Schulz Reacts: Will Bitcoin Go To ZERO?! w/ Anthony Pompliano

What's up everybody Welcome to flagrant and today we're gonna find out uh what the [ __ ] FTX is okay what's an ftt okay we're gonna find out how they convinced uh Tom Brady to give all of his money to them we're gonna find out how they convince Miami Heat to give them the damn Arena to name and how they got Larry David to be in his Super Bowl commercial and then how they squander 10 billion dollars wow somehow and why a Guy worth 26 billion dollars would be having sex with a girl that looks

like she designs costumes for The Incredibles we're gonna figure out all of this with the one and only maybe the guy who started it to be honest with you the reason we're in the reason we're invested not the Pizza Boy the pizza man Anthony [Applause] talk to us pumps y'all gotta get the [ __ ] out of New York because it is Freezing here this is right you are right about this you are right about the New Yorker term for crypto that you use it I also think when people see me on the podcast they

should ask themselves this is the top or the bottom because that's the only two times they come on yeah people could run away they could not be part of it do you want to know why I came talk to us two reasons one uh Hey listen let's talk About it whatever but the second thing was my wife was like oh you're gonna go for the day the whole thing I said listen I saw Andrew Schultz whenever was going at Rogan he stood up and he said yo [ __ ] this I know this guy he's

not a racist I'm cool with it and I said to myself I said oh look if he's gonna go bat for people I'll go [ __ ] it and let's go talk about whatever they want to talk about hopefully we don't talk about anything I don't want to talk about okay I don't know what you just said but I'm with you man and we can't and we can't promise you that one yeah okay okay first of all we have to understand what's going on please explain to us what FTX was what Alameda was and Sam

bankman freed what he did with these companies so we're still learning everything right so everything is based on what we know right now but basically uh Sam used to work at Jane Street uh trading from Wall Street uh he was like yo I can make money in crypto he subscribes to this idea of effective altruism and basically like make as much money as you can to do as much good in the world as you can yeah yeah that's hey hey everyone's a liar everyone's a liar and I want to make 10 billion dollars to help

people what a [ __ ] load of [ __ ] all right so that's what he said yeah and so he starts into that unbelievable Larry David you [ __ ] Goofy and he starts out he's basically trading back and forth you could buy Bitcoin on one Exchange in America you could go sell it in another country for a different price he would just profit so he found some Arbitrage there Arbitrage I think it was in Japan like Japan yeah yeah so he's just doing over and over and over again that was the beginning of

Alameda research just think of as a trading firm right a hedge fund for fun Trading firm okay and at some point uh they're like hey it's good game but like the exchanges that's even better game and for people who don't know anything about these exchanges one of the key pieces is you have to have liquidity so if you start an exchange you need people to trade there right because if people show up and they want to trade like hey I'll sell Bitcoin but no one wants to buy it then you're screwed because you have to

hold the Bitcoin until someone Else buys it buyers and sellers to meet yeah and and so you could do that a lot of different ways you could be really good at marketing and getting people there you could have some sort of better economics for people like an incentive or whatever they had an ex exchange and then they had the hedge funds they could provide liquidity so it was a very liquid Market early on so a lot of people would show up it also didn't hurt that a lot of people supposedly when They were showing up

were making a lot of money so if you're a Trader and you're like hey go trading all these different exchanges but I always make money on this one well this one sounds like a good one it's kind of like a sports book right if you're gambling all the time and you're like oh but I always win at this sports book we're going back to get all your business right yeah so that started to happen uh and real quick and exchange is a place where people can Buy crypto sell crypto and also store crypto right you're

not supposed to leave it there but yes people do leave it on the exchanges uh because think about it if you're trading especially the Traders right if you're trading you don't know if a couple hours from now you're going to want to buy sell do nothing whatever so it's willing to take it all the way off put it back up so you leave it up there yeah a lot of people leave it right yeah yeah uh and so as This was building up he built it into you know 32 billion dollar company FTX uh raise

a bunch of money had not really that many employees couple hundred employees but for 32 billion dollar company not that many uh and then it like all fell apart over the last two weeks and now people are waking up and they're like oh [ __ ] like they took away the alcohol no one's drunk anymore on all the profits like what the hell happened and that's where We are okay so what did happen how did they go from 32 billion dollars to absolutely nothing that's pretty tough too yeah so remember 32 billion is basically like

a fake number right it's kind of like uh if we all start a company together and uh we come to you and we're like uh our company's worth 100 million and you give us a dollar and you say yes it's worth 100 million dollars like now we're like oh we have 100 million dollar company but like That's just because we convinced you that it was worth 100 million dollars sure got you so it's the evaluation so if it's worth 100 million dollars and I give you a million dollars I own one percent of that company

correct at that evaluation but like at that valuation yeah somebody else may be like it's not worth 100 million it's worth 50 million right somebody else might be like you guys are all morons that's a worthless company it always happens on Shark Tank Correct the guys come in and they've they say you get 10 for a million dollars and they're like you're you're giving yourself a 10 million valuation I don't agree correct okay so 32 billion was the valuation of the company itself which people were giving real money they invested billions of dollars but the

32 number was just evaluation of the company uh and so what basically occurred was uh people were giving them money on the exchange to buy and sell uh Crypto and in their terms of service it said we don't touch the coins that you give us so if you have Bitcoin on our exchange we leave it there if you have ethereum we leave it there if you have stable coins we leave it there we don't touch it and so one of the things that does go on in crypto it also goes on in traditional Finance uh

and we've talked about on past episodes like if you put your dollars in the bank what do they do they lend it on the back right there are Crypto companies that do the same thing but FTX said we don't do that and so people believe them and so then it came out how are they making money they take a spread so like uh I wanna uh sell Bitcoin you want to buy the Bitcoin they take like a fee or spread sometimes both and so uh it came out that at some point over the last couple

of years uh Sam the FTX team whoever allegedly was like oh why don't we take the user funds and like bring it over here to the hedge Fund which is Alameda correct and so it's unclear like were that was there legal documentation that it was alone did they just like move it the degree of uh uh intentionality versus they would describe it as a mistake like you can imagine there's a big bankruptcy filing so like now lawyers are involved like it's all going to come out do we know if they move the funds or if

they take a loan on the on the crater funds what I think is clear is that like eight Billion dollars like wasn't where it was supposed to be I think it's maybe the best way to say it right and how it got to the the wrong place I think there's uh uh some debating going on right now now is is it I've read something about them backing that let's call it a loan or whatever it is with their own token yes is that true because they had a token right ftt is this is where it

gets kind of crazy so like imagine again go back to that example we have a 100 Million dollar company that we all created we got an investor who invested that valuation and then he was like all right cool like what are the assets of the business and we're like well we have uh some computers we have some desks and then like we literally just have a stack of papers that we just like ripped out of a notebook and they're just sitting here and like that's an asset and they're like what's it worth be like well

we sold some of those pieces of Paper to somebody else for a hundred dollars a piece of paper be like okay like why do they think it's worth 100 well that's what the market says it's worth it's not paper they just created coins like they literally just like got coins that they created ftt now there was uh an advantage if you held it so some of these exchanges do have coins and what they'll say is things like uh if you have our coin uh you may get lower fees On the exchange and they try to

create like value so you trade in your Bitcoin for ftts and then they pay you to hold dfts like a casino kind of thing like a few different exchanges did this I think uh block five might be one of them yeah so block five [Laughter] no I'm just saying you got me into crypto so I have some idea of what you're saying yeah which is rare and I know different ways in which you [ __ ] Me so I still believe long term but you've you know you [ __ ] me gently block five doesn't

have block fight doesn't have a token but there are other actual exchanges so binance has a token FTX had a token Etc and uh what became kind of weird is like if you control the money supply essentially of ftt and you give it to someone and you say hey uh I'll give you 500 million dollars of this token give me a loan or give me some Value uh I invest the token now I own equity in your business like all these different things pretty brilliant actually if the token is worth what you say it's worth

okay it's crazy but like okay the problem would eventually happen is CZ CEO of binance was just like I don't think that I'm gonna hold this anymore and he tweeted it which like the finance is another exchange exchange yeah the biggest competitor of FTX correct and it looks like he Intentionally tried to affect ftx's bottom line or business or tank the whole company it appears that way CZ doesn't seem to be a stupid guy and uh uh he basically had a kill shot and I think he took it right why did he have a kill

shot like they helped seed FTX years ago so he was an investor and so he got bought out of his position and he publicly said that they got paid uh in stable coins and some of these other tokens these ftt Tokens so he was sitting on like 500 million dollars worth of the token and he realized and what he tweeted was just like uh due to recent uh information because there's an article that coindeska published he goes uh we're gonna be selling our position but we've got 500 million dollars that's a big position you tell

people you're gonna sell it everyone else goes maybe I'll sell before he sells now I heard uh SBF Sam bankman freed uh Tried to buy the position at like 22 a coin from what's his name is CZ CZ from CZ and then CZ said no because he didn't want to get purchased he wanted to flood the market there was a public tweet from the CEO of the hedge fund uh which again this is where you start getting into a little bit of conspiracy land like uh why did she tweet 22 was the price of the

token at the time like was that an important number and so did they kind of reveal or tip Their hand and and so like the one thing in crypto is like there are millions and millions and millions of people around the world that are playing this game slash in this industry trading whatever these people are not dumb yeah and so if they think that there's an opportunity to make money by uh arbitraging something or by like basically screwing somebody yeah in terms of like the market like they're gonna at least try yeah and so that's

ultimately what Happened it unraveled the whole thing uh and pretty much within like a week they filed for bankruptcy and wasn't there a leak that came through coindesk that basically kind of blew all of it up before the tweet and how did that leak come out I don't know who leaked it um what was the leak is the balance sheet of the hedge fund so like basically saying like the hedge fund is Alameda Alameda yeah like hey they have all these assets but a lot of them are in This token that is their token like

kind of like revealed more information uh there's a guy Ian Allison at coindesk who in my opinion like this is the story of for sure the year if not probably the decade uh when it comes to kind of this new like digital world and uh he's not gonna get as much credit as he should but uh it wasn't like the mainstream media it wasn't a regulator wasn't it like somebody supposedly from the industry leaked the Balance sheet to a reporter in the industry he published it and then like the free market took over interesting right

and then you have CZ he's got the CZ kind of swayed it a little like he kind of started that run best of Mark he's a market participant right it's kind of like free market uh Dynamics uh play now the sad part I think we should call it is like a lot of people got hurt in this right yeah and there's a lot of people who lost money there's a lot of People who got duped there's a lot of people who thought this was one thing it turns out it's not so like free market is

like this interesting dynamic because like technically I've said that like the free markets the judge jury and executioner but like there's collateral damage as well and so this happens in finance to a degree but if in finance let's say a stock goes down too fast like remember during covid like the stocks would be Falling like they look like [ __ ] coins right yeah uh they have something called um uh circuit breaker where if the stock Falls today it's like eight percent uh they basically just say timeout stops trading for 15 minutes like everyone catch

