want to get in tune to those market alerts, obviously check the description for all the links to join our community.
• 2:15
  [SPEAKER_04]: But I think we kind of nailed it because now that we're here Monday, the price action is evened out.
• 2:20
  [SPEAKER_04]: And then I think number one thing we're going to dive into is my God, like the difference between Bitcoin and the blue chips and some of the altcoin market is kind of confusing.
• 2:29
  [SPEAKER_04]: So that's why we're going to jump in here and start.
• 2:31
  [SPEAKER_04]: But let's tee it up, bring up the Trump tweet.
• 2:33
  [SPEAKER_04]: I got to get up and make sure that our stream is down for everybody but take it away.
• 2:37
  [SPEAKER_04]: Yeah, let's start from the top.
• 2:38
  [SPEAKER_04]: Just in case you didn't listen to Friday's episode, we kicked it off with the Trump tweet and then things escalated very quickly.
• 2:44
  [SPEAKER_02]: Yeah, so to pick up where we left off on Friday, we did have the Trump tweet, right?
• 2:51
  [SPEAKER_02]: And that basically came out and Trump was saying, hey, I'm not happy with what's happening with President G and China, and he's just upset about the whole thing.
• 2:59
  [SPEAKER_02]: And...
• 3:02
  [SPEAKER_02]: from there, the markets responded, and they were a little bit nervous about it, right?
• 3:06
  [SPEAKER_02]: They're a little bit scared about it.
• 3:08
  [SPEAKER_02]: And so the markets were saying, are we gonna go through tariffs 2.0 all over again?
• 3:12
  [SPEAKER_02]: And that's what we saw in the first half of the year when the markets started at all time highs, and then they fell off from there.
• 3:19
  [SPEAKER_02]: And we went into this multi-month depression where like NASDAG dropped 30% Bitcoin dropped over 30% altcoins got destroyed.
• 3:27
  [SPEAKER_02]: And that's where we left off on a Friday.
• 3:28
  [SPEAKER_02]: And we're like, so long as this doesn't escalate to some black squad event, we'll be fine.
• 3:32
  [SPEAKER_02]: Well, later that day, a second tweet came out, and that's right after we stopped, and Trump came out and said, there's going to be an additional 100% tariffs on China, because again, it wasn't happy with what was going on.
• 3:47
  [SPEAKER_02]: And so then we're like, oh, no, like, we're letting it digest and it's escalating.
• 3:53
  [SPEAKER_04]: And trying to respond again, I don't know if G has X account, like Trump does, but his team did.
• 3:59
  [SPEAKER_04]: Yeah, his team put out, but like, oh, we, you know, we won't accept this.
• 4:03
  [SPEAKER_04]: Yeah, we're willing to go to a trade world for the US.
• 4:05
  [SPEAKER_04]: So it was like this cascading of escalation all within like a four hour window, really.
• 4:10
  [SPEAKER_04]: Yes, it was, it was crazy.
• 4:13
  [SPEAKER_02]: And then this tweet that you all can see on the screen, again, shout out to YouTube.
• 4:19
  [SPEAKER_02]: If you're listening from anywhere else, Spotify, Apple Podcasts, I Heart, Audible, you name it.
• 4:26
  [SPEAKER_02]: All the visuals, all the charts, all the graphics are going to be on our YouTube channel, which is the Crypto 101 podcast.
• 4:32
  [SPEAKER_02]: So check us out over there.
• 4:33
  [SPEAKER_02]: But on the screen right now, we got to follow up tweet.
• 4:36
  [SPEAKER_02]: And this one came in yesterday, and he was just saying, hey, don't worry, it's going to be fine.
• 4:42
  [SPEAKER_02]: It's kind of the misunderstanding.
• 4:44
  [SPEAKER_02]: No one really wants this.
• 4:45
  [SPEAKER_02]: And that's what it alluded to.
• 4:47
  [SPEAKER_02]: And then we got more information coming out from the VP today and other members of the US.
• 4:52
  [SPEAKER_02]: And it seems like this is de-escalating.
• 4:55
  [SPEAKER_02]: And this kind of thing happens.
• 4:56
  [SPEAKER_02]: And you called me up on Friday.
• 4:58
  [SPEAKER_02]: It feels like we have been through this before.
• 5:01
  [SPEAKER_02]: And you're spot on about it.
• 5:04
  [SPEAKER_02]: And, you know, that's what we've continued to see.
• 5:07
  [SPEAKER_02]: So, yeah, I mean, just not keep going.
• 5:09
  [SPEAKER_02]: Things happening everywhere.
• 5:11
  [SPEAKER_04]: We didn't have it in the sheet.
• 5:12
  [SPEAKER_04]: Again, we're doing this live.
• 5:14
  [SPEAKER_04]: Yeah.
• 5:15
  [SPEAKER_04]: So bear with us while I change this out, if it'll come up.
• 5:19
  [SPEAKER_04]: But I wanted to go to our Twitter.
• 5:23
  [SPEAKER_04]: And basically, I know we tweeted this out.
• 5:25
  [SPEAKER_04]: I know I did a little victory lap there.
• 5:26
  [SPEAKER_04]: Well, that's an old one.
• 5:29
  [SPEAKER_04]: Why's that so old?
• 5:30
  [SPEAKER_02]: I don't know, it's, uh, we're also working on a brand new computer.
• 5:33
  [SPEAKER_02]: This thing just just opened up.
• 5:35
  [SPEAKER_06]: We're all I just know.
• 5:36
  [SPEAKER_02]: Okay, make sense.
• 5:37
  [SPEAKER_04]: Let me just go to my computer then because I brought it up earlier.
• 5:39
  [SPEAKER_04]: It was basically we've played this game before and while I know we were kind of waiting for, uh,
• 5:44
  [SPEAKER_04]: You know, Trump's a tweet and you're going here.
• 5:46
  [SPEAKER_04]: It was like the playbook was already set up.
• 5:48
  [SPEAKER_04]: Trump's going to tweet stuff.
• 5:50
  [SPEAKER_04]: He's going to get the market all round up.
• 5:52
  [SPEAKER_04]: And then he's going to send out his cronies to do, it pick up the pieces basically.
• 5:56
  [SPEAKER_04]: So I know Scott Besson, Marco Rubio.
• 5:58
  [SPEAKER_04]: They've been doing all these different types of deals all over the world and Scott Besson went on and started hitting the,
• 6:04
  [SPEAKER_04]: the financial channels and saying oh everything's fine with a great relationship with China and so it's like it's too different.
• 6:10
  [SPEAKER_04]: It's two different angles of you know what's happening.
• 6:14
  [SPEAKER_04]: It's Trump's Twitter versus what's actually happening and kind of like what we covered and I know I went on a rant on this the other day Friday and I called it hey.
• 6:21
  [SPEAKER_04]: It's, I don't remember the last exact season, number of the apprentice, but this whole journey, like it or love it is a reality show for him.
• 6:29
  [SPEAKER_04]: That's what he knows.
• 6:30
  [SPEAKER_04]: He's a reality show star.
