Bitcoin – BTC Magic – MAGIC Is a New Bitcoin Proposal Coming? (CryptosRUs, Magic Internet Money) [Applause] What’s up happy Monday everyone hope you guys had a great weekend welcome back we’ll come back sensitive crypto live my name is David I’ll be one of your co-hosts and today like every single weekday coming at you live from our studio here in Las Vegas Nevada you might be wondering why my Voice is a little muffled it’s because I’ve been partying all weekend kidding out on party I got three kids and I’m married anyways today we have an exciting show s we’re talking about Bitcoin Bitcoin is it broken have the jpegs and the ordinals have they broken the Bitcoin network is there an improvement Proposal that needs to be made we’re going to discuss that we’re going to talk about binance halting Bitcoin withdrawals and also in the same breath integrating lightning Network to their exchange we have two special guests joining us we have magic internet money joining us in about 10 minutes and then We have George from cryptos R Us he’ll be joining us in about one hour but first here’s your other co-host Robin ah is yellow a big Rob back in the house welcome to Sin City crypto if it’s your first time checking us out we’re an entertainment Focus cryptocurrency Channel where we take the old boring and stale information and package it up in them found a sexy way and then uh bitcoin’s down it’s under 28 000.27 000.Pepe is down and there’s blood in the streets nothing can keep Pepe down nothing can be a Pepe down Pepe’s Pebbalicious pepperlicious huh like Peppa the pig no like Peppa the Frog you know this video is pretty funny let’s go keep my laptop so this is uh let’s just watch what is it [Laughter] if you have kids if you have had kids or you’ve had a wife that’s been pregnant uh So I’ve shown this video before but this is a video of stock Traders entering crypto while it’s crap coin season or as we call it meme coin season is a regular stock Trader all right let me go invest in crypto oh and what the hell are they doing which one is that Where’s the lady that does the uh [Laughter] it’s like nope I’m just gonna stick to Charles Schwab uh and then we have this some people let’s just do this is pretty dope artwork man I’m sorry this is dope this is from people uh is it from people people yeah that’s What I’m saying yeah dude it’s probably gonna be an nft and sell for hundreds of dollars I think it’s gonna that thing is this is good for some money though I’m not saying animal cruelty is good but the artwork is pretty dope um does does Pepe have a chance At a shib or a doge run I mean why not right it’s not like shib has got some crazy ecosystem they’re further along on the pretend road map yeah I heard they’re also doing a milkshake store yeah so there’s obviously not there’s not much the differentiates the two right and It’s all about community so what uh what else is all about Community social media right and so how long did Facebook last how long did Myspace last long time how long did uh what was before my space your space yeah Yellow Pages there was nothing No it was the uh the yearbook right oh well it was a diet lap oh well oh yeah AOL chat rooms I don’t remember that all right I actually do remember that um I do remember that you know so yeah it’s all Community Based so it’s really until until there’s infrastructure It’s Community right do you see Community as a utility no Community is not a utility some people what is the utility of community it’s a community no I’m asking you a question like if you were to describe the utility the sense of camaraderie togetherness and people you know but what is that What utility is that if people people’s utility no you’re you’re you’re just you’re just reusing the word so at what point does it the the community cause a function what I’m asking you is what part of community is a utility like and it’s a real question I don’t know Like maybe I’m missing something maybe maybe a maybe a project becomes uh more functional if there’s Community I don’t know I’m like literally asking a question because I can’t think of anything and so for me I think when somebody says Community is utility I think that’s just them reaching and Trying to push back an argument when people say there’s no utility but well there’s Community like well that’s a different thing that’s like saying like like uh well you need education but I got friends what’s friends got to do it for instance education like how like he you get what I’m saying it’s Well I’m popular well popular doesn’t doesn’t equate to education that’s all I’m saying I just want to answer because I’ve heard it too it’s not like you’re saying something I’m I’m new to it’s been repeated over and over again but uh at what point does community become A utility because I don’t understand how it does news cryptos said the communities utility is exit liquid that’s pretty good that’s pretty good guys if you’re new here say hello um how’s your weekend manager have a good weekend yeah yeah I had the uh the rant ramble And we hung out with xrp people and we didn’t go to the convention oh it wasn’t uh we didn’t we couldn’t get media passes and so I ain’t got two grand just laying around hell no I mean I do but it’s it’s not for uh Anyways so Rob why don’t we go ahead and oh actually let me start let me kick us off here so we do this every single Monday let’s kind of get a overview of the week on the macro side and what to expect so huge week this week as on Wednesday We’re gonna get our CPI numbers inflation rate month over month year over year also Core is coming out and also the inflation rate is China as well and then the on Thursday we’re getting our PPI numbers something that some people follow I typically don’t it’s the Michigan consumer sentiment it’s kind of uh Gauges people’s sentiment and how they’re feeling about the market and the economy so those are things to look out for we were came in at five percent on the CPI last month what are we going to come in this month year over year uh some people are saying we might see that Inflation rate take up others are saying we’re gonna see a small tick down uh but what we do know right now if everything stays the same CPI even if it stays at five percent our terminal interest rate is 5 500 to 525 basis points so five to five point two five Percent you want to be at least at or above the inflation rate on the terminal interest rate to be able to combat inflation theoretically we’re there now unless inflation starts to go back up I don’t see a scenario where the FED continues to hike rates I could be wrong Uh do you kind of share the same sentiment Robin if if CPI comes in on Wednesday lower or even the same if our interest rate is at or above the inflation rate why would the FED need to hike rates right I mean nothing is off the table I mean I think it’s Not I don’t think it’s reasonable for them to raise interest I don’t think they should have raised interest rates last time and I I was hoping they would pause I mean we see what it’s doing to the banking system and at this point they have kept echoing over and over again Hey we need to get inflation down to two percent two percent two percent we are still more than double away from that and it’s not speeding up it’s slowing down and so I’m concerned that if we still are stuck at five percent they might just increase it more it it is on The table this is realistic possibility oh well well the banking system can it hold up I don’t know man I think this is uh this is interesting man and and this is uh this is pretty equivalent to what we had and was it the seven it Was the volcker area era 70s 70s and 80s 70s 80s late 70s early 70s so very equivalent right and and someone put it in a perspective for me uh on one of these traditional um Financial analysts and they said there’s four times as much debt in the system and leveraging the System and money were in the system and so you have to take these interest rates and and correlate that as well and so the interest rate being five percent they’re equating that to the volcker era during that time period being a 20 increase on the interest rates as far as the Impact on on the economy so right now four times as much Leverage five percent interest rate by the FED that is essentially about the same as 20 percent back in the 70s and 80s if you if you were to kind of compare and contrast the The Leverage But we are we’re definitely in a much worse situation financially and economically now than we were but I mean it kind of makes sense right if you got four times as much you know GDP to debt and money in the system and you take all the factors and and you account for that I mean it makes sense right and I know how much further can we go before I mean things just collapse because we’re starting to see cracks we’re starting to see things break I don’t know Manny and and the scary thing a lot of people are economists are Saying this is literally the very tip of the iceberg yeah and it’s a big Iceberg what we’re seeing what’s actually happening right now is that we have the potential for Bank runs but it ain’t the Traditional Bank Run I mean it might have a little bit of that sprinkled in But it’s not that people are afraid that the banks are going to go under is that people are chasing yield I I think the failures are not part of it as well but hear me you hear me out they’re chasing yield so why keep a million dollars in the bank at point Zero one when you can go get a money market account you can go uh get a treasury you can you can receive five percent in treasury Bonds on on a on a two-year note why why on Earth would you keep it in the bank and so you have you have just Money this is the M2 money supply is literally a measure of savings accounts and money in circulation and that is dropping and we we automatically think well it’s because the FED is shaving off the balance sheet no what it is is money’s leaving the savings accounts and where are they Going they’re going into speculative markets it’s going into the bonds it’s going to treasuries it’s going to money markets and if this doesn’t change soon why why on Earth if you had a million dollars sitting in in a bank account you didn’t plan on moving it anytime soon Would you keep it in a savings account David no yeah exactly especially if it’s not uh especially if it’s not predicted right yeah but the reason you would traditionally keep it in there is because it’s more liquid you can get it out right and but here’s the thing if you can get If you can get a one-year treasury note at four point two five percent it’s a no-brainer so you pull your money out of there and you put in the government and then Banks start collapsing and then when they have to sell off to account for that withdrawal Well you know what the banks are all holding notes as well the banks are all the banks are the ones that that were incentivized by the one and two year treasury notes the 10-year treasury notes of five year treasury notes because why they were printed free Money if you were a bank you were said hey we’ll give you money for free for zero zero percent interest so here this is this is what this is how we got here right I’m gonna keep this one short this is how we got here you’re a bank The interest rates are at zero you borrow from the government zero percent and then you put