The Fed says they don't want to stifle crypto, but according to some, the crypto industry is already exiting from the United States. $1 billion in Silk Road. Bitcoin may be for sale by the government and ambulance chasers are raking it in on ftx's legal fees. Also Daos have received some legal recognition in the state of Utah. We got the latest news brought to you by original intelligence on this bad news episode number 672. Of the Bad crypto podcast. 54310.
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Hey. Hello. How you doing? Welcome to the Bad Crypto podcast, Home of Original Intelligence.
None of that artificial BS.
Well, it's it's subjective how intelligent some think we are. I was going through some old YouTube comments and they were like, Oh my God, Travis, what the hell you think? It was like, Well, I'm pretty accurate on a lot of these things, but not 100% accurate because we're not I, we don't know. We're not. I'm not Nostradamus.
Yeah, well, we're just. We're just human beings being human, that's all. So original intelligence doesn't make us intelligent. It means that all we have to go on is our own brains rather than machine brains.
Is that what it's called? Oh, I.
That's what I'm calling it.
We call it AI. Authentic intelligence.
Authentic intelligence, All source. Welcome to the show. Glad that you guys are here. Of course, the Bad crypto podcast, the show for the crypto curious and the crypto serious and our sixth year and we'll be celebrating our sixth anniversary slash birthday birthday versary in in July. And we're glad that you guys are along with us for this news episode. And if you are ready, Sir Laura Travis, we're going to get to the news.
Let's go, baby.
All right. Timestamp 1219 Atlantic Standard Time on the 9th of March of 2023, and the current crypto market cap is $1,000,000,000,034 billion. Bitcoin 21,669. Ethereum 1538. BNB 289 XRP just shy of $0.40. Cardano 32 Dogecoin $0.07. Polygon a buck eight and number ten is the staked ether, which is the price of Ethereum. We had any big winners or losers this week.
With some big losers? Not really any big winners over the last seven days, only like up a couple percent, which is XRP, which isn't really moving much, but Stacks is down like 35% singularity net, which is surprising because they're doing a lot of really cool stuff with AI, they're down 32%. I would keep an eye on singularity net just as a general rule, not financial advice. FRAX Share 29% down. Render down 27%. Mina Protocol down 27%.
Zilliqa down 22%. Vechain down 21%. So here is this is the bad news episode where we talk about all the cryptos that have gone down sadly, and it looks like it's like a little bit of a pullbacks going on.
Well, and that might be due to the Federal Reserve. You know, Jerome Powell making some statements yesterday saying that they might raise interest rates a half a point, which the markets don't respond to favorably. But I'll tell you what, when you look at all of the negatives that have taken place this last year and this bear market and the macro economic global economic view, bitcoin's holding up pretty
damn good at over 21,000. I mean, we have already recovered the losses from FTX and Celsius and Luna and is rough as this economy is. And so many people prognosticating recession Bitcoin's holding up in there. So I don't know, maybe we're finally starting to see that decoupling that we've talked about for years. What do you think?
Yeah, it's possible. You know, one thing that's on this article as well is Powell was emphasizing, you know, the importance of a balanced regulatory approach. He did acknowledge that the crypto industry is evolving rapidly, which there's no denying that. I mean, we've got a new buzzword every couple of weeks coming out here like, oh, man, the new focus now is this Let's go everybody in the eye. Although, you know, some of them become fads like the metaverse
is not quite ready for prime time. Right. In fact, Meta and Facebook, they've actually pulled back a lot of stuff from that and focus more on AI now. But you can see there's a lot of stuff going on. The regulators are thinking about what's going to be the best approach. Hopefully they're wise in their decision because as you mentioned at the top of the show, a lot of these a lot of these crypto projects are leaving
America in droves, right? So I don't think they have a lot of faith in the long term benefits of being in America and owning and running a crypto company.
