 Today is going to be an interesting discussion about what is going on, firstly with Nexo, but more of the point what's going on in the grander scheme of things as far as the crypto world or our markets itself. So we'll talk about first about this new ledger out, we're going to do a $250 Ethereum giveaway and talk about the end or adios of Nexo here in the United States and why I believe that crypto or at least partially the projects and businesses are dying. Also take a look at how Goldman Sachs is coming in at just the right time and it's an unusual timing but I got to tell you there's a reason why they are big money. Also do a quick sales his update and then there's another rumor floating around and it's kind of backed up by code it looks like about a new Twitter coin. So we'll talk about that and at the very end we'll do a little Q&A. So first things first I got to tell you this is it's interesting as far as the innovation about what's happening with ledger. If you've watched the show anytime you know I like ledger I've never used a Trasor or Arculus or something like that but people say they're awesome. However one of my biggest pullbacks for ledger was it wasn't very user friendly so they just put this out it's called ledger stacks and I know very little about it. You can go right to ledger.com and check it out they haven't paid me for a promotion. However everything in the description is all affiliate links of course but if you can't stand me I can understand that just go to ledger.com and shop there yourself. So this is what they have but just check this out I just got this in an email and I think this is probably something that we could use to push things forward and make things a little bit easier. So this is the new ledger stacks it looks just like a little pocket card PC and it looks like you can do all the things you do on a ledger live in the app with your ledger nano but it's all in one little piece. So I think it could be an easy one there you go just slide things forward and go there. Now that is available for pre-order and it looks like it's going to be shipped in 2023 and again they didn't pay me for this promotion I think I'll probably buy one just so you know for the pre-order price it's like 300 bucks so take that as you work. I just think it's a pretty good cool idea to move things forward. Also I put out a little blurb last night that they were going to do four days of $250 and if they're in giveaway and this is from friends of the show Lady's NFT they talked to me and said hey we're doing a mint and it's going to be on Saturday how'd you like to give people some money. I was like I like money probably my subscribers do too so all they had to do was just there's on the Twitter feed very simple just follow news asset and Lady's NFT like common retweet watch the live stream which you're doing right now and if you've done all these things or if you want to do those right now go ahead and do it then we'll we will draw a winner live here and I'll give you $250 worth of Ethereum so that's what's going on there now let's get into the story and why I talk about crypto is dying because my personal opinion I could be wrong here if you're not growing you're dying and all my businesses that's exactly what I thought about if I am not improving I am taking a step back and I am dying in some way shape or form and this is what's happening next was gone next I was leaving the US which is a bummer and I think it's a black guy for the crypto industry on top of all the other things that have happened lately so when I take a look at this yes there are some products that are moving forward yes there are developers building yes all that thing is happening however there are certain sectors that we cannot avoid and we have to say call a spade and say it's dying do you think this is a great thing that nexo is pulling out the United States because they can't get the right clarity I don't think this is a growth potential I think this is a repercussions of no clarity and a dying off of a certain sector of the crypto market tell me where I'm wrong here I just this is how I see it this is what's happening crypto are next so to leave us as negotiations hit dead end who did they hit the dead end with well Gary Gensler and all different regulators this is their announcement today today nexo states we are announcing the regrettable but necessary decision the next will be phasing out its products and services in the US in a gradual and orderly fashion of the coming months I have to applaud that I mean you didn't just pick up and close down shop and go hey we took all your fun see it at least they're doing in the right way not you know tally swindling us like I don't know Celsius Voyager FTX just saying our decision comes after more than 18 months of good faith dialogue with US state and federal regulators which has come to the end imagine that you've worked a year and a half long you've tried to appease the regulators you can't get which what you want you can't come to a conclusion and action the worst action is in action and that's what the regulators are doing right now and of course what does that do that forces a company that was working just fine here as far as crypto goes off into the sunset outside the US does that mean it's dying notice that means is dying and of course is the international markets I understand that just saying that there is a slow death happening around most of the crypto and the crypto industries that are US based and I understand that United States is not the epicenter of everything however why would you exclude them when there is a ton of institutional investments and