 One visual asset news everybody my name is Rob and today we got a lot of things to go over so again It's just one of those days where this could be a catastrophe However, there's some things that actually turned our turned everything around that is the CPI never came out And they are actually quite positive So we're gonna take a look at that Crypto pumps a little bit But don't get too excited because there's a little bit of a problem with tether and losing its peg They're gonna talk about the reason you might be here Which is a thumbnail on the title take a look at Sam Bankman Fried as he talks about What actually happened and the things he's trying to do to move things forward and also we're gonna take a look at how? Gary Gensler the SEC chair actually might be in some hot water with a congressman Especially with the things that were going on between Gary Gensler and Sam bank and freed Allegedly don't sue me and then lastly we'll do a little eye trust in Solana updates and lastly lastly just says everybody To remind everybody that tonight will be the Puerto Rico meetup And I'll tell you exactly where that is and the timeframe But first let's just jump into the big story. This just came about like three minutes before I actually came on I was just perusing Twitter like I like to do and Friend of the show Ben comes out and says hey guess what? Headline CPI is seven point seven percent. That's pretty good Inflation is actually looking like it's going down eight percent estimated core CPI six point three. It was estimated six point five percent So that's not bad And if we have those two numbers come out and remember lately We haven't seen much positivity as far as the inflation rates unemployment numbers were actually dropping instead of going up So I didn't expect this to come out This is like a gift from heaven as inflation starts to come down So maybe the Fed is doing the right thing or as much as they possibly can So we've got that and how do the markets react? Well pretty darn strongly. I mean strongly enough for what happened I mean geez I gotta tell you the resiliency of Bitcoin is unbelievable and the entire crypto market. I mean you just saw essentially another exchange collapse and The biggest exchange Binance that we're not gonna bail you out because we can't because you guys screwed up too bad Now we see CPI numbers CPI numbers come out and people start to look long-term and go You know what? Maybe it's not so bad without those numbers today. We wouldn't have these numbers right now So Bitcoin's at 17-7. It's up 4% Ethereum Rushing it today 24 hours 12% and I know people are sick of hearing the by the dip I'm tired of saying it I have stopped saying it but this was that one time When you could have bought the dip and came out Looking pretty pretty nice. However, I think there's a there's more Tragedy Upcoming but right now enjoy for what it is and remember if you made some profits today If you did buy that dip, don't forget take some profits not investment advice anyhow cryptos looking relatively strong Cross the board in the last hour. I think most things are up Even Solana is up 6% amazing Sheba, you knew I mean everything is anything down. Let me ask you that He's classic, okay, but that's what's going on again I think there's some trouble on the horizon and this came to us from in front of the show Tiffany Fong and she's her and Aaron Bennett were on the show we talked about Celsius and she just Tweeted this out that USDT lost its peg this morning Amid rumors that Alameda and FTX are attempting to short the stable coin Well, there is a one way to find some liquidity Short a stable coin. Tether has become has begun freezing USDT addresses owned by FTX How is that? How is that decentralized if this is true? I'm just gonna lay that out there in in the comments Like USDC can also do this too. They can freeze accounts But he just frees accounts. All right and 46 million USDT on the Tron blockchain and there's some things going on Between Tron and FTX there's a rumor that Sam is going to come out and and spill the beans on Justin Sun for whatever deal that they had behind the scenes That's just she's me and and guesswork. I have no idea. I can only tell you what I know And Tiffany says welcome to today's dumpster fire. I got to tell you some people see a dumpster fire I see opportunity And here's what she's talking about here So in a day we went from and it's not like it went to like, you know, it didn't pull a luna where I went to like, you know Nothing it went from a dollar or 0.99 to 0.982 and then it bounced right back so There's some shenanigans afoot and that's what's going on. So that is the The first part of it now let's get into I think one of the most interesting things today besides that is One of the big things Sam Sam comes out and this is what he says. I'm just going to read it to you So sam as we know is the CEO of FTX and he put it out there Originally, he put out there nothing to see here folks. Everything's fine. This was three days ago Then they became E liquid Then they became insolvent in a way and then they reached out to binance Binance said they would like to help them out, but they hadn't need to take a look at the record books CZ said that's what's going to happen. They looked the record books and the All the financials and said look, we can't help you You guys are too much in the in the dark and they close the deal and then after that We saw a huge drop in crypto Bitcoin if you don't remember last night went into the 16th I think almost 15. I want to