 Everybody welcome to the last set news are down for short. My name is Rob and today we're gonna go over a lot of different things So let's just jump right in first I have to tell you that this is going to be a different show than what you may be used to as far as The news and the things that are going on we're gonna talk about the news but we've really got to bring everything up to speed and just take a look at Exactly Not what happened everybody's been talking about that so much But pretty much where we're going and why I think this everything that just happened needed to happen to give us Kind of like a reset to see where we're going to go So first thing we're talking about is how good times make weak men, but the cycle favours us I'm just here to tell you that Because of the the title and the thumbnail you might think I'm here for your Hopium supply. I'm not It's not gonna be too great for you and the things that I'm talking about But there is light at the end of the tunnel also, we're gonna take a step back to see the creation of Bitcoin and decentralization and where we go from here regulations payments and decentralization is a must and lastly I'm just gonna talk about how everything is happening just as it should There's gonna be a collapse Rebirth rebuild and just another cycle and we're gonna take a look at history and the last we go over the little Q&A So the first things first is Let's just talk about this The markets themselves. It's pretty amazing to me as I take a look at things that are going on We can see that in traditional markets. It's looking pretty good for them, right? NASDAQ's up. I mean over five days S&P's up for five days and Of course, how are we doing now? We're tanking and with good reason I mean, I think everybody's been talked to death about FTX and things that have happened and and the Bumblings that have been going on it gets kind of that's it over like five days It gets to be a little bit a touch much. We all know it collapsed We all know Sam and the contagion that are going on. We know it's gonna get worse. We know that, right? I hope you know that So I just wanted to point some things out. First of all over seven days Bitcoin Ethereum are roughly lockstep 20% But I want you to pay attention to the to the projects that are even beating Old faithful Bitcoin and Ethereum Binance coin probably for good reason. However, not really decentralized. I'll tell you that XRP, you know 26 24, but check it take this out Cardano and polygon interesting, right? also polka dot And then some other one. I think Uniswap is down there as well probably beats Bitcoin Ethereum over the seven-day run. So just pay attention to some of those just something to look at But again, I don't want to get everybody's hopes up because the bad times are coming And I know for a lot of people it's been here for quite some time And I know that we talk about the rules and we say the things we're supposed to do We just don't do them. It's okay. You made a mistake correct Self-correct move on I just want to share this with you that Amazon is playing the layoff approximately 10,000 people starting the starting this week A total number of layoffs remains fluid, but it stays around 10,000 that represent nearly 3% of Amazon's corporate employees less than 1% of its global workforce Over the 1.5 million and we're going to see a lot of more layoffs coming about I've already seen them in the Real estate sector tech sector and we're going to see more of those happening. So again There's not like the greatest things on the horizon. However There are some good things and you have to remember that everything goes in a cycle and this was a quote That's been going around and it makes a lot of sense Everything just happens again and again again Hard times create strong men Strong men create good times Good times create weak men and weak men create hard times That's what's happening here. That's exactly what's happening again and again again. So what I want to do is I just want to remind everybody that uh, I think I think there's another Recession just around the corner Who knows I could be wrong. Nobody knows for sure. Don't want us a crystal ball However, if cycles just continue like we've talked about here And we talked about the cycles here Things are going to look up later on just not going to be right now Again, like I always talk about four year cycles in 2012. There was a bitcoin halving that we reached an all-time high I have a whopping a thousand dollars 2014 only 15 dip in a reset 16, 17, 18, 19 same thing and just it's going on again And of course, who knows what's gonna happen, but I think 2025 26 can be pretty good So don't get your hopes up already. But what I want to do was Take a step back And see what got us here to all this stuff all this talk about DeFi and smart contracts and NFTs and everything that that that should be it all started here It all started right here. Have you ever read this? Most of you have or some of you have but some of you have not This is the bitcoin white paper and you can find at bitcoin.org and I linked in the description so you can read it It's not long It's really like six pages if you take away for uh, the mathematics at the very end And one week I'm just gonna just take out the big points So everybody knows where we're at where we're going But as I'm going over this stuff I want you to think about a couple of things first of all Does this talk anything about regulation or exchange regulation as I talked about smart contracts For it's just a payment system and I want you to remember this When they're talking about nodes, they're talking about centralized or decentralized So just keep it open mind. So this is what it was. So should not come out Years ago As the financial crisis happened in 1778 he wrote this great paper And he says this is the thing An abstract bitcoin is a purely peer-to-peer version of electronic cash Which would allow online payments To be sent directly from one party to another without going through financial institutions So when people are talking about diamond hands and things like that, that's not what bitcoin was created for It was created for a payment system To bypass the middleman So when people are saying you should never sell bitcoin, you should never really do it This is the white paper going and just saying exactly what it is. So I'm tired of this This back and forth like you should hold on to it like it is some like life-saving elixir Commerce on the internet has come to rely almost exclusively on financial institutions Serving as trusted third parties to process electronic payments and it becomes expensive What is needed is an electronic payment system based on cryptographic proof instead of trust Allowing any two willing