your breath and then if it falls again they stop it and then if I think it's like 20 they shut off the trading of that for the day so it's not just this one day race to the bottom yeah yeah so like very rarely Will you see it now now in aftermarket trading there's all kinds of crazy stuff that can happen but like there's controls around the trading of the uh assets because they've seen this stuff happen in the past where things can go from worth a lot to basically nothing in seconds Now isn't that

an argument for regulation I know one of the beautiful things about crypto and one of the things that was so exciting about it was that it was not regulated It was not it didn't have like that central bank system that we have here and that freedom that people talk about I'm sure you spoke about many times but I feel like this experience right here is a perfect example of where regulation could have helped yeah there was two things so first you can't confuse Bitcoin with like all this other stuff right so Bitcoin is a decentralized

kind of electronic peer-to-peer all this other stuff is finance yeah it's fine no No but it's like some more similar to the dollars 100 like what you were describing with ftt I was thinking yeah how is that not Fiat yeah it basically these people have become central banks and the thing about that is like if you are a central bank you're going to need regulation in place so they were central banks without regulation and what would somebody do if they just had a printing press for money well it's even I think worse than that So

like Bitcoin is kind of in a league of its own it is this decentralized thing it an asset isn't regulated right like the dollar doesn't get put in jail the dollar isn't fined it's the companies and the organizations uh and and the people who deal with dollars they're regulated in the traditional Financial world so the asset is just an inanimate object same with Bitcoin Bitcoin just a system you can't regulate it there's nobody to put in well there's A regulation right there's an amount that I would call that a regular code Yeah the code basically

says to be 21 million Bitcoin and maybe that's all you need to create the value it's like a self-regulated the reason why it's the most valuable is because it has a regulator on yeah it's decentralized it's the most secure and also I think that there's like the the least amount of [ __ ] which I think is a really key piece to this because what we'll see on On this other stuff is like they just recreated finance and I don't go as far as maybe some of the the hardcore Bitcoin like maximum people will go

they'll be like it's all worthless it's all stupid it's all the stuff I just look at it as like people are going to create these Financial systems whether we like it or yeah right they're going to do it yeah but what the Central Bank idea of like just creating your own tokens to your point like there's no Disclosure rules at the same level that there is in the Legacy Financial system but FTX was regulated they had a regulated entity in the United States they had a regulated entity in the Bahamas You could argue how good

were the regulations in either place should they been better whatever but there's details coming out now that like the Auditors didn't know this was happening so you kind of have to ask yourself like If you go to a company you say send me your audited financials and they send them to you like what else do you want this is like if you're an athlete you can beat usada you know what I mean like every every year they find a way to get the roids in the system without being detected and they're like here I pass

my drug test get past so they were passing the drug test even though they were on the rights they don't like right before you run the 100 meter dash at the Olympics they're not like right now right so like there's a little bit of that going on which again more details will come out and I think it's important uh that we find that out over time but also like the regulations don't always stop bad people like if you remember Bernie Madoff was regulated right so part of Regulation which is which is interesting is like if

people are just flat out lying Usually almost 100 of the time they get caught but what we find out is like they're able to trick the rules or The Regulators for some period of time and so you can't just say oh if it's regulated it's 100 all good and what I think in this situation is that like this grew so fast there were so many different types of organizations involved from investors to the people they did commercials with like all the stuff People just were like no one even asked the question of like could the

audited financials be wrong could this information be wrong could they just be potentially misleading people so here's what I'm not making the connection on seems like we're kind of saying CZ drove the value down intentionally by saying you know what this 500 million I don't think it's worth that I'm backing out did he do That to potentially I don't know [ __ ] FTX over and just say it or did he see something and FTX was doing a lot of shady [ __ ] you see what I'm saying like there's it seems like it's a

bit of a disconnect it's probably all of the above like in these situations I think people love to have just like a black and white like good person bad person uh they did this and this is why like the end result happened yeah but I think what ends up happening is like uh CZ Says hey I got a bunch of these tokens I don't think the token's really worth anything so I'm gonna sell them okay that like creates part of the problem then it happens that it exposes this other problem which then compounds and like

then you get this like cascading effect and the whole thing falls apart so I I read a little bit and correct me if I'm wrong with it but uh I read that the goal for SGA also the internet connection is the most dangerous It was a lot of grammar and spelling mistakes in this article and that made me believe it even more I was like yo This Guy's excited to get this piece out like this piece needs to get printed today so uh and basically he was saying that it was going over these donations a

lot have been made about the donations that uh SPF and FTX and I guess Alameda have made not only to the Democratic party but also to the Republican party and of course any liberal Outlet goes He's just donating to the Republicans and everything conservatives like 50 million okay it doesn't matter I have 70 million in total two uh people in political positions of power and and verbally had committed that uh he was thinking about doing a billion in 2024. yeah I mean he he day he was second in donations to George Soros to the Democratic

party that year yeah which is crazy he didn't give to both parties one of his guys gave to the Conservatives one of the big questions and I'm not uh smart enough nor have I looked into it enough but like I do wonder how many corporations if you went you looked at them plus all their employees everybody like and some of it's just like hey uh if you're the president and you're the CEO of a company like YouTube just may have different politics so you just give to the party that you support some of it maybe

is like more coordinated I don't Know it's the politics that helped the business I assume yeah you know if you're in the lumber business and one candidate is like yo we should chop down some trees you're like I'd like to put some money in that guy's pocket I've always thought that politicians uh they should have to disclose as they do uh who is the biggest donors and then let's say that you're a politician and you get in because the Pharma industry like backs you you shouldn't be able to have A voice in creating regulation for

the Pharma industry that's interesting right like like basically say like hey you can take money from whoever you want take as much as your voice is gone but you have to like abstain from the regulation of the industry that paid you to get in there yeah really good yeah and they ain't gonna do nothing that [ __ ] dumb yeah hit the money out of my pocket well they can still day trade stocks yeah that's True it's crazy so so basically the uh what I what what I was reading is that um CZ saw that

FTX had closed connections and was trying to become the first like legal regulated exchange by the United States government and they would have a huge advantage in the space if they were that and he saw maybe it was a little bit closer than most people thought and I mean they have obviously there's a I think a close connection to one of the people that is on the SEC or The chairman of the SEC through I think Caroline's the girl um SBF has you know political family members or people who have like I think raised money

for Democrats in different parts so they had these connections you good all right and um and basically and basically he thought that he was going to use those good connections to regulate that one and then he would be [ __ ] so he's like I have to go nuclear right now before they end up getting Regulated the regulation is so crazy because like we have publicly traded exchanges in America there's publicly traded exchanges in Canada and other places around the world and so like I think that when people look at this industry and they say

there's no regulations like that's not an accurate statement in my opinion like the light in the Bahamas well there's regulation there but I think there's a big difference between the regulation in America versus the regulatory environment there so what people basically do is they go like regulation shopping and what they're doing is they're like hmm who's got who's got the country uh foreign to the opposite side right because you when you look at these situations it's easy to have the bombastic take of like everyone's bad or everyone's good but I always look at it as

like if you're the country and you're trying to create a Certain type of Economic Development or growth you have a carrot and a stick you have taxes you have regulation so you can punish people or you can incentivize them yep Puerto Rico in America we basically like if you move to Puerto Rico you lived there for a while like you ain't got to pay taxes why we want people to move there so that they will invest in the country in the uh territory and do all the stuff so a lot of these other countries are

like well [ __ ] why don't we create regulation yeah that will incentivize these people to move so in that sense like you can understand the incentive side but I think the the downside to it is like if you're still uh using customer funds on the platforms and it creates problems or at least these situations then people are like yo that's not the ultimate goal if you actually believe that doing the right thing by the customer which I believe I think most people uh in the Industry believe then you've got to believe that regulation has

to meet some criteria in order to ensure people are doing what they're saying they're doing I'm curious if the leak never came out or CZ never made that tweet could FTX have just kept on floating on like they were that's like the multi-trillion dollar question yeah right like what would like not if nothing stimulated the grun basically they could have just continued to like take out like uh user Funds with no cost to themselves right it's impossible to know what would have happened but I think what um what this goes back to is like so

use the FTX situation I put it in a box and say like all right we kind of sort of understand what's happening there or more details will come out but I think what uh this really shows and you've seen people talking about online is like take a system like Bitcoin compared to this in the FTX situation people could take The user funds and no one knew right it was like hard to tell but with Bitcoin yeah it's like very clear you can watch them [ __ ] move on the [ __ ] blockchain yeah right

so can they create a circuit breaker within their own exchange that's what I read that not a circuit break but I read that they created a back door there was like SPF and another dude and they did the code as well yeah and they created a back door to like flow the money over to Alameda oh yeah well that makes sense but the crazy thing about this Bitcoin not even Bitcoin a crypto thing is like for [ __ ] years everybody's been saying hey you can't get away with anything it's minted on the blockchain where's

this [ __ ] blockchain that shows exactly what SPF is doing and not SPF SPF and then the rest of them do like where is this proof it should be there right yeah what happened to the 10 billion that's the thing because that Money existed but like separated out you have like the Bitcoin system which is this decentralized thing that everyone's really excited about and like in my mind is that is what we were promised right is a blockchain that is truly decentralized that's this global system there is no CEO there is no centralized control

uh and it's something that uh you can take control you take self-custody of the assets no one else has them like there's all these benefits To it and then like everything else is basically just recreating Finance and so just like there's bad people doing bad things in regular Finance there's gonna be bad people doing bad things in like crypto world and so I think just like separating those and like one is a decentralized transparent system which is like what everyone was promised and then of course people were like yo we could just go recreate finance

and do it like all around the world with these Coins and so again people are going to play that game whether we like it or not uh but that's where the problems come in right because now you just recreated Finance so imagine if you had centralized entities that could create their own money like uh I bet you a bad [ __ ] would happen yeah so you said I'm sorry you said the 10 billion was actually there at one time I thought it was just the evaluation they had 10 billion actual 32 billion was the

value Of the company and they had 10 billion of user funds unclear what they still have left there I've seen estimates that they're missing one billion two billion I saw one that said 8 billion I had to read that three times to make sure I was reading it right they're like missing eight billion it's unclear weren't they like DMS of the guy that they they kind of came out and he was like oh yeah I just come up with like six billion dollars or some [ __ ] like that yeah I Mean but again it

even goes to like uh down in the Bahamas like now it's coming out that there was like use of amphetamines right and they had like uh a doctor who allegedly was uh prescribing medicine like all this stuff and it's like okay uh if you went to Wall Street in like the 80s or 90s yeah right they're just doing cocaine on the table yeah yeah and so like in some ways a lot of the like non-bitcoin part of this whole industry is just recreating a Lot of what already happened in finance but now it's just like

