 What major asset news or Dan for short, my name is Rob and today we need to talk about why I'm voting yes To the FTX and the Voyager acquisition really just comes down to the basics, which is percentages 0% 50% or 72% never going to talk about how this is going to be calculated as far as what Voyager Holders can potentially get back and and how it's all going to come about Then we're all going to talk about letting people off the hook or not as far as who is going to be held liable for this CEO and COO and these are just some of the things that are going on behind the scenes and this to me looks like a Decent deal, but there's a problem. The problem is is that FTX might be insolvent So we'll take a look at where this is coming from and also take a look at some very funny things about what FTX Supports and when it doesn't so we'll go over all those things and then I just want to lead off with With that story, but just remember that there's a lot of good things going on We'll talk about that a second, which is I meant to just put out a tweet Said that on Instagram you're gonna be able to mint and sell NFTs using polygon and Solana So there's a nice little partnership there also 401k holders They'll be able to put retirement money into crypto and that is from Fidelity. Oh and speaking of which Fidel I just said today. Hey come on in for all the investors as far as retail We're gonna give you commission-free trades and then we'll also want to talk about lastly about why crypto is going to be so darn lucrative and attractive to a lot of Americans and middle-class because right now things are being ebbed away So we'll do our bra all those things but first let's get into the the main story itself. That's not it So Voyager We know on this channel. I talked about it quite a bit Extensively because I thought it was a great platform and it was it was great Unfortunately, there was mistakes made CEO made a very bad decision COO Collaborated that they lend out a boatload of 640 million dollars or so to three-hours capital and That is a huge problem. And of course three-hours capital went under and that was it once I got wind of that Of course, you can see there's a link in the description where I talk about two weeks prior to that when I found out about that that That loan I said hey we can't I can't have this happen I can't have you know people use the platform itself and Very simply I put out a video and I said this is the time to take off all of your all of your crypto And speaking of which there's these rules that I'm always talking about Where I say hey, it's all gone. Don't invest more and you can afford to lose everything's a scam and self-proven otherwise Don't leave anything on exchanges Don't use leverage and take profits along the way and then from there on June 22nd I put out that video and said I'm not gonna I'm gonna still use Voyager But I'm taking all my crypto off and I told you how to do it You can go to Dan teaches crypto use a ledger and two weeks later. They stopped all withdrawals. So Yes, I can say that I can wholeheartedly come up and talk to you and say yes, I recommended Voyager I believed it was a good platform But when the facts change I change and that's really what it comes down to so here's what we have as far as the report For what's gonna happen? So first of all, I think most people know this But I've been keep I keep getting asked questions about which way I'm gonna vote which way I'm gonna do things I can't tell you what to do. I'm not a financial advisor Nobody's I'm not your dad. So, you know, you have to figure out what you want to do But for me, I'm tired of these shenanigans. I'm tired of dealing with this. I just want out and for me I'm just like give me as much as you possibly can. So here's what it comes down to. This is a document It was put out by the UCC and the acquisition team and it looks like you got two options here And this is this is what they say As far as a liquidation recovery meaning you go from chapter 11 the chapter 7 I believe it is where there's just liquidation They liquidate everything you could potentially get half to 60 percent of the value of your crypto back Whatever that is and what the determine I'll tell it about in a second or the projected plan recovery is 72 percent Look, I'm not a math genius But I think I'd rather have A little bit more than 51 percent of 72 percent and go from there That's just me talking. Maybe I'm indifferent and people say well, what about These cryptos that that they're that they're gonna give us back or or the the amount well first of all just know this The question that came up is is FTX which is what one's gonna require is FTX US acquiring the crypto at the July 5th Price, which is when they shut off withdrawals Price the 20-day average as of September 29th or at a future price under the plan FTX will acquire the crypto at a to be determined price based on the fair market value of such cryptocurrency during a 20-day reference Period which will be determined prior to closing. So they're gonna ask you to vote on this plan before November 29th And you can do so there's a couple different places that you can follow one of those is The Voyager UCC the committee of unsecured creditors I linked this website in the description also you can follow them on Twitter as well whoops, that's wrong one on Twitter as well and you can follow them and they give out updates or you just follow me and I'll tell you exactly what's going on but as far as November 29th. That's when it's gonna actually happen and These are the things that they say as well as gonna be so another big thing another big sticking point people came out and said Hey, what about the FTX token because I gotta be honest with you The people that were making the most fuss over the FDA or FTX. Oh, excuse me the VG X token We're probably people who owned a lot of it. Let's call a spade a spade. I would a lot of that VG X token It's true. I don't really care Keep it for all for all intents and purposes and but people were like you if you're not gave us the fair value Well, they came out and said yes We're gonna try to give you a fair value and they kind of laid out what it was gonna be it's not again