 Welcome to Jalassa news or Dan for short. My name is Robin today is the thumbnail and tell suggest We're gonna talk about what just happened with Jerome Powell and his meeting and I got to tell you quite interesting So we'll talk about Jerome Powell's speech What he actually said and I'm gonna leave it up to you to decide if this was hawkish or dovish Also, we'll take a look at some rather bad news and that is that crack and had to lay off 30% of its staff However, flip side. Here's the good news Developers are continuing develop crypto market continues to chug along and also Brazil just passed a major pro-crypto laws and Voyager, yes voyager the one I used to talk about all the time Looks like they have a new offer and then lastly kind of like a thought experiment I put this out on Twitter yesterday. Just want to see what everybody what are you using crypto for? What is the utility that you're using and responses? I got to tell you not really surprising and lastly just to let everybody know tonight if you're in Puerto Rico So especially the condado centurce area. We're gonna do a meet-up tonight at the smokehouse and of course as usual the first round of beers will be on me second round will be on Steven who is the owner of the smoke house. So come on out if you can and I will talk about that at the very end So first things first Jerome Powell Everybody's person that they love to hate and I gotta tell you just doing his job. I mean quite honestly I don't see it as like he's being malicious or evil or something I just think he's doing his job and he's going look I saw what happened with Volcker I don't want to be like burns. I'm gonna keep this I'm gonna keep on the same course and people have doubted him forever this whole time and looks like he's doing the same things and been doing the whole time so Before this start this actually just happened about 40 minutes ago. I Put out a tweet I go I'm just gonna go out on a limb and say Jay Powell is gonna say they're gonna say the course and didn't continue to raise the rates because the job isn't done That's what I thought he would say and I'm also gonna predict That people will hear what they want to hear and it doesn't matter what I say what we say Just depends on the interpretation that really comes down to where the market goes and where the market go it went up So even though I hear certain things Maybe just me other people hear other things and the market increases now Does that mean that this means that we're gonna start on in the next major bull run rally? Probably not so the real question is what's the daily clothes gonna be? How highs it's gonna go is it gonna drop off and people just go okay, we're still playing games or maybe it just keeps going forever I don't know. I don't know. That's why I dolly caused average because It's very hard time these markets. So just to give you like a little replay of what was said I'll go through this one of the most I would say the most dovish thing he said was this Drums said the time for moderating the pace of rate increases may come as soon as the December meeting So he's telling you right now. He's like look we might slow down You know these these 50 basis points any five basis points. Maybe we go 25 Maybe we go a little lower than that and that's exactly what he's saying It was it caught may come as soon as it is as the soon as the December meeting and when he said that I Think they gave people a lot of hope and I can see how people would dwell on that But just remember he also said some other stuff, which is this History suggests strongly the negative effects of prematurely loosening policy. We will stay the course of the job done That is the last thing he said before he said, thank you. I'm out So remember this happened Again with Volcker and Volcker's predecessor burns where they raised rates for inflation it Wasn't enough they cut them the rates they stopped the rate hikes and inflation went through the roof and what drum is doing is like I'm not gonna have that done to me and There comes a point when you get older in your life Where I know some people say well, it's just political and he's doing this for money You know like and then feel a little older You may get this miss miss me make sense when you're older If it really comes down to your legacy and what you're doing and how you are perceived throughout time Do you think I don't think I could be wrong here I don't think Jerome Powell wants to be seen as a person who mismanaged the economy and let it into a Another great depression. I think he wants to be the one that looks at is it as a staunch advocate of Rate hikes and bringing pain which would avert a depression. I could be wrong. That's just how I see I just Anyhow moving forward here was the summary said before he took off also growth in the economy has slowed Which is good. They want the economy is low GDP to go down and that needs to be sustained How do they do that rate hikes bottlenecks and supply chains supply chains? Excuse me They're pretty be easing and this must also continue Housing services will rise but if we keep the rates up housing will fall next year Labor market shows only tentative signs of rebalancing Wage growth remains well above levels consistent with 2% inflation Wage increases. Thank you so much for the bump and pay Unfortunately, it just cost me 10 more dollars to buy milk. So despite that's not what he said. I'm sorry That was me ad-libbing. So despite some promising developments. We have a long way to go Wage growth is up and that is a good thing of wage growth to be consistent be good for the immeasurable individual inflation must come down Job openings have remained higher than pre-ponemic levels excess retirements close to 2 million have led to a surplus of job openings I'm talking to you fast. I'm sorry Excess retirements close to 2 million have led to a surplus of job openings and will not unwind They will not be returning to labor force then from into the crypto verse and Neville also here States out the best that the participation gap is mostly due to excess retirement. So there's a lot of older people I Guess Lee Elon Musk was right We don't have enough people in the world to really take over as the old baby boomers start to retire and like we're not coming back Also, they're not coming back because they're retired also. They're coming back because they're sick that's how it is and Overall participation