¶ Intro
Bitcoin is now less volatile than the S&;P 500 and the NASDAQ as BTC seems to come to life just before the United States midterm elections. Sam Bankman-fried of FTC's is under fire from the public and from sees as there may be trouble in paradise for the popular crypto exchange. And do U.S. voters care about candidates positions on crypto? We'll tell you what a recent poll says on this. FTC's WITF with SBF and CC as we L.O.L. Through our bad news episode number 646. Of the BCP.
Five. Four. Three.
How are all of the workers whose back?
Welcome, sir. Travis. All right. You're in Scotland, aren't you?
I've been through IBM, Scotland and used to be listening to the bet. Why do I sound like I'm a pirate? I don't. I don't know, meeting.
These pirates there, They put their kilts on and said, swap the decks or something.
That's true. That's true. I did actually think about buying a kilt. It's right across the street. You would not guess how much a kilt, an official kilt actually is. When I heard the price and almost kilt me.
Well, I would guess because I don't have to guess because you told me already offline. So I.
I actually asked you to guess and you did a guess. You just said, Well, tell me how much it is. I was like, no, I guess five, £500. Yeah. Crazy. That doesn't even include the fancy fanny pack thing. They have the little front bag deal, and then they got a belt thing. So you'd be looking at spending about probably about £850 total to get your get your full on kilt.
You got to get your kilt. You got to.
Get I can find it. I can get a kilt on Amazon for like 80 bucks.
But it's not official.
But I don't give a shit about official. I'm an official Lord. I'm like a $60. I want my $60. My my kilt can't cost more than my land. The hell you thought about my.
You were going to go check out your land. And what did you find?
I found this. All I got on a big ass hill. So it's like a it's like a big, like, edge cliff thing. So it's like. I think it would be a bit of a challenge to get up there. Or I look at it like, Wow, I own part of a mountain.
Yeah, there you go.
Highlands The Highlands in Scotland, which I did go to Loch Ness. I saw a rainbow at Loch Ness. And I do think I do think that the Loch Ness monster is an ongoing dad joke. If you actually look at the Loch Ness Monster, you can see the arm and the dude was laying on his side with his arm up and it's a total dad joke. It literally somebody was cracking jokes along the way and it created this huge tourism thing for the Loch Ness. However, they did say they someone first spotted a big monster in
Loch Ness and like 500 and something 80. So it's it's been an ongoing dad joke, I think.
All right. Well, let's move on from jokes and on
¶ Crypto Market Review
to the crypto market as we refresh for the 7th of November at 2:37 p.m.. Our location right now, the crypto market cap is 1 trillion, 77 billion, Bitcoin is at 20,700. Etherium just shy of 1600 at 1592, BNB $337 and Dogecoin holding on to a lot of the gains that it had from the previous run. 11 and a half cents. Any any other big winners or losers?
One one polygon, big winner up almost 40%. Also another big one was is okay B which is the 17th coin overall, which is what I also say with my girls nagging me, I'm like, okay. B And it doesn't go over well, but I'm like, No, you're up 41% this, this week. B And Litecoin is up 23%, Algorand up 20%. E call me is up 15%. That's back in the top 100 now. So that's interesting to see. Volumes really low, though. Interesting. Interesting. So that's it. That's the news for today for right now,
for this week. Forever.
According to this report on Cointelegraph, Bitcoin is now less
¶ Bitcoin is now less volatile than the S&P 500 and NASDAQ
volatile than the S&;P 500 and NASDAQ, which kind of goes to the case for Bitcoin being a good store of wealth.
Mm hmm. Yeah. Less volatile. So it looks like crypto is finally coming of age. And I also saw. I don't know where I seen it and I don't remember the exact statistics, but it said, like, the banking industry is like, at least five times more extensive, more power usage than Bitcoin or something. The number, remember, might even be low. I think it might be a much higher
than that. So it's like overall, you know, Bitcoin compared to the two, the current banking system, not nearly as bad as as one might think.