20 to 35 year old kids being like like basically I missed it let's do it again institutions yeah that's the thing about humans is like we will the reason why history is cyclical is because we'll repeat the same things over and over again if there's an opportunity to make money without doing much we're going to find it and we're going to exploit it by the same things Greece is greed it's great it's it and We were talking about this before but like to me I'm I'm reading this and I'm like holy [ __ ] is

this the 2008 financial collapse all over again off in the exact oh you think this is see I think this is 2008 it's like both or maybe it's both like ingredients of both but the reason why I thought it was 2000 is because the subprime mortgages were ftt that token which was a useless thing that was pegged to a valuable thing and then everybody believed it was valuable Because it was making their money I believe these subprime mortgages will work Sundays you can't lose money owning a home and the second that dipped now all of

a sudden well I gotta come for that home oh there are there are no more as soon as there's a proxy between like the thing that's actually valuable and I guess in 2008 it's like the cdos like those like consolidated debt obligations yeah it's like yeah we just dump all this [ __ ] in this little bin and then That's actually what you're buying yeah somebody's watching this right now being like what do these [ __ ] know about cdos but here's the part is that you guys are way smarter than most people think but

until you said that nobody knew that we didn't know but now they all know we'll cut it up yeah we're back okay just say like and I I guarantee that this has happened Throughout history is there's a the quickest way to make money is by creating value in something that is otherwise valueless right I mean like snake oil salesman that's what they're doing right they're going down the river and they're selling some [ __ ] you think it's worth something to make a lot a lick and then you get the [ __ ] out of

here because eventually the bottom is going to fall out of it and okay it's sad at the same time it's sad that Humans repeat the same thing every time but it also kind of makes me happy that it is a human flaw in a weird way like there's not just like one you know what I mean like like you hear about like uh power dynamics right it's just like it's a function of humanity put any human next to the opportunity to make a bunch of money doing absolutely nothing we're gonna [ __ ] do it

PPP loans we're gonna do it then crypto we're gonna do it it's like percentages now that are Coming out of like the PVP loan stuff oh it's crazy but also like again I always go back like if you were the government and you were told by the politicians and everything like you got to do this who could have designed a system that would prevent all the fraud in three weeks right so it's like again like they're it's stupid that they uh engaged in a super that they sent it and stuff but like these are complex

problems so I always remind myself like yo I don't Want any of these people's jobs right I don't want to be the guy that should be the dude who's like yo you got to run the PPP program and make sure there's no fraud I quit that day you know is it possible yeah so like the other thing about covid like when they're trying to figure it out as the [ __ ] is happening and people are dying you're just like the amount of pressure that to make regulations but my only issue with them is just

uh Not acknowledging that they made mistakes it's like you almost to use the the lady term gaslighting or whatever it's you're almost like Gaslight in the public like when we go yo that [ __ ] was a little funky like what you just told me last week was a little funky all you got to say is yeah my bad it was funky yeah when's the last time people in finance said oh we [ __ ] up nobody wants frustrated yeah and then you just keep on moving along yeah so The people who had money on

FTX uh [ __ ] coin and Bitcoin yep do they get it back what happens if it's Bitcoin based on what you're saying I assume they get it back I actually don't have money with FTX for the record so so uh they filed for bankruptcy but they filed not just FTX like everything that they touched like I think it was like 130 something entity so you can imagine like people are showing up being like all right what do we got And the guy who is uh the new CEO he's the same guy who came in

when Enron went through bankruptcy like like he he's been around the block right he's seen the most [ __ ] up [ __ ] and and there's a document that they have to submit pretty early I guess within the first 30 or 45 days uh and they basically like give kind of lay the land here's where we're at and he wrote in the one for FTX he was like this is the single worst like corporate situation I've ever seen In my career wow [ __ ] right so he's trying to figure out like what are

the entities Who's involved how much money do we have where is the money uh was there any funky business going on where was the funky bit like there's all this stuff going on so again like that's a guy I don't want his job right um but what I do think is uh is uh a big question here is how much money is left because that will help determine how much will people get back and I remember Lawyers get paid too oh the lawyer's good but it was also determine how much money we're gonna have to

ask back from these politicians if you're Joe Biden you got five five million from SBF and you know that there's like some hard-working contractor out there that saw a lot of people making money on crypto and he wasn't making money on crypto and I think like all of us felt that fomo it was like yo I'm working really hard and my friends are making Money on this thing where they're not even working I want a piece of that and they dump their [ __ ] savings into that [ __ ] and then they get rinsed

and you're Joe Biden you got five million you got to cough that up can you recall political donations so is there a president for that so what's happening now uh I think it was I don't want to see which Outlet it was but one of the like mainstream Outlets uh they made a whole list of hey here's everyone who Got donations from the people they could identify that were involved and then when they asked them and the politicians they were like yo you got this donation what are you gonna do are you gonna give it

back or not it was like maybe a third of them said they were gonna give it back uh and the rest didn't respond at the time that they publi published so like we'll see what happens uh but it's definitely not crazy why would you Not offer why would you not refuse it initially like or once not even initially once this information has come out like immediately I think they asked them like within 48 Hours like it was like pretty cool to know what the [ __ ] is going on but with Bitcoin wouldn't you be

able to trace back through the blockchain who initially bought it and then they would be able to get it back am I is it very rude in the most General sense uh Usually in a bankruptcy what will happen is uh uh people who have a claim you could have a claim because you gave them oh you lent them money you could have a claim because you're uh some sort of equity holder that has some like uh extra you know uh um a claim on the business or you could have assets in as a user uh

they basically will say okay well here's the pot of money we have what percentage should you get and so let's just say as an easy example uh in The mount gox situation I think people are getting back 25 years tell people about I just heard about this with someone was coming I haven't heard of that uh Mount Cox is an exchange from back in like 2014 that uh basically failed uh so similar apparently Bitcoin back when was like 600 [ __ ] crashed and it went to like ten dollars a [ __ ] like a

coin it was it was the biggest exchange the one everyone used yeah and uh they had a bunch of Bitcoin in there And so they've gone through a similar process as like bankruptcy stuff and so what happened is people basically got like an IOU right which is like again it goes uh counter to the Bitcoin ethos of like you can do self-custody you can hold on to the asset but because you had it in the exchange you get an IOU and those like we'll get back to you on how much you're gonna get so let's

just say that you had 10 Bitcoins sitting in there at 600 Bucks or whatever it was uh now they're giving back 25 so you'll get two and a half Bitcoin now for those people you'd rather have the 10 Bitcoin than the two and a half but the price of Bitcoin has gone up so much in dollar terms you're like up but you'd rather have 10 Bitcoin at you know 17 000 or whatever what happens to those Bitcoin if there's only 21 million ever made and you there were 10. well now they can get spent they

could like that's where the question is Where did the two billion dollars let's say the two billion dollars was missing from FTX where did it go but even if you spend it you have to give it to someone else to spot it it doesn't disappear and it never does someone who bought it so you guys start you got this is what this this guy is gonna have to try to figure out where'd the money go and are you confident they'll be able to find it due to the confidence of blockchain I think that uh the

Blockchain will be peace uh some of it but like just go through an easy example so uh Andrew has an account on an exchange that goes under uh they ended up taking his money and uh they were trading with it and he had a hundred dollars on their worth of let's just say um I don't know uh ftt and as they were trading they lost money so now that they only have twenty dollars of Andrew's original 100 like technically they didn't give it to anyone they were just Trading and they're bad Traders so there's eighty

dollars missing and Andrew's like yo where's my hundred dollars and then the bankruptcy people show up and they're like yo there's only 20 left like here it is right right so like you can't what are you going to go do try to figure out like which one of his ftt tokens who did you trade with like they didn't it it's just different than like if you took the money and you went and you bought like a piece of real Estate or you donated it that's very clear like who has it and then can you get

it back will they give it back like that becomes part of the process gotcha yeah I guess in that example I look at ftt and I'm like oh that's like a proxy coin that they're making but like with Bitcoin are they they're not are they actually using the actual coins so I read something I don't know how accurate this is uh but uh guess how many Bitcoin they actually ended up having how many Zero what supposedly and it isn't that convenient it's very convenient but but it goes back to The Narrative of life like if

you want to do this stuff it wouldn't be at all connected with the worst crypto scandal in history but this is the whole thing right it's like if you wanted to do all the [ __ ] yeah remember I said yeah all the [ __ ] goes on in this in the rest of this thing and so like you don't Want to use Bitcoin if you're doing this right and and why you can't control the production of Bitcoin so like you can't play Central Banker so like all right that's less enticing and then what they

were doing is they were creating what a lot of people in finance would call like paper Bitcoin or wrapped Bitcoin is what the crypto world would call it oh a coin that's pegged to it they'll like try to move it onto like a different blockchain and now they have like an ethereum token That represents Bitcoin but like how do you know there's really a Bitcoin maybe they could just create more of them so it's paper bit like you get in this world where like if you're the average user you have no clue 99.9 of this

is going on and so like again it's Finance it's the same thing like when you put your dollar in the bank like there's [ __ ] that they do that when people hear about they're like yo they could do that yeah like who Was the person who was like drunk one night and figure that out yeah right yeah that's what's going on in this whole other side so I think like uh the Bitcoin World in some ways the bitcoiners are very like we told you so like keep your coins off of exchanges like all this

stuff right which like I would say uh some bitcoiners are very hardcore like don't put your stuff on exchanges there's other people right more like me who is like look people are Going to maybe keep majority of it off exchanges but they're still going to want to use the stuff they're still going to want to uh earn yield they're still going to want to participate in finance whether we like it or not they're going to want to do it um and so it's more about like the responsibility don't put everything somewhere right if you're gonna

do it do it with one three four five percent don't do it with a hundred percent so I Think that that's the world that like now people are starting to realize like okay hold on a second Bitcoin is different which is unfortunate we have to go through this it's not the first time it's happened but usually when it's done happening is the net gain of bitcoiners through this whole process is like they're not messing with these other tokens I saw a guy wrote a whole thread he's like a hardcore bitcoiner now and he was like

yo back in the day I Got burnt but I didn't learn my lesson I had to I had to touch the stove twice interesting right and he was like by the second time I got burnt I was like yo I'm just into Bitcoin because it's so [ __ ] enticing man I'm telling you like I would see Akash making money through and it would piss me off and I ended up buying a bunch of [ __ ] Bitcoin strictly because Akash was making all this money doing nothing and I was working my ass off for

money It drove me [ __ ] crazy well if it makes you feel any better uh this guy has some of my Bitcoin Akash and I are in the same in the same boat we're we're waiting to see what happens all right guys we're gonna take a break for a second because today's amazing episode of flagrant is sponsored by market Mondays live at The Who theater starring Ian Dunlap shout out to Ian shout out to crew they have a live show at the Hulu theater uh amazing Venue this is the inside Madison Square Garden by