funds here I'm just saying I would like everybody to be involved so we can reach our maximum potential call me crazy despite inconsistent changing positions among state and federal regulators nexo said it had engage in significant ongoing efforts to provide request information and to proactively modify its business in response to their concerns it's now unfortunately clear to us that despite rhetoric in the contrary to the contrary the United States refuses to provide a path forward for enabling blockchain businesses and we cannot give our customers confidence that regulators are focused on their best interests again I don't say this is growth I see this as a pruning of a cutback in September 8 states California Kentucky New York Maryland Oklahoma South Carolina Washington Vermont said they were suing the company for allegedly offering interest earning accounts to customers through unregistered securities again why is this happening why are the these companies because there's no clarity I know people always there's always people and I think it's a minority now tell me in the in the comments but wouldn't it be better is to have a little clarity so we can say what's a security what's a commodity and what is a currency and then when you tell us what those things are you give us the rules then we can bend the rules to the way that we want to not bend but you know I mean you can work around the rules it's just like tax laws I mean for Pete sakes people know all the tax laws they can say well okay I own this to I owe this tax but if I you know move things around and I have a lesser liability of taxes it's just only makes sense to me so anyhow as part of our call walker approach with regulators during the course of 2021 2022 we have off-boarded clients from the states of New York and Vermont and have suspended new registrations for all US clients and earn interest products to meet regular expectations so they're doing the things they want them to do but it's still not enough because again the worst action is inaction as of December 6 next so said it's earn interest product will not be available for existing clients in eight additional states Indiana Kentucky Maryland next so claim the regulators are unwilling to coordinate with one another and are insistent on taking positions that are inconsistent with one another creating an impossible environment to operate efficiently and to create the expected value for our clients and it goes down here it's a good making process here not liking the message Gary Gensler friend of the show watches every day spoke about similar criticism in September I address where he said that for the past five years the commission has spoken with a pretty clear voice here Gensler says not liking the message isn't the same as not receiving it crypto investors should get the protection they received from regulated broker dealers there's a nuance here so the same thing happened with Coinbase Coinbase came in to talk to Gary Gensler in SEC and said we'd like to offer an earn product they said sure come on in we'd love to have you and they sat him down said if you do that we will sue the pants off you and that's it why is that because Gary Gensler and crew believe that everything is an unregistered security we happen to think that not everything is a security for example bitcoin which they've even said themselves is pretty much a commodity over there staying that is a security the problem here is there is no clarity just give us a little clarity so let me move forward because I'm gonna get it's it's gonna make sense here people will say in the chats we do not lay regulation whatsoever there is no reason for regulation they don't need clarity just let retail do the thing you can do that that's fine that's that's great but it's gonna take a little bit longer that's all I'm saying to give things clarity it actually has worked out in the past believe it or not there's this thing called section 230 this is essentially what allowed you to watch me on the internet on a platform called YouTube or wherever you're watching me and the reason that it works or worked section 230 the communications decency act which was legislation past 96 says an interactive computer service a blog social media platform can be can cannot be treated as the publisher or speaker of third-party content the web this protects websites from lawsuits if the user posts something illegal this isn't saying that you can't do this you can't do this you can't do this what it does is gives you clarity like look if somebody like me is going to say something stupid or ridiculous you can't sue YouTube for that in essence they have to police in different guards especially trademark something like that sure sure sure but it gives you clarity about what it is and allows people to move forward and that's why the internet flourish do i think the government's going to get 100 right that's not what i'm saying i'm passionately not saying that i'm saying that at least give us some of the clarity so we can work things around it and that's pretty much it and that i think is why things are dying off now does that mean that everything is dying off no so i'm saying but i will say this to really hit my my point home there's this website it's pretty great it's called 99bitcoins.com and you look up bitcoin obituaries this is where crypto and bitcoin is just mostly bitcoin essentially has died off and you can see how there is of course been by the years how many times that someone has written that or wrote that bitcoin crypto in general has been dying off and goes all the way through here however there was this article that was actually