Trump Hates Bitcoin – Crypto Coffee Hour!

by birtanpublished on September 9, 2020

I hope you are having a great day great night wanted to pop in today not for an episode of Krypto happy hour because it is 703 a.m. Eastern Time at least for me so no Krypto happy hour here but a little little crypto coffee hour to chat about the latest happenings in the

Crypto landscape I know that I've been m.i.a for the past two weeks or so at least on on Twitter and on the YouTube so or on the YouTube and on the podcast so apologies on that she's been super busy with the new new venture proof of

Talent which is a good thing but that's been taking up a lot of my time fortunately or unfortunately so wanted to take the time today to kind of hang out with you guys a little bit and talk about the elephant in the room and/or

The United States president in the room and or would I don't I'm not I'm not political but you come after my Bitcoin now getting but seriously what's going on Elvis what's going on Dumbo napkin man Kyle Elvis hope you guys are

Having a good one and yeah I just have it's it's literally iced coffee from like califo farms Khalifa farms iced coffee I don't know whatever and as we're letting some people hop in here and start joining it a few

Different things we can cover today obviously we can talk about Donald J Trump's tweet about Bitcoin crypto currencies and Libra because I do think that there's definitely a little bit to unpack there and I'm I'm actually it's

Funny because the the tweet led with Bitcoin in crypto currencies but but goes into Libra pretty quickly and I think that's where you need to focus or be interested in because I personally think the United States government is

Freaking terrified right now uh-oh Facebook and Libra for for better for worse so hop into that also want to talk about Bitcoin versus altcoins and it has been really interesting few weeks at least in my opinion

Seeing the discussion on Twitter it's getting more and more at least in my mind a discussion on Twitter it's kind of getting a little harsh as far as you either are a you either have all of your money in Bitcoin and you like there

There's kind of two sides of the spectrum at least in my mind there are people that you know and everybody has their own right to have whatever thought process they want and kind of you know discuss things however that the hey you

Know discuss things however they'd like but you kind of have two thoughts on Twitter right now you have a big corner so I'm not even the same Maximus but you just have bik winners who obviously are very passionate about Bitcoin and are

Enjoying the spoils of what has been a fantastic year for Bitcoin Bitcoin is up 215 percent year-to-date according to Quinn market or she's been according to on chain FX which is better than claim our cap and then you know a variety of

Other cryptocurrencies out there at least the larger ones have lagged eath is only up 107 percent XRP is actually down on the year which is pretty pathetic you have litecoin up to 48 percent which

Is actually outpaced Bitcoin Bitcoin cash is not 124 percent IB and B is still up 430 plus % e OS is only up eighty-nine percent so Bitcoin has really been kind of leading the way especially in comparison to the etherium

The Bitcoin caches the Bitcoin s fees the the XR pees the Stellar's the cardano's so you have a call people or you know you have a variety of people saying basically put all your money in Bitcoin

And you are a terrible human being if you have any money in chickens and then you have the corners on the other side of the house that are basically praying for an all-season and kind of waiting for an all-season and hoping and

Crossing their fingers every single day and hoping that money is gonna come out there and then you maybe have a you know some some people in the middle that are like hey you know bitcoin is fantastic there might be some other all coins with

You know with a nice use case we'll see but there's there's two very different sides of the spectrum on on twitter at least I think it's kind of funny watching just people go after each other gets a little bit old after a while but

No it's it's something that I think is just kind of the narrative it is is getting stronger as time goes especially as Bitcoin according to to on chain effects Bitcoin dominus now is that 68% which is super super strong and

According to coin market Kappa Cohen dominance is over 65% for the first time I believe might be the first time since really mid 2017 so over two years this is the strongest Bitcoin dominance we have really ever seen for the past two

Years kind of since eath had its run in early 2017 it really sucked away a lot of the market cap dominance from Bitcoin so it's been a it's been fun to watch that pan out take a look at some of these questions here to the J stands for

Jesus so yeah I mean I think that it's nobody knows how things are gonna go there's for me to sit here and say that you know one thing is gonna basically you know bitcoin is gonna continue to run I think it's certainly possible I

Think you know when when people look at the quote-unquote institutions coming to cryptocurrency or larger investors coming to cryptocurrency for the most part those type that type of money goes into Bitcoin and it does go with the

Digital gold thesis I think at least that's kind of my opinion even had the the Fed Chairman talking about people not utilizing Bitcoin as a a cryptocurrency per se as a currency but as a kind of a substitute for gold

And that narrative is has kind of I think continued to develop in a positive way as a as a as a investment class as something that is a store of of wealth and when you see the way Bitcoin has moved and people will give the coin

As a as a bad store of wealth because it has had really strong runs and then really strong drops but when you look at Bitcoin in its entirety there is like there's like 90 days in the entire history now where if you bought out of a

Ten year span you had to have bought within like a 90 day window where you would actually have lost money outside of that 90 day window you're basically either breakeven or profit granted that 90-day window is was probably the most

Talked about period of Bitcoin ever at least from a mainstream perspective a retail investor perspective so there were a lot of people that entered into the space at that point in time but it's still bill maths right

You Jonnie bull xrp that's because you can't use Bitcoin as a currency doesn't scale well there are yes for now I would say bitcoin is is not as quote-unquote scalable as some of the other

