 Great welcome visual asset news. They get top stories in crypto and bring down a bite-sized pieces So today's you can tell we are not in the usual pool room We are in Houston, Texas take care of some real estate issues that came up and it's just really how it goes So before we start I'm using a different setup a different microphone a different Wi-Fi service a different direct connection So before we get going Let's make sure that everything sounds good and is good before we happen There's a little bit of a delay with With YouTube and when I actually talk and ask the questions to when people can actually answer me in the live stream So if you're watching the recording, sorry, but I think it's better safe than sorry to do these things before I did it like before where I just talked for like 30 minutes And I was totally silent so first close cryptos is yes. Hello friends. Sounds like good beardies here Thank you so much beardy for being here TESU T&DS crypto Esquire everybody's here and then Dolby Wolf says looking for an insights might have let's shake that trust and learn the lessons needed to grow Fantastic, so we are good here. Let's jump into what is going on with the market. So it's a day looking at June 25th and Not a bad day, honestly, I mean I've been gone for a couple days. We were traveling and whatnot, but I can see That the market cap actually went above $1 trillion. That was great pretty happy about that And of course in true fashion over the weekend we crashed back down again So we are now not a trillion dollar asset market We were just a multi-billion dollar asset market as the Bitcoin moves a little bit now 21,000 a theorem down. I think everything's down a little bit 24 hours and then we're oscillating and the thing is I don't See the narrative where we could start to really rally I don't see where the funds are coming from from I don't see where the supply chain issues Talk about recessions. I know we had a nice little rally on the traditional market earnings look pretty good People were talking positively About what was happening in the traditional space, but in all honesty in the long term. I just I just don't see Some long-term growth. I think we have a little bit of pain to go through and You can look at it as that as a negative thing or as a positive thing It just depends on on what you see so that essentially is what is going on with the market itself And then we take a look at some on-chain data Because we see this different types of pain this is from crypto quant and there's always the six different Dashboard views that I take a look at and one of the things that that struck me is a Bitcoin miner outflow And what's happening here is, you know, people are selling miners are selling You know, if we can actually blow that up and take a look over the let's just do the one day or excuse me the one week Doesn't look too bad Actually, I think it's doing okay But there's this little spike here 21st of June if we go for the one month you can see the last oh Week or so there's been an influx of miners selling and of course when the price starts to go down The miners have to keep the lights on they have to pay some bills some overhead and that's just how it goes That's the free market and now of course, you know, some people say well It's so profitable even when they go down to like, you know, $6,000 or 7,000 well I've seen reports that say it's not it's not even that I've seen ports that says below 19,000 So it depends on actually where you're at depends on the electricity that as far as usage It depends on the different miners that you have and in some cases miners got a sell and that's just what it is and then Exchange reserves we can see that there's still a bit of a thankfully Bitcoin is coming off the exchanges. We know as it goes on that means it's a more sell time Ethereum actually has been a little bit of an increase in Ethereum going up. I wonder what's going on there Take deep and such Leverage ratio is finally dropping down because people finally get it that they can't do Tons of leverage plays and and expect to get out unscathed So if that was you, sorry, that's how it goes and then also the market value to realize value ratio We're still below. Let me blow this up so you can see it Bum-bum-bum we are still below the 1.0 mark and Anything statistically anything below this this line right here below 1.0 usually indicates Some bargain basement deals as far as Bitcoin goes with the crypto market itself goes and we've been down below that since 13th of June and this is when the Bitcoin price was 22,000 when it was 20,000 I was the 18,000 and 17,000 and we're still below that market value So I'm interesting about that in the comments section Let's move on to the big story or one of the stories Celsius and Goldman Sachs. Is it a fake? So this was a quick story that was shared over a coin desk and it's interesting about how much information that they put into it and and What could potentially be not a true story? So this what's going on? Goldman Sachs is leading the investor group to buy Celsius assets And of course if you're new to the crypto space, you may not have heard of Celsius and Celsius is a lending platform Which gives some pretty high yield just by putting on your crypto assets and just kind of letting it sit there. However there were some issues more specifically with UST and and STE there's staked ETH on Lido and doing some decentralized finance plays which didn't really work out too well