 Well, there's less that news or Dan for short. My name is Rob and today a couple of things to go over and There was a filing that just came out from the FTX Chapter 11 filing and I got to tell you It's amazing just how far down this rabbit hole goes and the things that are being that were going on behind the scenes are Truly sickening and leaves me pretty much speechless and I gotta tell you I think I've seen it all But I haven't seen nothing yet So first things first we're going to talk about we're gonna do the giveaway at the end just so you guys know so we're gonna do a Ledger and stonebook drawing the first talk about the FTX filing Also, we'll talk about how Binance is back in the fray and talks to buy Voyager and also a Celsius update And lastly of course as we knew it was gonna happen Here comes a regulation as Janet Yellen starts pounding the table and of course the very last part will do a little Q&A So first of all thanks for stopping by I do appreciate it The first thing I like to just talk about real quick is that's the mentality of the market right now Yeah, we know it sucks. We know it's awful and things like that But just remember this is a quote from George Washington. I get this from the daily stoic comm is a link in the description It's great You kind of just puts your your minds in a in a framework to where you can handle a lot of things that life throws at you And also it's 100% free so look in the link in the description at the very bottom Daily Stow up comm and one of the things I talked about Ryan holiday was it was a quote from George Washington Many nickels make a muckle doesn't make any sense But really what it means is that this everything adds up all things that you do Consistently just add up in in your lifetime. So the thing that I first thought about was well, you know That's what dollar cost averaging does right we dollar cost average you put a little bit in we go forward and over time Things usually tend to work out not all the time, but that is just Consistency usually is is quite a winner. However on the flip side. I'll remind everybody. It's also a negative part So a little white lies that that we tell Become bigger lies and then become bigger lies and those become fraud And then of course you're looking at jail time like if you're SPF So just remember that you can there's two ways to look at things The consistency is good or it can be quite awful and the consistency that was awful Let us to this and this is Jen if the Roach Dexter and She's a formerly 100 million dollar money manager seen on Bloomberg Fox and vice great at grit capital number one finance newsletter on sub-stack There's a link in the description. You can follow her on Twitter She has some pretty good information and not only that but she made my job quite easily as She went through the 30-page FTX bankruptcy court filing pretty amazing how fast things move right, you know Not just not too long ago Sam comes out and says sorry money's just not working out and then all of a sudden boom Here we are with chapter 11 same thing happened with voyagers in the out of the Celsius I think block flies in between the same thing And I think a lot of different companies are doing the same thing as the contagion spreads But we've been talking about that forever. I mean last week or so, but here's what we got Let's get to the meat of it. So the first things first there's only about eight or so pieces that were pretty mind-numbing but one of these was Employees submitted expense reimbursement over chat a random manager would accept or reject those reimbursements with an emoji Which I gotta tell you I've worked in many a corporation where you have to you know submit your reimbursements One of those was a great company called KCI wound Vax I used to do the training for doctors and nurses and things like that and of course just to submit your reimbursements Was quite a process. I'm sure a lot of you have gone through this But I don't think this is like the biggest deal of all time. Okay, so they did it with emojis and whatnot They had a put data ton of money. It was your money, but you know, that's just how they did things Party loans. I'll need a research gave Sam Bakman free day one billion dollar person alone That's quite a bit. They also loan director engineering Nishad sing five hundred and forty three million dollars, which is in all honesty I'm gonna take if you're gonna do some things as far as like to retain wealth Loans the way to do it, you know, Michael Silla talks about that and there's there's an old adage which talks about Loan, sorry Barrow no, excuse me buy borrow die That's pretty much how the rich do it and we've talked about that before on the on the channel, but unfortunately You usually take that against collateral against your own Assets, but in this case it was just your assets that he did it from Also, very few records were kept most decisions were made over chat with the messages automatically deleted after a certain time Which I'm not for sure if they're gonna be able to dig through that for any kind of criminal proceedings not a lawyer, but Time will tell FTX company value 32 billion never had board meetings neither did most of the subsidiaries and this is the problem I think when we take a look at like a new paradigm of business We take a