 Everybody welcome back to the show for our third stream in two days a lot of things going on So we had a lot of things to cover. So let's just jump right in now Of course as the thumbnail and title suggests We've got some pretty good news thing the SEC doesn't plan to appeal the court decision on the grayscale But what does that actually mean and how big is that for our market? I think it's pretty big and then we're gonna talk about the chances of a spot ETF And of course the raging bet that we have going on speaking of bets For the last two weeks, we've been talking about doing a sweat giveaway and it was 100,000 sweat coins plus 10 NFTs That'll be 5,000 per person so the 20 winners there and then the NFTs also will be 10 winners And we put this out two weeks ago and of course today is the day we're actually gonna draw though So we're gonna draw those winners first Because I know when I used to go through these things people would say wait till the very end to the drawing like man You jerk so let's just get this done and I will just say this as a quick recap I want to thank everybody who has entered so far. We have over a thousand applicants This was from from a tweet and the big thing for me was just taking a look at what this actually means now You guys know I've been talking about sweat for about a year now And I've heavily invested into it So you know that I'm super biased like everything I talked about on this channel But what's great about it is because since it's a free free app and you get to walk and you get to actually push yourself I'm appreciating these comments From people who have been using it to the great extent like Nicholas's post lockdown I put on quite a bit of weight, but a low emotionally sweat app was a lifesaver Especially in the early days. Thanks so much. And then yes seen I weighed 108 kilos and now I'm down to 87 kilos and there's a ton of them And you can find that of course on news asset for on the Twitter account So I like this app it works. It's free and I think it's actually great and also if I don't know what your situation is But demographic wise I know I've got roughly 90 percent males 10 percent females And we're in the average age of 35 to 55 years old if you put on some weight I think sweat coins a great option and of course just walking you don't do fit training You can watch any of these videos and I'll talk about just how great walking can actually be do it every day of my dog I think it's why I've been the same weight since I've pretty much been in college But again with sweat coin you can download it right now. There's a link in the description. It is free It's the number one health app globally between number one and five depending on which which section the world you're at So, you know people say well Rob, it's number four in Turkey Whatever one through five and of course it's got a hundred forty million users all the way through and again I'm super biased. I bought this in a seed round on June 23rd And people say well Rob aren't you gonna dump on me? Well, I bought it for a penny and a half and right now it's worth less than a penny So I don't think I'm gonna do that and of course people will say ah, but it's you know This the sweat coin the tokenomics and there's gonna be a dumping and da da da like, you know what we don't have any dumpings or set a send out or unlocking schedule until 2024 we've already passed the one in 2023 and of course most of that is the ecosystem and community and the Treasury For which of course all the staking actually happens and look on top of that I know people will say but you know the tokenomics are awful and there's just so much There's just so much supply verse verse the actual demand Well, yeah over the last seven years all the different tokens that were built up from this being a web 2 app There was a ton of tokens that were there and during that token generation event Which was done flawlessly by the near protocol I might add There was a ton of supply now as time has gone on in September. This is the first month that demand or supply or There's more demand and supply and of course as we extrapolate it out This is where they think it's actually gonna go because of people actually using it So how does this actually work? Obviously sweat is a free app nothing's for free just like right now. You're watching YouTube You think YouTube's free now. You're probably watching ad to come in here So when you go into the sweat app, it might be some ads brought it right around So what's the top 10 web 3 app top 15 ass by the level level of user activity? And I always take a look at that and like let's verify that there's a website called that radar Here's the top 10 dApps that are out there based on just all chains And if we take a look the unique active wall or wallets You got pancake swap and tiny tap and galax which is a social media platform believe and there's sweat There's sweat coin roughly 671,000 unique active wallets over a 30-day period you can break this down by seven days You can break it down by 24 hours if you really wanted to but sweats it only goes up