Latest / Earn Your Leisure / Scholars Corner: Binance, FTX, & The Future of Crypto

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Scholars Corner: Binance, FTX, & The Future of Crypto · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will be protected.
• 0:57
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: Let's talk about binance. Do you think it's possible for
• 1:02
  Speaker 3: buyinance uh be in b token? The Binance token will
• 1:09
  Speaker 3: suffer the same fate as FTT, which is the FTX
• 1:14
  Speaker 3: FTT is a token, so as the FTT token in
• 1:19
  Speaker 3: the next three months.
• 1:21
  Speaker 4: I hope not, but it's highly likely. Business is a
• 1:27
  Speaker 4: very interesting game.
• 1:28
  Speaker 5: I was once told that business is war without the
• 1:31
  Speaker 5: bloodshed and the carnage. The move that CZ did was
• 1:36
  Speaker 5: brilliant chess one oh one, right. But the thing about often,
• 1:41
  Speaker 5: and we've experienced this oftentimes, and I've heard this from
• 1:44
  Speaker 5: a few people, but a person that is doing better
• 1:46
  Speaker 5: than you will never have anything negative to say because
• 1:49
  Speaker 5: they're too occupied with being successful. When CZ waved this
• 1:53
  Speaker 5: flag around destroying ft X, which is brilliant, you have
• 2:00
  Speaker 5: to make sure when you do that that your own
• 2:01
  Speaker 5: house is clean.
• 2:03
  Speaker 4: And because this space is going to and I said
• 2:05
  Speaker 4: that from the beginning, the banks are going to find
• 2:07
  Speaker 4: ways to take the space over.
• 2:10
  Speaker 5: I hope that this coin does not fall apart, and
• 2:12
  Speaker 5: binance does not fall apart. I'm not anti all crypto,
• 2:16
  Speaker 5: just as a person who actually trades, like I actually
• 2:18
  Speaker 5: trade for a living, there.
• 2:19
  Speaker 4: Are certain things that you can see that are not clear.
• 2:23
  Speaker 5: I mean I said it before, even with Sam when
• 2:25
  Speaker 5: they were saying he was doing this arbitrage and taking
• 2:27
  Speaker 5: bitcoin from Hong Kong and transferring to here. No person
• 2:30
  Speaker 5: had ever seen him take a trade prior to I
• 2:35
  Speaker 5: hope that binances not fall apart. But I will say,
• 2:37
  Speaker 5: if you are in this coin, you probably should get
• 2:39
  Speaker 5: out now before shit hits the fan.
• 2:42
  Speaker 3: Well why are you why? What makes you say that?
• 2:47
  Speaker 3: And so, just to give some reference to people, Finance
• 2:50
  Speaker 3: is the largest cryptocurrency exchange in the world.
• 2:53
  Speaker 4: Mm hmm.
• 2:53
  Speaker 3: This coin has done tremendously well, like the history of
• 2:56
  Speaker 3: mean of course is you know, taking a hit when
• 2:57
  Speaker 3: all crypto takes hits, but up, you know it's time.
• 3:01
  Speaker 3: It's done tremendously well. Finance is a highly respected cryptocurrency
• 3:07
  Speaker 3: platform m globally and it's the biggest. So yeah, all right,
• 3:14
  Speaker 3: so that's so, that's that. So why are you so
• 3:18
  Speaker 3: bearish on Finance?
• 3:23
  Speaker 4: My my favorite question?
• 3:24
  Speaker 5: So I'll walk someone through my set of questions when
• 3:26
  Speaker 5: I'm looking to invest in anything. Number one, what does
• 3:29
  Speaker 5: this coin do that no other coin or entity can
• 3:33
  Speaker 5: do in the world. Number two, if you have to
• 3:37
  Speaker 5: put your life on the line, which you put all
• 3:40
  Speaker 5: your money into this coin? And when I say your life, yours,
• 3:43
  Speaker 5: your family, friends, everyone. For most people, when I get
• 3:47
  Speaker 5: to question number two, the answer is.
• 3:49
  Speaker 6: No, Ernest what's up. You ever walk into a small
• 3:52
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  Speaker 6: your vision forward. This episode is brought to you by
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• 5:41
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 5:44
  Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
• 5:48
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 5:53
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 5:57
  Speaker 1: some of the heinous migrant criminals caught because of President
• 6:00
  Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 6:04
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 6:09
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 6:12
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 6:16
  Speaker 1: are here illegally, your next you will be fine nearly
• 6:20
  Speaker 1: one thousand dollars a day. Imprisoned and deported, you will
• 6:24
  Speaker 1: never return. But if you register using our CBP home
• 6:27
  Speaker 1: app and leave now, you could be allowed to return legally.
• 6:31
  Speaker 1: Do what's right. Leave now. Under President Trump America's laws,
• 6:36
  Speaker 1: border and families will be protected.
