 The following is a presentation of TFNN. The Tiger Technician Hour with your host, Basil Chapman. Call now, toll-free at 1-877-927-6648. What's going on, folks? My name is Jacob. My number here is...let's get it forward. 877-927-6648. My email is Jacob at TFNN.com. If you have any questions, you can email me there. You can message me in the den or on the YouTube. I'm filling in for Basil today. He's feeling a bit under the weather, so let's send him some good energy. Regarding our quote for the day from Tom Stack here is, You don't need the acceptance of others. You don't need knowledge or great philosophical concepts. You have the right to be you, and you express your own divinity by being alive and by loving yourself and others. I think that's really nice. I see a lot of... We tend to act very cerebral, especially regarding things like the metaphysical and stuff like that. I'm pretty active in my life. I enjoy doing things like jujitsu and MMA, and for a lot of my life, I probably wasn't engaged too much in anything kind of physical, no sports or anything like that, and focused a lot on reading, I suppose, philosophical concepts, but I've really found that staying active, being out in nature, that has really centered me a lot, and I think we need a lot of that in today's world. A lot of us are cooped up, sedentary. So just a little nice concept for this morning. Today, one of the major things I really want to talk about, Tommy was kind of talking about it on his show, is some of the crypto, and this is not any kind of analysis on the cryptocurrencies that exist today regarding their prices, but kind of just the theory behind things like the blockchain, because I think there's a lot of proof of concept in what we see in these, you know, either digital assets, essentially, not to say that they're applied properly now, or that these are necessarily good or bad investments in any way, but there's a lot of interesting head games that kind of go in to looking at, or excuse me, into what these kind of blockchains solve. We have the Dow up 108, we have the Nasdaq up 2395, and we have the S&P 500 up 6.61. We have the Q's down 0.06%, the dollars down about 0.15%, Meta up 1.39, Tesla up 1.18, Apple down a little bit, and then my baby still Dynamics coming out high. This stock is crazy. It's almost like I've been able to kind of see what happens. I mean, this follows the market pretty consistently, and it always wants to get back up to essentially that 80, 87 area that I've been seeing. Let's go in here. We have the core inflation data came up yesterday. Let's take a look at this, right? I go on a lot of the Internet forums for stocks. One of the big ones is Wall Street Bets, and I have such a love-hate relationship with these guys on there. You have a lot of them who make pretty accurate points and are kind of educated on it, and then you have others who kind of just don't really know what's going on, and you see a lot of losses from there. One of the big things that was going on yesterday was inflation itself only was up 0.1% over the projections, and the real point is that core inflation is continuing to go higher, and everything in the macro economy itself is so slowing a bit. Obviously, we do have some speed-ups, but nothing looks necessarily good. So we have here the United States core inflation rates. The annual core inflation rate is 6.3% for the 12 months, ending August 2022, after previously rising 5.9%. The U.S. Labor Department reported September 13, 2022. Obviously, we had another interest rate increase. What's the difference here with it? General inflation versus core inflation. Core inflation excludes certain items that are known for their volatility, namely food and energy. It is monitored almost as much as the bellwether inflation rate. So this is the general consumer price index. Obviously, it's highly overrepresented by energy costs. This is not going to get any better. We are kind of supplementing our oil reserves here, our energy at least, by dumping our reserves. This can only go on for so long, and it'll be interesting to see if we can manage the prices after we kind of dump through our reserves here. Let's see here. Less food and energy major categories, apparel, new vehicles. This is a huge one. This is beginning to drop as well. Vehicles, in general, were insane starting at the beginning of this year. I purchased a new vehicle. I think it was a good time to buy a new vehicle relative to buying a used vehicle, but regardless, it was still expensive for what it was. Used cars and trucks, obviously high in medical care. Medical is always good to get into. You're always going to have a nice safe spot in here. Alcohol beverages, tobacco smoking products, shelter, transportation service, airline fares. One of the big drivers of core inflation they're seeing is rent. Let's see here. It's the pace of rent growth accelerated nationally in August, but varied widely by the market. The thing is, you can raise these kind of Fed fund rates in order to kind of stifle spending and kind of bring quote-unquote illiquidity into some areas. But the rents don't immediately adjust to these kind of things. It begs the question, if we get to a point where we have something like 4.5%, like Ray Dalio once by the end of the year and kind of sees coming, will that be an overshoot essentially? Because so much of the core is driven by rent and they take