 Welcome to July said news. My name is Rob and today it's like the thumbnail and title suggest There's some things that concern me and one of those things are clawbacks And there's actually a really good video that was put out by a friend the show CTO Larson and CTO he had on a chapter 11 bankruptcy lawyer an expert our name is Deborah Deb Kofsky hip-hop and she is representing one of the ad hoc groups for Celsius I believe some of the ones that are in custody Not in custody in jail but as far as like custody as far as their accounts verse earn verse pure custody and muddle custody and I've watched this video probably three times now and it concerned me because of the clawbacks and the things that are going to potentially happen and change Our industry and one of the things that that she talked about. I think that was it was pretty interesting she said a couple things and She's actually going to be on the show tomorrow So I wanted to watch this this interview to get a feel of what to ask and to not repeat the same things And there's a couple of things that she said that was again quite interesting She says that she's rarely gone After non insider preferences or clawbacks, you know the clawbacks are Essentially if you took out any of your crypto and any of your funds from Celsius within 90 days The group the debtors they have their Option to claw that back legally and that's not just people in the United States. That's people outside the US as well and She said that usually she doesn't go after non insiders and meaning people like us usually that doesn't move the needle as much as The debtors would like and they usually take a look at the insiders first and the millions that they Essentially take and go from there. Also. She said that insiders Unlike us, we can they can only go back many days for insiders. They can go back one year for clawbacks So if Alex Machensky and the and the crew did something a little bit crazy They can go back for a year and then she said that because she was involved in I mean She's been there a lot of difference chapter 11's but she talked about during the Bernie Madoff Ponzi That the people that withdrew within 90 days for whatever reason and they didn't and they were established as they didn't Understand or they didn't know that it was actually a Ponzi. They just just dumb luck. They said for those people They only had to pay back the profits and not the initial investment I thought that was fascinating that people who had no idea as there was a Ponzi scheme Which I think we come from what some documentation has stated Celsius looks like it potentially have been a Ponzi scheme People didn't know and in the Bernie Madoff They had just all give back their profits not their initial investment And then another thing she talked about was and I think this is the most scary Which is what we're gonna talk about today and why I did what I did She said if if you moved one Bitcoin between Celsius, you're like, well, that's shutting down I got to take it somebody else up move it to Voyager and Then Voyager for some reason you you get lucky you watch one of my videos and go okay I gotta take it off there. You take it to FTX And you do this all within 90 days of them shutting down with draws and going to bankruptcy That one bitcoin you would be on the hook for three bitcoins Because you're moving it in between each different centralized platform And if that doesn't scare you and not much will so that got me too thinking About what if that happens to us because look we always talk about the same thing Don't we we always say, you know, there's there's the rules the rules are very simple and you can do whatever you want But I just say if you're gonna invest assume that it's all gone Don't invest more than you can afford to lose everything's a scam until otherwise And don't leave anything on exchanges Take them and put them into your cold storage wall But we all need exchanges don't we and if we all need exchanges because we we have this this fiat this money We want to exchange it into Crypto well, we need an exchange. Well, what if we keep getting screwed like this? For every 90 days and it just keeps it like a domino effect and all the funds that we put in there just go away So these rules are not really helping us too much. Then of course, don't use leverage and take profits, right? So I thought to myself, well, there's got to be a better option and somebody and one of the live streams said, you know, rob You can use your debit card On uniswap, which is a decentralized exchange Which would of course, yes link to your bank And you can buy crypto and I go, well, tell me more And I very simply this is how it's done Uh, you go to app dot uniswap.org is what I did And then you connect your wallet whatever that is I use metamask wallet And if you don't know how to do that, that's okay. I got you covered. There's this website It's 100 free. It will always be free It's the antigious crypto and if you go down to module five, how do I click on that? It says, how do I use the metamask wallet and I show you step by step how to do it So anyhow So you connect your metamask wallet and see where it says by crypto right there by crypto And you start the process. So you're going to use this This platform called moon pay And when I did it, I first put in my credit card and they said if you use a credit card It likely won't go through and they will deny it because financial institutions. Okay. So just so you know That's how it's going to work So you can put in your credit card, but then I switched to my debit And it's going to ask you for your billing address It's going to ask for your expiration date your card security code all that stuff, right? So now it knows Your address And then it's going to ask you to verify Your bank account because I use my debit card. So they sent me x amount of it was a dollar and some change I had to go to my bank account. I had to verify the account and say, okay, you're good Then it's going to give me a verification number on my cell phone And from that They're going to ask me to say, okay. Well, this is the piece and now We're going to Ask you for your social security number And from the social security number They're going to have all this data and all this information And then it's going to say like this after this is okay. Are you are you legit? I am buying that external help or guidance. Yes, you are And then after all is said and done It's going to say here's your visa debit card This is what we're going to send it to and I picked I want to spend 150 dollars and move it to eth And I agreed to the terms and here's the terms And I put this in so so you don't have to Zero hash liquidity. This is zero hash services from moon pay This shall dictate the terms applicable to you as noted below track your crypto transactions Just so you know, this is what they're going to do They're going to track your crypto p2p transaction and host a wallet through the platform or through the zero hash system and also They're going to track all this because they have rules and regulations And as it adds its sole discretion it may add a spread To each crypto transaction executed by you on the platform or through the zero hash system And the execution price is not meant to imply the market price. So after all that is said and done And you agree to all this stuff It's going to that hundred fifty dollars that I spent It gave me point zero eight nine one eth. I said I want a hundred fifty dollars worth of eth And what they gave me was a hundred forty dollars. So that's roughly a spread m fees and services Of roughly around six percent. So if you can stomach that That's how it all works Now Would you be susceptible to clawbacks and things like that? I don't think so unless your central bank It becomes insolvent But if it does those these things called fdic insurance and it is regulated And that's one of the benefits of that. So that's it I just uh wanted to show everybody how it's done So there's some trade-offs and some people say well, that's pretty steep rob and you are right. It is steep. That's what moon pay does However, you know, it's steeper The fee of a hundred percent from ftx And the fee of a hundred percent from celsius and the fee of a hundred percent from voyager block fire That's the real steep price and that's it. So That's all we have to today. So look if you like today's video give it a thumbs up consider subscribing all that good stuff Now we're just going to go into the little chat session. I'll answer some questions all that good stuff And then we'll get out of here