parties to transact Directly with jither without the need for a trusted third party makes sense, right? When you get to use the bank, you got to use a third person. That's a middle person. You don't want to use that use bitcoin That's all they're talking about just a payment system Proof of work will need to use a proof of work system similar to adam backs cash Rather than newspaper or use net posts to compensate for increasing hardware speed and varying interests and running nodes over time The proof of work difficulty is determined to buy a moving average Targeted as an average number of blocks per hour all they're talking about here is The more times that we get the more hash rate the more harder it is and the more Bitcoin miners come on under the place That's when the difficulty adjusts if they generated too fast meaning the blocks the difficulty increases And that's why we have more and more bitcoin miners. However coming down here. I thought it was interesting reclaiming disk space Once the latest transaction a coin is buried under enough blocks the spend transactions before it can be discarded To save a disk space to facilitate this without breaking the blocks hash Transactions are hash in a miracle tree and you heard cz binance talk about that to make things transparent With only the root including the blocks hash all blocks can then be compacted by stubborn off branch the tree. Okay So Growing down Privacy privacy can still be maintained by breaking the flow of information by keeping public keys anonymous That's why like I can give you my Public key right now. You can send me as much bitcoin as you want to however unless you know that is my address Zero web blah blah blah blah. You'll never know it's me unless I say it's me So there is a there's a bit of privacy Which is what it was all built for The public can see that someone is sending an amount of someone else without information liking the transaction to any one Meaning again, you'll never know unless it is put out there and said. Oh, that's robbs Bitcoin address as an additional file firewall a new key pair should be used for each transaction to keep them from being linked to a Comowner, that's why you'll see in I think it's Coinbase as well They every time that you use a Bitcoin transaction uses a new Bitcoin address Then go through some math and here's the conclusion It's incomplete without a way to prevent double spending That's the problem to solve this we proposed a peer-to-peer network using proof of work to record a public history of transactions I quickly become computationally impractical for an and for an attack or a change of honest nodes control a majority of CPU power Nodes do not need to be identified. They can leave and rejoin the network at will Accepting the proof of work chain is proof of what happened while they were gone They vote with their CPU power that is proof of work moving forward if you think about it And that's all that's that's the whole white paper right there if you want to read it a link in the description You can read the read the whole thing yourself When you think about projects where they can tell the node operators what to do That is not decentralized because they can leave and go as they seem as they deem fit Now have we talked about all the regulation and things like that. There's nothing here that talks about exchange regulation So as I've been talking about this forever What needs regulation and crypto the crypto projects will no one agrees me there. This is the poll that we put out We have 10,000 votes here and almost 8,000 votes the other one crypto exchanges and They say everything is regulation I don't agree that defying regulation whatever is regulation needed in crypto. Yes clarity is needed. What's a commodity? What's the security? What's a currency and that's the majority of you right there? So when I talk about this stuff about regulation, what would you rather and people will say well Robbie understand once they regulate It's gonna be awful and we and we can't have this happen because then they're gonna go for the wallets And they're gonna go for everything else and before you know, we're not gonna have crypto right We're not gonna have crypto as it's as it is right now. Here's the thing. What's the option is? The option for you just to sit back and put your head in the sand and go well hoping I'll regulate us The fight has to come to them. We have to bring this information to them because if not We get stuff like this U.S. Lawmaker blames billionaire crypto bros for delayed legislation. This is some guy U.S. Congressman Brad Sherman. He's been a crypto a Person who goes against crypto will say as far as regulation He says this to date efforts by billionaire crypto bros Sam to determine meaningful legislation by flooding Washington with millions of dollars in campaign contributions and Lobbying spending have so far been effective. So really what it is who do you want? Preaching the narrative. Do you want us in the blockchain committee and the people giving their input? Or do you think it would have been better if we just would have buried or better I are buried our heads in the sand and not set a word and it's like guys like this go. This is what's happening That's why it collapsed. That's why we got to regulate and that's why we get to destroy it I'm just telling you right now This is where we need to go and this is where you got to be strong and stand up and go This is what I believe in I truly believe this is where we have to have to make things move So We know where we came from. We just read the Bitcoin white paper. We know about decentralization The thing that I see is this and I've said this multiple times on multiple shows I always said it things would collapse and things would go down I never thought that we were at that breaking point or we were at The bottom in June and a lot of people did I didn't think it actually happened I thought we had to go through a lot more pain But I did say this when things start to collapse. It's gonna be just like everything else Things are gonna collapse The cream rise at the top the people that Were not swimming naked as it were are going to have the funds to either bail out or to absorb All the exchanges all the projects all the developers and everything else that happens behind the scenes Which would happen with FTX and that's happening right now. It's just normal 99% of crypto projects are frauds not frauds I shouldn't say that are useless They don't need to be around here and they're gonna go to the to the wayside and it's good This happened because then we get to just burn everything out that doesn't need to be here And what happens you get stuff like this So you're gonna see more of this over the next couple of weeks