a while to go down. It's hard to say. Rising residential rates contributed to high inflation in August as real estate investors have increasingly looked towards multifamily buildings to generate revenue. The annualized cost of renting a typical home jumped 6.7% in August up from 6.1% in July, according to the figures released Tuesday by the Labor Department. Especially in St. Pete where we're headquartered. This is wild. I also think a lot of our rent is being driven by people moving in who just have more money than the natives here. It really blows my mind. I see a lot of people my age who are living in these buildings and paying something like 2,600 bucks a month. No idea how that's able to be achieved. Of course, there's a lot of stuff like remote work is driving a lot of people to move in these areas and they can make income in their states what you would make in that state. It's not necessarily the same. Regardless, that kind of stuff drives rents. That might be a very St. Pete-specific issue. But in general on the macro level rents are increasing. The surging costs of shelter accounted for about 40% of last month's cost of living increase excluding energy which fell in price and food which increased slightly. I've seen food kind of peter out a little bit. At least the goods that I buy regarding food did not get hit too hard. But I definitely know things, your pre-made coffees, pre-made drinks. These increased about like 50 cents, at least in my area. And the growth of so-called core inflation which includes housing costs but not energy or food rose an annual rate of 6.3% in August. Again, is the Fed-of-fund rate going to be able to target this precisely? Probably not. But that will result in kind of a ripple effect where rents might decrease. Folks, we'll be back when we come back when I want to talk about actually it's kind of a new model that Bank of America is implementing from mortgages that does not include your traditional credit score. We'll be right back folks. Are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help. Tom O'Brien has been successfully trading markets for over 30 years. A frequent contributor to TD Ameritrade Network and CNBC, Tom O'Brien is here to help. You've got to get to it. You're going to get to the end of your career. You're gonna get to the end of your career. You're gonna get to the end of your career. You're gonna get to the end of your career. and CNBC, Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you. 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After all, he's got 45 years experience as a day trader. Larry will also provide daily charts, videos and data on the key markets that he's tracking. Expect notifications from Larry on market movement you need to act on at any time. First-time subscribers also get a 30-day money back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. Subscribe to the Fibonacci 24-7 newsletter today. TFNN.com Educating Investors 10. Available to all Tigers and Tigresses for just $1 for the year. There's no catch or added costs when you join our community of traders. Sign up today and become a part of this educational community of traders just visit the front page of TFNN.com. Toll free at 1-877-927-6648. Internationally. At 727-873-7618. What's going on folks? So Jimmy and the Den said, uh, I said, Jacob, folks say the same thing when they see people driving cars, owning boats and belonging to country clubs and wonder how they're affording it. The answer, many folks lead a leveraged lifestyle and it works until it doesn't. And that is, that is true. We can see here, this is wallet hub. It says US consumers are back to bad habits. This is two days ago, excuse me, three days ago. US consumers are back to bad habits when it comes to credit card debt, following a record setting reduction in 2020. Consumers added a total of 86.2 billion in new credit card debt to their tab during 2021, capped off by a 73.1 billion increase during the fourth quarter alone. Now consumers have started, well it looks like a mouse isn't working anymore, that's cool. Now consumers have started, excuse me, have started 2022 by paying down just 12.5 billion in Q1 and adding a staggering 67.1 billion in new debt during Q2 and Q2, a Q2 record. Below you can find more credit card debt statistics. This is insane. I mean, it really is, especially in, when I was younger, when you, I would, when in the neighborhood that I lived in, I mean, it was, it was just middle class, but you'd see a lot of homes that have these like $60,000 trucks. And it just made you wonder how, how these guys were, were affording this. I mean, I don't take on that much debt whatsoever, and it still is an immense amount being, being paid every month. I can't imagine like the stress that that does to people. I mean, there have definitely been studies that if people are in debt, not being able to make ends meet or tight on funds, I mean, it quite literally shrinks the hippocampus. So, I, I don't know why on earth you would want to take on this, this kind of, kind of debt if you're not utilizing it properly. I mean, taking on debt just to buy something that you want and don't necessarily need, it's probably not the best move. So, kind of in that realm, Bank of America is doing something really interesting. So, let me speak from like people that, friends that I have in my generation, like I, there's a lot of people I