Cryptocurrencies out there I would say it is more secure than the other crypto currencies out there and more decentralized in nature as well so you do have pluses and minuses when it does come down to scalability as we always

Talk about on the channel there's always gonna be things that you look at with crypto assets where if somebody might have a thousand transactions per second but you know all those nodes are being run by ten the central parties that

Could receive a cease and desist letter and to that point we'll hop into exactly I think we can go from the thought process of a Bitcoin doesn't scale and why why that doesn't necessarily matter as much and what will happen to that

Right now so the big thing that people talked about will pull this pull this bad boy up delete the tweets neatly do it now you couldn't delete weights where is he oh there we go so Donald Trump if you

Guys did not see this and I am NOT political in nature at all I don't I hate politics I don't care about politics I don't want to touch it with a ten-foot pole but hey we got to get into it right so

Donald Trump tweets this I'm not a fan of Bitcoin and other cryptocurrencies which are not money and whose value is highly volatile and based on thin air that's basically all true unregulated crypto assets can facilitate unlawful

Behavior including drug trade and other illegal activity so there's three tweets we'll bring it down individually though so you know basically says not a fan of Bitcoin and other cryptocurrencies which are not money and whose value is highly

Volatile and out of thin air well yes Bitcoin and and crypto currencies are highly volatile the value is essentially based out of thin air but the same could be said about numerous other government crypto

You know other government currencies including the dollar which left the gold standard a long time ago and its value really isn't pegged to anything outside of the good faith of the United States of America and then to that point to

Unregulated crypto assets can facilitate unlawful unlawful behavior yes they can but so can the United States dollar so can a number of other fiat cryptocurrencies or another number of other fiat currencies including drug

Trade and other illegal activity so you're looking at this this this criticism at least to me doesn't necessarily it's it's not like a deadly criticism because number one it's nothing we didn't know yeah oh assets

Can facilitate unlawful behavior so does the United States dollar it's actually better to at least in my opinion or especially with cash means much better to partake in illegal activity than it is with Bitcoin you're gonna get caught

In five seconds it's like Bitcoin is like an FBI agents like wet dream as far as a paper trail it's literally a paper trail that anybody in the ice freakin world can look at a blockchain Explorer and figure things out so it's it's

Interesting and then one thing I will say – at least in the United States like saying unregulated crypto assets now bitcoin is pretty highly regulated in crypto trying I mean in the United States a lot of crypto I said

If you're trying to buy them with the US dollar you know good luck doing that it's it's not easy to do it so to say crypto assets are completely unregulated I think is is pretty stupid I mean even even the SEC yesterday and this kind of

News somewhat overshadowed the the progress that block stack and props made with getting a giving their reg a plus registrations approved by the SEC where they can actually sell crypto assets or tokens essentially as you know as a reg

A plus offering which is pretty great because anybody can participate in reg a plus offering it's not just for a credited investor so it does go to a little bit from the democratizing investment so we'll hop into the next

Part so you just go into Bitcoin does go into crypto currencies send some criticisms that are kind of is what it is and then this is where it's interesting at least to me similarly Facebook's Libre virtual currency will

Have little any puts virtual currency in quotes which is actually true basically sure virtual currency it's not really a crypto currency will have little standing or dependability if Facebook and other companies want to

Become a bank they must seek a new banking charter and become subject to all banking regulations just like other banks both national and international we only have one real currency in the USA and stronger than ever both dependable

And reliable is by far the most dominant currency in the world and it will always be that way it is the United States dollar so this is interesting because at least to me what's up Ben's mo thank you that super Chad I appreciate that dude

Why is this why is this kind of cool at least in my mind well number one it starts off with Bitcoin and cryptocurrency but that at least in my opinion that from for me reading this is not the subject of of discussion really

Or or fear I feel like to me I feel like the government doesn't really care as much about Bitcoin doesn't really care as much about crypto currencies I don't think at least somebody like Donald Trump and kind of the people in

Quote-unquote power give a crap about it I don't think you really fear it they just don't however what they do fear is Mark Zuckerberg and Facebook and Silicon Valley getting a bunch of companies together and basically

Creating a competing currency that is backed by the dollar or by their assets that has billions of users and can possibly you know usurp or take some steal some of the Thunder from something like the US dollar and the US

Government losing controls to Facebook and I am NOT a fan of Facebook at least personally like I don't I there there are a lot of people that don't trust Facebook and I think rightfully so Facebook is done a lot of things from a

Privacy perspective and they've just done a lot of things to lose the trust of the consumer so that's one thing but it is hilarious to me how absolutely petrified the United States government is of a facebook creating Libra because

It's kind of opening Pandora's box of you're taking the technology behind Bitcoin and behind crypto assets and you are unleashing that kind of to to a greater do a greater user base and you are competing potentially directly

Against the US dollar and that's what I think that the crux of this conversation is I feel like Trump doesn't get Bitcoin doesn't get crypto assets whatever he's like you know what whatever there's nobody backing these things there's

There's no army behind it there's nobody to fight we can't we can't do anything about it what what we are scared of or what you know we're concerned of is Facebook's Libra coin and I do think when you look at you know when you look

At this we are talking about what's interesting about Bitcoin and a lot of people give a lot of people get bit quench it like before and we had somebody say okay Bitcoin is slower than your no Bitcoin is slow and doesn't