• 6:32
  [SPEAKER_04]: And he just happens, it's now to be the president of the United States.
• 6:35
  [SPEAKER_04]: And you've got to take it with a grain of salt.
• 6:36
  [SPEAKER_04]: Again, whether you love him or hate him, that's not what we're here to talk about.
• 6:38
  [SPEAKER_04]: Well, we're here to talk about is the markets.
• 6:41
  [SPEAKER_04]: And again, we've seen this play before.
• 6:43
  [SPEAKER_04]: So that's what I wanted to share up on the screen.
• 6:44
  [SPEAKER_04]: That's why we got a little befuddled there, because I forgot to put this in the notes.
• 6:47
  [SPEAKER_04]: Like, we've seen this before.
• 6:49
  [SPEAKER_04]: And again, past results does not guarantee.
• 6:51
  [SPEAKER_04]: future.
• 6:52
  [SPEAKER_04]: Yeah.
• 6:52
  [SPEAKER_04]: Let's see either, right?
• 6:53
  [SPEAKER_04]: Past performance doesn't guarantee future results.
• 6:55
  [SPEAKER_04]: But like, it is the same playbook.
• 6:58
  [SPEAKER_04]: And it's not, it's not like, I get so passionate about this stuff, because it's not, it's not like, oh, this happens six to eight, 10, 20 years ago.
• 7:05
  [SPEAKER_04]: It might happen.
• 7:06
  [SPEAKER_04]: Again, it's like, guys, this happened three months ago.
• 7:09
  [SPEAKER_04]: Yeah.
• 7:09
  [SPEAKER_04]: it's not that long and we've talked about how this is the most heated rally from the original task thing because people got left behind.
• 7:16
  [SPEAKER_04]: Yeah.
• 7:17
  [SPEAKER_04]: And so there's a huge difference between I think Bitcoin and Ethereum dropping, you know, the five to 15 percent, some of these all coins were down, you know, 78 percent, a couple of them went to zero real quick, like insane numbers.
• 7:28
  [SPEAKER_04]: So there's a disconnect there in the crypto markets and that's why you're here.
• 7:31
  [SPEAKER_04]: So I know we're going to get into that specifically, but just to take it off the top, whether it's the NASDAQ, the SNP
• 7:39
  [SPEAKER_04]: we've seen this playbook before.
• 7:41
  [SPEAKER_02]: Yeah, we have.
• 7:42
  [SPEAKER_02]: And there's still was a lot of questions that stemmed from the crash, like why was it so bad?
• 7:47
  [SPEAKER_02]: Why was it the way that it was?
• 7:49
  [SPEAKER_02]: And despite us being through this, you know, there were a few things that maybe you could have looked at differently.
• 7:56
  [SPEAKER_02]: And so, I mean, let's just go ahead and dive into that.
• 7:58
  [SPEAKER_02]: I mean, we, I think we can move on from this time, right?
• 8:00
  [SPEAKER_04]: Yeah, go to go to the notes and then bring up whatever you want to bring up next.
• 8:05
  [SPEAKER_02]: Yeah, I mean, well, let's just talk about like what this black's a swan event was, right?
• 8:09
  [SPEAKER_02]: So the response so far has been like, it looks like we're going into de-escalation.
• 8:15
  [SPEAKER_02]: And I think the next thing that we can look at is just how big this liquidation event was.
• 8:21
  [SPEAKER_02]: And I think, again, that's something that took a lot of people by surprise.
• 8:26
  [SPEAKER_02]: is just the sheer size of it.
• 8:29
  [SPEAKER_02]: And so when we look at this here, I mean, let's just throw this up on the screen real fast, 19 plus billion dollars in liquidations, and this makes it larger than FTX, Luna, and COVID crashes combined.
• 8:43
  [SPEAKER_02]: Combined.
• 8:44
  [SPEAKER_02]: And not just by like one or two, like all of them combined a couple times over.
• 8:49
  [SPEAKER_02]: And it's head scratching numbers.
• 8:51
  [SPEAKER_02]: It is head scratching.
• 8:52
  [SPEAKER_02]: Head scratching numbers.
• 8:53
  [SPEAKER_02]: And the reason that this happened, like, let me just say, I think that this was a very avoidable issue, but there's two primary drivers to this crash, and I don't think you can blame it all on the tweet, because I think that if the tweets would have played out normally without the second part, which we're gonna talk about, we probably would have seen a billion dollar liquidation event.
• 9:14
  [SPEAKER_02]: Big.
• 9:15
  [SPEAKER_02]: not insane right not as big as ftx not as big as loona not as big as covid it would have hurt right people would have been scared about bud but we've had so many trade headlines it would not have been the end of the world we would have had long's getting liquidated but not twenty billion dollars worth um and so
• 9:31
  [SPEAKER_02]: What happened here in the second part was Binance and Binance really started to have some internal issues.
• 9:39
  [SPEAKER_02]: So the first half was the fight, right?
• 9:41
  [SPEAKER_02]: That's what was caused the initial reaction of people were fearful of another trade for.
• 9:48
  [SPEAKER_02]: They were uncertain about what could happen next.
• 9:50
  [SPEAKER_02]: They were doubtful about the markets.
• 9:52
  [SPEAKER_02]: They're already so high.
• 9:53
  [SPEAKER_02]: Can they go higher?
• 9:55
  [SPEAKER_02]: And so that was the initial catalyst.
• 9:56
  [SPEAKER_02]: The second part of this
• 9:58
  [SPEAKER_02]: was just Binance having issues.
• 10:01
  [SPEAKER_02]: And so part of the issues with Binance is that they were relying, and they mostly do rely on an internal pricing model.
• 10:08
  [SPEAKER_02]: They don't tend to bring in external oracles or reference external pricing.
• 10:13
  [SPEAKER_02]: They work all kind of internally.
• 10:15
  [SPEAKER_02]: And the issue that they had is that some of their cryptos, and specifically some of their stablecoins, like USDA from Athena, is that when they started to happen
• 10:28
  [SPEAKER_02]: Uh, instead of looking elsewhere where everything was being rebalanced fine, they're kind of again heavily internal focus systems were telling each other, oh, it's bad.
• 10:38
  [SPEAKER_02]: Oh, it's worse.
• 10:39
  [SPEAKER_02]: Oh, it's getting worse and instead of looking out to Coinbase and Kraken and Robin Hood and Gemini and every other exchange and saying, okay, everything else is fine everywhere.
• 10:50
  [SPEAKER_02]: It's all being rebalanced.
• 10:51
  [SPEAKER_02]: It's fine.
• 10:53
  [SPEAKER_02]: They kept looking in words, and they got into an echoing chamber.
• 10:55
  [SPEAKER_02]: And their system essentially got into an echoing chamber of sorts, where it kept telling itself, oh, it's getting depgged, it's getting worse and worse and it's falling.
• 11:04
  [SPEAKER_02]: And this created an issue.
• 11:06
  [SPEAKER_02]: And so the issue with having these models that are very internal focused in nature, especially when it relies to like, oracles and pricing,
• 11:16
  [SPEAKER_02]: is, I mean, this affects more than just the prices.