know that don't have any credit, and it's not, you know, it's not necessarily their fault. We never really learn about it in school. Maybe people aren't necessarily always raised around financial literacy. So, they get to an age where it's time for them to buy a home or just take out any kind of loan to get something that they need, and they kind of get a little bit screwed because they don't have any, any credit. So, Bank of America is doing, is doing a zero down payment, zero closing, and no credit, new loans to buy homes. So, let's go through this. I know the headline here just says zero down payment mortgage. And we'll, I'll get to the credit thing in a second. So, let's go through this. So, like, putting together a down payment on home can be easier. Okay, sure. It does require a minimum credit score, but considers factors like rent and insurance payments. This is really cool, and I, I like this a lot just in the theory sense, right? So, obviously, what you're looking for in a credit score is you can take out loans, okay, you can take out money, and then you can make payments on it back. All right, and that, you know, that's a generally very logical thing. It's basically kind of like a risk analysis on the person. But I also think that the way they're looking at it now is just, do you have an obligation towards a payment, regardless of whether or not you borrowed the money? Do you have an obligation for a payment? And can you meet that obligation? Because at its very fundamental level, that's just what a, that's what is required and alone. You have an obligation towards a payment, and you have to do it regardless of anything else. So, I like that Bank of America is kind of looking at it, and I think they need to get a bit more liquidity in lending, because lending is going to slow down. So, they're kind of opening up their lending to people who do not have credit, and don't have a lot of money up front. Again, a lot of people in my generation do not have a lot of money saved up initially, and it is hard to pay a down payment on a home. The crazy thing about that as well, like on the other end, is a lot of times the mortgages are going to be, for a modest home, are going to be far cheaper than renting an apartment. So, it's a weird thing. Let's go through this. So, imagine getting approved for mortgage on your dream home without having to make a down payment, pay closing costs, or a minimum credit score. So, let's go here. The Community Affordable Loan Solution, that's the name of this kind of action they're doing, will be available in appointed markets, including Historically Black in Hispanic neighborhoods, located in Charlotte, North Carolina, Dallas, Detroit, LA, Miami. The plan requires no mortgage insurance or minimum credit score, and instead uses credit guidelines based on factors like rent, utility, phone, auto insurance payments to qualify. Borrowers must complete a home buyer certification course prior to application. A lot of people that I've seen speaking about this, kind of referencing this being like a new subprime lending, and I'm not sure that's necessarily the case. I mean, I don't think these guys are going to get over leveraged or anything like that. I think these will be modest loans out. There are already neighborhoods in these areas that are not super expensive or anything. I think this is going to be a positive thing. I would not call this subprime lending in any capacity because the individuals who are completing the home buyer certification are still demonstrating they can make payments that they are obligated to. Let's see what Big America's public reasoning for this is. So to say home ownership strengthens our communities and can help individuals and families build wealth over time. Our community affordable loan solution will help make the dream of sustained home ownership attainable for more Black and Hispanic families. And really, obviously, emphasis on marginalized communities is extraordinarily important, but also just everyone in general. Again, as I was saying earlier, it is far easier to get a footing in life if you have your kind of basic needs met. If you look like the Maslow's hierarchy of needs, just shelter and food in general. And then that's kind of like your forward base of operations essentially. This is a really positive thing. I think certainly in areas like Charlotte and Detroit, this will be extraordinarily positive. You're going to have these homes that are not deteriorating. They're no longer going to be dilapidated. People live in them. And this could be a very nice economic boost for the neighborhoods. This is a solution, measure for the Equal Credit Opportunity Act. Let's see here. Again, three major roadblocks ownership. I think this is a really smart thing they do. I think this is a really smart thing they did here. And we'll see how it goes. We'll see how it goes. And we'll see what kind of way they class the debt. It'll be interesting to see. Let's move on here. So we have these big looming railroad strikes. Again, this is not the kind of thing that you want to see in a time where we have really bad supply chain issues. So apparently a tentative deal has been reached, Biden says. This is kind of interesting. The UK was suffering railroad and shipping strikes as well, or the threat of them. And since the queen died, they kind of have determined to not do that, at least for the time