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people who are all upset about a whole bunch of different things you know when I said yank yourself I'm in like put it on your own private nah no no no no no Like the things that I had on the platforms right because you got to remember like I worked with we had advertising deals with some of these people and like an advertising deal is no different than you guys uh you know I don't know uh athletic greens I think I've seen you guys advertise right if all of a sudden something that was wrong with

the athletic greens product it's not like y'all are in the [ __ ] science lab being like let me test this Or this or whatever yeah but you would still be like damn that is uh somebody who we worked with right now in this case it appears to be that it was misleading or fraudulent they tricked a lot of people that are way smarter than me um but still at the end of the day it's like yo if people are going down [ __ ] it right and so I left the [ __ ] on

there and like we'll see what happens yeah but but So I I think I'll leave this for a second oh I left all of it on exchanges I'm the man of the people I'm the bitcoiner of the people I'm in solidarity with you this is a lot you said it yourself real Bitcoin is like put your [ __ ] on a ledger yeah you gotta have some on a ledger no I think every sub everybody in Bitcoin does sell custody what I'm saying is like the same thing that when people would ask me I was

doing as well right is like yo I Don't want to just sit and hold the asset 100 of it so what I would do is I would take some and I would put on a platform to earn yield or I would have it on uh like if there's um payment apps right I would have some sitting on the payment app so that I could send it to people when I wanted to send it rather have to go get it out of Cold Storage like at the end of the day security and convenience there's a trade-off

and as much as we want to live in a world where Everyone takes security uh you know like um uh as the utmost responsibility convenience I believe that you had it all on there until until I noticed one thing what uh it's the ring on your finger right here there's no way there's no way your wife would let you leave all that [ __ ] my wife is the biggest Bitcoin maximalist that I know exactly like all this other shit's [ __ ] exactly why she's just throwing leisures up in there what are They called

ledgers ledgers yeah yeah yeah there's no way there's no way I mean she believes in Bitcoin I still have my business uh Cold Storage drive up your nose took it off babe yeah but I do think that it's really important to call out like uh I think what we just saw over the last really eight months or so because it wasn't just this one there was other ones as well uh is that there's a huge Difference between decentralized uh systems and centralized systems and you know what you guys are hitting on is like the centralized

systems are just recreating Wall Street and like just like people get [ __ ] in Wall Street they're getting [ __ ] here and like similar to what this guy said online of like you have to touch the stove a couple times before people realize is that there's a lot of people who uh they do some of the self-custody some of the Ledger stuff whatever but they're still playing around here I think that now this was a wake-up call to a lot of people and they're like yo [ __ ] this other crypto stuff all

this other stuff I'ma stick with Bitcoin which like maybe that's the silver lining in this but still it sucks like the whole situation sucks now I'm curious why wouldn't like binance or one other exchange try to buy or acquire FTX if this is disrupting the entire Market in general oh [ __ ] by letting it fail it ends up hurting binance as well yeah like they should see it and be like because like obviously if they go away then they can monopolize them like they're aggregating more market share but you could just acquire them keep

everything hushed no individuals are so messy but yeah so when CZ tweeted and he was like yo I'm gonna dump the token uh FTX was kind of like you know they were they were rocking they were a little unsteady and So uh they announced uh it wasn't a definitive agreement but they announced that binance uh had intentions to buy FTX and then within like 24 hours CeCe was like nah this shit's too messed up we're walking away and then they failed and filed for bankruptcy and that was why I thought he tweeted the 500 million

ftt thing because he was gonna buy it but he was like no yeah I mean like you gotta remember these people are you know they're wealthy that there's a lot of uh Pride There's real businesses at stake here like it's no different than one of the greatest CNBC clips of all time is uh Bill Ackman calls in live and Carl Icahn is on as well I don't know if y'all ever seen this you got two two billionaires and they're screaming at each other on the phone and you can hear in the background the Traders On

The Wall Street uh Stock Exchange floor whenever one of them says something crazy they're like yeah yeah it's like Yo this is like egos too right yeah massive egos yeah now it's just like they don't call into a national media Outlet they're like doing this [ __ ] on Twitter yo that's so true yeah that's interesting another I used to do it on [ __ ] what was the uh not Jim Cramer show but like what did MSNBC or some [ __ ] they do them well and they just beef with one another and now

it's done on Twitter way more eyeballs you guys Are pioneering like uh kind of a new type of talk show and like going direct to the people and stuff but also during this entire Saga there's a couple of people there's like um uh there's an account called autism Capital which like a pseudonymous account uh there's a kid Dylan Leclair there's a couple of these these folks who like they were breaking the news like by the minute people were dming them things they were like I'm a former employee here's this here's this Like oh I saw

this piece of information and so like in some way Twitter became the like the show so you're watching it and you're like this is in the mainstream media like writing up the article do you think that there's a lack of empathy for people who have lost money in this because so many people weren't invested in crypto and they kind of resented that a lot of people were making money out of people who had crypto rubbed it in oh huge they Acted like they're experts yeah you guys are coming up well you got compounding things right

so like the price of all the assets fell before this happened it was already down so you already had the like critics the anti-crypto people they were they're doing they're dancing on graves right they loved it was worthless whatever [ __ ] them I saw you covering different [ __ ] you were talking about this guy was talking about the Jets or something Giants they're Giants no but like that was Joe that was doing no his brother does he have you working for him I need a job it's this amazing conversion between like money in

sport which is obviously there but like he does these great like minute long videos on Twitter he's also on Instagram and stuff yeah and Tick Tock you should be on all of it but like you but it's great like the concert is Well I knew that I was in trouble when he started sending me uh uh screenshots of the analytics comparing us and he's like I'm Gonna Catch You that's why don't go follow that could FCX have just disclosed and said hey we're using user funds like could they have just come out and said that

and there's other platforms that did do that that's my point like why couldn't they have just done that and disclose it And everybody's making money so they're not going to ask questions they're going to use it like I'm getting 15 use away yeah I think that uh people who were using that platform were using it to trade and with the understanding that they weren't doing anything with the user funds and so it was deemed like safer right oh [ __ ] how can I trade my [ __ ] if you're trading my [ __ ]

another good question yeah so like if you think about the reason why people Were allowing companies to lend out their uh assets is because they were getting paid really high rates of return so if they're gonna say to you hey I'll pay you 10 right I'll just make up number 10 yield well then you're like ah maybe it's worth it maybe it's not but if they say we're not going to touch your stuff and we're not going to pay you anything there's a lot of people just like I don't want it just don't touch my

stuff let me trade and like We're just to clarify 10 yield is basically just leaving the coins on the exchange The Exchange pays you so that they can go trade their [ __ ] out no different than a bank that gives you what is it ayp or something apy yeah okay yeah but Mark's point is interesting though like if they just acknowledged it then everybody would be taking on that risk and if the money got flushed down the toilet that was the risk that you Took yeah but I guess that was their Competitive Edge in

the market space is that you were getting the yields without the risk Yeah well yeah I don't know yeah well now it was a risk but they were marketing it as if there's none right yeah like in terms of service uh from what I uh understand just basically said we don't touch it we don't invest it we don't touch it but I guess that's where you pivot you do that for three Years to eat a market share and then after a little bit you go yeah we're going to start using funds and then people get

into the user agreement yeah and then some people will start pulling it off but then you can now basically like fractionally reserve your own coins and [ __ ] I feel like I might get home and there's gonna be the flea Grant crypto exchange launch I mean archives wanted us to do this so badly we're in Miami you wanted a Flagrant coin I did play you're in coin I did yeah yeah yeah why not why not just stick with Bitcoin yeah yeah why isn't anybody else just made Bitcoin huh why isn't anybody else just made

another version of Bitcoin well there's a lot of people who tried there's people who say that they created bitcoin no no no not like that I guess what I'm saying is like just create a limited number of them no they did and what it just did it's Um when you think of like Tech Innovation uh the true Innovation is where all the value accrues right so it's like uh a lot of times people use the the terminology zero to one like it's the actual Innovation is where the value is and so that's what Bitcoin did

and you have to remember too like now if somebody launched a coin there's like every degenerate in the world it's like looking around on the internet like who got the coins what are the coins where's The new coin right so you're attracting people who are like more uh mercenaries than missionaries in the early days of Bitcoin at first there was no price there was no exchange there was no anything like people who wanted it were like they believed in the technology and they got it they mined it and the missionaries right a lot of drugs

on the internet with it yeah that was the game my sister bought a bought mushrooms for like five Bitcoin Back in 2011. get the [ __ ] out of here like a truth the truth recently she was like yeah I bought it like 100 Grand on Silk Road yeah it wasn't that many Bitcoin but it was like it was like half a Bitcoin or full Bitcoin there's that story about the guy buying a slice of pizza or something like that for 10 Bitcoin yeah no no no 10 000 Bitcoins he's been on two pizzas yeah

yeah it's like hundreds of millions of dollars today Hahaha we have zero compassion no it is true people I feel like it's the first is the first transaction in history where somebody like used it to buy something he like went online he was like yo if I send someone Bitcoin like will you get me a pizza and I think if I remember correctly they like called The Dominoes or you know whatever pizza place in his hometown and was like will you pregnancy Do to Pizza I'll pay for it and then they send them the 10

000 Bitcoin wow crazy does that dude still have the Bitcoin is he still has a lot of Bitcoin yeah I'm not sure what happened with the Bitcoin they've asked the guy who spent the 10 000 Bitcoin he's like no I don't regret it at all because he's like Bitcoin probably wouldn't have become what it became unless we started to use it which I think is what you have to tell Yourself the guy that's not in the Beatles anymore he's like best thing that ever happened I love my life love my fat kid my fat wife

Bitcoins down yeah are you buying more uh I have been buying more uh I I'm always gonna buy more and it's just like nothing about Bitcoin has changed that didn't sound as confident as to where am I listen to confidence bro I'm like uh I'm in the 11th round of a 12 round fight I've been getting Punched all year right and I'm like yo man I'm still here all right that's good whatever but if you if you think about Bitcoin all I keep looking at is like the underlying fundamentals are exactly the same um and

oh there's a lot of people who are like oh what does that mean or whatever it's just like think of a company who is doing it the same or more in whether it was revenue or sales or whatever metric you want to Look at but the stock price went down some people be like yo stock price down I'm out okay that's fine but the people who would look at the actual company and say hey I like this it's doing the things I wanted to do I just think that it's a cheaper price for the same

company they'll buy so like that's where the market ends up like that's where people Express their view there's a lot of people buying because the there's two stats that just blow my mind The amount of Bitcoin in the last 12 months that hasn't moved is almost 70 percent 70 of the Bitcoin people are holding even though the price went down 75 people believe it's going back up they're not [ __ ] selling right they're not moving it so like that's an interesting stat and then the second one is uh on chain like on the blockchain

you can see uh the wallet addresses with uh 0.1 or 0.01 Bitcoin so think a couple Hundred dollars uh to a couple thousand dollars those the number of those wallets keep hitting all-time highs meaning that it's not Wall Street guys buying it's like the small little people are saying hey I buy 20 bucks every week now I've got two three five hundred dollars worth of bitcoin right in this wallet and so like I think that those are signals that uh there is some portion of the uh kind of holder base or the bitcoiners that just

they're still Buying it's just not you know hundreds of millions of dollars like we saw with the Wall Street guys for coming in um and what is the FTX lesson for Traders but also for exchanges Traders I think are just going to be traded like they should learn things I just don't think they're going to they're going to keep training what should they learn though it's just don't keep your assets on the exchange right off yeah is coinbase still around Yes it is one of the things I've heard is legit like yeah yeah my friends