remains well below pre-pandemic trends and that's what's going on So again, I'll leave it up to you because I saw it one way other people saw it the other way and of course the market says To the moon baby when Lambo and that's what's going on. Let me just think about that in the comments section and we'll see Also, I Guess that wasn't really bad news. I mean is what it is This is from Jesse Powell he was the former CEO of Kraken he just lays it out like this rough day I can't roll back 12 months Macro is tough and we held out the recent industry woes diminished near-term optimism about a crypto rebound Jesse should have wait and tell this rebound. Just kidding. I don't I think he knows that in the long term, too We're not gonna see a sustained rebound We're better positioned now. Glad we will take good care of our former colleagues been a privilege and this is Jeff Roberts Crypto editor and he says yeah 30% they get a separation pay for his bonus benefits And if you're even laid off like I have it does suck it's awful because you're like, what am I not good enough? You don't want me here. It's not about that it's just about numbers and looks like they overhired a little bit too much and now they have to trim trim down to stay lean to Just stay solvent and I said hey Bravo, I mean, I'm sorry that these people lost their jobs But you know Kraken good job staying solvent protecting people's funds and not doing something crazy Like intermingling funds to keep people on to make yourself a zombie company This is how free markets work. It doesn't work out. You have to lay off people to move forward That means people like you or I if we were so inclined to leave our crypto on there could actually take it off I don't recommend that. That's what it is. So that's what's going on the market. I expect more layoffs I expect more job losses I expect a Slowdown of GDP coming up and I expect 2023 to have a recession But these are the things that have to happen and I welcome them because for the every downside Come some good news some good news first up Crypto keeps chugging chugging along this is a ranking of active developer developer accounts of what what's going on This is actually from sentiment data. They took a look and this is Of the last You'd see year or so Yeah, for quite some time Know this last last month or three months, I think so But here's the rank of active developers. Ethereum is number one Which is not surprising everything's built on a theorem almost, right? surprisingly Cardano number two polka dots looking good at number three cosmos fantastic near Hadera Solana number seven aptos, which I keep hearing is Not the greatest project still is a number eight L round nine polygon I thought probably I won't be a little bit higher with all the different announced about but so so much so forth Bitcoin Algorand avalanche round up the tops top 20 or top 17. She's Louise Tron is the 16th Congratulations, Tron holders. I'm not gonna say anything bad about it. I mean, it's been sticking around. So that's good news I think also Brazil just passed a lot of legalized crypto as a payment method now. It's not legal tender per se It's not like El Salvador, but it's a step in the right direction. However, just like in the United States We have the house representatives and has to go through the Senate Same thing here. The law was approved by the Chamber of Deputies of Brazil But still requires the approval of the executive branch to be enacted But I gotta tell you that's looking pretty promising the bill Does not make any crypto legal tender However, the bill will include digital currencies and air mileage programs and the definition of payment methods That are under the supervision of the country central bank. Yeah, what a Not to put down air mileage, but what a crummy Sector to be included into like here's your, you know goofy air mileage things and you know You'll you'll also be a part of a crypto digitalizes We know you're gonna change the world, but also air mileage programs. So just me The law enables the creation of licenses for crypto exchange platforms and for custody and management of crypto by third parties And this is the big thing In addition to this the law will require exchanges to make a clear distinction between company and user funds Which means they can't intermingle those funds, which means people can't lose all their crypto Like we have been getting scrawled over here in the United States for some reason. We just can't get that right And there we go. So Brazil learning from you don't have to learn from mistakes or you have to learn from mistakes There's not three year mistakes more in Buffett said that and it's very clear right here that Brazil goes man America's been screwing up left and right. We should probably do it this way can Bravo way to do it also in good news I thought this is pretty interesting INX Submits a bid to purchase voyagers assets. Now we've got two in the running We had Binance and now we've got INX, which I didn't know what the heck these people were honestly But uh, that's great. That means there could be a little bidding war. I don't know what's going on with Celsius I don't think anybody wants that but uh, here we are so INX is bid to acquire voyager leverages its position as both a FINRA And sec regulated broker dealer and as a crypto trading platform in 43 us states and territories In which it has obtained money transmitter licenses. You know who also did that? Coinbase Also Binance us did that so If you want to make things a little bit study you got to play ball with the regulators. I know people will say rob. We don't want a regulation All right. I mean you can keep doing this, but I mean just going to prolong the inevitable uh It's otherwise authorized operate the end end regulated platform Excuse me the end to end regulated platform INX dot one Enables trading issuing minting an instant settlement of security tokens and cryptos Security tokens can be used To offer profit sharing. I like that voting rights and equity representation. I like that too Additionally, they can be leveraged as part of a debt restructuring and bank rupsey loss recovery mission That's the same thing that simon dickson has been talking about from bank of the future for Celsius for months Ah That makes a lot of sense. I like adults in the room. I'm not saying that this is the greatest deal of all time I don't even know what the deal is. I'm just