It's around number five or seven something like that and then of course on top of that if we let me go back We take a look sweat. This is why is the token? Why do I think it's immediate so well? So sweater you can earn sweat by walking when I talked about before it was a thousand steps for a one sweat Now it's 4,500 you can transfer store and trade for popular cryptos on the wallet Which will be released to American customers And on the 17th or use their participate in community votes play games yield non-locking rewards So what I wanted to show you was this They they teamed up with orderly so you can be able to use the sweat tokens that you use that you've walked and actually earned To buy other type of crypto near looks like you can find ethereum. Maybe like a little euro down there I'm not for sure. I'm gonna have orderly on the on the Show pretty soon. They'll they'll get off all the information But again, you can do all these things in the app learn and earn you can earn the different Tokens there's different things you can buy on there For all the sweat that you've earned and of course there's also staking and then of course Let's see. Let's go out here. This is the actual game, which I think it's a goofy little game But I mean people play and they earn sweat so why not so that is sweat in a nutshell in under four minutes Now let's bring on David Ashen from sweat economy and he's gonna draw the winners. So David welcome the show. Thanks for doing this man, right? Thanks for working on a set. Let's get these people some tokens and some NFTs Of course, yeah, that was one of the best introductions to sweat economy. I've heard in a long time. So thank you very much for that Very excited for all the different features coming up and a lot more releases for the US launch as well in just three more days Yeah, well, great. So let's get fantastic. So let's get the sweat in the hands of people So real quick All the different tweets and you guys had to fill out a form There was over a thousand different applicants and here they all are David has them These are user names for the for the sweat Wallet David, how are we gonna do this? How are we gonna randomize this so people don't say Rob's cheating? And he's just given to his 20 friends, which I'm gonna have 20 friends Yeah, that's a great question and actually one that we've had to deal with within sweat economy If anyone uses the sweat wallet up actively You'll know that we have a sort of rewards priced our system in the app And we've had a lot of comments in the community saying, you know, you're fake in the entries You're just giving it to employees and friends. We're not, you know, this is proof for it What we actually do we load them all up into a Google sheet or an Excel or something, you know along these lines and We use random.org which is a complete randomizer and we have a premium subscription to make sure that it's on an Atmospheric noise level meaning there's not even like computer randomization issues or anything like that Okay, so it's a very interesting process for anyone who digs into the data site. It's pretty cool And we actually live stream and record all of the price rows that we give away an app as well to make sure that you can verify those Sweet. Let's do it. Yeah. So like Rob mentioned, we have all of the entries here There was around one thousand two hundred entries total but after verifying the entries generate of duplicates that type of thing We've ended up with nine hundred and sixty three Which is an awesome number. Thank you to everyone who signed up there And what we do then, you know, so check sort of a sheet here to make sure that there's no duplicates You guys anyone who knows formulas, you can check this as well I'll send over the link to Rob so you can actually open the sheet yourselves. Oh nice Okay, and again winning indices. So what we do with random org we just draw a random indices We'll draw 30 today for the 5,000 sweat giveaway And we'll have 20 winners with 10 backups in case there's any issues, of course And we just input it here. It matches them and it gives us the winning sweat coin Usernames, which is pretty cool. So if you don't mind I can jump straight in and draw our first 20 winners Damn do it. Awesome So random.org I'd like to just do a quick run through of the settings to make sure that everybody understands So we're asking for 30 random integers again 20 winners 10 backups between the rows that we have Of course, we have like the title role and things so we start at the road to Unique integers like graphic tickets drawn from a hat. It's in a trail So again, you guys can actually verify that we used random.org and we're not like doing a screen recording or anything like that We'll put the links down And as a barebones text document just means I can copy and paste it easily and a brand new randomization We press this magical button get numbers copy that head over to winning indices and paste it Values only and all of these indices here correlate to rows in this first participants sort of sheet We head over to winners and these one two three