in their favor and then potentially even Some back stabbing in the background. This is all Cheese may and potential potential side stories, but Celsius is not doing good right now as they are still locked up For all the withdrawals. So there was a story about how Goldman Sachs when it come into potentially not bail out but buy out The firm is seeking 2 billion in commitments from investors to buy distressed assets at steep discounts if the crypto lender goes bankrupt I could say right now Goldman Sachs comes in that's a buy up all these assets. What does that mean for the people that have their assets stuck on Celsius? Probably not good Probably have to deal with the restructuring plan Probably maybe even get back your assets pennies in the dollars potentially potentially, but I'm gonna show you why this might not be even a true story. So The proposal deal would allow investors to buy up Celsius assets at potentially big discounts in the event of a bankruptcy filing The people said I don't know those people are but apparently some people said something Goldman Sachs appears to be gauging interest and soliciting commitments from web 3 crypto funds Specializing distressed assets and traditional financial institutions with ample cash on hand the assets most likely crypto Have to be sold in the cheap would then likely be managed by participants in the fundraising push. So that's nice Maybe not so much, but that's the first story that we have however This is Simon Dixon you don't know Simon Dixon. He's part of Bank of the Future and plan plan B investments not to be confused with plan B the personality on Twitter and He is one of those crypto. Oh geez. I got into Bitcoin 2010 2011 has been an investor into small little places like Coinbase and crack and those types of places and He's put together a recovery plan for Celsius and this is what he States on Twitter more updates to follow but the word for my source at Goldman Sachs is that there is no Celsius Network deal with them It's fake news according to them and I want to stress this. It's fake news according to them. So somebody's right Either it's coin desk is right and the people who they're citing or to Simon Dixon who is right and the people He's citing and I'm not here to tell you who is right I'm just telling you to report the news and give you both sides of the same story. So you can make a more informed decision He says this is not coming from Celsius I will reveal what I can what when I can and remain in keeping with my non-disclosure agreements now here's the thing Simon has agreed to come on exclusively on the show next week and Talk to us here digital asset news and tell us exactly what he has heard What is potentially going on and the potential plan for the recovery for Celsius? So that'll be some time. We're hammering out the dates. It's gonna be like Tuesday or Wednesday That'll be live. You'll be able to answer all your questions or ask all your questions and hopefully Simon can answer them So I would like you to be here and I will be posting these things on Twitter and also talking about on the channel So if you haven't done so already follow me on Twitter at news asset links in the description and Let me know which who you think is right here and let me know if you think that a Buyout from Goldman Sachs is the best way to go or maybe a more Cryptocentric person such as Simon Dixon and bank of the future. Hey, I'll let you think about that in the comment section Let's talk about Some more bailouts or as I call them buyouts FTX plans to launch Our plans to acquire stake and block five and this was a couple of days ago But it's gonna be relevant when we start to talk about the SEC. Here's what's happening The acquisition talk comes the heels on the heels of block 5's announcement earlier this week that it secured 250 million line of credit for FTX, which the crypto industry largely recognizes a bailout Let me just say it real quick that I don't see this as a bailout. I think this is a buyout and if you've been around for a while like I have as you can tell I'm a little older I Can just tell you one thing and that is that as a new emerging business Starts to starts to take shape and take form a lot of these smaller companies aren't able to make it and they're going to Be on a lookout for potentially bigger companies to buy them out. This is exactly what happened with Amazon Amazon Started off as a bookstore Essentially and then they started to branch out and they started to buy up all these little companies Also a bunch of warehouses and places like zappos and Whole Foods were just absorbed into the ecosphere that is Amazon and have worked out pretty swimming. Also, there's this little company called Facebook And first it was all just to keep keep tabs on you and your friends and then of course they started to buy out of the social media platforms Such as WhatsApp and Instagram and that worked out pretty well for them And I think this is the same thing is going to happen with crypto digital assets You're gonna see these big companies like Sam Bakeman freed and an FTX and you got their subsidiary Alameda research they're gonna go out and they're going to You can call it a bailout on a bailout. You know the pay bailouts are pretty much like free They're gonna buy out. They're gonna be they're gonna start to partner up Then it's going to start to buy in to these bigger Smaller I guess parts of crypto digital assets and say, you know what? We don't want to build