So they can't let that happen. And while the printing is bad, they're not what would they rather have keep printing and and and make sure things are not going apocalypse level or let it crash and then the whole world burns down.
Yeah, I mean, and that's it's kind of like, you know, scary, But at the same time, it's like this is kind of just the realistic, you know, view of what you know, what we kind of what we're in. They have to continue to kick this can down until they can't anymore.
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Welcome into the Thinking Crypto podcast Crypto water Cooler Series, Episode sixteen. It's been a while since we've done this, David, but everyone, I have David, who's the co host of the next block YouTube channel with me.
Hey, how's it going with Tony good Man?
Seems the market starting to turn a bit. We're starting to see some upside after this FED rate cut. Yeah.
I mean, you know, I've seen so much talk right now recently with the FED rate cuts and obviously, you know, we knew, we expected that there would be I'm pretty sure how has said you know that there was expected
to be some rate cuts in twenty twenty four. Some people were thinking, no, they're gonna wait till twenty twenty five, and you know, really it's it's kind of a mixed bag on you know, what's gonna happen, you know with these uh, you know, rate cuts, and as big as they've been, most of the posts I've seen have highlighted that, you know, the past few times we've seen. These rate cuts have been obviously at the tops of some pretty big bubbles, right the two thousand and one you know,
two thousand dot com bubble, the Wait financial crisis. Uh and so there's a lot of fear and uncertainty around that, and then you know, with the macro stage. But I've also seen some posts if you zoom out right and you go back even further, that not all of these uh you know, fed or when the FED decides to cut rates after you know, having you know, hiked them, you know, five or so consecutive times in a row. It's not always down only right or or you know,
meaning that the recession is here. So I think that's something to keep in mind, is you really can't just take you know, this one single incident and say, Okay, recessions coming, you know, I need to sail run for the hills, because you know, there's a lot of other factors that are going to kind of tie into you know,
where we go from here. And it does seem like Bitcoin is rebounding and you know, acting nice, you know, with the you know, recent cuts, it's obviously sitting in a very uh you know, interesting spot as far as certain indicators that I follow. Definitely seems like it could you know, retrace some, but it also could be nearing a breakout where we start to see it, you know, pump into new all time highs. What are your thoughts with the with the recent cuts.
Yeah, you brought up some great points, and that is everyone is maybe because it's burned in our minds because it's traumatic, you know, milestones in the market that took place two thousand and one, two thousand and seven. But I keep telling people like, it doesn't mean that we're automatically just going to crash, especially factors different. There's no mortgage bubble, in real estate bubble right and right now. In fact, the housing market is almost dead because no one's selling
and in two thousand and one. I don't think it's the same as well, you know, we're not in this. Yes, you can argue it as an AI bubble, so to speak, but I don't think it's as big as the dot com bubble at all that that was, you know significant. I think AI bubble may go for a few more years before do you see some sort of major pullback. One could argue that the Japanese yen carry trade situation.
That crash that took place in early August is almost the pricing in of these ray cuts, right if you want to say there's going to be some volatility, And then September historically it has been a red month for the stock market in crypto, So I think come Q four, we're gonna see some movement. And I think the short term, if you get too blinded by the short term, you're gonna miss the macro because I think we're starting the next boom cycle. They're coming out of quantitative tightening, the
cutting rates. What they're going to have to do print money to service a debt. Right that is that is not an if, That is just a when you know, maybe they start qey two months from now and global M two is breaking out. So I think bitcoin and crypto and the stock market are all going to rally off of this. Yeah.
And I will say if you look at bitcoin's history, when September has been a green month and it's so so far has still been a decent month with you know, this recent pop back up, when it has ended green, October, November, December have all been really you know, good for bitcoin price action, and so not to say that if it, you know, does somehow go red that it dooms you know, it's all going to you know, come falling down. But I still remain pretty optimistic as well. You know, you
still have elections. There's still many things that could cause uncertainty and the price of bitcoin to fluctuate, but to fluctuate in a good, uh you know position as well. And you kind of mentioned this and I'd be interested, you know, I know you've interviewed a lot of people, uh you know who talk about you know, financial you know, uh, you know, turmoil and stuff like the O eight and
oh you know two thousand crash. You know those had lynch pins, right, you know you said it was internet, but you know, Internet kind of just was just blowing up so crazy, kind of like AI has been. And then O Way obviously was the housing that's what you know caused the cascade. What do you think is actually
going to be the lynch pin? I guess you could say for this unwine, because that's the thing I've been trying to find out, like or trying to figure out, and I'm you know, it's it's probably gonna be a lot harder, and it's probably maybe it's gonna be more confusing than some may think. But you know, there really isn't like right now anything. I feel like that's a super big bubble outside of you could say the debt right that, you know, the US is in and and
and just the things that are fed is doing. But the economy still seems somewhat resilient.
