The Mark Moss Show Nov 23, 2022

it's centralized. That is the problem, which is what we're trying to get away from, which is why we're talking about the decentralized Revolution. Now, if you are just tuning in and you've missed. In the beginning, we talked about this f t X blow up in the cryptocurrency space. We framed up um how this whole thing worked, how they are two companies worked, how they create value out of thin air, why venture capitalists love it, why the media loves it, why advertisers love it, why it got

so much hype and play. Then we got into the deep ties that Sam Bankman Freed, the founder of ft X, have inside the government. So if you missed any of that, go back and check out our one on the podcast. You can link to that um or um check me out on YouTube as well, just search Mark Moss and watch me there as well. Now let's keep going in here. So we were talking about the deep ties that they have to the government, and that's part of the problem,

of course, right, It's always about the favors. It's always about the money that you want to put into the market. And we know that there were deep ties, like I said, deep ties with the World I Coming Forum, deep ties even in the Ukrainian government, deep ties into the US government, both in donating being the second largest donor to the binder Bind administration and then donating over forty million dollars for the mid term elections, basically influencing every election across

the country. Big big, big big deals um. On top of this, as as bad as that is, then we also know that there's connections with the regulatory bodies, the SEC and the CFTC. We can see here that Sam Bankman Freed's father, so I said, both of his parents are very connected into the Democratic Party, both in influencing policy, writing,

policy and so forth. We can see here that we can see here that Sam Bankman Freed's father actually drafted tax legislation force Senator Elizabeth Warren and donated thousands of dollars to their party. So Senator Elizabeth Warren, who of course has been very very outspoken about this, and she's going to get to the bottom of this, and she's going to fix this and she needs to protect the people. Meanwhile, the guy's father writes her legislation and her policies and

donates money to her campaign. Oh what a tangled web this is. She introduced a bill called the Tax Filing Simplification Act in Warren, who currently chairs both the Senate Banking Committee Economic Policy and the Senate Finance Committee's Fiscal Responsibilities of Committee. Um, is somehow connected to this. Now, you know, I'm not saying she's a part of it. I'm not going to draw that conclusion. But again, this goes deep. Bankman Fried says here was donated the Democratic Party.

We're talking about that, all right, So that's part of it. Um. We also know, like I said earlier, if he just tuned in, that his girlfriend ran the sister company Alameda, which UM, her father was the boss of Gary Ginsler, the head of the SEC. We also know that, Um, when all of this came out um FTX froze everybody's money, wouldn't allow anybody to get out. Um, there was about a billion dollars sitting on the exchange that could potentially, you know, get divided up between customers or could get

you know, divided up creditors or something like that. Um, there was about one point seven billion dollars in assets there and then they just disappeared. So f t X says, oh, there's a hack. There was a hack. All that money just disappeared, which is pretty coincidental. Right again, where they're smoked, there's fire. Um it says that it might be taken up by the SEC and d o J in their investigations. But Bankman Freed allegedly allegedly implemented a back door in

t f into f d x's book keeping system. Reuters repeated that the alleged back door enabled Bankman Freed to execute commands that could alter the company's financial records without

alerting other people, including external auditors. The very fact that they would have something like this again, why do you build something like this so you could move funds without alerting auditors unless you are moving funds without alerting auditors, or you want to move funds with like like uh, I mean this is like this whole like, uh, you know now now all this conspiracy that people were the platform for for saying that, you know, the COVID could

have come from a lab, and now the government says, yeah, it actually did come from a lab. Uh. But why were they work why do they work on these things in a lab? Like what's what's the point unless you want to use them? Right, and so why would you build a back door unless you want to use it? And it gets even better than that. So the there's a guy named Dan Freedberg who is the Chief Regulatory Officer the middle word regulatory, the chief regulatory officer, the

guy who's supposed to be in charge of regulations, Dan Freeburg. Oh, he's got a troubled past. It's a matter of fact. He comes from another company called Ultimate Bets that got brought up on charges of having what, oh a back door?