say 15,700. Correct me in the comments. That was quite a dip Again, if those cpi numbers didn't come out, we would have seen huge gips We would have seen bitcoin. I think down to 13 12k Just guesswork So sam now comes out and says this is what he's got. I'm sorry That's a good way to start That's the biggest thing I f'd up. I should have done better I've been I've been communicating more very recently except for the tweet that I deleted that's uh, I mean they're there Transparing my hands were tied during the duration of the possible finance deal I wasn't particularly allowed to say much publicly, but of course it's on me And that's a that's the way to do it when you screw up. You say it's on me However, it doesn't really help too much when you got people who can't uh, take their funds out Here's an update This is and he puts this in bold and I Need to make this crystal clear. This is all about ftx international the non us exchange FTX us users are fine Treat all these numbers is rough and my question is this Why is it that? FTX us is not affected, but internationally it is I think there's probably some part of this. I'm I'm sure It it has to do with with how things are moved around and how the operation worked and how the essence or The procedures went by But I got to tell you I think that one of the reasons why that ftx us is up and running and ftx international isn't Is because in the us the regulation is so stringent and of course sam was a big donor to a lot of these Uh different politicians. I know some people say well, he's all democrat donor And he was one of the biggest donors to president biden. However, he's come on today. He's unreported. It doesn't matter What really matters here is that? I think what happened here is that ftx is like we got to stay on the straight and narrow We got to you know To the line because these guys are going to help us out And I think when people talk about they say we should never have regulation. We should have regulation We should have some regulation. I've talked about this on blue and the face. I just don't get it if it's The thing about the exchanges These guys have been screwing up left and right up and down sideways There is no reason why they shouldn't have a little bit of regulation come in and go Let me see your books. Are you guys doing what you're saying? You're doing are you misappropriating funds? Are you using the funds that that shouldn't be are they intermingling? What are exactly are you doing? I'm not talking about regulation for d5 products and things like that I'm just saying a little regulation would go a long way and I can see why this would probably Behoove us as retail To get the regulators in there A little bit and say let me see your books Are you baking the books pun intended? And what exactly are you doing? How are you working these things out because I I think the reason why us is Made it is because of like we got to stand on the straight and narrow same thing with every other exchange Now if you don't want to do that, you don't want to do that. That's that that's it's Regulation is going to happen whether you want it or not Okay, so would you rather have to be the voice in there? Would you rather be the person that says, you know, we like this we don't like this We're just like them to slap it on because this is what's happening And I'll get to what brian armstrong said in coinbase in a second So moving on No, I think my blood pressure went up FTX internationally currently has a total market value of assets and collateral higher than client deposits Let me say one more time FTX international currently has a total market value of assets forward slash collateral higher than client deposits The question I have is are they including the ftt token? Because if they if they are including their token for the ftx platform, then okay I see that but that is funny money. They made that out of thin air You cannot peg it To that now if it's something else who's like, okay, we bought a bunch of bitcoin or we have US dollars or we have treasuries and it's backed and and that's what it is And we have all the crypto gotcha But if you're gonna if it's if it really is the ftt at the ftx token is what's backing most of it That's not true. That is not cutting water But that's different from liquidity for delivery as you can tell from the state of withdrawal Okay, the full story here is one i'm fleshing out But it's a very high level i f'd up twice The first time a poor internal labeling of bank-related accounts meant that I always Substantially offer my sense of users margin. I thought I was way lower My his sense was this he thought that there was no leverage But their actual average was almost 2x and liquidity use was almost 1x sunday withdrawals because of this when it rains and pours We saw roughly 5 billion withdrawals on sunday lard is by huge marten. I gotta tell you when you're up at this level This high one small mistake one error One thing that you just take your eye out for a second screws everything up And uh, it just goes to show you that the people that you surround yourself with are what is going to raise you up Or what is going to crash you down? So pick the people that you hang out with and you listen to very wisely And so here we are which sucks and that's on me. I'm sorry anywhere right now My number of priorities by the users So right now we're spending the week doing everything we can to raise liquidity by shorting tether apparently and I'm just kidding I don't know if that's true. Don't sue me. I can't make any