Scale okay that's fine that that's that's totally cool right you know bitcoin is whatever seven transactions per second that's probably not another false statement it's it's it's scaling and it's moving slow but guess what when

Facebook creates Libra and Facebook gets a you know a letter from Congress or from the setec Senate Committee on Banking with in like four hours of of dropping news about Libra who are they gonna send something a

Bitcoin about it's actually decentralized you know it's it's actually there there's nobody there's nobody that that Congress can send a freaking letter to that says excuse me mr. Bitcoin CEO can you please stop

Development on this on this tool when Facebook is dropping Libre Mark Zuckerberg and Sheryl Sandberg and you know all the the executives and David Marcus they're they're getting they're getting notifications from the Senate

Committee on banking to appear in front of Congress or appear in front of the Senate or whatever it might be and and that does go to show the value of Bitcoin at least in my mind because there is nobody to call there is nobody

To send a letter to you can't send a cease-and-desist letter to Bitcoin it doesn't happen and yes there are certain trade-offs to that yes the transactions per second are you know slower than something that might be more centralized

Like a like a Libra they are sometimes transaction fees are high but guess what you can use it regardless of of whether or not somebody else tells you you know kind of you're allowed to and people can develop on it because it is sufficiently

Decentralized which i think is something that can definitely be which I think at least for me is is a huge value proposition and something you need to think about the long term we're taking a look at take a look at

All these questions Jahna me stole lost would I buy litecoin right now or after the having I I don't know I I wouldn't try and call the you know like one had a nice run previously altcoins definitely seem to have lost

Momentum against Bitcoin and calling a bottom on on all coins I think is difficult whatever whatever you're comfortable with I'm not I'm not a huge light going guy but I do think having czar always an

Interesting supply shock and it's gonna be what happens with like coin will be interesting at least in my mind because I think people will associate that with potentially what might be able to happen with Bitcoin although obviously the

Dynamics around like coin are a lot different than from from an actual supply and demand perspective a there's obviously a lot more demand for Bitcoin but you you know have a similar supply shock when it does come down to the

Halving and crypto cruisin says this is funny he says about Bitcoin being used for drugs cuz no one uses Fiat for that they have yeah absolutely and and and I've referenced this multiple times before

But it was I believe at the consensus invest conference I think it was in in fall of 2017 I remember I was still at my day job at Oracle and I was I was watching the I was watching the the livestream and Kris Pearn iski was

Talking at the livestream and he's giving his presentation and he's kind of talking about why why there's a use case behind Bitcoin and trying to debunk some of the the quote-unquote flood that that happens in the industry and one of the

Things that he said was you know he was he was kind of looking at some of the objections that that large-scale investors have when it does come down to investing in crypto assets specifically Bitcoin and one of the big things is you

Know this is only used by criminals and a lot of that stems from the Silk Road the Silk Road was kind of like the big thing that initially from a from a publicity perspective that got Bitcoin kind of in the news was with Silk Road

So people still associate Bitcoin with illicit activities and illegal things and he said you know look if you are much better off buying a kilo of cocaine with cash than you are with Bitcoin it is going to be much harder to hide that

Transaction or to kind of get that money with with Bitcoin than it is with cash and it's completely true I mean if you have cash you can kind of launder that you can wash that you can do whatever you want with it you can keep it under

Your mattress whatever it might be if you have Bitcoin and that eventually gets flagged as coming from an you know illicit activity you are going to that that transaction will be tagged there will be blockchain analysis tools out

There that will be able to find that the government's used blockchain analysis tools you're in trouble so it's not something that a it's not something that I think is is thought of by people that don't have a lot of sophistication in

The space but it's especially with Bitcoin the the sophistication of the blockchain analysis tools are are are pretty high unless you have a really strong understanding of privacy and even then like the mixing tools like a wasabi

Wallet and things like that are I would say you know still a small enough scale where you're not gonna be able to mix a ton you so here's a question I'll pull this up –

What am i what are my thoughts on the block's tax sale so I personally don't I haven't looked at the actual economics behind the token at all so I can't really speak specifically thanks Wall Street Journal no I'm not subscribed so

I'll pull it out from the block so block stack this is this is cool for a couple different things some people if you're not in the United States you're probably not gonna give a crap about this it doesn't make too much of addition you

Know it doesn't make too much of an issue potentially for you but one of the big things that really has has sucked for a lot of people is the accredited investor laws in the United States are not easy to for a lot of people to be an

Accredited investor two things if you are in the United States there's there's two classes of investors for a lot of these cryptocurrency opportunities at least initially you have accredited investors and you have non-accredited

Investors accredited investors there's basically two things that you can do to be an accredited investor you can make $200,000 a year for two consecutive years that will qualify you as an accredited investor or if you have a

Million dollars in liquid assets not including your residents not including your home then or the equity in your home then you also classify as an accredited investor so if you make one hundred ninety thousand dollars a year

Or if he made two hundred thousand dollars last year but if you made a hundred thousand the year before you are not a credit you you are not a you are a non accredited investor and you don't have access to the same investment

Opportunities that a lot of people have because certain things like Regulation D offerings you have to be an accredited investor well there is a type of offering called a reg a Plus which is interesting because it allows for

Non-accredited investors basically you can make fifty thousand dollars a year you can make a hundred thousand dollars a year it doesn't matter you don't have to be accredited but you can participate in these offerings and there are

