 Great, let me just ask that news to get top stories and crypto right amount of bite-sized pieces today Just the thumbnail the title suggest we're going to take a look at a whistleblower or multiple whistleblowers talking about how certain specific government agency is Suppressing the banks working with crypto related companies That'll be our main story for today But of course we'll look at the markets take a look at some charts from looking at Bitcoin Which shows a pretty good accumulation They're going to take a look at some macro events as there's a major Housing market issue not here in the United States, but but elsewhere and also take a look at more layoffs caused by Three-arrow's capital take a look at how Coinbase is going to profit big time on the Ethereum merge and when that's going to happen And also some misconceptions about the Ethereum merge And lastly we'll take a look at a sweat coin as they roll out more public Information and I'm going to tell you exactly How much I got into sweat coin as I paid them to be a part of the project So we'll go over all those things but first take a look at what's going on into the market So today what is it 17th full 45, Texas time and Yeah, kind of just chopping sideways. Nothing too fantastic Bitcoin's down a little bit. There aims down a little bit I think a theorem will rally going into the merge But I don't expect it to last big time after that But who knows it could drop precipitously and do the exact opposite way say that's why I just dollar-cost average And that's pretty much across the board nothing's up too big XRPs up percent, you know something to write home about Congratulations, that's pretty much it and then of course, we're down Which means of course, you know traditional markets are down a little bit S&Ps down NASDAQ's down a little bit and so so far We've been pretty correlated with bits and bouts of here and not being so much Also, what I like to do is just take a look at some charts My favorite ones are looking at Bitcoin because they are high quality charts and it's a website It's a hundred percent free and I even put it in the the link in the description But it's very simple look into Bitcoin.com you can find it right there And there's gonna be three we're gonna take a look at one is the two-year MA multiplier It's very simple. All it does is it just takes a two-year moving average Which is in the green right here and then it takes a two-year moving average times five and that's the red line And also just say it states is look once it goes above the red That's a good time to think about selling and once it go below the green That's a good time to probably accumulate and you can see there's not that many chances when you've had a chance to really accumulate Right here in 2019 right here back in 2015 and oh look Exactly right now is not a bad idea to accumulate. Does that mean that we can't go lower? Of course. It's crypto Who knows they could go down to 10k tomorrow? I have no idea But I think in the next two three five years you might be happy if you accumulate enough financial advice It's not a financial advisor, but also take a look a logarithmic regression the Bitcoin price chart indicator I like this one because it's colorful and it's simple to look at the big thing I also want to make mention of is that is of course as It scales down we can see just tells us the very bottom is just called the fire sale Territory and we've been in that sense around June on June 13th or so and we just upgraded barely From fire sale to buy the next one is accumulate and then after that still cheap hodl Is this a bubble FOMO intensifies? Da da da and of course this is where you want to sell off So right now still a good time looks like as far as what the charts will tell us and then also the well multiple which is basically just Bitcoin miners selling off and It's calculated by dividing the daily issuance value of bitcoins by the 365 day moving average And it just takes a look at the supply try to the supply side of the Bitcoin economy And we can still see right here that it's I love these charts are so simple Down here was a good time to accumulate we've we've gone above that but still not a bad time But we're still in that territory where it looks pretty good. So that's what's going on in the markets and the charts Let me just think about that in the comment section. Let's move into the day story. This one's interesting. I This came across my desk and it's a it's a pretty lengthy article From market watch whistleblowers accused FDIC of stifling crypto companies access to banks But I'm just gonna skip that and just go right to the letter. So what this is is the whole article from this is Based on senator Pat Toomey's letter to director Gruenberg Who is the head of the FDIC and this was August 16th? Yeah, so just yesterday. Wow pretty fast and Here's what he says and it's it's interesting because it talks about whistleblowers and what they are doing or excuse me Lack of doing and I found this just to be par for the course of what's going on and in Crypto