Michael Vanderpump of the trading firm eight said, I'm assuming will continue towards 22 five from here, but have a slight correction before continuing because they're taking liquidity out on the way up. And that makes sense to me. Now, is this the end of the bear market? I don't think so. I think it's still too early. But then again, I said it was too early for the bull run to end. And just when you think things are predictable,
they become unpredictable. And I'll tell you what, this election that's happening here in the United States on the eighth, which many of you will be listening to this on Election Day and some afterwards, I think is going to have some big impacts across economies.
On some volatility. Yeah, there's a quote here. This is the last time that the volatility of Bitcoin was this low. Bitcoin rose from 9000 to 60000 in less than a year. So what does that mean now? Well, I think, you know, there's a lot of things that's going on here. So I'm in the UK, I'm actually in Scotland right now and I've seen there are some locations that said, Hey, we've had to shut down. We can't pay our electricity bill. Sorry,
our electricity has been cut. We can't stay open. I've seen that in three locations so far, including one restaurant we were going to go to. I don't think that's going to go away. The electricity is going to continue to be more and more costly for folks around the world. It could potentially be a very dark winter. The Bank of England was almost insolvent recently. They were really close to teetering on bankruptcy. There was very a global margin
call recently for the global economy. So with the economies teetering like this, and then you have such contentiousness when you talk about the right versus left worldwide, right. There's a lot of contentiousness there. And people people cling to their politics like they do their sports teams, like, oh my God, how dare you say anything bad about money?
And I'm like, Well, let's just be a little more smart and let's be wise and let's be more independent and be in the middle, because a lot of us are more in the middle than we are extreme either side. And so with this new election come. Like, who knows what's going to happen? We did see the president Biden, he came out and said, oh, he didn't mention any of the major issues that people care about like zero times in his speech. But he talked about how horrible
the Republicans are. They're bad. They're going to steal everything. They're horrible. Don't expect the election to be called on election night, expected to last a week or even a month later.
They're saying that you will they say that if you're getting ready to cheat because for decades we've been able to call the winners. And, you know, one night, with very few exceptions and only in the last presidential election, they decided to stop counting in five states in major precincts where they were able to truck in loads of ballots to miraculously only change the results in those areas so that Biden could walk.
You know what would be nice, Joe, would be some time for somebody just to, you know, a sheriff or something to stumble upon like a whole truckload of these ballots that are just like, well, where are these from and why are they? Because they're always a little different. And if somebody could actually catch somebody live in the
act and if it is happening, I'd like. You see, it is is that even the whole election system with the back end, with connecting to this Chinese company called Connect Kayo and PCH, that CEO got arrested because they were pilfering our data of election workers and sending it to China. And they tried to go after the people who were the ones who released the information, like there's some.
And then also, I'm just real quick. Kerry Lake, who is running for governor in Arizona, her headquarters gets gets bum rushed by the FBI because there's an emergency. Boy, that's a great way to plant some stuff you make. Everybody is just really weird. So close to elections, there's just so much sort of Stasi like Brownshirts shit going on and I don't like it.
I don't like it either. This is interesting. Those who are talking about Bitcoin, if you pull up the chart here from really let's just go with how do I get to one year? I think I got to expand this. I can't get the one year. But if we go to Max, if you look back about a year ago is when Bitcoin hit the all time high, if you can believe it, that you know, it's been a year already. Looks like around November 10th or so was the date that we hit 69,000. And it's been somewhat painful year, but.
You know, if you look at past times where we hit a high a year later and then you get this little bump and then it goes down and then you hit another high. So I think next year, this time next year. Is going to find the crypto markets quite happy that financial advice. It's just not financial advice.
And we don't know because that all depends on the things sort of having a bit of status in the space. Right. Having a bit of normalcy. If if things collapse, then things aren't going to be normal. And this is a whole new game. We don't necessarily know what's going to happen. So it's really hard to give financial advice when we don't give financial advice.