being. Put it off until she's laid to rest at Buckingham Palace. In a way, I think that's kind of a really beautiful thing, people coming together over cultural reasons, kind of putting aside differences just for the time being and kind of celebrating the life of someone. When we get back, we'll cut a little bit into this. I also want to talk about municipal outflows and kind of how that affects and dampen some of the stimulus packages that are being given out by the government. All right, folks, we'll be right back. My number is 877-927-6648. Email me at jacobatffnn.com or hit me in the den. We'll be right back, folks. If you want to take advantage of this sector, now is the time to subscribe to my Gold Report. The Gold Report is a comprehensive look at the metal sector, as well as the markets that move gold, which is the currency and bond markets. New subscribers get a 30-day money back guarantee, so you have nothing to lose. 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The Art of Timing the Trade Charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks, or even months searching to find. And right now we're offering licenses available at only $79 a month. We are so confident that you're going to love this new charting software that will even give you a 30-day unconditional money-back guarantee. Don't miss out on this incredible new piece of software. Get your copy of the Art of Timing the Trade Charts today by visiting tfnn.com. either. TFNN airs live financial content streamed live on tfnn.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 p.m. Eastern. For free, each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at tfnn.com or on TFNN's YouTube channel and become the investor you were born to be, TFNN. Educating investors. This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of tfnn.com. What's going on, folks? Alright, let's crack into this a little bit quickly. So, the White House said Thursday it had reached a tentative agreement to avoid a railway strike that threatened to cripple swathes of the U.S. economy. The blood administration had been holding talks with representatives from both sides to avoid transport disruptions that could have snarled supply chains. Putting new pressure on prices when inflation has been hovering near four decade highs. Business groups and key rail customers, such as energy companies and national retailers, had been calling on the government to avoid a strike. The overall U.S. job market is tight, with wages rising and unemployment low and the railroads struggling with service issues, they say have been caused by worker shortages. Union members have been working without a contract since 2019, and labor leaders had used negotiations to protest new attendance policies some of the companies had adopted. Both sides said Thursday they rung concessions from the negotiations, which produced a deal that largely reflected a proposal put forth by a federal panel a month ago, including about 24% increase in wages over the five years. The tentative agreement must now be ratified by members of the various unions covered by these contracts. This is why it's really important to take care of workers in these industries, because you might not think about it a lot, but this is like the circulation of our economy. We don't address these kind of issues, there will be hurt, and it does seem to be a shame that we have to get threats of strikes in order to achieve this. Let's see here. One of the things I want to talk about is there is a potential for 75 to 100 basis point increase in rates next week, but furthermore, I want to talk about kind of the municipal bond outflows. The outflows are slowing from the municipal bond funds, people are selling them off, and how this could actually dampen some of the help that the stimulus packages for infrastructure, some of the help that they would provide. This is a Wall Street Journal, as the outflows slow from municipal bond funds, investors are slowing down after dumping muni bonds, holding at record speeds at the first half of 2022. The outflows from municipal bonds flows fell to 229 million for the week ended Wednesday from 635 million last week, according to the data from Refinitiv Lipper. Mutual and exchange traded funds have had a couple weeks since the beginning of June, when they received more than 1 billion in inflows. Earlier this year, these funds lost more than 30 billion over 15 consecutive weeks of outflows, as rising rates affected them. You look back at what happened when we were going through the Great Depression, what really got us out of that is major spending within factories, just industrial kind of sectors in general. I think that was partly the idea. One of the things I talk about all the time is the infrastructure stimulus in the Great Lakes region, so because outflows are kind of slowing a little bit here, this could kind of negatively affect the positive effect that it would have. One of the things I was really wanting to talk about today is just kind of the theory, because I know news of it has kind of been dampened a lot because of major losses in major currencies such as Bitcoin and Ethereum. Again, this is not going to be a defense of those currencies and how they operate in the real world, but it's more to kind of dive into the theory of why these things even exist, what the point of them was, and then how we could actually see a