Offerings for securities so this is something that is approved by the SEC but this is big for a number of reasons number one it is a compliant offering so the SEC has actually gone ahead and approved this number two these are

Actually these tokens are are considered at least from from the initial kind of look they are considered securities so it is something where they're not gonna trade in the from a secondary market

Perspective likely not gonna trade in the same manner but I do think that why this matters and why this is just gonna good in general is that whether or not this is a good investment and I'm not going to speak to that these are also

Security so I have no standing to speak on the quality of these investments whatsoever but whether or not this is a good investment or not block stack and also the you now props team and have put their neck out on the line spent a lot

Of money on lawyers and received approval from the United States Securities and Exchange Commission to offer their token to non-accredited investors and the SEC said yes so this is paving the way for opportunities for

Investment granted there are limits and kind of regulations around it and how much you can buy and things like that but it's a step in the right direction for allowing the average person to participate in some of these offerings

And not just the large venture funds granted there are venture funds that were the initial seed investors in this that have these tokens that are now at a markup in comparison to what these individuals would buy at things like

That but overall it's a positive step for the industry if you are in the United States I think it's something and you're not an accredited investor I think you should be excited about it it's it's a positive thing and will

Hopefully continue to see other companies go this route potentially and and just kind of get more just more openness in terms of investment opportunities for the average individual I think is what I'm potentially excited

About our C phantom going with the black coffee obviously that's the only move brother you niak one-zero-zero-one how can a digital

Centralized coin pegged to the dollar crash the financial system system lmao obviously referring to Lieber there well the interesting part about Libra is it's not just pegged to the u.s. dollar so it's back to a basket of a basket of

Currencies so that's number one so it's not fully packed to the dollar to that point I think that when you're also looking at it it's it's something that just takes control away from the government I don't think that Libra

Itself would have any shot of crashing the financial system but it does remove control and it does provide an opportunity for it basically proves if it's executed well if it's executed and it works then you are having an

Opportunity for other Silicon Valley companies other companies that have an enormous amount of control basically over how the world works right now through opinion the spreading of news the spreading of information you have

Companies like that that are now able to circumvent in some respects to essentially circumvent the US dollar and have their users use something completely different so I mean it for me personally I think that is it and it's

Not a cryptocurrency it's you like Trump said it's it's a quote-unquote virtual currency it's a digital currency but it is something that removes control from the powers that be and I think that is something that scares them and I think

That terrifies them you 5:25 p.m. says thanks for speaking about blocks tax day I'm actually surprised you aren't more familiar with block stack so I am familiar with block stack

I have I know a few different people at the team I know they're I think basically like their their growth lead I actually was was talking to block stack a little bit back in the day just about my interest in working there a

Long time ago so they're great company really big fan of what they do I just haven't looked at the actual like investment of the token itself of the stack tokens so they're correct you know great I think they're trying to do the

Right thing when it does come down to crypto currencies and they're you know moving the industry in the right direction and what they're trying to build is really really interesting I just don't have a ton of insight into

The actual stack token itself I haven't really looked into it as much ah Daniel Barnett says going to sheets today to use a Bitcoin ATM any adoption is good adoption sheets is sheets and wob are my

Two favorite I tweeted about this but she's in wah-wah or my two favorite gas station gas station convenience stores Wawa sneaky good buffalo chicken sandwich and sheets has just phenomenal everything

They're both awesome and we have sheets now has Bitcoin ATMs in a few of its locations so Daniel Barnett I know you live in a vicinity around one of the six so congratulations on docking your daxing yourself I'll find you Daniel

You yeah that's it's a good point crypto cruising as funny as I was thinking about that the other night so he's just or she says the three years ago crypto would never have made news let alone

Have a government leader talk about it this shows this making changes worldwide well I wouldn't say got I mean whether or not you you like Trump and I'm sure some people do and I'm sure some people don't whether or not you like him he is

The President of the United States which is arguably the most powerful person in the world people in the government have have talked about Bitcoin for the past few years I remember when I got in like into Krypton like late 2013 like buying

The top and in 2013 that was around the time of kind of some of the conversation around Silk Road and and the Pitt license and things like that so I hey the government's been talking about it for a while but never in my like wildest

Dreams in December of 2013 what I number-one thing Donald Trump of a president and number two would I think that the President of the United States would be tweeting about Bitcoin and or other crypto currencies so and Facebook

Would be creates the whole situation has has evolved so rapidly and so quickly it's been interesting to watch it pan out so it's a as crazy to me you do crypto static says how's the markets

Supposed to act on Trump statement well it acted in a pretty positive way actually I think it was around 11,400 as of the time of I think it was around like eleven thousand four hundred or so as of the time of his tweet if I recall

And didn't have didn't have too much of a reaction so it's actually up on the news a little bit so I personally mean as far as like say nothing he said was was anything we don't know already and I don't think it was a bullish tweet I

Don't really think it was a bearish tweet I think it was just him trying to to me it's him trying to go after Libre I think Bitcoin and other cryptocurrencies are just kind of like a casualty of that conversation around

Libra but and like the conversation starter and but I think that the really the crux of it all is is is Libra itself you and so we can pop into some other topics here too because yeah we don't we don't

