 Well, Michelle asset news my name is Rob and usually we don't do a live stream during the week But I thought today we mix it up a little bit especially with what's going on in the market What I'm talking about is if you don't check your portfolio 20 times a day You might not have noticed that there was a little bit of a pullback now I'm be very careful in what I say and how I said I want to say it's a crash I don't want to say it's a dip. We're gonna say call it a pullback. Whatever you want to call It's we're in the red today bitcoins down at there was down everything's down You know in the last 24 hours and some are down. I mean precipitously there We have some some pretty big not like file coins down 6% who apto 7% over the week It's looking even worse 20% for fuck my holy smokes 14% for Shiva, you know and so on and so forth so the big question is why why is this going on and I Mean we can make guesstimations we can check to see what's happening But in all honesty, there's there are things that could lead us to why this is happening But in all honesty, I sometimes I just think it's just whales who just use this as an excuse to take some profits And then just move on move about their business, but if you have to look at one thing I suppose that is something we talked about yesterday. This was a video. We did it was a very short video yesterday It was about eight minutes long. We talked about How coinbase had come out and said look your funds are safe Well, we got this problem with Silvergate and Silvergate Is this bank that is being used by a lot of the centralized exchanges? Mostly for custody accounts and things like that and it looks like they're becoming insolvent and the reason why they're coming in Solvent is because of their association with FTX again. I never thought contagion Would just stop with all the little things that were going on a couple of months ago I always thought there'd be more contagion as time goes on and that's what's happening. So again, we cover this yesterday But this is a recap. This just come out came out yesterday as well later in the night but it says crypto industry distance itself from Silvergate as bank collapses and You know taking a look at this you might just be like well, is this really that awful? Yeah depends on on who you're asking but As far as like the players that are involved He got coinbase Paxos Galaxial Jim and I bit stamp crypto common circle Each issues they've been saying they have cut ties with Silvergate and this is another thing another concern micro strategy I guess they have a somewhat. I don't know how big of a loan it is But they've addressed concerns for its Silvergate loan in the event the bank faces insolvency. So Micro strategy involved again contagion. It's just kind of spreads its ugly tentacles and Attracts to everybody and the and here's one of the reasons why or one of the things that are going on that people may make this assumption Silvergate gave notice late Wednesday night after the stock market closed Of course that it won't meet a March 16th extension to file its annual report and Cast down on its ability to continue as a going concern over the next 12 months Basically, what it's saying is like look we thought we had it and we thought we're gonna make it but probably not So if you can't come out with your annual report on time, especially if you're a public trader company You got problems and that I think could Leap lend its way into the crypto market like we just seen and what happens Well, when there's that much uncertainty what gets happens what happens people panic or Whales sell and they use this as a as a as a prime reason just go. Oh, yeah, it's something else, you know, just this is the reason but When the price goes down you got to see a lot of liquidations and unfortunately You know shorts got got wrecked not too long ago. I mean you could see over here Wow and January 13th, you had almost 500 have a billion dollars of shorts were Wrecked and now it's the longs that get to play that game and they had Around 210 million of the longs were liquidated in a very short amount of time and people just get wiped away That's why I'm not a big Fan of that type of trading. I don't really trade too much, but that's for you. That's all you I mean, I'm not that guy and when we take a look at this the question then becomes well How long is it gonna go on? Who knows me personally? I gotta tell you I'm actually kind of ecstatic this is happening because I've been dollar-cost averaging I switched over from micro DCA to full dollar-cost averaging and when I see these types of days I'm like, oh, thank goodness because hopefully we can go down and I can start to accumulate at cheaper prices and That also leads me to this which is the question then becomes is like well, how long and this is this is Ben's Time and risk bands and I like to take a look at this just to remind myself of just when the times are That we are in some some time frames of when it gets risky because you would think like today We'd be you know more of a risk level because we're down 4% almost 7% in the 7-day Time frame, but if you take a look at time and risk bands and again, this is just the percentage of time that we're