 Welcome to Jalessa news or Dan for short. My name is Robin today. We've got some concerning news coming out about Genesis and how they hired a Restructuring law firm, so we'll take a look at exactly what's going on there But we'll tell you that we're going to give another giveaway today We're going to give away two stone books today on the show live We'll talk about the Genesis situation first and then of course I have to give you the real news I can't give you just nothing but hope him That's crushing for the soul and we'll talk about some things that are bad, which is the recession is coming I think there's some data that out right now that pretty much Looks to be that it is going to happen 2023 also New York Bands crypto mining And they're also looking to ban adding crypto to retirement accounts However, there is some good news and the good news is that fidelity is going to ignore Multiple senators request to stop putting Bitcoin into accounts, especially 401k We'll take a look at the Ted Cruz lost audio because of my mess up on the yesterday's stream So I bought like coin and also coin market cap has added a very easy feature For proof of reserves to help you out and of course the very end will do the two stone book giveaway Drawing plus one talk about a massive bonus for everyone at the very end So of course, we'll do a little Q&A of that. But first thing is first Genesis first of all, thanks for stopping by I appreciate you guys. This is a very nice everybody comes by Talks a little crypto and then gets them thing off their chest in the Q&A and here we go So first things first Genesis troubles crypto lender hires a restructuring about advisor before I I talk about the story itself because we If you're here now, you're pretty much an OG you've been here first in time You're not a tourist. You get the things that are happening. You realize that The mental aspect is the most important part of Investing nothing really rattles you too much. So when we heard about Genesis, it wasn't a big deal I don't think for most people and there was a great timeline by a cred cred is Trader s poster sometimes educator. He had a pretty big following and he puts together a timeline for Genesis as such And correct me if I'm wrong, but is this the same timeline we've seen for multiple projects? centralized authorities At first hey, no problems. No material net credit exposure. We're good November 8th number 9th. Okay. We lost seven million November 10th Okay, we've got 175 million locked in FTX and we're not gonna get that back November 16th. Sorry. No withdrawals or new loans number 17th. Okay Sorry about that. We need a billion dollars and of course I'm going to find 21st. Okay, Michael bankrupt So think about all those things when you got people that come out and say, hey, you know what? We're not gonna have an issue and all of a sudden here's the issue and here is the aftermath And we're not saying that they're going to go into chapter 11 But if we just take a look at timelines Then looking too good. So first things first Genesis global capital the troubled crypto lender Has hired the investment bank Moellus and company to explore options including a potential bankruptcy I think that's the same firm that Voyager hired Primarily first correct me the comment section But that name sounds familiar the people who requested anonymity because the process is confidential stress that no financial Decisions or final decisions has been made and it was still possible for the company to avert a bankruptcy filing Well, let's hope that's true Genesis is owned by the digital currency group has been under pressure from its creditor since the crypto exchange FTX began to unravel and Barry cyber Digital currency groups founder and CEO and also pretty much the face of grayscale Investment says this is an issue of liquidity and duration Mismatch the Genesis loan book importantly these issues have no impact on Genesis spot and derivatives trading or custody businesses Which continue to operate as usual Man, I hope Barry is speaking the truth and there is no problems It's just this one part of far as loans and as of the third quarter Genesis had 2.8 billion in active loans According to a quarterly statement from the lender and looks like they're looking for a billion dollars Some people toss around a number of 500 million to a billion. So sure whatever It's a lot of it's a lot more money that I've I've ever seen in my life And that's quite a bit of a chunk of change and also Just to bring this out. I think Who was it in the chats Catechoter said he goes hey if if all these things go down, I think we're gonna have a real hard time I gotta agree with him. Also, just remember DCG or digital currency group We talked about this yesterday. They've got Genesis and grayscale coin desk and foundry who is foundry It's one of the largest. It's the largest Bitcoin mining pool in the world right now I think with 20 run 24 to 26 percent Cap of all the Bitcoin money operations train black and lino Also for DCG, don't forget that their portfolio is quite staggering in the amount of investments They have and not that I'm saying DCG is is Contagion with FTX Thomas saying we're saying that if the there's other problems that hit some of their bigger Subsidiaries we're gonna have big issues. They've got big-time studios. They've got a call a network Abra bit pay bit so bit walla and that's just the bees A lot of these companies have so much as far as investments. It has to be alphabetized So I'm not gonna