it back in the government and earn 1.5 percent so you can literally it’s just like a circle you just borrow and you you borrow and you and you buy borrow buy Borrow buy and so you’re borrowing at zero percent and then you’re earning one point five percent so there’s no there’s no there’s no downside risk unless people want unless people want their money back and now all of a sudden your five-year treasuries are underwater because the high interest rates up to five percent And that’s why we’re at it no you mentioned money A lot of times I want to bring on someone whose name is money magic internet money let’s keep internet money hola what’s going on guys what’s up magic how you doing bro I probably got like the worst Olan in the crypto space I’ll work Believe It or Not Robbins is pretty bad okay my kids man I wish I could do that no no please we we’re good we got one we’re good yeah yeah I do it everywhere man and I’m telling you we were we were uh We were on a little road trip we were uh we were down in Atlanta and we went we’re in the Starbucks line and uh yeah I guess Starbucks the best one was uh we were at the uh you know we were at grocery stores we didn’t know we were at the Mexican Grocery store and I screamed a lot and David got kind of nervous and I was like yeah maybe I shouldn’t shouldn’t do that here wow anyways it’s been a while since we uh since we brought you out man how have you been you’ve been making money on This on this crazy meme coin run here what’s going on I did not partake in much trading in the last couple weeks because of uh the buy bit moving uh to kyc kind of messed up my exchange so I’ve been working on getting everything offloaded and moving Over but still doing ta didn’t I don’t really Chase meme coins too much that’s never been my bag you guys know that um I do a lot of the big caps I trade a lot of Bitcoin things like that so for me that’s been business as usual trading’s been good in that department Uh and just kind of trying to find a new home for where I’m going to trade uh you know full-time looking at quite a few different exchanges otherwise yeah okay cool man well good luck with that uh since we have you on Rob why don’t we Take a look at what the markets are doing and we’ll get some TA from our friend magic here all right so just in uh overall look here we got Bitcoin coming in it twenty seven thousand eight hundred thirty one dollars and 16 cents uh and then I’ll just take a quick Glance at the the weekly chart you can see we are right where we started at last week at 27 and some change kind of back there again losing some of the very little games that we’ve made this week and uh taking a look at the month uh we Are right right at kind of the same level we were at the beginning of the month and then uh I’ll send it over to you imagine in a moment but I I was talking about this yesterday on my uh my Sunday show and uh let’s see here I’m wrong So you know what I I am drawing a blank here on you know what I’m not drawing a blanket is uh Magic uh we have breaking news last week uh a new pattern emerged in the world of ta it was the Western camel pattern yes the Western camel uh do you Trade yeah do you trade that pattern at all or what are your thoughts on that pattern I’m completely not familiar with that I need to be uh I need to be caught up don’t worry Rob’s gonna launch a class on all the uh unique patterns that he finds in the charts so Um anyways I will uh I’ll pull up the the Bitcoin thing here in a second but uh uh you also got ethereum uh closing in at eight one thousand eight hundred and fifty dollars and then some of the biggest gainers on the day Stacks up eight percent I wonder what yeah that’s Uh obviously this is a scaling solution sort of it’s more about utility on the blockchain network on the Bitcoin Network uh and smart contracts but I’m you know what it’s maybe a uh a resource to uh alleviate the congestion that we have on bitcoin right now uh flare up and then Some of the biggest downside Pepe down 31.and then uh also a few projects down multiple uh you got sui and Casper’s down 11.sui is a straight dumpster fire when it comes to tokenomics and uh I I would be very careful all right now Magic oh wait oh yeah so I uh I got the uh I got the 401 here so where where I was gonna get at is on the the Bitcoin chart it’s been almost exactly two months and I’m not a Savvy on the uh on the um trading view so I’m just using This here but anyways uh we traded for about two months exactly from November 15th to January 14th essentially where over two month period where we traded at 16 to 17 then we had a two month period where he traded between 20 and 23 and now we have in one exact a week from Today will be a two month period where we are trading at 27 to 28.so for me just kind of looking at patterns I’m like hey we’ve uh we traded we’ve Consolidated and traded sideways at certain levels uh a certain two thousand dollar range 16 18 22 to 23 and now 27-28 Do you think that’s gonna happen again is this trend going to continue because I don’t know I think one week it’s gonna pop off why are you laughing Rocco uh you know it could um the reason it trades like that is bitcoin’s constantly hunting liquidity so what it’s doing is you have people Taking both sides of the trade often so when you get ranges like this the reason they last that long is someone’s building a position on both sides essentially and eventually one of those sides is going to win out so it’s going to continue to hunt stops and liquidity Until there’s exhaustion and so that’s why you see the ranges that you see and then you know you get a trending move um it’s just you know things like Bitcoin are gonna probably range anywhere from 70 to 80 percent of the time and then Trend you know a very minimal amount so Um you know it is interesting to see them be so like each other though in terms of time it’s not always going to play out that way but uh you can certainly do it there are people that use time in that fashion whether it’s a Sign line or like they just time it out where it’s like okay about every eight weeks I think um oh what’s his name he’s very popular he’s uh he’s got a huge following Gareth but Tom no oh man he’s macro oh yeah he’s a macro guy but he trades 60-day Cycles Um so that would be his thing his 60-day Cycles he does it on gold and other Commodities as well leadership does it Bob Lucas that’s his name Bob Lucas if you’ve ever heard of him for your journey for Bitcoin one of the guys that I started watching when I got into Crypto back in like 2017 and 16.he’s been around a long time big County big account on Twitter he should definitely be following him magic you mentioned Trend what’s what’s the macro trend on bitcoin looking like um and then what’s structure on the chart look like you Know this whole thing with the the Bitcoin now we’re being bogged down and binance halted withdrawals and we’re gonna get into that a little later in the show but from a T8 perspective what are you seeing so as of right now you’ve got a local uptrend obviously like here on the daily Okay so very very simply put you’ve got a nice uptrend um however if you just look left you can see where you’re getting held up at you really need to get your way back in above about thirty two thousand dollars um this region of the chart you know no Exact number here because it’s just not necessary at this time but something like right here you’ve got to get back above that and you can see why it’s just basically a back test of an old range at this point so as of now this on a macro You know higher time frame the trend is technically still down um you know if you’re looking at it from that perspective but the ball in the short term is still in the Bulls court so you know we can’t just be calling for 10 12K from here there are people doing That I think it’s a little premature um but you know if you you go big on the calls you win big sometimes and nobody really cares because they don’t remember if you lost right um so it’s one of those things where that’s what people are kind of doing Right now everybody’s got a side I’m pretty neutral on it as long as it’s above 24cm 7 24 7 is your quarterly average or the pivot in this case so that is just your high low close divided by three and it’s essentially a mean reversion tool meaning that this was the Average of price for the first three months of the year so for me we know that it’s coming back to this at a really high rate usually it’s upwards of 70 80 percent that these get tapped in the next session which would be going until what the end of June this time so You’ve still got quite a bit of time before this can come back and tag its average from the prior session and once you’re at that average you want to see our buyers present do people still feel this is a fair value for the asset um an extremely strong trending markets You actually won’t come back to it at all it’ll continue on without it whether it’s to the downside or the upside right um so it wouldn’t be out of character for Bitcoin to come back to this 24 713 Mark which is a really important structural pivot as well if you go out To the monthly Candles now you can just take a look and you can say we spent so much time consolidating beneath 24 7 right here okay so you can see the line on the chart and I actually yeah we’ll make it thick so that everybody can see it just in case at home Tough right here 24 7.and if you look at it on the weekly even it’s still no closures above that high for quite some time before you did so if you came back to your quarterly average and tagged this it really wouldn’t be the end of the world however once you start living Below this you’ve kind of found your way back into here and I’d start really looking for about 20K again maybe even as low as the yearly open around 16 and some change um but you know that’s that’s when you can start getting really worried so is This a good place to start hedging short it is actually this is a great place to be taking profits and looking for the opposing side because you’ve got good invalidation you may end up losing that trade but again good invalidation means that well you’re not going to lose that Much to take it because you’ve adjusted your risk accordingly so for me it’s uh it’s neutral until something gives until we’re above 32k or below 24 7.