Need to spend all day on government officials it's really not my cup of tea so we can we can we can go around that which is uh which is pretty interesting although I know I'm sure a lot of individuals want to talk about that

Actually the last thing we talk about is is likely the actual quote from the Federal Reserve Chairman so we can pull this off and see if we can get this for you guys see in the traditional sense I think things

Like that are possible but we really haven't seen them we haven't seen widespread adoption I mean Bitcoin is a good example really almost no one uses Bitcoin for payments they use it more as an alternative to

Gold really it's a store of value it's a speculative store of value like gold so we don't have a net didn't people of course have been talking about this since currencies emerged but we haven't seen it but that's not to say we won't

See it and if we do see it yes you could see a return to an era that in the United States where we have many different currencies and you know in the so called I guess national banking era so the interesting part about that and I

Spoken a little bit about previously but the interesting part about that is that Jerome Powell the Fed chair actually understands the within 30 seconds you can you can feel that you know whether or not you like the Fed he is not stupid

When it does come down to Bitcoin and he like you said it's it's fairly accurate almost and there are people that are using Bitcoin we're not gonna say that there are people are not using Bitcoin for payments and for as as a currency

But I think almost no one is using Bitcoin is a somewhat accurate statement the majority of people that are utilizing Bitcoin right now are utilizing it as a speculative digital asset store of wealth digital gold that

Is the majority of the the use case right now could that change with lightning and some other things yeah I could but I think it is interesting that he brings up and it kind of gets the idea behind at least one of the like one

Kind of value or use case for for Bitcoin potentially and I think there this will probably stem a couple different conversations I'm sure some people like in the in the Bitcoin cash community or in some of the looking at

Very transactional block chains well you know what that that doesn't have any use case note that that nobody should care about that we need crypto currencies that people use more currencies well that's fine but you know if if nobody's

You if almost no one is using Bitcoin most certainly almost no one is using most certainly no one is using the other cryptocurrency out there as a as a currency so while almost no one is using

Bitcoin as a as a currency per se or as a transactional currency I think it's still the most used crypto currency for those transactions at least in my mind outside of storing weather data right let's take a look at some of these

Questions here you we got that we got the government conspiracy theories up in here I'd I don't I don't give a enough I'm just I just go about my day and live my

Life and if everything goes well it goes well all the blows up all the blows up and so we can hop back into expat Ron yo so we can hop back into the conversation

Here a little bit about the subject of Bitcoin dominance because I think this is interesting and I think a lot of you guys might my I'd like to hear your thoughts on it as well because right now we have the the time

Where Bitcoin is absolutely smoking everything it's the the the kind of the the joke just being Bitcoin up all its dumped Bitcoin down all stump so there's no matter what happens other than a few select alt coins shout out chain-link

Marines shout out link Marines and be and be basically outside of a few select alt coins you have basically Bitcoin crushing everything outpacing the gains on everything and you watching your if you track your portfolio in Bitcoin

Value and satoshi value then you are seeing your portfolio just like whittle away whittle away whittle away especially as as Bitcoin continues to run up from the you know three thousand four thousand dollar level it has that

All the way up to eleven thousand bucks right now but the kind of common thread of the thing that I think people that there's there's the people that have been in the market previously that are the alt coiners or they're the heavy

Speculators that that firmly believe that there is another another timeframe where you will have a significant run or some level of a run with all coins and then the other argument is like nobody thinks these things are worth anything

They you know you're passing them along to a greater fool it's just it's the the argument around all coins is becoming like really really interesting and I think a lot of it does them from people that got burned and then you also have

This subject at least to me of kind of like I don't I'll say fake maximalism and we'll say this because when you look at Daniel Barnett my Leo bag is said bro we can get it to Leo that bag is not sad keep accumulating uh-huh cuz it's

Actually not sad at all but with with with all coins and this is something that I to be honest ight you had being ballina on block TV or something like that saying that he is now becoming a Bitcoin maximalist because of the

Strength of Bitcoin and I tweeted something that I actually you know firmly believe in and I think that there's there are people that are Bitcoin maximalist and i-i've all the respect in the world for Bitcoin acts

Most because and even you know a lot of times they don't like being called that because that wasn't a label that they gave themselves or whatever it was it was somebody who's like a derogatory term that either italic or somebody else

Gonna created maximalism yadda yadda yadda but I've all the respect the we're all friend a strict principles and they you know firmly believe in Bitcoin good good good for you you know great for them and they don't stray from that

However what annoys me is the people that are not I I don't if you want to be a big Bitcoin max most great if you want to have all your money and coins and speculate all day long go for it that's good for you too it's your money

It's your prerogative you're not like you're not doing it you know it's it's it's your money and you can do whatever the hell you want with it and you should be free to do whatever the hell you want with it that's that's not my choice so

There are kind of two ends of the spectrum there but what pisses me off is when people are like you know what I got my face ripped off on all coins and I got my face ripped off so bad that now I'm a Bitcoin maximalist I'm a

Maximalist and it's not but the problem isn't necessarily that you're leaving all coins going to Bitcoin because if you you know lost a bunch of money in chickens and you are you know looked out what you did and you're like you know

What there's no value in these and I feel very confident in the value of Bitcoin I believe in the fundamentals a Bitcoin I believe in the valuation I do think that this is going to either increase in value or I just think it's a

