Entertainment Focus code encourager Channel where we take that old boring and stale information and repackage it up in them fun and sexy wait uh before I get to uh ahead of myself and forget that we have a sponsor we have a sponsor it’s Cam’s blue wire Tech uh and Uh they provide all of your networking services so that way you can scale and Well here here’s a hold on I got a script here blue wire technology provides your business with scalable IT solutions you can focus on new revenue streams for your business and the link is in the description Website as well so run the love of your shirt you like it yeah beautiful you know like the flower what what’s that there’s not it’s definitely no desert yeah there’s actually a quaker parrot hiding somewhere in the print here so yeah you know it’s like a where’s Waldo So I am getting ready for my trip to Miami I figure why not wear some Decor that matches the uh the environment so I’m really excited you know somebody say somebody says Dave uh shirt Dave’s shirt okay thank you appreciate it which is gracias uh also if you are new here uh Say hello so we can uh drop a nola back at you uh I will be uh taking inventory here on the names and then I’ll drop them all out here in a second I do see that we had a pump in here earlier and Benny blue eyes Creek Kong as well so to All of you hola ah welcome to Sin City crypto so what’s on the docket today what are we talking about well uh first of all the SEC has officially replied to coinbase’s lawsuit so if you’ve been out of the loop on this latest lawsuit coinbase has Said hey we’ve asked the SEC for some clarity on what is what isn’t a security or what is and what isn’t illegal because apparently they say everything’s legal and so they finally have returned to response also we have a ledger Ledger is keeping your seat phrase question mark So uh yeah we’ll get into that as well Twitter is in a storm about that and then we also talking a little Solana and Solana’s transactions are through the roof right now and speaking of Solana we also have a big Salon a homer joining us today co-hosting this not in place of uh David we have brought in forests so uh there he is man so uh welcome first thanks for uh holding down the show with us today so oh my pleasure I’m glad to be here thanks for having me on yeah man uh we need to get you a Hawaiian shirt I feel Like I feel like you would look I do I’m not I I’m not matching the vibe here but I do have a big wave behind it I already go all right well you know I was in this and I’ve been I’ve been preaching all week that we’re gonna be At 30k this week on bitcoin just for the uh the simple uh price history and a little two-month windows I haven’t had much uh movement in Bitcoin uh I’ll just take a quick look at uh what’s going on in the markets and then maybe we’ll take A look at uh some price action uh so you got Bitcoin coming in all right a flat twenty seven thousand uh 27 2 and you know we’ve been here all week now and you know a nice little consolidation but though down from where we were at the beginning of the month we Were at 30k and uh taking a look at the uh the one-year chart you know it was one year ago we were at 30k as well so you know we’ve a lot gained a lot of what was lost uh over the second half of 2022 uh so a lot of people are saying The bottom is in uh I tend to agree I do think even even in a worst case scenario where we go into a deep recession Banks go under we’ve seen that a lot of money is fleeing the banking system and actually going into Bitcoin and I think This is more uh could be a bullish scenario you’re going to have uh both buy and sell uh pressures on bitcoin if we go into a recession and you have some banking issues one because hey money is you know the the money that would typically go into risk on assets Where some people are just buying Bitcoin as a as a long shot you know at least in their portfolio uh and then there’s another group of people traditional Legacy investors that are buying Bitcoin as a store of value has digital gold and as a hedge against what is going on with the banks With that said uh taking a look at some of the other biggest gainers well real quick we also got ethereum kind of flat is so everything is right near Baseline at zero percent not too much you can see ethereum is only down less than a half Percent same thing with uh uh xrp uh cardano’s down 1.3 so not too much movement there on the downside conflux is up nine percent render token up five percent and Lido up four percent and then some of the biggest losers Cava sui and xdc and graph so there are A handful of projects that five percent but not too much movement uh we’ve had a lot of big numbers coming out on from the from the fed or federal government uh regarding unemployment and with unemployment and and the uh some of the FED numbers anyways going into some of the crypto Bubbles here you do got conflux as well up just as a visual hex little rebound of six percent taking a look at the weekly here you can see hex is down 42 percent and on the month uh it’s num you know remember at one month ago we were At 30k on bitcoin so you can see kind of where we’re at on the whole Market there fair and green index uh yesterday was at 50.now we’re at a 54.and just to take a quick peek at the stock market pretty flat here as well Uh so not too much movement in the overall markets uh and then I wanna take a quick look at this you got the whale chart account here and I didn’t see any corresponding articles yet I’ll take a look here in a moment but South Korean officials have Raided the offices uh Bitcoin and crypto exchanges up bit and bit uh bit hum is it bit hum or bit by thumb which one is it so uh bit hom and up bit I’m not too familiar with uh a bit but bit hum is a pretty big Exchange um I’m not sure if their offices are if their main headquarters is in South Korea uh so I’ll uh as uh maybe Forrest does some ta I’ll uh I’ll look into this but this is uh breaking news from whale chart so we’ll take a look there uh and Then uh with uh some of these unemployment numbers that just came in Wall Street Silver here uh tweeted out consumer delinquencies are already as high as they were in 2020.unemployment rate is still low at all time low this is scary uh so you can see here this is unemployment Uh so right now unemployment is pretty low and you know could you make an argument that the unemployment is at at the bottom and due for reversal uh I think we’ve you know obviously you can only go so low before everybody has a job right so uh At some point this will reverse and what might cause it to reverse well consumer delinquencies in the billions here uh so I think this is 4.2 trillion dollars here and this is right at the same level it was in 2020 and you can see in correlation here with When what happens when the delinquencies peak out you get a what’s called a credit bubble and here with this credit Bubble at the top here uh this has this is what sent us into the two the 20 the 2008 2010 uh crash and so you can see here that unemployment Spiked with the climbing delinquencies a lot of people were out of jobs the S P 500 obviously and the regular markets um pulled back Banks collapsed and we’re starting to get into a similar Zone here as well so a little uh a little worrisome so that that’s what I got there on the Macro markets uh uh uh four so what do you uh what do you think about this about this credit bubble that we’re getting into you know there’s a lot of there’s a lot of different narratives when it comes to the credit bubble one being consumer credit and then you also have business Es are teetering there’s this big big uh commercial real estate bomb that everyone’s talking about well one people are working from home and not at the offices anymore and on top of that you have online shopping so a lot of the retail uh spaces have dried up on the uh Commercial real estate and so what do you think about what’s going on on the macro economics and some of these some of these headline numbers that we’re getting in yeah um this is this is super interesting as far as uh the the credit bubble goes I got I know people Personally who you know I don’t agree with this decision whatsoever but back in in covid they uh were laid off or whatever started go collecting unemployment but then you had the the the checks come in like the the stimulus check started coming in there were like uh you know different programs and like You know rents uh moratorium on on uh rents and mortgages and no foreclosures for a period of time and I know people who um well after things reopened just continued to remain unemployed because they didn’t want to go back to work and they had enough savings saved up and they’re Living off of credit cards and living off of savings and living off of stimulus checks uh and it seems like that that the Greta bubbles starting to to creep back up uh so it’s interesting I think people are going to start having to go back to work what’s interesting Though is uh unemployment right now it’s very confusing um because you’ve potentially people needing multiple jobs to get by but then you still have um low unemployment given uh the circumstances that we are with the the FED uh rising or jacking up interest rates you would have expected Unemployment to uh to rise by now so it’s definitely very uh confusing time and I think it has a lot to do with what happened during covid are you expecting a deeper recession uh in the traditional markets and I know I’ve I’ve heard this I feel like this is coming back up to to the top uh lately it seems like it kind of that narrative had kind of died down for a couple months and then lo and behold with the uh the latest Bank Banks to go under uh it’s kind of come up Again and what do you think is the S P 500 is that telling you anything or or are you just kind of going off a sentiment and kind of history or yeah I mean I think the number one recession indicator is the yield curve right and then the recession usually Comes after the yield curve fixes itself and is no longer inverted and we’re still inverted I believe I haven’t checked