 Great welcome to live stream everybody. We've got a lot to talk about so let's just jump right in first of all What I want to talk about which I think is pretty important is there's a coordinated attack and it's hitting off of First was BlockFi and then Celsius was in the mix and now it comes down to Voyager So I want to talk to you about the cease and desist letters and exactly what's going to happen with Crypto digital assets as far as yield interest and I think it's a travesty and I'll just explain as we go through it Also want to talk about Axie infinity founder vows to reimburse players for the hack But there's a bigger question at large and it really comes back down to the nanny state that we're in and lastly I just want to talk to you about there was a great video by Simon Dixon And it was about 20 minutes or so but in 60 seconds He's gonna give you a masterclass in Bitcoin and how it all relates to everything else And finally I will do a quick five questions in five minutes a quick Q&A This is a reminder. We're doing one of the last PR meet-ups For for digital asset news. I'll be actually going back to Texas for a couple months So it will be the last one for quite some time. It'll be at San Juan smoke out So I'll talk to you about that at the very end But first let's do a quick market recap first of all over here for the live stream awesome If you're here for the replay great Just know there's time stands below so you can skip around but just easier to scroll all the way through I don't know why people skip around so much And then lastly Q&A at the end news takes about 15 minutes. Let's jump in. So first of all, let's talk about the markets honestly Honestly, I don't really care so much the market today is just today And it's it's hard to take a look at these things And especially what's going on in the market itself and going does this really matter right now? No It probably matters for you if you're a trader or if you've got some leverage positions probably so But right now it's not a big deal. I mean, we're pretty much trading sideways It's 1.3% Bitcoin's down a little bit there and everything's down a little better up a little bit There's no big winners today. It is what it is. Let's move on. I want to talk about this so Let's get into it. So I woke up today. It's always a great day. It's a great day in Puerto Rico It's always the same weather. It's 80 degrees There's no capital gains tax if you have an option to move down here I highly recommend it and I woke up and I'm looking at my Twitter feed as I sometimes do as I'm walking Chloe and Chewie and This comes up and I'm like, what the heck so state regulators crack down on voyager digital's crypto interest offering and To me, let me know what you think about in the comment section sometimes I think That it's a nanny state and there's a bunch of babysitters out there and I feel like we don't need babysitters because we're adults However on the flip side, there's another side of that same coin I'll get to that when we talk about Axie infinity But here is the actual cease and assist letter and this is just from Jersey. It's multiple states So here you can find this in the description. I linked it below New Jersey Bureau of Security Orders crypto company digital voyager digital to stop offering and selling interest building accounts Man, we just can't have things nice. It is take it away from us So acting Attorney General Matthew Plattkin today announced that the new Jersey Bureau of Securities Has issued a summary cease and assist order stop a Jersey City based financial services company from selling Unregistered Securities in the form of interest earning crypto accounts that have raised the least five billion nationwide today's action This is from Plattkin says loud and clear that the crypto securities market is not the Wild West and investor protection laws Absolutely apply through efforts like this one. We continue to hold accountable all those who threaten the integrity of our financial industry and Place investors at risk. Sometimes I'm reading this stuff. I just want to put this on Because I'm like, are you kidding me? I mean, I shouldn't get so emotional. It's it's an unemotional thing, right? But man, I gotta tell you when I read this stuff, I'm like, man, that's kind of clownish, but In all honesty, there could be something to it. So Continuing on today's action Read that part lastly I just want to go over like a little timeline in July 2021. There was a cease and assist order against BlockFi Of course, you know, they got pinched for like I think it's like a hundred million dollars or something like that It was a no small feat and in September 2021 There was a cease and assist order against Celsius Network Jersey's one of those states that is not gonna take things lying down. They're gonna protect everybody good for them So here is The actual article going in even deeper so Director of the Alabama Securities Commission Joseph Borg said That there are states New Jersey Plus Alabama plus Oklahoma plus Texas plus Kentucky Vermont and Washington. They've all coordinated Together they believe Voyager digital's earned program accounts may be on registered securities And he says Borg says the thrust is to say okay guys. It's time. It's time to come to the table. Here's the thing I Interviewed Steve no numerous times on this in this exact same issue. He's like we're working with the regulators You know, they try to give us what they want You know, we're trying to guess essentially what it is because guess what the SEC doesn't even know what they want And that's the whole point of the SEC to get going and for Gensler to come in and actually give regulation But they can't do it because they can't define things and even the in the US Senate hearing When they had Gensler come before them and there was asked to me ask them Why is it that you