M hmm seems pretty coincidental. So he had a company called Ultimate Bets that was fined massively for having a back door something he called god code that allowed him to see all the hands of all the other gamblers on the platform, so then he could then play against them. Imagine being playing poker and seeing all your opponents cards, knowing when you could bluff them, knowing when you should fold, et cetera. And that's what he built in, and he

got busted for it. And now he just happens to be the chief regulatory officer of this company which has a back door in which, um, you know, billions of dollars of customer funds disappeared without triggering internal compliance or accounting red flags. Now, bankman Freed told Reuters that he hadn't implemented a back door, but the investigations show otherwise. And supposedly SEC and d o J are investigating this UM and it just keeps getting bigger and bigger and

bigger and deeper and deeper and deeper. UM. So what else we can see here? That, as I said, the Maxine Waters, she's now um. Democrats decided to recommit funds from FTX donations towards charity or other party campaigns after they filed bankruptcy. Maxine Waters is dodging questions, says she doesn't want to get into it. She is the chairwoman of the House Financial Services Committee. She said they would

be having a hearing to explore interesting. Um, it gets even deeper than that if we want to keep going. And what do I mean by that? Well, we can see that as I said, there's massive ties to the regulatory bodies, the SEC and the se f TC, Maxine Waters, House Financial Committee, Um, Senator Elizabeth Warren, I mean this the Biden administration, even the world document format, and it goes deep, deep, deep. And again, um, where there's smoke,

there's fire. Typically, Now what happens next? And I think this is a key piece to understanding. Now. Hopefully if you're here on our one and you understood how this all worked, understanding what comes next is a little bit easier to understand. Now what comes next in the in the in the short to mid term for stam Bankman Freed, there's a you know, in in election markets, they run polls to find out who gets elected. The polls aren't

typically as accurate as the betting markets are. The betting markets are typically more accurate because people actually put their money where their mouth is. They have to put up money to vote versus polls. People just like say whatever, um, And there's actually a betting market on will SPF be federally indicted by the end of the year. Pretty interesting and uh, you won't believe what the betting markets are saying,

or maybe you will. Um, if his money, his billions of dollars he created out of thin air, defrauded with counterfeit money and poured into the political parties of the Democrats and the and the president and the regulators, maybe will believe what this betting market says. But I'll be back with that and more in a minute of Just tune in your listening to the Mark Moss Show. We're talking about the f t X fiasco, the crypto market meltdown. We'll be back with that and more in a minute,

So don't go away, all right, Welcome back. If you're just tuning in, you're listening to the Mark mos Show. We're talking about Sam Bankman freed f t X and the blow up happening. I was talking about how, um, this is probably the biggest case of fraud that we've seen, you know, maybe potentially since I don't know Enron, or since um, you know Bernie made off, potentially something like that. As a matter of fact, Uh, speaking about in Ron.

Ron if you're not familiar, was a giant company that did massive amounts of fraud and money laundering, embezzlement and stuff like that. And Um, what we can see is that when f t X filed for bankruptcy, they filed for Chapter eleven and they had to file an affidavit, and they appointed a restructuring CEO, John Ray the Third, and he oversaw in Ron's bankruptcy proceedings and he, after looking at the contents of their affid David calls f t x is case the worst of his career and

the contents are shocking. So the guy who sat on arguably the biggest fraud case in history is now saying that this is actually the worst that he's just seen in his whole career. So let's see what he has to say here. Um, it says, Look, we owe a lot of people a lot of money, and we don't know exactly where it all is, but we're looking. We don't know where the money went, we don't know who we owe to, but don't worry, We're gonna look into

it all right. Um. He says that it's one of the He is one of the most experienced restructuring executives in the world, having an overseen n RON and a slew of other high profile bankruptcies. Um Ray's statements are given under penalty of perjury. All right, So that's to say that a serious investigation. Ray opens with his experience and then immediately condemns f t X as the worst