world and banks and traditional finance working together. It's not so Dear director Gruenberg, this is again from senator Pat Toomey It's come to my attention that the federal the deposit insurance corporation FDIC may be improperly Taking action to deter banks from doing business with lawful Crypto related companies my office has received information from effective parties and protect a whistleblower communications Alleging the FDIC is taking such actions Even though the FDIC has not determined that these companies are providing services that are unlawful or impermissible Given the FDIC is involvement under your leadership in the Obama administration's notorious operation choke point Which sought to coerce banks into denying services to legally yet politically disfavored businesses It's important to better understand the actions the FDIC is now taking in a legal basis for them Wow to me getting into the point FDIC this is what's been going on the FDIC original offices have been sending letters to multiple banks requesting that they refrain From expanding relationships with crypto related companies without providing any legal basis Whistleblowers reports have also alleged that the FDIC may be abusing its supervisory powers to deter banks From extending credit to crypto related companies FDIC headquarter employees have contacted FDIC original office bank examination staff To question their review of a loan made by a bank To a crypto related company and to urge them to downgrade Their classification alone. So not only are they telling the banks don't do business But the business that they have done with these crypto related companies are like Let me take a look at what you're doing what you're loaning and maybe you should downgrade that because We don't like what that's what's going on And then of course it goes into some other stuff and they ask some more questions But it just goes to show you that sometimes the legal process does work whistleblowers come in they say this is what's going on Senate takes action talks to the director of the FDIC Grunberg and says what are you doing? You can't do that. Tell me why you're doing that. We can move forward So again, is this the end all be all no, but I think it's the step in the right direction Just to let you know exactly what's going on as far as suppression of the crypto market So let me actually think about that in the comments. Sure. That'll be good later. I'm going to do the q&a. Let's jump into some macro and We know that the that the housing market is slowing down here in the United States I've got friends who are still in the real estate business and they say, yeah, you know, things are slowing down But we still have our tricks up our sleeve We can bring people in and say that's uh, you know buyers will help pay for the closing costs We can do certain upgrades and of course different contracts have fallen through because The interest rates have increased because of the the Fed but we're still moving houses and the buyers are still building houses just not as big as houses The most expensive but there's a bigger issue coming on not the United States And I hate to say this but i'm kind of happy that this is happening It's in china and I hate to say it like that because I don't wish this ill upon people but it's nice to see sometimes that That us isn't the only one that's screwing up So this is a tweet done some pretty good information from graham steven fellow youtuber and If if look if graham knows anything it's about it's about real estate now as far as the the macro stuff I can't uh Confirm most of this and of course you can you can help me out But the but the data that he shows looks pretty compelling. This is what he states Chinese Are obsessed and that's a that's a keyword obsessed With real estate and 70 percent of china's wealth is tied to real estate twice as high as the us reports are now emerging about real estate Ponzi schemes Mortgage boycotts and an unfolding banking crisis. I like I love this uh this this meme 2008 veterans In the housing crisis that happened here in the united states. That's exactly what happened real estate bubble defaults banking crisis You know the story. You know what's going to happen next And this is something I didn't know the shanghai composite which is similar to our s&p 500 has not yet recovered from its 2008 peak Despite china's gdp Growing by nearly three times since then and we can see right here If this is the the shanghai composite It peaked in 2008 and it hasn't come back since now, of course nasdaq and s&p over here is As uh has dramatically rallied since then and just very interesting though that the stocks over there are not as big as What's uh, I guess some they claim to be and of course the increase of of gdp Give that a second He says for some context and how crazy the real estate market is in china the median home price in new york is around 10 times The median annual annual income, but in beijing this can be as high as 25 times The annual income look at this Chinese and us real estate shenzhen beijing