promises, but I'm going to try There are a number of players who we are on talks with letter of intense term sheets So that's good. Maybe instead of binance, which I think would have been the best option But they're still talking to some other people great. I don't know if that's going to go through every penny of that and of the existing collateral will go straight to users and Investors old and new and employees will have fought for what's right for their career and were responsible for any FFs on my part Any day I'm the CEO which meant that I was responsible. So what does this mean going forward? I'm not sure that depends on what happens over the next week But here's some things I know first and foremost Alameda research is wanting down trading That's good because there was a story by a wall street journal where it looks like ftx gave Billions of dollars to Alameda Alameda research was which is the investing arm and they blew it all They aren't doing any weird things. I see on twitter and nothing large at all Okay, and and one way or another soon. They won't be trading at ftx anymore The reason why is because they screwed up big time Second in any scenario which ftx continues operating its first priority will be radical transparency It probably always should have been giving giving as close to on-chain transparency as it can and uh yesterday That's what cz byance calls for he goes look We need to be more transparent and he put out a list of everything of the cold storage walls They haven't financed so everybody could verify it right now. So go take a look at cz by now I think I might have it coming up, but that is called transparency. So you can you can make sure it's there All the stakeholders will have a hard look at ftx But all the matters right now is we're trying to be right for customers pure their comments And this this gets pretty good in these next two This was about ftx international ftx us the us basic change that except americans was not financially impacted by this s show Again, I think it's because straight and narrow And they were the ones like we can't do any shenanigans here because the red goes Regulators will come down if regulators were already in there from everybody I don't think this would be an issue for a lot of places, especially voyager and celcius It's 100 liquid every user could withdraw update some future coming At some point I might have more to say about a particular sparring partner so to speak cz bynance But you know glass houses. So for now all I'll say is this well played you want Man that's got to suck to come out and go good jobs by cz for essentially Actually, I'm gonna take that back It wasn't cz bynance that that sunk Ftx ftx sunk ftx. Let's make that crystal clear. They were doing some things. They should have been doing They were doing loans. They were doing whatever plays that they were doing It wasn't an entity that That says something or does something per se If you are strong and you do the right things at the right time and you are prudent in your actions These things don't happen You will have some turbulence to be sure but you do not collapse So let's make that clear. It wasn't bynance. It was the things that were going on behind the scenes and I always want to say Right now. Thank you to everybody who was listening To a lot of people not just me and you follow the rules underneath Don't invest more. You can afford to lose where I say it's all gone 100 scams means everything in the scam until proven otherwise Don't leave anything on exchanges get that s off as fast as you can You can use exchanges. That's that's the on ramp and the off ramp. That's cool I mean, that's what they're there for but you don't have to leave it there use your ledgers use your tracers Heck even use your metamask wallets. I don't care Don't use leverage 1500 x is crazy and take profits along the way. That's what I've been doing And it's working out so far so far And that's what's going on Anyhow, let me know what you think about that in the comment section and now let's get to something Probably unpopular, but this is the truth This is brian armstrong CEO of coinbase and he says this FTX was an offshore exchange not regulated by the sec The problem is that the sec failed to create regulatory clarity here in the u.s. So American investors And 95% of trading activity went offshore punishing u.s companies for this Makes no sense again there is To me in my mind regulation and clarity kind of go hand in hand If they would just give us clarity like these are the things we'd like to see for the exchanges This is so you don't screw everybody you don't intermingle everything You don't take people's funds and then make these crazy ass loans and do something stupid We want to see that And we'll regulate that Also, we're going to tell you what a currency is What a commodity is and what is the security is and then you guys can come in there and do your thing You're there. It can be the cftc. You're going to be at the sec or the occ Man, it's like I'm back in the military all those mnemonics, but it's the same thing So again, brine is 100 right and of course brad Has to agree which he is right to brine is right to protect consumers We need regulatory guidance for companies that ensures trust and transparency There's a reason why most crypto trading is offshore Obviously companies have no guidance on how to comply here in the u.s. That's one of the reasons why Library just lost their case against sec because they didn't have any clarity. They did their ico and now here we