it in a little bit but it’s starting to move back up if I’m not mistaken I really need to to go check on that chart but um yeah it’s it’s really difficult to Argue against recession the biggest argument against recession right now is the fact that uh Jerome Powell and the FED have been able to jack up interest rates to an appropriate level if you go to trueflation which is the more up-to-date you know real-time inflation numbers it’s down to like three and a Half percent so it’s now within Striking Distance of two percent uh you have worries of potential deflation even by by some people but the fact that they’ve been able to do that without pushing the unemployment rate up significantly is the only strong argument in my opinion Or that I know of against a a harder recession and a harder Landing I still do think that all the other indicators are pointing towards uh a recession a lot of in terms of timing a lot of stuff adds up to Q3 of this year which we are Approaching closer and closer we only had a month and a half until Q3 starts but historically Q3 is the worst quarter worst performing quarter for the S P 500 in in any given year so usually that September October uh time is is really bad as well so end of Q3 start at Q4 Usually not a good time for the S P 500 anyways yeah I I do still kind of always lay in that that same mentality where if all the analysts and all the media personalities and the mainstream news if they’re echoing this hey we’re going to a Recession or hey uh it’s time to buy houses that are now a lot of times that is a signal for reversal uh we we’ve seen it historically uh when we had the 2008 of uh financial crash with that with the housing that kind of caught everybody off guard uh the same thing When uh you’ve you’ve had the reversals out of say the bottom of the covid where everyone was talking about hey the world is coming to an end and then from there we saw one of the biggest the biggest rally in the S P 500 and her us markets Uh throughout the history of our nation and with that said I’m looking around the room and everybody’s sitting here saying that we’re going into a recession all indicators point that to to that but for me I’m like man I’ve heard this song and dance before and you know when when Uh was they speak at Jackson Hole the the FED when they have their annual meeting uh this year was pretty bearish and if you look at the tone of those meetings usually they have done the opposite and so in the year that uh we had covid the meeting was ominous and They’re preparing for banking collapses and that uh kicked off the the big rally in the in the traditional markets uh the same to be said during 2021 uh and uh even in 2022 they they were echoing prosperity and now hey look we had a big pullback so uh I am uh I think we’ll be okay I I don’t I don’t think I think the bottom for the S P 500 is in on the short term my personal opinion could be wrong I’m more 50 50 on that and then at the same time I do think that bitcoin’s bottom is in Um speaking of uh Bitcoin do you wanna uh take a a look at the uh the Bitcoin chart maybe see what’s going on it’s been kind of a snooze Fest lately and I know I I know you’re a big Trader and uh you know if you’ve been making Money or you’re looking for a big breakout or anything yeah a couple couple decent little trades for me I’ve been shorting Pepe and I caught a nice little Salon along at around 20 which is up a little bit um I missed the big obvious trade with Bitcoin but that’s still a really solid Indicator for um for you know I would say it’s pretty bullish for Bitcoin here in the short term we do want to be careful so I’ve got I’ve got a couple different um levels here that give us a lot of support at 25.8 and we see that we you See like the strength of this Wick here right so usually like when you when you have a strong Wick and you get really strong fast price action off of a key support level that’s usually bullish whereas it’s it’s usually bearish when um you hang out for a little while right When you when you you come down to a support level and you just keep hanging out hanging out hanging out and you can’t get a strong bid and take out any resistance levels right uh then that’s usually quite bearish so what we want to see is the second half of that equation Play out so we got our strong bounce and we’re no longer hanging out down here which is a great sign but we now need to take out some of this resistance uh at around 27 where we’re at right now if we can reclaim that level and start Creeping back up above 28k right then we can go back up to 30 and maybe even break out to the upside but what I want to see now is just a clear break of 27 and I’d like to get back up above 28 to be honest I’d be much more comfortable Up here otherwise we’re just hanging out here towards the bottom of the range with our our Wick down to 26k I’ll show you why 26k was such strong support so obviously at 25 863 that’s our 5x short level that’s where you can no longer short Bitcoin on 5x leverage and hide Your liquidation point below the swing high of 30 1K we also have our long margin pressure levels off of this most recent local low of 19.5 thousand dollars and again that was around 26k right so we had support come in here because buyers wanted to get into Bitcoin they Wanted to use Forex long leverage and that allowed them to get those Longs in on Forex leverage so you had the shorts leaving the market you had the long then during the market you also had a really interesting risk reward level um so if your reward scenario is a new Local high right and your risk scenarios uh this uh bear Market low you found really strong support here once again at 25 850 meaning as soon as uh this price action drops to 25 850 or below you can no longer get two to one risk reward on Your shorts so again you have another reason for shorts to leave the market and start covering their trades uh all those shorts that built up moving down they’re now covering a little bit of a short squeeze it’s really a matter of do we get follow through and do we get a Bid to push us through this resistance right because as soon as price action goes up above this 27 146 level those shorts can start loading back up and start getting three to one risk reward right so uh what we really want to see is a recovery of this 27k level take out 28k if we get above 28k then that’s I’d say that’s pretty bullish and there’s a really strong chance that we rotate back up to the top of the range or even move higher in the meantime I’m just being very cautious um I do think that even if the market Even if Bitcoin has temporarily topped out and we come back down to 23 or even just you know to 25 where our previous range highs were and you can get a larger correction I do think that there’s going to be plenty of opportunities in the market from various Uh Outlets such as uh altcoins or potentially uh nfts as well we’re already actually starting to see nft volume uh pick up this week pretty strongly um so nft volumes uh starting to pick up and I do think we can get a little all or a little nft run and the Reason being is uh you actually saw uh all coins after or not all coins uh but nfts nft like board ape Yacht Club peaked in this range somewhere uh right so after after Bitcoin was already in a large correction and was down quite a bit this is when you saw a Zuki and Board apoc club and crypto punks uh peaking right after the top was already in so we could get a little mini bear Market rally cycle where it follows the same thing we may have another leg not counting that out uh but if the local top is in and we’re going to come back Down to 24 25 I still think there’s going to be some nft projects that pump some some individual opportunities in the market to take advantage of good awesome I want to talk about there’s been so much buzz on the internet uh particularly Twitter uh Ledger is in a Straight Firestorm right now did you hear about Ledger or anything that was going on with them and their whole seed phrase firmware update have you caught any Windows yeah yeah it’s it’s wild uh that they basically are like oh we want to make crypto more friendly we’ll hold Your key your your seed phrase safe for you which is like never enough phrase it’s like one of those things that sounds good in a board room and then you have like somebody that started the company or been there for a while that hasn’t been in the boardroom for a while And he just comes in he’s like what are y’all doing man yeah like that’s stupid uh so on one end if if they deliver what they’re promising it is not that big a deal but it does does bring in some points okay to get everybody caught up to speed and raw 2.0 In the chat uh said why is everyone posting Ledger we’re about to break it down for you uh so also if you’re new here say hello just a quick shout out to some of our uh people in the chat uh we do have xrp hodler Vlad Zoltan Zodi uh Sly Pig and svarg to all of you hola welcome to Sin City crypto and then what’s going on with ledger so taking a look here you have Ledger Under Fire for recover a new cloud-based seed phrase backup feature uh so what is this all about so the hardware wallet manufacturer Ledger is Facing criticism from a new firmware update the update introduces a recovery feature chat that that allows ledger to back up seed phrases uh so now the subscription-based feature called recover uh the feature is facing criticism for granting the company access to customer seed phrases which undermines the purpose of the hardware Wallet the feature also includes kyc registration like why is nobody talking about this right here that is crazy to me and then on top of that uh that so currently the subscription service is only available to Ledger Ledger Nano X devices and the identification card requirement is For pertaining users in the EU the UK Canada and the United States this is pretty concerning to me I know a lot of people are freaking out about the seed phrases but why on Earth do I need to give my USB stick drive a ID that’s let that sink in right your USB Get The Ledger it is essentially a USB