You know.
It's you know, people are dealing with higher you know, prices on things, but they're still making it right. I mean, you're seeing the cracks, you know, start to show up, I feel like with credit card debt and just people not having as much in savings. So like there's things that could you know, you know, that will show themselves, but like there's usually always that lynch pin that falls out that hey, this is what caused the cascade of everything. You know, Oh wait was Leman Brothers and stuff?
You know? You have?
What do you think? You know? What are your thoughts there? So I think I.
Shared a chart the other day on Twitter if I'm not mistaken, and I could be wrong on here, but there were times in the past where rate cuts didn't trigger a crash, but instead of bull market. I think it was nineteen ninety five in nineteen eighty seven. After that crash, they cut rights and end the market's ripped. So it's it's hard to predict these things. But to your point, there's no major catalysts here. I was thinking maybe about a year ago, the commercial real estates in
there because no one was going to offices. Companies left and so forth, a lot of people virtual. But I see a lot more companies are sending people to the office now. And I'm not sure, but I think the government did a some sort of forbearings or something like that right to help out, if I'm not mistaken. So I thought that was going to be a catalyst that
drove was down. But David, what's fascinating, man, is I think since two thousand and eight, we're seeing the federal government step in and they're printing money and janet yelling, and the Treasury, well, I should say the Treasury are injecting liquidity to save things. An example in twenty twenty three, why didn't the collapse of those banks drop us like that should have been another like two thousand and eight ish. I'm not saying not not a severe, but why didn't
affect the economy and the markets? They stepped in and.
I'll say this, they're stepping in faster, right Like it used to be like they would let things kind of like crash and see and like just let something die, you know, and then kind of come in, you know, sitting you know, a few three six months later and like, okay, here's how we fix it. But like even with COVID, right, you saw immediately they were like, okay, nope, if we're going to try everything thing down, we're going to make sure that we're sending out checks like you know, like
the printer gets. And that's what I'm saying with QE now on the horizon. It's like, even if there is this maybe lynchpin type thing that happens that might cost some you know, fear in the market for a week, two weeks and whatnot, it's like, we know that the government feels confident, or at least the Fed feels pretty confident. You just print tons of money to bail out whoever
or whatever is needed to keep the market going. And and I agree, it's like when you zoom out and you look at the like S and P or uh you know, Nasdaq, and you look at you know, over a long, long, long period time, talking like fifty sixty
seventy years. It's like, we the chart doesn't really look like it's at a blowof top yet, and it does seem like, you know, this could still just be one of those times where the rates you know, start getting cut, but there's still a bull market left to go, and a lengthy one at that, so it could go in, you know, pretty far into twenty twenty five. And it's funny because one of the co hosts I used to have on our show, the next Block. I'm trying to
think of his name now I'm blanking on it. Shoot, I can't remember anyways, but he would always highlight how you know, he had a chart that it showed the bull run topping out for bitcoin in November of twenty twenty five, and of course this is back in like twenty twenty two, twenty twenty three. It was a jt. He was, you know, saying a lot of this, and I was like, no, there's no way it's going to
be that far away. But now it's like it's it could literally line up between and be late this, you know, coming next year where we see bitcoin really blow off and have it have its big run. But obviously it could happen sooner.
You know.
I don't have a crystal ball, but it's definitely seeming like twenty twenty five is going to be a fun year for sure.