Joel Right. Well, this is what Powell had to say. We don't want regulation to stifle innovation in a way that just favors incumbents and that kind of thing. But like everyone else, we're watching what's been happening in the crypto space. And what we see is quite a lot of turmoil. We see fraud, we see a lack of transparency. We see run risk. Now, if you'll just trade out the words crypto space and replace it with traditional financial sector, it's there's nothing different. It's the same thing.
It's greed. It's it's people who are ne'er do wells that are in it for themselves. And, you know, when you have just smart contracts, those cannot be as falsified, you know, when you just have sort of the human element in there when they're like, oh, look at how what can I'm gonna get mine gives me. That's right. And then that's what ends up happening. And really the next story talks about that as well, is that the crypto industry has already begun to move outside the US.
And this is a former guest of the show. Ripple CEO Brad Garlinghouse says that the regulatory uncertainty is causing crypto companies to get the hell out of Dodge. That's not an exact quote, but something like that.
Yeah, pretty much what he's saying is that other countries like Singapore and Switzerland have already created more favorable regulatory environments for crypto companies. And if the US doesn't provide clear and consistent regulations that are going to attract and retain innovation in the crypto industry, then they're going to be gone. They're out of here. Why would they develop here?
That's true. And think about that. You know, Silicon Valley, we've talked about this I don't know how many times over the six years, but Silicon Valley, you know, is a hub of innovation. But now we're at the place where the US is risking falling behind these other countries because they're not really focused on it. They're. More self-serving
and not actually helping the industry as a whole. I think it's because they want to sort of demonize decentralized crypto and move towards that centralized central bank digital currency. And as a side note, Joel, in China, their digital yuan is now available on their WeChat app and they're giving away all these different lotteries to give away millions and millions of digital yuan to people and integrating it
within WeChat. So China is basically Cbdc ended up probably the worst place for personal freedoms there, especially when you talk about the whole WeChat app dude, like that thing is everything. It's Uber, it's Yelp, it's Instagram, it's WhatsApp, it's all of them all in one. It's PayPal.
It's it's it's state run social media and payment system and services. Right.
That's basically they weren't originally state run. There's a really good YouTube video that I saw this past week about it's called the Surprising Chinese Company that basically runs everything social media wise. I'll put a link to that in the show notes. And wow, it's about an hour long, but I learned a lot. They didn't start out being
with the government. Right. But just the government, when you building something in CCP, they just come up and say, All right, you're either going to work with us or you're going to get the Jack Ma at, you know, kick kick your ass out treatment.
So is this whole SEC case against Ripple just going to end up being a slap on the wrist? Nothing. Burger Because this is going on a long time. It's a lot of people are waiting for the decision. Brad seems to think that it's going to happen this year. And I nobody knows what was.
Going to happen. Last year we were talking about like, oh, September, October, we're going to get the law. We're we're getting it coming out. We're going to hear it all good. I mean, it's going to be in the first part of next I mean, it's going to be maybe it's going to be in 2023. Joel.
It's going to happen. Guy It's coming. Your it's coming your way. The happening. It's going to happen.
So this is interesting. You know, the government seized a lot of Bitcoin from Silk Road was like 50,000 Bitcoin. Yeah, 50,000 Bitcoin was moved from multiple wallets connected to the US government. Now, of those transfers, it appears that 9861 of those bitcoin were sent to Coinbase. So does that mean that, you know, is this when the dump took
place where they sold from Coinbase? You could see here that, you know, Bitcoin in the charts when it was like we were we were dancing with what, 24,000 and we're mid 20 ones right now. Is is the government responsible for this?
Hard to say but Silk Road Bitcoin moved to three addresses. That's that's crazy. And actually we'll show you exactly where they went. So you mentioned the 9800 Bitcoin to Coinbase. There was a 30 30,001 and about a 9001. And that's that's a lot of Bitcoin just.
Went to some other wallets. Yeah. You know, in previous auctions, Tim Draper bought nearly 30,000 bitcoin in 2014 in an auction. So how do they do that.