This is Wow sale price per square meter is seven thousand dollars sweet joseph phoenix arizona 1400 st. Louis missouri $1400 seven thousand dollars Man, and that's look in california San Francisco california is five thousand wow And it's crazy ridiculous prices over there so This demand has led to ponzi schemes. I think we can appreciate that here in uh, the crypto verse as well Ponzi schemes were developers pre-sale homes, which are not even built use the pre-sale money to start more projects and then collect more pre-sales from new projects buyers started a mortgage buy boycott as the properties have not been completed And that's I think is some of the times when you see like those run the bank videos where people are throwing, uh And they can't at the banks and there's big riots in in china not everywhere, but in certain provinces The crisis spreads the banks as they had loaned out depositors money to developers who were now Defaulting on payments as frozen depositors or deposits mounted and protests erupted all over china investigations revealed critical systemic issues If anybody has been around since 2008 for the housing crisis, this is par for the course Reports suggest over four thousand customers have fallen victim to such activities That they know of now public trust in the banking system plummeted and the government stepped in to avoid bank runs and liquidity crunches it's like it's playing out again and The government has agreed to pay up to fifteen thousand dollars for lost deposits. I think that's a lot of money But whatever But only if the banks weren't involved in non-compliant transactions government strategy for over leveraged properties is to lend more money To finish them pretend that everything is fine And that's pretty much it's in a nutshell. So follow graham steven on twitter. I think I linked in the description, but uh this is just one more issue of like, um See I I have a flaw my flaws. I look too much at the united states and I don't look globally as much as I should when we see stories like this coming about and then There was another issue that came up in uh twitter early this morning where people Especially in italy and france and the uk Are commenting just how crazy ridiculous high Their their gas prices are not gas prices electricity prices are for their homes And I've seen it's like 4x 5x sometimes 10x in certain areas And if you want to find out more about that just follow me on twitter and uh, it wasn't just one post It was I asking people like you actually live in those areas like can you collaborate that corroborate? Yes This is exactly what's going on. Some people say it's like a 4x. Some people say it's an 8x It just depends but uh, I see some problems on the horizon Which would lead me to the next story Oh, I forgot about this goldman sacks Uh cuts china's 2022 gdp forecast at 3 from 3.3. That's shocker, but this one uh crypto broker genesis Cutting 20 of workforce as ceo michael morris and to me before yesterday I wouldn't really have cared about this story, but in plays into a video. We just did last night. This what's going on Genesis ceo michael morrow is stepping down as the company slashes One fifth 20 percent of its 260 person workforce following major losses tied To the collapse of three arrows capital genesis owned by digital currency group dcg is also the parent of coin desk Look for those to collapse. Maybe filed a 1.2 billion dollar claim against failed crypto hedge fund three arrows capital in july dcg assumed the claim associated with genesis um, even though they have 1.2 billion we did a video about this I I put this out last night. It's kind of late But uh, I made this video Just that hope that tells the whole three arrows capital story from start to finish Where zu and jeffreys came from I mean even back to their early days and college and the difference Jobs that they held and and how they got into the industry and and arbitrage and and uh some Some trading but really what they were doing is just borrowing from everybody and I know I've complained a lot about The different platforms, but I understand now Where they fell victim because and I'm not going to make excuses for anybody. It was a boneheaded move. Let's be honest But watch that video. It's about 30 minutes long But it goes from a to z everything that happened with three arrows capital and why these things happened And uh, it really just just come down to they were Barrowing from peter to pay paul and instead of putting up collateral what they were doing was promises was promising outrageous Amount of interest and they were paying it back From the next one and the next one the next one and we go were all that stuff. So Uh, that genesis capital we just talked about They said it was 1.2 billion dollars that they were owed They may be more because in the video that we covered genesis capital gave them over 2 billion dollars And a lot of different companies that had come forward. They were doing so anonymously in the article Because they didn't want to be attached to three arrows capital