Talk about bittrex has officially filed for bankruptcy what does this mean if you have money on bittrex it ain’t good but it ain’t that bad either we also have news that Bitcoin is under attack we have evidence that links the BRC 20 standard and what they’re doing back to None other than Craig Wright and bsv is he trying to take Bitcoin down we have our take we have our friend Forrest take we also have two gentlemen here who are local to Vegas who are part of cnft con while formerly cnft con they’re rebranding and we got a special Announcement for you guys so stay tuned especially if you’re a Cardona fan if you’re a Cardona fan and you’re a member of this channel throw your Cardona Emoji into the chat but first I’d like to throw your co-host into the ring and introduce him as Robin Is your boy Big Rob back in the house welcome to Sin City crypto if it’s your first time checking us out we’re an entertainment focused credit currency Channel where we take old boring and stale information and repackage it up in them fun and sexy way and then um you Know what else this section what’s that you know what else is sexy our sponsor is sexy today’s live show and every live show for the rest of the month is brought to you by Cam’s blue wire technology Cam’s blue wire tech provides your business with scalable IT solutions So you can focus on new revenue streams for your business if you want more information click on the description Link in the description this video or go to bluewiretech.com so big shout out there also huge shout out to bitcoin for not following under 27k yeah there we go beautiful amazing Amazing intro David first one one of your your best which means there’s more to come right yay yeah which proves my point these are predetermined these two here Rocco and Robin and and our two guests in the studio they’re gonna see and I’m gonna ask them at the very end If they think there’s collusion going on here between these two do you feel against me I feel like it is you feel like uh you’re left out or something here no you guys you feel better against me try to laugh at me try to make fun of me try to say my jokes Aren’t funny are you feelings are you feeling small David it’s obvious you’re feeling small compared to because it’s a good transition to this next segment here I have a small transition check it out pull up my laptop Rocco so here you have um what it’s like to be in the life of David when you’re in studio with Rocco and Big Rob well all right so you grab a handle of Fireball and uh there you go over here working out at the gym doing your little rope and uh what here wow um yeah and then uh you know Rob’s gonna go [Laughter] All right yeah that’s all I got so you know I saw that as well I just chose not to show it um okay so I want to share some very important um you know I grew up watching Laker games with my dad been a Lakers fan my whole Life and I haven’t watched any games because I’ve been so busy but yesterday I decided dropping everything no kids no wife I’m going to my cousin’s house and I’m watching the Laker game and the Lakers won and I just want to share this post this is from Frank Founder of youths and D Gods Lakers are about to win the Championships and there’s nothing you can do about it I tend to agree uh Robin aren’t you like uh like a Minnesota Timberwolves fan or something Minnesota Timberwolves huh who’s your basketball team do you have a basketball Team oh really honestly I do I do like uh if you do I would have to say that I’m a big fan of that I like the Lakers do you like the Lakers yeah I do wow I can’t say that I’m like a fan by any means but To enjoy a good old Lakers game man yesterday was a good game Lakers won and then um we have this this is from Jason Brink who is the chief marketing officer for Gala games now if you are uh if you hold any Gala tokens you want to know That May 15th so in six days they’re upgrading to the V2 of the token and uh what I definitely would recommend is you custody your own coin something on like a metamask or trust wallet a ledger a Tresor um because some of these exchanges are not supporting the upgrade but Jason Tweeted and here is a as an update the list of exchanges supporting the gala V2 up quick continues to grow so far they’ve added bit true bit bit vivocom uh coin all these are you see on there nexo okx bit stamp but no coinbase yet um so now coinbase is pretty popular Especially here in the states so just know if you have any Gala tokens make sure you’re prepared and uh you could you should check your contract you should check to see if your wallet is tied to the V1 contract and you do that uh join our Discord uh Jimmy does Post links in there and uh so he’s got a little tutorial in there how you can check speaking of Jimmy where’s Jimmy there’s no idea no idea and then we have uh this so that I tweeted this yesterday so just in case you guys didn’t realize or didn’t know U.S treasury Securities right bonds notes t-bills those are the only investment vehicles right the only assets that registered investment advisors are allowed to call risk free the only thing and and every single investment vehicle that exists the only thing that could be labeled risk-free is U.S treasury assets And well here is our treasury secretary discussing those U.S treasury assets and what it’s backed by the US government is when we project that we will run out of cash and there is a chance it could be as early as June 1st of course there Is a lot of uncertainty and I plan to update Congress as new information becomes available but that still our current thinking are there Extraordinary Measures you can take around that time or is that it well really that’s it we’ve been using Extraordinary Measures for several Months now and our ability to do that is running out and we will start to run down our cash and our current projection is that in early June a day will come when we’re unable to pay our bills unless Congress raises the debt ceiling what happens on that day let’s assume For the sake of argument is June 1st what happens that day if the debt limit has not been extended well treasury finds itself in a position where we’re unable to pay all of the bills that come due that day and this would be really the first time in the History of America that we would fail to make payments that are due um and you know whether it’s defaulting on interest payments that are due on the debt or payments due so the one asset class that is deemed risk-free the only one and that asset is backed by the full Faith and credit the US government and we have our treasury secretary saying we could default on our obligations and our loan and our debt um why is this not being addressed right because because of the obvious situation is that they’re gonna raise the debt ceiling the same way they Have the last 40 times they’ve reached it and it’s this is just honestly like I know you think it’s IT addresses the issue with the economy however this narrative posted like like everything’s gonna collapse it’s they’re going to do exactly what they’ve done every time I just find it funny that the Only thing that could be labeled risk-free is backed by the US government and I mean here’s the thing the thing is really risk-free and especially if you say that’s my point yeah it’s but the one thing if you go into a financial advisor that’s the one thing in the U.S Like you go abroad the U.S treasury is not labeled risk-free it’s just the the SEC it says or whatever whatever whoever regulates the financial advisors I don’t know who that is but whoever whoever that is that’s a us-based organization that drops U.S based rules for U.S it’s it’s just it’s stupid it’s It’s like saying like well you know I’m from America I could take a right turn at a stoplight if I want to I don’t care what country I’m in like no you can’t like which I did that in Portugal one time I pulled up to a stoplight and I Had a car full of people they were all yelling at me I’m like what there’s no no cars here like good that’s funny um you know and then we have this um so we know that coinbase we know that coinbase recently filed a petition with the court saying hey we Asked the SEC almost a year ago to Define what digital assets or Securities and commodities and according to the there’s this law something administrative of something law saying hey in due time they have to answer to us so judge can you make them answer to which the judge says yes SEC You have 10 days and now we have this the SEC has stepped back from defining what a digital asset is stating that the term is still under consideration I think that’s I think that’s the best way here’s the thing if you try to because the direction we’re going now When it comes to regulating crypto is is it a commodity or is it a security like into a stock of a company and I and I think that that is not the right two boxes there right now sure Bitcoin is more similar to a commodity like gold I guess a digital Version of it but it’s still not a it’s still not gold I mean we we understand that gold you pick it up and you know you can do things with it it has a certain utility in the real world while you know Bitcoin is a peer-to-peer Movement of value that now you can add nfts to and it it’s it’s not the same and so why not put a framework when we decided to you know when we decided to well when we decided to regulate like the uh the Airways and the radio waves whether the FCC who Regulates anyways those are all created because it was new technology so they implemented new rules and new standards and because this was a new technology they didn’t say well when you write a letter and you mail it and this is how it is so it’s you know when you when you Call somebody it’s pretty similar to a letter but it’s just on a vocal like like no they just created a new framework for regulating or or putting a basic standard in for new technology and I don’t know why we can’t just say hey this crypto it’s something different Than stocks and commodities and so why don’t we put together a framework to identify first of all what makes a crypto what it is and you know at what point do you tax it or you know that’s what I think we need so there you go because some parts of the eye you Know you look at some like the Ico you can point to like an IPO right initial public yeah and say they have similarities and those are securities yeah you could say the same thing about crowdfunding you know from on the internet you can do the same thing for For running a lemonade stand be like well that’s just like a you know operating a business I all I’m saying is that you can find parallels in business from one business to another you can you can find a parallel between uh a carpenter and and someone that works at Nasa like there’s Gonna be similarities