[Laughter] for my birthday bro yeah yeah you made it yeah yeah [Laughter] you heard it was legit right yeah I got a broken man right now bro I got most of mine on a cold storage most of my Bitcoin and Cold Storage but my friend was like don't worry about your coinbase because I have some on coinbase Now block by not doing so well definitely lost some there and then Voyager that's on Mark Cuban though that's not on you you know what I mean damn you just got a whole [ __ ] hit list yeah

no there's two people it's good company it's good company for you to be you a human that's great I think that's the big lesson take your stuff off the exchanges learn about self-custody but like one of the pieces of advice I've given people for a long Time we did a lot of work with Ledger and I used to say like just take five dollars a Bitcoin and move it into self-custody move it into Cold Storage like learn how this stuff works I can't even move that [ __ ] to my new iPhone bro with the

iPhone still but that's why you should start with five dollars is because uh there are you didn't say that last [ __ ] time when I put 60 000 in for a Bitcoin and they start five dollars remember that son of a [ __ ] You're still down right so you have to still be dead I think his button push was the downfall of the people I literally hit it the podcast came out the next day and the whole world was like oh schultzy's all in on something literally that was the time I think that

I think the part in the in the conversation was when you confused 14 with point one four percent that could look mad similar bro That's making rewards you can said I got Boomer stocks and all that [ __ ] I was feeling good about myself I was like 14 take that and that was 0.14 you're like 14 percent crossed my legs and everything bro how are your Boomer stocks doing are they yeah Warren Buffett's killing it right don't you want to have cash right now as in cash king I mean to a degree yeah all

the assets go down in value but also it's like it's it's a weird timing cash also Kind of gone down if inflation's at nine percent no but the American dollar it's it's it's it's buying power versus the other currencies in the world right so our dollar right now I think is that's why it's complex right it's like there's inflation so if you go back to yeah sorry to Warren Warren Buffett yeah [ __ ] Fiat [ __ ] yeah [Laughter] tell Warren what he need to learn about stop I think he's up like 30 30

that's pretty good pandemic Bitcoins up 2x so uh if Warren is [ __ ] money give me some alcohol [Music] every time I purchase it went down and I tried to go tell me what you're going personally well the last I stopped listening to you I've lost less and less but I bought that [ __ ] I remember I remember it was in Miami No but I bought it 60 like a [ __ ] baboon with you and then I if that [ __ ] hit like 35 it was during a podcast right and I

was like I called my wife I was like it's never going this low again I tried I tried to buy you know me when I try to buy a take mail four or five times to actually get the [ __ ] to go through so I bought at 35 by the end of the podcast 28. oh my God no I was [ __ ] were we drinking So it is what it is it was better than making money with your friends losing money you think a little bit better about losing money sure just talk to

your accountant about this but yeah uh you can sell yes this is a thing your Bitcoin yeah before the end of the year and book whatever the losses so you take that off your taxes and then just buy it back now they may change the rules at some point in the future 30 Days in in and you can only write off 3 000 a year let me interrupt you how long you know this information [Laughter] a couple weeks this is amazing that's amazing do you just sit on that information bleeding out money yeah I haven't

done it yet because I don't know if it's worth it yet I'm still trying to figure out oh well it'd be nice if I Could figure that out here right be nice if I had that I'm telling you about g-wagons for [ __ ] two years son I already knew about Dua well [ __ ] you for not telling me why don't you tell me nothing but you know everything this guy don't tell me nothing the [ __ ] I told you about Bitcoins can we just keep doing this like we'll do it like once

a year no listen and then we'll just count up who lost more money by the end Jesus Christ can we Invest in anything is there another like sport the paddle let's get a paddle team did y'all did y'all look at the pickleball teams yeah or pickleball we could do pickleballs so I'm doing nothing else Tom Brady endorses a little worse than you thought about this but somebody offered us early on they were like yo y'all want to buy a pickleball team and so me and Joe I got an in-house Sports expert I was like hey

this is good sport Bad Sports yeah it's growing fast all this stuff amazing content I said if we buy the team what do we have to do and at the time you had to be the GM and the coach I was like bro come on we're gonna recruit players how do we call the plays like I don't know we buy the Miami arena naming rights though y'all probably could Bank Bros try to buy for 10 million now yeah they're trying to scoot in on the on the fire sale so on these Arena rights we looked

Them up on uh when I was doing KFC on barstools I got a couple million that's an investment you know I mean flagrant too flavor and 11 Miller Stadium that's a 10 higher bid than Bang Bros son flagrant Stadium fire flagrant Arena you perform there wiggle I'm not tax write-offs that's right off is the marketing expense hey look hey you know there's a text write-off if you buy an arena you don't own the Arenas on the name Yeah you know if you got the name yeah that's mine that's Daddy's Arena yeah that's Daddy yeah you

know what I mean like don't you you own your wife like like even in like shout out to date you know what I mean like like you do technically because it's got the name they got the name they do have the name right guys that's how it works you own your way yeah technically yeah wow yeah oh you all gonna be in the dog house you own your wife too if they own their wife Do you own your girl yeah you buy a pickleball team first get some trouble now flagrant has gone on a four-week

hiatus bro am I buying more I thought about to be honest with you that's a no that's enough you see what a voice I thought about it I thought about it what was the thought I thought about buying it and then I and I thought if I missed it yeah G's up dog G's up really Buy more bro no you didn't I didn't buy no more [ __ ] Bitcoin buy Bitcoin or did you buy Bitcoin I bought Bitcoin all right Bitcoin and then Voyager folded and froze my Bitcoin so let's figure out what happens

here wait you bought it on Voyager I bought something on Voyager some on coinbase why would you mix it is how all in I was three weeks ago is you could only put a certain amount per day in and I was like I'm putting that much in coinbase and I'm putting more in Voyages I love a cost but I gotta tell you all this story he DM me the other day and he goes uh yo and I was like oh boy then we started texting and he was basically like hey man so I got a

lot of different accounts and like that was probably a smart decision the only problem is that every single account I got the company's faulted he went for like straight up like three for three cheese up block five Voyager coinbase these are my no coin no no no No no no you're not even on coinbase you're on iPhone 12. I'm be honest you I don't even know that phone got battery left I told we had we had Marquez uh almost called Marquez Houston Marquez Brownlee we have Marcus Brownlee do you know who he is the tech

Guru on the [ __ ] thing he's he's talking and he's Bitcoin no but he was telling us about how sometimes like the phone battery starts to swell yeah and I had the FBI agent who did the uh Crack the Code so no the Silk Road uh arrest and he said that at the uh what do you mean you said that cracked the code what code Apple wouldn't let the San Bernardino terrorists they wouldn't let him open the phone remember and then FBI came in and one of them had to crack that code maybe it

was your boy this is your boy That's literally what I thought it was you don't remember this yeah I don't remember this from nine years ago a long time you don't remember the big story Apple wouldn't do it what do you think they called us they go they go to the rest 911 [Laughter] we're gonna be like no but they had a guy who was there and his only job as an FBI guy said he said the only job was this guy's uh to keep the computer alive I was like what do you mean he

said when they took the computer from the Silk Road guy they slid it down the table and this dude's job was to sit there and he had like a million battery packs he had all the adapters and he just kept hitting the space button like this because they didn't know if it would auto lock or whatever his job was just to keep the computer on so it's like it's not as yeah maybe the battery's swell but like it's a real thing I need But what happens if that phone dies and that's where all my my

[ __ ] is Akash has your Bitcoin did you really what I'd be more happy to be honest with you I'd be more happy if I knew someone who had it can it be on a phone that's why I don't even know where my phone it's on the app I don't even know how to get it on your phone like it's on like the photo oh they got coinbase there coinbase Pro I don't know How to use that [ __ ] so I got some [ __ ] on the coinbase he hasn't been able to

bring it to the new and I don't want to do too many wrong passwords yeah so I got to do my face just promise me that you won't go to like one of these experts that's like password recovery and then next thing you know you can't find your Bitcoin because they have your password oh yeah yeah yeah yeah yeah so like that here's another tip is if you're going to do The Ledger I'm gonna lose that [ __ ] hold on a second I'm gonna lose it just when you buy it make sure you buy

it from the company don't buy it off a reseller on Amazon oh [ __ ] because somebody could have bought it put some malware on it and then resell it and then now they've got a back door so you want to buy it from the company that's another so stressful yeah I mean I'm gonna end up the place that Biden's son went to avoid that spot oh yeah that's not good is That is that confirmed now like is that like a real thing are they still saying that's not right you were friends with him with

him you were friends with Hunter we know [Music] but now that Elon owns Twitter it won't happen do you did you know SBF you ever meet him uh I interviewed him before all right guys you take a break for a second because I I got to make sure that your Peck is looking good for the holidays let's just be serious right here let's just be serious you cannot have that bush going crazy I don't care how cold it is I don't care what the climate you're dealing with is right now not for the holidays holiday

dick gotta be smooth yo holiday dick gots to be smooth and the way you make it smooth is with manscape okay that lawnmower 4.0 that [ __ ] is Nip tucking bro it is getting those edges trimming them pubes Sometimes it comes down to the thigh meat you gotta you gotta trim around there as well maybe trim up by your belly button we don't know what you're working with but it's got to be Nip Tuck it's got to be caesared up it's got to be faded up the head got to look like mace you gotta

have a head that looks like mace Harlem World you pull off your underwears to go Harlem World trying to make His manscape is gonna be the one to get you there now they've got all these amazing things I mean look they got the crop exfoliator you know your dick not exfoliate as much as it should be they got that crop gel amazing okay they got the razors they got absolutely everything it's a mitt you can treat your balls treat your junk right save some time literally save time that's what it does for me saves time

you want to be in and out of there with All these different utensils no and you're done ready to pack box that's what you need to be ready for for the holidays and the way you're going to do it is you're going to do it with the nice 20 off discount and free shipping at manscape.com flavor that's 20 off of the free shipping at manscape.com flagrant make sure your dick looks delicious okay so get sucked on like a Christmas candy cane you're very welcome for that let's get back to the show Listen y'all need tickets