• 6:39
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 6:42
  Speaker 5: I do think that there's some value there, but I
• 6:43
  Speaker 5: think the thing that we are seeing in real time
• 6:48
  Speaker 5: is that the transparency that we wanted and that we
• 6:50
  Speaker 5: thought blockchain would give is not there and most and
• 6:53
  Speaker 5: if it's not there in the biggest companies FTX Finance,
• 7:00
  Speaker 5: what's stopping the fifteen other players that are three through
• 7:04
  Speaker 5: fifteen and then the top one hundred to be running
• 7:08
  Speaker 5: ethically as well. I think cryptocurrency at skill is an
• 7:12
  Speaker 5: amazing industry run by a bunch of people with who
• 7:17
  Speaker 5: knew there was no regulation, and they're taking complete advantage
• 7:19
  Speaker 5: of that. So I'll ask you guys, if you had to,
• 7:23
  Speaker 5: would you put all of your money into being b coined?
• 7:27
  Speaker 4: I think the answer will be known.
• 7:28
  Speaker 5: Would you put all your money into earn your leisure,
• 7:30
  Speaker 5: and as us of reliability, you show that day in
• 7:32
  Speaker 5: and day out. I think often when we have to
• 7:35
  Speaker 5: convince people of something being of incredible value, it's not.
• 7:40
  Speaker 5: And I went through with game Stop, I went it
• 7:43
  Speaker 5: through it with Jimmie went I mean excuse me, AMC.
• 7:45
  Speaker 5: I went through it with Facebook and Meta. Most of
• 7:50
  Speaker 5: these coins don't actually provide any value.
• 7:56
  Speaker 6: So I think there's another part of it is that
• 7:58
  Speaker 6: the responses that they've been getting in this time, right
• 8:00
  Speaker 6: So the executives from Finance when I asked questions, obviously
• 8:04
  Speaker 6: we have TX being the headline for the cryptal space
• 8:06
  Speaker 6: right now, the answers are really that confident. And so
• 8:10
  Speaker 6: most people know that that Finance was an investor in FTX,
• 8:13
  Speaker 6: they had over two billion invested and they so they
• 8:15
  Speaker 6: stake and then that's what prompt them to say, maybe
• 8:18
  Speaker 6: we're building out and obviously they don't.
• 8:19
  Speaker 4: We sew what happened FTXA starting.
• 8:21
  Speaker 6: To happen is people aren't believing in the space as
• 8:23
  Speaker 6: much and now you're seeing withdrawals and so it was like, oh,
• 8:26
  Speaker 6: it's on it's one point two billion, Okay, that's not
• 8:28
  Speaker 6: even a top five day for us at binance. Then
• 8:31
  Speaker 6: it's the same day was last Wednesday, it's four billion,
• 8:35
  Speaker 6: then it's six billion the next day, and it's like
• 8:38
  Speaker 6: they started as adding up and it's like, can't we
• 8:41
  Speaker 6: withstand this type of momentum on the downside? And the
• 8:45
  Speaker 6: answer has been we're financially okay. Well, Companies that lose
• 8:50
  Speaker 6: that type of money in the day usually you know
• 8:53
  Speaker 6: there's something in the underlying document documentation or under my
• 8:57
  Speaker 6: reports that as a state to what's happening, and that's
• 9:00
  Speaker 6: what we sad after X was like, we don't we
• 9:03
  Speaker 6: don't get to see it right. We don't know what
• 9:05
  Speaker 6: the financials look like. We just see that there's a
• 9:07
  Speaker 6: lot of withdrawals happening.
• 9:08
  Speaker 4: Can they continue that? I don't know. We'll see it
• 9:10
  Speaker 4: was down in a day. Let me do exercise with
• 9:15
  Speaker 4: you guys. It's earned your leisure.
• 9:18
  Speaker 5: Profitable yes, Notice Rashad or Troy didn't shake in their
• 9:26
  Speaker 5: chair and when they answered, your gut feeling told you
• 9:29
  Speaker 5: it is straight.
• 9:31
  Speaker 4: It's the good. It's the red paned profitable, yes, not
• 9:35
  Speaker 4: profitable yes, my different yes.
• 9:37
  Speaker 5: Certain times like we want to believe the hype of
• 9:39
  Speaker 5: something like we ever dated somebody and like we know
• 9:42
  Speaker 5: that there was bad not you, Troy, because you married
• 9:45
  Speaker 5: an amazing, great family. We have a shot trying to
• 9:48
  Speaker 5: learn snow returns from shots, called them miss out on
• 9:52
  Speaker 5: the king or.
• 9:52
  Speaker 4: Who who's next on the list?