And it's really this also, you know, is a dangerous precedent right here. This story just broke on decrypt library
¶ LBRY the token for platform Odysee lost their SEC case
l b r y, which is the token that backs Odyssey that t v which you can find our videos on decentralized crypto. That library lost their SEC case and they the SEC is saying that every crypto might end up being a security in the U.S., including Etherium. Like this is they lost and they're like, we're going to lick our wounds for a little bit, but we're not giving up. And the best is yet to come. I don't know what this means. Like, I don't know where they appeal this to now.
Well, I mean, it is it says it's violated the answer, unregistered securities violation and Section five of the Securities Act of 1933. You know, we might get to the point with all these cryptos and all these things going on that it's time to change that Securities Act of 1933, because back in those days they didn't have web3, they didn't have the Internet, they didn't have crypto and digital assets. And now they're trying to they're trying to put new
technology into old rule boxes. And it doesn't always work. Joel.
It usually doesn't work because the world is changing. Meanwhile, other big news and if you're on the Twitters, you're
¶ Sam Bankman-Fried's crypto empire is splitting into two
seeing all kinds of talk about this. Sam Bankman-fried, its crypto empire is splitting into two with its two entities, right? So he owns FCX, which is the crypto exchange and a trading firm called Alameda Research. And you know, Sam Bankman-fried is appears to be in the pockets of a single political party and donates a lot of money to that single.
92% to that particular party.
Yeah. Which might be the Democrat Party and doesn't always seem to be on the side of the investor. It appears that Sam might be on the side of Sam. And so CC is calling him out on on Twitter and Binance is selling their FCX tokens and he doesn't want anything to do with them anymore.
Yeah, you know, we've had conversations in the past around this about Sam Bankman-fried not really being on the up and up. Now some of the stuff is hearsay, but you know, there was an interesting launch that happened when Dominic Wilkins Williams, Dominique Wilkins of the Atlanta Hawks was Duncan. Honestly, there's now Dominique Williams, which runs the Internet computer protocol
at Dfinity. He helped create this. He was one of the original guys who was on Ethereum, went over and said, let's create this totally decentralized thing that nobody can control. And what he had said through conversations was, oh, after it looks like it pumped it way up to $400 and then it sold it. And then shortly thereafter, Solana
took off. So it's almost like, you know, if you're so wealthy in the game, you can predict winners and predict losers because you're pushing the ones you want to win and you're holding down the ones you want to lose. So if that kind of stuff is happening, what's I don't know, that's hearsay. If that stuff is happening, then that's completely horrible. That's the exact same shit we're trying to get away from. From the from these old school
financial system. Now you're bringing that same old school financial system mentality of the oligarchs to this space, and you get an ego about yourself and you want to consume more and more hoes. The companies you don't like lift up the ones you do, and screw the investors in the process. If that's the case, if you SPF, I make sure to put enough SPF on your skin so you don't get sunburnt.
Dick SBF Yeah, with SPF some as BIA.
Puts some SPF on your SPF. Yeah.
So lots of token is is trading right now and
¶ CZ at Binance aims to liquidate FTX tokens
SEC is like you know we don't think this is in the benefit of of crypto in the crypto community and decentralization. And he's saying this is not to be interpreted as a slight against a competitor exchange. He's just being transparent with his actions. So he what he says and I don't have I don't use FDX and I won't use FDX. And there are some people I've seen on Twitter that have been saying consistently for the last couple of weeks, get your funds off FDX. What if
they are insolvent? What if I don't know, What if they are?
Yeah. What if so if we're looking at an all time high, all of this thing, it looks like after the FTT token hit about 80 bucks in September of last year, and now it is at one of its lowest prices that we've seen in a long time. At $22, it's it's lower than its previous low since it took off. Right? It took off. And it looks like it took off in December of 2021. And it's starting to rise. Made it all the way up to 80 bucks. Now it's down at 22 bucks. Let's let's keep an eye on this.