four five six ten 20 winners our winners of the 5000 sweat coins. Hey David real quick. Can you just read them off? Just a couple or as many Yeah Yeah, so we have Andy Phillips double zero seven mr. Bond by ofish crimp. I'm going to Pronounce these very badly. Yeah pronouncement as good as I pronounce all the names. I do that's fine Chris Vincentetti Dries lander Fatique here RL Howard Carlson Mahabuba Miguel, I'm just gonna roll them off paru ages cow in Augustine I'm at I'm at Anderson Antonio a man Christopher Cripten so I'm yeah, there's a couple more for read El Caru Minas I'll try them So that's our that's our two in relation to 20 winners You'll be receiving five thousand sweat coins and of course right now. That's it's not that much But who knows maybe in time it goes out to a nickel and a dime and then a dollar I have no idea, but that's what we got for that part now. Let's do going to the NFTs Yeah, awesome. So it's the exact same setup. I'm not going to run it through it again But all the same usernames everything's the same and we have random.org and just to show you that it's empty So we're not pre-filling anything So we're on the winning indices tab. We come here 15 So we have 10 winners of the epic NFTs, but we're choosing five backups again just in case anything goes wrong Sure, between the same amount of rows everything's all good in the trail and we press good old get numbers So we come back here and we paste them with the values only and we match them So I think we have a double winner there of bio fish Maybe well then the number 11 of it wins one to that perfect So bio fish Davey loves gravy Raj Wada seed Anderson Clayton Saja Edric Felix, Mihail Moses Okimov Ronald Superfly and you okay Fantastic. Okay, everybody. So those will be dropped right into your your eyes. I assume this is gonna be in there They're sweat wallet And then that'll be that'll happen on this roughly around the 17th 18th 19th one are we looking at So with these wet coins will be air dropping them Either today tomorrow Monday, so you'll receive them before the launch date with the NFTs It's an upcoming feature for the epic NFTs But as soon as they're released you will be seeing them in your sweat wallet application for the sweat hero game Fantastic David get out of here. I appreciate you coming on a Saturday and working here. You deserve a raise Thanks so much and everybody congratulations to the winners Thanks guys. Have a great day. See you guys or see David Alright, so that was that now. Let's get into the good stuff, which not David's sheet. Here we go So the SEC looks like they take it to another another L for Gary Gensler I have got nothing against Gary Gensler. I just think that he's going a little bit crazy With the spot ETF and maybe it happens So the question that everybody's is saying is like well now this this was overturned or not overturned the The SEC decided not to appeal the original decision from August from grayscale does anyone get a spot ETF? No, here's what happens So district of Columbia Court of Appeals in Washington in August in August Well, the SEC was wrong to reject the grayscale's proposed bitcoin ETF. Remember they're trying to take their Their ETF that they have or excuse me Their financial matter for for bitcoin and grayscale and try to roll that over to a spot ETF and The SEC said no, we cannot let you do that And of course they sued them which they should have done a while ago I think everybody should be suing the SEC it seems like because they're wrong And they lost that case so the SEC decision Not to appeal Because they hadn't till midnight last night to appeal likely paves the way For the agency to review grayscale's application. So it's not like we're going to get a spot ETF today It's just they say, okay. Well You can move that From grayscale To a spot ETF. However, we have to approve that spot ETF So there's just one more Hurdle to jump which is a big hurdle Grayscale sued the SEC arguing that because the agency Previously approved certain surveillance agreements to prevent fraud and bitcoin features based ETFs The same setup should be satisfactory for grayscale's spot ETF since both spot and future funds Rely on bitcoin's price The appeals court ruled the SEC arbitrarily denied grayscale's app because it never explained why the two arrangements were materially different I don't understand it either. I don't understand why they say that. Okay, we're going to approve the spot Are the features ETF? Because there's very little Fraud and manipulation, but we can't do the spot ETF because there's too much fraud and manipulation I think it's a lot easier to do manipulation on a product That where you don't have to hold the underlying asset and that's the whole thing With a futures ETF, you don't have to hold you can hold paper bitcoin, but for a spot ETF As I understand it, you have to hold the underlying asset. So they have to buy it up The appeals court ruled the SEC arbitrarily denied grayscale application Oh, I said this and the appeals court is expected to issue a mandate Specifying how its decision should be