• 9:54
  Speaker 5: I don't know whomever right, But a lot of times
• 9:59
  Speaker 5: like we will want to believe the lie because we
• 10:03
  Speaker 5: want to be sold to dream. I would, and honestly,
• 10:06
  Speaker 5: if financing these coins worked as well as they said,
• 10:08
  Speaker 5: I would be all into them.
• 10:10
  Speaker 4: I know people YO stick to stocks and no I trade.
• 10:12
  Speaker 5: I trade one of the hardest markets in the world.
• 10:16
  Speaker 4: I just don't see what the value proposition is.
• 10:18
  Speaker 5: And then also when you don't have any protection from
• 10:20
  Speaker 5: the banks, the hedge funds, lobbyists, the global elite.
• 10:25
  Speaker 4: If you will, what's the real value?
• 10:29
  Speaker 5: And I think he could have done a better job
• 10:31
  Speaker 5: after this FTX blow up of coming out and saying,
• 10:36
  Speaker 5: here's what our revenue looks like, Here's what our weaknesses are,
• 10:39
  Speaker 5: Here's what the threats are. Here's what we're going to
• 10:42
  Speaker 5: do if there is a run on our bank. Here's
• 10:45
  Speaker 5: what we're going to do to make sure that the
• 10:46
  Speaker 5: value of the coin stays up.
• 10:48
  Speaker 4: Here's what the.
• 10:48
  Speaker 5: Five year or four year projection of our company looks
• 10:51
  Speaker 5: like a lot of it is cut.
• 10:53
  Speaker 4: The number one thing I want to.
• 10:54
  Speaker 5: Tell all black investors who watch the show, even if
• 10:57
  Speaker 5: you don't know every fundamental thing that me.
• 10:59
  Speaker 4: Or Troy Rashad a trap will talk about.
• 11:01
  Speaker 5: One thing that you do know growing up in our
• 11:03
  Speaker 5: environments in the hood, your gut instinct. My favorite quote
• 11:06
  Speaker 5: from Booty about Kanye, he like, Yo, I'm a street dude.
• 11:09
  Speaker 5: You can tell them that you can't get that over
• 11:11
  Speaker 5: on me. So when I was talking to Loon this
• 11:13
  Speaker 5: past week, I'm like, bro, why are you rocking me?
• 11:15
  Speaker 5: He like, even though you ain't from the streets, you're
• 11:18
  Speaker 5: a real one. And every time I talk to you,
• 11:20
  Speaker 5: everything that you say, I feel that you're being honest
• 11:22
  Speaker 5: about Sometimes though, we end up finessing ourselves and wanting
• 11:27
  Speaker 5: to believe a lie that it's not true. The crypto
• 11:32
  Speaker 5: space right now is like Dayton Kauran back in the day.
• 11:36
  Speaker 5: Sounds like a good idea, and you may get some
• 11:38
  Speaker 5: pleasure out of it for the first three weeks, but
• 11:39
  Speaker 5: you're gonna go through hell.
• 11:40
  Speaker 4: Laughter shout out Eddie Winslow. So I I.
• 11:48
  Speaker 6: Don't know if it was that super like I don't
• 11:50
  Speaker 6: want to find out, but no, they have the video
• 11:53
  Speaker 6: talk about after I never saw that.
• 11:55
  Speaker 4: Yeah, it was nid.
• 12:00
  Speaker 2: Not not super.
• 12:02
  Speaker 3: I would say I would say this about about bidance.
• 12:05
  Speaker 3: I think financing can't be compared to FTS because Finance
• 12:10
  Speaker 3: is a way bigger operation is apples and that Orange
• 12:14
  Speaker 3: is really it's comparing a tugboat to a bruise ship.
• 12:18
  Speaker 3: So I don't think that Binance is gonna collapse, and
• 12:22
  Speaker 3: if Biance does collapse, in the whole entire crypto spaces
• 12:26
  Speaker 3: pretty much done at that point.
• 12:27
  Speaker 4: Mm hmm.
• 12:28
  Speaker 3: So I don't I don't think that it's a fair
• 12:32
  Speaker 3: comparison to compare the two. Okay, and I'll give finance
• 12:36
  Speaker 3: the benefit of the doubt because we haven't seen anything
• 12:38
  Speaker 3: as of yet that would raise red flags.
• 12:43
  Speaker 4: We did in the fts either we didn't, which is
• 12:46
  Speaker 4: the scary part.
• 12:47
  Speaker 3: Yeah, it's like it's like it's like a relationship, right.
• 12:51
  Speaker 4: Yeah, yeah, I can't project it on them.
• 12:53
  Speaker 3: You can't say somebody's cheating until you start to see,
• 12:56
  Speaker 3: like you know, like yeah, you know, you gotta you
• 12:59
  Speaker 3: gotta see some red flags first. You see some red
• 13:02
  Speaker 3: flags first, gotcha. Now, now, now you just if you
• 13:05
  Speaker 3: just coming up back.