change in the future in a movement towards something like a decentralized currency. The thing is, at the end of the day, when you have such strong central banks like we do in today's world, I find it hard to believe that a major decentralized currency will ever take storm. However, I do see these kind of digital currencies occurring that are kind of derivatives of some major either equity asset or something from a central bank themselves. So the main issue that's being looked at when you're talking about things like the blockchain is something called the Byzantine generals problem, and this is in game theory. The idea is you have a Byzantine fortress, like the Eastern Roman Empire, you have a Byzantine fortress, and you have three separate armies that are attacking, and the only way that they succeed is if they all attack at the same time, or at least two of them attack at the same time. However, they cannot communicate with each other because you have essentially spies and espionage occurring. So the idea is how do you achieve this? Bitcoin was one of the first places in one of the first attempts in currency to do so. The idea is that you can't have a centralized movement because there are factors that exist that compromise those centralized movements. In currency today, we have a centralized force, which is the central bank or banks themselves. These, with some of your more anarchical kind of people, the idea is that banks come in and can seize loans, or excuse me, seize some money, seize assets. There was something I read the other day that a lady who was with Chase Bank, she was making mortgage payments and actually sold her home. So I'm not sure how legit that is, but just the idea that these things float around, that banks are not always trusted. So Bitcoin has come up with three kinds of concepts for it. This is proof of work, this is proof of stake, and delegated proof of stake. Let's really talk about proof of work. The idea is that you have this general ledger that everyone agrees upon. This ledger is anonymous, but it does have an anonymous signature. I know it's a bit contrarian, but that is how it works. When this essentially proves that a Bitcoin was created, or a Bitcoin was transferred from one wallet to another. And the way that's done is you have a certain input by the initial transaction, then you have these nodes around the network. And these are generally just singular computers. And they use a certain proof of work concept, and they confirm that this creation of a Bitcoin occurred, or this transfer of a Bitcoin occurred. And then everyone agrees upon it. And then in theory, you have a decentralized network that can prove transactions or production took place. Let's see here. So how do we see these currencies operating in the real world? The idea, I think the note to really focus on is the word is currency, right? Really, we look at Bitcoin. This has not acted as a currency whatsoever. This has been essentially a store of value, and has been viewed as a rapidly appreciating asset. Ethereum doesn't necessarily share that exact same kind of identity. But for a while, it was just being used as a store of value and was kind of just like a general asset that was illiquid. This is a major problem when you are trying to develop something like a currency. You don't want your currencies to be so expensive. Of course, Bitcoin kind of deal with that based on fractionalization. But we never really saw any kind of transfer of Bitcoin for payments for anything large. One of the main issues I see with things like Bitcoin is that one, there's a cap rate on it. So there's only so many bitcoins that can be produced. And after that certain point, it's not really clear that anyone's going to start using it as a currency. Ethereum has been a little better like that. Ethereum tends to be at least the network that it's on, which is separate from the coin, but is tangentially related. That seems to be doing a little better at that. A lot of your major cryptocurrencies that are smaller and are being used in transfers are based on the Ethereum network. When we get back from here, I'm going to go into some of the other issues I see with it, some of the attempts to kind of solve it, how we make it better. And then we'll talk about how Meta was actually planning on releasing not a cryptocurrency, but it's digital currency itself and how really the future is probably more digital currency than decentralized. We'll be right back, folks. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the opening call newsletter at tfnn.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman and your inbox every day. First-time subscribers also get a 30-day money back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up, tfnn.com, educating investors. Biotech is booming, but for how long? Whether you think the Biotech bull has room to run or has run its course, trade LABU or LABD directions daily S&P Biotech three times bull and bear ETFs. Visit directioninvestments.com slash biotech today. An investor should consider the investment objectives, risks, charges, and expenses of the direction chairs carefully before investing. The prospectus and summary prospectus contain this and other information about direction chairs. To obtain a prospectus or summary prospectus, please contact direction chairs at 866-476-7523. The prospectus or summary prospectus should be read