How do you want to pull that up?
- Are you going to cover him? - Thank you.
- Because that's going to be the cleanest. - Yeah.
- Yeah, cover. - Well, not the cleanest.
- You mean the fastest? - Yeah.
Make sure they get the one where you can see him sitting in the chair.
We're going to start with the dog on the "This is fine" meme
and then fade to Ben holding the coffee.
- Also, I put dry mouth mouthwash in the bathroom and the editing room. - Thank you.
- I don't even need to-- - Try it out. See if you like it.
- That's-- - End up doing--
- It's not that time? - Next week.
What's the current price of Bitcoin?
It was 22-something last time I looked.
- So it's probably-- - Probably worse than that now.
Hence the red.
Welcome to BitBoy Extreme Couponing!
Where we show you how to cut corners
and how you can get 34 rolls of toilet paper for 12¢.
I see that comment. I don't want to look at my portfolio either.
I haven't looked at it in forever.
I don't even know if I have a portfolio anymore.
You know? Thank you, Celsius.
Power still isn't back on?
Did you know Mutant Apes were not on Solana? They're on ETH?
- What? - I thought they were on Solana.
Okay. When you said that, I was like,
- "I don't think they're on Solana." - I thought they were on Solana.
"They're definitely ETH."
- Really? - There's another thing that's not Mutant Ape.
- There's like-- - I thought Mutant Apes were on Solana.
- I always thought they were on Solana. - No.
You know, there was two ways to get a Mutant Ape.
One from the mint.
Or by doing the serum on the Bored Ape.
Dang it!
- Show was going too good. - Yeah, that was going good.
That was weird.
- They can't hear us. - Alright. We're back.
- We're back. Yeah. - We're back?
- We're live? Okay. - Yup.
Guys, sometimes,
the government wants to shut you down.
And that's what they did.
They don't want you getting this information.
That was a DDoS attack.
Nah. Our power shut off.
Oh, gosh!
Ah!
- Oh, no. - I'm hearing myself!
Okay. I closed it up. Okay.
Guys, sorry about that.
We had a problem. We got rugged.
Obviously, by the power company.
We're going to work on making sure that doesn't happen again.
So--
I think it's important for people to understand Bitcoin tends to work on a four-year cycle.
And we are exactly where we should be according to that cycle.
We are right in the thick of a bear market.
We said, last year, when everybody was over the moon about adoption
and so many users and too many people know about crypto now,
you know, on my channel, we were very quick to tell people,
we will get a bear market.
It always happens.
The market always gets overheated.
And usually when people are saying it'll never happen, that's when it happens.
Now, when we're targeting prices,
you know, $10,300 is an 85% drawdown.
We've traditionally seen that in bear markets.
The other thing that we've not seen yet is we've never seen the price
go below the previous four-year cycle top,
which that would put, you know.
$20,000 was a cycle top in 2007, or, excuse me, 2017,
so if the price goes below that,
we are in unprecedented territory,
but we're still not down to the 85% number.
You start looking across the crypto landscape,
but what happened with Celsius,
definitely a turn of events a lot of us didn't see coming,
but a lot of people were putting out kind of some feelers on social media over the last few weeks
that there were some problems with Celsius.
But it is hard to really see a path forward for them developing trust with the user base again,
outside of maybe being bought off by maybe FTX or BlockFi
or maybe another company.
Well, that's a great question. And I don't think we're getting a rebound anytime soon.
I mean, I want people to understand that.
We're projecting probably about a $14,000 bottom at this point.
But we don't expect to bottom until November.
That's traditionally where we see this, is in the midterms.
Right following the midterms, you have the last drop.
Things kind of turn around from there.
But looking at the layoffs, I want people to understand,
these layoffs are not indicative necessarily of where we're at in crypto.
You make an important point when you talk about consolidation
because I do believe we will see consolidation of crypto platforms.
I think eventually we'll see some consolidation in crypto projects as well
when you have some more niche-specialized crypto protocols kind of getting, you know,
kind of lumped into maybe a bigger--
like VeChain, for instance, in supply chain tracking.
I use this example a lot,
you know, they could possibly obtain some other protocols
that are very niched in supply chain tracking
and absorb them into their protocols and their platforms.