• 11:19
  [SPEAKER_02]: I mean, it affects collateral evaluations and the liquidation process.
• 11:24
  [SPEAKER_02]: And there was a moment in time where U.S.D.E.
• 11:28
  [SPEAKER_02]: a stable coin was valued at around 65 cents on Binance.
• 11:35
  [SPEAKER_02]: And it was in the 90 cents area for almost every other exchange.
• 11:40
  [SPEAKER_02]: And when you go and you look at the crash, which I think everyone should.
• 11:47
  [SPEAKER_02]: It was quiet to see how deep the candles were on Binance and how deep it was on Coinbase and Crackin and Gemini and a lot of the other leaders when it comes to crypto.
• 11:58
  [SPEAKER_02]: And the depths of the charts and how much these things fell were so much deeper on Binance.
• 12:02
  [SPEAKER_02]: Again, you can see, I mean, it was just clear issues that were happening on Binance's end, freaking out and not working properly to the point where they've posted blogs about this and we were just looking at it before it.
• 12:17
  [SPEAKER_04]: Yeah, blog.
• 12:18
  [SPEAKER_04]: So it was basically Binance like had to come out and admit that there was there was an error on their platform that that hurt some of the trading and the liquidations, especially if you're getting liquidated at 65 cents on the dollar.
• 12:29
  [SPEAKER_04]: And I don't know, maybe you're losing a ton of money already.
• 12:32
  [SPEAKER_04]: You've lost the whatever you get to keep.
• 12:34
  [SPEAKER_04]: Yeah, with the 65 cents basically.
• 12:37
  [SPEAKER_04]: So it was a huge issue for Binance.
• 12:40
  [SPEAKER_04]: I know a lot of their leadership was tweeting.
• 12:42
  [SPEAKER_04]: The finance account was tweeting.
• 12:44
  [SPEAKER_04]: And then what we're showing you here is their actual official blog post.
• 12:47
  [SPEAKER_04]: So if you're interested in looking that out, I mean, you can just kind of Google click around, and go to Binance as X and scroll down for their official link to this blog post.
• 12:57
  [SPEAKER_04]: But basically trying to explain what happened, and then also offering reimbursement.
• 13:02
  [SPEAKER_04]: Yeah.
• 13:06
  [SPEAKER_02]: And like one of the interesting things I told him talking about Adam, I don't know if you saw this Adam on, I believe it was on Binance, went to one cent.
• 13:13
  [SPEAKER_02]: Yeah.
• 13:13
  [SPEAKER_02]: One to one cent.
• 13:14
  [SPEAKER_02]: A couple dollar coin, multi-billion dollar project, one to one cent.
• 13:17
  [SPEAKER_02]: I mean, let's just try to pull this up real fast and see if you all can see the charts.
• 13:21
  [SPEAKER_02]: But it was a crazy event, and we're going to wrap all this together and make sure we explain why this is significant and what happened and everything.
• 13:29
  [SPEAKER_02]: But here's the chart over here.
• 13:31
  [SPEAKER_02]: I'm going to try to do it on my end.
• 13:32
  [SPEAKER_02]: They don't even show it going to one cent.
• 13:34
  [SPEAKER_02]: But it did, and people were getting filled at one cent on Adam.
• 13:37
  [SPEAKER_02]: So if you look at this thing, it shows a low of $1.50 or something.
• 13:43
  [SPEAKER_02]: And again, I'm winging this on the fly, but you can go to other exchanges and you don't see the same here.
• 13:48
  [SPEAKER_02]: I mean, look at this.
• 13:49
  [SPEAKER_02]: I'm essentially a $3 low on coinbase, but a dollar 50 low on binding.
• 13:53
  [SPEAKER_02]: It dropped.
• 13:54
  [SPEAKER_02]: It saw another, like, what was that?
• 13:56
  [SPEAKER_02]: 50% to the downside, just between the exchanges.
• 14:00
  [SPEAKER_02]: And it was a crazy, crazy event.
• 14:01
  [SPEAKER_02]: And you saw this with just about everything.
• 14:03
  [SPEAKER_02]: It was a fire sale.
• 14:04
  [SPEAKER_02]: Yeah, roll through some other ones.
• 14:05
  [SPEAKER_02]: I mean, let's, yeah, let's look at, I don't know, let's go to, like, so let's end with the beginning and if you, let's go, you really stop, do we start with Bitcoin theorem?
• 14:13
  [SPEAKER_04]: Let's end with Bitcoin theorem.
• 14:15
  [SPEAKER_04]: Let's start with some of these all coins that just scared the crap out of everybody.
• 14:19
  [SPEAKER_02]: So I mean, yeah, I mean, let's try to take a look at like XRP, right?
• 14:22
  [SPEAKER_02]: XRP, one people always like to talk to us about.
• 14:24
  [SPEAKER_02]: It went down to, what is this 79 cents?
• 14:28
  [SPEAKER_02]: So if we go to XRP on another exchange, let's go to Coinbase, it went down to $1.79.
• 14:33
  [SPEAKER_02]: Literally a $1 difference from $1.79 to 79 cents.
• 14:39
  [SPEAKER_02]: And I mean, the price differences in the arbitrage was ridiculous.
• 14:44
  [SPEAKER_02]: And let's just go to another one.
• 14:45
  [SPEAKER_02]: Let's go to Solana, for example.
• 14:48
  [SPEAKER_02]: And we take a look at this.
• 14:49
  [SPEAKER_02]: And I hope that this is certain paint the picture of what happened over here.
• 14:54
  [SPEAKER_02]: And so this one actually doesn't look as bad for Binance.
• 14:57
  [SPEAKER_02]: But it was 170 bucks.
• 15:01
  [SPEAKER_02]: Uh, and if we go to Coinbase, it was a little higher 173 so not a huge difference there.
• 15:06
  [SPEAKER_04]: Can you pull up a one that I was ironed up and trying to buy a condo?
• 15:10
  [SPEAKER_04]: Yeah.
• 15:11
  [SPEAKER_04]: We got one point on to went down, like 70%.
• 15:15
  [SPEAKER_04]: So I was trying to get orders filled, like nonstop.
• 15:18
  [SPEAKER_04]: I finally got, I didn't catch the pure bottom.
• 15:20
  [SPEAKER_04]: So I got in, I got in about like in the 5.5.6.
• 15:22
  [SPEAKER_04]: I got a fill, but like I saw it down here, it was hammer and buys and I couldn't get him filled.
• 15:29
  [SPEAKER_02]: Well, this is another one, 25 cents for Ondo on Binance.
• 15:33
  [SPEAKER_02]: You know, let's go over to Coinbase again.
• 15:36
  [SPEAKER_02]: Let's just look at them because they're just at the top of the list here.
• 15:41
  [SPEAKER_02]: And what did they go to over here?
• 15:42
  [SPEAKER_02]: You know, 58 cents.
• 15:43
  [SPEAKER_02]: I mean, the difference is crazy.