can't put it out in public what essentially that these exchanges should be doing as far as securities and Regulations and you have to do it behind closed doors and then tell them, okay Well, this is what it is and this is what it is Why can't he's been in public and Gensler's like well, we made it very clear in public and he's like look It's as bad as clear as mud and he talks about him being a layman and nothing has changed since then so again We just it's it's the exchange is kind of sitting back and going. Well, okay, so what do you want us to do? There is light at the end of the tunnel though. Let's let's keep going so The thrust that's funny the thrust to say okay guys I mean there are some minor differences in the order, but the principles are the same He expressed surprise that voyage digital others hadn't gotten the message of compliance that block flies precedent set So Voyager comes out and says okay, gotcha hear you loud and clear the inverse man said the investment firm said in a statement on Wednesday that it is aware of or has received cease and assist orders from the state security divisions of Indiana, Kentucky, New Jersey and Oklahoma and orders to show cause or Similar orders from the state securities divisions of Alabama, Texas, Vermont and Washington Voyager said it isn't talks the regulators to better understand the orders and clarify the statement believes are inaccurate When effective the orders will stop the firm from offering new accounts or accepting new assets for its brand program So right now if you're in voyager Not a bad idea to sign up because I think this might actually go away for a little bit of time and That is just how it actually goes if you're looking for Like a way to sign up very easily just come my exchange of wall fees like a voyage or sell csftx Going cracking and just do like a breakdown of everything that's there but You have to understand that all the things that are are going through right now It's only temporary So they're going to work with the regulators They're going to say what exactly is it you want and they're going to work their way backwards now Hopefully they don't get pinched just like block fight does but you have to remember So alex machine's here with Celsius. I mean he's worked with regulators before and I know we know that steve or like from voyager has as well I mean he was The ceo of e-trade. So he knows exactly how that works and he wanted light speed Institutional investing then he came over here. It's okay. Well, we're going to work with the regulators We're going to be okay because we'll just work with them and kind of work it out And it's not like they get everything they want. It's a give and take now. Will it all shut down not for sure But it doesn't look like it as long as They come to table and go look. This is ridiculous. You guys are inaccurate You don't know what you're talking about and that's why we have all these expensive lawyers So that's how I kind of see things but to finish up According to the new new jersey cease and assist They order voyager digital stopout opening new interest accounts But is allowing interest payments for existing accounts that will be us And then of course lastly we want these folks to be in compliance interesting So again, if they give them what they want, it's not about we don't want to be in compliance It's not about that We're trying to evade everything The problem is is that they don't give us a clear set and I actually reached out to steve I go, hey, man, do you want to come on the show and talk about he's like, well, I would but legal probably wouldn't want me to Do that So we'll let them sort it out. Great. So we'll see how it all works out But again on this channel I have talked about regulation and I have said that I think that we need regulation And I've also said that is there a good chance that the governments will screw up on this Absolutely, but it doesn't matter because really what it comes down to is this tell us the rules Tell us what exactly it is that you want so we can work around the rules And bend them to our shape now. I know it doesn't probably didn't say that correctly, but in all honesty, it's the same thing as like how Corporations They pay way less taxes than you or I why because they know the rules They know how to get around the rules and how to work with the rules and the regulators to make things work That's just my two cents. Let me what you think about that in the comment section, which does leave me to my next point Hacks and other issues. So this was a it was an article that had come out this morning And of course it's a story from yesterday. Everybody's been talking about this. There was a attack bridge And unfortunately a lot of people lost a lot of money. I think we're over 600 million. I think it was the biggest hack an existence so far And axiomfinity owner's owner fully committed to reimbursing players after attack. That's good But it shouldn't have happened on my opinion And here's the problem The game generated 1.3 billion in the 12 months through february. So they so the game did great axiomfinity did a lot Did a great amount the problem here is that now that they did all that work So essentially 600 million was hacked. They just lost 50 of their revenue because of this stupid hack That they I think that have been avoided. So here's what's going on This is a quote from alexander lennard larson chief operating officer of the gaming studio sky mavis also for axiomfinity We are fully committed to reimbursing our players as soon as possible. That sounds good, right? I like to hear that but this part doesn't sound good. We're still working on a solution though That's an ongoing discussion. So I shouldn't laugh because there's a lot of people Uh that lost a lot of money imagine and and I was watching On game chaining on chain on game on chain gaming and he