get into that because that scares me just to talk about it But let me know what you think about that in the comment section and now quickly Let's talk about a little recession so Trust me. There's just a silver lining. I I'm I'm here to tell you and Right now, of course Nothing is looking too fantastic as we're looking at things are happening. However, I think there's a better better days ahead so There was a report from blockworks and thought about heightened recession fears mean uphill battle for equities and crypto Two-year treasuries now yield around point six five percent more than ten years treasury a trend that has proceeded every single recession From nineteen fifty five thousand eighteen. What they're talking about here is that? Bitcoin can continue to stabilize here if Wall Street rebounds there seems an unlikely as the bear market for stocks has yet to bottom out This is an analyst at a Wanda said in a Tuesday two-year treasuries now yield point six five percent a negative spread as a leading indicator of recession from like I said fifty five twenty thousand eighteen The current spread of negative point six five percent is the widest spread since 1981 based now equities are currently standing though traders are either Betting that the US economy will fare well in a deep recession and our businesses are prepared to weather the storm I always am a admire the the hubris of The markets how they think that we're gonna be okay, and this isn't a big deal and that was passed over be mild I don't know if that's true. It could be I hope I'm wrong Commercial banks are tightening their lending standards making more difficult for business and individuals to borrow money The economy is clearly weakening here and inflation should continue to come down as Wages and unemployment decline and unemployment of course rises Why is this good? Well Essentially we can't fight the Fed right we've been talking this for quite some time as these things come down the Fed will give what they want which is of course inflation to come down because it Eliminates or decreases the man greatly because Unemployment goes up and it's pretty hard to buy things and have demand When you can't buy squat because you don't have a job So on those types of things It's gonna happen and every single recession beginning from the 1920s to date Has wiped out inflation down to the one to two percent's Ratio so when people say well, we don't want a recession I'm like well, it's gonna come anyhow whether you like it or not and also if we take a look at the ten and two year Treasury yield spreads. This is what they were talking about tenant the ten and two treasury spread Approaches zero signifies a flattening yield curve a negative ten year spread is a certain viewed as a pre-corsed to a recessionary period Negative ten and two spreaders predicted every recession from the 25 18, but has occurred six to 24 months before the actual recession Why is that important? Well, if you're gonna do T bills and they're gonna give you a nice fat interest rate and You would think that you would get more on a ten year, right? Because the more time that you have in the more yields that they give you and and everything's great However, they're like we don't know we've got some problems coming up. So when the problems come up Actually, the two year is more attractive when those flip It's not a good sign. I will just remind everybody that this has happened since June 29th of this year it flipped at that point. Everybody's like like it's not a big deal It'll it'll go right back and it hasn't it's actually decreased. So that is the ten and two year also I'm just gonna steal the data from from Ben's website in the cryptopers. You should check this website out It's great link in the description Ben's more of a big guy on the ten and the ten and three month spread again If you're taking a look at time frames, you would think that you'd have better spreads on ten years Better better T bills better treasury yields because it's a longer time frame. Of course three months I mean who would get a higher time frame in that well when those flip then it's a danger my friends and That happens actually right now. We're at negative point six four percent on the three on the three month and ten year And then if you take a look back here, I always find this interesting is that see this line right here Well, like when it goes negative one to two years. Well, this happened in 2007 roughly 2006-7 and of course we had a nice little fat Recession in 2008 2007 somewhere around there something happened over here as I went down 2001 we saw a recession in late or mid 2001 from 2000 And then also look at this if we come over here The first time this actually flips on the three month in the ten year you're talking 2020 No, 2019 and it says 19 roughly around there or over here and in two years What do we get? We'll get a recession. Is that the worst thing that could possibly happen? No It's like we've talked about before It's just weird how things are lining up and maybe I'm crazy but This is just how I see things and I just thought like well, this is just how it's gonna happen And that's just how it goes. So we talk about four-year cycles all the time, right? 