published here in 99bitcoins and it made me think about this and it really led me to my thought process as far as like dying off and it's from 2014 and it was one of the articles where it says bitcoin is nearly all dead and it's it's an op-ed piece as earlier this year i declared that bitcoin was nearly dead as an investment it was the worst of 2014 and i thought about that i'm like was it really that bad in 2014 i think it was pretty good actually and well actually he was right in 2014 he was not the greatest one if you just talking about the year in general right year in general 936 dollars for bitcoin that's when it started around january and of course towards the end it was about 300 bucks so you lost a little bit if you were a i guess a year-long investor but of course in 2015 16 17 you would recoup that up massively right 936 all the way up to 20 000 somewhere around there so in this take it with a grain of salt as a currency it was destroyed by the irs by a single sentence for federal taxes purposes virtual currency is treated as property actually that worked out in our favor quite honestly because you can do these things called wash trading or actually it's tax loss harvesting first of all where you can sell your crypto and you can lock in those losses and that will be tax loss harvesting wash trading is then when you can actually take it and you can actually buy it right back which is pretty cool and that's for property all that remains is for it to become a financial network but then it will be likely killed with one word regulation bitcoin has only survived this long because the US government hasn't really considered to be a viable financial network regulators have largely tolerated bitcoin as a curiosity while bitcoin allows consumers to buy illegal drugs or tour hidden services like algore and evolution they don't do so on a sufficiently large scale to really cause an enormous alarm everybody calm down don't stop throwing your food at at the at the screen that's just what was written 2014 regulators still don't know quite what to do with bitcoin and i find this amazing that this was written 2014 eight years ago and we're still at the same place at the same place eight years later but if bitcoin were ever to threaten to become a truly decentralized payments network owned by no one and with no one capable of implementing KYC regulators would know very well what would do with it which is they would regulate it so here's the here's the thesis is this i'm starting to believe that the regulators are dragging their feet and we're over here debating whether we should have regulation or not and people are saying we shouldn't have regulation you'll say we should have regulation i only ask the question i think it's really what we should have is clarity moving forward and i think that the governments want us to do these things because if we can't even agree and some of the right people up the hill to discuss with our representatives our senators about which direction we should go as far as clarity it leads us to have incongruencies we don't have clarity and things die off so i truly believe that if we're going to sit here and debate all this time and take forever it's just we're just killing time wasting time let's just move forward and just say like this i think we need regulation i think we need a little clarity and i think without that clarity to move us forward we'll just keep slowly dying off because we won't get to the points of where we should be for mass adoption tell me where i'm wrong i don't want you to think about that in the comment section and uh that's what i take care of that little piece but the but there is one more thing i'd like me to add retail versus institutions do we really need the institutions to come in how big are they i mean really couldn't retail just carry the load right i mean we are stronger together right i thought about that and we could we really could we don't need institutions we don't need the black rocks we don't need the fidelities we don't need all these big institutions of banks to them and screw them right we don't need them it'll just take a little bit longer it doesn't really matter it is inevitable however i will say this this is the shareholders letter from coinbase q3 2022 if we take a look at trading volume we did a pretty heavy amount quite honestly and you can see that retail and q3 2021 was 93 this is in billions q4 was 177 billion q1 74 billion q246 billion in q3 we dropped the 26 billion now take a look at the trading volume of our institutions 234 billion with the trading and that is just on coinbase coinbase is it is like top five six crypto or exchange in the in the world so then you got three seven one three one two one and one three three you're looking at i mean a five x of what we do as far as retail as far as trading volume now the problem with this of course is that if you come down here take a look at the assets in the platform retail has 51 billion institution is 51 billion probably because they move things around and and institutional custody it's probably from it's a separate one but what's what's depressing i think almost is the transaction revenue for all the transaction that institutions do they pay in q3 19.8 million dollars and retail paid 346 million so even though as far as the transactions the volume we're way far less we just pay a boatload more and that's just how it is and why is that just because that's how it is baby pricing tier here's coinbase if you do 010k your taker and maker fees are roughly between 0.6 and 0.4 if you do 400 million like those guys do it's 0.05 percent or 0.00 percent so just understand