said, you know what sucks He goes let's say that you had 5000 Ethereum let's say you had a hundred theorem and you go there to take it out because you got to pay for rent Or you got to pay for something or you know, you family needs money and it's just gone That's what happened here to the tune of over 600 million dollars worth of crypto So when I I should not laugh I should not take this lightly because it's awful Hackers exploit the security weakness in a so-called bridge to drain it of 173 thousand six and eight thirds Okay, so that's like six or a million. We got that right Here's where it gets interesting And it's something we really need to think about as a community as people who are right here watching us right now The attack is the latest to show that bridges are often rife with problems. Why are they have so many problems? The the computer code of many are not audited. I can't say for sure if this one or was not I have no idea But I think we do know that a lot of the code isn't audited allowing for hackers to exploit vulnerabilities or if it is audited It's poorly audited It's often unclear who runs them and how identity of validators who are supposed to order transaction bridges are often shrouded in mystery Which I don't think is a big deal. I mean the shroud of mystery the validators whatever And yet there are thousands of bridges out there and they move hundreds of millions of dollars worth of crypto Look, if you're moving that much money around You should be spending a boatload of money to secure that because this stuff happens who lost that money Did the developers lose the money? Or the people that trusted and put their money in there lose that money So that really comes back to this first part right here This cease and assist and now I know I get it You know like you can't really compare apples or just because that's really not what it is But when we talk about regulation I'm telling you I'm I can't tell you I don't know for I don't know anybody's thoughts. I'm not omnipotent But I can just tell you that when I see something like this happen Do you think that maybe the people that have been rug pulled and have been screwed over and have lost a lot of their crypto Are probably thinking themselves. You know what? Maybe those audits could have come and play but who's here to enforce the audits? Well, good projects. Well, who are the good projects? Well, you got to find all those good products Well, maybe just a little regulation might be like, hey if you want to put this out here You have to have it audited by xyz company. I know people are going to poo on me on this one But I don't care because it's just a thought process that I have because I think to myself I'm like this Shouldn't happen constantly and we shouldn't be taking the the shellacking that we do in this space There is so much good in this space We're getting screwed over by all these hacks and things that are going on which could have been avoidable All right, so that's what's going on in that one and Just on a side note Maybe it's time The projects that I talk about, you know, I talk about the utt. What's the utility? You know, is it is it something new and different as I do something or it's just a me too product What are the tokenomics is it centralized into vcs or is it scattered about Is are people going to dunk dump on you and what's the team like? What have they done and where are they going? And maybe I should be asked or putting in that last fourth one Have they been audited and are they secure the problem with that is if I had to do that for every project there would be no Projects to review because how many of them are actually out there that have done that and are super secure I can tell you if that was the case. We wouldn't have all these rug pulls and problems like that I could be wrong. Let me know what you think about in the comment section. That's what we have So That would lead me to my next point Bitcoin and masterclass the more things and problems that I see The more I'm like, man, maybe bitcoin is I mean has bitcoin been hacked ever It's a supercomputer. It's the biggest supercomputer in the world and it is It is safeguarded by 10 000 plus validators So when I take a look at this, I'm like, yeah bitcoin might be a lot a little bit safer And here's my man Simon Dixon and I'm gonna let him speak to you. It was a 22 minute video, but it boils down into 60 seconds Here's the masterclass that I was talking about. Let me stop this. I really want you to hear this I'm going to share the tab And I'm gonna mute myself so you don't hear me If you want to try and do all that crazy stuff that everyone tries to do Then try and get on top of all these different trends and predict them short term and try and buy bitcoin at the right moment Sell stocks at the right moment get the tax efficiency right And then always try to get on the right side of these trends and see things And also make sure you're an insider You so you can see those that are pushing bitcoin into the exchanges at the same time as doing over the counter trades And the same in the stock market and you think you can get ahead of all those hedge funds that have high frequency trading And internet connections directly into the stock markets and insiders that have the ability to manipulate exchanges in the short term If you want to get on the right if you want to try and beat all those people Then feel free to continue trading If however, you just want to calm down Get on with your life do what you need to do and if you do that as a hobby fine Take a percentage of it and do that as a hobby But in the investing side you got to look at the long-term trends and what I like is asymmetric bets And an asymmetric bet Is an above normal return With a lower amount of risk and that's why bitcoin benefiting from quantitative easing quantitative tightening Increases in