 Great one visual asset news. My name is Rob and today we got up again a lot of things to go over so let's just jump right in The first thing we're going to talk about is there's a leaked document from Celsius looks like it was a meeting a couple of days ago And I got to tell you the things that were said in there were quite surprising and the direction that they're going It could actually work and we'll tell you exactly what I'm talking about Then we'll talk do a little quick update on the Voyager auction like I tell you this is some pretty good news for those Of you have stuck with the Voyager and have some that some things on there And we'll talk about Gary Gensler from the SEC. He has to go. It's just ridiculous as a new Demands that he has for the crypto market and I got to tell you it's kind of unbelievable Then we'll talk about the Ethereum merge party What should be going on for the next day or two as everybody gets all excited about Ethereum and the merge Which I'm a little excited myself and of course the animal do a little Q&A. So first things first Let's talk about this leaked audio and just real quick I know that we're seeing some price action, which is not surprising here in the markets And I know we've taken quite a hit especially with Bitcoin the overall crypto market But not as bad as the traditional market. Just remember this the US stock market wiped out 1.6 trillion dollars yesterday So just keep that in perspective as things are maybe following 10 percent or 20 percent or whatever else it is Which is a bummer, but at least we're not Metta Google Microsoft she's Amazon awful and that's what's going on in the traditional space. Let's talk about this. So this is This was a a leaked audio and it was put up by Tiffany Fong the only Tiffany Fong is she's actually transcribed everything that's in the audio version on her her website and she's got a YouTube channel and She did a pretty great job of doing this now. She said that she was not the one That's that that was there which because she's not a employee I don't know why she would be there But it was sent to her anonymously and it's pretty telling and also we're gonna do this really quick Because there's a lot of things going on and I'm not here to break down every little piece nook and cranny of What Alex Machinsky said and the things that were going on in the sales I'm gonna give you the highlights and go from there if you want to find somebody who really breaks it down Extremely well and gets into the the nitty gritty go check out my friend Aaron Bennett and I linked Aaron's channel and Tiffany's channel actually Tiffany's channel and Aaron's video in the link in the description and you can just check it out But I'm gonna give you the highlights so first things first This is When I first heard about this and I saw something like this is never gonna work and There's some concerning things that were said now I will definitely tell you that the first thing that Alex talks about over this is the macro Economic environment. He's right. It's pretty bad and Then he goes in to talks about Some different various things one of those being custody Verse earn accounts and these were just put in not too long ago as far as the custody verse to earn and what he's saying is It was telling he said I want to give everybody back there that have put crypto into their custody accounts and He said absolutely nothing about the earn accounts. So that's not great But you got to understand in those terms of conditions for the custody verse earn earn accounts in terms of conditions We're primarily saying that hey we own this stuff and that's so that's too bad if we go out of business We own your crypto and that was the truth Unfortunately or fortunately if you were in the custody program that just took off four months before they closed down So there's a little bit of gray area and I think that's why they're saying we want to give you that back Because we have no legal recourse here and that's pretty much where it goes But it is telling they didn't talk about the actual earn portion of that And then he talks about the new new business model again in a second He talks about how five to twenty percent of voyager of Celsius customers will stay With Celsius I think that number is quite high, but I could be wrong and I'll tell you a bit why and they goes into bankruptcy comparisons and said that Celsius is doing great because they're in chapter 11 as opposed to a bunch of other different ones are gonna go in chapter 11 later on and he compares that to Pepsi and Boeing or Delta excuse me for the airline company. There's a big difference there those two went into Different issues. It wasn't like as Aaron Bennett says it's not like Pepsi was poisoning people And Delta was crashing all day long Not the issues were a little bit different Celsius has pretty much taken a lot of Crypto and a lot of savings from a lot of people and there's a big difference in what he's talking about there But that's just that that section. The big thing was this the new Organization so they want to rebrand from Celsius to Kelvin sure whatever And what they want to do is they want to get away from their model They don't want to do any earn which let's be honest I think that got away from And they want to just be like another exchange essentially they want to do swaps They want to do what's the other thing? Swaps trading they want to do multi-sig wallets a new technology called NPC tech where you control your crypto But they have part of it or something like that and then also they they want to continue to do loans And when I was listening to it a couple things crossed my mind first of all who would go for that? And another thing is is that this is also what's a Peter teal talks about a lot You don't want to be in an