How could you feel comfortable investing or trading Dogecoin
when literally things that have nothing to do with crypto affect the price like this?
3% in five minutes!
Today is 4/20.
I want to wish everyone a Happy 420 Day.
- And on this day-- - Is that why you look so tired?
and on this day one year ago, Bitcoin’s price hit $42,069.
- Well, well, well. - On 420 last year, 2022.
So $42,069.
I thought that was pretty fun.
Let's talk about this.
2010/2011, my stepson said,
"Wendy, can I borrow your credit card to buy Bitcoin?"
This was 2010/2011.
And I was like, "No, I don't know how this works."
I felt really uncomfortable.
I didn't understand what intangible cash was.
I didn't know what digital cash was.
I didn't know what a digital wallet was.
I was like, this is weird. I'm not going to do it.
Buying Bitcoin way back in 2010/2011,
I guarantee most of the BitSquad, and this isn't a slam, guys,
most of you guys weren't in crypto then.
And that's okay.
I wasn't either.
I heard about it, but I was like, I'm not intelligent enough to do this.
I didn't think I was.
Fast forward,
you know, as time progressed,
we've had all of these amazing on-ramps and off-ramps for cryptocurrency,
and it makes it easy to buy Bitcoin.
Okay?
Back in 2017, when I entered the market,
what you did was is you went on Coinbase or Gemini,
you bought Bitcoin,
you moved it to like a Bittrex or a KuCoin or whatever was available then,
and then you were trading in altcoin-Bitcoin pairs.
That's what you did, okay?
Without an on-ramp like Coinbase.
Coinbase is like one of the most well known brands.
Like, everybody knows what Coinbase is.
And I guarantee, I would actually--
I think that you guys should do a poll to see what was the first exchange
you use to buy cryptocurrency including Bitcoin.
Most people will probably say Coinbase.
- So, if Coinbase leaves the United States of America, - Go put that poll up.
if Coinbase leaves the United States of America because of the lack of regulatory clarity,
other exchanges will follow suit.
Binance.US, Crypto.com, whatever's left.
And I got a lot of people saying, "Well, we'll use Fidelity."
I don't know if Fidelity is going to actually allow you
to remove your Bitcoin from their exchange and transfer it to a cold storage device.
And that's the true purpose of Bitcoin.
That's what you do.
So if we don't get regulatory clarity in the United States of America,
Coinbase CEO says, "We're going to go."
And I don't blame him.
You cannot run a business in an environment with regulatory uncertainty.
It's not fair
because you're going to get fined,
you're going to get in trouble,
and you're basically going to get in trouble for things you had no idea
that you were doing wrong
because they're literally refusing to tell you what to do.
I don't know about you, guys, but the way I parent my kid,
I don't punish my daughter for doing something that I didn't tell her was a bad thing or not to do it.
It doesn't-- it wouldn't make any sense.
Like, it would make me a bad parent. Okay?
So, if Coinbase leaves overseas, where are people going to go to buy crypto?
Where are they going to go to buy Bitcoin?
People will say decentralized exchanges.
Okay, great, but you still have to use a credit card or debit card
or a fiat on and off-ramp to buy crypto.
And a lot of people don't understand, the early days of Bitcoin,
you were doing sketchy things online,
and some of the times, people would do OTC sales in person.
Like, you would literally go meet somebody at a coffee shop
and buy Bitcoin that way.
Like, I have friends that did that.
So we saw that happen,
and that's why I say crypto will be dead in the United States of America.
Who is going-- who--
who is going to buy Bitcoin then?
There's some people that are tech savvy, well versed enough to do so.
I might not be one of those people.
It might be too complex for me.
And I know a lot of people, especially in the neighborhoods
that I grew up and that I've run around in and I still frequent,
a lot of these people are not tech savvy.
They don't have a STEM background.
They don't have a mathematics background.
And they don't understand how a lot of this works.
And, again, even though we've evolved so far, crypto and Bitcoin is still hard to access.
Alright. So I wanted to check in with Mr. Ben Armstrong.
- So he is-- - We got him live?
- Is he patching in? - No, not live.
But we--
he has a WiFi issues on the boat.
So anyways, we wanted to share a little check in our Twitter minute.
It's from Ben Armstrong's account.
So--
We have here,
"I was supposed to be in court today.
I am not. Why?
Because I don't give AF."
We'll let you figure out what the F means.
And then he follows it up with another tweet where,
"Guys, I missed court
- but I still ran into Adam Moskowitz - Oh, my God.
- and we made up!" - Is that a pig?
- So-- - Is that a pig?
That is--
that is a--
a--
Stake, yeah.
- Yeah, that's the twitter handle on there. - Interesting.
Yeah.
- Sponsored by Stake, but is-- - Sponsored by Stake.
- Is that a pig? - And then--
that is!
- What are pigs doing on the beach? - I don't know.
I'm kind of curious. What kind of cruise is he on?
- Why are there pigs out there? - And why is that pig so happy?