stick with security features that that’s what it is because if you didn’t know if you wanted to keep your Bitcoin on a USB flash drive like a thumb drive you can and historically in the early days you either kept it on a Hardware on a hard drive or on a USB thumbstick and so that’s where we came up with these uh uh these Hardware devices and also I I first I will say that you don’t have to update your firmware and we’ve seen different there’s been different instances where they have been able to recover Somebody’s funds on a hardware wallet because of some oversight on a uh on the firmware and then so they’ve updated these before and people can opt out of updating if you want now with that said uh there has been a so this video was posted so I’m just Gonna play this real quick it’s about two minutes long I’m only gonna probably play about half of it hello I’m Charles gimme CTO Atlanta I’d like to take a few minutes to introduce a new service legendary cover is an optional subscription for users who want a bucket Of their secret recovery phrase so they can restore access to their wallets Whenever Wherever even if they have lost or broken the legionado and don’t have their recovery sheet with them for some people it’s a very convenient service but some others simply don’t need it you can continue managing your secret Recovery phrase all by yourself if that’s why you bought a ledger at the first place this is not automatically enabled by any firmware Updates this is your choice self quesadilly is at the core of our offering and your secret recovery phrase is created so go over there and Just just to highlight what the company’s intentions are it’s to offer the for to to give it’s going to give you the firmware update if you plug it in right it’s gonna prompt you right away to update it now after that you can toggle on the version that Uploads your seed phrase to a database the database is supposed to be encrypted and even The Ledger company doesn’t have access to it but you can have access to it through your recovery app we’ve seen before Ledger has a history of data leaks so it’s uh kind of Concerning now with that uh Now The Ledger The Ledger uh tweet goes on to to read here Ledger recoveries optional Subscription Service uh and if you want to use it you can you don’t have to is what they’re saying and then they’re just replying to a firestorm here of Tweets this is not automatically enabled once again they say that but first and foremost the how is your secret recovery phrase generated anyways they go into a little bit more descriptions there going into some other tweets this is the community backlash here uh Ledger Hardware wallet faces backlash and Potential class action lawsuits uh apparently lawyers spend waste no time putting together a lawsuit and this also says the new service sends encrypted shards of your seed phrase to custodians despite past data leaks the auditious move links your ID to your seed phrase so you have kyc you got identification You have your seed phrase going to a database to a company that has had data leaks in the past and then you have also uh so here’s a tweet from Ledger where now you have Zach Zach xbt coming out and saying hey your hiding replies so to This tweet right here uh where people were kind of bashing well Ledger and asking why the hell are are you taking our seed phrase and storing it the replies have been hidden or removed from Ledger and then he exact xbt has highlighted these which Ledger has come out and says hey Twitter automatically Hides responses that are aggressive in the comments section so Ledger did the uh oh it wasn’t our fault we didn’t hide those the Twitter did it automatically I find that hard to believe again so okay I want to open this up for saying the service sounds good at face value for People that might not be crypto Savvy right hey oh I can lose my seed phrase but it’s gone forever and you know is that um you know is that is that beneficial for the user sure especially if it is if it is hypothetically uh 100 encrypted sounds it sounds like a Good deal right but then you know when you think about it the the whole premise of crypto is to custody your own crypto to especially if you’re getting a hardware wallet that’s like the whole point you’re not keeping it on Exchange you want anybody else to custody so uh Forrest what is your initial thoughts on this do you think that they just they have a good idea and maybe they messed up the rollout instead of having an optional firmware update maybe it was like a beta firmware you could download that gave you this feature and then Maybe you could opt into that because I feel like they’re just updating and not really explaining and God forbid you toggle a feature on and you lose all your crypto yes so I think we’re this this entire move is likely stemming for it from for Them is the their bit of a flaw in their business models like once you buy a a ledger like you you never need another like right it’s it stays good basically forever it might eventually die you might need one in a couple years but or you might have like they might release a Model with new fancy features or whatever but their customer lifetime value is very capped right so it seems like they’re just trying to introduce a subscription model which is way more sustainable from a business perspective and in doing so they’ve come up with this uh this feature so it’s almost like They’ve developed this feature out of Need for money rather than actually just developing a feature that people that there’s demand for and that people actually want um so the way I understand that it works is that they split up your seed phrase into three different split it up into Three different chunks and they send that out to three different uh data storage providers uh and then if you ever want to recover it I think I believe the reason for kyc is they have to have you identified in the database because if you ever want to Recover your funds uh you have to go to those three different data providers in pass ID verification three separate times uh but that’s kind of a problem because people get their identities stolen all the time so if you have your Social Security the number stolen you have your driver’s license stolen and People can just go in and pass identity identity verification on your behalf they could potentially steal all your crypto what the the piece that people are so upset about it is this firmware update and this is unclear to me and I think it’s it’s not super clear to the rest of the space Um this firmware update that they claim is sending your it’s it’s access somehow it’s accessing your seed phrase and sending it off to these three different data storage providers that’s a problem because that means that there was a back door in to access your seed phrase uh from the very start with A firm firmware update meaning they should not have access to your seed phrase at all the where it’s unclear is does it access your seed phrase and send it off when you when you opt into the subscription if so that means there was a back door that’s very very very bad Or do you have to go and retrieve and recover your seed phrase that you wrote down and actually input that because there’s no way for them to recover out of your device uh if that’s the case I think that’s far less egregious than the the I still Don’t think it’s a great way to do security I still think you could have your funds stolen I don’t think it’s worth the the uh trade-off uh but that’s not nearly as bad as if they can actually back door and actually grab your seed phrase break it up into three Parts and then send it off without you actually having to type it in that is a big problem and that’s what people are up in arms about um do you think that ledger because they they say it come out publicly saying that they don’t have access to anybody’s seed phrases And yet they can just toggle on a service that sends it out and you know you’re kind of touching on that do you think that as of right now they could pull up somebody’s seed phrase if they’ve truly wanted to do you think they have the capabilities to do so or Do you think it is truly truly 100 percent not in their control because I’m starting to come into question do they have a database of seed phrases right I mean I’m assuming I’m assuming you’re talking on the feature and from what they’re saying it sends the seed Phrase out and then from there it’s encrypted or whatever but you think you think they can if that’s the case that is a huge problem and they’ll probably go out of business honestly if that’s like if that’s the case like I people will leave in droves because that means that they Had access to your seed phrase in one way or another um and that there’s there was a back door I I can’t imagine that’s the case if that’s the case then that’s that’s just really bad on them that’s just really really not smart um I would hope that you would have if You want to opt into this service that you’d have to go and get that little card that you write your seed phrase down on and actually punch it in to send it off manually if they’re able to grab it that is that is no bueno for uh Ledger customers and Ledger as a company yeah and once again that’s just kind of speculation but at the same time I never would have thought that this service would have even existed and it kind of goes against the whole premise of a hardware wallet and I feel like if you Want to pay for someone to custody your seed phrase there are services for that already and why have this enabled on your on your um on your USB my my other concern would be you know if they have kyc from individuals and they are subpoenaed by a government say the US Government says hey this wallet address which happens to be a ledger Hardware wallet uh we would uh we know who who owns that wallet or we know we know the individual that owns that wallet and they can find out or they say hey we know that somebody has a hardware wallet on Ledger Right let’s just say they they know there’s one person let’s just say uh uh a nola guard right from Russia they want access to his