you can say well this part of it is similar to that same thing you can say well when you buy a token it is very similar to when you buy like but it doesn’t change the fact that these are fundamentally different it is the nft and the tokenization and You know movement of international money the consensus mechanism the utility identity on there it is it’s very Broad and we’re in the early stages and and I don’t know so no Robin I want to take uh I want to take this time to acknowledge that our chat race our like ratios not very Good oh we do usually yeah man it’s a first of all what’s going on why haven’t you liked the video if you’re not liking what we’re doing uh bizarre but if you are hit the like button all right uh so if you’re new here say hello So we can drop an Ola back at you we do got a few new people we got King peasant uh my fandom TV super smoked and Anton uh Anton p and then we got crypto adoption is coming who’s he’s uh over here spamming our chat about uh something about the script I Don’t know what you’re talking about buddy all right I did just write a Solana script oh okay it was good anyways to all of you that are new hola welcome Frosted Flake said robin keeps trying not to pay taxes uh that is correct here’s the thing if I Can avoid paying taxes legally that that’s what that’s what your Tax Advisor does so basically when you can’t afford a Tax Advisor you go to H R Block and they just get you in and out or Turbo Tax and they get you in and out and that’s it And then when you make a lot of money and you can hire a tax attorney or lawyer you know that’s when that’s when all the tax breaks come in like you know you can write that off right and so you pay less taxes uh but you know you got more tools at your Advantage and so if you play Within the legal framework why not I mean Trump didn’t pay taxes for like four years before the last like 10 years something like that speaking of legal framework we’re going to do things a little different today we’re gonna start with this before we get into the markets Bittrex officially files for U.S bankruptcy will not halt though their Global operations um real quick before I get into the meat and potatoes of here right we know why this happened right they got the wells notice they scc’s finding them but they’re saying that Global operations are fine Now if you have a global bittrex account would this worry we saw what happened with FTX I’m not saying am I trying to draw comparisons here but FTX Global went under and they said FTX us is fine and then that ended up going under do you see something different no okay Okay I think I think you got bittrex who’s pissed off at the US because first of all they were regulated to death they didn’t know what it’s a security what’s not they got hit with a Wells notice they tried to tried to they closed down shop in the U.S they got Sued on the way out and then after all of this they were just like you know what we’re just gonna file bankruptcy on our us assets screw that country is the country I’m telling you what I think happened I’m not saying it’s Justified I I’m just saying and let’s just say it Was in say the the roles were reversed and say you you David were the CEO of a company and you’re offering a product doesn’t have to be crypto let’s say you’re selling shoes and in China or something okay you’re you’re you got a shoe company and you’re offering Products in China I prefer China’s pissed off they’re like we want domestic products here whatever we’re gonna text you nope we can’t ship your stuff here anymore we’re gonna we’re gonna confiscate all your shoes uh we’re suing you and get out of our country you close Out operations they sue you on the way out what are you gonna do if you owe a lot of money to China probably just say F that man I ain’t paying that bill what is bankruptcy F that I ain’t paying that bill they’re not even they’re not Even domicile in the US they don’t have any offices in the US they’re just they’re done they’re like you know what we don’t like this country and we’re not paying the bills there that’s what I think happened but in my personal opinion now and now I Say that the reason I bring that up is because I don’t think that bittrex is at at a danger for completely collapsing and going under and anyone using their Bank their accounts globally are going to lose access to their accounts now if I had money on bittrex That is a real possibility I mean a a small one at that but I think it’s a real possibility so I wouldn’t I wouldn’t be keeping assets on there much less anywhere but I just think this is vastly different from what we saw exchanges closed down Like the likes of Voyager and and also uh you know FTX I think that was insolvency issues and I think this is just I’m pissed off issues well here are some of the uh some of the meat potatoes bittrex announced a bankruptcy of his USNC on May 8th uh it said that this Decision only affects bittrex Inc and that it’s Global platform bittrex Global will continue to serve non-us customers companies bankruptcy filing suggest that the firm has between 500 million and a billion dollars in assets and the same amount in liabilities they also have more than a hundred thousand creditors company also said That U.S customers who did not withdraw their funds from the platform when it closed at the end of April will regain access through proceedings and that funds remain safe and secure but just not whole now I saw some of the chat saying at least they gave people the opportunity to withdraw It’s been on the table for a while did they should people have assumed that this was a possibility well here’s the thing if you’re a us-based resident and the exchange says we’re halting operations in the U.S and then they leave and then they get sued and they’re not even operating in the U.S and you still haven’t moved your money no I don’t think anybody deserves to lose it because who they’re losing it to somebody else is keeping it and so the only time I would say you deserve to lose it is if you were just being grossly negligent and you like accidentally burn your Stuff and you were just and you knew that you were just not taking the right steps like you’re like ah whatever I’m just gonna throw some random address and you know what I mean like but if somebody took your assets and kept them from you I don’t think the Au ever deserve that Because the other person didn’t deserve to keep your assets right and so if I had a Bitcoin and I was just stupid for not taking it off someone else kept it hey give me my damn Bitcoin back man wise man once said if you don’t use it You lose it but let’s be real Harry you you need to wise up if you had assets on there what the hell were you thinking yeah at this point at this point it wasn’t this wasn’t like it just all of a sudden just shut down operations so Okay so I don’t think anyone from our community has any money on bittrex I mean we covered this uh this was breaking news like a couple weeks ago we covered it so hopefully none of you had have a have or had any money on bittrex uh and then we have this tweet from Richie Lai the founder of bittrex yes we filed chapter 11 yes we still have 100 of all customer funds for now yes there will be a claims process through bankruptcy court this was the cleanest way to bury the baby to bury the baby well who says it and Then puts R.I.P yeah it’s a little weird he must not have kids so scary the baby followed by R.I.P come on man I always would have said Barry the Gary [Laughter] okay the Securities and Exchange Commission their whole war cry they’re rallying cry is we want to protect the American Investor what they essentially did was they forced a company into bankruptcy or actually before I assume that is that the stance you’re taking Robin is that the SEC essentially forced bittrex no the SEC kicked them out of the U.S now he’s been kicking everyone just they’re kicking you out they’re trying they’re Trying to make it as difficult as possible you ever had you ever had a friend who was like not the um not the strongest person mentally let’s just say that and they they will they want to break up with their girlfriend but they don’t they don’t say they will or are we going Roles reverse they don’t want to break up their boyfriend so they just keep treating them like crap until like the relationship falls apart and they they like force him to leave I feel like that’s what we got here the SEC isn’t blatantly kicking you out but they’re making it as hard as possible For you to enjoy time here and the same thing I feel like you got an ugly ass relationship and this dude’s all like man I want to be with my girl no more man I’m just gonna make things as miserable as possible just putting crusty ass socks and drawers all up on The stairs not flushing the toilet [Laughter] I just say you don’t know anybody like that okay or is that just the Virginia thing because I grew up in Virginia and yeah probably just the Virginia thing for sure all right well yeah well my boys in Virginia man playing up tell Your girl it ain’t working out Stop playing those games thank you that’s terrible yeah Robin uh I haven’t seen any new people here though but uh I will uh take a peek here in the Chant yeah if you’re new here say hello so we can drop an Ola back at you Uh I mean we have Frosted Flake and bird town I haven’t seen you guys in a while so welcome back uh we got crypto Billy in the chat as well and uh yeah so to all of you that are new say hello oh we do got uh Stephanie Mallet Productions As well uh and the Hamburglar is back as well so to all of you welcome to Sin City crypto Oh Billy Billy dropping a hundo piece now Billy with a super chat 100 Super Chat from Billy he says that’s nuke worthy right oh yeah that is new worthy mean coin buy or Sin City crypto donation let’s do both love you guys good things lay ahead much love Billy we love you too my friend and um I Rob and I also bought a meme coin yesterday we’re not gonna say which one because right we’re not gonna say which one right Maybe in the whale chat I’ll say which one only only for the whales Maybe but yeah be careful memes uh they’re hot people making a lot of money but essentially it’s gambling so just be careful so Billy thank you my friend thanks for all your support Robin speaking of support let’s get into What’s supporting the crypto markets and what the prices are looking like all right so taking a look we got uh Bitcoin coming in at 27 600 23.77 and so kind of that same range that we’ve been at on the last week month uh we’ve had a little bit of Movement up into testing the 30k range coming back down but we’ve held twenty seven thousand I know uh we had uh Magic on yesterday and he set at 26 6 is a number he’s looking at and so as long as uh you know