you know it’s it’s sideways it’s going to be chasing its own tail stopping people out like there’s quite a bit of liquidity Built up above these highs still so we’re all kind of looking for or any signs that’ll give us an entry for maybe a long to come up and take some of those local highs still and just kind of stop some of those early shorters out but you Know it doesn’t always play out that way but if given the opportunity I would certainly be interested in trading it um I’m actually curious on what our what our chat thinks and uh if you guys think that we’re headed towards the 30k Mark here in the short term or if we’re gonna pull Back and sell off and maybe consolidate Back Down Under 25k or near it um one if you’re bullish in 30k above put a two if you think it’s 25 and Below I’m curious what you guys think also a little shout out here to the chat we do Got uh less than a 50 like ratio um that must mean you only like one of our co-hosts and not the other how you doing uh so uh hit the like button help us out let’s get some people up in here uh also if you’re new say hello so we Can drop an Olaf back at you uh some of the new people we got kachuro uh we got remedial Joe pump Chad Stanford medial keep going BTC sin Big Rob also burmex to all of you welcome to Sin City crypto speaking of shout outs I do want to give a special Shout out to the sponsor who brought you live show and that is Cam’s blue wire technology Cam’s blue wire tech provides your business with scalable I.T Solutions so you can focus on new revenue streams for your business if you’d like more information visit their website on the screen or just simply Click the link in the description of this video big shout out to our Channel sponsor now Magic let’s talk about I know you’re not a meme guy okay but I’m a mean guy I like memes are people like memes now can we look at the Pepe chart I know You’re gonna have to zoom in to like the one hour or the four hour but if if I’m convinced hey this thing it’s the next Shiba Inu right it’s gonna shave off two more zeros I just need to get the right entry point or maybe it’s like what’s a good exit point and Uh that’s a wow what a great chart there there we go is that is that a real chart for Pepe that’s a one week that’s a one week right yeah yeah yeah you know I feel like we’re gonna have to zoom into maybe the one minute I mean I don’t know what do You think yeah no that’s all right we can work with this we’ll make it work all right so stop it uh stop it we’ll we’ll we’ll figure this out so Pepe I actually don’t know anything about this I saw the hype going on no regrets on not getting in I know a lot Of people made a lot of money there’s also gonna be a lot of people that lose a lot of money so 100 my goal is to yeah my goal is just to preserve capital in times like this usually so so you’re not a degenerate I used to be uh you know now it’s more of a Degen on like um every now and then I’ll I’ll play with a little too much leverage but that’s just for fun right oh my God lord it’s uh is this a real this is on finance do we have something with better Information because I feel like this can’t be all the information I would do a bit get or buy bit or yeah yeah we’ll look at bit get look at that look at all that info that is much better I was like looking at it’s like there’s no way they’ve washed Out all these people already but yeah so we’re just gonna Mark the weekly high and open right here so I’m gonna box it off as a pretty key area straight away just because we don’t really have anything else to go off of and that’s all the way down here at 85 110 Satoshi or not she’s like whatever that is in terms of sense I guess um go to the Daily take a look daily open would be quite bullish to regain but that’s not going to happen um this is intriguing watching uh the step by step you know starting off on the more Macro kind of uh the weekly dry lines and then work your way down on the time frame you guys ever want to do that on like even a Bitcoin chart I can leave one blank and show you exactly how you could build everything out without even having To you know really do any other work with indicators anything like that and it’s it’s good you know so um looks like you’re telling me bye man I don’t know no definitely not oh Pepe oh man uh but this thing really ran though good Lord yeah all right so realistically yeah I’m Looking for this zone right here to be quite upfront with you I think you have a pit stop incoming which we’re pretty close to now but I’m gonna get rid of this this is no longer necessary however yeah um pit stop at Point whatever that is five zeros Fourteen eight thousand and then down to uh basically looking for this blue box over time I think I think that’s where you’re gonna end up settling up at least for a bounce here um so once there let’s take a look at our Vault good God Pepe is not a healthy Char right there Right yeah Yep this is probably coming down if this little blue box doesn’t hold this point of control all the way down here essentially at its you know Inception is probably the next Target so yeah so if I were people and I hadn’t taken profit it’s probably going to get a pit stop Bounce here this local low uh it was a weekly low if I recall um is going to be quite important no it’s not a weekly low it’s a daily low is going to be quite important so that is uh 229.845 in terms of the number the Reason it is is one it’s just a really key structural though you can see it even on the four hour here but if you look at your overall vpvr here just for the global range because we don’t really have any times to work off of you can See it’s also the value area high essentially of what information you have so I would be looking at this as unless you’re reclaiming the top side of this range in this local low this box seems pretty likely to me um over time and then if that doesn’t Hold you’re just going to come to the bottom side of the range and you’re pointing control where all this volume was done I don’t even know if it’s worth pulling a FIB on or not but yeah we’ll do it might as well while we’re here yeah you’ve blown through your gold Pocket that’s never a good sign yeah probably seven eight six eight eight six yeah there you go so 786 comes in at the blue box that’s what I would expect unless you can get some kind of a pull-up and if you were gauging this on like a day trading perspective like in This general area what you want to do is just Mark something off to give yourself invalidation meaning like right here like you could say okay well if this level is you know back test that I should be taking profits if it’s reclaimed I can hold for The top side of the range if not it could just shoot down into here so I would just be careful in this Zone because I’m not convinced that this is Bounce territory necessarily uh as I I refer to them as pit stops like the bounce can happen but it’s not like a Reversal or anything um you only hope for like any kind of a meaningful reversal from what I see is probably going to be down in this region right here not Financial advice by the way yeah one thing ever is but especially now when it comes uh to meme coins that’s for sure I hope everybody that was in it made money I hope you guys took profits that looks that looks like Shiba inu-esque that’s wild so what I’m saying and a lot of people think it’s got staying power uh I’m indifferent I think it’s definitely a risky but if you threw like 100 or 200 Bucks in it or something and you know you held on to it through this because that’s the problem is like most people that did throw even just a few hundred dollars they probably took profits like here and then it continued to run up um you know there’s very few people that Held it all the way to this region of the chart and probably capitalized on that movement the consent to the guys that did I’m sure they all have go ahead uh the the kind of thing that stands out from this compared to shib Inu was what ship it was driven by inexperienced Retail and so you had you had the person that had no exposure to crypto uh listen to The Barber or the mechanic or whoever it was and you know what I’m gonna go uh I’m gonna buy it and and these people didn’t care to sell they just kind of Put it in there and they watched it go to zero and they just kind of wrote it off as like whatever this this meme coin pump a little different though man it it really was driven this was driven by are the people in our industry it just I Feel like people got bored and they just wanted to trade they wanted to trade something other than Bitcoin or special you said board there there’s people are tracking back you know uh board apolders were selling their apes and getting into uh yeah so I just think that it and so What concerned me is I was watching this run up and I’m like this is all the influencers the Maxis the people that been in here they’re just the markets just aren’t moving and they see an opportunity to Pile in on something that’s probably going to run Up and you know they’re all going to take profits nobody’s gonna ride that to zero nobody’s gonna just say ah you know what I’ll just keep it there and who knows we’ll see where it is and so that’s why we’re seeing such a massive sell-off on it it’s for the simple fact That everyone in this game right now on the Pepe or at least 90 percent of them we know what’s up we know where it’s going and we’re just trying to make a quick book compared to the shiba inu crowd that was like well I’ll put 500 in it whatever Maybe maybe it’ll get to a dollar you know and they never never sold and so it’s kept its market cap for that reason well I don’t know maintenance speaking of uh interesting world we are seeing we are seeing a massive massive amount of liquidation 71 million dollars Worth of crypto has been liquidated in the last hour geez one hour with 96 and a half percent of those being Longs you have Bitcoin leading the way at 13.6 million followed by eat Doge Litecoin and pepe and we’re down uh 400 bucks since uh Magic came on yeah You know so we just closed a 60-day meaning that the last two months you know when you think about March and April so Bob Lucas asked your 60-day average is actually 26 610.um so I track all these these are things I have to calculate by hand because There’s just not an indicator that does it for us but um you’ve also got your yearly pivot here so these are the two key levels you got to hold on to before you’ll see 24 7 effectively and then if you’re looking at this from a volume Perspective I know a lot of people like to use you know fixed range it was a very very simple play you know you’re back inside the range and you’ve effectively cycled it so you’re coming back down to support right here and then you’re gonna probably come into these Averages again which are pretty major supports because again yearly pivot is there which is your average from the prior year and then also uh the 60 day which is more relevant because it just closed you know coming into May so you would expect to see these at some point Just because the hit rate on them is again anywhere from 70 to sometimes higher than 80 percent depending on the time frame so you know it’s not unexpected it’s just you know timing like where can I get my position to you know hedge short and maybe you know Capitalize on the Range rotation however if these break you know you’ve got a decent size move down coming potentially so um and if you’re looking at it from a market structure go ahead I’m gonna say what are some price targets If This sell-off Were to keep happening is there Like some really strong areas of support it looks like we’re going through some cascading liquidations uh maybe it’ll just be contained into where we’re at right now or you know if the cell off were to continue uh what are some what are some areas of support that you’re identifying So 27 181 is going to be a key level here so I’ll get rid of the fixed range you can note that it’s the value area low so you know the one standard deviation of our volume profile from our break above 25 000 essentially but you’ll notice right here this was Actually something I lined out uh several weeks ago on debate during ta Thursday and I said you know this will be the low that we take and if you reclaim it you want to long that essentially back to the top of the range and so this was