So I think we are going to see a lot of consolidation
over the next few years in crypto, you know, all across the board.
But I think when you look at the 75 bps that we're getting added this week,
I kind of disagree with one of your guests earlier.
He said he thought that that's already priced in.
I think your average person that's in the market doesn't know that right now.
I think that's going to hit a lot of people.
You know, those of us that are in this every day,
we know about that.
And certainly it contributed some of the selloffs.
But I do think we'll see some more down action.
Thank you!
Absolutely.
I freaking torched them!
Oh, my gosh, I was spitting fire!
Did you hear that?
- A little bit. Like, it's-- - Oh, my God!
That was one of the best ones I ever did.
I say that every time.
Did I not just freaking--?
The guy goes,
he goes,
"Well, Ben Armstrong, why don't you tell us how you really feel?"
I called all the institutions scammers.
I had to go check the livestream.
Make sure he, like, wasn't peaking or something.
He got a little heated in here.
My dude, man! I just went right at the scammers, dude.
I went right at them.
Oh, yeah? What happened?
Dude, I was on Yahoo Finance, and I called all the institutions scammers.
- That's fantastic. - Oh, dude, it was great, dude.
It was so good.
It's going down today?
It's going down today.
Welcome to BitBoy Crypto!
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The largest and greatest crypto community in all of the Interwebs
No channel works harder to keep you in the know about crypto.
And we are going to keep you in the know today.
A hot take going on today.
And I want to explain to you guys what is going on with Celsius.
This is where we are going to start the show today.
And we will get into some fallout from Celsius and what is going on.
But I want to tell you my personal story.
Because, guys, I am pissed.
I don't know if you can tell.
I'm pissed today.
So we would like to keep family-friendly.
Some people think that word is not very family-friendly.
We have tried to handle this Celsius situation
with kid gloves.
This is what I told them.
I told Alex in an email.
And I also told our account rep.
Everybody knows our account rep now! Ronald!
Who, by the way,
none of them have responded to me in 24 hours.
We gave them ample time.
And not a single response.
But yet our buddy Ronald,
Ronald Loh,
he actually saw everything on Twitter and turned his account private.
I wonder.
Because you don't want people to know when you're out there scamming people.
And I just--
I am having a real hard time with this.
I respected Alex Mashinsky.
I respected Celsius.
You know, there's actually a lot of controversy on did he even create VoIP?
That's what he claims to have created.
There are some other people that lay state to that as well.
We've worked with Celsius for years.
We had done--
I know we had done sponsored content,
kind of some partnership stuff with them at some point.
But we did that because we trusted them.
Because we thought this was a platform that we could send people to.
And if you guys have not figured this out yet about me,
I like to believe the best about people.
I really do.
I'm an optimist.
I'm a glass full kind of person.
I see something like Celsius,
and I listen to the message of Alex Mashinsky talking about what he wants to do,
how he wants to bring more people into crypto,
and I love that. It sounded so good.
And so when, over the last couple of months,
things started taking a turn,
I had the rose-colored glasses on.
And I'm sorry for that.
$3 million we have on that platform.
There are people I know who I've talked to who do have seven figures on there.
Low seven figures.
And our audience has been extremely affected by this. Okay?
Extremely affected.
We got a message.
Nick Dimondi got a message from a guy.
His profile picture is a picture with me at a meetup.
And this guy has a million Cardano locked up on there.
About $25,000 worth of other stuff locked on there.
And he's upset. He's beside himself.
He doesn't know he's going to do.
The fact is, a lot of these people,
there's a great possibility they're losing their money.
In a bear market,
near relatively the bottom,
maybe another 50%, whatever,
but maybe near the bottom,
it's probably gone.
And the fact that people trusted me,
and certainly I'm not the only one,
people trusted anyone talking about Celsius for a long time,
and they have assets locked up on there--
Had another young lady.
Lady sent me an email and said, "Listen."
"I have a lot of money locked up on there."
"I had a friend who worked at Celsius."
For tw--
a 25-year relationship she had with this person.
She said she left Celsius and started acting very strange.
She believes that she knew the entire time and didn't tell her
because she's probably under an NDA
with Alex Mashinsky
not to tell people what's really going on there.
A lot of people want to go back to this channel.
They want to talk about what happened over the summer in 2020 of DeFi.