Yeah, and the macro is setting up for that. The money printing, the ray cuts, global M two. I've been sharing throughout the year, and not a lot of people pay attention to these things, but like China injecting liquidity into their markets, this country, the EU doing things and they've already they started cutting rates ahead of the FED. So it's fascinating, man. And I was the other day. I was tweeting, I think the blockchain back there, and I was selling him like the Fed and Janet Yellen
are stepping in. And part of it is all of the boomers. The majority of their wealth is in the stock market. So if you let that thing crash to depression levels, what do you think is going to happen? People are going to be killing each other in the streets, Like money market funds are gonna dry up, You're gonna go to the bank. There's not gonna be cash. You're gonna have bank runs like crazy. So they can't let that happen. And while the printing is bad, they're not.
What would they rather have keep printing and make sure things are not going apocalypse level or let it crash and then the whole world burns down.
Yeah, I mean, and that's it's like, you know, it's scary, but at the same time, it's like this is kind of just the realistic, you know, view of what you know, what we kind of what we're in. They have to continue to kick this can down until they can't anymore. And I don't, like I say, I don't know what that lynch pin will be when they actually stop. I know a lot of people think that there just needs to be a complete, you know overhaul with you know,
on how we look at monetary policy. Maybe bitcoin is a solution to that. Maybe some other crypto that's yet to be created as a solution to that. I don't know, but yeah, it definitely is. You know, they're not going to just roll over. They're going to continue doing what they're doing because they when they benefit from it. But you know, there that's it's they're backed into a corner to do the only thing they can do. And that's and that's why we're seeing this next part of the cycle.
And it'll be like I said, it'll be interesting to see what comes out of this election and what the whoever the winner is, whether it's Kamala Harris or Donald Trump, you know what they choose to do. Uh, you know, as far as monetary policy, but I would not be shocked to see more q E and you know, an easy time, you know, easy money come. You know, you know both presidents would want that for their first year.
I know. People, Look, we're in a very hyper politicized time right the election's coming up. I see the comments, I see the trigger comments, and it's like, who man, I can't wait for this to be over. Let's be clear, Donald Trump is the pro crypto, can it. He's the one that has put its foot down, provided policy and so forth. I don't know where the hell Kamlahara stans we have it on the topic list here to talk about that. She said something yesterday to Wall Street. But
at end of the day, I see no action. But with that aside, no matter if a Democrat Republican goes in, the money printer has to keep going because the music has to keep going. If the music stops, David, people are going to beach out up in the streets, because if they lose confidence in the money, if they see all their assets crashed down and they're like, what happened to my retirement, right, it's going to be nuts.
So they and especially you know, this new generation, right, I mean, I know, I guess you could say we're used to getting rugged, like, you know, way faster than previous generations. But it still affects people and and and most of them still are excited because they realize, oh, well, it's just down for a few months and then we're going to come back up. But they've never been through a real crash. That's what could be scary, and that's
what I think they want to protect against. But to talk about the you know, Kamala versus Trump, who's more pro crypto? Who would be better for crypto? I ultimately think this right, both candidates, And I feel like I leaned fairly in the middle, probably more conservative than liberal and certain you know, you know, political views. But as far as looking at the candidates, right, I don't care. Both of them are going to say whatever they're going to say.
That politicians exactly.
But at the end of the day, I think, Okay, who's actually going to change something? If they were to get elected, right, And here's where I lean more to. It's Trump not saying that he's a better person or anything like that, just looking at for crypto, like pro legislation,
pro crypto movement. I've already I've heard Kamala Harris and I've seen rumors that if she were to win, not only would you know, there's a good chance that other people like Warren would get you know, ossily he could win in that scenario and there could be them two running it. But she's also mentioned that she likes Ginsler right, or that you know, she would put Gensler and Ginsler
maybe even into a better position. And it's like, we know he doesn't like crypto and he's not pro crypto, even though he's you know, kind of started out thinking, you know, we thought when he got elected it would be good for it. But you know, Trump, I feel like if he won, he would change he said it. I'm pretty sure sure he's already said he would fire Ginsler, right, someone else. And then maybe if Deaton could beat Warren and you have a Trump, you know getting in, you
don't have to worry about Elizabeth Warren. You get a new sec Commissioner, like, there are so many things that I feel like with that change would be positive for I really just don't know if Kamala wins, is she going to you know, change anything with Ginsler or is it just going to be the same thing we've seen where every single time change gets put forward, it just gets a big red ax from either Ginsler, it could be Harris Warren and her goonies, you know, and all
the other people who are just anti crypto. So that's where I feel like, if you're someone in crypto land and you're and you want to see change, you have to get new people in with new ideas, hopefully younger people with younger ideas that actually want to see some of these de five platforms contend with some of the big banks and some of the you know stuff that
we're seeing out there. But that's more or less what I see and is partly why I would like to see a Trump victory, because I do think he would bring in some new skin that could possibly get more change done on the side of crypto. I know he said he wants to, you know, make the United States the crypto capital of the world. We're going to hold the most bitcoin and all these things. Like I said, though, that's a lot of that's just talk. I don't really
you know, there's no there's no guarantee. You didn't have a concrete plan on how he's going to do it. But I do think he would follow through with getting rid of Ginsler and hopefully getting in some more pro crypto people into the scene.