You know good store of my wealth I like that I'm gonna go that methodology that's that's that's for me that's great then you quote-unquote you learn your lesson and you evolved as a human being

And you have and have increased your capacity to you know you just evolved and that's fine but when people are like you know what I am I'm a Bitcoin maximalist because they got rekt in all coins and that's the only reason not

Because I believe in the fundamentals or anything behind that that just means you're chasing a trend and you're not even front running the chair you're not front running the trend you're chasing the trend and you know what happened you

Know what's gonna happen to those people is if and when and I'm not saying it's it's it's a certainty that it's going to happen but if and when it happens if you see another all going around the same people that now are going from you know

I'm I'm in awe Quins and I'm running back to Bitcoin because of I'm you know chasing the trend I I know bitcoins gonna run up forever and and my all coins are gonna die you know those some people that are kind

Of chasing the trend are going to swing that pendulum back ii altcoins you know do anything at all and they're gonna chase the tail end of that trend after they get you know after they lose money on that hunt something else and they're

Just gonna chase trends and chase trends and chase trends and I don't know not something I'm personally super interested in doing but again – I I think a lot of it does come down to the I think a lot of it just comes down to

To your reasoning as an individual when you're looking at this stuff you know if you were in all coins and you go all the way back in the pic when you say you know what I'm never buying another Alcuin again they don't have any

Fundamentals there's no fundamental value I don't believe in it I was I was young I was naive I was stupid I listened to some asshole on YouTube named crypto Bobby whatever it doesn't matter whatever your reasoning was four

Initially buying all coins and then whatever your reason is for buying Bitcoin now you believe in the fundamentals you you know you've you've thought about it through and you're you know you're strong in your beliefs and

That's good but if you're just chasing a trend that's when you get in trouble because then they're a new trend will develop at some point in time and you're gonna look out any bug oh this trend is developing meanwhile the trends already

Like past halfway through and you're just chasing the back end of it I don't know that's that's my thoughts on that and I feel like you know if you are a maximals good good for you if you're going or good for you

But just don't try and be something or not you so taking a look at some of these questions you

Thank you bitch elation oh yeah no I think I do think we are nearing I don't know the funny part about also down 95% is they can go down 99% the funny part about all third down 99% as they go down 99.9% and then also down 99.9% go down

99.99% so everything could always drop further there's there's no there's no limit to that but it does feel like you know where it does feel like there's been some opportunities in the past where we have been nearing capitulation

Let me see if I get pull there's there's one there was an XRP tweet that was absolutely hilarious where's where's my guy let's see see if we could find it come on buddy you

Here we are this is Bonnie from bow from bones XRP I don't even know this is real life this is a parody but this regardless uh so far is gone joined in April of 2019 so homie has the that the strong hands of a infant child

So I don't even know where things are since like descent or this April 2019 like how have you lost money even in XRP it's even if it's down it's down like what 25 percent so but before I leave Twitter I just want to say a big you to

All the XRP influencers who have been miserably wrong about everything it's not your fault that I listen to you but I still hate you and hope you get hit by a bus ciao that was the most epic tweet ever and then he tags all of the XRP

Influencers which is pretty funny that there are actually XRP influencers as well but that tweet in and of itself is pretty hilarious I feel like I'm sure some of you guys have felt like that in the past but I've looked at this tweet

And just a little you know the the you can see the smile on my face 7:00 in the morning I've only had blown coffee it's um it's it's ear to ear just thinking about how funny it is that somebody that joined Twitter in April of 2019 is so

Fit was probably so stoked he's looking at XRP boys and XRP Anderson and XRP mr. and XRP owls tweets and like oh god yeah XRP is gonna take over the financial system it's it's gonna happen it's gonna happen and then it's down like 10% he's

Like yeah god damn it you I don't know if this is neke one zero zero zero one calling me I believe you're calling me a typical moon boy okay thanks bud

No prints along somewhere else bitch it took the dollar four years or do we got here I love uni XRP is the best best is the best alright guys so start shooting away from

Questions here we got got a little bit of time before I actually have to get to work but I wanted to come in this morning and hang out a little bit because I haven't had a chance to do so before but yeah this is if this tweet

Doesn't make you laugh it is the funniest thing on the planet and it absolutely should it should be hysterically laughing every single time ah what's up with XR p XR p is i've always not in a personal fan

Investment-wise in XR p and somebody's mentioning leo before and it's kind of funny because I've said this and I'll continue to say it XR p & leo or the exact opposite of XR p to me and Leo are kind of the exact opposite from a

I don't wanna say supply and demand but from a supply schedule perspective you have XR pues quarterly reports so pull this bad boy up spell quarterly right so an X RP is q1 I don't know where the

The latest is but in X our P's q1 report ripple its sold close to 170 million dollars of x RP to both their institutional's as direct sales and then as well as programmatic sales so it's a lot of supply coming into the market you

Have a hundred seventy million dollars that is not that's that's not it's a lot of supply that is coming out to the market and is there demand that is actually there to to meet that because if there's not to man that's gonna

Suppress the price something the thing about on the other end of the spectrum when I and people I get crap all the time now because people are like you invest in Leo you're you're you're killing you're killing children and in

Your you're supporting you know the death of the world and yadda yadda yadda whatever it might be but the reason I think Leo is interesting is because the supply is being burned on a consistent basis granted it's it's a slow burn but