this from scratch But we will partner up with you to absorb you essentially into the family and then become very big So this is what's happening with FTX and BlockFi and it's interesting that There's no bailout for Celsius or Or buyout only for BlockFi So to finish this up unnamed source is familiar with discussions between BlockFi and FTX Told the Wall Street Journal on Friday that an equity agreement had not yet been reached So things are still in flux Prince explained we're talking about Zach Prince the CEO of BlockFi Until that the that the revolving line of credit credit will be subordinate to client funds Meaning the company will meet its obligations To its customers before paying FTX. So that's pretty awesome. You can get 250 million dollars You can save your community and then you can say hey FTX Thank you for the loan will pay you back in a bit. I want you to think about that in the comment section The last piece which kind of ties us all together FTX CFTC and the SEC So pay attention to the companies that are making these enormous moves and one of and that is of course FTX Listen to Pompleano and he on pomps podcast and he started to talk about how he thinks FTX is like the The Oracle of Omaha They are They think that That FTX Is akin to warm Buffett when warm Buffett came in in 2008 2009 for the financial Collapse and started to actually, you know buy out different people because he had all this money Just sitting on the sidelines because he knew it was going to happen. I think the same things happening right now There's a bunch of uh collapse There's distressed companies and distressed companies are the easiest and the cheapest to pick up Here's what's going on. So we saw that with uh block fi and here's how CFTC gets involved. So FTX's regulatory head says CFTC has considerable amount of openness to proposals FTX is head of u.s regulatory strategy Says the committees or the the CFTC Commodities Futures and Trading Commission has shown openness to its proposal To offer direct access to trade bitcoin and ethereum On margin with without intermediaries. What's interesting about here is There is no other talk of other other cryptos Right now It's only bitcoin and ethereum only Why is that? Well, maybe it's because If I had to bet if I was a betting person, I'm not a gambler But I would bet if the if the CFTC and the SEC started to work together Which they are over here, but if they do that they might Say well Commodities bitcoin's a shoe in And ethereum might be might be that especially if you It really does have a lot of utility just in the gas fees. I think that was the 4d chest they were playing But maybe bitcoin and ethereum is just going to be a commodity and everything's going to be a security. I don't know I'm not a part of the SEC So this what's going on though at first there might have been some amount of skepticism, but by the end of the discussion. This is FTX talking about it. There seem to be a considerable amount of openness to what we're trying to do This is mark wetchin head of policy and regulatory strategy at ftx us and former CFTC commissioner I can tell you it never surprises me That's uh All businesses are built on relationships. I don't care who you are or where you are and the people that know people You get those people on your board and they start to make deals. It's amazing. They can just reach out with a phone call Hey, larry, what are you doing? Guess where I'm at now ftx Yeah, wife's okay. Hey, you know, we should talk about We should talk about working together CFTC and ftx and here we are He says I think there's generally high level of interest and intrigue in our proposal by the CFTC We believe that they have a view that the proposal actually addresses a lot of interesting different Issues that the CFTC has dealt with for some amount of time The crypto exchange is proposed an automated collateral system that would require customers to deposit collateral And have enough funds to cover margin requirements Calculate automatically, okay If the margin fell too low an automatic selling process for the investment would start This would all be on margin, of course Not just basic back and forth spot trading All the new system tries to solve for the mismatch of speed for crypto derivative versus the current clearing house model Some where you can intensify selling pressures During times of market stress and we've seen that recently, haven't we everything? Everybody's a genius in the bull market. Then all of a sudden the bear market We figure out who's swimming naked because the tide just rushes out And here we are the proposal for the CFTC would require even more initial margin for participants before they can trade I have to agree with this one I got to tell you I'm not a trader So Just take this with a grain of salt. I could be wrong here. I could be wrong But I find that people who trade on margin are Especially or just leverage place They sometimes don't realize the ramifications and you see a lot of liquidations now some people can handle that But I think some people can't and I think that sometimes We have to protect people from themselves now. This is not going to be a popular opinion I can tell you right now In the comments people are already typing up or in the live chat right now. They're already typing. You're an idiot Because we should just do our own things and and and keep the government out of it In some ways, I agree, but in some ways shape or form And you know them They're