And it's interesting to me, Joel, it's really interesting why watching CC? CC, you know, some people go, oh, he's Chinese, he's in their pockets and he's working with the CCP and he's doing stuff like this that makes you go, maybe he's not. He's probably not. He's he's doing stuff that seems more on the up and up than people we would expect to be on the up and up.
Well, in the thing that concerns me about that is what do they do to Jack Ma, right. The CEO of Alibaba. Where is he? We've not heard anything about Jack Ma.
Have we just kind of disappeared. They kind of exiled him somewhere and said, you know, hitting CCP and sit down and shut up.
So I'm like, you know, I'm a little nervous for first. If he if he stands out and.
Well, look at it, he's standing out versus FCX. He purchased some of Twitter with with Elon Musk while he's doing things that's on the side of freedom of speech and freedom. And folks like you get too big for the britches, normally get visits from the alphabet agencies.
Britches, get visited by bitches and a lot of what's going to happen next. Kind of depends upon what happens in the elections. And the survey was taken of voters
¶ Surveyed voters find it important to evaluate election candidates' crypto regulation positions
asking them if they would find it important to consider candidates crypto positions. And about 80% of respondents said crypto regulation should be clearer, which includes 88% of Democrats and 77% of Republicans. I don't understand anybody saying we need more regulation like that ever leads to anything that's actually good for the people that it's designed to protect. It usually
just protects the financial class themselves. If we're going to have regulation, I think maybe we should have it against the financial institutions that pillage and plunder the retail class. That's all they do all day long is manipulate the markets and take money from from, you know, mom and pop America. So.
Well, think about this. It's like if you're going to do stuff, do stuff that that really impacts everyone because it seems to me more and more so that there are multiple classes in America. It's like if you're the ruling class and a lot of these things don't matter to you because you're going to go ahead and do insider stock trading and whatever. And if you're in the lower positions, well, then you're not an official. You can't be a certified investor because you don't have X amount
of money. And so it's like there are always there's always these little nuances to these rules that kind of try to keep people keep in your lane, stay in place and sit down and shut up. It really seems like there's a lot of that going on all over.
It's interesting, though, that 37% of the people of likely voters said that crypto would have some influence in casting their vote. That's a significant number of people.
That's a lot. That's a lot of people. When you considering how many people and then you think about it, too, Joel, it's like they only polled 2000 people, right? So it's not like they polled all that. So how accurate is the poll? You know, we're seeing polls going on right now about politics that say, oh, my God, it's not going to be a red wave, it's going to be a red tsunami. And then you see people going, ha ha ha. These people who think it's a red tsunami
are going to see that blue wave. And it is what it is. It's not who voted to count the votes and what machines count the votes. And that's what's always been the case. And now worldwide, pretty much all of them are using these electronic voting systems. And if you are in Brazil right now and you say you disagree with the election and how it was ran and you think it was stolen, well, now you're a criminal.
That just came out today. The head of the the Supreme Court there in Brazil said you're a criminal if you don't if you disagree with what's going on here. So to me, it's like, wow, we're getting so close to some authoritarian dystopia powered by technology right now is just so crazy that if you don't see it, I don't know how to wake you up like I'm past that point.
That people will wake up when they realize that they have been completely stripped of the ability to to move. Right. If you're on a social credit system, they don't like what you say. And then some people all of a sudden can't buy an airplane ticket because it's like China's social credit system or they can't buy their tracking every single thing. Guess what? Guess who did that? Not us. We're not creating that. There are certain candidates that you may be voting for that are, though, in the name
of fairness and ain't fair, babe. Let me tell you what's fair.
I don't know. You're not missing things, Joe. You need to sit down and shut up. I don't know what you're doing there because you just need to be quiet and just go with the flow of the program.
And I stand instead. I'm not sitting on my standing desk.