It's gonna be based on all crypto tokens across the board that you have So some people are gonna take a bigger haircut than others and that's just how it is but again 72% verse 50 to 60% I'm okay with that and That would lead me to my next point, which is this Another big sticking point was well, we really want to hold those people accountable For that that wronged us and that would be of course the most Transparent person or the most person in the public eye, which would be Steve Erlich the CEO and people were saying I do not want to go out and say that this is I'm not gonna let him off the hook, but you have to understand Is it financially? Inclusive for you to do so and I'll get to that right now. So here's what we have this might affect some people's decision Or I may not it's up to you. So this was an email from the OCC the official committee of unsecured creditors Very lengthy. I will just tell you that but what was important to me is that I said the UCC's decision with respect to release Set forth in the plan was one of the most difficult Release and part of what his claims against its directors and officers because the big thing well if we go this route Then we can't sue these two people And that was a big thing Improving the release in the plan do not Release diminisher in any way affect any claims you the government regulars or any of the third parties may have Then just a reminder the UCC is compromise of individuals That lost money like you and me UCC intended to vigorously object to the release of the individuals from liability. It was use UCC position then and is now UCC is not going to engage in contentious expensive and time-consuming legal battles that drain Estate resources and delay your recoveries the time for gambling with your money is over. Isn't that time? Let's be honest isn't it time we stop this much gambling especially with Voyager and held on going no I want this perfect thing. No, I want you to tell me every offer that was out there. No, I want you to do this No, I want you I'm tired. I'm tired of this and That's really what it comes down to so the question you have to ask is well if I let him off the hook what happens Well, there's a provision and first of all what they said right here is as far as like time-consuming and draining resources The same thing is happening right now over at Celsius The Celsius UCC again Voyager Celsius and Celsius use two different things racked up 4.2 million in fees for a month That's your money. That's my mind and there's more mostly with lawyers and Aaron Bennett says here of we must get out of chapter 11 And I gotta agree and then somebody named somebody Watkins racked up almost 1.8 million in fees for the Celsius BK and six weeks by another lawyer So if you want to drag your feet on this one you can I'm just not gonna do it. So again back to the investigation The UCC investigation revealed that Erlich and Voyager's chief commercial officer were extremely careless That's an understatement and their investigation of three O's capital credit worthiness and thus in their decision to loan almost 1 billion of Voyager's asset 3 AC 640 million somewhere on there, okay You CC is include the debtors have valid and substantial claims against Erlich and CCO for breach their duties To ensure that pursuing litigation against Erlich is a worthwhile use of resources however a special committee do their job and they investigated Steve and CCOs personal finances and what they found out was they don't have squat They don't have enough For us to move forward and sue them both individuals provide written financial disclosures Disclosures that testing to their assets under penalty of perjury Either look know the CCO have substantial assets that would justify the uncertainty and expense of protract litigation Over confirmation of the plan. Well, how much does he have? Well, apparently Steve's got 2.7 million Inclusive Meaning it includes his home. He's got 2.7 million dollars, which to a lot of people. That's a lot of money But for the CEO of a pretty big Crypto exchange centralized one and one that came from light speed and also was the ex CEO of E-Trade that's kind of light Maybe I'm wrong, but that seems kind of like which is less likely than the combined legal costs It would be to sue them. That's why they're like look this is what they gave us and if you want to pursue it It doesn't look like they have a Pot-to-pean we say and that's what it is. Is that right? Is that what it actually is? I don't know I Can only tell you what I can change and what I can do what I can do right now is I can vote yes or no And that's really what it comes down to. However, there is a clause so To get over this in light of the limited collectability the special Commandance Council negotiate a settlement with Ehrlich and the CCO See the UCC insists that even if Ehrlich's assets were as limited as he represented He should not be given a release without making a settlement payment So out of that 2.7 million whatever it is at 2.7 million His Steve has to pay 1.1 million dollars Which represents more than 40% of his assets despite the settlement the wine entity will retain the right to Prosecute claims against Ehrlich and the CCO for their role in the three ac alone So they're still going to be able to be prosecuted Whatever the settlement requires Ehrlich the CCO to forego and subordinate any rights They have one of the policy of 10 million dollars to collect Some requires to subordinate Prepetition claims he has against Voyager blah blah blah and then it goes on and from other stuff I'm not gonna bore you with the details But really what it comes down to is this if they find out that Steve and the CCO are lying Under penalty of law then they're gonna be able to backtrack that and that's put in the agreement It's where they can sue the pants off them. So That's what we have in that first part. So again, you know my position and that's where we are. I don't care about the other Deals I don't care about things that are going on behind the scenes Time to move on However There is a big catch and this just came across the desk that you may have heard about this already But FTX may be insolvent So this is from Dylan