per magic if we stay Above 26.6 I I think 27 is just just a solid number and uh now I you know what I was talking about yesterday I want to bring it up again now taking a look so if you were to go back the last uh it it’s it’s it’s it’s really eerie Man I’m telling you we went two exact months trading at these ranges so you had November 9th to January 9th you we traded between 16 and 17.exactly two months and then from the 15th to well the 15th we traded at between the two thousand dollar range between 20 uh 23 20 22 and 23.so now here we find ourselves again and a very particular situation where we’ve been trading between 27 000 or and and thirty thousand for once again uh just about two months so we’re about a week away from the two months I know this isn’t the best chart to look At that but I’m thinking we’re going to range for another month no one week man one week so that’s what I’m thinking and then what though so we have CPI numbers coming out tomorrow I think we’re gonna break out I think we’re gonna break out to the next leg up So I’m just going off of historical data you got you got from no uh from January from January or okay two month period we went from uh 16 15 to 17 000 for exactly two months we traded right there and we popped off to 23 000.and then we traded in that range A two thousand dollar range for exactly two months and we popped up to 27 28 000 where we’re at now and then now we’ve been trading for one month and three weeks at the same range two thousand dollars and so I’m just a man of just pattern recognition which is part Of my uh you know human DNA you know we recognize patterns who says that is part of a National Geographic and history shows it’s what makes uh so it makes uh our species uh very unique here okay wow Robin yeah that’s right so anyways what a great guy went back to The roots pattern recognition and I saw that uh hey we’re only one week away from being the exact same scenario as we were the last four months or in the last two month increments and I think we’re gonna break out so 32 to 33 000 is what I’m going at next week on Monday thank you If if the chat agrees let me know is Big Rob is is are we uh is Big Rob on or something is Big Rob actually small Rob let us know is robster domus here and put a one in the chat if you think that we’re gonna be at 32 000 And put a two in the chat if I got just smoke coming out my ears and we’re gonna be stealing them down it’s coming out from somewhere else so if we will still be under thirty thousand next week put a two in the chat if your boys Rob stradamus 30 32 33 you just love tooting your own horn don’t have Rapture it’s got a nice ring to it though yeah yeah yeah it does better than Big Rob I’ll tell you that um yeah um now I do have a Bitcoin chart here pulled up I’d like to share with you all This is a one hour on the Bitcoin what I’d like to do is I like to draw the FIB uh FIB Trend extension tool here so we’re going to take this High we had so it’s back on May 7th which we’re at 29 100.we’re going to draw it down to the Low which is at 27.2 back on the 8th and then up to where we kind of topped that out this was a lot of twos a lot of haters in here man a lot of haters I don’t believe the roster Thomas what man yeah apparently not no one likes it you Do have amazing ta didn’t someone comment on one of our videos Robin you don’t know TA or something I think I saw that what happened someone uh put a comment on one of our videos like uh rob you should know ta yeah uh somebody literally told me uh it’s it’s insane In ta and I was like I don’t trade why do I need to do ta if I don’t trade but why here’s the thing though if I take my car to the mechanic why do I need to do it no why do I need to know How to do an oil change I don’t okay I know ta that’s right you have both of us exactly yeah um okay so FIB extension so here are some levels we should look at uh based off of the the FIB extension here so we Got the 61a level coming in at 26 700 to 786 level at twenty six thousand three ninety three uh so those are some key levels to look at if we do dip below uh but I’m gonna remove this and and and go to my uh one of my favorite Trend Indicators which is the ichimoku cloud so right now we are red so we are bearish right now and we are should be seeing a resistance right at twenty seven thousand nine hundred dollars we are currently trading at and uh we’re trading above the conversion line but below the below the Baseline so we do want to see that flip uh to be to become more bullish if we zoom out more to the macro if we go to the four day again same scenario here we kind of bumped up against this conversion line we do want to see this Blue line above the red for our first indicator of a bullish Trend reversal and going on to the Daily we are officially in no man’s land on the daily you can see the clouds starting to twist uh so if this thing pulls red we already have the conversion line below the Baseline so this is turning bearish on the more macro if we zoom out to the weekly again we have Ben in the zone for a few weeks so since March 20th we have been trading in this equilibrium Zone but some great news on the weekly the cloud has officially Twisted green really Really good you can see here if you zoom in so this is the first bullish indicator the next one we take a look at the conversion line which is above the Baseline that is bullish as well the last thing guys we need we need price to break above the cloud Make support on top of and then in my opinion that is when the official macro Trend reverses and we will be in a bull market I believe according to uh to kind of what I study and so uh you know either way either way we’re bullish on bitcoin you continue to DCA in don’t try to time the top don’t try to time the bottom I feel like Bitcoin is something if you believe in Sovereign money and hard money you should be dcing into it regardless of where the price is weekly bi-weekly whatever the case may be so there’s the one negative uh indicator Coming up though the elephant in the room has not been addressed it is that Bitcoin Miami has historically been a very bad bad time for bitcoin price movement and it is next week why I don’t know man well the thing is well actually this is my this is my theory okay Bitcoin Miami get all the Maxes getting together they’re all they got they got all this hype and speculation for all these big announcements and and all his Partnerships and beating the Bitcoin drum and uh it always under under Deliverance right and so I think people were buying the rumor and then well There’s no news so they just sell or maybe somebody’s just looking at all the Bitcoin maxes at the convention and they’re like hey we’re about to liquidate this we bought a poop on a party bro jump in that smiley poop emoji you know there is a smiley poop emoji there is a Smiley poop emoji it’s the standard iOS version one we do got some new people in chat if you are new here say hello so we can drop a whole lot back at you we got Ken Anderson Liberty and Trust crypto out Kath Keys Buster we got Mike Daniel Swing it investing and Todd Stater we do got a big shout out to our boy coochie boy back in here as well so here it is to all of you welcome to Sin City crypto I’d love to do a documentary of all of our community members and find out where they got Their their YouTube handle names from what is the best the best the best one is we we had a uh a video call with I had a video call with George from cryptos RS and uh I I was I was in the video call from my my personal computer Where I play video games and so my handle was uh Chef murder and they’re like who is Chef murder and I’m just like when does my that’s my Call of Duty name you know in case you didn’t know yet I’m speaking of Chef murder what happened to Chef murder in our chat it’s Uh you know obviously that was you that was me huh that was your burner account yeah that was my burner damn what’s in yourself no somebody somebody uh somebody stopped uh somebody uh banned my name on this damn chat one of the damn moderators I’m like I was like the breaking news Banner Banner Chef murder is Big Rob he docks himself you don’t docks your own burner accounts by the way and how did I not that’s when we first started you were Chef murder that was when we first started I was wondering where Chef murder went Jason Squires new that’s funny uh all Right before we move on from Bitcoin I want to share some uh abandon his own chat that’s funny all right I don’t know who it was it was probably Red Man uh options open interest on bitcoin this is by strike price so we see a lot of the Put options are coming in still at 25k we do have a bunch we do have about 18 000 open interests on the call side at 30k and we’re seeing a lot more volume coming in at 40K so a lot of people are betting that uh buy and this is uh expiration June 30th So uh you’re looking at uh Q2 ending Q2 options expiries and so a lot of people are betting on 40K 40K Bitcoin uh not an equal amount but a decent amount of people also betting on uh 25k Bitcoin uh as far as like the 20s or beneath the 20s not a lot of volume at all but about 32 to 33 where I’m saying we’re going to be at next but here you go 32k you have about 17 and a half thousand Bitcoin on open interest is that the most is that the largest level no the largest is the 30k okay But that was like that at the end of March too so nothing really changed all right let’s see what all the rest of the markets are doing Robin please I mean Chef my apologies that’s right yeah that account hasn’t been on here in a year or so you shouldn’t now uh we got Uh ethereum coming in uh right around the same Zone one thousand eight hundred forty eight dollars when will we see the two thousand dollar ethereum uh I think we did we we got above it for a brief period of time after the Shanghai or uh uh uh great upgrade yeah Let me see here uh yeah so we’re we got as high as 2 200.