saying it's good to see that two are in the in the hunt And this is the website 1.inx.co I have no Affiliate link. I'm gonna have a link for it. You got to find it yourself So, uh, that's what's going on and lastly in 2021. I next became the first sec register digital security IPO Closing with 83 million gross proceeds from our 7300 retail and institutional investors And also 100 roughly 100 million inx tokens were sold in the IPO I don't really like that because that's the same thing that sam bakeman free did And that's where they got a lot of their funds from magic internet money We'll see how this works out, but uh, I think that's positive. I like those things and that's what we have Anyhow, let me just think about that in the comment section. I'm just a little leery because I'm jaded and that's it but now let's get into So we talked about, you know Crack in and and uh and and j pow And we talked about some good news. I just wanted to like a little thought experiment. I asked this question yesterday I just had to ask the question. What do you use crypto for? And and if we think about it, what's the utility for These products right and everybody's gonna, you know, essentially say the same thing Well, you know with bitcoins peer-to-peer transaction. That's what the white paper says when passion Satoshi Nakamoto said People say it's the store of value. People say it's digital gold. Okay. That's just bitcoin. They're moving down You know, we got smart contracts and they use for nfts and we can do a lot of things with uh with gaming and metaverse plays I'm like, okay, what do you do it with? What do you use crypto right now today? What's the utility? I was just curious And here's what we got So shark puncher, that's pretty funny He says look, I actually use it sometimes for purchasing Because sometimes websites give discounts if you pay with bitcoin. It's kind of like those uh air mileage We just talked about So I buy the bitcoin and it's one more step to save 10 or 20 percent on something I'm already buying anyway. So why not? So okay, there's a little utility there Johnny says I'm here for the tech I use to transfer my my bachillions anywhere in the world And of course a lot of it's about 100 comments Most people were saying that I use crypto just to lose money. That's what it was But brian's got a really good point here brian cv as a vote for freedom and as an opposition to fiat oppression and I got to tell you that's a pretty pretty on-the-nose comment And I know people will say like, you know, like there's the gold bugs and people will say well fiat's going to zero You know who else thinks it's going to zero charlie monger So like if you believe in like crypto or things are going just listen to listen to the good old charlie I have nothing against charlie. I think he's you know, great investor. Good for him But this what he talks about as far as the u.s. Dollar and fiat just take a listen. Hold on me Get this going the safe assumption For an investor is that or the next 100 years the currency is going to zero That's my working hypothesis Wow Well, that'll be a different type of environment That's one way to say it. So yeah, so like in this one, I can see it. I can say well, we don't hold on to it but you know, however, it's a as uh As mr. Munger said 100 years is a quite a long time But again, it could be of over freedom. Fantastic uh Panda pie says invest accumulate and stake I can't yet picture myself using the crypto credit card Jeremy former winner of the ledger Uh nano x that we just gave away He says for today investment. Let's be honest. That's what we all see it for investments, right? Is anybody buying bitcoin right now to use it solely as a payment peer to peer transaction? Like what the white paper said or are using it for digital gold or are using it just to hoard it Because you think the numbers will go up And then also I know people will say well, but bro nfts nfts Are you buying nfts as a digital id? Are you buying the nfts to prove that you have validation for certain property rights? Are you buying nfts for a certain specific utility or because it's got a really cheap floor price? And you like how the numbers go up I'm just asking the questions because uh, it's just interesting But jeremy says in three to five years payment currency to buy a fridge. I can see that payment currency Tyler says what do you use amazon stock for? It's an investment vehicle. What do you use fine art for and if you haven't noticed? Uh, this little thing underneath here. Let me stop this fine art masterworks By fractionalized shares of fine art pieces and uh, hold for a while and See how those work out. Uh, I personally have it myself. This is my hedge. This is what I use Um, as far as diversification masterworks check it out link in the description. So again back to this one Yeah, that was pretty good. What do you use the internet for? Well, I use internet for a lot of things and matthew says it says it like this I use internet for a lot shopping streaming tweeting. I can't say I've used crypto or any of that I will say this I have done a little bit of shopping with storm x I have used it for streaming services this thing called theta I don't know if you checked out theta. They're going to relaunch their main Mainnet 4.0 meta chain and they got a lot of good ideas as to what it is essentially Reducing the costs for streaming services for a lot of these streaming platforms and of course pay the people to watch videos instead of You watching videos and getting bombarded with ads ads. Just saying this one of those things and then Let's see blockchain tech so far losing the thieves dj crypto self-harm And most of it's just investments and there really wasn't a A really great like as far as like utility right now. Well, I mean they bought ds that so yeah I can see I can see why you want to use that And that's it. So now I'm just going to ask the question to you as we get into the q&a section What's your utility for crypto right now? What do you use it for? What do you see it doing? And is it numbers go up? Just be honest and that is it so look That is it for today's news. Lastly, I will just say we are doing the crypto meet-up Some of my favorite things to do over at san Juan smokehouse and There is a Let's see Actually, I didn't do that There is a link in the description Let me put it in if I didn't do it Actually Yeah, that's what we're doing. So it'll be from