 Everybody welcome digital asset news. My name is Robin today We got a lot of things to go over so let's just jump right in the first thing We want to talk about his FTX and things are going on The only what it comes down to is just contagion then we're going to talk about chapter 11 They're also going to take a look at just how much this is actually spread and how fast it's actually moving And then we'll get into some good news for you and we'll do all that in a quick Simplistic way also just so you know right now it is within the next 30 minutes We're going to do the DCA show over on Ben's channel. That's into the crypto verse So I put his link in the description below So what we're going to do is just going to talk about the news today And then you can find the link to the DCA show with me James from invest answers and Ben from into the crypto verse and we'll do the Q&A over there. So first things first First things first actually is this happy veterans day and Thanks everybody who has served. I want to say thank you ladies and gentlemen People that I put in the time to do their service to their country and I want to say I appreciate you I was in myself For eight years or so and I just want to say thank you and not to forget The bigger things that are out there. Yes, of course, this is an awful situation that we're in. Yes There's gonna it's probably gonna get a little bit worse But let's make sure that we recognize the things that are the big things that we should actually pay attention to So thank you everyone who has served now then this would be the big story and We're gonna talk about this on on Ben's channel In a little bit, but I wanted just to give some context back there About what's going on and the contagion because it's a condensed version. So What we're taking a look at here, this is Squawk box and we've got Anthony scaramucci the mooch as he comes on and talks about What happened as you may remember? Anthony scaramucci and skybridge capital a little bit of issues Coming up to this bear market and what they did was they went into a small agreement with FTX And I'm gonna let Anthony tell you exactly what happened here because if you Mean if we think about what's going on This is this is pretty rough for everybody and it's gonna spread out even further. So we know that there's some other Exchange is going down and I think it doesn't just just stop there There's a wide swath of things that are going to be impacted. So just take a listen This is about three minutes or so and then we'll jump back. So take a listen She skybridge capital founder CNBC contributor and somebody who had sold part of his business To San Bankman freed Anthony. It's great to see you, sir Well, I would say it's good to be here But it's a you know concerning day Andrew And there's a lot of the stress in the markets and a lot of my friends They did the worst week in crypto in cryptocurrency history Well, let's talk about that and let's talk about the the ramifications of it But first on a very personal basis you spent some time with Sam recently. What happened? Well, you know, unless I spent a lot of time with him actually we we traveled to the Middle East. This is before These revelations were exposed We were embarking upon helping him fundraise. He had you know, he had purchased 30 of my business And so as good citizens we were we were trying to help them around the world when the crisis hit over the weekend I made a unilateral decision to fly down to the Bahamas on Tuesday In the spirit of helping and so you caught what Brian was saying there The original idea was this is a rescue finance situation And could we somehow help which would obviously help the entire industry? And then when I got to the Bahamas it became clear at least from some of the people that worked on the legal team And the compliance team that perhaps there was more going on Than it being a rescue situation So when I left the Bahamas in the afternoon, I was actually distressed I don't want to call it fraud at this moment because that's actually a legal term And none of us know and we have to leave it up to the regulators We also have to give people everybody a presumption of innocence But I have to tell you I'm distressed about it I don't like it for the industry and I would implore sam and his family. He has two wonderful parents Joe bankman and Barbara freed I would implore them to tell the truth to their investors Get to the bottom of it stop 22 tweets But get there and forget themselves in front of a regulator and explain exactly what happened And if there was fraud let's clean it up to the extent possible And repair the accounts at ftx for myself. I'll be working on buying back my equity And restoring that the good news for skybridge investors. We had no assets on custody there We thought that was a potential conflict of interest and so we were saved that way But the bad news is and I and I'll say this very candidly to everybody I liked and like and trusted sam And that violation of trust didn't go just to me but 20 plus venture capitalists People around the world that trusted the brand and trusted the technology And if there's something seriously wrong there Which it looks likely that that's the case in drew I would recommend to the family members and sam himself Get to a regulator and disclose everything And that's your moral imperative if you're a believer in quote-unquote effective altruism You've done damage to this industry. You've done damage to the people in this industry And the account holders that trusted you so enough is enough Uh, don't let a charade go on speak candidly directly and honestly So that we can clean Okay So there you go. So that's a tough one. So Annie scaramucci Another show really nice guy. I had no problems. You know Love to have him back on but when he talks about