friends of yours probably in your family They're just not that smart and they just really I hate to say this But in some way shape and form people need protection from themselves In some days will this go through not for sure, but I got to tell you I'm getting sick and tired of seeing everybody This these leverage plays these 25 50 and 100x and people getting liquidated like crazy and the volatility of the market is just insane It's actually good for me as a dollar cost average because I just let all those traders make those mistakes And I just pick up cheap crypto It happened really well for me in 2018 2019 and 2020 and it's happening again Um, we can keep doing it. It doesn't matter to me per se, but I think it matters for some people Anyhow sound off in the comments. I'm sure I'll get crushed for that one So It's a risk reducing feature and this is one of the reasons why we think the agency should be excited because a modern cargo customer was collateral Okay Meanwhile, Wedgman says he expects more federal oversight of crypto markets will create more clarity I like that and bring in more investors into crypto quelling volatility As soon as it happens, there's going to be much more clarity for the investor much more clarity for the institutional investor The institutional investor is going to become More and more comfortable stepping into this space. All of that is going to lead to a significant maturing process of industry and of course a greater influx of funds and that I believe wholeheartedly the thing is is that the people who have been here for quite some time Not all but most The bitcoin og's they don't want These institutional investors to come in Or they don't excuse me. They don't want the regulatory clarity which would lead the institutional investors to come in even more heavy so so There's pros and cons to everything but Regardless, we're going to see regulation come in whether people like it or not and just take a look at tera and usd and the collapse of that algorithmic stablecoin To see some regulation come in. Anyhow, let me just think about that and then to Tighten this up and get done the sec Now all of a sudden gary genzer wants to work with a cftc. Why? And it's really because it says right here the latest move comes as the sec sees its grip weakened Here's what's going on. Let me blow this up sec gary genzler, which I think he's having a tough time with this ripple lawsuit Has taken a tough stance in the crypto market Some lawmakers even contacted the sec questioning his tactics and how the sec could stifle innovation true On friday sec chair and gary genzler spoke to the ft He states he aims to form an alliance with other financial agencies to ensure that crypto platforms don't fall through the regulatory cracks genzler reporting talking with the cftc About an agreement to ensure that crypto trading has the appropriate safeguards and transparency And he states this I'm talking about one rule book on the exchange that protects all trading regardless of the pair bday security token, which he believes it's everything besides bitcoin Uh versus security token security token versus commodity token, which is probably bitcoin maybe a theorem commodity token versus commodity token to protect investors against fraud Front-running manipulation as well as providing transparency over order books Yeah, that's true. Let's see if we can do that and then uh Gary has frequently vocalized the views that crypto should fall into this sec However, cftc commissioner summer marsinger thinks otherwise And of course the commissioner probably said that us lawmakers and crypto developers were looking to place the authority to regulate digital assets with the cftc and I would like that because it seems like The cftc and even even before The the current head you had uh, kinyonas and he was really pro-crypto I like the way that things were going and of course he stepped down and and now we've got uh summer marsinger And we'll see how it goes But I'd like that to to move in that direction because it seems like gary is not too happy for whatever reason Uh for all the all the crypto projects. Maybe he's right Maybe there's a lot of uh, maybe they're all just securities He wants to regulate him Although I got to tell you uh to go up to ripple and and xrp I just don't see how that is is a security per se It really has a utility But that's just me talking and not that I'm like the a huge XRP proponent, but I mean in all honesty, I don't see the point of that one. Anyhow Let me think about that in the comment section and that takes care of the news today There is one more thing. I'll just add And that is I just finished up a couple of days ago I finished up the interview With the gents over at uh sweat coin and I gotta tell you I think it's gonna be pretty well Did you know That sweat coin is the number one health and fitness app globally not just in like 33 countries or 6600 It's in the entire world. It is the number one health and fitness app You can download it today right now. I've got it on my phone and it's free and guess what? You can start walking and you can get those sweat coins And then when the token generation event happens on september 12th, 2022, you'll get airdrop those tokens not in the us that's coming later And uh, that's just not for me. That's from the ceo olig I will uh put out that deep dive video as soon as I get everything else done But I gotta get done and we'll go from there. So that takes care of the news