case of his career. Quote. Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here in quote. So it wasn't just like some mistake. When you have a corporation and you have investors. There are things that are required to be done by law, and they did none of those. Never have seen such

a complete failure of corporate control. So there's controls that are supposed to be in place to make sure that you do the best things, and they have failed all those things. He identified four businesses within f t X, so we kind of know about these Alameda um different f t X things, and that's not super important, but he said, he immediately communicates distrust of any furnished financials. F t X US balance sheet shows one point three

six billion in assets. However, he says, quote because this balance sheet was produced while the debtors were controlled by Mr Bankman Fried, I do not have confidence in in quote, so basically saying, look, we don't trust anything that they have to say. We can't believe any of this. Um. He then goes on to recount SPS negotiations with attorneys and his father around filing chapter eleven, which is in

his interview with Vox. SPF stated as his biggest regret, claiming that everything would be fixed by now if he hadn't so f SPF the head of f t X UM, he just can't keep his mouth out and he can't stay out of trouble. He started having um U a d M conversation with a reporter from Vox, and in this he, I mean just gave out so much damning information. It's incredible. It's incredible that he would actually say this and not just say it like verbally where someone could

misconstrue it. No, no, no, he actually put it in text where people could read it. The reporter said, quote, you were really good at talking about ethics for someone who kind of saw it all as a game with winners and losers, and Sam Bankman Fried says, yeah, he he, I had to be he he. He's laughing about it. So you were talking. You're good about talking about um Paul ethics, right, because he was in Washington trying to push regulations to supposedly regulate the fraud out of the

crypto industry while he was doing it. So the reporter said, hey, you were good about talking about it, and he said yeah. He he had to be. It's what reputations are made up. To some extent, I feel I feel bad for those who get ft by it, by this dumb game we woke Westerners play, where we say all the right shibbo with and so everyone likes us. So he says, right here to the reporter, I had to I had to pretend. I feel bad for those who get fed by it.

So you know, those hundreds of thousands of families who literally lost their life savings, and people who don't have medications now, and kids can't go to college now, and they don't have homes anymore. I feel bad for those people who get fed by my lies, my pretending to be somebody, by this dumb game we woke Westerners play, where we say all the right things so people like us. No, we don't do that. That's called lies, that's called deceit and that's called fraud. No, that's out what we do.

That's what he did. This is what he said in text message. I mean, I just can't believe it. Um. The whole world thought he was the smartest guy in the world, the smartest Some of the smartest investors in the world got totally scammed by this guy, which I don't understand because he can't even keep his mouth shut. This is what he said in text messages. He put this into writing. Nobody with half a brain would put

that stuff into writing. Um. Elon Musk apparently he wanted to donate, or not donate, but invest up the fifteen billion dollars into Elon Must take over of Twitter. And Elon Must said, just ever sitting down with him, just for a couple of minutes, his BS alarms were going off and he knew that he couldn't take on any of his money. So, um, this was not Uh, this was this was not something that nobody caught. People caught it. Elon Musk caught it. They could see it. Now. People

didn't see it because they didn't want to see it. Um, but let's see, let's see if we can find some more of what he said here. There was a whole thread on it. But I seem to have lost it anyway. Um he he bamboozled. Will say, well, he bamboozled the industry. We had Jim Kramer. Jim Kramer Um called him the next Jp Morgan. We have Fortune magazine, saying that he was going to be the next Warren Buffett, but instead all he turned out to be was a big Bernie

made off. What else did he say here? He said, he said, uh, uh, they said the reporter said, you said a lot of stuff about how you wanted to make regulations just good ones. Was that pretty much just PR two? And he said, there's really no one out there making such good things happen. Bad things don't. So he said, uh, he said, yeah, just pr F regulators. They make everything worse. They don't protect customers at all.