look at that and go well, that's just a new business and a new way of Doing things and and that's just you know in innovation at work. No, it's just bad practice and bad management So like I know like in 2021 when of course I got to be called a boomer all day long And I was like, I think things are gonna, you know keep going on forever There is some old outages and some things that actually just work and that's just how it is Also FTX had no cash management system management How I had no idea how much cash was on hand at any given time or even whether cash was and it gets scarier Don't worry FTX didn't keep proper records of who they employed Employees and contractors co mingled co mingled throughout the different companies without proper documentation Of how they spent their time and this is the beauty of I hate to say it, but it is the beauty of And I'm not for sure this FTX global FTX US. I'm pretty sure it's FTX global what it could be wrong Of having an offshore account of having an offshore business because you don't have to deal with the stringent regulation Yes crypto currency exchanges are regulated here in the United States They want to be regulated more but globally. That's why not the case and that's the problem with having lax Clarity as to what the government wants because they can't even tell us So this just leads to companies going off off off shores and this type of shenanigans goes on and here's the big big Corporate funds were used to purchase personal use real estate and employees and executives put their names on home purchased With company funds. Let me blow this up so everybody can see this so This is a testation of chapter 11 filing and the Bahamas I understand that corporate funds of the FTX group were used to purchase homes and other personal items for employees and advisors so The funds that you put in And I got to tell you unfortunately This is what Gary Gensler was talking about at one point about Commingling of funds and how dangerous it is and of course we looked at Gary like that Whatever do whatever we want to and of course the coming we have fun leads to stuff like this leads to other problems That's that happened other exchanges as well There should be a separation there should be a separation of course between of course we know that now right of course between users funds company funds loans All the different things that that they do to actually you know gain that yield there should be a separate bucket for each But apparently it's just all shoved together. I Understand that there is not a peer-to-peer documentation for certain these transaction loans and the certain real estate was recorded in person as employees so that of course is Just where your money went essentially, which was buying Sam and other people their property Corporate funds were used to purchase. No, that's not it eight This is the this is the scary part crypto deposits deposited by customers weren't even recorded on the balance sheet Presumably all crypto assets just went into one central slush fund Used for whatever the filing makes clear that SBF does not speak for the company and as radical me public Should not be disregarded and this is from the new CEO has just been appointed and of course want more you can sign up here at great capital and go from there, but yeah, that's essentially in a nutshell so What do you think about that do you think that? This is something that was inevitable and we never could have seen it Do you think this was something that could have been prevented moving forward and also not only that But it gets worse potentially there was this is from Bitcoin arch Archive it says FTX held zero Bitcoin They were selling fake Bitcoin take your Bitcoin up exchanges and what they were referencing Yeah, is there was a balance sheet a Balance sheet that came out and time factor has a good point So the leaked balance sheet that had zero bitcoins in it was taken after withdrawals were halted meaning all Bitcoin They had it was withdrawn right before So again, where did that Bitcoin go? Well time will tell But that's Bitcoin that you bought and we bought and all those things I personally I used FTX very sparingly And I took everything off because of the rules I don't know if you've heard about these rules that I have below me And I know you're sick of it, but it's the truth don't a best morning can afford to lose Consider that it's all gone. Everything's a scam until proven otherwise. Don't leave anything on exchanges. There's no reason for right Andres Antonopoulos actually said this first. He said he said treat all exchanges like a dirty toilet Get in there do your business and get out. Don't touch too much. That's it. Don't use leverage I mean especially this volatile market me come on then take profits on the way. It's very simple that type of thing So that's what's going on the land of FTX think things are winding down an FTX But the big question then is how much contagion do we have as we see? Companies just start to fall out of ways like Genesis block fi who knows who else, but We'll see anyhow that takes care of that now. Let's talk about potentially good news. I'm not for sure Binance is to relaunch the bid for Voyager and not too long ago Binance and CZ came out they were starting up a fund that would help to To Increase the