executed, which will likely include instructing the SEC to revisit grayscale's application. So there is that part and That's a win. Gary has to take yet another L on top of the loss they took from rape from ripple Which was a good one And now we get to the point of what does this mean for the spot ETF because everybody wants it to happen I want it to happen. I don't think it is. But again, like I said before just because I think it's not going to happen as a mean of will I don't have a crystal ball. I'd rather be right and rich than wrong and poor and Eric Balchunis nailed it ETF analyst for Bloomberg and he put out a statement Which states that this at Bloomberg we believe is a 90% chance of approval by arcs january 10th headline but he's also saying that because of this Of what happened It's now a 90 chance That the spot ETF will be approved now. I don't know if he said at what time point I don't believe it's going to happen before 2024 But from whatever he says it looks like it's going to be a 90 chance of approval We'll see if it actually happens and then You sometimes have to take a look and a step back at the big money and what they're doing And because of the grayscale bitcoin trust, those are my words grayscale bitcoin trust That's what they're trying to to change over to a spot ETF When the news broke or as the news was coming in There's a discount for the trust itself And it's closing So the discount Was at negative 48% In 2022 towards the end of the of the year, which of course That was the time when we had some of the all-time lows as you might remember I think it was November 17th and November 9 2022. We had all-time lows for bitcoin Roughly around $15,700 And now as time has gone on it's decreased that discount For the trust because people believe that this will be turned into A bitcoin spot ETF and now of course the numbers of 90% running around people like this is a sure thing This is definitely going to happen. I will just warn everybody Now wherever we think that it's definitely going to happen It's like the market turns around and slaps us right in the face and says no I will do whatever I want to do. However, I think this is very positive moving forward And I like what I see and yeah, let me know what you think about that in the comment section And now that we've heard some some good news Let's balance it out Let's balance it out with I don't know if this is bad, but let's just call it the reality The possibility of a recession on the horizon there was uh There's a good video and it was with It was on Dave Lynn's channel And he talked to gareth salloway and gareth salloway talked about how That he believed that there was a multi-year recession coming And uh, it's going to be havoc for the markets I don't know if it's going to happen, but I will say if we take a look at Treasury yield spreads and I'm going to talk about if we do have a multi-year recession how What historically has actually happened but One of the greatest indicators the best indicators For a recession is the treasury yield spreads and of course i'm using ben's website And we can see here As far as the spread goes let me reset this zoom It's becoming for me Every time or almost every time The treasury yields and we're taking a look at the 10 and 3 month you can look at the 10 and 2 year It doesn't doesn't matter this one. I think is a little bit more A little more stable and accurate of predicting Once the the treasury yield inverts And then it uninverts there's a little bit of a time before we hit a recession Which is in the gray part this happened in 2001 It inverted uninverts happened in 07 08 before the great recession And it happened which I thought was interesting It inverted and uninverted in 2019 into 2020 when we had the Surveys of sickness And then of course It inverts and now it's somewhat uninverting, but it hasn't got to that that point to where it comes out over So we know a recession is probably coming if we take a look going all the way back to the 70s Usually that's what happens So why is this a really good good indicator? And it was explained Very well by george gammon And he took a look at some people that are in the know people not like us Let's just be honest like a paul tutor jones and now paul tutor jones stood up at davos Before the surveysa virus came in and pretty much gave rallied off or Stated a ton of facts about this coronavirus. This was like I want to say seven or eight months Before the coronavirus had actually hit so The thesis is I think it is very well is that the people that are higher up in society, we'd say Who have a lot of contacts with sitting? I don't know individuals representatives people in power They get a lot of insider information that we don't get and because of that What happens is they take their money out of stocks because they know it's going to tank and they put in things like treasuries And that's exactly what we see and then So because of that I think that's why we have The treasury yields going up so high because I think people have some insider information I know what's happening now not everybody