here, he says look he goes we can There is this thing called trust Commodity is a trust you can't buy and it takes your entire lifetime to build your reputation only seconds to destroy it And now here we are unfortunately with what's happening here with uh with anthony And skybridge, I mean he sold a big chunk of his he sold a third of his company to ftx ftx goes under And now he has to scramble to find that money back now I'm not saying he's scrambling or not scrambling I'm just saying that this is the contagion that we're seeing and he also talked about 20 venture capitalists 20 vcs That were in there and of course all their money is gone gone gone gone So I don't think we should be celebrating that and I think it's uh, it's it's a plurable and it's a it's a problem that we're having and if and Just to be blunt. This is going to set us back years. I believe If not months years For the trust because these exchanges Unfortunately represented crypto and that's not what crypto is Unfortunately, it is it is self control. It is the ability to be your own bank essentially It is the ability to get out of the system and unfortunately the exchange is hijacked everything I want you to remember one thing We talked about this last three days Has there been any other any other problem with any project that you know of as far as crypto digital assets The whole problem comes from greed A lack of oversight And a problem with the people that are running the show as far as the on and off ramps That is the bigger difference There's nothing to say that other things have have been Collapsing as far as the projects no double spend for for bitcoin It's doing is a its job Actually, we're going to take a look at a good story coming up and all the things that are going on The problem is the exchanges and the problem is the people and the problem is the greed So let me know what you think about in the comments section and then also just to Talk about the problems that are going on as far as contagion Looks like Block flies going down. So this was from a guy from coin bureau. He just sent this out and I got this letter From a lot of different people sent it to me says we are shocked and dismayed by the news regarding ftx and alameda We like the rest rule found out by that situation through twitter That's awful. Given the lack of clarity and the status of ftx ftx and alameda We are not able to operate business as usual Our priority has been and we'll continue to be able to protect our clients tell us for the clarity We're limiting platform activity including pausing client withdrawals. So now they're just saying well, you know, it's this But really what it comes down to is contagion and then oh and one more thing I wanted to to bring this up make this crystal clear and that is that uh, don't beat yourself up If if you say to yourself, man, I should have done my research. I should have done more due diligence I should have done trust me Anthony scaramucci and skybridge capitol did a Lacious amount of due diligence. They just got screwed and uh, like he talked about he goes I'm not going to say fraud because that is a legal term But he's leaning towards fraud And the same thing can be said about kevin oliri and we talked about this yesterday, you know from Mr. Wonderful, you don't think that he did his due diligence and the people that are around him They don't think they did their own research. So don't beat yourself up For something that you thought was the greatest thing of all time and ftx was getting great We got we got rug pull. We got scam. That's just what it is. However, there is one thing I need to make mention again The rules underneath me the rules the rules the rules Never invest more. You can afford to lose. It's all gone. Everything's a scam and self-prime otherwise Don't leave anything on exchanges put it into cold storage or if you don't have a ledger or a tracer at least put it into a hot storage like a metamask wallet or The third party wallets for the different projects that are out there I mean, I know like near protocol and slana. They have their own wallets. Just at least use those Don't use leverage and take profits along the way. That's the big thing And I need you guys that are here who are you are not Tourists I need you to help me moving forward to teach these lessons the people are going to come in So I don't know if we're going to get regulation. So we got to be the brother's keeper for everybody who comes in and like, hey Whatever comes about There's going to be other scams is going to be other exchanges going to be other things and there's going to be all these different things That's like, this is the the next great thing. We have to remind people of what just happened this year Going forward. So I don't get screwed like we've been screwed. So let me know how you think about that and then Lastly Maybe not lastly ftx just officially Filed for chapter 11. So welcome to the club You're in an elite group of chapter 11 and crypto exchanges welcome to The Celsius and the voyagers of chapter 11 and is that amazing ftx was one of the big ones Sam was going to be the next Warren Buffett. Now here we go. And then also I just on a quick note These chapter 11's aren't going to do pretty well Celsius just filed a motion yesterday Requesting approval to extend the exclusivity period in our class It's a period where Celsius has the exclusive right to submit a plan of reorganization Look, they went into chapter 11 in june Let me do some quick math So that's like four months if you don't have a plan by now that ain't happening So you can do the exclusivity here for Celsius But all they're doing is they're they're sucking away your funds and my funds to pay the people within there and also Paying a bunch of lawyers. So chapter 11 really is awful and hopefully They get out of