Because you know he wasn't paying the the exact price, the spot price of Bitcoin at the time. I think it was like 20, 30% less than that. So just going in and buying those 30 Bitcoin, even if 30,000 bitcoins, then you buy them, then you liquidate them. You had like an already had a 20% sort of gain. So like, why wouldn't anybody want to buy that? It was just it was kind of weird to me.
I don't think that Draper's liquidating his bitcoin, though.
He wasn't. Yeah, he was.
Probably sitting on a fat stack of that mofo right now. Good, good, good. Moving.
They're stacking it up, baby.
You know who else is stacking it is the legal industry. These. These lawyers. I refer to them lovingly as ambulance chasers in in the teaser. But you know these guys they bill hi they find opportunities to use the legal system legally to to get involved and earn all kinds of fat cash from bankruptcy cases and there's $34 million by counsel and advisors in the month of January, $34 million for lawyers.
And we just had we just had a gentleman on this a couple of weeks ago about how to claim your bitcoin out of out of bankruptcy. Right. And so there's some really interesting ways to to do that. I don't even remember. It's episode number 671 bad coding slash 671. Take a look at that. I heard an interesting rumor, Joel, that Binance has gotten approval to to acquire Voyager.
Pretty sure that's not a rumor. I think that that is probably breaking news. I'll see if I can find that story here.
Well, I heard it from somebody that looked like a rumor, but I don't know that it was. So it's like if that's the case, then it says that people are going to be able to get some of their cryptos out of Voyager. Not all of it, but I mean, shit, if you can't get 100%. But even if you get 50%, that's better than 0%. And so, you know, if you were smacked down with Voyager, you know, and Binance buys it, then hopefully that's some way for you to get a little bit of that that dollar.
Dollar bills back.
There you go. This was an email I got from Coin stack. Voyager Wins Approval for Sale to Binance. Bankruptcy Judge in the Voyager digital case allows deal with Binance us over SEC objections. Blah blah blah blah blah. So it's about silvergate there too.
That recently crashed, which is a horrible thing. They're going out. So it's just there's a lot of stuff going on. There's this week. To me, Joe, it seems like there's a lot of positive things going on and there's a lot of sort of interesting things that could move the needle downwards. And so it's like we could be entering
a little interesting time. But based on news overall, it seems like we could be in the beginning of a bull run that could roll for a long time, but we could just be in the early stages of it. But we might see short term sort of drops.
Well, the Bitcoin having, I believe, is just about a year from now. I'm actually looking it up to see if I can find the actual date that it's going to take place. It definitely happens in 2024. And I've read before that it was around March or April that it was going to happen. So if that's the case, we're just a little more than a year out from having and when the having approaches, it automatically puts us into a bull market because it gets more expensive to
mine Bitcoin, right? And there's fewer Bitcoin out there and there's fewer Bitcoin that come into circulation from mining. So because it's a scarce resource, you have more people competing for it. The price to mine it goes up, rewards are less and it's going to drive the price up. That's just how it's happened every cycle. And I don't see how would we be any different with the next cycle, which is about a year away from now?
Yeah, about a year away from now. And here we go. You know, this could be this next one, though. I mean, we're in such a weird time with the world economy, Joel, that, you know, you would think like, that's why I thought the last bull run, I was like, Dude, it's on. I don't expect us to have a big drop. But then again, we're not we're not huge financial advisors. We don't really know. We're just guessing along, you know, most everyone else because we don't have inside information of what
is real and what's not real. We're just kind of putting it all together and it looks to me like we're in for another ride. Interesting one. It's how it goes. It's always interesting.
Yeah. Meanwhile, in the Dao world, in the state of Utah, which is, I believe is it the first state legislature to pass this? The Utah DAO Act grants daos legal recognition and limited liability protections. In fact, they're now framing them as Utah LDS limited liability.