are So again, i'm tired of this beating around the bush And the posturing from gary genzer from the sec and the cftc going back and forth I think it is a turf word. No, they say it's not just give us some clarity Tell us the rules so we can bend the rules very simple And speaking of my man gary This is tom emmerer front of the show husband father hockey fan and congressman from minnesota's sixth district and also a big proponent of Of cryptocurrency and he says interesting because gary genzer came on says i'm i'll be joining uh andrew sorkin on squawk box At 8 a.m To discuss recent developments in the crypto markets, which he was going to go there and posture and say hey, this is why we need uh regulation And he says interesting gary genzer runs the media while reports to my office Allegedly Alleged he was helping sam bakeman freed and ftx work on legal loopholes To obtain a regulatory monopoly We're looking into this. Maybe this is what? That's uh, bit boy was talking about when he was talking about i got some dirt on you sam Who knows? But that's the truth First of all wouldn't surprise me nothing surprises me, but if that is the truth gary's out sam's gonna go to jail For other things man. I can't say sam's gonna go jail. I don't know. I don't know that but sam might get a slap in the wrist You gotta understand it's it's different for rich people. It's just how it works And uh, we'll see what happens, but it's interesting that a congressman comes out and publicly announces This is what's going on. I don't think you could do that unless you have some Relevant evidence anyhow, that's what's happening. Let me know what you think about that and then I need to remind everybody about this we talked about this yesterday I need to make sure everybody knows is that there's a difference between the crappy centralized exchanges And the good crypto products that are out there, right? There was no double spend on bitcoin No reason to crash There was no hole in the actual projects or blockchain There was uh, no hiccups. There was no problems. There was no more rug pulls There was no big scams that I know of And the products themselves are just working in the background right now and they're doing the things they're doing the reason why The market is Collapsed yesterday or went I can't say collapsed it took a dip Just a just a just a wednesday Is because of the exchanges the products are quite Doing quite well actually and they're they're making some big strides and I applaud them for that And this came across as a comment. I had to I wanted to make Bring it up, which I thought was a pretty good point. This is from commander cronos And he says stop being so negative Uh Because I said well the this is what I said Well, crypto class of 2021. Here's the opportunity you wanted the mark will probably go lower So don't go all in right now which Bitcoin didn't go to 15 9 but it did bounce back up so Even if you bc8, I think you'd be okay and and commander cronos has stopped being so negative some of us think this is great We've been waiting for this moment because we didn't discover crypto until 2021 This is our first opportunity to buy and I thought about that. I go. That's true Now i'm not looking at it. I'm looking at the lens through someone who's coming in 2017 not 2021 so right now, maybe this is what everybody was waiting for and uh And this is a good thing. I mean I I think over time it's a good thing. I just wanted to bring this to your attention. So let me know what you think is this Is this your opportunity if you just got an earlier or in 2021 Is this the the thing you were waiting for or is this freak you out because if it doesn't freak you out And you're doing pretty good then you're way ahead of of my curve when I got in because in 2018 I was sharding bricks when uh when the markets Took a big dive. So interesting to see what you'll say there and then also The next part here Is two things I trust in solana because Friend of the show this thing up here. It's called open a crypto IRA People have been asking me a lot about I trust so I'll just address it right now. So The reason why LCS voyage or an FTX went down is because they got over leveraged They did some things they shouldn't have they were using the funds your funds are actually they were using our money I mean not FTX. I got everything off there a long time they were using our money to do loans to gain yield to Leveraged, I mean you name it the degenerate Happenings that were going on were rampant They were using our money, but I trust you know how I trust makes money It's very simple. They say I have a product here When you trade within that product, I'm going to charge you a fee And I'm going to be content with those fees And I'm going to build a business That's how it is the funds that you have in there and even in their terms and services You can take a look there is nothing in there that says we're going to be doing loans renew this It's all locked up in coin-based custody, which is the same place that's uh Micro strategy has all their crypto. So here's what we got I trust I trust capital software platform has no direct exposure to FTX It's named token FTT are online to research FTX not use a service provider And FTT coin is not investable asset and I trust cattle problem. That's true. They don't have that They have a lot of other things, but I mean and even they have staking for polka dot As brian Armstrong strong of coin based out of yesterday The situation appears to have been the result of business decisions leadership in the