do you think okay you think if Bitcoin gets a 30 000 ethereum by default clears to 2K if Bitcoin what one more time if Bitcoin gets to thirty thousand does it it’s is it like a foregone conclusion that Ethereum hits two thousand no because here’s the interesting thing before Shanghai Bitcoin crossed 30k and ethereum was underneath right where it was you know the 18 000 or 1800 excuse me and after Shanghai Bitcoin was at 30k and it was over 2 000.but now they’ve both pulled back I’m just curious Where we’ll go so you don’t find it a foreground conclusion uh all right some of the biggest gainers Pepe’s still up uh Pepe’s up 17 on the 24 hours 50 on the week and some other big gains Bitcoin SV SV Satoshi Vision this is interesting so no man we got Some news on that one today yeah yeah does it in regard yeah I already know what it is okay so well I’ll wait for that to come up yeah so here’s the thing what was Satoshi Vision created for it was larger block size faster transactions more throughput on the Bitcoin Network or at least a fork of it now also with that said Bitcoin Satoshi vision is supposed to be the same price as Bitcoin yet this is 39 and well we know that’s not far away from where bitcoin’s Price is Right now uh Lido uh coming in at 17 Above another 24 hours and Bitcoin cash up as well are we seeing a trend do you remember what I said yesterday David were you listening to me probably not because exactly what’d you saying now hear me out okay you gotta identify these Tris so like where why are you Watching our show you want the alpha right and I was here yesterday I’m like yo pay attention the Bitcoin network network is clogged up there’s gonna be something popping up with the layer twos scaling solution and alternatives Bitcoin cash is not an alternative I’m just saying it I’m not saying okay if if All of a sudden ethereum’s Network goes down what’s probably going to start rallying Eve classic I I’m just I know that’s an extremely big hypothetical but I’m just I’m giving you an example also if I were to sit here and tell you a month ago hey bitcoin’s network is gonna be so Congested they’re gonna have a half a million transactions just sitting on the side that aren’t even process he’d be like man stop smoking what you’re smoking because it’s in the middle of a bear market and I’m gonna be like well is telling you that’s what’s gonna Happen and with that said you got to identify where the market is going to move and right now the buzz is moving away from meme coins and is moving into nfts ordinals and the fact that the Bitcoin network is congested other things in this kind of ordinals All are the Bitcoin networks so you’re I’m just saying man identify the trend this is the trend right here figure out what projects offer scaling Solutions I’m not saying to go out and buy Bitcoin SV but if you’re looking for some short-term gains start identifying what where this where the where the Population is going to move and if Bitcoin has got some issues well people are going to speculate on hey money’s gonna go over here because this is going to happen in in satoshi’s vision is is is playing out and I’m just saying bro you know actually let’s let’s just let’s just let’s just Get into it okay so there is a narrative going around Twitter that there this ordinal thing in the brc20 is a purposely purposeful attack on bitcoin on the Bitcoin Network to shut it down to make it look bad and there are Eerie links and ties to the bsv community let’s start here This is from bitcoinus.com Bitcoin under attack with brc20 this is the proof argues one of the developers the Bitcoin Network’s mempool remains clogged with 415 000 transactions waiting to be added to the blockchain uh John Radcliffe who is a Bitcoin OG programmer and uh developer wrote today Via Twitter that based on the way the BRC 20 tokens are coded it is clearly an attack on bitcoin as the developer explains the creator of the brc20 standard made the decision to store the tokens in ASC 2 Json format okay I don’t know what the hell this Format is but this is one of the most inefficient data formats to choose from it would have only taken 30 minutes to program a binary serializer or deserializer instead the brc20 tokens are in the the other Json format and he gives it an example which I’m not going To go over because I’m not going to pretend like I know what the hell code is this is stuff I would fire a junior programmer on the spot for doing said Radcliffe it’s a level of incompetence that is staggering he said he also went on to say I intentionally Call it an attack because they are knowingly using five times more block space than they need on purpose now that I have learned that the data they are storing is so inefficient that it takes five times more blog space than needed I don’t know what to call this other than An attack the Bitcoin Satoshi Vision Community has an extensive stake in Bitcoin ordinals and the brc20 token behind unisat which is brc20’s core wallet is a Chinese development team from the former bsv community that developed sensible contract which is a smart contract Solution on bsv the team behind ORD swap which was the First brc20 trading platform was developed by relay X which was the first decentralized training platform on the bsv network behind ordinal’s wallet is twitch a social application built on bsv the founder of the mining pool mempool is also a core member of the bsv community although this is not proof the Connections are striking you know I love a good tinfoil hat all right but is there too much tinfoil on this one or is there or is it just enough water this is not an attack you know what this is this is his marketing at its best How is it marketing it is marketing okay let me ask you a question where where we’re based here in Las Vegas since City crypto right and what’s the hottest nightclubs you know there’s a handful of Omnia hoxon anyways there’s a lot of a lot of uh can You stop it right now you stop it so there that’s funny there’s a lot of not there’s a lot of nightclubs here in Vegas a lot of exclusive ones but all the all the top nightclubs got some in common here let me tell you what it is It’s a long ass line right you go out front and it’s just like they got guys in the suits and they’re like got the earpieces on they’re like no you can’t come in no you can’t come in you got to wait in the back of this line and things along What happens when there’s no line you’re just walking by you’re like uh no I’m good that that that’s usually an indication that’s the place you want to be now why did everybody mint nfts on ethereum network when the you had you have other options you got cardano you Got ethereum you got binance you got Solana the list goes on all not but all of the hottest most exclusive projects we’re minting on ethereum especially at the height of the bull market why is that it’s not a coincidence not because people were like this is the most Efficient and easiest way of doing it no they knew damn well if they mentioned it on a slower blockchain that it was going to cause a supply shock they’re gonna cause the the network to have to suffer throughput issues and in doing so they caught Buzz because what happens Somebody writes an article and say oh my God does d gods have broken Solana or or ethereum or polygon or whatever it is and so now they’re getting more busts so they knew damn well what they were doing when they were when they were inscribing it onto a Satoshi that takes five times As long as doing it in an alternative way it is because they know they’re going to write articles about these nfts in a cause more bugs so it is an attack on bitcoin it’s a coordinated marketing strategy to gain media attention you’re attacking my narrative here yeah because it’s dumb I’m just saying it’s marketing it’s marketing 101.how is it marketing you’re okay so it’s in okay so it’s I just explained it I explained nightclubs nfts and then I explained how this you don’t even know what you explained I explained ordinals man I explained exactly what they did it’s got Nothing to do with Satoshi Vision I like how else okay I’m sorry but you know my my best friend’s dad is a detective and they always say you’re not allowed to believe in a coincidence okay all these things coincidences so what you’re telling me is that it’s a coordinated Tech to shut down Bitcoin they know damn well they can’t knock it out dude all they know all they know is they’re gonna be like James and gnats or whatever they’re gonna piss them off they’re trying to throw them in shambles who is the creator of bsv Robin Yeah okay seriously though this guy who’s been trying to knock Bitcoin off as he was saying bsv is the real Bitcoin he’s like hmm how can I make the network look bad and bring people to bsv like you said the Alternatives look out for narratives we saw bsv pump 40 in one day They just want the attention you have the option of okay efficiently store it on bitcoin’s network or just clog the network down and and pretend like we don’t know what the hell we’re doing oh and we all have ties it’s just like a little kid that Big Brother and big Sisters getting all the attention nobody’s paying attention to him so what’s he doing he knocks over the face and starts breaking stuff not because he’s trying to like devalue the house he’s not trying to but it’s a perfect family he’s not trying to break up the family he just wants attention and That’s what he’s doing he’s marketing bringing home that’s what they’re doing they’re trying to Market that’s all it is that’s all they’re doing they’re trying to create a supply issue they’re trying to get front page uh headline news they already lose her they already were but there’s new projects Coming out this is all these meme coins coming out the main points like how are we gonna stand out like all right let’s let’s try this let’s try to like compromise the network by coming out with this that’s what the ethereum’s nfts were doing and the Theorem nfts were like if we can mint this a certain way we can we can crash Solana and then all of a sudden we’ll be Front Page News it’s marketing at its best man you you should know I mean the the best marketing is usually the best marketing is usually the Negative one uh what was it a the TMT who’s Tim Tia the the Lord Floyd Mayweather he always loves some some negative press oh you think he got so big I don’t know nice shiny gold toilet of his who are you got who are you guys with are you With David or Robin and if you’re a member of the channel feel free to use your David Robin Emoji do you guys think that this was a coordinated attack put a one if you think it wasn’t put it too uh I just don’t see how you have all These similarities and you have all these connections and they’re all somehow tied to bsv you have Craig Wright who’s the founder and creator of bsv and sees an opportunity here to completely try to destroy the network make it look bad move people away from Bitcoin I can see it happening uh now we do have a was it one for Rob is that what it was no one for one free if you think it’s a coordinated attack and two for marketing one it’s a coordinated attack two it’s not a coordinated attack It’s marketing for two better see a lot of twos in here it’s kind of split actually you already had the marketing yes we can definitely one coordinate attack two nft marketing at its finest you know what I’m I you know I want to get uh I want to get ours In studio guests opinion here Adam what’s your are you do you think this is a coordinated attack or is this just marketing and what whatever the hell Robin said uh you know why can’t