yeah I need tickets this past week into our cash sold out shows at Caroline's you know what I mean you couldn't get them maybe if you want to see geek you could see geek has got your back okay all you need to do is look at the dots they got the red dots not talking about the ones that our cautious show I'm talking about the way that you know that the tickets are too expensive and not a good deal they also got the green dots those are the Green dots they let you know that that's

a great deal you should gobble up that ticket if you can green and red you just look at it stop and go anything you need you need comedy shows you need sport events you need [ __ ] I bet Taylor Swift tickets about to be able to see geek one of these days yup I don't know that for a fact but I imagine you might be able to get some Taylor Swift tickets if they do come out All I'm trying to say is anything you need is over at Sea geek and you know what we're

gonna do I mean we're gonna make this right here for you we're gonna give you a little discount I gotta say we're gonna do it we're gonna hit we're gonna have to hook you up flagrant you use the code flagrant you can get 20 off tickets at Sea geek twenty dollars off your purchase with the promo code flavor think about that now get it seen a little bit better Section get a little bit closer to the action because you support this show okay go out there get them tickets and enjoy your goddamn life now let's

get back to the show also guys I need to tell you about some dates I got December 1st I'm gonna be in Tempe Arizona and January 14th super excited about this I'm going to be at the Wilbur Theater we will sell these tickets out you need to get them now and January 21st and 22nd I'm gonna be in Vegas I'm not supposed To announce that but I'm gonna do it anyway who cares get your tickets at Akash singh.com now let's get back do you did you know SBF you ever meet him uh I interviewed him

before um what was your takeaway seriously in the moment what'd you think of this guy my interaction with him was I don't know maybe two years ago a year and a half ago whatever it was just like a normal dude I mean I've interviewed a bunch of these people right so like there was Nothing at the time where it was like oh this is like crazy but I think also I saw somebody put a like a montage where when he first started back in 2018 2019 then a couple years later a couple years later like

there's physical differences there's like you could just tell he's kind of just like a little bit more agitated and so you got to remember that like if you take a snapshot of somebody at one point in time it's not the same person that they are you know a year two Years later whatever and I think what's crazy is that like this dude was on stage at a conference with all kinds of big names celebrities and politicians all that stuff the media I mean you put them on the front cover of article of magazines being like

he's the next Warren Buffett so it's like it isn't one single group that I think is responsible right it's not uh the users who trusted him it's not the investors it's not the media right and so like in Some way in hindsight is very obvious where people are like oh [ __ ] of course but like to your point did you pick up on it all when you were interviewing them no and like they wear that stupid Tech outfit where you act like you don't know how to dress did he do that oh I hate

it I'm in the network what is it called The Social Network like Ugh yeah you know how to dress you're not a [ __ ] idiot I was just a chest high on Zoom oh you Zoomed them yeah zoomed them so I think the other thing uh that's kind of crazy about it though is like the reports that are coming out is this wasn't like the whole company knew this either so everyone rightfully stuck in there and they were in like uh everyone is rightfully so focused on the users right the users lost money that's

bad that's not good uh there's a lot of other people who got burnt that are kind of on the periphery but also you gotta Remember there's a lot of employees these even if it's only 200 employees or whatever that work at these companies and they're in shock like there's reports that they're shocked they're ashamed they're like all this stuff and it's almost like uh they're let down as well now again people aren't going to be sympathetic to them that's on your resume FTX so so and so how do you get another job and many of

them had funds on the platform yeah I Mean so like there's just a lot of collateral damage for this stuff uh and I think that it's just there's no winners there's no winners in it that's the thing man it's so tricky because nobody has any empathy for people who lose money in crypto I don't know why we have way more empathy for people who lose money in the stock market I guess we feel like there's like more work that goes into that but yeah like when you lose money except in The stock market as a

thing yeah it seems like a real job with this other one like we all have friends that were idiots and then made tons of money but like meme stocks and like crypto have been put in the same bucket and I think the narrative is just like always young kids who are like stupid who are like uh gambling yes right and so like you if you're a professional or you're an adult you're like I don't feel bad if people lose money gambling so you never [ __ ] with any of the other coins at all no

I started out mining ethereum right I didn't even know anything nobody ever told me about Bitcoin or any of this stuff so like I don't think there's very many people who just learn about Bitcoin never look at anything else learn about anything else whatever I think actually what happens is most people they're like What's this crypto thing they learn about a bunch of different stuff yeah and at some point They're like oh Bitcoin is different than the other things right and then they eventually kind of flow that way and if you look like there's lots

of coins that went up in value three or four years later they're gone they're replaced by other ones but Bitcoin has just remained the number one for 15 years because in my opinion it's the one that has the most kind of sustainable resilient value over time and you had said that so Larry David had Endorsed something like a Super Bowl commercial Tom Brady had backed them financially and apparently I think you would say that Larry David is getting like they're trying to sue him class action lawsuit class action lawsuits against a lot of people and

Steph Curry a bunch of them so why are they being prosecuted and why are they being prosecuted faster than bankman uh I I don't think it's prosecution from what I understand it's like lawyers right like Kind of civil stuff who's got money that I can sue they got you will they get any money from that I don't know how that stuff works what's gonna happen with bankman freed and the nerd girl yeah what are the what are the charges against him like what could he get I I don't know because also it like they're not

in the United States they're in the Bahamas like you start getting into like this weird world of just like if you're an international Uh legal person yeah you probably understand it but also there's other people who have gotten in trouble or accused of trouble through this whole downturn like over the summer and stuff and like they're not in the U.S so like what happens to them there's one guy who uh I think is the country of Singapore maybe uh that keeps saying like yo we have a we're looking for him he keeps tweeting he's like

no you're not like he's like I'm not aware of that Like I'm gonna go to this event if you're looking for me I'll be here like there's like crazy stuff right with Mount goxa did anyone get in trouble with that situation uh that's a good question I I don't think anyone necessarily got in trouble uh because it wasn't a situation where uh from my understanding it's like there was like accusations of Fraud and stuff like that I could be wrong on that um I think it was more of just like it was a poorly Run

business and there was one guy who sold it to another guy and then like that guy probably ran it even worse it sounds like and so just kind of uh didn't work as a business went bankrupt and then it was like okay who has assets left but I don't think there's accusations like there are to their case if he's in the states though what could his charger be like fraud oh I mean you kind of look at it as Spectrum right like the people who are Most sympathetic to him would probably describe it as like

the guy made a mistake that's what he's saying right uh the people who are the biggest critics are like yo you know a million plus users is bigger than you know made off I don't think had a million people right now he may have had more AUM I think he had more than 10 billion or something I don't remember the exact details so it's like I don't know how it's gonna play Out right and then also like another piece of it right and I've been getting a lot of heat on mine people are like oh

you did an advertising deal with like the media company and stuff and we're like we had a framework it was like all right we're gonna work with us-based regulated exchanges yeah like seems pretty you know simple framework to use so you're not I don't criticize you for that I mean if if Tom Brady is putting his reputation on the line a guy who Doesn't need to like Tom Brady has more than enough money more than enough success he's he's not doing it for we're all doing things for money per se like with Larry David you

had to probably throw that guy so much [ __ ] money how much do you think he got paid do you know I I don't know I mean five million it had to be even more than that like it had to be like I'm thinking yeah I think he he threw out a Ridiculous number and they said fine yeah because Larry's so much so much money Larry's got what half a bill a billion yeah I got Seinfeld money plus curved money yeah so so it's like to motivate him it's almost not even money he does

he only seems to do exactly what he wants to do and that's it yeah so if you let him play himself then I got to roast it yeah I mean it's fine no one's getting 30 on that but um But like he he got paid right he got paid yeah yeah so like I I think that uh again it goes though like if you got some of that Larry David money bro were you asking for crazy money trust me if uh if they were like hey you want to be in a Super Bowl commercial I

think there's a lot of people who would have just been like sure yeah Larry Davis the only one who's like oh that's that's another thing 10 million dollars still being in a Super Bowl commercial He definitely asked for money though yeah no I know he got money but yeah I take my number down yeah like but like Tommy's not 30. I guess what I'm just trying to say is like these are people that can't be bothered like Tom Larry can't be bossy you could be more bothered I could be very bothered yeah I could be

very very bothered [Laughter] [Applause] so yeah here I am uh no but uh if you Also think like uh Tom Brady is an interesting example because a lot of these athletes want to be Tech investors so now they start playing this game of like okay cool I'm well known in sports or whatever my thing is I want to be an investor how about we do like a double deal I'll be a spokesperson plus I get to invest plus you get advisory shares there you go these deals are now getting like somewhat convoluted and again if

if you go back and you're like if the Auditors let's say that they did get tricked does anybody think that Tom Brady was going to be able to like figure out snip it out right of course not no he's just in a commercial he's like this looks cool I get it like with a flamethrower yeah yeah is there any is this like a cautionary tale to any other exchanges because I refuse to believe that none of the other exchanges aren't doing anything that's a little CD here and there do they see this and do they

Shape up oh that's a good question are they doing this [ __ ] but is the finance guy behind the scenes doing this [ __ ] so there's this idea of uh one of my friends Nick Carter and Nick Carter is like really pushed uh it's called proof of reserves Nick Carter like the Backstreet Boy uh not him but same name he's got a cool haircut like him too um but Nick Carter uh has this idea of proof of reserves I don't know if it's his idea but he's popularized it where Because his crypto on

an exchange you could basically come out and be like yo we say we got a hundred thousand Bitcoin here's the wallet address like here's proof that we actually have the hundred thousand Bitcoin it'd be like the bank saying we got two billion dollars of deposits and then they could like prove to you it's actually sitting there and so uh that's one step there's also this like proof of liabilities so it's not just what assets do you have if you have Assets and then you owe it all like that so you got to have both um

but that's one thing that they could do and then the second thing is I think that you're going to see a lot of people who are good actors being like look we don't want overreaching regulation right there's a there's an argument that's being made by the large crypto exchanges in the United States that they're like look the rules weren't super super clear here in the US and so people went out Outside the United States doing the regulatory shopping and that could have contributed to this happening imagine if this business was here in the U.S we

have faith the U.S would have uncovered it so would you like some regulation for crypto this is this is a big moment right here pump no I think most people look at it the same way it's like Bitcoin already has critical regulation the SEC uh cftc say is not a security it's got this kind of Self-enforced rules uh if you are a business that deals with Bitcoin you have rules that you have to adhere to there's a lot of people who don't like the rules there's kyc AML like does that prevent crime right there's questions

around that uh privacy stuff like all that so there are rules I think what you're starting to see those people are saying wait all this like Recreation of Finance why do they have different rules than what's already the rules in Traditional Finance they're doing the same thing so like disclosure rules right if you guys remember uh there was a Luna one of the coins that blew up over the summer it like came out that there weren't really as clear disclosures as maybe they would have liked and so that led to the collapse and so it's