Leclerc. It's like pretty smart guy Bitcoin magazine pro senior analyst at UTXO management co-founder 21st paradigm Which I think I put a link in the description for him. Actually, no, I don't think I did Follow this guy Let's see Dylan there you go Let me save that So this is what we got oh And of course forgive all the background noise more Construction going on here on a rental property and I think I've talked about it before so So here's what's going on Alameda research has 14.6 billion of assets. That's good and They got 8 billion of liabilities. Hey, not bad at all actually you got 14.6 billion of assets But she had doubled that of your liabilities Okay, so what's the problem? Here's the problem for assets 3.6 is FTT or the FTX token and 2.16 billion is FTX collateral Do you know where the FTX token is it is the official cryptocurrency of the digital last are the of the FTX centralized exchange and it's created out of thin air. It's a proof of stake It's only has value for what you believe it to have value. So right now if you're telling me that a bunch of your assets is A token that could crash at the whim of investors That's not good So 3.66 FTX 2.16 FTX collateral. They do have 3.37 billion in crypto. That's good They have turned to 292 million in Solana. That's not surprising considering that Sand is a big proponent of that. However, almost a billion 863 million is a locked Solana. I don't know how long it's been. It's it is locked up for hopefully It's not like a theorem where you can't unlock it until the Shanghai protocol comes out and who knows when that's gonna be So I don't know exactly when and how long this lock salon is but that is that's a liquid e-liquid They do have 134 million in the US dollars. That's good a nice chunk of change and 2 billion in equity securities That's also good. I'll take that. However, most net equity tide it is completely liquid altcoins Oh, do tell Dylan do tell He says for those unaware FTX is the token issued by FT your FTX the total market cap of FT T is 3.3 billion and the fully diluted market cap is 8.8 billion. Uh-oh You can't sell a million of this thing without pushing the market significantly lower debatable, but it could be especially in this bear market That's why there's OTC We would see not for sure and also we know that Alameda was a debtor to Voyager the time of the 3 AC bankruptcy and then not to be confused We know that Alameda is the investment arm of FTX. Just so everybody's aware Just too much USD is the nominated liabilities Do they have against that a liquid pile of assets? That's the big question And then this was I'll read this this next part Voyager's chapter 11 bankruptcy file shows only to research O's Voyager 376 million the same company that we're hoping to bail out Voyager I was them 376 million. So again, not not too good. And then this part I thought was interesting Where it said Where to go this one We don't have insights into what the liabilities are denominated in because they have a lot of liabilities, right? if it's US dollars, that's bad because If your liabilities in US dollar, that's the dollar is the dollar Regardless of what people will say actually it's the dollar is pretty strong to take a look at the Dixie So that's not good if the liabilities are in crypto. That's not so bad because Crypto has been going down for quite some bit quite a bit. I think it could go down even lower So if it's if it's if it's loan denominated in crypto, it's better, but it's still not great So just be aware of that. So again Is this to say that FTX isn't solving right now? No, it's not what we're saying But it is a concern because most of it is tied up in the token itself Does that mean that people are going to rush out and sell right now? Probably not Especially as Sam comes out and starts to bail out a lot of different companies Voyager being one and Celsius potentially being the second one So that is what is going on, but there's one other thing that is odd to me and that is that FTX look how much There are different assets of it that they support. It's quite a bit. I mean, you can just scroll down Aptos which was just listed is already on there audio re Bitcoin cash Bitcoin, so she vision Look at this polka dots listed there I Mean just a poll lot of stuff now there's a difference between FTX US and FTX global But I did find it interesting that polka. This is polka dot Not listed Aptos is already listed and that's brand spanking new avalanche is listed. That's a layer one solution But Cardano is not now it has a futures contract that's listed in the global markets But who cares? You know what futures contracts are good for? Shorting and destroying wealth. That's what they did in the CME in 2017 for Bitcoin I just find it very odd that they still don't have Cardano and Cardano is a top 10 I just don't get it. That's just I don't know doesn't make sense to me Anyhow, let me just think about that in the comment section and that will conclude what we talked about as far as why I'm voting yes I just hopefully that Makes it crystal clear everybody and then I want to just leave off with this Again, let's focus on some good stuff because you have wagers sucks, but lessons learned right Even if you think that that FTX is is insolvent or something's gonna happen later on you can still use it Maybe not the best idea just to just warning you, but I still use it some from time to time But guess what I have the ability to take things off and that's the great thing about crypto I'd not I'm not subjugated to a bank where you say well, it's either this bank or another bank I can take it off. I can put it in a nano ledger. There is no middleman. That's the beauty of the blockchain I think people that they just kind of misinterpret that that whole aspect. It's not another form of payment like PayPal It's eliminating all the all these middle people and I can do what I want I can send you I can send you right now putting your Bitcoin address Maybe I'll send you some Bitcoin. I can send you a million dollars with it I can send you a billion dollars of Bitcoin right now I don't have a billion dollars, but I could and no one will question me no one would say Hey, we need you to AML