• 15:44
  [SPEAKER_02]: And that's why I'm getting filled over at different exchanges.
• 15:47
  [SPEAKER_04]: I couldn't get the exact bottom.
• 15:49
  [SPEAKER_04]: I'm seeing the charts.
• 15:49
  [SPEAKER_04]: It's going crazy.
• 15:51
  [SPEAKER_04]: But yeah, just...
• 15:53
  [SPEAKER_04]: Just to definitely, and again, all this was in, I mean, I was on the phone with you.
• 15:57
  [SPEAKER_04]: Oh, this was in about like 15 to 20 minutes.
• 15:59
  [SPEAKER_04]: Yes.
• 15:59
  [SPEAKER_04]: I saw this stuff fall off a cliff, credit to us.
• 16:02
  [SPEAKER_04]: It creeps over 101 for monitoring this real time.
• 16:05
  [SPEAKER_04]: But I called you and I'm like, what do you see?
• 16:07
  [SPEAKER_04]: I'm like, I don't know, look at this, it's waterfall, waterfall, waterfall.
• 16:11
  [SPEAKER_04]: It's like,
• 16:12
  [SPEAKER_04]: freaky, but it didn't make sense.
• 16:15
  [SPEAKER_04]: It didn't make sense, which again, once the tide went out like a get eventually I feel we find some people aren't wearing bayonsuits while they're swimming.
• 16:22
  [SPEAKER_04]: Somebody had to get blown up in this at $19 billion liquidated, but like
• 16:28
  [SPEAKER_04]: It really didn't make sense because you bring up the charts again, though, let's just finish on.
• 16:31
  [SPEAKER_04]: Yeah, yeah, yeah, because I think this is interesting for our audience.
• 16:35
  [SPEAKER_04]: Like, again, we always say we're audience, listen, leverage is very, can be very dangerous.
• 16:40
  [SPEAKER_04]: And we always say, please educate yourself if you're doing any type of perpetual futures, leverage, anything with leverage, you got to be careful.
• 16:48
  [SPEAKER_04]: We always emphasize this.
• 16:49
  [SPEAKER_04]: But I also feel like the listenership at Crypto 101.
• 16:52
  [SPEAKER_04]: Yeah, we have some DJs, but I think we have a good mix of people.
• 16:55
  [SPEAKER_04]: And I really feel like the average person.
• 16:57
  [SPEAKER_04]: So somebody like myself who a lot of people know that I'm in the space and we do the podcast.
• 17:01
  [SPEAKER_04]: They, oh, if something big happens, people call and question and ask what's going on, which I buy yada yada yada.
• 17:07
  [SPEAKER_04]: I was waiting waiting for the plethora of phone calls and I did a lot of stuff this weekend in person with a lot of friends that I know and and you know a couple people said hey did some happen this what was going on with crypto did something happened it was a question and it well I thought I was going to get see crypto's the scan crypto's dead again like that's what happened during ftx like if we're saying that this is twenty times more than ftx or ten times more
• 17:34
  [SPEAKER_04]: When FTX happened, it was pandemonium.
• 17:37
  [SPEAKER_04]: It was over, but not always dead.
• 17:38
  [SPEAKER_04]: Crypto was truly dead.
• 17:40
  [SPEAKER_04]: I had friends, my own mother asked if we saw a job.
• 17:43
  [SPEAKER_04]: You're going to still have a job after this.
• 17:44
  [SPEAKER_04]: Whereas this happened in the average person where they have a little bit of Bitcoin Ethereum or maybe none, they're not, I don't think they really felt this.
• 17:53
  [SPEAKER_04]: I don't, I really don't.
• 17:54
  [SPEAKER_04]: I mean, we're going to have to wait a little bit more maybe.
• 17:56
  [SPEAKER_04]: But as you can see here on the charts, so it talked us through the price action.
• 17:59
  [SPEAKER_04]: But I think this might confirm what I'm kind of saying,
• 18:04
  [SPEAKER_02]: Yeah.
• 18:04
  [SPEAKER_02]: And so just to tie together that final point, we had this two-sided event.
• 18:11
  [SPEAKER_02]: The tweet was to as the catalyst, should have been a sell-off, not nearly the size of the one that we saw.
• 18:17
  [SPEAKER_02]: The second side was centralized failure.
• 18:19
  [SPEAKER_02]: And so I want to clarify this because I've seen a lot of people talk about it.
• 18:23
  [SPEAKER_02]: There was not a failure of blockchain tech.
• 18:25
  [SPEAKER_02]: There was not a failure of a project.
• 18:28
  [SPEAKER_02]: There was not a failure of anything like that.
• 18:31
  [SPEAKER_02]: The failure was all a centralized issue that Binance did for essentially cutting corners in their system.
• 18:37
  [SPEAKER_02]: It was a flawed thing on the centralized side of Binance's servers, or back in, whatever we want to call it.
• 18:44
  [SPEAKER_02]: And so that was it.
• 18:45
  [SPEAKER_02]: I saw a lot of people saying, oh, does this hurt blockchain text reputation?
• 18:48
  [SPEAKER_02]: No, it wasn't a blockchain tech issue.
• 18:51
  [SPEAKER_02]: And so that brings us up to speed, which is, you know, there's still a cycle, does it in altcoins?
• 18:58
  [SPEAKER_02]: And I think the answer there is now.
• 19:01
  [SPEAKER_02]: When you look at what happened here and you see that Bitcoin had a $20 billion liquidation event, the largest one it's ever seen, worse than all these other ones combined in several times over.
• 19:11
  [SPEAKER_02]: And then you go and you look at the Bitcoin price on the chart, what do you see?
• 19:15
  [SPEAKER_02]: Despite having that, the crash nowhere near resembled all those other events that we talked about.
• 19:22
  [SPEAKER_02]: You go and you look at it and Bitcoin held.
• 19:24
  [SPEAKER_02]: I mean, let's just look at this on the chart here.
• 19:26
  [SPEAKER_02]: Bitcoin held above its prior all-time highs, we can zoom out to this.
• 19:30
  [SPEAKER_02]: above it's prior all-time highs.
• 19:32
  [SPEAKER_02]: It held the higher low.
• 19:34
  [SPEAKER_02]: It held the 200-day moving average.
• 19:35
  [SPEAKER_02]: It held this consolidation range.
• 19:37
  [SPEAKER_02]: It held the angered v-wop from the terror flows.
• 19:40
  [SPEAKER_02]: It held all the significant support levels and bounced off of them and immediately jetpacked back to the upside 50%.
• 19:48
  [SPEAKER_02]: A race half of it.
• 19:50
  [SPEAKER_02]: So what I would say is despite seeing the largest liquidation event in history and all these crazy things that could have happened,
• 19:56
  [SPEAKER_02]: The crypto market immediately rebounded 50%, and we held all of our critical support levels, and I think the one word to describe it is resilience, right?
• 20:05
  [SPEAKER_02]: Tom Lee's talked about this, where he said, people keep saying, oh, is it a dead cat bounce in this and that?