it, but I don't see a way out Anytime soon. I think the best bet is With Simon Dixon and I'll be interviewing him in three hours as a matter of fact So if you got questions for him, put those in the description below and then On top of this I will say if you're on this channel, you know my rules These are the rules that I have you can you can follow them or not. It's okay I mean, I'm not your dad. I'm not I'm not a financial advisor But it just astounds me still how many people are losing out if this was from uh, will Clemente uh co-founder Reflexitivi res And he says probably speak for everyone when I say I know several people who lost everything on fcx I'm like really how the hell did that happen? I mean they gave you a heads up You know, I mean Dylan He's Dylan Sinclair buddies Pretty much put it out there and said hey, they are in solvent And this was four or five days ago. This is the beginning of the week And he says I know certainly lost everything on ftx and some employees that have lost their equity And now have taken a reputational hit as well very tart dark times for our industry It didn't have to be like that And then also on top of that this is from uh, satoshi stacker Got a great website or got a great youtube channel So there's about 85 million have been transferred from nexo to finance the last 20 hours get your funds out I don't know why you would 85 million seems like a quite a bit of money But these are obviously institutions not an individual or maybe it is I don't know somebody's got that but He says get your funds out But in all honesty if you've got millions and millions in your institution I don't know why didn't go to that but it is what it is and uh So again, if the if the whales are doing it it might behoove you to either put it on a safe They say it's a safe exchange, but I'm just here to tell you nothing's safe right now, right? Thank god we have cold storage devices and that's uh the big news and then lastly That is a friend of the show gary games. I know gary watches It's every every thank you gary for watching liking subscribing But uh, he had a video only put out and the regulations are coming And the reason they're coming is because of everything that's just going been gone wrong And remember that these bad actors they're not going to stop They're not going to and the people want to stick with the status quo or the people that are getting filthy rich off of this So you understand that you know all the things that are happening will understand that and we'll know But we can only get a hold of so many people right so as time moves on Other people are going to get screwed that could come in and then just a big cycle and we'll never get out of the kiddie pool It's just how it is It just I don't know to me. This is the one thing that frustrates me about Regulation and clarity you can call whatever you want to and really I should just call it clarity but I did a poll And I asked the question And I said hey who what needs regulation and crypto what needs regulation and crypto and I asked the question Is it crypto exchanges crypto projects? Nothing needs regulation and everything And so far you can see that I don't know about everything. I don't think everything needs regulation d5. Good luck with that You're not going to regulate that. You know crypto projects 1.3. Yeah, I see through that And nothing needs regulation was 10 and then So far we've got around 1500 votes. We also did the same thing on youtube and now we're sitting at 3500 votes pretty much the same thing so I know in the comments the people that are the most vocal that are anti-regulation are the ones that are the loudest But I think there's a silent majority who's like i'm sick of this crap Let's just get this over with We know it's going to be regulation is going to suck But let's just do this so we can move forward and go from there I mean the only the only other alternative I can think of personally is just straight up hardcore education and talking to people about You know, hey, this is why we use bitcoins. There's no there's no third party There's no middleman and you can be your own bank and you can transfer everything around the globe if you want to It's just fine. You don't need anything. You're responsible. It's great I that's why I set up danteachescrypto.com 100 free website and I show everybody how to work a ledger What a uh a private key what a public key is how to transfer things and the whole principles I made it free. It will always be free so people can go there and Check it out and have it all just spoon fed to them and bite sized pieces That was the point So let me know what you think about These things if you are for regulation and against and why are you for regulation? And if you are and if you're not for regulation, tell me the alternative. Tell me Tell me how we do this And there's a fine line between regulation and clarity. I still think we need clarity What what is a cryptocurrency? What is a currency? What is a commodity? What is a Security that's about it. And then lastly, let's talk about some good news First of all class of 2021 Congratulations, you are probably officially This is the hardest Cycle for crypto investors. I've seen to date So my hat's off to you if you're still here Twice in the veins for sure But uh where there is a massive collapse there is massive opportunity And i'm gonna tell you that we're gonna go to the moon anytime soon I see this is a multi-year problem and it's gonna take If you're an investor Again, the rules I have don't invest more. You can afford to lose all those things It's gonna take some time But I think that there is a payoff towards the end but make no mistake It ain't easy, baby, and it's gonna be tough going. However I think I just lost my voice. Maybe i'm hitting puberty This was a good one oil