FTX Not a direct result of asset or token behavior I trust capital does not touch client funding. Let me say that again I trust capital does not touch client funding. We did not lend borrow or leverage Any client or company assets? We don't allow our partners to do so either our goal is always to help our clients and remain Committed I trust service software platform to allow for clients to ensure self-directed IRAs that contain alternate investments try to maintain and then the interim kevin maloney made a statement same things and Yeah, that's a good point Ranjanti says if my u.s. Government would let me put more than $7,000 a year in I trust capital I wouldn't have joined Celsius or Voyager. My retirement would be a much better. That's a damn truth So again, some people will say well Rob Doesn't that go against the ethos of crypto of not your Not your coins or not your keys not your crypto. It's true Because when you put it over there it goes into custody storage for With coinbase, so you don't control your keys anymore. So everybody I mean we made that pretty clear here for I trust However, I like to you know what else it is For the white paper it was supposed to be crypto Bitcoin supposed to be a currency It was supposed to help you build wealth and one of the things that is hard to build wealth Is when you get taxed up the wazoo by the government? So for me personally I am not I do not like to pay a ton of taxes And if I can put that into a retirement account Oh, and also I can only put $7,000 per year into that account because I then I max it out I won't lose my entire life savings if god forbid something happens So that's what's going on with I trust and it's true. So if you don't like those parts, don't use I trust however If you like the fact of No capital gains no taxes Then take a look at I trust and call those guys and that's what I do I haven't I still have my wrought IRA and you can take it out But there's there's tax implications. So just be aware of that and then lastly Ah Solana I don't get this Solana postpones Token unlock So we talked about yesterday how there was millions of Solana looked like they were going to be unlocked I think it was I fair the exact number, but there's a ton For the unlocked prospects, especially with Solana and the stake They were going to be able to unlock those Solana tokens and make it sell and as things were going down We thought that there would be a quite a big sell-off. However, if you look back here Uh, Solana's actually doing just fine. I mean Where'd it go? But but but 4.3 percent means down 40 for the week. Okay. You got me on that one But hey look at polygon up 30 for the week. Just just saying So Solana postpones token unlock amid double dip fears Developers unaffected. I know I don't know if this is 100 true. So you have to you have to fact check me Solana postpones taking unlock period for two days While Solana developers were still able to unlock and liquidate their sold tokens according to doctor profit crypto And he's got some on-chain data. I'm not for sure if this is 100 percent true Postponing the unlock also postpone the anticipated double dip giving time to Solana developers to unlock and liquidate their sold tokens from the current price If that's true, that's pretty bad. And if that's true, that's pretty centralized So it is what it is and that's what's going on and that's essentially what's happening today In the crypto market and lastly, I will just say this is that if you had a rough week Which I think most of us have right We're going to do if you're here in the Puerto Rico or San Juan area We're going to do a meetup tonight It's going to be I said five to eight, but I'm going to make it five thirty because the traffic's awful in that time And I said hey, who's up for drinking some beers needs some brisket. So meet me down at It's actually called taste of smoke but it's the San Juan smokehouse and What I'll do Let's see what I'll do Is I'll put this tweet if you don't Let's see Meet up tonight There's a link to the tweet so you can find the the smokehouse and you can meet up there And talk and it's this the only thing we're going to do is I just thought this would be like the perfect time because Everybody's having a pretty crappy week although If you really zoom out of it about what's going on Is it that bad? I mean, isn't this kind of like what we this is what I thought was going to happen I thought we'd see more pain moving into Uh 2023 I thought we'd have a little bit of a of a little bit of a pump after midterms And it looked like that happened a little bit, but the cpi numbers were a gift I'll be honest with you 2023. I don't see much better I think there's a recession coming and I think the market will be very choppy for a while But again as we always talk about in the four year cycles very simple I mean things are kind of lining up could be wrong, but I think that's uh Things will be just fine over time and to me. I feel like This just gives me more time to accumulate. I mean imagine another year or so two years of accumulation And getting into prices that are just Pretty nice. I'll take it anyhow That's what we have for today. Look That will conclude everything we talked about today for the news If you want to stick around we'll do a little Q&A and I'll answer all your burning questions the best my abilities, but if not get out of here Thanks for stopping by I do appreciate you and that is it for today So remember like and subscribe before on your way out. That'd be uh, that would really help out with