Yeah, and I agree with you. Like you, I'm more of an independent and uh, you know, there's certain things I I agree with conservatives on, and there's certain things I agree with progressives or even want to democrats or whatever you want to call him. But Donald Trump is the clear leader here. And I wrote a newsletter this morning about this. I'm not giving Kamala Harris the benefit of the doubt because you're currently in office with Biden
and this nonsense is happening under your watch. So yeah, talk is cheap. I need to see action, you see policy. I need to see words coming out that we're going to make a big change of the sec well less things. Those words come out of your mouth and it's on paper as well. Nobody, I'm not believing you. And it's it's kind of be yes, And I know, like a lot of Democrats, to their credit, have partnered with the Republicans to pass like the FIT twenty one bill out
of the House. I give them a lot of credit for that. They tried to repeal ASAB one two one. I saw Chuck Schumer obviously a big departure from Elizabeth Warren saying he's ready to work with Republicans to pass stuff. So that's really good. The issue is, though to what you're saying, whoever gets in office one is ready to maybe sign the crypto legislation bill, which is Trump Kamlin hars I don't know. She could say no, I don't care, right because he has not made any type of clear stance.
There's no policy, so right now it's all fugezy, is just whatever.
Yeah, And that's you know, it kind of sucks, but you know, and the same time, it's like, this is what drives markets wild, right, is uncertainty. And this is why I think you could see leading into the elections, bitcoins start to take off and become a focal point because as both of these candidate, it's want to gain traction from the crypto communities. You know, they're going to want to, you know, make certain moves and say certain
things to get people excited about the space. And honestly, it's why I wouldn't be surprised if we saw a run up right in October. October, if some people want to call it for bitcoin, and end of November where Bitcoin just does finally break out go to new all time highs, maybe we see an alt rally, But I would be a little hesitant on thinking that that rally would just continue into the spring of next year. I
wouldn't be surprised if we did see whoever wins. Maybe then there's a lull right as that transfer or power happens and we don't really have a lot of activity. Maybe it's just still like wondering what's going to happen, and then maybe it ramps back up in you know, early twenty twenty five to maybe mid late you know, something like that.
So, David, are you thinking we see the top in late twenty twenty five or early twenty twenty five.
I mean, at this point, like I guess, it really just depends on who gets elected and what we see from that. I feel like if Trump were to get elected, I would not be I wouldn't be surprised to see
an early kind of blow off top maybe early. I feel like if it is Kamala, it could be something that kind of takes a little bit longer, just because there's just so much uncertainty, you don't know, and it might not come as much as maybe we want it right because we don't know what regulation we look like if Ginsler gets what he wants, I mean, you know,
there's really a lot of uncertainty there. But I do think that if Trump wins and we get a new SEC commissioner and it's someone who's pro crypto, and obviously as if Trump follows through with a lot of the pro crypto things and pro bitcoin things he said, I mean, twenty twenty five could be just a massive year for bitcoin and it could come very fast as we've seen, you know, these impulses right when when bitcoin does break out, because it's still just consoliding, like you zum out on
bitcoin for the last six months, it's literally been just chopping between sixty and seventy you know K. But it breaks out, I mean, it takes a week, two weeks, three weeks, and it could go to one hundred hundred and twenty K. So that's what you have to be ready for if you're in crypto and you're holding these things is it doesn't take long for these things to happen.