because if they do there's a stigma against that And of course their creditors will look at them and say when are you guys going to fail? So I know we talk about contagion, but there might be more on the horizon. Sorry So that's what's going on there and then uh, lastly to finish up Coinbase is going to profit. I think they're gonna profit big time from the the eath merger. Uh, this what's happening And I I found this article odd because jp morgan, which is also I think investors Into ethereum and uh metamask and so on and so forth. It's an entanglement But anyhow coinbase will be meaningful beneficiary of ethereum says jp morgan And this is why jp morgan estimates that coinbase has a 15 market share at eath assets, which makes sense Uh, they have to own a lot of them to be to be market makers Which trumps its seven percent share of the overall crypto ecosystem. So they own a 50 percent of eath, but you know Assets but seven percent of the overall Coinbase's market share is probably tilted towards institutions, which we know because that's who mostly trades Not mostly trades, but uh, there's a lot of traders there. Unfortunately, you know who pays all the fees We do retail does it's crazy Coinbase's market share is tilted institutions, which are more likely to own eath and bitcoin The bank estimates that coinbase can generate an incremental annual staking revenue of 650 million from the merge With eath at $2,000 when it hits that and a five percent yield The exchange began offering ethereum staking for institutional clients earlier this month Coinbase is bigger and ether then was intuitive to us. That's leading directly to a bigger revenue opportunity. So You know, maybe kathy wood and arc investment. Maybe they're like, maybe we should buy some more Coinbase back and just to be clear, they didn't sell all of it. It's they just sell a little bit of it but there's there's this part but when they were saying about The staking and the revenue which is is pretty good It got me thinking about the different questions that I've been asked as far as the merge the merge Which is supposed to be happening. I think in 27 days And if you want to do a find a countdown, there's a great website called when the merge w en m e r g e dot com nice little countdown with updates But there's a couple of this was put out by the ethereum foundation some misconceptions and Just so everybody knows the merge isn't going to be anything like the greatest thing of all time I'm just going to go from proof of work to proof of stake. That's it. So there's there's a couple ones I want to make sure everybody knows Misconception running a node requires staking 32 eath. It's false Anyone is free to sync their own self-verified copy of eath now I think for requires a node running a node requires taking is taking 32 eath. That's not true Another misconception the merge will reduce gas fees. I want to make this very clear The merge is a change of consensus mechanism not an expansion on network capacity and will not result in lower gas fees So gas fees are kind of low right now because people aren't using it as much Especially as people get it get out of the nft game and other different transactions so Even though they're low right now Just because of lack of use it's not like they're going to drop drastically in the pennies They're still going to be in the dollars three five dollars. Maybe even 10 when things go up also Misconception transactions will be faster. No though some slight changes exist transaction speed will mostly remain the same as on layer one Misconception you can withdraw staked eath once the merge occurs. No, you can't Staking withdrawals are not yet enabled with the merge the following shanghai upgrade Will enable staking withdrawals and as far as the shanghai upgrade as far as I know correct me the comment section There's not a hard date on that yet. I could be wrong. Let me know and Next misconception when withdrawals are unable stakers will all exit at once. No, they stay validator exits are Are limited for security reasons. So they're going to only allow so much Misconceptions taking our apr is going to triple. That's not true It's maybe up to 50 percent increase but not a 200 percent increase And then the merge will result in downtime of the chain and that is I thought this was true But it's false the merge upgrade is designed to transition to proof of stake with absolutely zero downtime Now that's just the best case scenario. We'll see if it all plays out and actually works I'm rooting for it. I would like to see this actually happen in my lifetime So, uh, hopefully it goes through. So yeah, let me know which thing about that and then let's finish up With a little sweat coin And if you haven't been on my channel that much, you know, I love me some sweat coins And uh, I like it because it's free And they don't steal your data and you can get it right now And you can download on your phone and you can compete against me and it gives you these sweat coins for free And there's nothing else you need to do. It's very simple. And