a really good Opportunity again for like liquidations but you’ve come back to a breaker and there’s really nothing there now so we’ll probably move through this level and the strong level of support for me is going to be just beneath the the value area low I’m looking for 26 724 and 26.6 Um that is going to be the level that I want to see holding and that’s going to be based off of again the high time frame average from the prior year or session however you want to word it plus the 60-day average coming in there this Is the region of the chart that you need to see holding because if if you don’t you can see what’s beneath you it’s a very quick move um likely some single prints in there meaning that there’s there’s no orders really happening they’re seeking out the next buyer or seller so it usually just Moves very quickly through those areas once once it re-enters them so you really want to see this level holding and you know it may be worth a trade it’s just a matter of what the you know the order flow for me is what it’s going To you know tell me at that time but if that does not hold then yeah I think you have to be looking back down into this region of the chart around 24 7 and then worst case scenario if this is a local top on you know the cell and may walk Away and it happened a little early kind of like it did last year if you recall it happened at the end of March we’ve talked about this actually I believe you know your quarter one in POC so you have a naked point of control from quarter One all the way down at like 23k and if you were to look at this from just a monthly perspective you know this is one of the few times we did not back test our open uh because we were trending so hard so it wouldn’t be out of the Question to come all the way back into this like 23 000 region and then personally if we do that I think again pit stop and I really do think we probably challenge into this low right around 20 000 dollars and come back into that region of the chart so for now I’m Willing to trade this area again if the opportunity is there and if the reaction is favorable definitely looking to trade it but if it’s not I’m not looking to get in a way of a potential train either you know like that’s the thing what does A trade look like if you get down to the 20 I think you said 26 6.are you looking are you looking for it to go underneath to drop underneath the support and come back up and test as a resistance uh or what what’s kind of Your strategy in putting in a long or short if you were to reach that 26 6 Mark and and what what would make you sway One Direction or another and what’s your take profit Target I would be looking at the uh the the point of control of the range again Around 28k again but um for me I I use a volume approach so this is going to be EXO charts you can also do this on atis it’s more of an order flow approach for me I like watching um the open interest and then the Delta so that’s all Available down here you can see that I’ve got the labels up for you guys as well today so time Delta cvd another Delta right here and then volume so these are all five million candles so not based on time they’re only based on volume so as volumes coming in you can See that we’re actually getting them fairly quickly they’re coming in seconds five million dollars entering the market in seconds because you’re getting a lot of liquidations and you can see the open interest which is just a contract between a long and a short meaning the people that are invested in the market People are getting wiped out positions are coming off the board which is oftentimes what you want to start seeing at a bottom so you want to see this these quick sharp moves like this you want to see oi coming off but then you want to see oi climbing but you want to See the Delta right here this percentage you want to see that increasing with it showing you strength in the move and seeing buying imbalances meaning that buyers are stepping in like this is a good candle right here you’ve got 1.4 million buyers 817 000 buyers outweighing the sellers right so you’re Seeing buyers step in and you’re seeing the open Interest come up with it so you know decent candle and you’d start looking for your next you know area for like a local trade I would be looking towards like the daily session so I’d be looking towards like okay where is my Developing daily ballots all the way down here that’s a ways away my V whops all the way up at the point of control you know once you start seeing this right here this is generally going to be an entry and then stop loss goes below the low so If the low here is at oh man I can’t even read what the low is uh 27 310 and you’re getting in around 27.4 you’ve got to think you’ve got about a half a percent you have to equate for in terms of risk management saying okay my stop Loss is a half percent away I’m risking one percent or three percent or whatever your daily allotment is and so that’ll tell you how big your position size is and then you can start aiming for some of these like daily point of controls or maybe you’re trading the New York Session point of control which is a much smaller time frame but it gives you a more local Target usually things like that and you want to continue to see Delta increase so that you know these people coming in that are being washed out now you want to see positions Changing Hands into buyers and strength entering the market with minimal risk so that’s how I trade um I’m looking real time if I’m not at my desk I rarely take trades um because this is my strategy I want to make sure that I’m getting not only close to the best entry but my Invalidation is good I’ve got my reasoning down on why I’m taking the trade things like that so it does kind of Muddy the waters though having to move off by a bit because this is by bit data so I’m having to find an exchange we’re back testing binance’s data Because they do more volume and we’re finding that binance might actually be the way to go and just watch theirs and then we can trade on whatever exchange we want for reversal so that it’s a little more complicated strategy but it is something that’s worth looking at We’re also getting a little more into some open interest indicators looking for better insights on where swing failures liquidity might lie so that we can identify these areas even better in the future so um yeah that’s how I do it but if you’re looking off Market structure like you Were saying like what would I want to see reclaimed um sure I mean you could very easily go out to like a daily chart and start kind of perusing and saying okay where would I start getting bullish again it’s really for me on something like this I Would really want to see the daily open which is so far away to be bullish on this move so I would only trade this locally as a day trade from where we are currently positioned because we’re not at the the low of the range we’re not at My average support So for me these are day trades only um you know you could Mark out your next local low right here if you wanted to and use that as a barometer and just say if we reclaim 27 659.50 here this local low I’d be willing to try to trade it up Into the range where that like daily point of control might be at and then my daily open up here eventually so um also it just depends if I’m looking for a swing trade I would be patient I would be waiting for these areas right here and then I’m looking to reclaim 27 181 and if that’s done I’m looking to trade it up into the range um you know very simply put that way no you’re good it’s it’s good to get like you know a walk through talk through of a walk through of how you set your trades up I think it’s very valuable Um guys if you’re not following magic internet money on Twitter do yourselves a favor at Magic internet M1 make sure to go follow them on Twitter also we have pinned the link to his YouTube channel or you can just search at Magic internet money on YouTube if You want more charts more ta more insight from Magic uh Magic before we let you go my friend is there anything you’d like to leave us with nah man I love coming on here you guys are great uh looks like you guys got a really good show today I’ll be curious To see what Russ has to say with the Bitcoin Network and everything so we’re stoked I’ll be in the chat sticking around cool man well thank you so much magic we look forward to bringing you on again and uh enjoy the rest of your day brother we’ll see you thanks guys take care Thank you uh all right now we got George from cryptozores joining us in about 10 minutes but before we bring him on let’s talk about the biggest news of the day or over the weekend in general Pepe no Bitcoin the OG we’re gonna start here so we had this uh this is tweeted Yesterday almost 400 000 unconfirmed Bitcoin transactions it got all the way up to over half a million we have this this article from cointelegraph Bitcoin is not under attack Maxi’s uh allay fears of a denialist service offensive a sudden spike in Bitcoin transaction fees and unconfirmed transactions spark Concern on crypto Twitter over the weekend of a potential denial of service attack on the Bitcoin Network The increased Demand on the network has been has caught has even caused total fees per block to temporarily exceed the block reward of 6.25 Bitcoin which has never happened before Uh now I got I got I found a got some intriguing things I want to show so these are all the latest blocks that have been mined and you can see here this from blockchain.com you can see here over a hundred percent of the blocks are filled to the max Right so Bitcoin has up to four megabyte block size uh but usually gets around less than one anything over one is considered over a hundred percent and so that is what we’re looking at and if we just click on one of the blocks and you can see here How many transactions are going through each block the transaction fees that are paid and the capacity and so uh this is block number 788 816.141 of the capacity was filled you’re looking at uh total Awards of 12 Bitcoin so 6.25 of the block rewards and the rest for Transaction fees you had a total of 3 300 transactions uh 5600 inputs and over 14 000 outputs with 5.8 Bitcoin being paid in transaction fees now we’re here in The Narrative of all the and we have this as well um the meme craze right BRC 20 tokens so a Lot of meme coins are choosing to launch on bitcoin as a brc20 token so my question is are meme coins our ordinals right ever since Taproot happened and inscriptions could happen on bitcoin and you know you can launch essentially uh you can build on top of the on the network Is this bad for Bitcoin and do we need a new Improvement proposal from the miners to get this thing all back in in uh here’s something like when when we discuss bad for Bitcoin I mean what exactly does that mean is is Bitcoin gonna fail or break the answer is no in The same way that you get congestion for ethereum uh we say uh you know people like oh this is unsustainable it doesn’t stop the consensus it doesn’t stop the fact that uh you know people are gonna still keep using it price is still going to go up now what what’s different though here Is that there’s no Foundation or nah no governing body that make adjustments uh to these concerns and so with ethereum we we do have a road map we do have upgrades and hard