it be both you can’t do that man yeah yeah I mean why not they yeah hey you somebody had An idea right like ordinals in the first place which are already kind of weird and then now that it’s like a an ordinal with a quantity right this is basically what a brc20 is yeah um you know nobody saw ordinals coming because Bitcoin was supposed to be pure digital gold Um so yeah I mean sometimes you’re a victim of your own success right so it could be both it could actively be people leveraging the attack and and ramping it up I mean that’s an expensive bad actor attack though right yeah because they are paying for all those Transactions yeah Adam can you uh real quick for those who say who’s this guy can you uh kind of uh introduce yourself uh and then uh well we’ll talk about what we’re gonna do together at the end of the show yeah my name is Adam Dean I’m the co-founder of buffybot and uh Cnft con now rebranded to nftxlv uh a big nft and blockchain event that we’re hosting here in Las Vegas for the second year in a row coming up in September uh and I also primarily do development on cardano uh and Ergo and algorand right now you’re deaf yeah I’m actually a Legit Dev how did I not know that we just have group chats and I just show up with my cowboy hat and talk yeah so nothing to see here I’m gonna drop this Marketing in a little bit Yeah okay Adam this is perfect oh by the way guys Uh uh Adam and we also have his uh partner Nick in here uh he’s not on camera right now but we’ll bring him on later uh they have something exciting that we want to share with you guys if you’re a Cardona fan uh or if you want To see the coming to Convention we have something special for you so make sure to stay tuned now Adam you’re a developer okay when they could have done the same thing and done it more efficiently versus doing it the way they did it is is it incompetence or is it done on purpose Uh okay so the the whole ASCII versus seabor argument that we were talking about earlier right sometimes you you stick with the slower horse because it’s the one you’re familiar with and you know how to ride um so Json is really good the the internet’s used to it it’s an Interoperable standard uh but there are much better serialization like seabor uh that get your bite size down in half or 5x you know like they were talking about so it that that could just be I’ve got an idea and I want to execute quickly and I don’t want to spend the extra 30 Seconds to write that serializer d serializer got it you know so I so it’s it’s nice okay so so it might not be in confidence it might be hey this is just what I know and I don’t want to take time to learn it even if it only takes five minutes Right because unless you truly cared and understood the ramifications of doing it the way you did it has on the Bitcoin network if you don’t really give a crap he’s like yeah whatever I already know how to do this let me just do this real quick okay so that’s why you think it Could be both you could be both uh uh purposely purposeful attack and just marketing yeah I mean we’re seeing it in the chat right now right can the devs do something the devs are lazy man it’s quick easy money right like take a little bit extra time spend more Development Cycles or push something out that works you know because now somebody can ride in on the White Horse and be like hey I got a brc21 that’s even better that doesn’t break the network so you know that could be an intentional attack to build hype or an even better solution Coming down the road dude now Robin brought this up yesterday right you got to figure the devs are going to do something about this right because uh even though they’re and and one point is they’re making a lot more money because of transaction fees and some blocks were more than the block Reward was so do you can you see a scenario where the devs go in there and they roll back let’s say I don’t know they roll back Taproot somehow or something but then that would essentially mean they’re taking money out of their own pocket what do you think is the likely scenario Or if you are a Dev you’re a Bitcoin Dev what would be your solution if you have one I mean that’s a tricky one because you you’re always dealing with you know you’ve got to either get people hyped up you know you gotta launch a Pepe Um and get other people putting in those transactions because I mean like it doesn’t make sense for you to launch your own transactions to get the money back on your mining rig you know like you’re just kind of shuffling the money through your own pocket and hoping that it’s somehow magically multiplies um But yeah I mean creating an inefficient standard that costs more bites that leads to increased transaction size that could be part of the angle as well interesting okay well I’ll say one thing though when it comes to the the fees that these miners are incurring yeah some I I wanted to touch on Yesterday it’s well when the mining rewards kind of dry up was it like in 100 years there’s gonna be no more mining rewards 21 40.
yeah 2140.and even before then the mining rewards are going to be sowing significant as far as you know you think you’re getting like point zero zero Something of a Bitcoin and let’s not for a while yeah yeah but but what I’m saying is that it’s encouraging that I always thought to myself I’m like well if there’s no mining rewards I know the transaction fees are going to be incentive but is it going to be a Sustainable business model for them to have Warehouse after Warehouse after Warehouse after Warehouse of Asics is that business model still going to be profitable with no mining rewards in the form of Bitcoin but with only transactions and this goes to show you that if the network is being used that The Bitcoin white paper and Satoshi Vision not actually the token but you know what what Satoshi was planning out for the room basically moving off of the mining rewards and going into transactions it is a sustainable business model and we’re seeing right now that this works and this could be uh You know the main source of Revenue later on when bitcoin’s minor rewards dry higher you know um Forrest did a video about this for us and um in it he talks about there’s some other narratives as well and these are a majority of them are from the Bitcoin Maxis as to what is Happening and how they can fix it so uh without further Ado let’s go ahead and watch uh watch this video all right so the hot debate in the Bitcoin world right now and really in the crypto world is whether or not there’s an attack on bitcoin uh these claims circulate as transaction fees Climb higher before we go into uh what’s causing these transaction fees let’s actually look at the transaction fees and then how high they’ve spiked uh here in glass node so we’re looking at the total transaction fees which have been spiking up it looks like total fees uh around 11.7 million dollars and Historically we see when these transaction fees Spike it’s actually uh historically has been a top signal for Bitcoin now the reason these are spiking is different this time around um because of you know what we’ll get into in a second with ordinals and BRC 20 tokens Right uh but if we go over to uh the average transaction fees we still see that they’re around an average transaction fee of 19.22 uh which is considerably lower than the some of the levels that we’ve seen Bitcoins Peaks come in at before but this is certainly starting to ramp Up so whether this is bullsh or bearish for bitcoin’s Price action is yet to be seen but I will say these transaction fees uh in my opinion are positive for Bitcoin miners Bitcoin miners are making more money and I’ve if you watch this Channel and you’ve seen me come on here And talk about the the problem uh that is present with Bitcoin where the having rewards uh reduce in uh every four years they get cut in half right and that reduces mining fees that’s a problem for minor Revenue long term but now with higher transaction fees uh that’s actually very positive for Bitcoin Miners it makes the business model uh more sustainable at least for the time being we’re actually also seeing a ton of uh unconfirmed transactions it’s clogging up the Bitcoin network uh 455 000 transactions need to be processed for Bitcoin here um that is that’s a big deal because if You’re trying to send a transaction through your there’s a strong chance it’s not going to go through or you’re gonna have to pay up for high priority which right now is going to be cost you around 23 dollars if you want to pay less your transaction is not going to go Through for a very long time so I pause it here I want to get your take real quick rather before we move on 23 if you wanted to go through right that’s the premium you got to pay I just spent 30 bucks for the slowest transaction on eth yesterday when I was Buying when I was DJing into my meme coin so is it all that bad 23 bucks we’ve seen transaction fees on eth even when it’s proof of stake and we told you guys this that the the merge is not going to change transaction fees it’s not going to make it cheaper and it Has not so are people making uh just are we getting used to cheap fees so to the point where we don’t look at hey what else is going on in the space eat the number one layer one you’re still spending 50 60 bucks so what’s the question are people overreacting 22.They’re not overreacting like come on man uh you can mail a letter for less than a dollar like and that goes it’s physical it’s an envelopes grabs it and it goes It goes into it it goes into a truck truck it goes into a facility they Get sorted it goes in another truck and somebody physically walks it up so you’re cheaper it puts it in your damn mailbox then it costs less than a dollar and for me to send a freaking a transaction it’s still cheaper than a wire transfer like like I’m just saying That this is ridiculous bro this is ridiculous like we in this day and age it should not cost us thirty dollars to send a message over the internet that’s what you’re doing tell me that’s not what it is I’m sending a message I send it to you And then a miner validates it you’re sending money the message has money in it yes or nft and the same thing in the traditional banking system you would spend uh twice that I don’t know why but wait this is the whole point of cryptos we’re getting away from that and we’re going backwards At this point what’s it going to be next in the height of the bull market so get rid of it so the bull market so 2024 if there’s no bip proposals that address the situation uh then we’re gonna have 100 200 500 Bitcoin transactions now that now we’re Not even talking about well it’s cheaper still than a wire transfer now it’s fight it’s 10 times more expensive than a wire transfer we’re going backwards unless