and KYC that hey We're gonna put a stop on that before we review that or hey It's gonna take two to three business days because if it's a wire none of that stuff happens Cryptos and it's at its own place. So let's focus on some of the positives which is This just came about. I think people will be talking about this pretty big today big Lee NFTs and Metta and they've chosen polygon and Solana I can go with that I mean, I'm a big fan of polygon Solana. Yeah, I own some but I'm not super excited about it Especially all with the VCs and the centralization and the hiccups that they have as far as the blockchain just not I just Solana's not gonna change the world. I don't think it could change your pocketbook That's about it and then polygon I'm big fan of what they're trying to do as far as like make transactions cheap as cheap as possible I know what they're in people some some people hate it some people love it But it is what it is and now of course you're gonna be able to mint and sell Your NFTs on Instagram, I think that's pretty cool integration That's gonna get people talking and lead to mass adoption also like we talked about in the beginning Retirement money in the crypto 401ks for fidelity and fidelity again is now they're offering all their retail customers Commission free crypto trading. I think it's just for Bitcoin Ethereum. I'm pretty sure and Remember fidelity has a nice chunk of change of three point six trillion dollars assets under management correct me in the comment section But they've got a little bit of a poll and why is this all important to me and to you? And why is this this good news? I think it's because of this article This is from Bloomberg The once in a generation wealth move ends for America's middle class. I think this is false. I'm gonna tell you why This was a very it's a long article. I'm just gonna give you the highlights Conclusion of a Bloomberg news examination that paired new wealth data with an exclusive Harris poll of a hundred million adults Who sit at the core of the US economy and what it came down to is this This is the value of the middle class as as defined by how much your net worth is and of course in 2017 You were looking at around two hundred seventy thousand dollars Was what your net worth was it's pretty good. I mean Pretty good. I mean across the world, right? Then of course we were going up We raised above 320 or so in the pandemic hit and we went down and of course with a quantitative easing and Of course some other things that happened. We peaked out around three hundred seventy five thousand or three hundred eighty thousand dollars That was the peak of How much the middle class their net worth actually was There's two things to note about this to middle class in America. It's more about salary or wages It's more than salary wages real economic security driven by wealth and the ability to both access it and Pass on the next generation. That's what I was talking about with crypto Bitcoin digital assets. You can access it anywhere There is none of this middle man Of course, you can pass on to your kids and your grandkids and everything else especially gonna trust They'll be a little sticky, but you can do all those things and There's no wealth tax as he transferred things over just let me know Now when they of course when they redeem it for dollars it will but that's not the point So moving forward and this is it's kind of Boring here. Where does where does the net worth come from? You know where it came from? real estate From the houses that people owned and it wasn't like they owned it outright They still have mortgages, but did you know that was there in the past five years? That is What brought people's net worth up It wasn't because of their fantastic investments or their their business savvy or the things that they did behind the scenes It was just because the price of their house went up That's scary And that was almost the total was 17 trillion dollars owner occupied unrented real estate owner occupied real estate By the person that's what brought our net worth up Pensions like we just talked about with fidelity 13 trillion. All right Business rental prices of the lower than 10 trillion net retirement equity investments Which is what which is a pretty good idea to invest into not financial price But it's only three and a half trillion roughly cars boats jewel jewel was 3.2 trillion. That's laughable cars Appreciate like crazy boats same thing. There's two. There's there's two happy times in a in a boat owner's life when they buy the boat When they sell the boat, that's about it So when we take a look at all these things, I think moving forward people are gonna be a little bit more excited About crypto and digital assets. Now does that mean that mass adoption is coming? No, but if you take a look at the things are happening the equities market I think it could be flat for a good three four or five years Where's the growth gonna come from? Where's the GDP especially with the Fed hiking up rates yesterday and trying to crash employment? I just don't see things. How can we? How can we grow in the in the GDP department? when we got People unemployed and can't really do as much as they used to Makes me think so I take a look and say well Why is black rock and why is fidelity and why is meta and why is NY Mellon or B&Y Mellon and why And why did getting into crypto so heavily because I think they know where the next leap is it's not the dot-coms That's already passed. I think this is the next part. So anyhow, so that will conclude today with the news Sorry, I was a little bit long as far as like with a voyager thing Just had to answer that question because like you can bombard with it, but that is it So look like this video thumbs up and subscribe it always helps I appreciate that if you're so inclined stick around we'll do a little Q&A I'll answer all your burning question the best my abilities and this is my favorite part of the show If not, I'll see you later. I appreciate you. Now. Let's get into a little Q&A go from there And let's see All right, there's a good question MDMD. I think I asked this yesterday asked a question about sweat and still a question about I'm gonna use