• 20:11
  [SPEAKER_02]: He's going to say, if there's all these different unique events that something survives and it continues to choke higher,
• 20:17
  [SPEAKER_02]: You wouldn't say that it's lucky or you wouldn't say it's a dead cap bounce.
• 20:20
  [SPEAKER_02]: You'd say that is a very resilient asset.
• 20:23
  [SPEAKER_02]: And I think you have to say the same thing about here with Bitcoin.
• 20:26
  [SPEAKER_02]: I think you have to say that it's resilient by not breaking down 10 new lows off of news like that.
• 20:31
  [SPEAKER_02]: And from top to bottom, the retracement was only about 12 percent, 12 and a half percent.
• 20:36
  [SPEAKER_02]: And when we're looking at it now and the way that it is bouncing, I mean, if you look at the candle closes in here, they're all above 110,000.
• 20:44
  [SPEAKER_02]: And they're all above the support line.
• 20:46
  [SPEAKER_02]: They're all at a higher load than the previous candle closings here and here and over and here.
• 20:51
  [SPEAKER_02]: And it continues to close higher.
• 20:53
  [SPEAKER_02]: And so I think Bitcoin here is showing us the greatest sense of resilience that I think we've ever seen, having a liquidation event of that size, and still closing higher, which is just a crazy thing.
• 21:05
  [SPEAKER_02]: Had that kind of thing happened in the past.
• 21:08
  [SPEAKER_02]: You know, we would have been destroyed.
• 21:10
  [SPEAKER_02]: Could you imagine if the FTX and the Luna and the COVID crash were all one, two billion olive liqueurations events like it would have been flattening and the ETS are still buying, retail still buying, and the inside joke here is that
• 21:25
  [SPEAKER_02]: This was the event for the institutional side to load up on their altcoin ETFs, but for all the ETFs launch, which is expected to be within the next week or two if the government.
• 21:36
  [SPEAKER_04]: I mean, it's one of those things.
• 21:38
  [SPEAKER_04]: I mean, just one last chart pull up B&B.
• 21:41
  [SPEAKER_04]: It's like you'd think, oh, Binance.
• 21:43
  [SPEAKER_04]: Pause this, you think Binance would be at a break the lows, no?
• 21:46
  [SPEAKER_04]: New all time highs.
• 21:47
  [SPEAKER_04]: New all time highs.
• 21:48
  [SPEAKER_04]: So again, I think that there's a sad realization in the crypto sphere of like, I got screwed, you know, this was manipulated.
• 22:00
  [SPEAKER_04]: And I think I saw a good tweet, I didn't, I didn't pin it, but it said something like this.
• 22:05
  [SPEAKER_04]: It was like, listen, all markets are manipulated at some time.
• 22:08
  [SPEAKER_04]: Yeah.
• 22:08
  [SPEAKER_04]: It's just with the stock market, we can't see who
• 22:13
  [SPEAKER_04]: And while we don't necessarily know the exact who we have the wallet address and then yes was was somebody always knows I don't you we all follow unusual way up and we'll see somebody loads up on Broadcom calls.
• 22:28
  [SPEAKER_04]: Yeah, one week calls.
• 22:29
  [SPEAKER_04]: And then the next day, Rod come and ounces, you know, open AI partnership.
• 22:34
  [SPEAKER_04]: It goes up 20% the guy made a million bucks or a hundred a million dollars.
• 22:38
  [SPEAKER_04]: So yeah, we saw that there was like some whale opened up a hyper liquid account and funded it and went short the market.
• 22:45
  [SPEAKER_04]: like in our work Trump tweeted.
• 22:47
  [SPEAKER_04]: So yes, there is some manipulation here.
• 22:49
  [SPEAKER_04]: The Binance thing is going on.
• 22:52
  [SPEAKER_04]: You can, you know, I don't know.
• 22:53
  [SPEAKER_04]: We don't necessarily have the facts, but if you want to wrap the old tin foil like we do sometimes here, like, yeah, there was something sadly something fishy was going on in the market.
• 23:02
  [SPEAKER_04]: But again, everybody in our chat was kind of going like, oh, this is crazy.
• 23:07
  [SPEAKER_04]: This is bad.
• 23:07
  [SPEAKER_04]: This is this.
• 23:08
  [SPEAKER_04]: Is this the end of crypto?
• 23:09
  [SPEAKER_04]: Well, it's like, Bryce just kind of just,
• 23:13
  [SPEAKER_04]: guided us as always does he goes guys no crying in the casino yeah no crying in the casino because at the end of the day what we just showed you with Bitcoin was the people that got hurt the most and we don't want anybody to get hurt yeah but again it goes back to the you need to understand what you're doing with leverage
• 23:28
  [SPEAKER_04]: And if you're overextending yourself with leverage and a black swan event happens, you're gonna get cleaned out.
• 23:34
  [SPEAKER_04]: You're clock's gonna get cleaned.
• 23:35
  [SPEAKER_04]: You're wiped.
• 23:36
  [SPEAKER_04]: And then you can go and cry of why that happened.
• 23:38
  [SPEAKER_04]: And I don't even think you'd be wrong.
• 23:40
  [SPEAKER_04]: If you're done with crypto, but because you got over leverage and you got wiped out from a Trump tweet, maybe it's not the space for you.
• 23:48
  [SPEAKER_04]: But if somebody like myself who really doesn't play in the leverage market months, and much and then was talking to my friends, I feel like I'm not
• 23:57
  [SPEAKER_04]: I didn't really, I, I feel it from a new sense that like I didn't get cleaned out because I don't over extend myself like that without proper risk management.
• 24:05
  [SPEAKER_04]: Yeah.
• 24:06
  [SPEAKER_02]: It's, yeah, I mean, it's hard man and I think with the rise of height, with the rise of, uh, a, uh, a, a, a, a, a, a, right, all these big, perps markets popping up.
• 24:16
  [SPEAKER_02]: becoming popular, people were using them, and with that, there's just a ton of growth and people liked it.
• 24:23
  [SPEAKER_02]: The crypto market kept going up and up and up and it felt like all season was right around the corner.
• 24:26
  [SPEAKER_02]: Big wins about to break the highs, Ethereum's about to break the highs, everything's getting ready.
• 24:31
  [SPEAKER_02]: So people were getting levered up with it and we saw another kind of pump fake.
• 24:35
  [SPEAKER_02]: And unfortunately,
• 24:37
  [SPEAKER_04]: It just led to a snowball effect and it did, and again, we, well, the October we're super excited about October to October is kind of seem to be we got a rain on that for a little bit, but we were right that first we go October up to over we came out of the gates running and that's why I think people again goes to that off sides.
• 24:54
  [SPEAKER_04]: theory of like, okay, when's this going to happen?
• 24:55
  [SPEAKER_04]: When's this going to happen?
• 24:56
  [SPEAKER_04]: Now is it now?
• 24:57
  [SPEAKER_04]: And everybody just got over leverage plus this black swan event.
• 25:01
  [SPEAKER_04]: So it kind of kind of all happened in once.
• 25:03
  [SPEAKER_04]: But again, if you zoom out on these major blue chip assets that, you know, we try to educate everybody on the most.