forks and the future that will address scaling and where we’re at now is that The Bitcoin Network well it does it can have proposals you know the the bips now this is kind of how we got into this mess was that the one of the uh the the previous proposals allowed uh data to be stored on the uh you know be inscribed On the Bitcoin uh transactions and that’s that’s how we’re at where we’re at now obviously Something’s Gonna have to change if something’s got to change if this doesn’t get resolved because here’s the thing we’re in the middle of a bear Market God forbid we’re gonna do a bull market because remember what ethereum’s Transactions are like in 2021 hey ethereum transactions were way up there I remember uh 250 I think I dropped on on one transaction this wasn’t fermenting either this wasn’t like I was trying to pull the trigger on on it I was like doing a uni swap transaction mid you know in the height Of the 2021 Market trying to get an altcoin dropping 250 for a transaction and you know what we’re actually not that far away from it because uh a few weeks ago we were once again uh getting up in the 20 and 60 Mark uh because of the Pepe craze uh for transactions Now we’re starting to see that on bitcoin hour and this is in the middle of a bear Market I am I am concerned now what uh what’s your solution what I immediately thought of was like is this block size thing gonna come back because that’s not a that’s not a fix right The block size sure you can you can uh the block size you can validate more transactions per block that would also make Bitcoin but that’s how we got Bitcoin cash that’s how we got you know the the bsv like that’s that’s not gonna work I’m telling you it’s not gonna work at all Now my my thing is uh hey they’re gonna do any kind of scaling Solutions are they gonna have something that could uh improve throughput or maybe they just try to prohibit nfts that’s an interesting one as well they would have to take away they would have To buy that and that that’s why part of my question is do we need a new bip do we need a new Bitcoin yeah yeah we will and you know what so right now it right now it’s okay right right now I don’t know is it binance had to Halt withdrawals people Are saying insane amounts of money Myers are making money I get that I get that but no Nothing’s Gonna Change anytime soon but when this gets into the height of the bull market and all of a sudden it it becomes extreme and let’s just say that like all exchanges start halting Transactions of Bitcoin for a certain period of time uh obviously there are workarounds you have the lightning network but I mean that’s not the same it really isn’t and I I don’t know what the answer is but the thing is is though the one concern I have here is who who proposes The the Bitcoin uh uh Improvement proposals the VIPs who it’s the miners the miners are the ones that vote on and who was making the most money from traffic well it’s the miners and if the miners are making more money why would they vote to make less money right That’s a good point and we also know how long that’s my concern because right now miners are like this is great this is great and imagine when when their revenue quadruples during the uh the height of the bull market and and this is this is why perhaps the centralization of the Bitcoin Network When it comes to mining is not a good thing and we’ve talked about it over and over again and think about this as as this arms race for for Asics and hash power continues you’re getting just a handful of companies are making profit and then turning that profit and and Buying more Asics and in turn getting larger and in increasing the Gap and running away from the competition and so the likes of me and David and you you have little chance and little hope of ever getting a Bitcoin mining reward for the simple fact that the competition is so strong And so for me I I’m just like I don’t know what the answer is I I know you’re kind of you threw one at me but what I’m saying is that right now I ain’t got nothing gonna change because the entire perception of Bitcoin is that you can’t Change anything you’re not allowed to touch it like you hear Michael say to talk about all the time he’s like he’s like you can’t you can’t mess with it it’s immutable it’s a commodity like no this is technology technology supposed to upgrade when you’re not using Windows 95 operating system on our computer Anymore we got Windows 10 Windows 11 which I refuse to upgrade to by the way I refuse I will stay to I will stay with Windows 10.
but what I’m saying is that things change obviously things that you don’t plan for there’s things that Satoshi couldn’t account for yeah do you think Satoshi Was like all right so we’re gonna not gonna change anything but he can never speculate the fact that nfts I don’t even know what nft was at that point but you know nfts were being transacted on there and then you’re gonna have meme coins like I think about That satoshi’s probably like what does it mean you know you got meme coins like that’s the thing and so yes to preserve the original blueprint is important to to preserve the mission but let’s not forget why Bitcoin is here is to provide an efficient and actual usable Network That we can do peer-to-peer transactions and right now you can’t do a peer-to-peer transaction but is that but but it has Bitcoin evolved from peer-to-peer to store of value to digital gold to uh Nation you know World Reserve currency because I don’t really think it could be both it’s extremely Secure and now at this exact moment you got to pay a premium to use that security and it originally it wasn’t oh hey you need to pay to play in this club and very similar to where it was in in the run-up of the bull market in 2020 And 2021 where hey you want exposure to all coins you need to pay this high gas fee if you want to participate and hey you want to participate in the Bitcoin Network you’re gonna have to come out of pocket and I just don’t think that’s what Bitcoin stands for and I don’t Think that’s I don’t think that’s gonna It’s Gonna Last and I’m just concerned in the next bull market how high these fees and how how high this mempool will get with these transactions just sitting on the side it’s not good for us who knows but you know what I’m excited to hear I’m Excited to hear from our next guest he is George I am Georgian we are all George today so let’s go ahead and welcome in our guests George my friend how are you hey I’m glad to be here glad to be back how are you guys we’re excellent my Friend thank you so much for joining us again we know you’re a busy man in high demand you got an awesome new show out fomo or pass I want to kind of start there um and then we’ll get into this Bitcoin stuff here in a second how is that going That is such an intriguing show to me uh it’s not a shill where oh it says we’re all George oh look at that George it’s not a it’s not your average hey I took some money I’m gonna talk about a project I’m showing it it’s more like Putting people on the spot tell us why your project is good what inspired you how is that going and you know if you want to kind of talk about that a little bit sure I mean I I think it’s a new type of show I don’t see anyone else doing anything Similar uh actually the idea came from actually Brian who I’ve met and he’s my co-host on the show um you know he’s a VC he gets pitched a lot and I’m like hey you know what uh I have this idea let’s try it out and also This idea came from the next crypto gem which is uh reality TV show for crypto that will be debuting in July and and that had a lot to do with it as well but you know I think we see a lot of shows a lot of collaborations a lot of Interviews you know we see that in crypto space but we don’t really see you know some of the nitty-gritty kind of things that’s happening behind the scenes or how projects really are when they pitch to VCS right the VCS are asking questions normal viewers may not be wondering about for example locking Periods okay one of the projects that was on the show you know I specially looked at their Cliff investing period right and it was just very off to me right like that’s something that a lot of people don’t look at in the crypto space but you know I think it’s it’s Interesting I think a lot of people uh you know uh can learn a thing or two right and we we had three episodes so far so good you know I would love to see more promising early stage projects you know pitch us and uh hopefully uh you Know some of these projects become giant behemoths of the crypto space in the future um but yeah that’s that’s kind of like the premise of showing how it came well you know what I like I like the fact that you have a kind of a neutral playing field where we can talk about Projects without automatically being deemed oh hey you’re pitching something or you’re trying to chill or sell because if if we were to talk about small projects over and over again even if it wasn’t in in any kind of uh compensation uh in return it’s it’s hard to justify that you’re Doing it simply to cover the project if it was to go south in the future and so I feel like having a space where we can talk about new projects with out the fear of getting ridiculed for simply trying to inform our viewers on on What’s out there I I’m all in favor of it I think it’s great I agree and I think it does a service to not just the crypto Community as a whole but to some of these projects who are trying to change so you know who knows maybe a Project comes on your show and they end up changing the landscape of nfts or crypto or blockchain and they would have never gotten that chance if you know they you know you didn’t offer up their your platform to them so a big shout out To you there also I want to give a big shout out to our community if you’re new here please say hello we’d love to personally welcome you now George I’m going to ask you the same question asked Robin I know you talked about this on your show earlier right Bitcoin all These ordinals you know block size it’s meant to be one Meg it can go up to four mags it’s it’s over 150 200 percent we’re seeing more fees paid to minors from transactions than the actual block reward which has like never happened before so do you think we’re gonna see a New Bitcoin Improvement proposal do we need to see one Rob brought up a good point and said well the miners Really Gonna vote for them to make less money what are your thoughts there would you if you’re a miner would you look to bring out a new Improvement proposal to Get you know the Bitcoin Network back in harmony they have to right they don’t bring it back in harmony it’s gonna be worse off for everyone if if the network becomes so congested and you have hundreds of thousands of on on uh unprocessed or unconfirmed transactions right it’s It’s not gonna be good let’s go turn people off people are gonna move away from Bitcoin and even though temporarily the miners may make more but it’s not good overall right uh I think it’s still very early right right now I think Pepe changed the game we haven’t Seen this much excitement towards meme coins since 2021 early days of 2021 when nashib went up right and we’re coming off from the bottom obviously uh we had a horrible 2022 year so there are there are definitely uh a lot of projects um you know including Pepe that