and gas industry giant That makes their foray into bitcoin mining industry. I think this is important because of two reasons esg Which I think is a scam. Anyhow And also Just about dropping the cost for miners, which I think is going to be good. This is what's happening So shell, I don't know if you've heard of them pretty big in the oil industry The company signed a two-year sponsorship with bitcoin ink in bitcoin magazine for the bitcoin conference. That's not the big story That's just small small potatoes Darren Gonzalez us immersion cooling lead at shell lubricants stated Hey as part of an integrated energy solution shell immersion cooling fluid s5x I don't know what that is Is designed to reduce energy costs and emissions through its high cooling efficiency flow behavior and excellent thermodynamic properties Shell highlight that their new solution could potentially cut down energy costs and carbon footprints Of bitcoin mining up to 48 percent. So essentially if you ever seen the motherboards and people who are big into Overclocking computers and and gaming. You'll see them. Sometimes they will immerse those motherboards into Some type of coolant to keep things cool keeps the energy costs down Well shell has their own division and they're like, hey, we got this great product for you We'd like to go into business with you and that Is essentially what brings us into a little bit more mainstream. So that's it. That's what we got for the news day not all Not all awful, but just remember The exchanges are the ones that screwed us, right? So look at the projects that are building right now They're doing great things that are not having problems and just continue to trudge along those the next great ones However, we just got to get through this nonsense So that concludes today for the news before you take off just know again that will be on uh, ben's channel And there's a link in the description Ben always gives the links late because he uses, uh, I think he uses zoom But uh, we'll go over there. I'll answer some questions right now just to kill some time. But we start at, uh Two wall in eight minutes. So the next, uh, four or five minutes I'll answer all your questions the best my abilities. But uh, if you want to just head over to ben's Uh site or ben's youtube channel You can do a search Or I can just be nice and Put it in the comments there you go All right, and there's also an inscription and I mean it's over there This ought to be good need james and ben on this one. Ah, this is going to be a great one All right, that's it Now let's uh, I'll do a little q&a And as you may notice my voice a little bit hoarse. We did a meet-up last night at uh, san one smokehouse great place Good briskets Pretty good beers and stuff It was a great time me and everybody who's uh, who's here And trudging through the bear market excellent met a couple of georges I met uh, uh, no meme As husband and uh, it was great good times a lot of good people All right Let's see beardies here Sbf for prison I don't know It's it's amazing how things work when you're super rich, you know It's like, you know, don't don't sell an ounce of marijuana We're gonna throw you into jail for 30 years But if you you know screw over people for billions of dollars and but you have billions of dollars Seems like everybody Sweeps on the road. It's amazing to me. Yeah, man. It was pretty fun. Good times Tesla see you see over there Is a dca and ben channel it's dca and ben channel. Yep. Yes. Yes, it is So if you go over there, uh, again links in the description, I also put in the chats He could find him. Well, you know, I was talking to steven last night. He's the owner of a smokehouse About solana and he was I mean he does a lot of defi things. I don't do that that much stuff with it He goes look he goes He goes I've been using solana for for quite some time. He goes. It's awesome. It's fast. It works Nothing really drops off and he goes it's cheap I'm like, wow Makes a lot of sense actually So, I mean those are the things that we're doing now if you don't like the whole part about the centralization versus decentralization And what is the centralized and and the different hiccups that they've had on the on the network Gotcha, right but so far nothing's perfect. That's all I'll say It is a nice shirt. Thank you Uh, oh, this was a good one Mark says spf will not see any jail time. He was working with ginsor to collapse the industry So no competition for digital dollar. They almost sucked finance in kill two things one, you know, what else I learned Um sam's parents either his dad or his mom. I'm pretty sure his dad worked at mit And he also knew Gary ginsor, which was a kind of a weird situation Also, his mom is uh, pretty heavily into, uh, fundraising for politics It's amazing how that worked out and then all of a sudden became a billionaire just saying Tin foil happened. It's a lot of coincidences there And run lawyers a new fdxco Iran or enron Yeah, maybe um bloomberg Bloomberg lists sandbake ones frauds It's funny. It's a good one Dennis as uh, three dollars my network is hard on the spf. So the times we live in it's amazing, right? Go from I know but then the whole point was to bring everybody over. Uh, let's see. I'll be over there in a minute No offense. We've seen hungover. How dare you? How dare you? I gotta tell you it's very hot here dehydrate. I think I'm more dehydrated than anything else And let's see Down time SPF one scene in jail time. All right, buddy. So that's it. That's it for today. I got to go over there So everybody I want you guys to come over to uh, to ben's channel and let's really hash this out Ben's got some great points james got some excellent things to talk about And then we can answer all your questions to the best of our ability. So jump over there. See you in a bit audios