in like Precarious position right now bitcoin is currently in the 0.3 to 0.4 risk band That's this 25% of time. This is where it's at So I know when people say, ah, there's a bit of a pullback and this is you know being bad This is awful in all honesty. We're in the same boring range that we've been me personally when I take a look at this I'm looking for risk band time frames like this 0.1 to 0.2 or even 0.0 to 0.1 only 3% of the time in bitcoins existence Has it been in this risk band? Also, if I really want to drill it down and this is when I want to actually buy You know when it starts to get down to these ranges, I start to increase my dollar cost averaging Dynamic dca and when it goes over here When you're in the 0.7 when you get super risky, that's when I think about selling It's not rocket science. I mean just one of those indicators to take a look at so again That's potentially the reason of why we are seeing this little bit of a sell-off a pullback Whatever you want to call it and to me it's just a friday quite honestly So I'm gonna just think about that in the comment section That's the reason I think some people will flip out and some people who have been here for quite some time if you're here You've probably been here for quite some time. So not a big deal And I'll just think about that in the comment section and then let's finish up With a couple of good news. Well good points. I would say first of all sweat coin Uh, you know, I talk about this a lot because I'm biased and I own them. I own a lot of it so I was kind of surprised because sweat coins. It's a it's a It's a move to earn platform and we did a deep dive over on the secondary channel at dan d gen You can check it out. It's for the more risky plays But I didn't think it was gonna happen But the the sweat coin app which is depending on what where you look at It's either number one or number five of all Of the lifestyle and fitness apps. It's the number one or number five. It's like 200 million plus downloads And it went to web three and within two months it had 20 million Wallet downloads for the crypto wallet itself because it's uh, I think it's a good product but They avoided the us for obvious reasons gary genzler and the sec And they just put this out Yesterday on september 12th sweat and sweat wallet will be available to us users. What does that mean? This marks the one year anniversary on this date us residents, which you know on this show I'm one of those you probably are in my steps challenge and What it means is that the sweat coin that you accumulated which were just Coins were just tokens. You couldn't do swat with them. You could buy like little things on the app On september 12th You're going to be able to use those coins to sell them for whatever other crypto or if you want to get in a fiat You can do that on september 12th on this date us residents will be able to use a sweat wallet To receive their allocation of sweat in proportion to their current sweat coin holdings And start earning more tokens for their steps right away. So again, I'm kind of shocked This is actually going through And uh, I'll have the sweat coin team on I think that's a good news And maybe they know something we don't as far as regulatory issues and then speaking of regulatory issues Voyager just real quick I don't know what the sec is doing and we're going to talk about a story real quick about how the sec chair Gary Thinks that's all the all the crypto exchanges are unqualified custodians, but this wasn't was what happens Yesterday Uh, Voyager, if you don't remember went into bankruptcy and then they were going to get bought up by ftx ftx collapsed And now finance us is is trying to do the deal which would give the people 70 percent back Of what they had on the platform and now out of nowhere The sec shows up at the hearing one of the lawyers and says hey This can't go through because we think that vgx token is a security. That's to what happened So this is what this is what it is Voyager bankruptcy judge says he's absolutely shocked By sec objection to the finance us deal So what they're saying is like if you have a voyager and I don't care if you have or not I mean if you think about this imagine the sec coming and going hey You know, it's great that you're trying to make everybody whole at least 70 percent But we don't want you to do that. Here's what's happening US bankruptcy court judge michael wiles appeared skeptical attempt by the sec to stop a purchase by finance us The securities regulator said the one billion dollar deal should be blocked because voyager's token could constitute an unregistered security And this was a judge said to the sec council goes you're gonna come here and you're gonna tell me That I should stop everybody in their tracks because you might not that they have an issue But you might have an issue and he states this is verbatim. It's kind of a weird objection He said he was absolutely shocked saying it was it was asking you voyager to to prove a negative meaning They have to prove that it's a security with little guidance from the regulator Judge says I got the feeling this objection has been made as kind of a cover So you can say we've raised the issues. You haven't