¶ Crypto is no longer in the Top 10 of sighted risks for the United States
Well, that's okay. You can do what you like now. Crypto is no longer the top ten most cited potential risks. The US Central Bank has reported US-China tensions and the Russian Ukraine war. Higher energy prices. Rising inflation. The Covid's cyber attacks are more pressing issues into the financial space. I would say the financial system in itself is a potential risk because fiat currency, you know, the creature from
Jekyll Island. If you pay attention to what happens with paper money that's backed by nothing, eventually it always crashes, always 100% the time always crashes. And now we're at the end of the life cycle of this paper money, which is now leading us to a whole lot of these other things. And I actually read some stuff about some Twitter bots. They analysed over 5 million tweets that happened from the week leading up to the Ukraine Russian war and then two weeks after the Russian Ukraine war.
90 some odd percent of them were pro Ukrainian bots that were spewing the same message to drive up fear to get people angry. And hopefully now the new chief twit is able to determine when these botnets are coming on and they're not able to use these to drive propaganda, to drive fear. They're no longer able to do this. I want a fair and balanced playground. I don't care if a Democrat wins legitimately. Cool. You won legitimately. I'm totally down with that. I'm calm, okay? I'm not going
to ever grow up about that. But whenever I start seeing and smelling and going down rabbit holes and seeing things that don't look right, I'm going to speak up about it because that's my nature. I have I'm a critical thinker. Joel, you're a critical thinker. We see things
through a lens that maybe other people don't. And you know, what I noticed is more people who are in crypto, including you guys who are listening, you guys don't always buy that propaganda stuff, those narratives, because why you're in it for the freedom of this whole thing, you like the decentralization of it. So a lot of you see the same things through the lens that we do.
Question everything. But don't question this. You know, if you
¶ Bad Crypto Nifty Club membership and closing remarks
need your your bad crypto nifty club membership, go to bad crypto dot uncut dot. For those of you that were token holders, you just got airdropped the U.S. dollar is toast. NFT and I think we should make one for four this week as well.
Well make way for this week. Yeah. Yeah.
We don't know what it's going to be yet. We'll announce it in another episode this week, but there's going to be another free airdrop. I think there was only 80 of these that were created. So this is now a collectible. We've still got a few of the classic McAfee clips, but what you want to do when you're here is scroll down to this one right here, the
Bad Crypto nifty club. It is 0.002 ethe. Okay. And the only reason that we're charging anything at all is because we don't want bots coming in and taking them. So you got to right now that's $3.18. Connect your wallet, grab one of these.
They're beautiful. Look how beautiful they are. It's spinning and looks sexy like that.
You'll be a bad ass, a bad cryptopia. And you'll get corn. By the way, the corner drops already happened as well. And so get in there. Bad crypto dot uncut dot FM links are in the shownotes where you can find that in the show. Notes are at bad CO dot I and forward slash 646.
I think we'll do one for the Friday show. Joe. Okay. It's a monumental step for blockchains like a blockchain monumental step. That could be a fun thing to play around with.
They are so get your bad crypto nifty club NFT before then so that you get this going to be a free airdrop for everybody that holds one on the snapshot date to be announced. So thanks for joining us. We appreciate you all being with us on this journey. Even though we rant, maybe we know what we're talking about, maybe we don't. But we do know one thing, and that is regardless of who wins the elections, you need to step.
Whose bad?
The Bad Crypto podcast is a production of Bad Crypto LLC. The content of the show, the videos and the website is provided for educational, informational and entertainment purposes only. It's not intended to be and does not constitute financial investment or trading advice of any kind. You shouldn't make any decisions as to finances, investing, trading or anything else based on this information without undertaking independent due diligence and consultation
with a professional financial advisor. Please understand that the trading of Bitcoins and alternative cryptocurrencies have potential risks involved. Anyone wishing to invest in any of the currencies or tokens mentioned on this podcast should first seek their own independent professional financial advisor. That's all we know. I don't know anything else. I don't know, Dick. I concur.