interest rates decreases in interest rates inflation bank failures is in my perspective A responsible thing to for people to hold a percentage of their wealth in Because of those long-term trends And don't let the short term and medium You know make you do things That I've seen over the last 13 years in the highest performing asset class in history People end up with less bitcoin than when they started Yeah, so first of all, I should have actually preface it with this. Uh, who is Simon? Who is Simon Dixon? First of all, that'd be pretty pretty important So Simon let me share this Simon there is one of the original OGs for bitcoin got in around 2010 And uh, he actually was going to open up his own bank He's also part of traditional finance and also in the video itself. He talks about how he's like look he goes Talking about wall street and trading things like that. He goes we would get orders from golden sacks They say hey, we want to work this position and they would just do otc stuff And he goes he goes so I know how things get manipulated I know how things work around also he goes he goes. I've been a part of traditional finance He goes I also own on a position robin hood. I know the inner work is that I also know He was one of the early investors in coin base and cracking and then he goes I already I know what's going on there, too He goes so if you look at all the whole grand scheme of things and the craziness that is out there He goes sometimes and it's just a very simple thing. He's like just make it simple on yourself You can do whatever you want to I'm not giving financial advice but Some days when I look at this I'm like that doesn't make a hell of a lot of sense and then he also talks about Bitcoin and gold and like that makes sense. I know people aren't really a big fan of gold, but I had a I had rob on from gold silver pros yesterday And there was a video we did and it was Now that's one of you. I'm just kidding. It's an old picture and what we talked about was how The new savings account we kind of feel is like gold silver bitcoin and it was great Guess what we and rob talked about? Gold and silver and bitcoin and nobody got bad of shape and no one started yelling And no one was like fu and this is awful and and yours junk whatever else very cordial very nice Very easy and then we talked about, you know, his position which he just got into a crypto position I'll let you watch the video and I talked about how I actually have Gold and silver in my Roth IRA. It was amazing And nobody like, you know, there was no fist flying or something like that It's just ridiculous. Some of the things that we see out there I'll let you decide who I'm talking about but it's just dumb. So that's what we have For that last piece. Let me just say this as far as like gold and silver and bitcoin You know, I hold them all Right here and I trust so I talk about wealth preservation If you're worried about taxes, which some people are some people aren't but just know that With a Roth IRA you stick your crypto and you also gold and silver and when you take it out at 5 9 and 1 half You're paying 0.0 percent On taxes on capital gains the greatest of all time Also, if you're thinking like hey bitcoin might go down You could trade within your Roth IRA account and you still don't pay any Capital gains taxes and then also one more thing. I trust these that used to be 29 bucks a month It's not even 29 bucks a month. So they just charge you 1% for the transactions And whatever you trade in there and that's it. So you can look at that. That's what I have I've had it for two years. Why do I have a Roth IRA living in Puerto Rico? It's because they're talking about taking away x60 and I'm not going to leave anything to chance So I put my gains Bitcoin gold and silver and I'm actually debating about putting all of my crypto right into bitcoin As far as like for the Roth IRA I'm just debating and then also if you're looking for wealth preservation, don't forget Here's masterworks. You can own fractional ish shares of art because guess what crazy rich people are crazy And what they do is they buy art doesn't matter if the s&p's up doesn't matter the crypto market's down or wherever else it is They like to buy art. So I have purchased a couple bank see actually that's the one I purchased It's that's up 20. It's pretty good. And uh, you can purchase Fractional ish shares. I've got a bank see and a basket whatever you want It's a very it's like five percent of my whole portfolio not a ton But I think it's just one of those ways to diversify a little bit if you're looking for those two things There's a link in the description looks just like this also got my real estate playlist Not a good idea right now prices are too high. But that's what we have As far as a little wealth preservation and that is it for today and I will remind everybody The Puerto Rico meetup is tonight at San Juan smokehouse links in the description or just follow me on twitter And uh, the address is right there and it's a great place Even if you're like Lucas and you're a vegan they have they have vegan brisket. I know it sounds blasphemous, but it I'm gonna try it tonight. Maybe it's awesome. But they really got some really good food And I like to see everybody before I take off for a couple months at texas and that's it So, uh, that's what we have for today Little crazy times, but um, I think again in the long run in the long run it all Will work out it'll be a little bit of turbulence a little bumps But uh, here we are So look if you enjoyed today's video give it a thumbs up If not thumbs down tell me why I'll fix it and then consider subscribing Now we get into the five questions in five minutes. Let's jump in. There's always a delay. That's what we got perp Hold on Let me get rid of this Yes, the grill veggies are good Question number one is a great question