really done anything. I didn't know the specifics So the sec council william up to grove said That creditors had not been sufficiently warned of regulatory risks But the client take a definitive position whether vgx was a security. So again, they're trying to stop this because they think Hey, hey, wait, wait, this is a cure. You can't do this amazing How the the sec operates, but they give no guidance and on a side note Little entertainment here for you. This is from vgx heroes and there was a There was a creditor He was at this hearing yesterday And at no limit all ski and you can follow him at no limit all ski and uh, he got ejected And barred from further proceedings After he stood up and he called judge while as a fraud And all the lawyers were criminals robbing creditors in plain sight. Now, that's the tone down version I can't tell you exactly what he said But this person just stood up in the court and was like you guys are crooks You're a piece of dad and I can't believe this blah blah blah is going on and of course he got he got ejected I just thought it was a fast thing that people Will we'll go to these these limits because I can understand everybody's got their limits I'm reaching mine, but uh, I gotta tell you I followed him just for that. So Let me think about that in the comments I think it's interesting the sec and people are losing their patience which I can totally understand and lastly sec again and I thought this this one was interesting and the reason why is because Maybe Gary's right in this one. I know this is hard to think but listen to this So the sec chair implies that crypto exchanges may not be qualified custodians as a new rule is drafted And really it comes down to this. This is the stuff you're gonna see The round table show. I don't know who they are, but sure And this is the title us sec chief chair gary gambler says crypto exchanges are not qualified custodians Foreign investors assets saying They can't be relied upon must be highly scrutinized calls for congress to grant changes the custody rule If you read it just like that you're like That's so be I can't believe you said it I get it because when I read that I'm like well Here he goes gary, which is what we just talked about in the last one However, this is what he wants He states just because a crypto trading platform claims to be a qualified custodian doesn't mean that it is When these platforms fail fdx celsius Voyager block five investors assets often become property of the failed company And are prone to clawbacks Leaving investors in the line of the bankruptcy court And here's what he wants To be a qualified custodian Just to be a qualified custodian are the on this new rule a firm would need to ensure that all assets are properly segregated Meaning not commingled. Does that make sense to you? Is that reasonable? You have to submit to annual audits from public accounts You know like things we've been talking about Merkle tree audits and uh, which is open to public and also proof of reserves and proof of liabilities And undertake other transparency measures I don't know what that means because they didn't really go into details, but let me ask you a question real quick Let's just say for example brian armstrong And seize you binance come out and they say, you know what we want to do guys We want to make this more transparent because we know there's been some problems and what we're going to do Is we're going to update our terms of service and it's going to specifically say that that we're going to ensure That all assets are properly segregated And we're going to make it very simple for you to see also We're going to submit to annual audits from public accounts And we're going to let you guys see that we can do the merkle tree approvers There's proof of liabilities But also we're going to add another layer As outside third party accounts are going to come in and they're going to do their audit And also We're going to do some other transparency measures to make sure that you feel comfortable with what we're doing to make Sure that the junk that happened with the ftx celsius and voyagers will not happen again Would that be okay with you? If brian armstrong And seize you binance came out did a joints press conference and said that Now flip that around And now it's gary gemtzer that said that The question then is the last question i'll say is this is Is it just a narrative or some of these things right? I don't know let me just think about that in the comments, but that is it for today So look, we hey we did pretty good 15 minutes on a live stream Didn't ramble too much and that is it for today So look we'll do the q&a i'll answer all your questions. That was everybody's favorite part I I can totally get with you on that also if in the Puerto Rico area on sunday We're going to do a meet-up. We walk shelter dogs at amigos de los animales Follow me on twitter and we do that every sunday morning 8 a.m Walk them on the boardwalk on the beach Something good to do We talk crypto. I treat everybody to breakfast afterwards and that's it So look like this video thumbs up subscribe all that good stuff now. Let's get into the fun times, which is qi All right, let's do this. So let's see