 There's some strange messages coming out of the Bitcoin conference in Miami that's going on right now. And one of the strangest thing that's coming out of it is all about self-custody. And why self-custody is something that maybe we should be looking over. And before we get started, you may notice that my voice a little bit off. I am still sick, a little strep throat, but I have options. And the options are I could just lay around in bed and get nothing done or inform everybody what's going on the crypto world. So let's go for the lab. So what I'm talking about today, there was this video. And this is Josep Jesus. And he is a proponent of crypto and digital assets, Bitcoin. And he is there at Bitcoin Miami Conference right now. And there's a little clip that was being sent around. I want you to listen to this clip. And we're going to get into the things that I think about it, how things can be misconstrued. And really it opens up a bigger can of worms. We'll get to all that in a second. So just take a listen. Some companies going to come along and they're going to offer some sort of insurance package. That's what I want. I don't want to be responsible for my keys. I wanted to say, here's my keys. You're responsible. And if something happens, then guess what? I'm coming after you, baby. You're going to be responsible for my wealth. That's going to be a key. And I'll pay 5% for that. I don't mind paying 5%. So interesting, right? And I will just preface it by saying this. I don't know what was being said before. He made that comment. I don't know what he said after it. The next comment could have been, hey, I'm just kidding. That's what people are talking about. And this is the reason why it's really important to self-cussy because of A, B, C, and D. But regardless, even if we don't know those things, there's a bigger question that comes up. And it's going to make a lot of sense because what he just said is what a lot of people are going to be asking for. Because if you're here right now, you've gone through the Celsius, the Voyager, and the FTX, and all the BlockFi, and all the issues that came along with that. So you understand the importance of self-custody. But the next group of people, the next ones that come along, they're not going to know those things. And we're going to talk about it. And we're going to tell them all about those things. And everything goes in cycles, right? So, you know, Bitcoin having 2012, all-time high dip reset. Same thing happened in 2016, having all-time high dip reset. We just had another one, right? 2020, 2021, and ice all-time high. Double tops and a dip. Going through a reset right now. But right here in 2024 and 2025, the people that are watching these videos, the people that you're going to interact with, they're not going to know the stuff about over here. And they're not, they're going to hear stories about it, but it's not going to hit home like it did before. How do I know this? It's a video that we did a couple of days ago. Crypto lessons from the past, 2014 and 2023. And what I talked about in there was Mt. Gox. When I got in 2017, everybody heard about Mt. Gox. Nobody really cared. And I go over all those things. As a matter of fact, these types of videos, I'm trying to preserve them. So, I put them over on Dante to Crypto. And this video will also go in there as well. And this will be a Module 3 investing. This one was right here. You can also find it on YouTube and make it very simple. My website again, 100% free. So, the question you have is, well, is this accurate? Is this true? And a lot of us right here are like, that's ridiculous. Why would he say that? Well, first of all, maybe it was a joke. Maybe there was something else going on. Maybe again, maybe I didn't hear him right. Or maybe later on he says, I'm just kidding. It was this, this, and this. It was an example. But the thing that scares me is that the next group is not going to be aware of what's happening. And of course, when this happened, I need you guys to remember something. I need you guys to help me out. Because I can't be around forever. So, when this happens, and people say, why do I have a self-custody? That's so stupid. Just remind me of this. I'll give you three reasons. Celcius, Voyager, and FTX. So, if you don't want a self-custody, that's fine. And maybe you can lock it away. And maybe this new organization that is only doing self-custody will be fantastic for you. And they will give you back all your funds. But just like how Celcius and Voyager FTX, they started out pretty good. But then they just became that industry or that company that needs a new revenue stream. They try to branch off and other things. And they try to do loans. And they try to do yield. And they try to do all the things that brought them down. And I think the same thing goes moving forward with people who are going to custody. Now, I think what will happen is you're going to have people who will say, I'll self-custody. Me and you are going to do that. But the next group of people that come in, they're not going to want to do that. And they're going to pay for somebody else to do it. It's going to be a mistake. And just like the people that came before me in 2014 or 2015, they said, not your keys, not your crypto. I learned the hard way. And I think sometimes that's the only way that you're able to learn. However, there is a couple of things that I will make mention of. And that is that, just as a reminder, I mean, Sam Bankman, he said, hey, nothing's, there's no problems with FTX. It's fine. And this was on November 7th. And guess when they pause with trolls? November 8th. And then, of course, we've got this little gem here. Shout out to Crypto Hunter. This is about 40 seconds or so. This is Alex Machinsky lying through his teeth as he was talking about how great the platform is. Just take a listen to this. The number one question from people is, are our funds safe at Celsius? Can you address that for the audience? Yes. So not just that they're safe. Again, we provided anyone who wanted to withdraw partially or fully. There were no problems. I want any one of you, anyone who got wrecked on Celsius to say, sorry, I got wrecked on Celsius. Let's see if you have one guy, one person, right? Why? Because you can't take leverage. You cannot lose money. I mean, that's the whole point. So, sorry, and Celsius takes full responsibility. So yeah, as hard as those are to look at and remember what happened, I think we all have to remember what happened so we can move forward. And then also before we go on, I will say, don't