like okay like what if we just made people say what they're doing as a rule like that could be a step in the right direction sounds like you want Some regulation I I don't think it's my opinion whether I want it or not I think it's coming because people are looking and they're like yo and it might make it a little better well politicians imagine if you're anti this stuff and you see this happen you're like salivating yeah regulation is an interesting thing right because regulation is great for the people who own the business and

better for the people who are using The business but horrible for the people that are trying to compete with the business right because it creates the moat in in some cases that was the accusation against FTX was they were trying to get regulatory capture like basically get it so that no one else could do what they were doing right and then it was like free and clear we're going to be the winner and then you could make the art sorry go no you're not trying to Regulate the coins you're trying to regulate the exchanges yeah

it goes back to like the dollars not regulated right it's the business how do you buy not on an exchange yeah I truly don't know any other way so like you can get Bitcoin a couple of different ways you could mine it you go get the machines right you can mine yeah now there's a lot of people who like that just because they want to participate in the network uh there's a lot of people who like that because it's Non-kyc Bitcoin right so it's like a privacy element to it but you can mine it second

thing is you could like work for it same way somebody pays you dollars if you go you know there's websites where you could go and say hey I'll do some design work or whatever get paid so you can earn it uh or you could buy it now they're sell pizza you could sell pizza yeah what happened to the pizza place Bitcoin did you go on ubereats going delivering for them for a Long time wait the last one just now you said you can buy it how can you buy it so you could buy it on

a regulated exchange they have kyc all that stuff uh there's things like local Bitcoins which uh is more like peer-to-peer so like you could like meet up with people like that's how a lot in the early days people would do it um and then there are still like unregulated exchanges they're not in the US usually they're like elsewhere uh but I just tell people like look it unless you've got some reason uh from like a privacy standpoint and you understand what you're doing majority of people whether we like it or not are just going to

buy it on a regulated exchange but then take it off of you if you have the coin that's unregulated you use a regulated exchange put the coin on trade it pull all the funds off and into self-custody then it's kind of a compromise between like a compromised Centralized exchange but then a decentralized currency think of like the bank the best example I have is think of like a traditional bank if I put my dollars in there uh and the bank goes bankrupt the FDIC the government will basically say we'll pay you up to 250 000

back whatever was in the account right so FDIC insurance is big but the reason why nobody is like yo let me take all my cash out and like keep it is because it's not very secure so we could Come rob you right and then two is uh what am I going to do if I got to send you money like I'm gonna like mail you cash in the envelope no it doesn't make sense the promise of Bitcoin was that you could self-custody it so you could basically pull it out of the bank and that then

I could with the Press of a button send it to you instantaneously for you know you're free whatever right and so Bitcoin is really trying to Usher that in it's just that you know that There's uh a lot of people who are trying to cash in on the rise of Bitcoin and they're doing it with a lot of other stuff right well go I'm sorry no you can go this is unrelated I have an unrelated question too what do you think the biggest moment in the history of Bitcoin was in terms of propelling the brand

end of it a specific thing that happened I must say there's two things one is for the brand one is the biggest moment the biggest moment in Bitcoin uh in my Opinion is when Satoshi walked away but we don't even know if that's a real guy that's why I think it's important is like it's the if Bitcoin becomes what it already has but even what I think people believe it will become it's like one of the most selfless acts in the world is you create this digital decentralized peer-to-peer software payment systems like ready player one

yeah and then you have 800 000 Bitcoin yourself And you walk away and you never touch them oh so he just still has them yeah they're sitting in a wallet you can see them they never moved 800 000 Bitcoin I don't care if that price is ten dollars or is 69 000 is a lot of money and so like in some way uh it's a system where there are rules but not rulers there's nobody who's going to change the code right there's nobody who is the CEO like it is a truly decentralized system and the

fact that We don't know who Satoshi is means that you can't attack it how can we not know who Satoshi is that's the crazy thing to me you can find anyone you can find the lawsuit with the guy that was in Australia that claimed it that then got some money like what were the details with that uh he lost oh really yeah what do you mean he lost I thought he got I thought he wanted there he got paid out uh well he uh we may be talking about different Suits he's got a couple of

them going on but he he sued somebody um who had said that he wasn't Satoshi and when that guy and him went to court uh Craig Wright lost oh gotcha so like this guy basically uh was like you're not Satoshi he got sued but he prevailed interesting and I can't believe there's no idea of who this man is I feel like you know just blink twice if you did no I don't want to know like that's the other thing It's like like yeah but I feel like it's like the uh what they call it uh

my friend Marty Bank calls it the Immaculate Conception right of Bitcoin of like the fact that we don't know is actually a huge Advantage right you see like uh ethereum vitalik is one of the creators people like them don't like them they think some of his views they don't look at them or not some people judge him on his views right like yeah the fact we don't know Satoshi Actually drastically reduces the attack service on bitcoin that's true it's like uh Elon and Twitter well no Elon you you have a guy you know I mean

yeah that's we can attack him because we know who yeah right the second big moment I think in Bitcoin uh was um in terms of like brand awareness like was there a thing that happened that you remember going oh [ __ ] it's different Now was there an act did someone rap about in a song did a famous person buy here did someone wear a t-shirt like I think it was a microstrategy the public company putting it on their balance sheet and El Salvador buying it like there's a country that's buying Bitcoin but I heard

that's not working out for them right now because of this I was working out as well it was for you and I right right like when the price goes Down but again I think that one of the other things about Bitcoin is unique is like it introduces this like long-term thinking right when we all sit around all day long what do you think we think about tomorrow the next day the next week whatever um but with Bitcoin like there's price volatility but like did you sell no did you sell no I didn't sell did you

guys sell right like I have any you guys don't have any Bitcoin yeah oh you do Have yeah right did you sell what do you have it coinbase yeah so like think of all of us are sitting here I think a lot of people would look and be like yo you guys are [ __ ] crazy it's still 75 no we all believe that it's gonna come back up which is very interesting there is a confidence that people have in Bitcoin because we've seen it happen that's what convinced a lot of the Wall Street guys

so uh Paul Tudor Jones and Stanley Drucker Miller too like very Well known Finance guys uh in 2020 they bought Bitcoin and then came out and said we bought Bitcoin now part of it's like if you already bought it and then you tell everyone other people will buy it so it goes up right but uh the way they talked about it is like one of the numbers that convinced them was when Bitcoin dropped from twenty thousand to three thousand eighty-five percent of people who had held it at twenty thousand didn't sell and so these guys

Were just like yo these people are crazy this shit's gonna go back up we should buy some because it was lower so it is like a little bit of like Market Dynamic stuff as well um but I think it's just like if you can weather the storm if you can weather the volatility be all right is there any issue now that FTX is out of the conversation for marketplacing because it was the second largest marketplace now that it's wiped away or is there an Issue that binance now has too much control within the Exchange Place

it's a good question you've been reading I like come on man um yeah so like it's similar to mining uh 65 hash rate used to be in China uh they kicked everyone out now America has like 30 to 35 and people like oh that's healthy but if also in America had 50 plus percent even that would be bad because you don't want concentration in any one country Right same thing with the exchange I think you actually want multiple players because you don't want it all centralized uh but if the number two goes down yeah binance

definitely got more market share I thought coinbase was the number one me too in America they're the number one like brand and I think also probably by volume it's like iPhone Finance is like Android it's like the world is using binance yeah that's WhatsApp yeah iMessage So like do you think there is can there be like a regulatory push to create or like disrupt or break up exchanges to create more like is that something that the SEC can do so what they probably do is they just like pull them more into like the regulatory environment

okay right and remember there already are regulated like yeah of course has licenses they've gone to different states gotten approvals like this is definitely like let's say coinbase goes Down heaven forbid but like now that there's just like this one exchange that's like is there any other exchange that's even a big player in the space there there's a number of exchanges but none of them are as big as bonus like binance is like the Goliath and then it would have like disorder and control over like it would have probably what like 90 95 of all

like crypto transactions and then at that point it's like it's now it's like this Decentralized currency all these decentralized currencies are all centralized well the trading would be centralized like you could still use the Bitcoin Network to send Bitcoin to each other right but they're not trading it is effectively centralized of 90 of the transactions are going through the same exchange correct right and that's where things are right now yeah but like if if let's say what happened to FTX happened to a bunch of other exchanges and Binance was the last one like but if

people are keeping most of their Bitcoin on storage like they suggest then it doesn't matter that much right if people are doing that yeah I guess I don't know how do you know if there's data on how many people are keeping them on exchanges versus how many are taking it off so you can see uh some many of the largest big exchanges you can see there are what they call a balance right like their Bitcoin balances uh and I forget The exact number but I think like 100 or 150 000 Bitcoin came off exchanges during

all this just people being like oh [ __ ] yeah give me give it to me uh which is the biggest uh like week-long Drop in history um and so it's been going down over time I don't know what it is right now uh help the price yeah it's a liquidity right so why haven't we seen a little Spike well if you really think about Bitcoin uh yes It's down 75 but it was pretty much between like uh 18 to 22 000 this happens it's like 16 17 000 but if I had told you a

year ago hey the number two Exchange in the world is going to go down like you probably would think there'd be this massive sell-off like whatever we really didn't get that now it helps we're already down so much but like okay like actually it's showing a decent level of resilience it could go down more which scares people but like I Think it's it's kind of the lowest that would go you think we have single digits it's just hard to see on let me knock on wood but like it's hard to see another Catalyst bigger than

the number two exchange like the number one exchange goes down yeah yeah but like other than the number two exchange going down uh the government could Outlaw it or something you know I mean like like you start getting into kind of like Conspiracy land yeah uh other than the number two exchange going down so like if that's the price like last time he was on we're like how much is he gonna go to we're like a hundred thousand by the end of the year now we're like how low is it how low you want to

know something hilarious in 2020 I wrote a piece publicly and I was like it was at like ten thousand I was like it's gonna go up a lot I think it's gonna go to 100K 10x And the [ __ ] went up 7x yeah people were so mad at me uh you said it was going on 100 yeah and by the way like yeah correct I was wrong I came out I'm wrong right like yeah I'm a [ __ ] whatever but like that like that's what you got to remember is that like all these

young kids they're like I wanted to go up 50x I wanted to like go up whatever and that's the other thing that's why they all go and buy all the other coins is because like Bitcoin is Yeah yeah treated like the lotto like literally literally yeah about that when we were down there I was like does it make more sense for me to just put a thousand dollars in 20 different [ __ ] [ __ ] coins and hope one spikes yeah like I'd be way more Rich yeah no you wouldn't well in my mind