That's his quote. So you you talked a lot about wanting to protect us with regulations, was that pr Yeah, just pr F regulators. They make everything worse, they don't protect customers at all. Hopefully that might be a warning shot across the bow of the sec um because he called them out F the regulators. They make everything worse, they don't protect customers. At all. Well, they certainly didn't

protect customers at all from losing ten billion dollars. So let's talk about what regulators are gonna do next and what that means for the industry overall, and what I'm calling the last cryptocurrency bowl market will ever see. So what do I mean by that? But we'll talk about that in a minute. If you're tuning and listen to the Markma Show, we're talking about, of course, the decentralized Revolution, but we're talking about the s SPF, n f F t X below. I'll be right back with more. Don't

go away, Hello, and welcome back. If you are just tuning in you're listening to the Mark Mo Show, we're talking about the ft X cryptocurrency exchange blowing up, the largest meltdown we've seen in the cryptocurrency space. Now I want to talk about regulations. So just before we went to break, I was reading quoting a direct message conversation that SPF had with some reporter from Box and he said, they said, they asked him, Uh, you said a lot

of stuff about how you wanted to make regulations. Was that just pr two? He says, Yes, just pr F regulators they make everything worse. They don't protect consumers or I'm sorry, they don't protect customers at all. And so the SEC is supposed to be there to protect customers. He says, they don't do it, and they certainly didn't. They were all up in his business. If they can't

catch this, they can't catch anything. If if if a law abide incorporation forgets to cross a T on a document, they're gonna be all up in their business with fines. But him, he's just still in ten billion dollars. Never mind that they certainly didn't protect customers. So what happens, Well again I read I told you there's a betting market to see whether he gets indicted or not. Sevent say no, he will not be indicted by the end

of the year. He should already be in handcuffs. He should have been handcuffed immediately as soon as we found out he stole that money. It should have been game over. What is he even doing walking around? What do we mean? Will he be indicted? Are you kidd he meet? We have all the facts we need, We have the information right here, we have all the documentation everything. The fact that he's walking around a freeman is just unbelievable to me. And will he ever be indicted? Well, we don't know

the betting. Marcus saying no, why Well, Gary Ginsler ahead of the sec says, well, it's a Bahamas it's a Hamas corporation. So I don't know if we have jurisdiction. You don't have jurisdiction. Well, he did have an offshore corporation, but he also had f t x US. He's also a U. S citizen. He also has defrauded all these American citizens of money. What do you mean we don't have jurisdiction. I mean that's just insanity for Gary Gains that is saying something like that, we need heads to roll,

that's what we need. We need, we need examples. Now I'm afraid that this is just unfortunately, as I'm calling the decentralized revolution, the entire world is going through a revolution and it's going to be very messy. But we're seeing this all over. Nobody wants to take accountability, Nobody wants to take responsibility. All we want to do is continually shuck off that. And so it's not the federal reserves fault. They didn't understand inflation and they printed way

too much money, and now we have inflation. It's not their faults, nobody's fault. Nobody's fault. You know, all these people that perpetrated this whole COVID pandemic and the lockdowns and all the damage and unharmedus cause from that. And now they're saying the Atlantic ran that piece and said we just need amnesty. You know, we didn't know what we were doing. Can we just forgive all that? No? No, no, no no. We need accountability, We need responsibility, and we

need examples made. People must pay the price, not just because they've done wrong, which they have, but also so other people don't do the same thing. You don't just wipe out ten billion dollars of people's wealth like it's just a number on a spreadsheet, without understanding the lives that are at risk. You don't just walk away from that and pretend like nothing happened, because what prevents the

next guy from doing that? I mean, shoot, if you can just go still ten billion dollars and have no um, no responsibility or consequences for that, I mean maybe we should all just do that now. As a matter of fact, I've read before UM Vladimir Linen um in Russia. Bizarre of Russia a hundred years ago said that the best way to destroy capitalism is to debouch the currency. So

de Devalue debase the currency through inflation. And he said, I'm paraphrasing here, I'm not reading directly, but he said, Um, through inflation you can steal and confiscate wealth arbitrarily. So just as as you want, you can just take people's money. And then you wanted to say that through a series of inflation, you'll lose all relation to money and society will break down. The best way to get rich will be through theft and gambling. Sam Bankman Fried Jim Kramer