carefully before investing. An investment in the funds is subject to risk, including the possible loss of principal. The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor, four-side fund services, LLC. This program is brought to you by Vista Gold, traded on the NYSE American and TSX under the symbol VGZ. Let's take a look real quick at our renewables here. Solar's just kind of wiping anything it did last week. Let's see if we're getting nice. So we're still a little bit up, comparatively speaking, not from its top of this year, but interesting. We'll see what else happens throughout the day. Okay, anyways, let's go back real quick. I want to talk about how you can in theory run like a decentralized central bank in a sense. The way that these coins are created, at least in Bitcoin, is you have to complete cryptographs. There's problems that computers are constantly working on. The solution is made, and that gets sent out to every node on the network. This is like your proof of work. This gets sent out to every other node, and the node can then check that solution. If it's obviously wrong, it will be negated, it will not be added to the blockchain, so no new things are created. This is interesting, and I find it interesting this attempt to try to in a way democratize in its purest form the financial system. However, I do have a friend of mine, a close friend of mine, who does work for something called DAO, which is a decentralized autonomous organization. I won't say the name of it, but they have a cryptocurrency that they produce, and they have, they're big in NFTs as well. They actually had a very large NFT a while back before some news came out. When I speak with him about this a lot, because I find it extraordinarily interesting, and one of the things he said to me is that on the long term, this kind of decentralization does not always make sense. Not a lot of people can always make the correct decisions, especially regarding these kind of like finances. Another thing too that I kind of brought up to him, and I mean, it's just a general logic kind of concept, but he also voiced as well as what we see today is not really like decentralized. It's not democratized in the sense that everyone kind of has an equal hand in mining Bitcoin or any coins in general, because for the sole fact that it is so expensive to get the hardware to kind of complete these algorithms. So essentially what you have at the end of the day is you have something that's decentralized or at least separate from your traditional central banks, but you kind of get these like massive mining cartels that exist, right? Very difficult, excuse me, it's very difficult to have like a democratic kind of system when you have people who have more power regarding essentially what is voting in a financial sense here. So what are some interesting ways that other people have tried to like address this? There was one currency called Olympus Dow, and the way that they did it was they actually created a treasury, okay, and this was a automatic treasury system in one moment here to get my stuff loaded up, an automatic treasury system that created a base, right? And this treasury system held something like 98% of all the coins that were created. So it would avoid these large whale dumps essentially that you'd see in Bitcoin, you know, you'd get up to another level and it would dump all the way down. I mean, just taking off the table in some ways it incentivized people to stake their currencies, which is essentially giving their currency to the treasury, so then the treasury can then loan that out. That eventually became very, they kind of backfired in the sense that the person who was running it actually was stealing from the treasury. It's really hard to do this because again, like it's, if you don't have very good protocols and rules that are followed, you can get a lot of manipulation. And this is another major issue that has not kind of yet been resolved. How do I see this really working in the future? One of the things I can see, maybe not cryptocurrency doing, but digital currency in general, and we could call it crypto, is you can have it based off of like a real life asset. The way that I've always kind of imagined a currency like this could work would be like say that, you know, I'm a fund owner, okay, and I have this big, let's just say mining ETF of all the major mining corporations, okay, and what I can do is instead of people just having it and buying these shares and fractionalizing it down, I can create a cryptocurrency or a decentralized currency or whatever and essentially have that pegged to the fund itself. So essentially you're bringing like liquidity to the fund, okay, and of course it would still be up to me, the fund manager, how much of this cryptocurrency is controlled, so it's not necessarily decentralized in the sense that you have like an equal flow of decision making, but I think that solves a lot of issues with the value reasoning behind things like Bitcoin and Ethereum. I also think for ease of transactions, if you create, let's say you have like a multinational kind of supply chain going on, let's say you have like a multinational supply chain going on, different countries, you can create a cryptocurrency or digital currency that you can all agree on a value and this might be able to kind of alleviate some tax burdens, this could alleviate kind of transactions