Daos Yeah, for those of you who are unaware at this point, you know, a DAO that's a community driven organization operates through code and smart contracts. There's no central authority or management of this thing. And so the fact that there's a state out there that's utilizing this as a new form and a legal entity that is huge. Which reminds me of that one song, Don't Bring Me down, down, down, down, down, down.
Little yellow reference for you right there. I was. I was thinking, by the way.
Biscuit dao down.
Now my our brains operate with song lyrics. I mean, we're just we're programmed after years and years of listening to music and I just music is a soundtrack of our lives. And I just wish.
They wouldn't bring me Dao Bruce, whoever Bruce is. And why is Bruce out there bringing people down? I don't know. So it sounds like a dick move.
Bruce Fun fact and even more confusing is the lyric, isn't Bruce Do you know what he's actually saying?
I have no idea. I always thought it was Bruce.
He's saying.
Gross. GROSS, don't bring me down. GROSS And I have no idea what Jeff Lynne was smoking while he wow.
I always thought somebody named Bruce was wasn't Bruce.
Bruce has gotten the bad rap all these years. It was never him. It was some dude named Springsteen.
It's like, why are they always saying these rude things to me? I'm not bringing people down.
Hey, you're born.
To run, baby. Born to run.
So so the Dow is happening. And I think that that's pretty cool. This is a big step towards mainstream adoption of blockchain tech and decentralized.
It's huge, huge.
Information right there. Yeah.
Yeah. So this could mean, you know, by doing this, it could encourage others to create more daos and. And figure out how do we integrate these into traditional legal and financial systems?
Yep. And speaking of Utah, Joel, the SEC is accusing this Utah company, Green United. They say they're running an $18 million crypto mining scam. And they basically were selling crypto mining equipment that didn't mine what the company said it was going to mine. And so it might have been a big lie.
Mine, mine, mine, mine.
Mine, mine.
You know, the good, the bad and the ugly. Anywhere that there is money, I don't care what those resources look like. I don't care if it's traditional financial systems, precious metals, cash on pallets, crypto, you know, stocks, whatever. Whenever there is money, there are people who are going to use the system ethically and there are those who are going to skirt the the line and be in the gray area and then you're going to have your all out criminals. And that is human nature as old
as time. Tell me that in the earliest days of mankind when people were bartering, you know, whatever they were creating, that there weren't people making fraudulent versions of whatever that thing was, you got to.
Check out these cowrie shells. All right? You're gonna love them, dude. Oh, dude. 00100 of them. Okay. Okay. Here you go, OG.
But I want to just comment about those were.
Made in China. Those those fake ones.
Fake cowrie shells made in China. That's nice. So there's somebody on the name on Green United as somebody by the name of Wright. Thurston.
Doesn't that just sound like just a fancy. Isn't it you universe with me? I'm right. Thurston.
Wait, Are you related?
The first name is right. That is weird. I've never heard of that.
Supposed to be Thurston, Right? That would be.
THURSTON Right.
THURSTON Right. The third. And he's 43.
Like that could have been. THURSTON Why didn't my parents name me that said?
And I could find a lovely.
Little Gilligan's Island reference.
There. We got all kinds of references today. Very nice reference podcast.
Those are the the highlights of the the news this week. And want to encourage you guys if you haven't done so. Every day we see people joining the bad crypto nifty club and of course the bad crypto family of shows has expanded. Going to talk more about that in just a moment. But if you do not yet have your bad crypto nifty club membership, go ahead and grab it from bad crypto dot Uncut FM. It's this cool red spinny one right here. We don't give it away for
free because we don't want bots to take it. So a little, very tiny minimal amount will get you in and we're doing cool airdrops of stuff and we'll probably have another one for you next week. But what we wanted to tell you about is the new show, The Bad I Show with a new spiffy website at Bad. I show is up. The first couple episodes have already hit and if you have not checked them out yet, episode number two is ten Useful ways to use Chatgpt
to supercharge beginners. And we give actual use cases that you can go and apply right now. So we encourage you to go listen to that thing.