from my favorite comedian of all time george carlin Just tuned in. I know I've asked before any update on staking on itrust. No update I've actually talked to the guys over there and I'm like, hey Uh q1's almost over. What's going on? They're like maybe q2 Yeah, I know I want to be able to stake my crypto in my itrust account because then I could be like a double whammy But not so much maybe q2. I got no answers for you. Sorry As voyager thought about offering a crypto IRA. They're just this they have matter of fact I don't know if they're how far they're going to go with that one after this little bombshell with who else let's see picky bickford is Trust wallet safe. I hear it's good, but I also hear it's just got decommissioned from the apple platform So I don't know I don't use the trust wallet. I've heard exodus works out pretty well, too But uh, that's just hearsay How you prepare for hurricane season? So On this house We've got its own separate water tank and then we have some solar panels which work out pretty well and then for the windows you have these uh These metal shutters and that's how it works. I won't I'll I expect The storm season like hurricane season tallies come through it was the same thing as in florida. So a couple days without me and the uh Electricity. Oh marky. Hello I don't have zillica. I don't think I've heard it's blowing up Congratulations. I know marky. I haven't got it. But uh, maybe I'll look into it. I probably missed the ball already. Yeah Rob glad I caught you live question number three any thoughts on taxi unrealized gains. Well the president the united states Just came forward and said we're going to do Taxation on billionaires really it's people who make a hundred million or more on your unrealized gains And the reason they did that is because a lot of the really super rich people Uh, especially one of the uh co founders and of uh oracle What they do is they don't sell any of their stocks or their options or whatever else They just say I want to loan against that And then the banks give them the loan and they put that money and they make it into more money And they use some of that money for their living expenses and they pay zero capital gains which is very smart And uh, government's like hey, we want some taxes because we just printed a whole boatload of money. Where do we get that? From the upper echelon and of course You know they'll they'll squeeze the people too So as far as unrealized gains it all starts with that 100 million above and it gets to like well Maybe make 50 million or above. Well, maybe make a million. Well, maybe make 100,000. Well, maybe everybody should have it So I don't know how how far it's gonna go. I'm gonna I'm not a person who delves into those to goes down those those holes too much so Hope for the best prepare for the worst. That's the best advice I can give you All right, what else we got This is funny Ozzie crypto. I think is the same thing as uh as uh Diddy My friend said I was mad at selling the houses not all and cars and trailers and campers and all toys except the library Only 2010 to buy bitcoin in many states. Yeah In 2010 probably a billionaire Oh, no, I rocked to be next all the time and then there should be I saw one more up here Rob, do you follow the big 21 rules george does? I think that's the one where 50 is Bitcoin ethereum 25 is mid-range and 25 is like the generous plays no Uh as time has gone on I've been moving a little bit more into bitcoin ethereum And you know, what's funny is that the the older that people get into the crypto game? It's amazing It's like the more that they kind of just migrate to bitcoin ethereum more so bitcoin and then they kind of go from there I still have my degenerate. I don't even call them degenerate. I think A lot of these plays, especially plater and gaming and metaverse Plays I think will be very big. I think even plater will be very big Especially with the products that are coming out So and then if you think about it If you think about it play to earn would that be a security? Because I mean you're actually doing something to earn those tokens to earn own things Like you're just sitting back going give me some money But if you play to earn it and it comes in your so how would that be a security anyhow? I just thought about it and I was like, that's interesting so No, I don't follow that rule and that's it And it's because like as time has gone on. I just kind of go that way Is that a bad rule to follow when I'm saying it is just saying I don't ah and last question of the day Rob, how do you feel about gala? I love gala. There is this awesome game coming out I forgot the name of it, but like the big knock on play to earn gaming is that the graphics suck Yeah, that's true. I mean some are just awful, but this one let me find out what it is Let's go down the rabbit hole. Let's see I don't much time gala This came out to Superior that's what it is. Let me share my screen Yeah, that one so this game Superior It's going to be awesome. The hell's out of walking dead the other girls But uh, it's like it's like fortnight type of graphics. It's great And uh, if that's the next piece so much the better. I wish I could have been uh A node on this one, but what can you do? Okay And that's it. So look everybody Thanks for stopping by appreciate it a lot of things going on today how to get everything's ready But I'll see everybody if you can make it tonight great come on down to san Juan smokehouse It's between the hours of uh six Six to eight, so it'll be good times and good food and we'll talk uh All the rest of stuff. So thanks so much for stopping by appreciate you like today's video Get a thumbs up. I'll consider subscribing all things to talk about are very time sensitive and that's it for today So thanks so much for stopping by. I do appreciate it and I'll see you on the next one. Adios