2012 having all-time high dip reset the 10th 2013. It was a nice. I mean big one from five bucks to $1,100. That's a nice. That's a nice run-up Then of course another four-year cycle 16 17 to 19 and of course we're going through our cycle now, right? but Isn't it interesting just how of course we go through these cycles And just like we go through a recessionary cycle, how long are those about 18 months or so roughly? So if we do get a recession in 2023, great I welcome it suppress the prices a lot of dollar cost average allow me to accumulate 2024 we have a having what happens after having usually not all the time. I mean so far for the last 12 years Yes, I had a point so Here we go, and it's just weird our things just lining up yet again and that's just how I see things Also, I'm going to take a look at how I'm dealing with that and if you notice I don't Not really animated or they're not really Angry or overly exuberant to just kind of just that's just how it is So just like crypto golfer says there's this if you know of a free website. Tell me there's this free website Dantita's crypto. It's a free 100% free always will be free and There's a video that you can check out on how I'm going to Deal and play with the next bull market because bear markets only last for so long bull markets Will last only so long but nothing lasts forever So there's a video I talked about of what I'm going to look for and How I'm going to hopefully play the situation as far as selling because if you You're here And you want to diamond hands it that's fine. That's on you But I'm selling 80% of all my crypto and here's the video and actually We had a great talk me and Tom crown and he critiqued the exit tragedy. It was a pretty good Pretty good back and forth. So there will be a link to the description for that video Also, we can just go to Dan he just crypto and I'll probably put Tom's video in there as well So that's what's going on As far as the recession and bad news and so like that Also, I'm gonna go over this quickly New York governor Kathy Hochel Signs the bill limiting crypto mining or trying to get rid of it essentially New York has become the first state congratulations to restrict crypto mining after Kathy Hochel on Tuesday It's on a two-year moratorium two years Calling the move necessary to help protect the environment here. We go again with the SG as if This is the worst thing of all time I think it's a scam whatever the new law which took effect immediately will prevent the reactivation of fossil fuel power plants for Off the grid crypto mining. That's okay Some minor secure law low-cost electricity by by bypassing the power grid and revive closed power plants But what they want this is what they want. It's very simple Um, the social comes from Buffalo said late today that mining facilities could still be co-located near Renewable generations such as hydropower hydropower is abundant in New York as I understand it Also is a thing called solar power wind power if you want to do that. Sure. Why not? Everybody just do that and just say that's fine business council of New York state president Heather Mulligan said the state shouldn't limit the growth of any business Digital chamber converse which represents digital asset mining companies as well as crypto exchange binance Says it was disappointing decision and expect companies to move their operations to other states, which I think will happen It'll sleeve a vacuum To date no other industry in the state has been sidelined like this for its energy usage. This is a dangerous precedent To limit power but again You got two options here. There's too much see some people they take a look at this and they go Well, this is awful and of course this will make The money just Of course crumble not really if they understand there's so much money In the bitcoin crypto digital asset space, especially mining. I mean if they could be profitable So there's gonna have two options. First of all, there's leave new york Just like they left china just like they left other places and go well if you don't want to see it We'll go someplace else Everybody in new york. I got a great place for it. It's called texas come on down We have some pretty cheap power solar hydro well hydro natural gas and and wind So they're making some pretty big strides over there. So if you want to leave a vacuum, that's fine Just come on over to other states or the countries. It doesn't matter. So if new york's going to push them out That's okay, or if they want to build themselves Renewable resources fine. I still think it's going to go on without a hitch and then also Not to be outdone The new york attorney general comes out and says hey, I'd like to ban All crypto from all retirement funds. This is real New york attorney general t. Shea james has recommended prohibiting crypto investments In retirement accounts like iras And she put this out to the u.s. Congress pretty much just like how Senators warned the other two put out a letter saying hey fidelity stop With the bitcoin in retirement accounts. We don't want that Letter from rose new legislation that prevent u.s. Citizens from purchasing digital assets using the funds in ira It also seeks the rejection of two recently recently proposed act I didn't know these even the retirement savings modernization act and the financial freedom act of 2022 That sought to allow digital asset investments for retirement funds. So If those two pass it's be tough for her to get hers through there But she says this she says this there's four main reasons for prohibiting crypto purchases protection of savings from digital assets Congress's obligation to protect the retirement savings of america's workers materialization of the of the risks posed by digital assets and of course because of a lack of intrinsic