wallet if he were to toggle this service on and that information was saved as far as his ID do you think that they would be able Because I I’m assuming yes that if they got subpoenaed by the US government and said hey this guy’s got an accountable Ledger he he you got his identification we want to know which address is his wallet and that’s that’s where I I got some real concerns and when I was going Through all of this research for this Ledger situation I wasn’t so much concerned with the seed phrase I I would I put trust in Ledger I I believe in the company I think that I think this is just a uh a bad move for them uh in in The direction of the seed phrase thing but anyways I I trust Ledger but I don’t I I think they’ll follow a subpoena’s orders if they have somebody’s ID I mean do you find this concerning a forest ever or am I kind of in my own little uh tinfoil hat Uh less concerning because it you don’t have to kyc I guess like if you do kyc I would just expect you know I I would just if you’re somebody who’s going to kyc with Ledger for this service I would just expect that you’re you’re no longer Like that is a risk like that is a risk that you would want to kind of account for I I also I I do think in general it is pretty difficult to keep money private if the US government really wants to tie you to a certain crypto Address like if you just look at like chances are you probably onboarded through like money through a bank or a debit card at some point uh wire transfer that is tied or in your name so you know they can probably Trace addresses back to you um you know Depending on you know how how many steps along the way it took uh it could be a little more or less complicated uh that’s where stuff like Monero and Z cash uh really kind of shine is because as you can actually own value you can Own crypto and not have it tied back to your actual identity in any way shape or form so I do see that like I don’t think it’s a good thing that they’re kycing people um but I think people need to understand that hey as soon as you kyc Um with something like just assume that like exactly what you said is is a potential you know thing that can happen um so yeah I think that’s the the big problem I I you know I think that’s the scary thing is that like you’ll just sign up for service here you know I Because here’s the thing if I was naive I’d be like you know what this is just like too too a factor authentication it’s just like using my my Google Authenticator app uh you know what I just gotta put my ID that way I can get My uh my funds if I lose my if I lose my seed phrase next thing you know you’re getting audited by the IRS and they’re like oh hey by the way we found your uh Ledger transaction you’re holding two board Apes in there and you’re just like What like what do you mean they’re like why you kyc with Ledger and uh yeah we found that I I just I think that uh there’s a lot of uh a lot of situations that could pop up I’m not a big fan of this I I think that they there are Services for seed free storage if you want to use a ledger you’re doing it because you don’t trust the third parties and you want to custody yourself uh if you want somebody to manage your seed phrase you could literally get a three the same way that ledger is Uploading it to three different places you can get a service that will break up your seat for well they it’s a three-factor authenticator for your seed phrase in a physical form so you can have a box stored somewhere and then you have to you have to have like three People with identifications come down all agree or two to the three people to access your seed phrase or to to get access to that box uh and if so if you want those Services they are already available why tie it in with a piece of Hardware that’s supposed to unplug you And now the service is to plug you back in it’s just seems like it’s a little backwards to me uh moving on yeah uh moving on I wanna so I want to talk about the elephant in the room the SEC we can’t go one week without Talking about the SEC I feel like they are the arch nemesis of crypto uh and Thanos is Gary Gensler uh or maybe Emperor the Emperor Palpatine whatever his name is yeah he uh he kind of he kind of looks like uh Emperor Caligula what is the Name Nero oh Caligula I don’t know yeah Emperor Palpatine let’s see emperor I’m telling you man he kind of looks like Gary gunzer a little bit bro I’m telling you uh let me see hey you know yeah yeah I got I gotta yeah I mean uh you got he got the Gary Look on him you know I’m just saying so this is the uh the the main villain in Star Wars Rocco oh okay Star Wars not the TV series only I mean the show it’s a movie Only the TV show no not the oh you’ve seen the TV show gotcha uh so So uh we have a sec response to coinbase his request for Action by saying no sometimes get you caught up to speed if you haven’t uh been following along the so the SEC has Sue coinbase and they said first of all they approved them to be a publicly traded company They approved them they approved their their business operations to exchange crypto and then hey about eight months later they say oh by the way you’re exchanging Securities that is illegal after they looked over their business and approved them anyways coinbase got a little salty and they said hey look we’ve been asking you We have been asking you what is a security and what is not a security what is Elite what is legally what is legal to trade what is not can you give us some clarity because nobody not even your your not even the people that work at the SEC Esther Pierce not even other branches of governments not even Congress nobody knows how to regulate a crypto asset they don’t know even how to define a crypto asset or which box it fits in is it a security is it a a commodity is it something unique outside of both of Those boxes this has not been addressed there’s been no no regulation and the SEC has stepped up as the sheriff in town and said hey says nobody wants to put rules down we’re just going we’re just going to take this and uh we’re gonna drop the hammer That’s what that’s what we’re gonna do and what we’ve had is just enforcement by by bullying that’s that’s it and I I I’m gonna coined that one myself enforcement by bullying and anyways the SEC in response to the SEC coinbase in front of uh with uh with it went to Uh a federal court asked the judge to say hey we asked for clarity almost a year ago on what is and what is not a security and what is and what isn’t illegal we’re just trying to operate our business within the legal confines of of the way it’s constructed can you give us Some some clarity because we’ve asked the SEC they’re not giving an answer and so the court said hey SEC you have 10 days give coinbase an answer you have 10 days they have a reasonable request and you’re obviously prolonging it for no apparent reason and the SEC this is their response no Uh yeah the literally that that is their response uh the in in in in a uh nice long legal uh construct here they have said uh no we’re actually not gonna give you any Clarity uh sorry uh so in April uh man Thomas petition uh which is the coinbase Demand of federal courts to instruct the SEC to act and and issue clear guidelines for the crypto exchanges and companies so once again coinbase is acting in the best interest of not only their own exchange but the crypto industry in its entirety they’ve been out publicly saying hey we’re doing this We’re fighting the SEC for crypto adoption in the US and for uh other agencies not just their own uh now in response uh released Monday evening in New York the SEC uh alleged coinbase has no right to mandamus how do you how do you pronounce that I don’t know anyways the Uh which orders the government agency to fulfill certain duties and so what they’re saying is that they’re asking a department of government for an answer and they are required to give the answer it is their job perhaps recognizing this coinbase instead asserts that the court should compel the commission to act on Coinbase’s recently filed rulemaking petition so the SEC rodents response but no statute or regulation requires a commission to take any such action okay what does this mean they’re basically saying they’re not required to give an answer that’s all they’re saying they’re like hey we’re saying you’re you’re sitting Here saying we’re required to give an answer we have not we’re not required to give an answer and then uh proceed mere months have passed so they’re saying that you know coinbase said hey it’s been almost a year sec said well it’s only been a few months a Mere months which has been eight months to be particular uh since the coinbase potential was filed and less time has elapsed since coinbase’s uh supplement supplemented the record so I think they’re saying 10 days it’s a little absurd for an answer and then lastly deliberating over the uh over the kind Of significant changes sought by coinbase which could affect both crypto assets and security markets more generally takes time this uh and so time to weigh weather or not initiate a rule making procedure such as Topics in the first instance this particularly true given the commission’s active Regulatory And enforcement agenda in this area what they’re saying here is this is complex they’re gonna need some time it’s unreasonable for them to give an answer in such a short period of time but the thing is is that they’ve had eight months and if you want to step up To the plate and say hey we are going to regulate this industry you should at least provide the rulebook for how the game is played right and then uh before we get into the discussion of this between the two of us uh we have a official uh so this is uh Paul uh Grinnell gruel and he’s a uh spokesman for coinbase he said today the SEC responded to coinbase petition uh for a writ of um mandamus asking the court to require the SEC to respond just yes or no whether it will undertake rule making for the industry The answer from the SEC is a resounding Maybe uh so this has got a nice little thread here so there’s actually a pretty big and and so what