have Kind of brought in this hype again it’s not all coin season it’s more like meme coin season um so I think that’s why you have this insurgence of interest in meme coins and even and also nfts and they’re not just you know they’re not just ERC based Anymore right now it’s moving to bitcoin so I think overall this is good for the entire Community because it makes people excited again it brings more people into the space uh however what’s going on the Bitcoin you know what we had periods where yeah transaction fees were really high I Think Robin I call Robin saying uh you know back in the bull market like 2017 we we experienced it that’s why we had a contentious Fork over block size right so we have seen periods like this before and then it just kind of went away uh so will this stay If it stays for a very long time then yes there probably will need to be some kind of change um but if this is temporary then then no change is needed but I do think like someone like binance they’re they’re making a right move in terms of adopting Lighting Network and I think others other exchanges like coinbase and Kraken and Gemini and others around the world would probably follow so that will help also Walla makers right we still don’t have a lot of wallet makers that’s also uh that that’s adopting lightning yet so they probably you know they probably Will and they’ll help so there’s a lot of things that the community can do in the meantime to kind of help with the situation they just haven’t yet yeah I’m I’m concerned on what when the nft sector grows as well so on then the next bull market for example you know I’m anticipating uh more nfts than just the jpeg style and to expanding the media into audio and video I think that is the next era that that we might see and right now this meme coin thing is driven by uh the not it’s not driven by This new money and and what we saw during the the shiba inu and and maybe the Doge run up was that he had inexperienced investors that were entering into the crypto Market without any experience in crypto that and now what we have here is Savvy crypto investors people had been in the game For a while and this is the majority of the people that are getting into Pepe it’s it’s the people I never thought would talk about meme coins uh you know talking about how excited they are for Pepe and other and other tokens and and and what I’m just curious is like what Is this thing gonna look like when when you have have perhaps songs and videos and those get integrated into the Bitcoin Network because it’s not a matter of if but it’s a matter of when nfts started start incorporating more uh more broader media and I don’t know I I’m just I’m pretty Concerned when it comes to you know this this transaction uh throughput with Bitcoin the mempool size growing as much as it is and us being in the middle of a bear market and something needs to be addressed uh but you know that Mantra that the Bitcoin has that you’re not Allowed to change it uh that Michael Saylor you know mentality where hey it can’t be touched I I don’t know it’s concerned Michael sailor uh as much as we like him uh he’s wrong Bitcoin has has been upgraded before yeah we had segwit upgrade and the only reason why inscriptions are Allowed is because of Tap Room upgrade so Bitcoin network has been upgraded just not to the extent um like moving to proof of stake uh like ethereum but we’re going to upgrade upgrades do happen all the time yeah yeah it’ll be curious to see what the if There is one what the next one will be will they roll back on on Taproot I don’t even know if they can do that will they try to raise the uh the block size I don’t think that would be a good idea no um the the big winners here is definitely The lightning Network and the scalable Solutions we’re seeing a big rally in Stacks uh which uh you know is something that works on the Bitcoin Network as well uh and you know maybe this becomes maybe this is one of the next sectors to pop off and you know we’ve seen other Areas where hey uh 2021 you can look at nfts rallied D5 rallied metaverse rally this might be an indication that the scalable Solutions or projects that are building on bitcoin maybe this is the next area to uh maybe take a look at to find some projects that are building on Bitcoin because Stax is not the only one uh they’re the most well known but uh that’s maybe some I’m gonna keep an eye out for so there might be some kind of hybrid solution that comes out I’m not saying it’s a good one and Bitcoin Maxis probably won’t like it but there could Be some kind of hybrid solution where where the where the nfts or you know like you said audio or whatever that may come out is stored somewhere off off bitcoin’s chain yeah while the transaction is still processed on chain something like that yeah you know I’m just thinking like there’s a lot of Possibilities um we’re just we’re barely scratching the service not to forget the layer zeros as well so you know you got the likes of Cosmos which is building on the on the Bitcoin Network and adding uh interoperability so I’m curious to see how some of these more well-known Projects that aren’t a hundred percent known for their Bitcoin uh integration but perhaps they’ll they’ll find more utility and use case uh in in times like this where throughput is challenged so and Daniel Nason uh brought up a good point said ICP is already working on this yeah they’re uh their their Bitcoin Can or their canisters uh looking to scale Bitcoin so we’ll see what that plays out but what we do know is any Improvement proposal is takes a very long time yeah proposal send it it’s like it’s like it’s like our Congress here right someone uh put something on They go change 20 different things they send it back and these people change it and then it gets voted on takes forever now George I want to shift away well we’re kind of staying in Bitcoin but we’re going more macro okay I want to share this uh I want to share this Article and I want to get your team I want to get both your takes on this U.S banking turmoil now bigger than 2008 financial crisis but real storm hasn’t hit yet said Economist Peter St aung is a source from uh daily huddle Economist Peter cyanong says the current banking Crisis is already larger than the terminal witnessed about 15 years ago which was the great financial crisis or the the great uh the Great Recession cenong says the investors should brace for more collapses even though the Federal Reserve is saying otherwise he said quote so paired with the collapse Of First Republic last weekend by assets the 2023 Bank collapse has now officially exceeded the 08 collapse with apparently a lot more to come from this quote very sound and resilient banking system of ours he’s being facetious of course cenong predicts that hundreds of banks will go under in the next 12 Months as the economy feels the Wrath of the fed’s aggressive interest rate hikes over the last year and he said in raw numbers the 25 U.S banks that collapse in 08 were followed by a drum beat totaling 440 Banks failing in the following four years Now George I want to ask you first do you agree that this is just the beginning but is it going to be different this time because now we have the crypto ecosystem we have Bitcoin or are we just not there yet for people to leave traditional Banking and come into our space I think I think for sure it’s it’s already happened you’re seeing whenever you’re seeing any kind of news about Bank a bank failure or Bank weakness Bitcoin actually pumps up a little bit so I I think we’re already starting to see that but of course reality is not Everyone is as go withdrawal you know from from all their bank accounts and trillions are gonna come in immediately next day or next week right so that’s reality uh we’re not there yet right but we don’t need to be this is the start this never happened before Bitcoin didn’t exist Uh until the last you know uh banking crisis back in 2008 that’s why I was created in 2009.so Bitcoin has never gone through a period like this and it’s starting to show that yeah it actually works you know people are actually recognizing it as an alternative as a Store of value right because if you take your money out of the bank where else you go put it besides under your mattress you know and that’s not a good place for it where else are you gonna put it right if you truly believe and you truly understand how money Works um Then your conviction in Bitcoin just it’s infinite like you just you just know that it is better you don’t have to sell people on the price appreciation which which we know will go up supply and demand it’s really that simple right but if you truly understand how the financial system works It’s so mind-boggling how bad it is it’s like the biggest Ponzi scheme um ever and it’s every country um it’s it’s just so crazy that our government can be operating this way right um and that’s why Bitcoin is created and that’s why more people are turning to it But we’re we’re just at the beginning uh eventually maybe in another 20 years 30 years 50 years uh Bitcoin will be you know in the millions and then uh maybe yeah maybe 50 of the population or or even more so at that point uh have their Savings in Something like Bitcoin instead right but we’re just not there yet but I think we’re starting to see the trickle into Bitcoin from the banking sector at this point I agree and you know you’re seeing you know you have JP Morgan Chase come out and I don’t Know if you guys caught this or not but I didn’t really see any articles but Jamie Diamond is saying that he foresees Short Selling shorting stocks or or more specifically shorting Bank stocks is going to be made illegal because of what’s going on yeah uh did You did you I don’t I don’t think did you cast any of you catch that George or Robin uh I did I don’t think it was from what I don’t think I was from JPMorgan I think it just I forgot who brought it up but yeah there’s some talks about how How shorting Banks right now is dangerous and this and that well one of the concerns I had Jerome Powell and his uh uh press conference after the uh after his announcement of the rate hike you know he came out and said that hey the deposits or Bank runs are happening At Breakneck speed and it’s pretty concerning and that perhaps regulation should be passed because in the age that we’re at now where hey you can have an entire pop you know have you know the whole population can get a tweet and all of a sudden you can freak out and remove Your money from a bank cause a bank run instantaneously and uh Jerome Powell had stressed that uh he is things that regulation should come down to prevent this now immediately what I think is like hey you know what what would regulation look like to stop a bank run Especially in the age of of uh digital technology and for me the first thing I think about is hey limits on withdrawals and that sounds awfully familiar to the the cbdc uh conversation we also have the FED now rolling out and I think it’s like two months as well and so I think This is the environment that we’re in now and when it comes to the banking crisis you know in the past uh before 2008 you know the the economy would grow and would take on let unnecessary leverage and risk and then it would shake out the the the the parties that took on too Much risk in the form of