said the next Jp Morgan. Fortune Magazine said he's the next war and Buffett. He had built a thirty two billion dollar company in three years. Um. All the political elite, the world Ecomic Forum, Bill Clinton, Tony Blair, the Bide administration all praised him. He's the smartest guy in the world. All theft. So remember what Vladimir Lenin said, The best way to get wealth will be through gambling and theft. He stole all the money, he counterfeited it, and then

he made more money by given it to gamblers. Remember gambling and theft. He theft and he made money off gambling. And if we don't said an example, then we're just gonna get more of the same. Now, I wouldn't do it, because you know, I have morals. Luckily, I have a I have a father, I have a family that raised me up with morals and integrity and a conscience. Unfortunately

most people don't these days. And so if you don't make an example out of this, if there's no consequences to pay, if there's no responsibility, then what will stop people from doing the same thing? And of course the answer is nothing will. My guess is though, that I think we're going to see some massive regulations come from this. I think we're gonna have to see Chair SEC Chair Gainsler said this week quote non compliant end quote crypto

industry um needs to be cracked down on. He says, uh, crypto investors need better protection in the space that is significantly non compliant despite clear regulations. US Security An Exchange Commissioner Gary Ginsler said in an interview to CNBC on Thursday, he said, quote the runway is running out. Investors around the globe are getting hurt in quote yeah, no, kidding. Ten billion dollars gone. Um, so I think I think, I think I think they're gonna be forced in order

to do this. Now, what is the security and what is a what is a commodity? And what does this mean for the cryptocurrency space overall? Like I said, I put out a tweet on Twitter. A lot of people are not liking my tweet on Twitter because I said, this is why I believe we've seen the last crypto bull market. So a lot of people they got in at the end, they lost their money. But wait a minute, I didn't. I didn't get into the bull market. I need one more? Can I get one more? Please? One more?

And I said there's not going to be another one. People aren't happy about that. So what do I mean by that? Well, if you're around on our one and you heard how I explained how all of this worked. If you weren't here, go back and listen to that, because if you don't understand that, you're not gonna understand what I'm about to say. So remember, they create these tokens out of thin air, and then venture capitalists come in and give them a little bit of money to

create this token out of thin air. And then the venture capitalists are able to turn around and liquidate that money right away. Now, venture capitalists is somebody who would invests into early round companies, startups. Okay, now the way venture capitalists vcs way, the way the VC funds works. Typically, they put in a pool of money and then they'll invest that over like say fifteen companies, and then they'll give it like a seven to ten ten year time frames.

They know when I invest into Uber, for example, it's gonna take ten years before there's some sort of liquidity event. So if I put my money into Uber or something like Uber, how do I get my money back out? Whether it has to be an a liquidity event, meaning that Uber either has to get bought out typically or go public. If it goes public, then I get stock and I can sell my stock. But if there's no liquidity event, if it doesn't go public or doesn't get bought out out or some other way I can get

my money out, I don't get my money out. And venture capitalists know that a lot of deals they do, they won't ever get their money back out. But of course the few that do, they make big, big money.

That's the way venture capital works. But now venture Capital has been able to buy these tokens out of thin air and then automatically made ten times on their money by dumping in on unsuspecting retail And of course they love it, which then means the media loves it, which then means the advertisers love it, and then you get all this hype around that. Now, if the if the regulators come in and put laws around this, I think

it could be the end of the bull market. And a lot of people on Twitter are like, oh, Mark, you don't know what you're talking about. Um, it'll just go off shore. Okay, sure, I agree. They can't stop something decentralized. Okay, I agree. So if I agree with those statements, then why would I say that there won't be another crypto bull run? And by the way, i'm breaking apart of course bitcoin not crypto. I'm not talking

about them too interchangeably. I think we'll see bitcoin going another bull run, and I think we might not see crypto going another bull run. So what do I mean by that when I agree with all that, I'm gonna break all that down for you want to come back in a second. If you're just tuning in, you're listening to the Mark mass Show, breaking down the f t X scenario, what's gonna happen with regulations, and what happens

with the crypto industry. We're back with all of that and more when I come back after just a quick short break. Don't go away, We're back, all right, Welcome back. If you're just tuning in, you're listening to the Mark Moa Show. We are talking about the ft X blow up.