then uh, and let me see actually in 20 26 days they're going to airdrop everybody who has accumulated these sweat tokens And you're going to be able to get these tokens for every So much that you've walked actually, let me show you right here. Let me scroll down So for every thousand steps you get a sweat coin like I walk about 7 000 steps a day Not too bad, not the best But I get uh, roughly seven sweat tokens And then if you add that up over, you know, weeks and months that I've been doing it adds up pretty well And then of course as time goes on In 2023 1 000 steps, you only get a third of a sweat coin a thousand steps. You only get 20 of a sweat coin 1 000 steps you get point zero six and so on and so forth. So like I say like if you want to try it out It's not like like step in where you have to buy an expensive nft and walk it all up and and use these things to To repair your your nft shoes. It's free Anyhow I love this part because it talks about this is how we generate revenue and before we go on There's a link in the description I'm not shy I'll tell you about it. It's right here Sweat coin walk and earn sweat coin. There's a deep dive bid Uh, you can be done on the sweat coin and then here's the link to download everything, right? It's an affiliate link. So if you can't send an affiliate link, so it's okay Just go to what is this website sweat economy.com then you can totally bypass me. That's fine. I don't care But here's how we here's how they generate revenue user engagement businesses pay to access our vast network of users Just as you know, I'm sure when you got here for youtube You probably saw an ad and that's what generates revenue for youtube ads. It's the same thing over here on on on this On their platform transaction fees on the sweat wallet app features. It's going to include a fiat on ramp Sorry, united states. You're not getting it Fiat on ramp off ramp crypto to crypto exchange empty purchases and more And then here's how the revenue returns the token. They're going to buy and burn They're going to invest in rewards. You can buy different things on here with your sweat tokens Ecosystem development and a bunch of other cool stuff And then the tge the token generation event it's in like I said 26 days somebody that Only 10 percent gets unlocked 90 percent remains locked over 24 months And let me just show you this So you see right here. It's kind of hard to see it's really hard to see So it's like there's an airdrop team advisors private round public sales sweatco. See this private round right here That's what I got into and uh, I've got a lock up My lock up for this On the tge in 26 days. That's when you get your tokens. I don't get my tokens You know when I get my tokens I get mine the first Is a month or no, sorry 12 months after this token generation event and then over the next 12 months past that So over two years Then I'll get the tokens that I bought into how much did I buy great question? Glad you asked So in the links in the description uh Right here under strategies That says uh 5% degen plays there's a A spreadsheet looks like this and these are all the the degenerate cryptos that I got into and uh We do I talk about these over on dan degen my second channel. I don't talk about them this channel This is the the very basic medium potato stuff. But over there is just straight up gambling And uh, I can I only put you know, two to three percent of my portfolio into these projects Nothing big, but they paid off pretty well and we did ginsokishi right now. It's at 20 cents, but Over time it's been like a dollar 45 and I've sold along the way. I've taken profits like I always tell you to do Everdome we bought it at point zero zero five and then it went up to like 20 cents again We took profits fame we bought it at a penny a hundred thousand tokens and I went to a dollar 50 took some big profits and uh And then for sweat coin You have to remember for all these different Projects I don't get all the tokens. I still have to wait but when I get them I take profits along the way and for sweat coin We did the deep divots right here the purchase price was point zero one four two nine so like a penny and a half and I bought one million seven hundred forty nine thousand four hundred seventy five tokens and uh That's what's up. So When people are always saying like how much they pay how much they pay they didn't pay me squat man I I bought into this and I have to wait a long time I mean up to two years But I think it's a great project. It's free. I like where where things are going the deep dive explains it all And uh, that's what we got so I pay them to be a part of it That's what's going on. So look that's it for today. So that will conclude Everything with the uh with the news section if you want to stick around we'll do a q and a I'll answer all the questions that you got The best of my abilities and we'll go from there if you got to take off take off Get out of here. Uh, thanks for coming by a lot of you today. Appreciate it So thanks so much for that. Let's get into a little q and a