we’re doing here give me one second here where’s the four five six seven so here you can see this Whole briefing here so this is the court briefing and what they do here in this tweet thread is just to kind of summarize it in coinbase’s fun way and so we’re gonna kick this off here so coinbase comes off and saying today’s filing uh may be the first time when the SEC has formally explained in court its views on weather uh and how the SEC should create rules for the crypto industry the SEC told the court that rulemaking may take years and they’re in no rush uh the SEC acknowledged that it will continue to use enforcement actions And substitute the hand as a substitute for rule making for the foreseeable future but not to worry those enforcement actions may eventually inform not yet planned rulemaking uh the SEC said that the public statements by chair Gary Gensler are not formal guidance or policy statements From the SEC and the public can not rely on those as such overall the sec’s response reinforces coinbase’s long-standing concern that our industry does not have Clarity on what the SEC may consider to be within or outside its jurisdiction at any time and is likely to continue changing its mind along the Way we look forward to the opportunity to reply formally next week as always we continue to appreciate the Court’s careful consideration and so that’s that’s to summarize what what we have here you got the SEC saying hey we are going to continue this enforcement and we are going to continue regulating This industry we are not gonna tell you how the rules work and we’re in no rush to do so we’re in no rule we’re in no rush to create the rules we got years to do so it’s on it’s not realistic that companies are asking us to clarify the Rules and we’re just gonna we’re gonna handle this and by the way don’t take anything here against there the head of our the head of the whole agency don’t take anything he says as as uh as any kind of input any realistic input right it I Yeah when the court asked when the court asked coinbase to clarify some rules 10 days ago and they said you have 10 days the last thing I thought I was gonna get the last thing was uh nah we actually don’t want to do that and uh it’s gonna Take us a while to put it together and we’re just gonna keep uh doing enforcement the way we have been with no rules and Clarity I I I thought like I did not think I thought that they fool me fool me once twice a thousand times I Don’t know I just assumed that coinbase was gonna be like okay sure or not coinbase SCC was gonna be like okay sure fine we’ll give you our Insight on what is and what isn’t a security we’ll try to give you a little something wrong I was wrong about that Man I was wrong about that they’re still doing their damn thing uh what do you think about all this mess yeah it’s it’s kind of sad to to begin with but I think it’s what kicks off the next bull market to begin with we need a state of clarity for large Institutions to be able to get into crypto and build in crypto in a meaningful way like I just don’t think that you’ll like you see Mike you see some of like the further out people like microstrategy sure they’ll add Bitcoin to their balance sheet but microstrategy can’t really add anything else uh not Necessarily that that they would but there’s probably other companies that would consider adding ethereum or or Bitcoin or other you know large cap cryptocurrencies or Pax G like like a gold stable crypto to their balance sheet in operating in crypto if they actually had regulatory Clarity on uh Whether or not they’re adding a security to their balance sheet or not uh you have apple who’s probably by I would imagine they are frothing at the mouth to create a stable coin payments Network or some sort of crypto payment blockchain solution that they can integrate into every smartphone the Millions and millions of smartphones that they have out there and take a transaction fee on and get into the payments gain and get ahead of the curve but they can’t really do that when there’s this cloud of of lack of clarity about whether ethereum or arbitrum or These layer twos or Salon or Avalanche are securities or not there’s just way too much risk for that to happen so I think when this eventually is resolved and we eventually do get clarity whether it’s next year or three years from now uh that is that’s going to cause a bull Market because once there’s Clarity big big players can get in and this is what I think the game is for Gary Gensler I think he and whoever controls him or whoever you know is is you know pulling the strings behind the scenes if it’s if it’s not Gary Gensler in control Completely uh is trying to slow down crypto they want to keep it as ambiguous and great as a a big vacuum of clarity so that they slow down crypto and they can come in with a cbdc so that the government can control currency and payments rather than have you know have It be decentralized um at the end of the day people in power the government they do not want uh to to lose control over payments and and currency and money so uh yeah I think this is all just a big part of the game and I I don’t know who Is capable of you know legally getting I don’t know if it’s the courts or if it’s the president or whoever it is that can actually get rid of Gary Gensler but uh hopefully it’s a matter of time before they do and we’re already seeing him get bashed uh publicly the Chamber of Commerce that was big news I think last week or the week before coming out and just saying this is ridiculous he’s getting called out it’s just a matter of whether or not uh he can get away with it and uh not face any repercussions for it yeah I I I’m just I’m just so tired of the I’m tired of of the entire country’s lack of progressive adoption of crypto assets and and the thing is we’re going backwards that’s that’s what I truly don’t understand it’s not that we are it’s not that we’re lacking the infrastructure and we’re just we’re just Pausing everything we’re saying hey uh we don’t know about this we don’t know about crypto is that we’ve been actively trading and coinbase has been operating for uh I think it might be 10 years now and you know this has been a an ongoing successful business model that that is Operated here in the United States that provides jobs that generates revenue for the US economy it’s a publicly traded company and we’ve spent the last 10 years building out the infrastructure to trade custody and move around uh crypto and we’re starting to see the integration of crypto and blockchain technology and everyday American Companies and that is being ripped away and anyone that wants to adopt crypto is now putting on the brakes we’ve seen Western Union initially was going to do a partnership with ripple labs to move intermittent payments and that came to a grinding halt after the sec’s lawsuit they did eventually partner up With Stellar lumens but this was uh all done uh in the deal kind of an offshore kind of way and it’s it’s very concerning because I live here it’s my damn home I got a cryptocurrency channel and y’all are just trying to take everything away Uh and you know is it I I don’t and I don’t think there’s I don’t have an answer I don’t even see anything I don’t see any light at the end of the tunnel and I I like what you said I do think that this could Mark the The coming of the next bull market uh because historically speaking you can go back to all the other bear markets and the narrative has always been oh my God crypto is dead now we haven’t heard that Bitcoin is dead or that crypto is dead and it’s kind of entirety but now that Narrative shifted to crypto’s dead in the U.S and uh the US hates Bitcoin and uh look uh us is going to be the next next China when it comes to uh their rules on on crypto uh real quick though I do want to give a really quick Intermission to give some love to the chat we got um meninja dropping a 199 super sticker uh and then we also had a super chat from crickets uh and uh cricket said uh this was a little earlier feel like this great marketing for Tresor uh so he’s saying That uh all the electric fun this has to be right uh just in the same way that when uh what was it Bud Light uh had got hammered with their marketing decisions uh we saw a lot of the other competitors in the light beer industry uh rallied so It is probably a good day I’m sure that the people at Tresor are sitting back like yeah Ledger uh that was a good one there buddy um so I’ll say that uh I want to know real quick you know what uh Tresor is a ledger is more popular than Tresor at Least I think it is in my own infernal bubble do you agree okay okay would I want to know what the chat thinks if you had if you were to pick one up right now I the The Ledger I think looks nicer it’s a little bit more Sleek they got The new the new models are you gonna buy a ledger put a one in the chat if you’re picking up a new hardware wallet uh would you buy a ledger put a one for a ledger put a two uh for Tresor if you’re gonna pick up a hardware wallet I kind Of want to know what what the sentiment is are you guys so disgusted that you’re gonna switch over to Tracer also we got Jimmy Jimmy dropping 20 gifted memberships uh and then lastly we got uh uh like 140 likes and over 350 people what the hell y’all doing man that’s Like a 30 like ratio uh so hit the like button guys uh help us get to 500 viewers we will open up the club today you know why because your boy going to Miami and I got to get uh I gotta get some salsa dancing in because If you guys have no idea what I’m talking about stay tuned we’ll love another club a little later uh now a lot oh a lot of twos you know what there are a handful of ones here but a lot of twos in the chat so a lot of tresors huh Wow uh okay and then lastly uh I’m gonna get back into the chat here uh we have a few new people I’m seeing if you’re new here say hello so that way we can uh drop an Olaf back at you all right we have All right here we go we got Mark B Gala music player random randomness uh x80 Chris Lonesome Dove Michael F Brendan Thomas Harry Style JP trees