yeah yeah I understand he's down now I'm down I know he's down but he would be down more all those things are down even more are they yeah they're Like the other crazy part is their stocks in the stock market that are down more than Bitcoin like Shopify is down like 75 80 really yeah right so it's like again like yes it's bad that bitcoin's down white no I said yeah all right Mark what no I mean there's definitely stocks in the stock market that are down yeah right it's being like yeah I'm broke why

but this other guy's broken no it's just like the like the whole Market is down did you just do the I have a black friend with stocks yo I told him I said well you had huberman he looked like a strawberry he was his face was so red you got him out yeah stocks are down right everything's down it's just like yeah like of course Bitcoin and crypto's down too oh sorry you gonna buy more damn no if it goes up that [ __ ] goes up you won't buy more are you gonna buy more

if it starts if I Cause if I find out Akash is significantly more Bitcoin than me I'll probably watch are you gonna buy more yeah and buy more I just need permission at this point very reasonable very reasonable I don't know man I was unhinged yeah you were going crazy you were a wild boy can we tell him the wallet thing that happened with you oh son I had money I put money on a storage wallet and then I've made a hidden wallet and I don't Even know how and then I forgot what the password

was and I couldn't find in my phone notes so I thought about 60 of my Bitcoin was just gone in the [ __ ] ether for months I was just trying to Rack my brand and figure out what the password was found it randomly a lot of people lost crypto and FTX he lost it in his brain like think about that ain't that crazy just like in his own mind this is actually all right so there's a limited amount of Bitcoin so like Customer service there are some people like Akash that forget the password and

then they just never can get access to that yes lost and found yeah it's on the blockchain right yeah does not have lost in fact yeah it does no it does not if you drop 20 outside I gave a woman her purse ones you stole the person in the first place that I gave back to her with all the cash in it did you add any I added cash Yeah yes but then she gave me a little money and she gave my friend money who didn't even find the [ __ ] he just walked there

with me and then he kept the Goddamn money son of a [ __ ] what you do you looked in the purse like got her address and they showed up to her house yeah and like knocked on the door and he was like here's the first bag old lady I'm a good person bro and I was a kid when I did this middle school kid if only you Started tipping yeah I tipped her why are we acting like I don't know [Music] I can't say that I do tip because then the game doesn't work because

it looks like I'm being defensive [Laughter] okay tell me just please tell him if you're in your head yeah just come up with whatever the 20 is and add a couple of dollars yeah and always just say to yourself like it means more to the other Person than it does to me stop doing that at some point that's a great thing if you found a purse on the train today what would you do with it say again there's a purse wait give me some more time you said a person if I found a purse on

the train it would be too inconvenient for me to go to their home but I have things to do but I would make sure it got to their home I'd put it into into the middle of my place oh yeah we're Gonna put the purse into the mailbox oh it gets back that's how you get back bro really that you put it if you find someone's wallet you put that [ __ ] in the mailbox I have a person who would like call an Uber and be like hey take this purse don't look in it

to this person's house and then they never get the person I've done that with many things before yeah you've never sent an Uber package no but like a purse no not a purse yet But one day maybe I like do they need it like if they had like credit cards or ID if they have like a license in there if they had like a Macy's gift card I'm not going to do that also Andrew returned the purse this is too much hey hey just let this be a public service announcement for the service industry it

was a public service now for the first service Century I used to tip you all good but because of this incessant bullying I Have to live up to this reputation no he's gonna I just want to let you know I just want to let you know y'all knew how much I used to tip you you knew how much I used it I was coughing up 30. it's going down to 10. it's going to stop it like Bitcoin yes that's what's happening you call my tip FTS they ain't watching they can't afford internet with them you

see this you see how they speak about you I would never speak about you like that in his drink spit in his food [Laughter] we mix in place okay that's what's happening I'm ordering Woodhouse started and we mixing drinks and mixing plates that's what you guys asked for this there's gonna be a lot of people out here that make a lot less money because of you guys [Laughter] are the same Bitcoins it's Christmas time they're not gonna Get there my whole building hey build it hey I was gonna break you off and you already know

I was gonna break up here I was about to break you off right here this [ __ ] right here cheap [ __ ] he doesn't think that you deserve it he is like they're going to carbona and 11 Madison you always want the Sweetgrass yeah how much did y'all tipping speakers [Laughter] got your little sweet greens came back And said that I said our life sucks dogs [Laughter] sweet Green's gonna happen when I see a double chicken but for real though [ __ ] you and [ __ ] you genuinely for the bottom of

my heart you're gonna make it [ __ ] up in my building man you're gonna make a [ __ ] up no not for real hey you know what we're Gonna do hey Juan responsibility don't try to put the actions John I mean this sincerely John I'ma find out the Doorman from their buildings yeah I'm gonna tell you they're building them you find it out yeah I know that y'all talk listen yeah to holler at him I need to know how much they trip I need to know how much they say right now 100 each

so much 100 each For Christmas yeah oh [ __ ] that's not good this guy [Applause] in this economy oh [ __ ] it's a hundred dollars these [ __ ] and then at the holiday time they put out a little [ __ ] thing with their names on it and then faces and [ __ ] they're like yo we are getting there miles hit me huh you see what was being projected you see what was being projected service Industry you trusted these [ __ ] you guys all have doorman how many doorman you got

a lot and you give them all 200 watch this yeah how much you give the guy was cleaning up 200 200 250. some people got 250 sorry I'll believe it I don't think this guy has a tip more than a hundred dollars you're out of your mind I don't think you ever tipped out 100 in your life you Don't got it in you bro well you know it's not customary bro everybody hate doing 100. now you gonna make me feel bad I ain't a lot about it I'm like wait a minute too [ __ ]

I'll give my kids that much for Christmas yeah you want to hear some funny ass no because he can't open doors when it's windy that's why and I was like hey man I'm gonna get coffee you want anything dude was like Yeah give me like a what an iced coffee all right cool came back next day I accidentally said it again and then it just became a thing like he just hit me and then after like a week I was like oh [ __ ] I'm in a bad situation like like am I an [

__ ] if I walk by him and doing nothing he wants coffee come right back you gotta cut that [ __ ] off nah so then I just kept it happened in me nah I moved that's the only way out This [ __ ] went on for like three months I was like bro come on you gotta get him fired you're like he's stealing packages he's stealing packages so small hey start asking for larges crazy that's a bill right there yeah that's a lot yeah you suckers for what I'll believe it I don't believe it

either we're gonna audit his building no we're gonna ask right now everybody in the building where are your wife you give Every single person 200 at least every single person not every person that works your favorite guy 250. wow and then the rest of them got 200 yeah every person in the building got paid by you the doorman yes and the porter The Late Shift we gotta clean and stuff and [ __ ] like that hmm you don't pay them at all you don't get like the leasing office you don't hook Them up no no

no you got me already [ __ ] come on yeah I'm gonna tip the leasing office bro I I hate this because this guy would would cry over the littlest [ __ ] when we were going out to eat I know because I didn't have money at the time yes you have money and you still looked at that a little heavy right there you were stressed oh yeah oh my God oh my God yeah yeah I'm still a bill detective you're not gonna charge me Some [ __ ] and pay for [Laughter] turn up the

[ __ ] and turn the music down It'll ask for those things like I can't even talk and then we're talking but for real I put the light on so my wife could see how much them appetizers cost because they think appetizers are free why don't we order some apps why okay yeah exactly so she needs to see and then I sign and then let's get how much Should I tip on that every time how much do I have to ask other people no that's my wife uh how much you tip on 700 so you're

saying that she's cheap say again so you're saying she's she's not cheap she just needs to know how much it is you know what I mean see everybody gotta know no they're accusing you of being cheap but it sounds like now you're saying that she's the one telling you what to write wow I mean yeah she runs it you know what I mean my wife loves it Lady run the house you don't trust your ladies [Music] so you say you're not the cheap Tipper your wife's the cheap tip that cheat foreign [Laughter] [Applause] [Laughter] you

know she's gonna get coffee in front of you and put a hundred dollars and then just Watch it she knows she knows she's proud of me in this moment she's proud of me yeah this moment she probably said thank you Andrew for standing up for me and what I do she'll never tip for coffee I had to bully her into tip it because he's gonna leave something she said right in front of Barista I go she goes for what I'll go look they got the coffee and then she goes that's their job thank you yo

not tipping is the [ __ ] bro [Laughter] say hello okay listen listen before we end all of our friendships we have to we have to we have to end this podcast pop is there anything you'd like to tell us is there anything you like if you want to wrap this up yeah I'm [ __ ] shook right now gosh I'm getting back pump you look like you're like a teenage girl sitting on her bed listen to pretty Things I'm still buying that's all right hey hey hey last time that we did a podcast here

at the end of the podcast I had to buy a whole Bitcoin [Music] no no no no no no right hand all right I can't do it on my phone why not because I don't put that [ __ ] on my phone because you can't find the password you don't even know where your phone is where do you do It oh on the computer we'll get you a computer I'll buy more tonight why don't you buy a whole point right now bro you can sell if you lose money you can get it back in taxes

or somebody they want to see a whole coin I'll do it when I get from my computer I'll buy some right now pop if you buy some one full coin I'm not buying a full coins if you buy a full coin right now then We're even but mine's way cheaper than yours see if you were smart you would tell me I gotta buy like four no but I know it's hurting you more right yeah yeah you buy buy one full one on coinbase you know how to open that [ __ ] last chance now I

think the big thing is uh obviously the situation results too many things you'd think about in any economy [Music] we know how many people would just say to me in the street how many people won't buy a Bitcoin right now that's right how much is four of the five of us ain't buying [ __ ] right now understanding they weren't screaming Fiat they were calling you something else thousands of dollars pop we just we just need one buy bro one bite you can spike it up I don't have anything on my phone You seriously don't

put on your phone nah why is it's uh it's too big of a security thing damn all right I take this [ __ ] off my phone you could lose your phone and someone could hack it is that your argument no it's just like you guys ever uh you get all the text messages now like uh people just text you random yeah Dad [Laughter] I don't put anything on my phone think about the risk reward to putting On your phone there's only a couple things I used to tell people it's like you should do self-customs

I'm gonna listen intently so you could dig yourself out of this don't put this [ __ ] on your phone yeah right and then the third thing is just don't trade don't trade the trading shit's crazy to me I know so many people who were like oh I bought you know uh five Bitcoins 500 bucks each or whatever now I got one Bitcoin I'm like oh damn you lose them Like now I was Trading so it's like it's real because it's denominated in Bitcoin so just don't trade take it off the exchanges self-custody don't trade

I bought it on my phone with you with you yeah and then you don't have your phone now no no your other phone damn it so like you're actually a great example a good example of how not to tip but a good example also of what not to do with Bitcoin damn man what did I get attacked twice right there yeah that was DP okay you also never told me the typical things yo you you're a great example of uh something you put the tip in thank you so much for coming on we love you

brother I said uh we love you man we appreciate you thank you so much for coming up I appreciate it so much it's been flagrant peace