And I think that's what catches so many people off guard is by the time it does finally pop two three weeks later, they think, oh my gosh, it's here, and it's like that's it, Like, you know, that's the big meat of the move. Take the profits, sit back, wait because it can also do another one of those consolidation phases. And you know, money can move out.
Yeah, to your point, it can move really fast. And this is why, like we've said in previous episodes, have a plan, Like if you're pashing out some bitcoin at whatever, one hundred thousand, stick to that plan. Yeah, versus, oh man, it moved really fast. It means it's going to go
even higher next. No, there's no guarantee of that, So you have to stick to your plan and regardless of the timeline, like like you're saying, if it happens earlier late or it happens at the end of this year, I don't know, but just have a plan so that you take your profits and you don't get caught flat footed.
Yeah, and I know one of the things we were going to talk about was, you know, at a high level at least, was black Rock. You know, they had a little bit of changes with how they're or how coin Base is going to custody their bitcoin right and you even had Base recently issue now c B bitcoin. So coin Base is version of bitcoin, and there is still kind of muddy in the water on like who's verifying how much you know, are they actually holding this bitcoin?
What are they doing with it? We don't know. You have to think back in the past really big blow
off tops of bitcoin. Really it's it's blown off because of manipulation, if you if you really boil it down and stuff like that, and a lot of these things can kind of you know, have their blow off tops with manipulation, especially when these large exchanges like Buinance, Coinbase and things like that get in the mix because they hold so much of the you know, so much of it that they can kind of do what they want with it and kind of you know, fudge things here
and there. It seems now, I know, Coinbase is obviously maybe more trusted than Finance and certain other exchanges, especially here in the US, but I wouldn't be surprised if you know, manipulation is not a reason in twenty twenty five why we get our next blowoff top because you still have these large, large, you know, institutions like Blackrock
now in the space. They have their hands in everywhere, and to an extent, they can kind of do what they want because we still don't know regulation wise, you know, how everything's gonna you know, play out there.
Yeah, it's there's been a lot of controversy with Coinbase on blackrocksually because people have been saying, like, oh, should we trust Coinbase. It seems like they're doing some paper
bitcoin issue ins or whatever with black Rock. And then to your point, there was an updated verbiage or filing with the SEC that black Rock put together and I'll read out the details here, but we don't have a full write up on it, but it says here coin based custody must now process a withdrawal of digital assets to a public blockchain address within twelve hours of receiving instructions from the Trust or its authorized representatives, subject to
specific balance requirements. So yeah, there's been a lot of public criticism of coinbase and the black Rock and it comes around when the SEC just approved options for black rocks Bitcoin ETF. So I'm hearing a lot of positive information about that that it's going to bring a lot more liquidity, a lot more investors. But some people are saying, hey, look more paper bitcoin to your point of manipulation, these are the tools that have been used to manipulate gold and other assets.
Yeah, I mean, and that's the thing. It's like every single blowoff top run that we've seen in crypto, right, there's always something that is you know, in hindsight, it's like, how did we not see that as just a massive, you know, just table of cards, right. Obviously the last one was really Tara Luna and a lot of what happened there with one of you know, with their whole
stable coin and what they were doing. And now a lot of people were wondering, is it gonna be something related to bitcoin with a lot of this you know paper bitcoin that's being traded around like our exchange is actually holding it proof of reserves. We don't know, you know, what's really happening. It'll be interesting to see, like what public blockchain are they talking about that they have to I guess show those transactions on I don't know if they mentioned that more in the in that post or
in the you know, wording of it. I don't know if it'd be like Base or just some other you know, centralized blockchain. I don't really know, but yeah, it's it's very interesting. Uh when it comes to this manipulation, is like where's the you know, where's the shady stuff being done at because we know it's happening, right and and that's that's the scary part about this space anything and investing,
is you know there's shady stuff going on. It's just kind of hard to pinpoint it when like you know, with the regulation, we don't have clear rules for some of these big players that they have to play by.
M Yeah, and my hope is they're not. There's there's not something setting up here for some major manipulation.