There are some projects we covered during that time that rug pulled.
And there were some projects that did some super sketchy, super scammy stuff to us.
So, keep in mind,
if anyone lost money during that time,
I did too.
And not only that. We lost credibility because we had projects lying to us.
We had a project that people want to throw out there all the time.
They switched their smart contract after we did a video.
Now, we don't do any sponsored videos.
We don't do anything promotional.
Nothing paid.
You could not pay to be on this channel ever again.
But there was a time when we did that.
And we disclosed.
What Alex Mashinsky and Celsius had been doing is nothing different
than the most degenerate crypto traders and gamblers were doing with their own money
back in 2020.
2020 was just full of scams.
It was rampant in the DeFi space.
And you would think that Alex Mashinsky would be smart enough to know
that you can't take people's secure assets and make risky investments on dega--
degen DeFi projects and products and platforms and protocols
and it be safe.
When DeFi summer picked up,
they were making money hand over fist with a super sketchy stuff.
And they just didn't stop.
They didn't read the tea leaves.
And now it's insolvent.
And so there are people that are going to be losing money
due to the fact they trusted Celsius the same way we did.
And I will tell you this.
There were plenty of people that were warning about this over the last couple of months.
And I had the rose-colored glasses on because I believed in Alex.
I believed in what they were doing.
I was wrong.
And I'm sorry for that.
Let me explain to you what happened when I talked to our account rep,
Ronald Loh.
L-O-H
I want his name out there. I want everyone to know this person involved with this.
We emailed him yesterday.
And he told us
the other people in there are saying we're doing damage control.
This is not damage control.
This me caring about people on this channel
and understanding that they lost money the same way that we did.
Friends! Family!
- My dad's crypto's in Celsius. - His dad!
And I'm getting messages from people left and right.
I thought this was trustworthy.
I had somebody, a Celsius fan, today say,
"Man, I really hate seeing BitBoy flip on Celcius."
They told us we have enough money in our account to pay off the loan,
but we can't pay it off with the money in our account.
Think about that.
Why?
Why can we not pay the loan off with the money in our account?
Here's why.
It's just numbers on a screen.
It's not real.
There's no money backing those numbers.
It's insolvent.
And they've known about this now for months.
And I can guarantee you that as soon as this stuff started coming out on Twitter,
that there was some stuff fishy with it,
you know they knew six months before that, at least.
They knew what they were doing here.
They are so responsible for this.
It's not even funny.
I know Alex has kids and he has a family.
This man deserves to go to prison.
I will tell you that right now.
With the billions of dollars lost!
How many lives are going to be lost?
People committing suicide because they have their life savings on here
to totally change their life on Celsius and they're not going to be able to get it back.
Please don't do that.
Please don't do. Your life is worth more than that.
But I'd be naive to believe that that's not a reality for a lot of people.
I know because people have been telling us.
I went on AMA with Celsius just a few weeks ago.
And at the time, I felt a little uneasy about it because some stuff has started coming out.
I didn't want to believe it.
But there was starting to be maybe a change.
I went on that show.
And in the show prep, do you know what Alex told me?
He said,
"What do you want to talk about? You got anything you want to talk about?"
I said,
"Well, you know what?
The market. Like, people want to know where the market's going.
And we think it's going down. It's going to go down further.
You know, we think it's going to bottom in November."
He said, "No, we don't talk about the price going down here."
"We don't-- we don't talk about--
We don't talk about negative things.
We just want to talk about it going up long term."
He didn't want to give you the truth.
He intentionally did not want to give you the truth.
What does that mean?
It means he's a lying wolf in sheep's clothing
and he won't tell you the truth about what's really going on.
The day before Celsius collapsed,
he called people saying they would stop withdrawals FUD.
The day before.
That's an outright lie.
The only hope for this company is someone else to buy them.
And I still don't see any hope for them at that point.
How many people are just going to not ever stake again at this point?
Think about it.
We're going balls to the wall against these people.
You need to understand that.
I have meetings set up with lawyers already.
And, guys, I want you to understand this.
If I lose $3 million,
that means this much to me compared to those of you that lose $100,000
but that was everything that you had.
And I've already had hundreds of people message me
saying they are on board and they're ready to fight.