between different currencies. So it seems to me that we do have a caller on the line, give me a moment here. Hey, how you doing? You're doing an amazing job. Tom, how you doing? I'm doing great, man, yourself. You're doing well, thanks for calling in. Absolutely, well, I just wanted to let you know what a great job you're doing and you know it's intriguing, like the cryptocurrency world. So, you know, years ago when this first started, you know, because I do the gold report, people always say, you know, the aspect of you think gold's not moving because, you know, you get cryptos and, you know, when I think it's true, I mean, I would say that the reality is that yeah, that there's less demand, you know, because if I take a look at like when I was your age, right? And you came and when I was your age, inflation was raging, right? Sure. And what ends up happening is that we were looking at all these older dudes and they're saying, you know, this is gold, gold worth that. And of course, that's where we went. I remember buying coins, you know what I'm saying? Yeah. And then I do explain it to me, well, that's not even on the table in your generation, right? Not even close. Correct. I don't see a lot of people buying gold whatsoever. Right, right. The way that I see what's kind of happened with this, and correct me if I'm wrong, that I think was a little different from gold, I think a lot of people my age and especially when I was, you know, looking at the hype a few years ago on it was not necessarily that I was worried about my purchasing power eroding or my dollars eroding due to inflation, but it was the promise of getting such a high return for doing nothing. And so I think fundamentally speaking, you know, it is totally what I don't think there was logic of trying to really store your value that way. Yeah, so it's interesting to kind of see that. I think that's why a lot of people like lost money out. Yeah, right. Yeah, it's certainly interesting. What ends up happening, particularly when they started, you know, if you got it in the beginning and you hit a home run or grand slam, which people did, then all of a sudden you think you're going to be King Kong. Yeah, and then everyone hops on the train. It's absurd. Well, Tom, man, you're doing a great job. We appreciate it. I'm sure a battle is really proud of you, man. Thank you so much, Tom. Thank you for calling it. Okay. All right, thank you, man. Have a great another day. All right, folks, we'll be right back. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all for daily market overviews that give you direction on the key indices, selective stocks and commodities. Subscribe to the opening call newsletter at TFNN.com. The opening call newsletter is written by Basel Chapman, creator of the trading methodology known as the Chapman Wave. 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Larry will also provide daily charts, videos and data on the key markets that he's tracking. Expect notifications from Larry on market movement you need to act on at any time. First time subscribers also get a 30-day money back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. Subscribe to the Fibonacci 24-7 newsletter today. TFNN.com, educating investors. It seems that we're bad so let's see here. We're kind of a bounce off that big parabolic motion but we're still getting kind of hammered hard here. The Q's getting hammered, NDX is getting hammered. This is nuts. We'll see how this pulls off for the rest of the day. Some of the last things I want to say about it and you know Tom really provoked a certain like thought with this is totally like everything that's going on in these crypto world at least currently is it's totally wild west. Scams everywhere and really the same old scams. There's nothing new under the sun with what these guys are doing. A lot of all these coins for the most part are Ponzi schemes which is the point I was trying to address with essentially saying pegging it to something like let's just say like a mining ETF or just a producing group of equities itself. You know I had a guy who tried to get a friend of mine who tried to get me into one and I was looking at it and it's like the only way that value is being generated in these coins is because some other sucker is joining in as well. I don't like that. I mean obviously that's a that's a set of you know that's a set up for failure and I really think the idea of cryptocurrency that can be kind of a misnomer or at least in the sense that it can impart some sense of safety insecurity in these. So you got to be really safe at least regarding things like NFTs again that was those were major scams as well. Again one of the things about anonymity she had no idea who was buying these wallets. I mean I could have had two wallets created an NFT myself and then transferred one into another wallet at the expense of let's say 200,000 US dollars and there's no there's no proof that it was a legitimate transaction. This actually happens in the art world too regardless. We're going to see things like these the concepts exist for a while. NFTs could be something as simple as receipts for purchasing and not highly valued in and of themselves. Folks I really appreciate you joining me today. It was awesome to fill in for Basil. Let's all wish him a bit well and I think we have a replay coming up next and then we'll have a Steve's show at one.