nicoto uh Lucy and then we got TC as well Johnny two pockets Mark B Bradley boyoko Gannon Lang Edward M inspector ape and piranha Psychia Brett G and Omar Omar Rogers Teemo welcome [Applause] all right so okay back at uh back to the SEC uh I I am I I don’t know if we’re going to get out of this SEC situation anytime in the near future and I think that if there is one big win Even though you’re they’re trying to suppress the crypto markets and SEC is is is push is pushing down on everything if there’s a big win whether it’s the xrp Ripple Labs lawsuit whether it’s coinbase winning uh winning a favorable judgment because this isn’t a court case this uh this request for clarity uh Through a federal court this isn’t they’re not on trial here they’re just simply asked the court and the court said okay coinbase please or sec please give coinbase an answer so what we’re saying is that the markets are down foot is everywhere look at his history has been repeated Every bear Market there’s all this crypto’s dead all this fud but then it reverses and I think the reversal will come with one of these one of these decisions from the SEC whether it’s the Ripple uh case of resolving favorably or the SEC being forced to say okay this is A security this is not a security that day will rally the markets and Bitcoin will hit forty thousand fifty thousand who knows um do you kind of I know you’re kind of scratched the surface on that for us do you think that uh you think a big SEC defeat Will rally a bull market yeah yeah especially if if like real Clarity comes from it or it glazed the groundwork towards achieving Clarity in a realistic time frame um yeah I do think that because that’s ultimately what’s gonna allow larger larger institutions and larger amounts of money That enters the space if you really think about it retail like how many people do you know that aren’t in crypto that you could like they’re that are going to get into crypto in the next couple of months like all the retail people all the all the people like you And I who are like going to get into crypto have heard of it and done at least a little bit of research dipped their toes in and I think that that market of retail clients is not a hundred percent saturated by any means there’s still like a ton of people but Like the people who are would be interested in crypto anyways and and get into it in its current state has largely been saturated to some degree and it’s the consumer applications it’s the people that are going to end up not even knowing that they’re using crypto or blockchain Solutions uh whether they’re Just integrated into their phone or into their their bank or into you know the stuff that they use every day that’s the next big wave in my opinion and that comes when institutions can actually build in crypto and build in blockchain with Clarity like it’s like when Apple Like like the vast the biggest growth for crypto is going to be when Apple has a blockchain solution integrated into every smartphone and every Mac computer it’s when it comes stock in every Android right like that next step requires regulatory Clarity in the United States uh in my opinion to happen So uh yeah I totally agree I think I think that’s uh it’ll be and if we get if if the SEC gets a big win I think that’s your buying opportunity right just like FTX going under was it crashed Bitcoin down to 15K that was the time to Buy you buy the blood buy the bad news if xrp loses in the SEC wins you probably see a 30 crash of you know definitely xrp probably but also the rest of the market and crypto is not going to die uh that’s that’s when you Buy and we could rally out of that just like we rallied out of kovid just like we rallied out of FTX so either way I think you know a conclusion to that Saga is a good time to either wait for everything to crash a little bit then buy or buy and watch it Rip if if the SEC loses no we covered a uh an interview last week in regards to Brad garlinghouse when he’s in Dubai and he he said that he expects a resolution within the next two to six months and that is lining up that is lining up right right before the Having and for me I think I don’t think that we need the clarity right yeah I’m just saying that like we need Clarity but what I think was going to be the most bullish situation for the crypto industry here in the states and just in overall is if the SEC Has to stop and think about who they’re going to sue they basically are at a pause for uh dropping their enforcement actions because hey a court says look you’re you’re not allowed to regulate in this way by enforcement here are some rules or we’re saying that the way that You’re enforcing is is not lawful and so these court cases can’t continue and so I think in a broader scheme hey SEC just pauses all of their lawsuits and litigation and that and because right now now it wouldn’t surprise me if next week there’s three more lawsuits and two More projects are deemed Securities but I think that if if we get the resolutions to these to these situations here sooner than later uh what we’ll get is a a a pause or a a window where the SEC will stop uh their their current strategy all right um so moving on Uh just to uh I don’t want to be all doom and gloom here uh but I just want to cover one other breaking article I guess uh something that just kind of came out today you have the FDIC chair takes responsibility for Signature Banks collapse also he Cites crypto question mark uh so a report from the FDIC has revealed that poor Management on the poor management from the FDIC uh was the primary cause of signature bank’s failure so the agency that is supposed to help the banks and protect the banks and the ones that are supposed to insure The banks was the reason for Signature bank’s failure and if you’re not familiar with Signature Bank well they offered crypto services and for exchanges basically they’re the on and off ramps and they had very little exposure to these treasury assets and they had very little exposure to some of the undoings for the Other Banks basically we say hey they were forced to close because they had an association with crypto that was what a lot of people were led to believe even though the government has come out and said no that’s not the case they they they they were at risk of going under Well poor management was the primary cause from the FDIC for Signature bank’s failures uh and uh so this just broke so the uh the chairman pointed out so the the house committee chairman uh grunberg pointed out the signature’s downfall was largely a consequence of its inability to to handle the Repercussions of Reckless growth strategy and insufficient risk management practices they were operating like a bank and they were taking on they were taking customer deposits and using them elsewhere the same way all other banks have done before but the FDIC closed them down because they played around in the crypto in the Crypto circles that’s my own little take there but at least they came out and said they they were at fault for this um I don’t I don’t have much I don’t have much in here just I’m not surprised just government dropping the ball as always so what do you think voice Anything anything you want out on this yeah pretty straightforward actually kind of surprised that they came out and took responsibility at all usually they just you know don’t acknowledge it so yeah interesting all right uh so let’s get let’s move on to one of your favorite projects uh and One of our recently covered projects on our uh video uploads uh and you know what I come I’m coming around I’m coming around to Salon uh so Solana sees surge in new users amid High fees on ethereum and bitcoin’s networks so we’ve seen uh I did some transactions Yesterday and some swaps they were costing me anywhere between 25 and 80 on ethereum in the middle of a bear market so that whole idea of 200 transactions when the Market’s pumping is still here and uh I don’t think that there’s gonna be a hard Fork that addresses this issue Within the next coming months or the next six months or year so uh be ready for them high gas fees it’s like uh it’s like the LA freeways here uh on the ethereum and Bitcoin network uh higher fees on eth and Bitcoin may be good news Uh for Solana with the average number of daily addresses has searched at the highest level in almost a year I will say that I think that this is the market being more comfortable getting back into crypto and using D5 Services yes the uh eth and Bitcoin uh blockchains are heavily inundated with Traffic but I think people are feeling a little bit more comfortable you’re seeing people buy meme coins nfts are catching Buzz again I think I think the crypto DJs are just having fun again I think that’s what it is we’ll get your thoughts here in a second the layer One Network saw the seven day moving averages on new addresses hit 300 000 on Monday the highest number since June of 2022 and uh we do have a chart here so you can take a look this is number of new addresses and you can see that we Are getting not we’re not too far off of the all-time high here honestly and you know if you look at the price of Solana it really hasn’t moved as dramatically as as these uh the price is still pretty low suppressed while new wallets and transactions are Going up uh you can see here we were at an all-time high and this is when you were at an all-time high as well on this chart uh so you can see here this uh let’s see what the date is see if they line up oh no yeah so June so 20 So May June 2022 taking a look here all-time high okay so 20 that was here but anyways we haven’t seen the price rally in comparison to the transactions so I think that there’s a lot of value in Solana we know that the price has been suppressed there’s a lot of fun going on In regards to the FTX uh holding a lot of their coins also more new addresses have already been added in the first half of May then the protocol saw in its entire month of April the data shows The Surge comes as transaction fees on both ethereum Bitcoin networks salt three Month highs so once again uh one one last chart that