this gets addressed that’s all I’m saying man it’s not okay we’re in the middle of a bear market and if this is the fees concerning Now we’ve been moving backwards but let’s move forward again with the video uh so what is actually causing these transaction fees to spike well the Bitcoin network is being used for more than just transferring Bitcoin people are inscribing ordinals which are basically like Bitcoin nfts right we see uh ordinal Bitcoin ordinal inscriptions Count over time has gone up parabolically right daily inscriptions are north of 2 million and yesterday they were over 4 million setting an all-time high uh this is this is pretty pretty crazy and people are upset about this who are are not fans of how uh Bitcoins being used for nfts and for BRC 20 tokens we’ll get into that just a second but it’s essentially the same as erc20 tokens right so you have fungible tokens now tradable on on bitcoin and people are speculating on essentially meme coins on on bitcoin uh on the Bitcoin Network at this point in time in Its drive it’s congesting the network uh and people who are kind of purists about Bitcoin Bitcoin maximalist uh they don’t like this because it’s making it more expensive to transact uh on bitcoin for what they say is bitcoin’s intended purpose now uh the other side of the argument is that look bitcoin’s Decentralized part of the the power of Bitcoin is that you can anybody can use it however anyone can use the network however they see Fizz so long as they’re willing to pay for it right so uh look there’s there’s two sides of the argument here I’m personally on the side Of hey it’s an open network you can you it’s decentralized you can use it however you want uh it is certainly not designed to be used as a smart contract Network or it’s not designed to necessarily uh transact nfts or uh brc20 tokens certainly it’s not however if people Want to do that and it’s capable of doing that uh then they should have the ability to do so um you’ve got some people I think that are really out of pocket really drinking the Kool-Aid um there’s you know this person who who thinks uh that it’s a attack Vector for Three letter agencies in the CIA or FBI is the one behind these these attacks on bitcoin I I would say you know no it’s just meme coin speculators it’s just nft speculators right now this does call into question for for Bitcoin uh an important decision has to be made Um if this goes on and continues to go on you may have a situation where Bitcoin core the development Community behind Bitcoin decides to hard fork and remove the ability for ordinals to be inscribed or for brc20 tokens fungible tokens on bitcoin to be used and you may Have a Bitcoin Fork coming that’s a discussion that people are starting to speculate uh may may occur so very interesting um very interesting implications for her for Bitcoin um but yeah that’s that’s my take and hopefully this video was helpful peace oh last thing last thing Stacks Layer Two for Bitcoin right I know I kind of signed off there Stacks is a layer two Network for Bitcoin uh that could potentially be a solution for offloading a lot of this transaction volume this is something that we flagged insisting research when ordinals were first popping up and putting a lot of Demand On the Bitcoin Network that was around 28 cents we’ve seen it pop as high as a dollar and 31 cents and now the Bitcoin fees are popping again we may see another leg out of this depending on whether or not bitcoin’s price uh pushes up above 30k so could be another leg for Stacks which is interesting all right now I’ll sign off peace okay I wanna I wanna ask Adam first so Forest brought up a potential Bitcoin hard Fork essentially getting rid of Taproot which allowed these inscriptions and you know smart contracts would be built on top of Bitcoin what are your thoughts on that And do you think a majority of the developers is there enough would you think there would be enough support for hard Fork say bring all these these miners over to the new fork or you think it that could be something where it can completely break the Bitcoin Network And it could spell Doom well what’s kind of your take on that Adam I don’t know so that’s the hard the hard part you know especially yeah the hard Fork is the hard part right um because now we got two blockchains with Divergent development strategies Um so and we have one set of developers that are really good at Bitcoin right or one set of developers that are really good at ethereum or Salon or whatever they’re on um do we have enough devs to split that effort to have Bitcoin nft D5 summer chain plus Bitcoin Old dinosaur store value digital gold chain um probably not if you look at kind of the speed of innovation that Bitcoin has today um there are good and I’ve seen a lot of recommendations in the chat we got things like lightning and everything else coming out in the in the future That are going to improve these throughputs um but yeah I for me the future is multi-chain I know it’s a parable and a catchphrase that a lot of people like to use but there’s there’s chains that are good at one thing and not so great at Another uh and hopefully we get to a future where the wallets and things like that are so interoperable that you can do nft d-gen stuff on one chain you can do D5 d-gen stuff on another chain and then you can have your store of value uh wherever Um but those multiple chains that are properly suited to the task that they’re trying to accomplish rather than right now we’re trying to shoehorn every web three aspect into a single chain somehow and it’s just never going to work it’s not how a decentralized ledger is is ever going to operate efficiently Now this is a great opportunity for Layer Two Bitcoin especially that is focusing on nfts so the same way you have the lightning Network where you take a batch of transactions use the security the Bitcoin Network by checking in periodically and batching all your transactions at once why not do the same Thing with with nfts and I think I I don’t know if that will catch on because you know you have alternatively why even do this on bitcoin when you can you know do this already which is built out on other platforms later ones that you know that are designed to do this essentially You know designed to have smart contracts and store metadata to move uh assets just naturally between one or one person to another all natively on the base layer and so yes but then but then you have the the Bitcoin Maxes that are like hey man I want I want this on bitcoin Because that’s that’s that’s I’m I’m cultist and it has to be here and and everything has to be Bitcoin and so I I don’t think that narrative is going to change and for that reason I think there’s always going to be a market for people that want to have assets and We’re seeing the demand for it on the Bitcoin Network and I do think this is a little bit of fomo where people legitimately don’t care that it’s on bitcoin they just think hey this is the next thing so let me Pile in now but I Do think that there is a a big chunk of the percentage of people that are that do have ordinals that are in the Bitcoin community and they think this is the next coming of Satoshi and the or the next the next hype uh or next utility of Bitcoin because when Bitcoin first came Out it was all about payments right let me buy a pizza with with this Bitcoin now that narrative is gone it is shifted and now you’re like this is a store of value but starting to hear the next narrative which seems to be hey there’s more utility to this you can store nfts And I think it’s a great opportunity and and as I mentioned earlier and yesterday I think we should start trying to identify if you’re trying to get Early Access into a project who is building scalable solutions that offer smart contracts particularly nfts on the Bitcoin Network who who can do what Lightning that we’re doing but with nfts because hey that might be something to look at and now for those wondering who the gentleman in the beautiful cowboy hat is that is Adam co-founder of formerly known as cnft con now known as nft XLV is also a early developer on Cardano and we do have some cardano news speaking of cardano and and before I move on to cardano and we have a special surprise for you guys in our community so stay tuned do you agree with Forest what side of the fence are you guys on Are you on the side that hey Bitcoin is decentralized open source it was created that way people should be able to use it how they want as long as it’s available to be used that way or should we respect satoshi’s original Vision that Bitcoin is meant to be Peer-to-peer yes it has morphed into more of a store of value but definitely wasn’t meant to whatever we’re seeing happen now with ordinals and inscriptions and nfts and meme coins that’s not what it was meant to be what side of the fence are you guys landing on Robin Uh it’s definitely different than what he even started Bitcoin white paper the title is peer-to-peer uh payments or I forget the exact wording but basically that’s what it was and nobody’s paying nobody’s using Bitcoin to pay for coffee and transactions even though the capabilities are there it’s just not Really efficient and there are alternatives that that do this a lot easier if you’re dead set on moving your Bitcoin you can do it on a a layer two like Striker the lightning Network so that that is there but we all know what Bitcoin is it’s a store of values Digital gold and we’ll have a man here says dinosaur chain but you know uh unlike the dinosaurs I don’t think it’s going to go extinct but I think it’s always going to make for a good movie what are your thoughts Adam are you on the Hey let people use it how they how they want it’s open source it’s decentralized or hey this is not what Bitcoin is meant to be let’s scale this thing back no I mean code is law right if you if you can do it go ahead and do it Um that that’s what decentralized means um you know I I don’t know technically can you get arrested if you like you deface the US dollar or whatever and like drugs draw something on George Washington’s forehead or something but I mean this is this should be your money the people’s Money to use where and how they see fit um so if the chain allows it then I say it’s fair game go for it do what you like but you know and and so maybe that is the question this Tap Root update that enabled this you know was that part Of the original Vision or not is kind of the big question yeah I think you can also look in history there’s when it comes to new technology especially with programs and codes uh especially the things that are on the internet you uh you put something out and then all of a Sudden somebody comes up with a crazy use case for it that nobody expected uh