industry with a ton of competition because that just makes for an uphill battle. So what separates Celsius from an FTX From a coin base from a cool coin from a binance from a whatever Exchange that are out there and there's a plethora of those what separates it really what separated was the community And when you lose that trust for people to stick around I think people will stick around because that's just how people are I Do think that? It's gonna be an uphill battle for them. So this leads me to my last point and I will just say this Why I think this could actually work. I was talking my wife about this and I said who the hell would would go for that. She goes you don't understand. She goes Rob people have The worst memories of all time They're like goldfish and me and you will remember these things right since we're we're here and around but as time marches on They'll hear echoes of what Celsius used to be which is not called Celsius now It's called Kelvin and maybe Alex might might not even be that figurehead. Maybe somebody else and Once that happens and they go we have this other model people will just forget mark my words people just forget We won't forget but the new people that are coming in Especially in 2024 2025 2026 they're gonna come in they're gonna find something and one of those could actually be that why I think that this is actually good is Not because I trust Celsius. Are you out of your mind? What I think is good about this is that what they did talk about is with this new business that that starts up And I'm not here to say that it's gonna be awesome And they're not gonna do the same mistakes they did before hopefully they learn from but who knows The revenue that they generate from these swaps from these trades from all these things that are going on They'll be able to and this is in their plan to pay back People like you and me who are just sitting around does that does that mean it's gonna happen automatically? No, it's gonna take some time. My question is for you is this what would you rather do? Would you rather take the haircut of 70% 60% 50% go I'm out Give me my giving my crypto or would you sit stick around and go? Okay, I want my full because one Bitcoin is still one Bitcoin if I'm unless I'm incorrect here If you could stick around for and go okay You want to do that and then there's also an opportunity for a Bitcoin mining company. I'll wait for that I'm gonna be here anyhow for two or three years Let's see how it goes. The big question is how they how they all structure that so I know this when you hear me say I think it could work and You know, it could actually do good things the only thing you do good is pay us back And that's what I'm all about moving forward. I need to make this crystal clear Anything that has to do with Celsius or Kevin Kelvin or anything else. There is no way I'll be talking about that moving forward There is a breach of trust. I don't know exactly what went on people think it wasn't a some people think it wasn't a big deal But there was I believe gross mismanagement going on and we'll talk about that in a second, but I I Don't know what's gonna happen in the future, but I can tell you like this There's a lot of people like my friend. Hey Seuss Name change to protect the innocent Who invested a hundred and forty a thousand three hundred seventy three dollars of his entire life savings of working ten plus years In a gig economy and now it's sitting on Celsius. I Don't care what happens if they get if he gets paid back and a lot of people get paid back I'm happy Let me just think about that in the comment section and then I just want to finish up with a couple of things Which is this there was one part that really ticked me off on what was said here Which was Alex has the same song and dance which he believes everybody or a lot of people are incompetent and they can't control their public keys and he states a figure where 20% of Of all Bitcoin holders have lost their private keys Sure, I can see that over time because over time people to know exactly what they have in 2011 2012 1314 15 I don't think people realize how big Bitcoin would be I think as time moves on and you've got one Bitcoin in your wallet You will probably Really want to protect that seed phrase that mnemonic phrase so you don't lose anything but he still says a 20% and They need us and we have this different technology that we can use the NPC and the multi-sig wallets because people they don't know how to do it Essentially saying you're too stupid. That's really what it comes down to and Before I might have agreed with them. I might have said yeah people got too much going on But I think in the future We're all smart enough to figure it out and the positives outweigh the negatives Just learn a simple thing and that's why I created Dan teaches crypto comm It's 100% free so everybody can learn exactly how to do it step by step easy peasy lemon squeezy And make things just like that and also as far as multi-sig need to then a ledger if you really want to A little bit of a process I'll probably just do a video about that and we'll go from there and then to finish up also with this one My man Simon Dixon had a had a good pull out and now some people say well Simon's got an artillery motive probably because he's an investor if I would like his money back just like the rest of us and He put out a poll and said look and this makes sense to me How many would like the Celsius UCC? To force Celsius now or to create a poll feature and file a motion that polls completed by all Celsius network users in their app To vote on recovery issues like having machine ski as their future leader and other recovery matters brilliant If that goes through I will talk about that all the time because that's the only way that we're going to