kind of shows this is a number of addresses on Solana on the monthly uh and then this is the transaction fees on bitcoin and ethereum the red line is ethereum the black is Bitcoin and so you can see here that uh Yeah those are moving man uh okay I don’t have any any I don’t really have much to say on this I think that you should pay attention to Solana I think that the price compared to the network activity is out of balance I think that there is true value Of Solana I wouldn’t be surprised to see it rip to to a hundred dollars or maybe maybe get up uh up into the 80s um I think you know the the big VC funds they still believe in it I still I still hear bullish narratives around it uh what is What does all this tell you are users just simply looking to Save A Buck on gas fees or do you think that the network is flourishing because people want to participate in the Solana Network it’s it’s because developers are developing use cases and applications on Solana that cannot Happen or the economics uh do not work on high gas fee chains and if I could actually share my screen here for just a second I actually want to show you hopefully it’ll pop up because it’s it’s my wallet but this was today and this was in in the backpack wallet Um can you guys see my wallet in the top right corner yeah yes we can okay so this is the Mad Lads nft project we’ve covered this in the past so one really cool thing that they did in this wallet and what they’re doing with this wallet technology is you can mint Directly from this wallet so you see this banner up here because like this popped up today and because I owned over a certain a number of of mad Lads nfts I was able to Mint and claim for free a sweatshirt nft which this is a this is An nft that is in two weeks redeemable for the actual merch so they basically airdropped me this that and it was like less than a penny to claim it right and now you can actually these these tokens these these merch nfts are trading on secondary right there’s t-shirts Sweatshirts and mad Lads is earning like royalties like four percent royalties on the trading of this merch before as actually redeemed and you can’t airdrop like the the unit economics of airdropping a um I’ll stop sharing my screen here a sweatshirt at Mass scale or merch at a Mass scale it just doesn’t work on ethereum because either the company or the nft project is going to have to pay you know even five dollar gas fee times 10 000 nfts is just too much right it’s fifty thousand dollars if it’s a 20 gas fee that’s just it’s Just it doesn’t work it’s it’s just yeah 200 Grand imagine Monster Energy drink has dropped an nft project 10 000 monster nfts and they could airdrop claimable sample packs to their biggest fans right so you you know you pay a thousand dollars for a monster nft and occasionally they’re Gonna airdrop you an nft that’s redeemable for 10 off or uh they’re dropping a new flavor and they want to test it with their Community you get a free sample pack of the the flavor it’s just like the cool things that you can do when gas fees are nominal is is just Like that stuff doesn’t work those use cases just don’t work and people are actually developing for the future adoption on Solana right now and that’s why I think we’ve seen a big boost in in transactions and and people kind of gravitating towards it um you know there’s there’s arbitrum There’s other there’s other scalable uh blockchain networks out there but uh Salon is one of them that’s that’s seeing a lot of interest from the developer community and they’re develop helping some cool stuff yeah you know those uh those nfts actually look kind of kind of cool those are mad Labs you said Uh mad Lads yeah um yeah so that’s uh I think they’re coming up they’re like 60 Solana right now they minted for uh 6.9 so they’ve like almost 10xed nft or is it how does that work I I don’t know I just looked at the sweatshirt I was like man that looks Pretty dope uh so yeah what what’s that about that’s like an actual physical sweatshirt that they’ll send me in the mail once I redeem that token yeah yeah so it’s like yeah yeah so they they air dropped it to my wallet and I can sell the token Before the redeem period is up and they’re selling some of them are selling for like 400 bucks but I could stop because there’s different Rarities of the t-shirts and the sweatshirts I can sell that for Solana right and just sell it like an nft and then whoever buys it Will redeem it and get the sweatshirt or in two weeks if I want the actual physical sweatshirt I can just redeem it and they’ll send me the sweatshirt in the mail so it’s like what that does for Consumer products is a really really neat use case you can own an nft and Monster Energy could send you a six pack of monsters of a new flavor and it really increases that you know like web three engagement between the customer and the company and you know if David was here he would drop an unrealistic uh marketing decision on Rocco with his uh merch line He’d be like Rocco can you I was already thinking about it it’s something that was already uh I had in mind and just um need to figure it out how to put it together that was something I I thought about it yeah because because uh David likes to drop Stuff on him all the time he’s like hey can we uh get this can we do a special t-shirt for uh for our this member or whatever it is like bid live or just like you know maybe we should have this conversations back door but anyways uh No those are those are pretty uh those sound cool I like the I like the idea of I know of getting air dropped some free clothing man that’s something pretty dope man maybe we’ll get uh David some airdrop clothing my man needs it all right so uh moving on we got the cardano D5 as well so once again this kind of gets into my narrative that I think that the markets were seeing the fear ingredient next which we we said was is up 56 uh up from 50 so it’s getting from the neutral to the green zone which uh More or less Tran attracts the interest in the transactions and uh the community’s uh engagement in crypto and particularly in Bitcoin in that metric but I think that the uh the layer one ecosystems are getting people back in uh using it for what it was designed for For utility for us to move move value not just send transactions as far as some sending someone money or speculating on price but hey there’s a lot of cool iterations that were that we’re using nowadays and cardano defy it it launched a little late so if you remember cardano and smart contracts uh Were coming out really on the tail end of the bull market uh which it didn’t really facilitate the throughput it didn’t really have all the dapps built out to have a thriving defy space at least during the bull market and so a lot of this was built out During the bear market and now we’re seeing that not only is cardano building in the bear Market in the same way that the best projects are uh well Defy is taking off and we have here cardano D5 takes off as Ada back stablecoin Jed the D is silent in case you didn’t know uh unlocks opportunities input and this is through input output Global so that’s their parent company here now uh cardano’s Ada decentralized Finance ecosystem is evolving rapidly on the back of recent developments according to eth Rivals developers I don’t know why They got to put that in there but anyways growing rapidly in a new update cardano developer uh iog says that the introduction of the Ada back stablecoin jet has helped the D5 ecosystem expand greatly as of late now uh I got a couple things uh working here Jed uh was created uh on the Kodi platform if you’re not familiar with Cody they do offer some credit card some like check card services into crypto they they are most well known to be partnered with cardano uh they actually have a pretty interesting project I think they’re outside the top 150 so if you’re looking for a D5 play uh outside the top 100 maybe something to take a look at now uh the Kodi Network operates the Jed coin and working with other blockchains writing smart contracts in plutus uh handling more tasks and a more resilient cardano Network are all the stages and Development of a finance system that can be used by anyone anywhere another piece of decentralized Finance jigsaw was added when Jed a stable coin on cardano went live on the end of January uh within a day Jed attracted 27 million Ada uh in backing and was available on Exchanges such as men’s swap uh and others as well now uh we got now there’s a Six Ada backed for each Jed stable coin by the way as far as the reserves uh I iog also says that Hydra uh which is the which is the firm describes as a family of Layer Two Protocols described to make cardano more stable uh or scalable now we we had a cardano Dev in studio last week and he kind of clarified what the Hydra was offering so Hydra is pretty comparable to like the lightning Network on bitcoin however it is operated or it is written into the cardano Um into their main chain so it’s not completely separate and built off somewhere else but the transactions are processed in a batch form as well so they can do like 10 000 transactions um batch them all into one block or throw one transaction in one block they can aggregate ten thousand which gives It a lot of scaling opportunities not to mention uh this is a very beneficial when it comes to the nfts because you can have 10 000 nft tokens minted at the same time all on one all-in-one transaction and that is similar to like like we said for the Lightning Network you could batch 10 000 Bitcoin transactions and then just have it verified on one Bitcoin uh block same thing can be done here in cardano however the cardano blocks here I think are done every like 30 seconds or something like that I’m not exactly sure In the time frame but uh very scalable this is where we’re getting at and D5 seems to be taking off pretty bullish for the cardano homers here um and uh what do you think about defying General Forest uh I know I know you you like cardano’s value and it’s price history In the bear markets and the fact that it has pretty strong