Yes, I tell you what, the people who've tuned in, they said they're glad that we're tackling AI so they can understand it because a lot of people who tuned in to crypto really wanted us to help them understand crypto as we were understanding and learning about crypto. So we're doing that exact same thing with AI because really technically that's how Joel and I have always done things. I mean, Job created one of the first 10,000 websites ever.
I first got online. I learned how to code HTML and CSS within my first 36 hours of being online. Like we see it, we go, What does this do? This is interesting. How can we use it? How can others benefit? Oh, let's teach people about that. Then we teach about and then we start seeing what's coming next and we go, Oh, look, this is coming. But I would say this, Joel Crypto is not going away. This is part of the new Web3 ecosystem. When you're talking
about Nfts AI Web3 crypto. AR VR, right? Metaverse stuff. This is all part of one ecosystem and we're here to help you guys sort of circumnavigate the globe of all of the things.
In fact, we're.
Doing so many things right now. There's bad crypto, there's the nifty show, there's the Web3 Show, there's the bad AI show, there's the blockchain Heroes Nfts, there's the bad crypto, nifty Club, there's AI Telegraph, Dot IO, there's World Village.
What we're going to do is we're creating a new website at called Bad Media, and the site's not live yet, so I'm not going to give you the link right now, but bad media is going to encompass all of the things in the Joel Travis and Rails universe so that you've got a one stop shop to go discover all the different things that we're working on in the content that we want to provide to you. So we should be able to announce that probably in about a week or so that we've got that ready is. When, Sir
Lord Travis has it done? I did want to point out this cool nft that you see on the screen, if you're watching the visual version of the show, is a free NFT. We're going to be giving away to founders of the Bad AI show. If you go to a bad A, it's a bad AI show forward slash NFT. You can go claim this. This is separate from the bad crypto nifty club. Okay. This is this is an airdrop specifically for people who sign up on this page with their ETH wallet and we're going to cut it
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Well, it was up to almost two, but then we had the crypto crash, so it's down to -17, but we're working on it. So I would I would say this is, you know, thank you for tuning in. My focus right now is building the YouTube channel. And so if you could watch some because these right here, the eye show stuff, this is perfect for YouTube. You want to watch it because we're going to show you some of the things you can listen to it on the on the podcast. And that's okay. But the visuals behind
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Say, Mr. Joe?
That's all the badness.
Well, you know, I just want to recognize that yesterday was International Women's Day. I'm not a big fan of having a day for a gender. I feel like every day is Women's Day. Women are amazing. They're smart. They're they're funny, they're creative, they're clever, they're beautiful. And I feel like every day is International Women's Day. But they put it on the calendar. And I just wanted to shout out recognition to to Erin Cell and Gene T for their show, the Nifty Chicks sister show to the
Nifty show, all by women featuring women. And you can go check them out at the Nifty Chicks Dot IO go listen to their podcast and support them.
You know what I would say, Joel is like the I think the International Women's Day is a great idea. I don't mind that. But I just don't like how close it is to Valentine's Day. Like you mean. Tell me I got a Valentine's Day and then three weeks later I got to do the same shit again. How about make International Women's Day like in like August or something? Like six? How about August 14th? So it's literally six months in between. That would be good. And but I made a joke about this. It was like.
Somebody messaged me, So Women's Day.
Is there an International Men's Day? And I'm like, Yeah, it starts tomorrow and then it goes until March 7th next year. But that was a joke.
Don't cancel us.
Thanks for watching and or listening and extra thanks to those of you who go out of your way to review and subscribe. You help keep things going. We'll catch you on the next episode. Until then, stay back.
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Oh.
Get your finger out of my face. I like that finger again. I can do this all day. I don't know that I want to get tired. Yeah, that's it. It's just one.
That's horrible.