• 25:10
  [SPEAKER_04]: I know inside the community, we have the blue chip, you know, portfolio and all that stuff to kind of tell you where we think the best plays are.
• 25:16
  [SPEAKER_04]: But, you know, once you start diving into this
• 25:18
  [SPEAKER_04]: old coin world and, you know, Bitcoin has leverage against the S&P.
• 25:23
  [SPEAKER_04]: Ethereum has leverage against Bitcoin.
• 25:24
  [SPEAKER_04]: I mean, how far down the rabbit will be want to go?
• 25:27
  [SPEAKER_04]: And we've talked about this on the show of Coinbase starts to offer 20x, 25x, 50x.
• 25:33
  [SPEAKER_02]: Could we talk about the 50x tweet in crisis?
• 25:36
  [SPEAKER_02]: Yes.
• 25:37
  [SPEAKER_02]: Bring it up.
• 25:38
  [SPEAKER_02]: Bring it up.
• 25:38
  [SPEAKER_02]: I don't even know if I could find it.
• 25:40
  [SPEAKER_02]: Who's we did it?
• 25:41
  [SPEAKER_02]: So I think it was Brian Armstrong.
• 25:44
  [SPEAKER_02]: In the middle of Friday's event, I think it was in the middle of Friday's event, maybe Saturday.
• 25:48
  [SPEAKER_02]: Brian Armstrong tweets out, hey guys, we've just up their leverage so that everyone can go from 25x to 50x.
• 25:56
  [SPEAKER_02]: And this was in the middle of the largest liquidation event in history caused by the very market that he's talking about everyone can get even more levered up on.
• 26:05
  [SPEAKER_02]: And it was like, dude, time in play, dude, time and place.
• 26:09
  [SPEAKER_02]: It's like a tragedy just happened in your coming in, in your cracking jokes, you know, ten minutes later.
• 26:15
  [SPEAKER_02]: And it was just... I think, well, this sweet specifically, the 50X was from a month ago.
• 26:22
  [SPEAKER_04]: Yeah, up to 50 x, but then that's what I did.
• 26:24
  [SPEAKER_04]: I was like, what my God, how did this happen?
• 26:26
  [SPEAKER_04]: Yeah, it's we did.
• 26:26
  [SPEAKER_04]: It's like, well, it's because we wasn't, it wasn't, he didn't tweet that out in the moment.
• 26:31
  [SPEAKER_04]: We left it.
• 26:31
  [SPEAKER_04]: We left it.
• 26:33
  [SPEAKER_04]: So that makes me feel a little bit better.
• 26:35
  [SPEAKER_04]: But you're, but you're a point.
• 26:36
  [SPEAKER_04]: How did this happen?
• 26:37
  [SPEAKER_04]: No, I'm not speaking right now.
• 26:38
  [SPEAKER_04]: How did this happen?
• 26:39
  [SPEAKER_04]: It's okay.
• 26:40
  [SPEAKER_04]: So a month ago, you see the Brian Armstrong's promoting the new feature to get 20 to 50 x leverage.
• 26:45
  [SPEAKER_04]: Okay, so how did the, how did an event like this happen?
• 26:49
  [SPEAKER_04]: 19 billion compared to the two billion with FDX?
• 26:52
  [SPEAKER_04]: happen.
• 26:52
  [SPEAKER_04]: There's people that are going 50 x their exposure, and then you're, I mean, you know, depending on how funded your account is, I mean, the margin of error is what?
• 27:01
  [SPEAKER_04]: 10 to 20% pops.
• 27:03
  [SPEAKER_04]: Yeah.
• 27:05
  [SPEAKER_04]: So when something goes down 10, 15% that that cascading effect of
• 27:10
  [SPEAKER_04]: Just slices through the market like butter and that's that's how this happens So again, I don't think the average person out there is going and doing 20 to 50 x leverage I really hope not if you are you need to get educated on it if you are thinking about doing that But again, there's a lot of regions out there.
• 27:27
  [SPEAKER_04]: We like to dig in when it's time Yes, but but responsibly you got to be it's like gamma you just got you guys do this stuff responsibly man I mean you're gonna get absolutely wiped out and I feel like a ton of people did
• 27:38
  [SPEAKER_04]: And there's some really, really sad stories out there in the crypto sphere and just like, it's not worth putting yourself in a position where you can't live with the rest of us.
• 27:47
  [SPEAKER_04]: You have to understand that there's no free ticket to 100X or 50X, it's crazy.
• 27:52
  [SPEAKER_04]: It's crazy.
• 27:53
  [SPEAKER_04]: And that's what we try to do here to stay educated and all that stuff.
• 27:57
  [SPEAKER_04]: But again, if we zoom out, so what's going on?
• 28:00
  [SPEAKER_04]: What are people doing after this largest liquidation ever?
• 28:03
  [SPEAKER_04]: Well, I'll tell you what, yeah, share that one.
• 28:07
  [SPEAKER_04]: He didn't buy last week.
• 28:09
  [SPEAKER_04]: He, no, I don't think Michael Sailor knew by any means, but, you know, he starts his buying spree again.
• 28:14
  [SPEAKER_02]: Let's see, pull it up, how many did they buy?
• 28:18
  [SPEAKER_02]: Another $220 Bitcoin for $27 million.
• 28:21
  [SPEAKER_02]: Yep, and then of course, our friend of the program, Tom Lee.
• 28:26
  [SPEAKER_04]: Let's see, can I show you this?
• 28:27
  [SPEAKER_02]: Three million.
• 28:28
  [SPEAKER_02]: It's already on.
• 28:28
  [SPEAKER_02]: Oh, it is.
• 28:29
  [SPEAKER_02]: I believe so.
• 28:30
  [SPEAKER_02]: Yeah.
• 28:32
  [SPEAKER_02]: This is the other window.
• 28:34
  [SPEAKER_02]: And yeah, I mean, you look at it, another 3 million ethereum.
• 28:39
  [SPEAKER_04]: Congrats, bitmind.
• 28:40
  [SPEAKER_04]: Crazy.
• 28:41
  [SPEAKER_04]: They're still doing it.
• 28:42
  [SPEAKER_04]: And then here, I'll hold another one.
• 28:44
  [SPEAKER_04]: The, uh, there was some reports coming out that Trump is like, you know, Trump.
• 28:48
  [SPEAKER_04]: It's probably like more like Trump fans.
• 28:50
  [SPEAKER_04]: Yes, is is a now a top forp.
• 28:53
  [SPEAKER_04]: So forp says present-style Trump is now one of the largest Bitcoin investors on the planet owning an estimated 870 million of BTC.
• 29:00
  [SPEAKER_04]: So I'm sure that funnels into his family world liberty Five and all that stuff that the Trump family's doing but again like this is happening Yes, there's yes, I mean, I'll I'll say this is my opinion just my opinion personally not a reflection anybody else on the show or program
• 29:15
  [SPEAKER_04]: But yes, there's insider trading going on.
• 29:17
  [SPEAKER_04]: Like, yes, that has been going on.