Let's hope not, you know, And I'm sure I'll get. I know, I get playing a lot because I post pretty against this certain chain. But I still think Solana is a table of cards. Like I know a lot of people love Solana and they think it's the next best thing, but like there are so many red flags if you actually just look at the chain and what it's doing. I mean, you know, they've had, they've done shoes, they've done phones, like they're just trying to curate to
the next hype thing. And even with like, however, long now that they've had uptime, like, I still don't see anything legit being built on this blockchain other than meme coins. And I mean, and you're having some of the biggest meme coins with like Mother, with Iggy, you know, throwing parties in Singapore and going on Wall Street and talking with you know, Jim Kramer. It's like, you know, there is a lot of shady things happening on that chain.
So I still don't really touch soalanage because I feel like in the next big run, that is a chain where I already know shady stuff happens, and it happens a lot, and I'm not gonna risk losing you know, the bulk of my worth in either holding soul, the you know, the the native token or even stable coins
or whatever on that chain. Like that is still one that I have my I'm watching just because I know it's not as trusted as Bitcoin, as an ethereum or even you know, you could say some of the other ones, but it is, you know, one of the largest chains out there as far as volume right now.
Yeah, I am a bit reservations as well, and I hope it's not something that's also just being set up for some epig crash. Obviously I hold some soul tokens, but I'm more playing the speculative side of it. I'm not like some a sole advocate or whatever, but just in making a return. But to your point, there are some red flags as far as what's happening with the chain and is some of this legit or not?
You know, Yeah, but that's that's the entire space, right I mean, you know, I was on our last show this past Thursday, on the next block Meet and see what we're talking about. You know, there was a group that, you know, I guess they got into Gemini or they it was one of the big exchanges, and they ended up stealing like two hundred and thirty million dollars worth of bitcoin. I believe it was and obviously is a
big deal. But like that's still the reality of the space we're in is there is a lot of you know, questionable things happening. There's a lot of scammers, there's a lot that still has yet to be kind of sorted out.
And I think that's why we're still you know, kind of at this just spot that we are as far as like adoption, right, people still don't feel comfortable, you know, putting big money, even with exchanges, right because there's still a chance that it gets stolen from them and as we know, not your keys, not your crypto and so you know, there's a whole side of you know, the crypto space that has yet to really get warmed up to wanting to try And I know we could talk
a little bit about this, but I know Coinbase is trying to make you know, efforts to bring a billion you know users on chain. They're doing this thing called coinbase quests now with various chains that use US d C to try to get people using DeFi and n
f t s and all this stuff. It's not really in the US yet because of regulation, but it's it's you know, in that greater part of the world just because they can transact and do more with DeFi and n f t s. But you know, certain things are certain strides are being made, but it's still not as easy as it needs to be from a user standpoint.
And I think that's why, you know, like most of what we've talked about is still so much in the unknown as far as you know, winter, these blowofs kind of come wins, adoption going to happen, things like that. Things got to get easier for a lot of people, and it's got to get out way safer.
Yeah, we got to figure it out, and I don't know how far away we are from those solutions that make it very easy and we have these safety controls. Although the one with the hack that you're talking about is the guys, the two young guys who stole like four thousand bitcoin and it's like worth two hundred and something million, right, Yeah.
I think one of the gap main guys I saw was zach xbte or whatever. His Twitter kind of had a whole thread on it. It's so funny too that they recorded themselves like once they actually got to be like it's just like it really doesn't make you think that like this space is still so like wild West, because it's like it's not these sophisticated, like you know, suit and tie type people. It's literally just people who know how to really had a socially engineer and work a
computer really well. And you know, then they go out and they blow all their money on cars and crazy things and they get caught. Right, it's like Bernie madeof but just teenagers and twenty year olds who just knew how to use a computer really well.
For sure. I know this week last item here we got the sec Ginster is going to appear before hearing. They have all five commissioners appearing at a hearing, and obviously this follows. They're well knowne to open sea. Obviously they settled with ETRO. I WISHTRO had fought back, but it should be some fireworks this week. Are you going to be watching some of those hearings?
For sure, I'll be tuning in obviously. You know, Twitter does a really good job giving you the cliff notes as well if you miss everything live. But you know, it seems like every time we hear Ginzler speak, it's just a lot. It just frustrates me, just because he just dodges questions that he knows he can answer, but he won't because obviously he's you know, I would say told not to and told not to give clear concise. It's just kind of the political jargon that we had
to endure. But I think actually it's dumb, right, you know, going after Open Sea and you know, UNI swap and certain things, because it's it's in the world we have now. I saw someone make at tweet and it was like, uh, you know, Win's target going to get flagged where there you know, selling of unregistered securities And it was just a photo of the wall with like baseball cards and Pokemon cards and Yu gi Oh cards and all that stuff.