jump on James too much over Invest Answers. Alex Machinsky also came on my program and lied right to my face too. So when we take a look at these things, just remember, it's not the people he's telling the lies to. It is the person that is actually lying. And then the next thing would be like we would talk about is, well, but this is a different case. This isn't an actual exchange. What they're talking about is just custody. And if that's all they're going to do, then it's going to be fine. Well, remember, if you're going to do custody, it's going to be kind of like being a bank, essentially like that. And can we trust everybody? Well, no, because this is an example that just broke today. Australia's oldest bank bans payments to Binance and other crypto exchanges. And I find this hard to believe, but it's true. They said this is why they're doing it. Westpac, Australia's oldest bank, bans all payments to Binance and several other crypto exchanges. The bank said it's blocking a number of crypto exchanges as part of a trial to reduce scam losses. In justifying its position, the bank considered to be crypto friendly said, it discovered that accounts, time due investments are predisposed to scams and that one third of all payment transactions made are sent directly to crypto exchanges. Digital exchanges have a legitimate role to play in the financial ecosystem. But since the rise of digital currency, we've noticed that scammers are increasingly using overseas exchanges. This is Westpac Group Executive Customer Services, Scott Colary. He says often our customers only discover they've been scammed after the money has left the country making recovery extremely difficult. And that's really what it comes down to. We're here to protect you. We're here to put your well-being first. How many times has an agency or an organization in power said that to us or two groups of people when in reality it was all just to serve their own purposes? I'm not going to go into certain examples. I'm sure you can see where I'm going with this. But again, when you have something who is custing your own assets, you're giving up power to somebody else. And that's the problem. I talked to this yesterday and we talked about ledger. I feel like people are getting weaker and weaker because in all honesty, everything that we have to do, we can do. We are not that weak and we are quite strong to be able to do this to self-custody for Pete's sakes. It's not like we're going out and fighting wars on a daily basis. You're writing down a 24-word mnemonic phrase and try not to lose it. You can put it anywhere you want to. It's pretty, it could be easy to lose if you don't take the right steps but it's also a lot easier to do different other things to slip up. So we all have the ability to do this but for some reason a lot of people think that they can't because these organizations have been put in power for so long and we get dependent on them when there's actually no reason to be dependent on them. So that's the one side of that. The flip side, I thought it was quite interesting was this. This was a little bit unnerving but I understand where she's coming from. Bitcoin custody services are coming to Custodia Bank. It says CEO Caitlyn Long. Caitlyn Long is a huge Bitcoiner and she has been really adamant about self-custody. So when I sell this I'm like what the heck is going on with the world and crypto but this actually doesn't make sense. She states, there are certain types of businesses like investment companies, registered investment advisors, corporate treasurers and other types of fiduciary that have to by law segregate the custody of the assets from the management of the assets. She goes on to state, she explained why a hardcore Bitcoiner won a bank. She claims she doesn't think the world is ready for hyper-Bitcoinization yet. I don't want the traditional financial system to melt down. I would live in a world where the two financial systems are developing and have connectivity but each one doesn't blow up the other. So this one's a little bit different. She's talking about essentially organizations that by law cannot self-custody but she doesn't really say too much about individuals. However, I think when pushed she might say that that could potentially be a viable option. And this just brought me to the point because when we hear these things sometimes we get triggered and we're like no it should be this way, it should be this way, this way, we have to do it this way but then you gotta kind of think in like a little open mind and there was this great podcast it was what Bitcoin did Peter McCormick and he had Michael Sailor on it was really good. It's two hours if you got nothing to do I recommend you listen to it. Michael Sailor was a huge Bitcoin bull and he says look he goes there's these things called ordinals and a lot of the Bitcoin maxes don't believe in that. He goes I think it's not a bad idea. He goes but there's gonna be things that are gonna happen with Bitcoin that you're not gonna agree with. Everything's gonna be built on top of Bitcoin and you're gonna think that that's the worst idea ever but in reality it actually could work out pretty well and nothing is going to be perfect but to me personally this is just what I will do. I will continue to self-custody but the people that don't want to self-custody and they want to pay something else let them do it and they can learn that way and lastly I will just say this on this channel you know I've talked a lot about regulation and now I believe that we should have regulation and it's not a very popular opinion in the crypto community but I personally believe that we should have some kind of clarity and a lot of people do not like that but I will have to give a shout out to Representative Tom Emmer he came out and said I introduced the Securities Clarity Act with Rep. Darren Sato this bill clarifies the regulatory classification digital assets and provides market certainty for innovators and clears jurisdictional boundaries for regulators and I got to say to him bravo because that is something we definitely need in this space and maybe Gary Gensler can get the point and actually give us clarity to where we want to be maybe just with crypto exchanges but that's it for today so look like today's video do me a favor, give me a thumbs up consider subscribing all that good stuff this is not a set and forget a type of space it moves very rapidly if you're not going to subscribe to me subscribe to somebody that's it for today thanks so much I do appreciate it I'll see you on the next one