You know, I want to share,
I also want to share a Twitter thread from Ben.
This is a little more on a serious note.
And I have this pulled up here.
And this is from--
he tweeted this just today at eight in the morning.
"Here is why you all need to be the enemy of Adam Moskowitz,
the crooked ambulance chasing billion dollar "attorney." "
Now, I'm just reading a tweet.
So someone's--
Lord is watching. These are not my views. Okay?
I don't-- don't drag me into a lawsuit. I ain't got the money to defend myself.
"You must read this if you have ever posted a tweet on Crypto Twitter,
posted a video on YouTube about crypto, or ever used social media--"
it talks about how Adam is suing nine influencers for promoting FTX
even though it will be proven none of them had any idea
that Sam was running a criminal organization.
But eight of them were paid.
One of them was not.
And, of course, the one of them that was not was Ben.
"The weak argument he makes is that I spoke favorably about FTX and Sam
even though the majority of content I've made is anti-Sam and eventually anti-FTX,
even warning people to get away from the app months before it fell."
Ben was beating the drum on this, like he said, months before.
And this is before anyone had any inkling of what FTX was doing.
"I have never spoken to an active FTX employee,
but here is where it gets extremely dangerous for all of crypto social media.
He says because I invested in FTT and said I believe it was a good coin in 2021
due to the success of FTX in 2020/2021
that I'm liable for "promotion."
Do you understand what this means?
If you have ever tweeted or posted about a coin, including Bitcoin,
even though you were not paid, you can be held legally liable."
Ever posted a chart?
You're liable.
Tweeted a coin?
Liable.
An opinion, posted a meme.
"It is extremely dangerous for this entire space."
He said, "But it will not be last.
Luckily for all of us,
I'm going to wipe the floor with" said attorney.
"Hate me now.
Thank me later."
Like, is this fair that you say, "Hey, I'm bullish on this token because--"
like, "I'm bullish on Terra LUNA. They have a big ecosystem.
They have an algorithmic coin,"
and then Do Kwon does something shady,
and then now we get sued.
What are your thoughts on that whole scenario?
Well, you can't--
I guess you can't stop civil lawsuits, right?
And so if you have the means and legal know-how,
you can sue anybody you want realistically.
Now, you're liable or open to counter suits if it's frivolous or defamation.
But outside of maybe that little critique,
if somebody wants to sue you, they can.
And they feel like you are responsible for their own negligence--
it's not going to stop somebody from filing a civil lawsuit, man.
And I think that's just the world we live in.
- It terrifies me, man. - Yeah.
Something needs to be adjusted.
My personal sentiment is that I would hope to see that as we move forward,
we get away from--
this crypto has this negative connotation.
I would like to see us move more into how it is right now
with stocks and some of the platforms.
But I know at the end of the day, I think it's just people trying to make a quick buck.
And they're looking to hold somebody accountable
even though they might not have any accountability for it.
Technology sector is booming.
- It's taking off, you can see. - We're going out to space!
It's exploding, you can say.
The tech sector is exploding.
- So we would say, - This was crazy.
well, one, Elon Musk obviously has a direct correlation to the price of Bitcoin.
And with that said,
we had the SpaceX rocket launch this morning.
- And so-- that's great. - That just-- look at all that smoke, dude.
So it's supposed to be the biggest rocket in the history of mankind.
So I think over 10 million pounds of oxygen in there.
Anyways, this thing took off.
And the mission success was to get off the launch pad.
So a couple of minutes into the launch, the rocket blew up.
Now, Elon Musk was on Twitter saying it was still a success.
Well, he didn't come out and say as long as they don't destroy the launchpad,
- Yeah. So. - then it was a success.
Now, interesting enough, at the same time that the rocket blew up,
we have--
I have the DOGE chart pulled up.
- So, you know. - Great.
This wasn't just a tech story as far as the rocket,
but if you see the correlation, this is the 5-minute chart on Binance,
and so the DOGE price was rocketing up with the rocket,
got up to 93¢,
- 9.3¢. - Nine-- or yeah, 9.3¢.
- 93¢? That'll get people excited. - It's about to move, man.
- Is this another Robsterdamus prediction? - No.
So 9.3¢,
the rocket blew up here.
We have the red circle to indicate the moment the rocket blew up,
followed by two red candles,
this one,
So this one, we had a 1% loss, a 2% loss.
- And, guys, these are 5-minute candles. - And then a 3% loss.
So over 5% literally in 20 minutes.
So overreaction to this.
- Yes, and then it still kept trading. - One--
well, here's the thing. One thing to keep in mind,
I know some of you are like, "Well, the entire crypto market was moving down,"
- but DOGE was actually up. - Yeah.
DOGE was one of the only tokens that was up 5% before the launch.
And so, like, it goes back to my-- earlier this week, I forget what day it was,
but how could you feel comfortable investing or trading Dogecoin
when literally things that have nothing to do with crypto affect the price like this?
3% in five minutes!