value And a risk of fraud. Well, she is right on the fraud thing. I mean ftx kind of just sum that up quite nicely, but again If you're not going to do in york other places are going to do it It's just how the free market works. So that's the bad news I know it doesn't sound too great, but stick with me. Here's some good news. First of all the attorney general miss uh, miss james It kind of came about when you had three senators senator warn being the most famous sent a uh an open letter to fidelity saying stop putting Crypto or bitcoin to retirement accounts in your 401ks. We don't want you to do that Especially with what happened with ftx. Of course, they don't understand that ftx is an exchange And bitcoin is a cryptocurrency But uh, whatever So if we already came out today and said look, uh, we're going to stick with what we do You can do whatever you want to do But uh, your goals are not our goals miss warn and we're going to keep on with that So coming around's america's biggest 401k platform. I see those plans offer bitcoin retirement plans Despite the two trillion dollar collapse in crypto Well, that's true. Actually, I'll be honest with you. I mean, it wouldn't be a not financial advice, but Give me not a bad idea to uh To buy a little bit into your retirement account. I'm just saying and then also Here is the video that I messed up on yesterday Ted Cruz love more hate him. He's from the great side of texas The senator there, uh, I'm just gonna have you listen for a minute Hopefully you can hear the audio this time. I don't get too cute with the audio But this is what he's talking about as far as uh, retirement accounts and banning crypto on legislation This is where things are coming from. So just take a listen to what ted has to say And especially when he talks about what people don't know senator warn check this out With ftx on on the face of it. It appears to be serious fraudulent conduct and and there's going to be investigations there's going to be countless lawsuits and If there was criminal conduct, uh anyone who committed criminal offenses can and should be prosecuted I think it's a mistake though to take the conduct of individuals engaged in fraud and use that As as an excuse to over-regulate an industry that is generating enormous benefits For texas for the country And I'll tell you I have real concern When it comes to congress I serve in the united states senate that a body where I'm not sure we have five senators that could tell you what the hell of bitcoin is And so for congress to suddenly come in And big foot it and try to put rules in place when they don't understand the industry I think is very very dangerous. I think the right way for congress to proceed Is to spend time to listen to experts to study it Of course there needs to be reasonable regulations protecting investors But over-regulating could have the effect of doing massive damage and and and I hope The misconduct of one company and one set of actors doesn't do damage to the entire industry Okay, first of all, everybody hear that because last time I made a mistake. It wasn't it wasn't youtube It was my mistake. I was messing around with the audio and no one could hear it So I just want to make sure everybody could actually hear what ted said and whether you love more hate him I mean, he's got a good point and he understands a little bit of a crypto angel assets and and again It's good for texas its job growth moving people there It's actually doing good business. So I will say that this is actually a good thing but On top of that I will say That on top of the good news. I think that's here. I always want to say that there's a couple things That's happening with litecoin One of which is they're having they're going to go through they're having pretty soon And I think michael sailor the great michael sailor spoke and said something positive about litecoin Somewhere in some way shape or fashion. So I just want to say Congrats to all the litecoin holders for holding for so long or doing things if you're a trader congrats This is a this is a good day because you're wiping the floor with everybody And I just think that's just how we should do in crypto right when one crypto goes up We should say hey congrats. Good job for for uh, you know sticking to your guns and making some money instead of tearing everybody down So congrats litecoin holders can't say that enough also I thought this was interesting Which was a coin market cap you can now go there And you can take a look at proof of reserves and this would kind of talk to what Uh, Ted Cruz just talked about he talked about regulation. There should be some regulation I agree with Ted. I think we should have a little bit of regulation Right, just like the bare minimum like what's at a security as far as crypto? What's a commodity? What's a currency and just go and also like just something simple Like don't commingle the funds and if i'm going to give you crypto on exchange, don't use that crypto to go buy a condo Worth millions of dollars in the Bahamas sbf's parents Just saying I mean that would be great just to get that that out out the door Uh, so coin market cap if you want to take a look at proof reserves, which would Kind of prove that uh exchanges are on the up and up you just go to coin market cap dot com Yes, I understand it's on my binance. I get it But if you go to uh exchanges click on spot And then see this little marker here Exchange reserve data available that means it's available And you can click on