knows what's happening, but I think it's a great indicator And I got to tell you I didn't really put too much stock into until I watched that video And then also I figured out just how much money there is In bonds and t bills treasuries notes It's like 50 billion dollar excuse me. Sorry 50 trillion dollars In the us and globally over 110 trillion dollars and this was It's a us bond market debt versus the us stock market cap and it only goes to 2012, but I'll show you some other data so In blue here is the stock market and then red is the bonds t bills everything right And even back in the day that's 60 40 split people will talk about you know 60 percent stock and 40 percent bonds It works out pretty well because the rates were higher then of course as time went on Rates slumped off and people got a more into stocks and now it's coming back And if we can take a look here globally us has 51.3 trillion dollars in the bonds in the bond market And china has 20 trillion so you add this all up. It's over. It's actually 100 excuse me. It's 133 trillion dollars of people just sticking it into these bonds because either they know something or it's a pretty much a Super easy reward to do So when I see this I think to myself man, there's a There's a pretty good chance we could have you know a Quite a bit of a slump in as far as a recession Anyhow looking at this you got to ask yourself well if there's a hundred and thirty three trillion dollars in bonds globally What does that mean for the stock market? Stock market globally as of 2022 Excuse me, april 2020 Was roughly 90 trillion now. I think it's over like 110 or something like that But it's amazing to me that the bond market is just that fantastically enormous and then of course if we take a look at Uh because people are always concerned about the Fed assets And how much they're actually taking off off the books because we're doing first it was quantitative easy now It's quantitative tightening, you know, they took off. They went here from 8.9 trillion dollars To now to 7.9. So that the Fed's doing its job. It's taken off Getting excess liquidity off the books for them as they're auctioning it off and then Fed's been rolling off a hundred billion dollars in treasury But the question is can they is this fast enough for them to avoid a recession? I'm not for sure But it looks like we're headed there and I will just put it like this The whole point of this whole exercise Which I was rambling on a little bit too much Gary Salloway and and uh Dave Land when they talked about it, you know a multi-year recession people get freaked out about that They say this is awful. But remember Recession blasts an average of 10 months I know some people will say but but rob it seems like Recessions get longer because look at 2007 2009. That was 18 months. That was a great recession That was one of the worst ones out there. And but of course the last one it was only two months February 2020 to April 2020 And we can go back and forth on this but the big thing I want to say is We just take a look at the m2. This is m2 money supply in the stock market Just want to show you something The stock market is not the economy The thing that I will I'll mention is that even though this is what the great recession showed us The stock market can bottom out But it recovers Before the recession ends The same thing happened over here it recovers before the recession ends So I know like you may some people might hear this and say oh the recession That's awful. But even if it does last for two years and we hit it in q1 What does that mean that takes us into 2025? Yeah, 2025 And the market recovers the economy might not recover in that time frame But it's one of those things to think about is say well, you know, the economy doesn't recover If the stock market recovers That could be pretty good for me now. I'm not talking about the jobs and things like that But for the markets themselves could be quite positive And then lastly I was trying to put a positive spin. Here's the last positive spin So everybody can have a feel-good moment We're not going to get lambos, but Ferrari's going to accept crypto as payment for its cars in the u.s. So I I'm not big into cars, but I know people were all Excited about this one, especially if they said well, this is a great that ferrari can do this maybe Tesla can do this at some point. Maybe they're right not far behind So ferrari started to accept payments in crypto for its luxury sports cars in the u.s And we'll extend this the scheme to europe following requests from its wealthy customers again We're taking a look at the adoption. I think that's a pretty good indicator is massively Famous car companies are under accept cryptocurrency and digital assets for its payment and that's it for today So look I went a little bit long. I apologize. Usually we try to get things done a little bit quicker today's uh Saturday so Not as not on top of our game as usually we are but like today's video give it a thumbs up consider subscribing Thanks so much for stopping by. I appreciate I'll see you guys in the next one