• 13:07
  Speaker 4: To the gut though, the intuition, wish though.
• 13:10
  Speaker 3: But your intuition comes from some level of red flags,
• 13:14
  Speaker 3: right if I'm just saying like no, not not always.
• 13:17
  Speaker 4: Yeah, yeah, you could just something's not right.
• 13:20
  Speaker 6: You don't you might not have to feel the difference,
• 13:23
  Speaker 6: but you can feel it, ladies, can.
• 13:25
  Speaker 4: You feel it? Right? So when our schedules change up
• 13:28
  Speaker 4: and the love of affection.
• 13:29
  Speaker 3: Change, something's happening. Something's happening, or you could just feel
• 13:33
  Speaker 3: like you come home late, you're not answering your phone calls.
• 13:37
  Speaker 3: Now he's a red flag.
• 13:38
  Speaker 4: In the presence of it.
• 13:39
  Speaker 6: Like you can just feel like there's something, that's all.
• 13:41
  Speaker 6: There's something and then you start to like start really
• 13:44
  Speaker 6: trying to feel like, yo, something is now changed. We
• 13:46
  Speaker 6: can fit you start looking for those red flags.
• 13:49
  Speaker 3: Yeah, we'll get the CEO of if anybody can connect
• 13:54
  Speaker 3: the talk about it, just make that happen. Yeah, but
• 13:57
  Speaker 3: you know, I'm curious. I'm let me just put you know,
• 14:01
  Speaker 3: we have a big audience that actually watches. So he
• 14:04
  Speaker 3: actually had a couple of Forbes a few years ago. Billionaire.
• 14:07
  Speaker 3: I believe he's from I don't want to misquote this situation.
• 14:12
  Speaker 3: But he's from China, I believe, or.
• 14:14
  Speaker 7: Hong Kong, I think, Jean, Yeah, if definitely would would
• 14:20
  Speaker 7: love to have a conversation with him because it's important
• 14:23
  Speaker 7: and it's a pivotal time in crypto, so it's important
• 14:26
  Speaker 7: to get in front of because, like you said, if
• 14:28
  Speaker 7: people might have suspicions and they might not even be warranted,
• 14:31
  Speaker 7: but if you're not.
• 14:32
  Speaker 3: Speaking, if you're not speaking up publicly, then you know,
• 14:35
  Speaker 3: a snowball becomes an avalanche. So if you're listening, we
• 14:40
  Speaker 3: would love to have you on a program and and
• 14:43
  Speaker 3: hear your thoughts about your company in the future of
• 14:46
  Speaker 3: cryptocurrency as a whole.
• 14:48
  Speaker 4: One on seven seventy one is what I have to
• 14:49
  Speaker 4: coin go into.
• 14:51
  Speaker 6: I was gonna say to your point, like, in the
• 14:53
  Speaker 6: light of what's happening with FTX, and obviously you know
• 14:56
  Speaker 6: the role that they play in, and this would have
• 14:57
  Speaker 6: been the opportune time. So if there was word fliers,
• 15:00
  Speaker 6: let me show you why we're different, Let me tell
• 15:01
  Speaker 6: you how we're different.
• 15:02
  Speaker 4: Let me put everything out here, why this is a
• 15:05
  Speaker 4: real situation.
• 15:07
  Speaker 6: What that was was obviously fraud from every you know,
• 15:10
  Speaker 6: from everybody's perspective at this point. Let me show you
• 15:13
  Speaker 6: why we're the number one to change. Let me show
• 15:15
  Speaker 6: you why this point is. It would have been an
• 15:17
  Speaker 6: opportune time rather than the same. You're financially fine.
• 15:25
  Speaker 3: National. But he was born in China, so he's from
• 15:28
  Speaker 3: Chinese descent. Uh a Canadian national. Chap Hanau hope, I'm
• 15:33
  Speaker 3: not mispronouncing him name. His name too bad. But yeah,
• 15:37
  Speaker 3: let's talk. Let's let's figure out. Let's figure that out.
• 15:42
  Speaker 3: My graduates from my school being forced back, drop drop,
• 15:48
  Speaker 3: drop drop.
• 16:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 16:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 16:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 16:12
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 16:16
  Speaker 1: some of the heinous migrant criminals caught because of President
• 16:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 16:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 16:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 16:32
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 16:35
  Speaker 1: are here illegally, your next you will be fined Nearly
• 16:39
  Speaker 1: one thousand dollars a day. Imprisoned and deported, you will
• 16:43
  Speaker 1: never return. But if you register using our CBP home
• 16:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 16:50
  Speaker 1: Do what's right. Leave now. Under President Trump America's laws,
• 16:55
  Speaker 1: border and families will be protected.
• 16:58
  Speaker 2: Sponsored by the United States Department of Homes. A cat
• 17:00
  Speaker 2: ready