so it’s not just in Bitcoin uh and so I share the same sentiment as you guys I think you know you can’t call something open source and decentralized and it’s for the people and no one controls it and Then when people use it to his full capabilities of what you guys the developers the core team the you know the miners I voted on with the update you gave the capabilities so if you want to pull it back you’re gonna have to Fork the network It’s like uh if you were if someone was playing uh Minecraft and you’re like like look man oh you have to just play in the world and just kill the Zombies and that’s it he’s like but I really want to build a uh life-size replica of The Death Star that you can you know walk around in its entirety it took me five years to build like that’s not why Minecraft was created but you know people are gonna play around do some pretty Innovative things uh speaking of innovative we got a boy red man dropped 10 gifted Memberships so big shout out to uh Red Man and then also we got a host of new people here if you’re new say hello it’s gonna drop an Ola back at you we got Grizzly Wicks Ricardo calathia Cal tie I don’t know anyways we got Jamie Ben L Proof Manuel Rico Lance Ken one five one crypto Phobos with a pH we got FP Rafiki TJ crypto naughty American therapy zoo and Aaron T Kink did you say Rafiki yeah to all of you Allah welcome to Sin City crypto Lion King did you cry during that movie no Of course you didn’t you don’t have a heart Adam I bet you Adam cried Mufasa had that like single single tier at least I I 100 did Rocco what about you you know what Lion King is he doesn’t even have a microphone I don’t like lions Rocco said he loves I said he Cried I don’t like lions laughs broccoli did you cry during the movie others like a lion You know what we do to know Rocco likes and what we like and what you like which is cardano so if you’re a cardano fan throw your cardano emojis in the chat so we have a couple things to share with you as far as cardano and then we’ll Talk about our uh uh Cardona nft convention here cardano dominates transaction volume as Bitcoin each Network fees Skyrocket couple things I’ve highlighted here the 24 hour transaction volume on the cardano network has amounted to a staggering 13.25 billion dollars with a B well above that of Ethan Bitcoin you Can see here a little handy dating chart here um so cardano volume going up man I’m going up are they going to replace ethereum thimble reported on the decentralized finance applications on cardano are witnessing a large increase in transactions then we have this as well Now that cardano’s load is 95 is that 94 users can expect this in the near future cardano’s loads sit at 95 or 94 as of May 8th 2023 AKA yesterday the cardano contributor stated that all transactions are on the network were processed on a first come first serve basis however Upon hitting the 100 load transactions would be queued up and users may have to wait for their transactions to go through another outcome of the load hitting 100 would be that stake pools could sell Priority Access to users and depths they may also reach a point where they could prioritize one Dex Over another hmm so even cardano it seems like might come to a point where hey at the way it’s currently constructed might not be as efficient as a lot of people assume it is we know hydra’s in the works right Hydro would potentially bring cardano’s TPS to over three million or Three million uh transactions uh you know what it does is it takes all the stake pools and and essentially gives them a thousand transactions per second you have about 3 000 stake pools do the math um Rob hmm so The Good the thing is is this road the road map for throughput and Scalability even with delays should be done and implemented by the next uh bull market and so in stark contrast to what we’re seeing with Bitcoin and even ethereum uh I’m not exactly sure where ethereum’s road map lays right now as far as the time timing compared to the bull market But my concern is hey build in the bear Market because what we saw last bull market in 2021 with ethereum’s throughput issues because everyone was trying to Mint nfts it’s gonna be a hundred fold on users internationally companies corporations more nfts I think you’re gonna have nfts expand outside of Just images so perhaps music videos who knows what else uh perhaps uh real world tokens eyes tokenized assets oh like real contracts and uh titles and these houses and ID whatever anyway I’m just saying there’s gonna be a lot more transactions and and so let’s get this thing scalable before the next bull Market because if your road map ain’t there gotta help you because Bitcoin ethereum gonna see some transactions get that thing scalable and you know cardano’s getting near the threshold but I think that’ll be addressed what’s your op for them Adam what’s your take you know being uh being active in in the Cardano community and where were we kind of right on on the uh on the Hydra and the scaling because I know well like what’s going on because yes really and way far off so okay beautiful um yeah uh first and foremost we’ve hit 100 chain load on cardano a few times already Um in the past and we see the same thing we see a backlog we see it take a long time for people’s transactions to hit the differentiator there being cardano only has a single uh what do they call a deterministic fee structure right now so everybody pays the same amount based on How many bytes they’re putting on the chain and you get in line first come first serve um so there’s not this pay more and get it on there right away um there’s a paper about maybe adding a tiered fee structure but you know who knows this is cardano Ada we’re talking About so maybe two maybe three years uh Hydra is live on mainnet now but uh I think it’s been misconstrued by the media in terms of what it’s actually going to do so Hydra is a state Channel or transaction but what that means is that if you’re Somebody like a bank that knows you have say 100 million in customer deposits you could put all of those into a Hydra channel for the daily and let your your customers move those funds freely between accounts and then settle back so it’s more of like a roll up State Channel than it is giving each stake pool a thousands of network is to bitcoin exactly yeah very similar to how lightning works for Bitcoin uh there are differences I’m not super well versed in all those intricate details but yeah it’s definitely much more of a state Channel roll-up than it is you know cardano’s gonna not magically hit a million TPS this year so anybody who’s saying that is wrong um but it is going to make some applications a lot better are there any other upgrades or anything you know you’re here enough or that that Are in the works that is going to make cardano be able to scale you know if let’s say the volume keeps sticking up and and maybe cardano sees more nft volume on his chain than ethereum because ethereum’s too expensive is there anything going on or any Upgrades that are in the pipeline I know we’re kind of heading into the Voltaire era of cardano which is essentially decentralized like being the most decentralized chain even more than Bitcoin that’s their goal at least are we headed that way to where cardano is going to be scalable to the point where Hey we’re not going to be at 100 payload we’re not going to have to worry about structured fee things what are you hearing what are you seeing what are your thoughts there so the really nice thing and this does go hand in hand uh with the Voltaire era and the community Governing the cardano blockchain is that we’re going to get to a point where uh we we already have this very parameterized blockchain so if we need bigger blocks if we need more smart contract execution if we need to raise or lower fees the community can just put Forward a proposal vote on it and it goes into effect the next Epoch um so we we have that capability already built in on the L1 and we’ve already seen that about a year or so ago they had the first decks on cardano launch with Sunday swap uh and just kind of the Chain round to a halt because there was so much interest uh so what did we do we I think just about doubled the block size um to where now we’re not really hitting that and we still have a ton of bandwidth and blocked bass and and size to go Um the the core founding entities are just taking it really slow and cautious with those uh adjustments right now for one because we don’t need them very frequently uh and for two just really measuring and making sure that it’s a healthy growth and expansion of the Network as we go and this do you have any concerns that you’ll find that grind to a halt situation happen again let’s just say in the next uh bull market when your transactions are 100 fold uh or do you you feel just confident that you know The the proposals and the voting and and what you spoke about will will efficiently work uh I mean so we’re we’re in a lot of the same uh situation right now with cardano uh like we already talked about with Bitcoin and the ASCII versus ASCII Json versus seabor for this brc20 standard Um we we already have plutus V2 and a lot of other optimizations that dap developers can take advantage of but they don’t have to right and it’s a decentralized open sandbox that anybody can come in uh so we do have some some of this like we expect the developers And and everybody playing with the chain to be good honest actors but somebody could just do a not so optimal solution uh that can cause this problem so I I think we’re going to need to scale up before this next Bull Run uh even with Hydra in place and and some of the other uh scaling Solutions like input endorsers and and mithril and things like that man such good info uh real quick Adam this is the last question I’ll ask and then we’re going to get into the convention here well you mentioned doubling the block size And that narrative has you know has been thrown around with the whole Bitcoin thing hey one Meg is where you want to be at you can go up to four some people say well just make the block size bigger but then it’s harder for people to run nodes and the network becomes less Decentralized what’s your take on that is a is that true like doesn’t Network become more or less decentralized as the the block size grows and is that even something a practical solution for something like Bitcoin uh no it’s absolutely true um because the requirements to run a validator scale exponentially as you Need to pass that kind of bandwidth around right and so it has a lot to do with uh how big the blocks are how rapidly you mint blocks on your network uh if you haven’t looked at the requirements to run a Solana validator um if you’re not Google like I don’t Know how you