liquidity of different projects that are out there that are actually good projects and they said to submit your forms or submit your Your personal or the Projects information to Binance they're going across and just kind of figure out which ones are going to be Salvageable and which ones are not which I got to tell you it's kind of like picking winners But at this stage in the game is everything collapses people are going to make some erratic decisions and they're going to start to learn Turn towards Binance. I personally kind of leery about these things because unfortunately with Binance doing this and gobbling of everything There's a chance for monopoly and antitrust laws So in the US and you're going to look at that a little bit more stringently, but here's what's happening So Binance us the American honor the world's largest crypto exchange that we're trying to bid for bankrupt lending platform value Voyager digital the coin a person familiar with the plans and of course the original Assessment or the original bid from FTX is not going to go through I think we can all agree that's that's not going to happen And of course there was a press release and the Voyager UCC came out said oh, guess what we're not going to go through with that Well, thank you Captain obvious is on On this news Voyager's token VGX jumped as much as 50% that makes no sense But whatever after coin desk report was published I'm writing VGX up over 40% at 40 cents not too bad There's a problem though Thomas Brazil managing partner investment firm 507 said matters are complicated by the fact Voyager is going to have a Claim against the FTX estate for breach of contract again. This is Voyager FTX breach of contract where they can try to get some money back I don't think they're going to but they said that could make it a little bit Little bit troublesome, but it's not like I got to tell you it's not like anybody is gonna You're gonna get a an exorbitant amount of funds back from FTX. I hate to say this but FTX I think people are gonna be lucky to get 10% back. That's just Estimation and all the different holes that is out there. I mean all of a sudden You know, they had 16 billion in assets and all of a sudden they have less than a billion amazing and Don't get your hopes up for this one. I mean, it's to be good if it does but here's a very adult statement This is from Binance chief communications officer Pratchik Hillman Said Binance is not looking to be the white knight. There's no Luke Skywalker's Darth vaders This is a company what the most eluses market leader looking around to see Where we can help bolster the industry through a black swan event and that's what's up And also on top of that so that's some good news for Voyager holders myself included also Celsius holders Here's some here's some news. This is a friend of the show Aaron Bennett give him a follow Always doing great work to keep us abreast the situation as far as what's happening with Celsius This is about two minutes and if you have any funds on Celsius myself included you may want to double-check this So this is the check to make sure that your claim is correct moving forward There is a link in the description. It looks like this Celsius claim When you click on that it'll take you to what Aaron's gonna tell you about right here in this video This is about two minutes long Just take a listen and then we'll get to a little regulation and then of course the ledger giveaway So just hold your horses if you have not clicked on this document, which I'll include in the description below This is where you can check to see what your claim is now right now There is not an updated claim if there is a mistake here and I'll explain to you what that means So I will include the link below. You will go to page 92 now These are very very big files, but what you will do is you will click on your first name now This is the name that you registered with Celsius with so for example If I wanted to look and see for Alex machine ski I'm gonna open it up by clicking on a because that is his first name and My computer opens this up in Adobe Acrobat because I think I pay for that separately so I'm not quite sure how yours would open up on the computer on your phone and what you can do is you can Zoom in as I zoom in very very slowly and you can see if you scroll down Here are the beginnings of the ace So if you wanted to scroll down and find your name you can do so if you have a very unique last name You could always search it if it's possible I will just search for him and I will show you what comes up here So I searched for machine ski because I realized there was just gonna be one of them And here it is you can see his account and again how much he had on the app So this is what you need to do for yourself if you have not already again I'll include the link below you're gonna go to page 92 Click on the first letter of your first name and then you will either scroll or if you're able to search You can do that and if it is correct meaning what you see on the computer is exactly what you have on your app So for example, I will click M really quick and show just a random person here If this is you and you are M Narrenberg just as a random example and if you scroll over and you're like yep This is me. I had 0.5 Bitcoin cash and I had 1.8 cell