figure out Exactly who wants what and what the best option is it's a democracy the power of rule prevails and we'll see how it goes I think it's a great idea Something that's a bad idea. I've got to explain that to me in the comment section and we'll go from there and then lastly I'm not gonna pass too much judgment and condemn anybody. Let's see where the chapter 11 rolls out Celsus hearing is live legal counsel going over the examiner motion reducing the scope so that Celsius network doesn't run out of money They said machine ski to provide information on his withdrawals from the platform before the freeze Oh, this is getting good I would love to see exactly what happened with the Celsius token and everything's going on with a short squeeze And we'll be talking to those guys soon So I will just leave it up in the air and let the chips fall where they may anyhow Let me let you think about that in the comment section No, let's move on to a quick voyager update Yeah, the auction's still going on. So I think this is good news voyager official committee of unsecured creditors they said because The auction was supposed to be done yesterday but We know all of you want an update on the auction. We're sorry. We haven't been able to provide one All we can say right now that the auction is still ongoing In its second day and remains highly competitive. I got to like that. I like those wordings So maybe we can get out of this as well. So voyager and Celsius Maybe there's a little light down at the end of the tunnel and then lastly, let's just finish up this with a friend of the show Gary Gensler, uh We did an article a couple days ago maybe a week ago about how Gary was pretty much seeding power to the cftc But in this one, it's a little bit different he reiterates that most cryptos are securities before us banking committee and I This isn't really a a shift in his stance But it is interesting what he wants. So I think it might be a type of Gary Gensler reiterated his belief that most crypto assets are securities in his testimony before the us senate banking committee on september 15th I think that's the september thing. It's the day It's the 14th, right? Am I wrong? Okay Meanwhile, he noted that the commission would have to be flexible in applying the current law requirements. That's kind of good news Gensler all said that crypto intermediaries like centralized exchanges and defi would have to register with the sec To facilitate these securities transactions. Here's my question Can you shut down a dex? I mean in in reality. Can you shut them down? I know like China has uh, of course the great firewall and they can do a lot of things with that but I mean, can you shut down the dex? Can they do that? I don't think they can let me know in the comments section Just find it very interesting how they worded that and then uh, according to gensler The registration would allow the regulator to delineate their function and possibly Disaggregate their functions into separate legal entities to mitigate conflicts of interest and enhance investor protections Look, I'm all for that investor protections and we know there's a lot of rug pulls going on We know we also know exactly how risky this Sector is and the reason why we got into it was a lot of things as far as decentralization Again, I think there should be a little regulation. I think there should be clarity as to what things are Actually considered like what is a currency? What is a security? What is a commodity kind of go from there? But for this to to break it all down, of course People were right. They said once you give an entry take a mile But if we have to go through this process, I'd rather be a part of the voice It is sitting back going you shouldn't do that. I'd rather be a part of it So Oh, yeah The sec noted that these entities might one day have to register with the commodity future trading commission because they also facilitate trainings of non-security tokens So imagine like an exchange going. Oh, you have to register with the sec and the cftc because there's a gray area I think they should just cut their losses and just say let's just Let's just create a crypto and digital asset firm and and they oversee everything. Why are they doing this? This is so stupid The sec chairman has repeatedly urged the crypto community to come in and talk to the regulator. Yeah Just like uh coinbase did and they slapped them with a lawsuit But they said they're gonna see the pants off them And of course they're also involved with uh ripple. Oh, I didn't know they're involved with library That's a bummer ripple xrp library and coinbase over violations of the securities action So that's what's going on with good old gary and then lastly Just to finish up after this in about 45 minutes or so I'll be with crypto slates who did a pretty good job with the with these articles on about different other ones And we're gonna go over for a merge Ethereum merge party. I don't think it's gonna happen when I'm there, but they're gonna be doing this live stream Uh until it actually happens and apparently we're hours away. So That's your news for today You can find all the links in the description Especially this little merge party and talk all about that stuff. Yay And then we go from there, but that concludes today's news If you got to take off, thanks for sticking around. I do appreciate it Like today's video give it a thumbs up like all that stuff you can subscribe But it's not like youtube's gonna actually notify you Appropriately, but if you do that be great. I appreciate it and lastly If you want to stick around for a little q&a I will answer all your questions the best of my abilities and we'll go from there But that concludes the news. So thanks for stopping by. I do appreciate it Let's jump into a little q&a