F t X, the second largest cryptocurrency exchange, blew up, taking over ten billion dollars of customer money with it um leaving probably I'm guessing hundreds of thousands of families broke massive amounts of fraud, the greatest negligence of fraud um that we might have ever seen. The the person overseeing the f t X bankruptcy filing also worked on the n Ron case and he said it's the worst

he's seen in his career, and that's a lot. So I'm saying that I think this is going to force regulators to to impose more regulations, be more strict, And I'm saying if that happens, which I think it will, then I think this could be the last crypto bull run. Now, like I said before the break people I put this on Twitter. People are all mad, They say, what do you mean, Mark? They can't shut crypto down. It's decentralized. They and it'll just go off shore and the U S.

Regulators won't be able to reach it. I agree with that, But here's why I think it could be the last bull run. The reason why is because this got all of its momentum, It got all of its hype, it got all of its money because venture capitalists were able to come in and buy these tokens for nothing and then instantly flipped them and make all this money and then spend all this money for for media and for hype,

and everybody got all caught up in this. If all of this goes off shore into these dark, unregulated markets, that means like American firms, like these venture are capital firms, the ones that have the hundreds of billions of dollars and the media won't participate. So will it go off shore? Sure? Will innovation still happen, of course it will. It will just be a fraction of the size. And I'm not saying I want this. Remember this is what I think is going to happen. It's not what I want to happen.

I would like the sec to be disbanded. I would like to see none of this happen, But this is what it is. So I think they're most likely going to be forced to do something. I think that, um, most likely, they're going to deem almost all of these cryptocurrencies, in my guess, like of them as securities, and most of them will just go away. Some of them will survive, some of them will go off shore. But this VC money, American VC money and media will not go with it.

And so then the hype dies. And with the hype dies, so does the next Bowl run. I'm not saying it goes away. I'm not saying whatever seed it again, there will still be stuff being innovated. There was stuff, stuff being done. But this big run where all of a sudden you can close your eyes and buy some stupid dog coin, um, you know, cryptocurrency and make a thousand times on it, I think those days are over. Now.

What is the difference between bitcoin and crypto? Why would I say I think bitcoin could have another Bowl run and crypto won't. So let's think think about this. There's two types of kind of financial assets that we can buy one is one are commodities, and one are securities. Commodities and security Securities are regulated by the sec Commodities are regulated by the CFTC. Commodities are things like gold, like precious metals, gold and silver, platinum, palladium, et cetera.

There are things like oil gas right. There are things like food like wheat, corn. Right Now, what do wheat and corn and oil and natural gas and precious metals all have in common. Well, they all come from the ground. They're all like naturally hurrying things. There's no central issuer. There's no company that invented corn and sells people investments

into creating corn. No, you can go buy a piece of land and you can plant corn, or you can plant wheat, or you can you can mine for gold on your land, or you can droll for oil on your land. Anybody in the world could go get land and can go grow wheat or corn or dig for gold or oil. Okay. And then no matter where in the world I grow wheat, wheat sweet, it's fungible. No matter where I dig for gold, if I dig for gold in China or the US, it's still gold. Okay.