that we can do this by ourselves as far as retail goes but if you want to accelerate things institutions but when you get met with the institutions just to be aware they're not here to save the planet they're here to save a buck and line their pockets so anyhow that's what we have something interesting about that in the comment section but there is good news on the horizon which is this Goldman Sachs getting into buying right at the right time and it's just interesting you know how people say well this is smart money i don't know if it's smart money i know it's big money but here's what we got unfazed by the FTX fiasco Goldman Sachs eyes investments in the crypto market so Goldman Sachs plans to spend millions of dollars to buy or invest in undervalued crypto companies in the post FTX implosion market depression as it sees long-term market opportunity whether you believe this is planned or not they're pretty smart for doing this i'm i can't fault them for that and that's pretty much what i try to do is the as far as investing as far as cost averaging Matthew McDermott Goldman's head of digital assets said in an interview last month of the investment bank sees interesting investment opportunities at reasonable prices the investment bank is doing due diligence on crypto companies i hope they do better than a lot of due diligence that was done on FTX McDermott added that FTX's downfall has eroded sentiment and set the market back but the underlying tech remained intact intact we're in for the tech and the fiasco intensified the need for more trustworthy and regulated market participants again i think it wouldn't hurt us to have i don't know someone to evaluate to see if uh said exchanges were commingling funds or if they were i don't know taking your funds and shipping them over to like an FTX to an alimony of research to pay for the different trades they were doing and wasting all your money i don't see a problem with that maybe that's not it but of course since we live through it's going to be okay new people are going to get screwed but uh that's just how it is but hey that's how it is anyhow that's all we have and then also remember this is that um not only is Goldman Sachs getting in the fray but just as a as a side note uh Larry Fink the black rock CEO which has like i want to say seven trillion assets under management is they have trillions of assets under management came out and said that hey the next generation markets is tokenization tokenization refers to a process where a digital rep of an asset is created on a blockchain authenticating its transaction ownership history all that means is like you can tokenize stocks you can tokenize real estate put it on the blockchain and he says that's the future essentially saying crypto is the future and again this is one of the big hitters and one of the gonna get into it not an all-time high they're gonna get into it right around now so that's what we have for that and then also quick Celsius update uh they got court approval for extension to file a restructuring plan this is a good one crypto learner Celsius network has received approval from the bankruptcy court of southern district of New York to extend the deadline to submit a restructuring plan i don't know what the problem is BlockFi did their chapter 11 24 hours later they had their restructuring plan already set in stone they already submitted it here we are going on what eight months and we still need more time all right Celsius new deadline for submission is February 15th tweet also said the company would use the extension time to explore plan for a standalone business the court will decide likely next week whether to allow Celsius network to sell stable coins to provide liquidity for our continued operations that's your stable coins actually that's our stable coins i should say Celsius network applies to sell 18 million of stables in its earn account for reorganization but customers the account argue that the stable coins account belong to them and that the crypto learner cannot liquidate them they're like sorry charlie we're going to do what we want to and that's it and then also i know there's this big talk about a reorganization plan and uh i just don't think that's going to happen and i'm going to show you why so this was from a conversation uh the voyager committee this is from voyager the voyager lawyers on the restructuring committee on why voyager couldn't restructure and make themselves into a company and i think this is going to be the same thing for Celsius this is about a minute and a half just take a listen i don't want to get too far into the weeds on your question mainly because yeah there's always different permutations and different flavors that bankruptcy cases take but specifically i think what you're suggesting is that there may have been a way to sort of save the voyager platform such that we didn't need to liquidate which agreed this this basically is a liquidation i mean ftx is essentially acquiring customers and they happen to also be monetizing the crypto there's there's no question there that that's effectively what's happening the problem with uh and this really goes to the standalone plan concept some of you may have heard that term being thrown around at the beginning of the case that was the initial plan that the debtors had filed which basically called for voyager to continue well you have to understand and this is public information you can look it up on every state's website voyager did not have the appropriate regulatory licenses that they needed to operate their platform in a number of states and that is why a number of states including New