recession kind of have a a reset of sort and then from there you would build and grow this is not the case anymore and anytime there’s any Financial instability the government just prints money our cost or our expense and prevents a recession or Reset or a cleansing of of too much risk and Bad actors and this isn’t going to change anytime soon it doesn’t seem like it and so it is nothing but more conviction for me in the crypto space and is why I’m trying to beat the drum because many people Like to wake up and look around them because a dollar is failing the purchasing power is is is you’re losing in it and in any crazy Pace it used to be that hey you know over the span of 10 20 years you would see your purchasing Power you see the price of gas maybe double but this is happening in three years now and from 2019 to 2022 or 2019 to 2024 it’s like everything is at least two times the price in the span of three four years on top of that you have Countries kind of ditching the dollar in trade and starting to settle on their own um it’ll be it’ll be interesting to see now uh we have CPI numbers coming out on Wednesday um I I brought this up early in the show and I want to get your take on this George but our terminal rate right now is is five to five point two five percent okay our CPI numbers last month the year over year was five percent if we come in at five or lower what do you expect the FED to do because the theory and Theory to beat inflation you Want to either be above or at what the terminal rate compared to what the inflation number is what do you foresee happening if let’s say inflation comes in at five or under and also what do you see happening to the contrary if it comes up above and what kind of Ripple Effects do you think that can have on the crypto markets Paul is going to be in a very very difficult spot if the inflation if CPI goes up okay um he I think right now is sweating he desperately wants to see that number come below and here’s why because he has He has moved the rates up from essentially zero percent to five percent fastest in history okay uh having major effects on the banks now especially the regional Banks the larger banks are still okay because people still believe in them so when people take their money out of their Regional Banks they tend to Put in a bigger bank until we see a bigger Bank go under uh the bigger banks are probably going to be okay but the strong the smaller Regional Banks and when I say smaller they’re massive that article you talked about how our crisis now is bigger than 2008 is because the Regional banks have gotten so big that their assets are enormous right First Republic it sounds like they’re like a small Regional Bank no their own they were almost the same size as Washington Mutual that’s how big they are right and um and that’s why it’s no surprise that That the current the the bank runs and and the failure so far um you know maybe exceeding 2008 soon right so there’s no doubt about it the number of dollars that has been circulated since 2008 I mean it’s like three times the amount it’s crazy how much dollars has been Circulated since 2008 but anyways uh going back to the point of I mean if you just look at if you just look at what’s happening right now it I think fed share Paul got really really lucky he’s been doing what he has right and even though he’s bailed out a few Banks Overall the economy has been strong okay so from that perspective he’s been lucky unemployment has been low the the jobs uh the jobs Market has been hot very hot he always says 1.6 jobs per unemployed person right but what he doesn’t talk about is well there’s different kind of Jobs there’s white collar jobs Blue Collar jobs and there’s many different kind of jobs so even though it may seem like there’s 1.6 jobs open for everyone unemployed it doesn’t mean that there’s a match there however he’s been lucky right but now we’re getting to a point where you’re starting to see Unemployment go up jobless claims start going up the number of jobs available even though it’s still hot starting to come down right and with the banks so weak now he can’t really keep going with the right hikes if he does it’s going to send the U.S into a much deeper Recession that will take us much longer to recover from so he really does not want to do that from what my interpretation is this last of uh fomc meeting is that he wants to stay at five percent is five to five point two five percent and he’s going to monitor the Situation and if things are good meaning if the CPI reading goes down great great he doesn’t need to raise rates anymore inflation is still coming down that means we’re enough that’s why if this reading shows we are heading back up that would be bad very very bad and put Him in a very difficult spot because then he has to complicate complement no he has to think uh whether he needs to raise the rates again in the next fomc meeting which will be absolutely horrible and I think what we can’t forget is the debt ceiling looming right uh yeah They gotta vote in to raise that debt ceiling and we understand the way it works you continue to raise the terminal rate well guess what your debt gets more expensive right it gets more expensive the service your debt we’re reaching a trillion dollars in just interest payments but on an auto bullish Narrative you know the the interest or the inflation number is a uh annualized year-over-year and we did hit all-time high in July of last year uh June June so if there’s any any uh any light at the end of the tunnel you know it should See a pull down just for the simple fact that that was the high so and you also got to remember too this year is the first year they went from hey let’s take two years of data to now only one year of data with their basket of goods that they measure for Inflation so coincidence I don’t know but I’m curious George if if we do get into a deeper recession which a lot of people saying or I mean I think we all agree we already are in a recession just how much deeper are we going to get chair Powell went from soft Landing or To no everything’s fine to soft landing and now he’s saying mild recession which probably means they’re expecting a massive one how do you see how do you see Bitcoin and crypto performing do you think a recession could be the Catalyst for at least maybe let’s just stick with Bitcoin to break away from The traditional markets and to be considered more in line of gold and precious metals in a commodity versus a risk on asset no uh unfortunately I think Bitcoin is not in that position I think right now the narrative Bank weakness is helping Bitcoin decouple away from the the overall Market But if we go into a deep recession everything will sell off we see even gold sell-off in deep recessions we saw in March in 2020 when we had the covet pandemic crash everything crashed it wasn’t just Bitcoin thou went down 3 000 points in a day and we saw gold go down As well right so that is something I don’t want to see if we go into deep recession let’s say I don’t know starting from June July we go in a deep recession for the remainder of this year until the FED is forced to Pivot and start cutting rates say in 2024 I don’t think we’re going to see Bitcoin do well or pivot away from the general markets I don’t think Bitcoins mature enough or big enough uh at this point in time maybe after the next cycle but not not this current time so that’s not something that I look forward to Um and I I don’t think we’re there I I honestly think we’re not there I think the US economy is still strong even though there are a lot of there are a lot of forces working against the US economy right now including fetcher Powell um but uh you know this debt ceiling is Another thing that’s working against it but I think in a desperate move just like all previous times when we have faced this issue Congress will limit it which will give us the ability to print more money um and then always be solved then we just push this problem down the road we Kicked the can down the road until our kids or grandkids have to worry about it that’s not going to change um but we are we are operating as a country that’s uh we’re operating at a rate that’s unsustainable and somehow it’s become the norm um you know to go two trillion into debt Every single year and every time we raise the the debt ceiling it only lasts for about a year and year and a half before we have to do it again and somehow that’s that’s okay and that that should be troubling anyone that that knows anything about managing finances you just know that’s that’s Gonna lead to to a collapse right and I don’t know when that collapse is going to be maybe it’s in 50 years maybe it’s 100 years maybe we could go at this rate for a very long time but it’s going to happen and collapses never happens when they’re expected to yep it’s usually Earlier so I’ll just keep that in mind it’s usually when everyone’s kind of got a bullish out like so so for me you know it was interesting is that generally the markets tend to move against the mainstream narrative and right now the mainstream narrative has has shifted to uh looming deep recession and Uncertainty in the Market’s gonna Crash and Burn which is a stark contrast to when we entered into this period of a recession where like oh this is all transit or everything but passed by it’d be fine just a supply chain issue covid mandates are are coming off and so we Should have a bullish outcome and then in turn you get a recession and now everyone’s saying hey we’re going into deep recession uh the interest rates and banks are failing I feel like this is that point where you feel like the narrative can get any worse and everyone’s predicting the you know the The streets to be on fire so for that has narrative put about them in yeah so for me I I think that I I think that it’s the worst times are behind us I think that we’re going to come out of it I I’m I’m pretty bullish for simple fact That all the quote-unquote smartest people in the room are saying that uh the bear Market is is coming and we’ve heard that Jamie diamonds and all the big CEOs uh when they when they make a big stance on a market moving a certain direction it typically goes the other way You know here’s the thing this is what opened my mind up about the fact that Wall Street is just as reactionary as the rest of us um I I don’t know if you guys remember at the end of 2021 sometime in 2022 maybe like March or April of 2022 when When the markets start going down and fed chairs start raising rates right there was Article published about like the top 100 hedge funds in the US and how well they did in 2021 was so shocking about that is uh and I I don’t know the exact number And you guys could look it up but it was like almost it out of the hundred I think there were only like seven that outperformed the S P 500 in 2021 and there was only one that outperformed Bitcoin and only because they lucked out and they they got into gme GameStop when It was pumping up and that was the only reason and everyone else either operated near zero or in the negative you’re talking about this was during the best year in 2021 after seeing that it made me realize that These Guys these hedge funds that control hundreds of millions or billions Of dollars of assets right and they’re supposed to be the smartest guys on Earth they don’t