• 29:20
  [SPEAKER_04]: We joke about the Nancy Pelosi.
• 29:22
  [SPEAKER_04]: Yes, sir in the stock market.
• 29:24
  [SPEAKER_04]: Yes, it's happening in the crypto market as well.
• 29:26
  [SPEAKER_04]: Probably equal amount.
• 29:27
  [SPEAKER_02]: Yeah, and I had someone earlier asked me, and I did a trading session a little bit earlier, and someone was saying, Brendan, do you think that this proves that there's issues with blockchain, the fact that people can insider trade?
• 29:41
  [SPEAKER_02]: And I said,
• 29:42
  [SPEAKER_02]: My guy, I said, insider trading happens, arguably more in the triad by markets.
• 29:48
  [SPEAKER_02]: We've all seen the politician coppiers.
• 29:51
  [SPEAKER_02]: And the thing is, is that it's not just one side.
• 29:54
  [SPEAKER_02]: And that's what I think this person was trying to get at, is, uh,
• 29:58
  [SPEAKER_02]: It's not a one-sided thing, but you see it happen on the left, you see it happen on the right, you see it happen in all the political parties, like people from everywhere do it, and it happens in stocks and guess what?
• 30:09
  [SPEAKER_02]: I think you have to be ignorant to think that it doesn't also happen in crypto too.
• 30:13
  [SPEAKER_02]: It happens on both sides of political party, it happens in all the different markets.
• 30:17
  [SPEAKER_02]: It's unfortunately just a thing, and it's not like,
• 30:21
  [SPEAKER_04]: Oh, because it's crypto, this can happen this and yeah, and I think it's something that we've been touting on the show now for less than a year I guess, no about a year since President Trump got elected was kind of this sentiment of the top of the tweet I tweet this out ago and you're selling like Donald Trump's family You know the top Bitcoin holder and you're selling like it again It goes back to if you were listening to the show a year ago.
• 30:44
  [SPEAKER_04]: I gave the speech it was like you could not
• 30:46
  [SPEAKER_04]: like Bitcoin or crypto at all.
• 30:48
  [SPEAKER_04]: Yeah.
• 30:48
  [SPEAKER_04]: You could think it's totally garbage.
• 30:50
  [SPEAKER_04]: But guess what?
• 30:51
  [SPEAKER_04]: The president of the United States is for it.
• 30:53
  [SPEAKER_04]: Yeah.
• 30:54
  [SPEAKER_04]: So I would buy that asset, not personal financial advice, any mean, but I would buy that asset any day if the person in the White House is all for it.
• 31:02
  [SPEAKER_04]: And then pull up this clip, because I literally say this multiple times
• 31:06
  [SPEAKER_04]: every couple of weeks.
• 31:06
  [SPEAKER_04]: I feel like I go eventually with same thing.
• 31:09
  [SPEAKER_04]: You could hate Bitcoin.
• 31:10
  [SPEAKER_04]: You could hate crypto, but what's going to happen here is as all these event guards are going to they're going to roll over and start offering stuff soon.
• 31:16
  [SPEAKER_04]: We know that story.
• 31:18
  [SPEAKER_04]: We know that, you know, we saw city groups doing analyst calls now on crypto and Bitcoin.
• 31:23
  [SPEAKER_04]: go down the list, JP Morgan's building on the blockchain, even though Jamie Diamond hates crypto.
• 31:27
  [SPEAKER_04]: And I've said this before about BlackRock, I go, you could hate Bitcoin and crypto, but Larry Think, again, he'll say this in the clip, what he used to say about Bitcoin and crypto.
• 31:37
  [SPEAKER_04]: What's going to happen is Larry Think and his army are going to be selling not to us.
• 31:41
  [SPEAKER_04]: to your friends and your family, your parents, your grandparents, who know nothing about crypto with thought it was a scam.
• 31:47
  [SPEAKER_04]: It's Larry Fickin' his salespeople, are you making it?
• 31:48
  [SPEAKER_04]: No, no, no, now that it's black rock, it's safe, it's a good idea.
• 31:51
  [SPEAKER_04]: So roll the clip because it's 60 minutes, guys.
• 31:55
  [SPEAKER_04]: 60 minutes is a naturally televised show on Sunday nights.
• 31:57
  [SPEAKER_04]: Who watches that?
• 31:58
  [SPEAKER_04]: parents in a grand pan.
• 32:00
  [SPEAKER_04]: Yeah.
• 32:00
  [SPEAKER_03]: So this is who Larry think in the sales.
• 32:02
  [SPEAKER_03]: People are coming for.
• 32:03
  [SPEAKER_00]: We've been telling you for a year now.
• 32:05
  [SPEAKER_00]: I did say a bit quanker.
• 32:07
  [SPEAKER_00]: We were talking about Bitcoin then was the domain of money ladders and fees.
• 32:13
  [SPEAKER_00]: But you know, the markets teach you.
• 32:15
  [SPEAKER_00]: You have to always re-look at your assumptions.
• 32:18
  [SPEAKER_00]: But there is a role for crypto in the same way there's a role for gold.
• 32:24
  [SPEAKER_00]: That is, it's an alternative.
• 32:27
  [SPEAKER_00]: For those looking to diversify, this is not a bad asset, but I don't believe that it should be a large.
• 32:33
  [SPEAKER_00]: of your your portfolio.
• 32:35
  [SPEAKER_02]: People should have this in their portfolio.
• 32:37
  [SPEAKER_02]: This is the largest asset manager on the planet.
• 32:40
  [SPEAKER_02]: Ten trillion dollars plus an assets under management and they're coming out.
• 32:44
  [SPEAKER_02]: Here are all the big players are and they think that you should have it.
• 32:47
  [SPEAKER_02]: I think on the other run down we showed like what's a proper allocation and there's now allocation get guidelines.
• 32:53
  [SPEAKER_02]: And this is becoming the norm, and it's only a matter of time until we get to that point.
• 32:57
  [SPEAKER_02]: And guess what, we're still not there.
• 32:59
  [SPEAKER_02]: If you look at 1% of IRAs and retirement accounts and pensions and all this stuff, if 1% or 2% of that was in Bitcoin, it's a different world.
• 33:08
  [SPEAKER_02]: You know, we're hundreds of thousands, instead of 100,000.
• 33:11
  [SPEAKER_02]: And again, we're slowly getting there.
• 33:13
  [SPEAKER_02]: It's not going to be something that happens overnight, but yeah, it goes to the fact that
• 33:20
  [SPEAKER_04]: I feel kind of excited that this 60 minutes clip popped up because it's literally what I said Yeah, but Larry thinks and his salesman are gonna be sitting down in your parents Your grandparents and say are and they're on 60 minutes What so who's watching 60 minutes?
• 33:31
  [SPEAKER_03]: Oh my god, look who's looking at these guys bring it in Holy what a what a three the analyst what is three guys?
• 33:37
  [SPEAKER_03]: We have Brian McNott Joe Troy look at this in person in person in person I'm here for a whole house this all
• 33:43
  [SPEAKER_03]: Here we go, just thought, I'm just like this, I got it, I'm interviewing you, I'm being honest with you, awesome.