Community uh I like the technology I like the fact that their defy that they are the D5 they’re targeting the unbanked and so they have a lot of offices in in the African nations a lot of Partnerships with I Think they have one with the the finance the Ministry of Finance with Kenya uh a handful of other uh countries as well and there’s been a lack of banking services to the main public in a lot of these countries cardano’s getting in there uh I have been very vocal on the best Sector to invest in in crypto being defy that is why cryptocurrency was built and I think that’s what it does best I think everything else has potential it has good good opportunity for returns but I think it’s shining use case is defy so for me I’m always going to hedge my Investments heavily in the defy sector cardano being one of my favorites uh what do you think about defy in general and is there any D5 projects you’re looking at is this cardano story uh uh getting your bullish on on the Ada token yeah yeah so a lot of questions there I’ll try to take them um one at a time so yeah bolshan cardano especially in a bull market especially when this will be the first bull market or you know assuming we have another bull market I I think that’s a pretty safe assumption uh but next bull market We do have I think it’ll it’ll be the first one there where cardano’s actually like usable right cardano kind of was a super top performer uh from its low to its high last bull market uh but the actual Network itself didn’t have Smart contracts and D5 or a stable coin until Very recently so the fact that we’ll get to have a bull market where uh cardano can see its tvl within its defy ecosystem actually flourish I think is very bullish um defy in general I’m bullish on but I you do have to be careful uh because it’s all about liquidity and you have Like liquidity that flows from whatever the latest protocol is with the highest yields to the next one and as soon as the yields drop over here the liquidity flows to another place and you have all these different chains now especially in the ethereum D5 ecosystem where you have a lot of fractured liquidity You have a lot of liquidity on you know polygon you’ve got some on binance Smart chain you’ve got some on the layer twos like like arbitrum and optimism and without like you know very concentrated liquidity it’s you know it’s difficult to um it’s difficult for the space to grow That being said cardano’s kind of in its own it’s a double-edged sword because it’s not seeing huge inflows from you know like like arbitrum sees large inflows directly from ethereum it Taps into the liquidity of ethereum um which is you know has its has its own you know pros and cons but cardano’s Kind of developing its own defy ecosystem uh separate in a way it isolated from all these other different layer twos and these other chains so like the TVO that’s on cardano is like it’s on cardano um and and I like the fact that they’re also going after these underserved Markets and actually building out specific you know use cases and onboarding people uh into the cardano defy ecosystem whereas ethereum D5 and arbitrum D5 and and is don’t get me wrong and bullish on ethereum a bullish on layer twos I’m both on D5 over on ethereum as well but it’s kind of like D5 for the degens it’s D5 for it’s it’s not permission like anybody can go in and take out a loan on Ave anybody can go in and trade on uniswap or whatever which is phenomenal uh but you know those D5 opportunities it kind of that like I was saying the the liquidity is Very fractured but if you’re actually going in and you’re onboarding for a specific specific use case such as underbanked people in an African country that’s tvl that’s very sticky and probably not going to be bridged over to the latest you know layer 2 Chain or bridged over to the ethereum evm Ecosystem so I like that as well so um yeah I mean cardano definitely suffers in a bear Market but that just gives you a better entry for the next bull market and the last two bull markets it’s been a top performing coin and it’s one of the few coins that has Had the staying power in the top 10 to 15 cryptocurrencies at any given time for a very extended long period of time if you go back to 2016 2015 even 2018 right the top 10 cryptocurrencies looks very different a lot of those top 10 fall out but cardano has been steady and Stable within that top ten for a very long period of time and sometimes it bounces around you know 10 11 or whatever but top 15 or so um so yeah very very uh very speak or a very I think very highly of of cardano especially in a bull market scenario Right well uh I think I think it’s time to open up the club Rocco what do you think you open up the club yeah you know uh so if you’re new here uh first of all if you’re new say hello so you’re dropping a lot back at you uh we’ve been around For a little over a year but actually we’re going on two years in November so a year ago we went to bitcoin Miami we had less than a thousand subscribers and we had actually hit a thousand subscribers while we were down there and uh we’re almost a full 10x away from there and a year later so uh hopefully we get another 10x within the next year uh but uh we do something fun here uh we we like to celebrate milestones and uh we know we don’t on The Daily get over 300 viewers so we got A 350 today so I’d like to celebrate and thank you guys for the support uh if you’re new here say hello so we’re dropping Nola at you I do see a couple new people as well we got Kansas stacker Jeff P Abu uh sendimic love Joe Mann djin hexagon Retail crypto news Nico uh we have two Nicos in the chat today and then we also have crypto crypto or Chris crypto Brett Hedley Zach Laney and nslhd as well so to all of you hola welcome to Sun City crypto yeah so uh we celebrate New milestones and uh we do What Vegas does best we open up the nightclub play a little music uh no David today but uh we replaced him with a nice thumbs up uh anyways Rocco excuse me as your ball going to Miami going to Miami and uh you know I uh I gotta start working on uh on hitting The clubs you know Miami’s got the nicest clubs All right and then uh and uh of course we got David’s amazing dance moves do you have David’s camera pulled up by chance oh there it is right there look at that wow yeah actually moves too fast the camera looks a lot better today than you normally pretty frame for a second yeah Uh anyways I just want to give a shout out to the viewers thanks for uh thanks for hanging out with us uh I will be uh in Miami uh for the rest of the week uh so you’ll get uh both Forrest and David uh for the rest of the week Um big shout out to force thank you so much for joining us and thank you so much for uh holding down the fort while uh uh while I’m in Miami uh always much appreciated true friend as well and I will say uh do you have anything you Want to add I know uh or anything new going on in your ecosystem uh same old same old just uh pushing out plays and research reports technical analysis uh on my channel and website um but uh just want to say thanks for having me on it’s always a pleasure and An honor to come on this channel uh it’s been a it’s been a pleasure to watch it grow um you guys have something special going on here and I’ve been saying for a long time this is going to be one of the biggest YouTube channels in the space Especially when we go into the next bull market um you can already see the groundwork has been laid and uh the hay is in the barn so to speak uh this channel is about to blow up and continue to grow at a really really fast pace and it’s an Honor to to be a guest here uh with some regularity so thank you thank you man yeah we uh we got a lot of a lot of uh new stuff coming on the horizon uh you know it’s it’s just the three you know in studios just the three of us me Rocco And David so we got our hands full we got this live stream thing tied down pretty well so we’re trying to squeeze a little bit more uh just trying to give you more more especially for the members as well and do also want to give a shout out to our Channel sponsor as well uh we have Cam’s blue wire Tech and Kim’s blue wire Tech is a technology provides your business with scalable I.T Solutions so you can focus on new revenue streams for your business uh go check them out at bluewiretech.com and if you’re going to be in Miami uh Please uh innocent hit us with a DM on our Twitter if you’re going to be at Bitcoin Miami or if you’re in the area and you want to link up uh grab some lunch or something uh just send me a DM on the sincere crypto one on the Twitter Handle and have you heard our new outro song we got we have Cassius made us a new outro it’s pretty pretty dope I don’t think I don’t think I’ve heard it yeah yesterday was our first day so uh without further Ado we’re gonna wrap this thing up and uh Sign it off with the our new outro song so without further Ado Rocco all right thanks Sin City crypto everybody know we here for entertainment and info gonna show you how to get that big dog so every day stay tapped in for big facts no capping with Bitcoin if you’re in then you win we divide the pipe with no fraction it’s Big rock David I spit the game but they gave it named according to your favorite I got dry powder why save into the OG’s new beginners but shout out to the whale members bye dip sell winners ain’t really nothing you can tell Sinners tune in for the latest new flavors they gonna Teach us mean coins they pull a prizes like barbecue chicken pizzas I laugh with a major grin lag as we trade them in baddies they came to sin and sinners gonna play the wind screaming hola till my bags are flowing over I hold y’all to The moon and to the solar Bona don’t be letting for more control yeah it’s over when the finger tornado close yeah City Gary Gensler and the SEC officially respond to Coinbase, stating they do not need to provide clarity on which cryptocurrencies are securities or not.Did popular hardware wallet maker Ledger puts users Bitcoin and crypto at risk with new firmware update? 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