So that's commodities. Securities are different. Securities are companies. Security is secured interests in companies. So a company starts, we're going to create this software, and um, we're going to raise money and you can buy a share, a stock, a security in this company because in the future we're going to do these things or whatever. It's a big difference a company versus a modity. So bitcoin is a commodity. The SEC has been very clear about this. They said

unequivocally bitcoin is a commodity. And the reason why is bitcoin has no company. There's no company, there's no marketing department, there's no regulators, there's no nothing, there's no steering committee, and it's one of the only very very few cryptocurrencies that had no issuer. So bitcoin was a piece of software that was created and released to the world. Anybody, even right now today can go to go get a computer and you can mine for bitcoin, just like you

can go mine for gold today. Now, I don't have the same advantage mining for gold as like Barrack Gold, the largest gold mining company in the world. I don't have the same advantage. They have way more money, they can mind more gold than I can. But I can still go look for gold if I want. As a matter of fact, I'm in California. One of my good friends love to go mine for gold and the rivers and stuff in northern California and he finds gold all the time. Um, just like I can go buy a

computer and I can mind for bitcoin today. Now I don't have the same advantage that you know a big publicly traded bitcoin mining company has, But but we can still do it the same. And whether I mind the bitcoin or they mind the bigoin to same bitcoin, whether I go find gold in the river or Barrett Gold finds the gold, the same goal. Okay. But Ethereum, the

second largest cryptocurrency, was started by a company. Seventy percent of the tokens were pre mind, meaning when they created the company, they created the tokens and they kept seventy for themselves and the rest they released on to the public. And like a company, there's a steering group they're controlling what it does. So if you haven't been paying attention, Ethereum has changed their monetary policy I believe three times

in the last couple of years. They recently just changed the entire consensus mechanism to go from a proof of work to a proof of steak and they have a ten year road map of what they're trying to do. That's essentially controlled. Pre mind all right, now take cardano, take whatever X y Z token. I don't care. They're all basically the same. There's a group of people that control it. Now. Oh but it's decentralized governance. Okay, call it what you will. That's up for the SEC to decide.

But they issued the tokens. So only bitcoin is a commodity now, um, I believe, uh mon, narrow and light coin and siah coin I think. So maybe there's like three other ones that didn't actually have a issue or as well, all the other ones had issuers, okay, um, And so that's a big difference. And so SEC has already said one in a commodity. All the rest are still open for interpretation. If they say they are securities, then they have to be regulated securities. Now that this

doesn't mean they go away. Now we have securities all day, all these companies and securities. There's just a high bar there. You can't create tokens from thin air. You can't do that. Now you can go raise money, Don't get me wrong. That's basically what companies do. Right, So if I want to if I want to start Uber, I go raise a hundred million dollars and I give you shares back, and those shares are each worth a percentage of that hundred million dollars, So just so you kind of are.

But there's just a lot of regulations around that. And so I think that's going to change the industry because if real investors with real money had to give that real money to a real company and maybe wouldn't get that money back for seven to ten years unless that company actually succeeded and made a profit, you wouldn't have all the wild and rampant speculation that we see right now. Now.

I think this is bullish for bitcoin because bick, all these cryptocurrencies, about twenty of them are what we would call a denial of service attack against bitcoin. So in the computer space, we have these d d o S attacks where like um, the spam will span a server and it will it will flood it and try to block it out, and all these cryptocurrencies are like a denial of service attack against bitcoin. So instead of money going into bitcoin, which is a commodity of the digital asset,

that's a commodity. Instead of money going in there supplying demand end, they go into these other twenty thousand cryptocurrencies. And there was two thousand, there was five thousand, there was ten thousand, there's twenty thousand. Who knows there'll be fifty. But if they all go away, most of them go away, except for the high bar of the ones that can

pass the Security Act, the majority of them go away. Well, then all that money that was being siphoned into these you know, gambling tokens will find its way into bitcoin. And so that's why I said, I think the Last Bowl run of crypto but not of bitcoin. I think this is very bearish for crypto as a category. I think it's very bullish for bitcoin. And I believe people are now starting to realize, like these are not the same, and all of this money that was finance we over

there will eventually find its way into bitcoin. But that's my take. If you're just tune in, you listening to the Mark Mos Show, we are talking about the f t X blow up, the cryptocurrency market melt down, and the fraud that happened because of that. If you missed any of it, don't worry. Catch me on the podcast. Just check out Mark Boston your favorite podcast player. Check me out on YouTube as well. I'll be back with more in a minute, so I don't go away.