• 33:47
  [SPEAKER_05]: Hey, I was tuning in, loving it, loving it, everything just to me, and what are we buying?
• 33:50
  [SPEAKER_05]: So, guys, yes, head next leverage on everything.
• 33:53
  [SPEAKER_03]: No, no, no, no, no, no, no, no, that's not how, no, no, guys, this is really exciting.
• 33:59
  [SPEAKER_04]: This is not only the first time that Brennan lives on the live show.
• 34:02
  [SPEAKER_04]: Now we got the whole crew here.
• 34:04
  [SPEAKER_04]: I guess everybody, this is going to get sent out.
• 34:06
  [SPEAKER_04]: So a lot of people see it.
• 34:07
  [SPEAKER_04]: So this is exciting to have everybody here.
• 34:09
  [SPEAKER_04]: Guys, had you survive a quick, quick hit show?
• 34:12
  [SPEAKER_04]: Uh, everybody got liquidated.
• 34:13
  [SPEAKER_04]: What were your thoughts over the weekend?
• 34:15
  [SPEAKER_01]: I don't do leverage.
• 34:17
  [SPEAKER_01]: What I survived is nobody sausage didn't get the memo.
• 34:22
  [SPEAKER_01]: They're up 25% in the last seven days why everything was just plummeting.
• 34:26
  [SPEAKER_01]: Okay.
• 34:27
  [SPEAKER_01]: We caught that up for everything.
• 34:28
  [SPEAKER_04]: Well, we talked about nobody sausage in some multiple times and again.
• 34:31
  [SPEAKER_04]: Joe unprompted Joe walks in the room guys says I don't do leverage even in the meme point marches when you're in the trenches We talked about it.
• 34:37
  [SPEAKER_04]: It's like, okay, Bitcoin's leverage the S&P.
• 34:39
  [SPEAKER_04]: Ethereum's leverage the Bitcoin.
• 34:41
  [SPEAKER_04]: All coins are leverage everything else meme coins are higher leverage and outfit everything else.
• 34:44
  [SPEAKER_04]: It's like we put up the sweep by Brian Armstrong.
• 34:46
  [SPEAKER_04]: It's like, okay 20x 50x it's like, oh, how did this happen?
• 34:50
  [SPEAKER_04]: How did this happen?
• 34:51
  [SPEAKER_04]: It's because they're rolling out 50 hundred x products and everybody's getting levered up to their neck That's how it's happening, but Brian, would you see this weekend quick hits?
• 34:59
  [SPEAKER_04]: How did you survive?
• 35:00
  [SPEAKER_05]: uh... i do do leverage and uh... but luckily i didn't have any open positions and uh... everything these guys are saying uh... you have to really know what you're getting yourself into when you're dealing with leverage it is literally the gambling of the gambling that happens and the kind of flavor of the recent market's been perplexed x is here and everything about the way it's faster and hype in uh... it's it's catching everyone a little bit here so luckily myself and a lot
• 35:30
  [SPEAKER_05]: but I'm sympathetic to anybody I did, but I think this could be a little bit of a clearing house.
• 35:34
  [SPEAKER_05]: I think this is bullish overall for the market.
• 35:38
  [SPEAKER_05]: I mean, what was it, FTX COVID and Lunar together?
• 35:42
  [SPEAKER_05]: Yeah, I didn't meet the amount of liquidations that we saw over the past couple days.
• 35:47
  [SPEAKER_05]: So with what that being said that we kind of fired back up or we'd write back up, we got Binance, what hitting all time highs as of today, even with a lot of connecting stuff.
• 35:57
  [SPEAKER_04]: Yeah, they had to put out an apology and refund people for a deep egg and they're at all time highs.
• 36:02
  [SPEAKER_04]: Got it on the screen.
• 36:03
  [SPEAKER_05]: Yeah, so that just goes to show you I think I think everyone needs to be very careful leverage and that's why I spot is a very interesting position and I'm a big spot trader.
• 36:12
  [SPEAKER_05]: I think if you were watching this live like the lawn of us, we definitely started to buy some more spot when we saw this big wipe out because there was a huge opportunity.
• 36:23
  [SPEAKER_05]: And I think it's still live.
• 36:25
  [SPEAKER_04]: Couldn't agree more and I think it's just exciting that we kind of go through this together It's kind of the big part of why you want to be a part of the community Whether it's the podcast the YouTube or if you're interested we have tons of links below for both Brian Joe's community Brendan's trading cohort is open this week, so I put that link down for everybody below And overall how exciting for the entire team to be here every time we get together.
• 36:47
  [SPEAKER_04]: It's exciting last time it was all time highs this time the biggest liquidation of end history
• 36:52
  [SPEAKER_04]: But the crypto 101 team is here just doing the research with everybody together.
• 36:56
  [SPEAKER_04]: Brendan, I'm going to pass it off to you to sign off.
• 36:58
  [SPEAKER_04]: I'm going to go over here and end it, but say goodbye to the good people, what's our schedule this week?
• 37:03
  [SPEAKER_04]: Probably.
• 37:04
  [SPEAKER_04]: So we have some interviews.
• 37:04
  [SPEAKER_04]: I'm going to be putting out with Bryce and Brendan.
• 37:07
  [SPEAKER_04]: It's going to be awesome.
• 37:08
  [SPEAKER_04]: Can't guarantee another run down this week, but again, we try our best to put out all the content we can for you guys.
• 37:14
  [SPEAKER_02]: Well, hey, everyone.
• 37:15
  [SPEAKER_02]: We appreciate all of you watching.
• 37:17
  [SPEAKER_02]: It's also been able to be in person with the rest of the team.
• 37:21
  [SPEAKER_02]: We have a lot of new content coming forward.
• 37:23
  [SPEAKER_02]: We even have a new tutorial, I think, coming out.
• 37:25
  [SPEAKER_02]: Is it out or is it out?
• 37:26
  [SPEAKER_02]: It's out, it's out, yeah.
• 37:27
  [SPEAKER_02]: So yeah, we have a brand new tutorial on Coinbase and their new decks feature.
• 37:30
  [SPEAKER_02]: So go check that out.
• 37:32
  [SPEAKER_02]: Thank you all for watching.
• 37:33
  [SPEAKER_02]: I see the chat box over there.
• 37:34
  [SPEAKER_02]: Yeah, absolutely.
• 37:35
  [SPEAKER_02]: That's all I'm about to say.
• 37:36
  [SPEAKER_03]: I'm over here.
• 37:36
  [SPEAKER_03]: We've got East Coast Lobster Classic Josh Clark.
• 37:41
  [SPEAKER_04]: What is that?
• 37:43
  [SPEAKER_04]: country boy never heard of him before welcome brother Josh Clark Michael Anthony Brian McNadd Vlad Adee awesome awesome stuff for in prompt to run down we really appreciate you guys yeah well like Tivo said thank you all for watching we're gonna be back here very soon with a lot more content and we'll talk to you all done