When you look the the supply of Leo was only 1 billion tokens and they're buying it back with their you know 27 percent of their revenue and yesterday was actually the largest buyback ever they bought back 221 Leo tokens which is a

Buck 50 a pop so like three hundred plus thousand dollars they bought back in one single day from the open market so in one hand you have a company that is on one hand you have ripple and x RP x RP is is the currency ripple has a large

Portion and holds a large portion but ripple is selling their portion of x RP on to the market or to institutional direct sales programmatic sales whatever it might be ripple is selling a portion of their x RP on to the market to fund

Business operations and to seed the ecosystem whatever it might be but they're releasing suppliants the market up to the tune of 170 million dollars a quarter last year area sued me in q1 of 2019 on the other end of the

Spectrum you have a company that is profitable and is buying back to the tune of you know anywhere for maybe like 50,000 bucks a day up to yesterday like three hundred plus thousand dollars a day so one is increasing the supply in

The open market and the other is decreasing the supply on the open market I'd rather own the thing that is decreasing the supply on the open market that's that's just me so that's why in

My mind I'm I'm still excited about owning excited about owning lay out maybe maybe that can can be completely wrong maybe that's the wrong way to look at it but hey I know what it looks to supply I'm looking at that

You Mack says watch XRP 2x and everybody jump back on the bandwagon this space is a short memory oh absolutely there's there's there's no reason why it's not possible and I do think that

Everybody in the space has a short memory like I was talking about before yeah the people that are leaving or you know you're the people that are in the quote-unquote altcoin world or or just have a lot of altcoins

And they're you know going to become Bitcoin maximalist the second you see a 2 a 3 a 5x and some of these you know alt coins you can bet your bottom dollar they're gonna be sprinting back into alt coins trying to chase that next 2 3 5

10x whatever it might be if that ever happens again granted that's assuming that that happens again but everybody in this space does have short memories and that's also why I think it's it's good to try to you know learn from the past

And let that inform your decisions on the president obviously not everything is a repeat scenario not everything is the exact scenario but to try to to learn from the past as much as possible and also personally learn from your

Mistakes because I know for myself I've made a ton I'm sure you guys have as well so Simon DV Bobby do you know did you know Leo admins can delete Leo tokens yes I did

And that is that so this is this pissed me off too let's say this is the dumbest thing ever so this is an article from Bitcoin 'test and the title is BitFenix is Leo token enables

Multibillion-dollar fraud coin Intelligence claims so let's let's dive into what this multibillion-dollar fraud is okay so BitFenix is a Neos token in the ERC 20 token I think it's bad like 60% ERC 20 when you have an e rc 20

Token and you have a contract so you have a contract that is on the etherium network you can go to ether scan or to a number of other places and you can evaluate that contract you can read the contract you can read the smart contract

And see exactly what it says within the smart contract there are there were two functions which are programming functions when the smart contract that you could pull that up in there let's see if we can zoom in a little bit so

You guys could see a little bit better but within the contract this is from either scan there was a there is a control function within that that says the owner can upgrade the basically the owner can upgrade the contract they can

Burn tokens and they can also potentially they can generate tokens and they can destroy tokens so there is a function within the contract that says that granted that same function is in numerous other contracts out there for

ER C 20 tokens and why this is not matter to me why do I not care about this at all when it comes down to something if if Biffen X or any other company this is this is true across the board this can be in the contract with

Anybody but biff next is supposed to have 1 billion tokens and that was it that was you know only supposed to be issued a billion tokens and they're supposed to burn them until they don't exist anymore whatever it might be if

Biff and X were to go issue more tokens that would be visible on ether scan like that that would there unless there was a specific reason or if they were to burn those token earth they were to burn tokens that would be visible like that

That's that's why there is a blockchain that's why it is transparent across the board so anybody could see that happening and they could find out the reason why and they would be Biff next would be

Held accountable to the reason maybe the reason is good maybe there is some type of circumstance that justified it maybe there wasn't and maybe you should sell all your tokens because they're lying sacks of who knows but that is the

Beauty of having publicly available information within a smart contract on the blockchain that you can actually verify for yourself so the fact that this was the cheesiest dumbest headline ever that no to that because they had

The generate tokens and destroyed tokens function within their smart contract that is publicly visible on ether scan or any other site that allows you to view a smart contract that it enables multi-billion dollar fraud that's the

Dumbest I've ever heard you from pig Venus I see what you did there he's switched around a few letters good one classic I understand thanks for your explanation I understand ripple it's XRP

It's not ripple let's let's be specific here folks but but leo is basically the same concept as being be burning there so there's actually some subtle differences there which from from Leo's perspective is interesting B and B burns

Tokens out of the team allocation so b and b doesn't buy tokens on the open market but what b and b is or what buy Nance is doing is by Nance didn't I co and they they kept a portion of their tokens as

Like team tokens so whatever it was like 30 percent I don't remember the number off the top of my head they did they kept a portion of their tokens as the team tokens and they you know went to and they burn those on a on a consistent

Basis and I think they just changed that to do agree to burn all their team tokens eventually or at some point in time but they have their own tokens and it's not available to the public market and they will burn those however for

BitFenix and Leo the reason why it's it's even quote-unquote better is that Leo is not that there is no team at there's no team allocation Leo or Biff necks printed a billion tokens and they printed those tokens and they're all out