Because it's like those are collectibles. Those are you know, yes, it's a physical collectible, but you know there's a market to those if you go and you look and it's like it's the same thing. And I think n f t s should be seen as as what they are, collectibles, it's not securities. These you know, there's a pretty clear difference, I would say, now, you know, as far as certain tokens being securities and not, you know, hey there you
might have more of a case. But I think going after n FTS and what's going on there, I think it's just it's really just the SEC trying to slow
crypto as much as it possibly can. And that's where even going back to kind of what we said at the beginning, I think we just need a new you know, someone different to lead you know the sec outside of Gary Ginzler, because I think he's just either he's either he's bought out and he just can't make the decisions he wants to make and to help the space, you know, grow, or he really does not want to see it grow, and like I said, we just need somebody new that
has a better idea of what crypto is, uh, you know, to get it pushed forward.
Well, I believe he's bought out. I think he saw his videos before he went to the SE and the man was promoting al Graham talking about how great crypto is. He was teaching about it at MIT, so all of a sudden, these are all securities and blah blah blah and this and that. It's it's all nonsense.
Yeah, I mean literally, I vividly. I mean that's one of the reasons I started when I started the next block, we honed in on Algram because it was like, you know what, this chain is really fast. It hasn't gone
down at the time, I mean it was doing. I mean, it was a top twenty five even top fifteen blockchain by market cap and then obviously, you know, he flips tail and starts calling it as security and then you know it's and he even knows the founder, Sylvia mcaulay, and you know, it's like it's very shady, you know, kind of everything he's done ever since he took you know, kind of control, and so it definitely feel like he
has bought out. And that's why I would love to see you know, that's something Kamala could do, like even if Biden did it now, right, but something that she could say, Hey, we're going to you know, we're going to win the crypto community by our actions, and we're going to go ahead and get rid of him and put someone in that's actually pro crypto, Like you want to win a lot of votes from the crypto side,
make a move like that. Don't let him just sit here, install and deflect and just you know, make it even muddier than it already is for these businesses to want to operate in the US because we're losing so much you know, talent and value with you know, dragging our feet here.
Yeah. Absolutely, question is will she do that?
And I don't think she's gonna get the chance. I mean, like I I was thinking to this too, is like Trump could go down as the only president to be to and zero against going against women. As far as getting elected, he would be the only one because he's literally like both times now he's had to run against women. Don't really know if that will benefitimity, but you know,
I really can't. I don't see even though there's a I follow a poly market, which is obviously uh you know, a platform where you can place bets on political things and whatnot, and it still shows Kamala with a slim lead, But I don't know. For me, it's like I just don't see, you know, her beating Trump. I think I think Trump has it in the bag, but maybe maybe the race is a lot closer than I think.
Yeah, it's it's weird, man, this election cycle, you know, obviously with the switch with Biden and then yeah, it's just a lot going on and we'll see. Man, it's hard to tell. And sometimes that there's so many different polls and many I don't even know what to believe.
Yeah, that's that's the thing with Twitter, right, I mean you have like it's I aman saw something where it's talking about like you know news that used to be when it would break, like you'd be talking about it for you know, six months, right and now it's like massive news breaks, a crazy conspiracy becomes true, and it's like two weeks and then it's just replaced by something else.
I mean, now the whole world's you know, trying to track down whoever Diddy had a party with, and you know, surfacing videos of Diddy talking with Clinton, Diddy talking with Obama and saying like, oh, you know, they're all in it, you know, in these Diddy parties. What's it going to be next week? Right, what are we going to be, you know, talking about It's really hard to keep up with everything that's going on. I'm just glad football's here
and the Steelers are doing good. Let's be we can all agree on that.
Yeah, I'm actually looking forward to the election to be over because this is so noisy. Man. Uh, your point, like sports seasons back, so at least get an escape. But we'll leave it at that. David, great stuff, man. Thank you for joining.
Yeah, thanks for having me on