do it or how you afford to do it um so yeah if we want to increase block size you need a better internet connection you need more hard drive space because the Ledger is going to get bigger because we have to assume right Every blockchain is going to be used at 100 capacity so how much hard drive space do you need to store The Ledger or do you have a sharding or other sort of roll-up technique to prune The Ledger um so it’s not that simple and especially uh you know from my experience with cardano We have an average of a block every five seconds so you need to get each block propagated worldwide to all of your validators within five seconds and so there is a theoretical uh Network latency and bandwidth cap on how big you can make block size before you need another solution Man guys hit the like button if you’re liking this info because I’m loving this info I’m uh very technical guy and so and I you did such a good job of explaining Adam so thank you so much for that now Adam let’s talk about nftxlv And before we we get we give the floor over to you uh I want to share a video here this is a hype video okay and and so this is uh so Rocco let’s go ahead and queue up this laptop here so that’s about 30 seconds long so Foreign Now let me let me say this okay so if you guys are like what is nft XLV it’s formerly cnft con they’ve rebranded um and let me tell you when Rob and I we’ve been to a lot of nft conventions and cnft con last year we we both looked At each other when we’re done we’re like this is by far the best put together convention not just an nft but like I’m talking about this thing Rivals Bitcoin Miami it had that same feel uh we had a lot of we had a lot of Fun we had a lot of fun we had a great time I actually won a couple prizes there because remember when I was hitting those shots I was like oh sure uh how did you do on the uh the cornhole for the block out yeah mad dog racing I think it was or Mad something and uh I sunk three out of five I got a sweatshirt my wife wears a sweatshirt now but yeah um yeah yeah when we because we go to uh we’ve been to a lot of conventions the nft ones are pretty disappointing generally uh they seem to be like uh Underwhelming on the size and then yeah anyway this is very well put together and like we said rivaled uh some of the bigger conventions consensus and Bitcoin as far as uh the layout the venue uh the speakers so yeah what so so uh Adam share with us share with us um What what the plans are what when the dates are what are you most excited about and then I’ll let you announce uh what you’re gonna what you guys are doing for our community okay yeah absolutely uh so we’re coming back uh to Vegas again this year uh September 29th Through October 1st uh at the convention center uh we’re gonna have about the same amount of floor space um and yeah we were cnft con last year for us it was always a little Case C even though we came from the cardano community uh it was more about crypto Community Collectibles uh but uh not wanting to pigeonhole ourselves and and all of us as a team agree that uh you know the future is multi-chain so we wanted to make sure everybody felt welcome and that’s why this Rebrand uh to nft XLV the X standing for experience uh we wanted to make More than just booths uh you know an extra an experience that you go to and and you really just remember uh and create a platform for people to um I guess build those actual strong interpersonal communities and connections that you can’t get uh just interacting on Twitter comments or Reading blogs uh you really have to be there and meet people face to face so uh this year we’re really doubling down on that on the networking and the growth and the community engagement uh but then also looking to uh increase our developer track exploring music and Video uh nfts so just really wanting to push forward because we we think that nfts are going to play a huge part of the future you know the monkey pfps were only scratching the surface of what this technology can do so we’re excited to grow and and grow with it yeah and I Want to share I got this pulled up here so you guys are doing a little West Coast tour here starting in San or starting in San Diego San Diego yeah so talk a little bit about that so if you’re in any of these cities on the screen Um you can go to the nftxlv right is so is it like a convention at every single one of these cities not is it like a smaller Meetup event not it’s not a convention more of a let’s get out there and uh build these communities locally where they are Um use our platform that we have to get people coming out meeting the other crypto interested nft interested people in their cities uh and then hopefully leaving behind a legacy of these people meet up regularly and they hang out and and we’re developing friendships and communities um regardless of blockchain regardless of Which nft pfp rock on Twitter uh just get out there meet people and engage because you know uh we have a tendency to get toxic when we’re just in our little Echo Chambers uh but we get out there and meet and interact with people and really I think that’s when magic Happens for me so uh we’re going to be going San Diego La Monterey San Francisco uh I’m gonna take a pause and go hang out at Crater Lake so if you really want to come up there I heard they have an awesome Distillery uh we’ll we’ll get a drink and hang out Um but then we’re going to Portland uh that is Vancouver British Columbia actually um and then back in down through Seattle Boise and and back here home in Las Vegas I think um we’re looking at maybe doing a shindig at the nerd bar down there on Fremont so yeah well uh you Know we we love you guys and and we you know we want to be part of this and we want to help grow not just nft XLV but the Vegas crypto scene the Vegas nft scene and so um Adam why don’t you go ahead and announce what you guys are doing for the Sin City Community if they want to go to the convention here in uh end of September yeah absolutely well I was so excited to be on and this is actually being here is my first time watching the show as well so uh to say hola to the Sin City crypto Community uh we’re gonna put uh what do you call it a coupon code on nftxlv.com and it’s live right now uh 10 off all tickets if you want to come out general admission all the way up to our Diamond VIP passes uh 10 off we just Shared a link in the comments uh and that will automatically apply that but yeah uh good for 10 off all your tickets so come out join us uh meet myself I’m gonna be there the guys are going to be there and we’re all just going to have a Great time Sin City crypto will be there as well and we’re excited so either use the link if you want to go or when you go to the website uh use coupon code hola that’s without the Apes Ola and so uh yeah um that’s all we got anything else uh You guys want to add before we I think tornado out of this thing tornado huh no I was expecting like 10 to 15 minutes of talking and so I’m you know please let me go grab a water or something now uh big shout out to uh Adam and Nick I know nick uh didn’t talk on camera yo you want to say something Nick before we sign off what do you got to say yeah I just wanted to say like we’re really excited to come back this year for nftxl LV last year we had a lot of People came uh described it kind of like a Disneyland or Comic-Con or web3 and nfts so we really want to continue bringing those vibes to the convention center and and for all the community um another really cool thing was that we had over 145 exhibitors last year from Over 25 different countries so this really was like a great way for people to meet projects and Founders and developers that are actually um creating on the blockchain so um we would love for Sun City crypto Community to come out and be a part of That with us this year amen to that and like I said uh we’ll be there these gentlemen will be there uh last year Charles was there Charles hoskinson uh we actually ran into him took a picture with him cool guy uh this time maybe we’ll pin him Down maybe ask him a question whether he likes barbecue chicken pizza or no we’ll see uh we’ll definitely be there as well so who Charles will be Charles will be with us again as well so yeah we had Ergo um and a couple of cool projects that their Solana ethereum uh so yeah Everybody’s welcome uh again you know future is multi-chain we’re not even a big enough ecosystem for us to start cannibalizing and eating our our own yet so and I think that’s a that’s a very good point as well you know we’re all in crypto for similar reasons and uh before We start cannibalizing each other like you said let’s at least build the ecosystem out to a big one uh guys we are finished um if you want more information on nft XLV formerly cnft con there’s a link in the description this video if you want to go use a coupon code but first Before we leave quick shout out to our sponsor Cam’s bluewire technology they have sponsored this live show they will sponsor tomorrow’s live show the rest of the week the rest of the month and maybe more uh and if you want more information on them make sure to visit bluewiretech.com Or click the link in the description of this video also at the last minute Jimmy the official hype man of Sin City crypto has dropped 10 gifted memberships big shout out to you Jimmy thank you so much for all the support of this channel speaking of supporting the channel go Follow us on all of our social medias at Tennessee to crypto1 on Twitter Sin City crypto underscore one on Instagram just send City crypto on tick tock and uh yeah if I can have one for all of them I would but unfortunately that’s not the case also R.I.P Chef murder himself It’s no longer it’s no longer it’s just fun news people usually don’t docs their burner accounts that’s all I’m saying but the burner account doesn’t even work Bernard has been burned bro that’s all I’m saying you keep it under wraps anyway I’m Matt somebody and I’ve been Uh anyway and we also got some new people here as well uh before we sign off we got out of the line Chris Ergo okay good Conrad Denise Mark Sanji next VL cash Mark Z MSC and why tornado guys thank you so much for tuning in it Was an absolute pleasure big thank you to our in-house guests uh Adam and Nick uh we look forward to bringing them on the show again as we closer to nft con but before we go we’d like to say thank you we love you on behalf of all of us Here we’ll see you tomorrow until then Thank you Pop it Foreign [Applause] Bittrex crypto exchange officially files for bankruptcy! Bitcoin developer states that the Bitcoin Network is under attack, and the culprit is the BSV community! What does this mean for crypto and Bitcoin? 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