know any better they’re discussing they’re guessing along with everyone else I mean really that’s what it comes down to there’s so much information out there and yes there’s a lot of figureheads and financial Analysts and everyone making all these calls on CNBC and so forth right but everyone’s kind of just you know speculating and winging it really with the rest of us um but the one thing that we know those of us are that are in crypto and Bitcoin Specifically we know that if you look at a system that is broken um it’s going to collapse one day right so short term we can’t we don’t know where things are gonna go do we go in a deeper session do we not we start recovering you know we could all speculate but long Term we know Bitcoin is the way because it’s the one system that isn’t broken right not like all the other Financial systems out there so that’s why Michael Saylor put all his money in there microstrategy put on when they’re putting hedging everything against um in Bitcoin right and and that’s kind Of how I see it you know that’s that’s uh how I live by it’s like you know I don’t know what’s gonna happen tomorrow or next week I could speculate along with everyone else right look at a macro environment look at maybe some charts on chain metrics all these things But ultimately what I care about is long term and long term Bitcoin looks so bright because of everything else that’s happening right now I agree and George you know it could easily if if you know with what’s going on in Bitcoin and how you know the network I want to say his Network’s broken but it’s not operating at a peak level and so if it was any traditional Banker it’s like okay we’ll just no liquidity we’ll turn the money printer on this needs to fix we’ll just change it that’s the beauty of of decentralization is the pain points it Just works its way through and it gets better and stronger as time goes you don’t put a fake Band-Aid on it and then when it comes off finally you’re like all right we’ll just put another Band-Aid on top of this Band-Aid eventually all the Band-Aids are going To fall off and blood’s gonna start gushing everywhere at least with something like Bitcoin that decentralized it can’t fudge with the numbers you can’t fudge with the supply you can’t do anything to fundamentally change the underlying code of Bitcoin well technically can but it wouldn’t be Bitcoin anymore and that’s the beauty of It through the pain and the trouble and the issues Bitcoin gets better get stronger we figure out a solution in a decentralized way we don’t manipulate it and to your point that is why I’m so bullish on bitcoin and part of the reason I’m sure you’re bullish on Because there was only uh three hedge funds that outperformed the S P 500 I couldn’t find the one that had the that outperformed Bitcoin but yeah so only three out of the thousands of them so yeah so like George said no one knows the hell we’re dude uh George last year We first met you at Bitcoin Miami you said it was your first not sure if it was your first convention or your first Bitcoin convention so you’re going back to bitcoin Miami this year what are you doing Rob I’ll be there too Rob will be there what are you Most excited what are you most excited about you know what just meeting others um you know my new model my motto is really just uh forming meaningful relationships and and um then and helping others as much as I can I mean honestly I know a lot of people just say That I think a lot of influencers and I told you guys this uh you know backstage or you know off camera but I think a lot of influencers a lot of people that are on camera you know what they they they say yeah you know we really support Whoever X and Y and and uh and they made they may say that but do they really do anything behind the scenes to help out these projects right um and maybe some do but I find you know especially with YouTubers influences in general you get pitched a lot and there Are a lot of projects that come and go and you don’t know who to really believe in or support or whatever right so you know I’m getting away from that so I want to actually talk to the industry leaders the projects um that are up and coming really get to Know them right and help them grow and form meaningful connections with others in this space right so that’s what I’m all about these days and that’s what I’m looking forward to is doing the same thing at this conference um just really just really connecting and bonding with others and seeing how I Can help them and maybe how they could help me and and also help each other really that’s it 100 and uh you know a lot of people might say that but at least from my experience you know people like you I know bit boy gets a lot of Crap he helps out a lot of projects as well um and so to you guys you know with the platforms you have I think it is important especially in our space when we’re so new and we’re really like if you really believe in crypto and you you Want it to overtake you know the traditional Financial system and you want everyone to see how great it is and come join we need some of our biggest people who have the biggest platforms to do what you know George is doing and so to that My friend we thank you uh we also want to thank you for joining our show again we know you’re in high demand and so we appreciate you taking some time to join us and pardon your knowledge on us in our community I can’t imagine anyone that’s watching that doesn’t know who George is or isn’t subscribed to cryptos R Us but if you’re not please do so also you’ve been more active on Twitter lately I know you kind of went away for a while but you’re back so uh make sure to go follow George there I’m actually Gonna pull up his uh Twitter real quick just in case uh you guys aren’t following George on Twitter um yeah I’m doing a lot more on uh or on Twitter uh in regards to spaces so um I have a weekly spaces every Wednesday love for everyone to participate even you guys Robin and David um we’d love to you know the little different vibe with Twitter but uh trying to grow out Twitter more and trying to do more inner more interactions uh with people and and just having good conversations with spaces so something I’m concentrating I’m moving forward yeah and since uh since you know Elon took over I think it’s definitely more content creator friendly on Twitter um and so that’s great and so George uh thank you again my friend before we let you go anything uh you want to leave us with or anything else um one of your guys one of your audience Members says uh I was subscribed to George until his Relentless xrp bashing I don’t know where he got that from I do hold the only copy of the most educational xrp video ever created maybe Kyle didn’t see that I play it every so often um there is a smart contracts on xrp you Could uh you could tokenize that video and then put it on the xrp ledger so it’s there for uh yeah wait that’s actually not a bad idea that’s not a bad idea I’ll look into that but I I am rooting my clothing thought I guess is this I am rooting for a ripple To win that case I saw this morning I cover the story how Brad said uh they may be spending up to 200 million dollars in this lawsuit against scene Gary against her right that’s enormous amount and I’m glad it’s Ripple because I don’t think there’s any other project In this space that has the resources uh to be able to fight this battle for an entire industry not just Ripple and xrp is really for an entire industry um so I’m looking forward to them winning and I’m glad Brad is fighting a good fight for everyone so Love to see that case concluded soon 100 agree and whether and all jokes aside whether you love xrp or hate it or you think it’s a banker’s coin or the best thing in the world what they’re doing is is is essentially this is a landmark case that could shape the future of Cryptocurrencies in the US and so we should all be rooting for them we should also all be rooting for George I am Georgia thank you so much for joining us my friend we appreciate you we look forward to seeing you in Miami and until next time take care good take care guys Bye see you later brother uh hey what a good show yeah George it’s great man uh I want to uh so someone so a crypto golfer said dude I got so many old laws I gotta drop hold on real quick crypto golfer said coming to Vegas June Through July and uh email us at uh you can just send us a DM on Twitter Cincinnati crypto1 there you go all right and if if you’re new here say hello I’m back at you I know somebody was like what is a drop in hola well You’re about to find out so uh so I got a long list a lot of new people here so thanks for uh hanging out for the background music going all right we got a Theo crypto poppy Mark Klein which is so funny because that’s actually my Dad’s name Dad are you watching is this Faja and then we got uh Mario C because my last name’s Klein by the way and it gets you honored uh Pat Murphy’s Selmo we got crypto Grady a lotto Nas Nas ver hoofy something we got lung Ming blazing Something and then we got Chris Ergo K amp night Diaz Ricardo Diamond ayc 19 East Bay J Paul Wu Alex 81 little ping a meta Hersh crypto golfer Quant father Shadow trade Sky seam and cyst Anyways to all my new people also welcome awesome says yo you didn’t say what’s up to my boy earlier he said also said Olaf anyway uh I want to give a shout out to Jimmy Jimmy give to 10 Sin City memberships if you are a proud recipient of said Membership we do have some members only videos make sure to go check that out also we add a new hodler member cryptology or crypticology crypticology uh join our hodler which is our level two uh membership program so thank you for all the support we appreciate all of you Speaking of support we want to give another shout out to channel sponsor cams bluewire technology uh if you want to know more of what they do make sure to go check out their website uh or you can just simply go into the description of this video and click the link you’ll Find it on their bluewiretech.com it’s a big shout out guys we are done I want to give a huge thank you to our both of our guests magic internet money and cryptos uh George from cryptos R Us also if you’re new here we go live Monday through Friday 10 30 a.m Civic Center Time if you’re not subscribed already make sure to do so hit the Subscribe button hit that notification Bell by the way the gentleman here is Rocco if you’re not familiar he’s our producer also go check out our merch store lots of new things being added almost I don’t Say every day pretty much every week also if you’re a well member you get 10 off go follow us on all of our social medias we’re most active on Twitter at Cincinnati crypto1 with that being said it’s time for the tornado this is guys it’s my patent protected Trademark not to be infringed upon finger tornado Rocco so proud of that move guys thank you so much for starting your week off with us huge shout out again to our guests make sure to come back tomorrow 10 30 a.m Pacific Standard Time on behalf of Myself Robin and Rocco we love you guys we look forward to tomorrow’s show until then peace Foreign Foreign The Bitcoin network has been under immense pressure over the past few days, with unconfirmed transaction mounting up and clogging up the network.
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