In the open market already so those those tokens are all distributed there's no team tokens there's no adviser tokens there's no nothing nobody got a presale discount as far as distribution goes you had to be like in a credit you had to be

A credit investor or like a non-us investor but everybody bought tokens for $1 the cost basis for everybody that bought them initially was $1 so pretty fair distribution from that perspective nobody had a 90% discount there were no

Team discounts there was no advisor discounts whatever but why it's interesting is because they have to go on in exchange or buy those tokens from the actual open market they're not and to burn those they're not burning them

From the they're not burning them from some type of team allocation that's not on the open markets which in the case of a by Nance and B&B yes theoretically it reduces the supply but that supplies never been on the open market so it's

Really not that big of a deal it's kind of more a psychological thing so something to consider nice Kevin Gaspard I appreciate a brother you

Mike a says what we have what percentage my portfolio probably could I website right what percentage my portfolio is currently Bitcoin so about 35 plus percent so about 35 plus percent in Bitcoin about 30% in eath about 25 close

To 25 percent and Leo a little under 10 in tezo's and like 1% ast so that's if you haven't seen my portfolio split it's it's Bitcoin eat Leo tezo's and a little bit ast always always pumping my own bag script

Always brother it's always the way bro man dog what's up good morning folks sorry for coming in early I just like I said before I have been just super busy with the new venture that I'm doing and if you guys didn't haven't checked it

Out one thing I'll bring up to is have a couple different open opportunities right now that I'm pretty that are pretty great so if you are interested in opportunities in the blockchain space

Have positions right now that I am working on recruiting on in New York City in Boston and in San Francisco for software engineers for sales development and for partnerships marketing community management technical project managers

Product managers would would definitely check out proof of talent Co if you're interested that's the company I'm running now so it's it's been a lot of fun and I'm really enjoying it it's it's cool to help people you know help people

Potentially work in the space have a final interview today with a candidate in San Francisco for a blockchain startup that I'm pretty excited about have some additional interviews today now next week things have been moving

Really quick which has been super fun but unfortunately it's kept me a little bit from the YouTube channel in the podcast so hopefully we'll be able to just be better with time management in the future on that

Richard Holtzman hey good morning can I have a job do you have any marketable skills whatsoever because if you do I will mark with him if you do not we're in a tough situation poke a fan what are my hourly margin so

I just recruited on permanent full-time roles right now so they're not for the positions I'm recruiting on aren't hourly positions these are solely for it so if you're if you're not familiar with recruiting it's actually at least I'll

Give you just the quick understanding for anybody out there to that's either interested in what I'm doing or not but proof of town is a contingency fee based recruiting agency so there's really no downside as far as company is working

With with proof of talent or candidates so what do we do we work only on a four companies that are hiring for full-time employees and we help them hire employees that are on a salary basis and we take a percentage of the we take a

Percentage of first year salary and charge that to the company as a finder's fee so candidates can work with proof of talent and there is no fee at all everything we do for candidates is

Completely free and then for companies that are working with us we don't actually charge them unless they hire somebody that we provide to them so we go through the process of speaking everybody pre-screening candidates

Making sure they're a good fit getting and understanding their background what type of salary they want pass them to these companies in the blockchain industry to interview and if those companies end up desiring deciding to

Hire individuals that we have I provided to them then they'll Oso fee in the future so they've really no downside to it because you know if if you're don't like anybody we provide you but then you don't owe us anything and if you do then

You're actually hiring somebody so you're getting a ton of value from that and from the candidates side of the house you don't owe us anything there is no fee there's no nothing we're just here to help you out so it's pretty fun

Recruiters need a lightning Network fuser so 1990s yeah I mean I haven't taken any fees in Bitcoin or anything yet but for referrals and this is something to if you guys haven't seen this but for referrals with for

Referrals if you refer a candidate to to me or if you're for a client to me and to prove talents I will pay you a thousand bucks and you can choose for that in a thousand dollars in Bitcoin aetherium or in USD whichever you might

Prefer so I'm thinking a lot of people in the crypto world probably want Bitcoin or maybe eath so you have that opportunity you have that option loan so foes yeah you can send you anytime if you go and proof of talent

There's no submit your resume button you can always do that always happy to review resumes try and get back to as many people as possible and let you know if you're fit and if you are happy to jump on the phone and

Talk through everything but do you have a number of opportunities right now none a really remote but if you are looking or interested to work in New York City Boston or San Francisco and looking to to work in those areas and are either in

The field of software engineering sales or project product management's definitely you know would be be worth a conversation to be fun to have you and guys at this point it has been a in

A full coffee hour so I've really enjoyed talking to you about J Trump tweeting about Bitcoin what a damn world the government being petrified of of Facebook and Libra which i think is you know completely true and just the the

Crypto kind of world in general right now if you guys enjoyed this episode make sure to hit that thumbs up button hit that like button helps to get this video out to as many people as possible and I would certainly appreciate that

Outside of that guys let me know if you have any questions always here will hopefully be back in the mean time again if you guys were interested in opportunities or anything like that always check out proof of talent Co and

Shoot us a follow on Twitter as well have a Twitter account at proof of talents so would love to see there but thank you so much for your time crypto babi signing out hope you have a good one peace

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