and months and it's fine Don't be alarmed. This is how things have to play out Binance US and curve in a binding an abiding war for BlockFi credit card customers Why are they doing that because they have the funds they didn't over extend they didn't do goofy stuff that we know of yet We'll see Binance us is among the bidders of the BlockFi credit card program is associated customers curve is also in the running with its And they're looking for these eighty seven thousand five hundred BlockFi accounts Also Coinbase is also involved BlockFi itself is believe they have a hole in the balance sheet Approximately 800 million and it's not understood to be heavily involved in the negotiation to purchase its heart card assets a deal is expected within 72 hours on top of that CZ comes out and I would like to you to note something that this is kind of concerning to me if you're looking for like anti-trust laws and monopolies you see Binance Everywhere and who knows what'll happen. I'm not saying that they're gonna absorb everything. I'm just saying When things start to become a monopoly you start to get a little more legislation CZ comes out and says to reduce further cascading negative effects of FTX Binance is forming an industry recovery fund To help projects who are otherwise strong, but in an liquidity crisis more details to come If you think you're one of them reach out to us and again Just like I said these projects will start to collapse the people that have the money that have the funds and have the resources They will pick them up and they will absorb what they think is actually good And the other ones are just gonna fall the wayside and they get what? They get eliminated developers need someplace to go those developers work on the big projects And that's what it is and then before I move on to a little bit of a history. I will just say this so Let me go back here. It is simple the rules that we talk about Don't invest more you can afford to lose everything's a scam and tell people otherwise don't leave anything on exchanges It still astounds me how that works out don't use leverage because that's the we're in an over leveraged market didn't work too Well for FTX if you're doing 1500 X that's something wrong and take profits along the way. It's very simple So We know these things And we should know we should do these things if you haven't problems with the with the ledger go to Dan teaches crypto.com It's a hundred percent free. I show you how to do it in five easy videos We know we should do these things, but we get sidetracked But the great thing now is that everything starts the day I feel like because there's a lot of difference How should I say this rightly? voices Not there myself included When you screw up you got to raise your hands that I screwed up and I would say things like well It's kind of hard to do self-custody and really is a is a pain and maybe we can just use these centralized places and I was wrong obviously and Of course four months ago when Celsius collapsed That video and kind of figured it out there pretty well Then of course Voyager collapsed. We that could have pretty much cemented it and thank God We got to listen and now FTX collapses and here we all know how to get things off Moving forward. Is there anybody in this space who doesn't know that? So moving forward You're going to still hear these things from me. You're going to still hear these things from James and Ben and crown and BitBoy and crypto zombie and all the people that are the voices per se Barbara own network We're going to be harping on this for everybody If this max pain didn't happen I don't think that we really would be harping on it to really get to the crux of what Crypto actually is and should be That's just my two cents. And that's just the thing that is moving forward and to give you a little bit of Depth of history It's amazing how things play out, right? I talk about these these four year cycles and everyone's like, yeah, yeah Yeah, we hear you. We hear you. I just want to bring some to your attention This is a Bitcoin chart from December 2017 all the way to the present and you see this little cliff right here It is a little line See the the price of Bitcoin 6,300 6,300 and all of a sudden it just drops off the 3,800 just for price-wise I'm gonna blow that up real quick Again, here it is again You see the dates on this 12th of November 2018 And wasn't 2017 the all-time high Remember this date 12th of November 20 2018 So we went all-time high Then to a dip and we just dropped off the cliff And it lasted for quite some time So What was the date again? I'm sorry 13th November 2018 that was the the year right after the all-time high When was our last all-time high in 2021 right we're in 2022 if I'm let me do some math. Yeah, that's right We're in 2022 13th November Where do we drop off the cliff? Everything was going pretty good here 30,000 Little cliff here, and then we're just we're just moving sideways for a while. Weren't we then all of a sudden here Okay, so I was off by a week 7th November 2022 and this is when everybody back here Said that's it. We've bottomed We've bottomed right here We didn't bottom we dropped another 50% The same things just going on again So I just find it very odd that these things tend to repeat themselves just like This repeats itself and just like this repeats itself and that's it for today Oh, also as a friendly reminder taxes are due that's they're gonna be due pretty soon coming up and I've teamed up with coin ledger And I trust I'm gonna be doing a town hall Meeting with them and I'll be the moderator and they're gonna have a cpa there So if you've got questions like probably the one a big question would be like hey How does this work on my taxes if the exchange? Has all my crypto do I get a massive massive break in my taxes? I'll answer those questions for with the cpa when they're there anyhow I'll let you know when that comes out. We're gonna record it tomorrow and we'll go from there But that's it for today. So look if you like today's video Let me phrase that If you're here and you learn something give me a thumbs up. Some of you didn't like that video. I'm sure it's not Easy to digest the negative not the negative you but the reality of the situation But it's okay because we're gonna be all right I'll share subscribing. Let's talk about our time sensitive and that's it for today So look if you've got some questions I've got some answers and we'll do a little q&a. So if you gotta take off take off get out of here I appreciate you stopping by and hanging out with me for 20 minutes. That's awesome Now let's get into the q&a and I'll answer all your burning questions the best of my abilities and we'll go from there Everybody. Thank you so much