York are investigating the company and probably some of the individuals i don't know what they're doing exactly it's the states that will do what they want but it basically made it so that it would be virtually impossible to reorganize this company because you had a company that was operating illegally they didn't have the licenses that they need to operate and once you already have gone down that path you can't just fix that and get the licenses the states are going to come after you and so from our perspective from the committee's perspective there really was no way to sort of save the voyager platform as you know it today because of this regulatory overhang that was the big concern i'm not sure if your gal example was directed at some other construct but if it was how you know how we could have used creative crypto organizations like Dallas to sort of save the existing voyager it really wouldn't have worked that's a bomber right and then also just a quick glance of what they were talking about there because different states were suing voyager because it now the appropriate licenses and they got a lot of season assists i just did a quick search celsius season assists state of new jersey california and kentucky we're in the same thing with celsius so that's not an exhaustive list that's just three states and that's just me taking 10 seconds to take a look so again when we take a look at these reorganizations and what's going to happen i don't think anything's going to happen anytime soon i don't understand why they're trying to reorganize and i don't understand why they're keeping our funds to organize what they should do is to a vote and say do you want to do this do you still trust us do you think we can do a reorganization even those loud voices in the twitter verse and in some places i can almost guarantee from what i've heard in different polls a lot of people don't want that that's just what i say and then also this is another little little snippet here that i was under the impression that they were working with regulators but there was a hearing yesterday from simon dixon states judges in agreement that the sooner celsius works with regulators the better celsius has not worked with regulators yet and no discussion on security law compliance so again for them to really make this happen i don't see it and now let me know which thing about that and let's move on to our last piece this one is uh just it's all cheese may and it's all it's all rumors and gossip but there's there is some there's some legs of this one ilan must is bringing crypto twitter as a no-brainer a social media uh platform rumor spread and and real quick this is what he talked about he says we chat which is a pretty popular app in china has a lot of functionality it's like a super app that twitter should have it's kind of a no-brainer for twitter to have payments both fiat currency and cripple and make sure that's easy and simple for people to use now right away you'd probably think great dogecoin i got a bunch of that but wait a researcher named jane manchin wong claimed to have found an image of a twitter coin buried within twitter's web app wong's account isn't long on twitter and all tweets are gone so if you take a look at this it's just disappeared so i don't know if this is going to come on the pipe i'm not going to cover this extensively i just thought it was interesting that wouldn't it be wouldn't it be fascinating if twitter comes out with their own crypto and said this we're going to use for tips this we're going to use for transaction this is we're going to use for everything on twitter how much would that explode anyhow i just thought it was interesting and that concludes today for the news and lastly let's give away ah here we go let's give away some money huh so this will be the terminal giveaway again thank you to ladies nft also in conjunction with uh these nuts nfts uh i do like both of those projects are pretty funny so here's how we do this first of all bear with me twitter here just so everybody knows i'm not playing favorites let's load it i love this i love this app because it allows you to uh to pick it right live let's see there's one count must follow they ease okay and let's see you have to have a picture in description i don't care about i don't care about location tweet count any at least to have a month old latest tweet the past month sure and let's do this oh that's a lot of people it's a lot of people all right so we've got 342 people awesome continue and let's begin the drawing drum roll freeze oh so close hassemish.eth you so close but congratulations timmy timay cast tags and before anybody says i'll just make a i'll just make a uh a dummy account uh timay tim i i just followed you so you can message me directly now and that's it also good news uh we're gonna do this the same thing tomorrow and thursday and friday and then on saturday we're gonna do a drawing for 2500 bucks so again thank you to ladies nft who are one of the few that are continuing to build in this bear market and that concludes the day for the news so if you like today's video with thumbs up consider subscribing and that will take care of that now if you want to stick around and uh talk about whatever you want to i will answer all your burning questions the best of my abilities some i don't like want to answer but i have to because i'm here so let's do this thing let's get into it right now if you gotta take off take off you've been here for half an hour appreciate you guys immensely thank you picky thank you for reminding me always on top of things uh this is not financial advice legal or tax advice it's for