token and essentially what you do is you go on your app and you open up your app Which I think is still working and you will see exactly how much crypto you have So if this matches up then you are good to go if it does not match up then when the claim form becomes live which it is not right now you will create a claim or submit a claim and Let Celsius know this is how much crypto I have and you will do that when the time is ready That time is not now because again, there is no updated claim form live So even if there is an issue there is nothing you need to do right now if you have no Perfect. Thank you Aaron. So yeah, that just goes if it's if it's right again link in the description If it's right, you know do squat just let it go and go okay Oh, that's the claim and then hopefully we get some funds back, but who knows I'm not holding my breath So that's what's going on there in that piece and then to finish up here comes the regulation And I think we knew this was happening Janet Yellen comes out and says hey, guess what I would like to regulate these centralized exchanges, where was she before and It's kind of a boring article, but I'll just tell you this She is right some of the risks we identified means reports She's talking about the Biden administration as they came forth and did the assessment of all crypto and exchanges Including co-mingling of customer assets lack of transparency and conflicts of interest where the center of the crypto market stress Observer the past week said yawn and I don't think that's Outside the realm of possibility for people to understand Yeah, the co-mingling of assets and things like that. I just don't understand what I did it They had they had a good thing going they were I haven't they were riding a gravy train with biscuit wheels All you had to do was just keep it simple, which was People wanted to buy crypto you charge them a certain percentage to buy the said crypto And then you would profit off that of them buying crypto and or selling crypto. That's all I got to do So moving forward hopefully they can just do that and just go from there But of course until those days come for all the rules if you want to and just go from there and that's Ladies and gentlemen concludes all the news now. Let's get into everybody's favorite. Give it away free stuff So I did this yesterday. I don't do giveaways too often Really never but I thought it was about that time because people we've been harping on the fact of don't leave anything on on Exchanges so I said well, let's just give ledger away and show people you know, let's see it simple to do and Why not so I said, here's the legend shift will give away tweet watch this video and throw to like which if you do that and like Comment and share this tweet. I'll choose one alive tomorrow, which is gonna happen right now. So I need to do this I'm gonna Command see this Twitter thing. There's this great app called Twitter picker. Hopefully do this, right? I don't usually I use this like once every year. So let's see. Oops. That's not right So I'm gonna Put that in there and load the tweet And there it is. So the winner is gonna be one And let's see Must follow We don't to follow me that wasn't that wasn't the stipulation. So it's okay. The profile must have a picture some kind of description I don't want to give this to a bot Tweet count a hundred plus the account age one month Just one month one month or over latest tweet. Yeah, the past month So that way I don't get a bunch of bots and we'll click continue. Let's see if this works. Oh, look at that 458 and entries added. It's a lot and Okay, and then step three I'm gonna draw it drumroll, please. Oh Chuck you were so close check of clay was rejected, but Jeremy crypto is our winner Now the tweet count. Yeah, sorry Chuck but Jeremy crypto What I need you to do is I'm gonna follow you You got to send me a message and one will communicate that way if you want to make a fake Jeremy crypto Twitter account you can do that, but that doesn't filter into my main DMs So now Jeremy company you can DM me and I will set you up and we're going to get you of course the Shield folio or stonebook and also ledger nano X so if you're looking to Save your mnemonic phrases, you don't like putting them in a random piece of paper like I used to do give one of these They're awesome. They are tear proof waterproof. They're not Burn proof, but I've got a I've gotten I think I got two or three of these now And this is where I keep all my mnemonic phrases for all my three or four four now Nano ledgers and it just helps to kind of keep everything in one place and that's it So as a link in the description you get 20% off and then if you wait till Was it black Friday? Yeah black Friday. I think they're being sold for 50% off So whatever you want to do if you want to get it now or just wait, but that's what's going on and that's it So everybody Thanks so much for stopping by I appreciate that concludes all the news that we're gonna talk about today now If you want to stick around I'll go over the Q&A and answer all your burning questions Even questions I might not want to ask or answer But I will do so because all you got to do is just show up and make the best of it. And that's it So thanks so much. I'll see you get out here even here for 20 minutes. If not