it. Let's click on it actually And you're gonna see okay. Here's the proof of reserves. Here's the token allocation. Here's what we have on chain And that's it and then you can verify the addresses right here. Which is pretty cool, right? So like here's the b usd stablecoin. Here's the usdt Uh bitcoin you can verify it on chain. So it's not paper Paper crypto and that's great and you can do that. I mean, you know, I'm curious about Which ones can you not do that yet? Okay, coup coin bitfinex Not Binance us for some reason Kraken does I only they have it here By bit okay x Who are we maybe they're just integrating this right now? I think it's a new process But I thought it was pretty it was a step in the right direction. However, I must warn everybody That just because you have proof of reserves It does not mean That this is the end all be all and Kraken said it perfectly Because of those rushing to redefine proof reserves and create consumer confusion True proof of reserves is an audit of liabilities Plus assets. So true proof of reserves is just assets not liabilities Publishing a list of wallets which may or may not be controlled by you is not proof reserves Kraken fx completed two proof reserves audits in the past year and what jesse he's talking about is Let me see this same thing client liabilities Use a verified proof Sanish has proven that kustoni has control of the wallets whatever crypto.com was doing back and forth. I have no idea And then one more thing you said here Where'd he go All paraphrase pretty much you just said this if you've got a lot of reserves And you got a lot of things on chain you have it right there. That's great But what if you have the proof reserves shows two billion but you got loans out for four billion? Well, it doesn't show that does it so in that situation proof reserves is a step in the right direction So I think if we could just do this What if we could just marry the best of both worlds, right? Just give congress say what's a commodity? What's a currency? What is a uh commodity or a security? And then on top of that just make it make it so that these exchanges don't commingle All their funds which is the problem that happened with A lot of different centralized exchanges and then of course let us Be the brother's keeper and say, okay If you want to be on a higher tier of an exchange You're gonna have to do proof reserves proof of liability be toy transparent Make sure everybody knows it and just go from there. I think it's a good compromise. That could be wrong Anyhow, let me just think about that in the comment section and then lastly let's do a giveaway shall we so I'll stone books Again, if you don't have one you should pick one up. They're great I've got uh, I think I got three. No, I got four of those So I got four of these and what they're they're able to do is write down your mnemonic phrases They are tear resistance water resistant. They're not fireproof But hey, you know, not too bad and it lasts a lifetime So what I did is I said, let's let's do two shield folios up for grab all I wanted to do is And I put this out right now. Follow me on twitter Like comment retweet this tweet And watch today's video for the announcement and said, you know what I'll do right now. Let me Let me do this I'll give everybody I'll give everybody a couple minutes to do this to enter in the drawing Let's see. I just put I just put the link To twitter so you can go do that And just like it comment and retweet it You know, we'll do a quick countdown. It's 202 here. I'll wait till I'll wait till 210 to uh, to draw it and that's it and we'll go from there. So Get out of there and do so now here's another thing If You're not able to win because there's about a thousand people right now looking to win Roughly on today's stream if you don't win no big deal because I told you there's going to be an announcement For the discount. So guess what as of right now shield folio and their group is watching this video And uh, I told them we talked about it and they're putting stone books two day right now for 50 off 50 so if you don't win No big deal. We shouldn't get one for half off today. This is like their early Early black friday. Well super early actually because it's wednesday uh Opportunity for you get a stone book at 50 off. So if you're gonna get one then get one And that's it. Let me ask it. Do they have to there's a link In the description Let me show you Here it is Let me show it to you. There's a link in the description. Use this and get 50 off Uh, keep all your season passwords blah blah blah blah Well, I got a stone book. Here's the 50 off. I guess it's November 23rd now I guess I have to change that 23 And there's a link shield folio.com discount dan. It gives you half off So if you're looking to buy one of those now, this might be the time To grab it Okay So a couple more minutes and then we'll do the question and right now if I could ask everybody So we're waiting for the giveaway if uh If you got questions for me, we will all of the the news is done right now Now we're going to shift over into a little q&a. So if you have any questions I will try to answer them the best of my abilities in the q&a section And we'll go from there. So if you got to take off take off. It's almost been 30 30 minutes Thanks for stopping by. I appreciate it. Like today's video. Give it a thumbs up subscribe all the good stuff and now Let's uh go into the q&a and then we'll do the drawing during the q&a. All right, so let's see Beauty makes the great