 Everybody welcome to the live-stream on a Saturday and this is gonna be an interesting one because it's always I think it's always helpful to be retrospective Take a look at what actually happened and right take a look at FTX what actually could have been how they could have actually been solvent if they just would have done a couple of right things and Just go over exactly what happened as far as like balance sheets now we'll say this this was a pretty good piece put up by the block and What it talks about is that you know Sam and FTX could have actually made it all the way through if they just put it on the right things and actually today They would be solvent and would actually be running right now But I got to tell you when this actually happened this came down We thought it was like the worst of the worst right but everything happens for a reason it's at the right place at the right time and then on top of that with what's going on here is that you have to Remember that if you do the right things It usually takes care of itself and if you don't like greed get a hold of you Then you can have a monstrous business and do extremely well But when greed when it when greed gets in the way screws up everything So here's the piece bankman Fried's crypto portfolio will be up billions this year Thanks to Solana and I'll just preface it with this What is owed to the creditors of FTX is roughly 8.7 8.8 billion dollars if they just put a held on and not screwed up so bad that would have actually 9 billion dollars right now and we would be talking about this whatsoever and We would think that Sam Bacon-Freet was still a genius of the 30 under 30 and that everything was on the up and up But again, everything happens for the reason so just so you know Sam right now is Went from rags to riches and he is in the Brooklyn metropolitan detention center as he was found guilty of fraud charges last month Which is the same jail that are Kelly Fettywap and the subway attack are sitting in right now amazing I would think kind of you go from the top of the world And before you know it life stops right in the face So here's what we got the price of Bitcoin has exploded about two weeks after SPF touchdown in New York Having been extradited from the Bahamas just before Christmas. Of course, that was a while ago Bitcoin is now up about 160 percent, which is a pretty good Bankman Fried faces about a hundred years in jail, but what if his risky bets actually paid off? So here's the numbers. What if he actually survived to see Bitcoin retake 44k? So just one day before FTX fell for bankruptcy protection and about a week after a five billion dollar bank run That's the key right there the bank run the bank run was the issue and if it wasn't for some key players like dirty bubble media and Of course CZ this never would have happened. I don't think I think we he could have just kept up with the lie but after this five billion dollar bank run everything collapsed and Bank and free mapped out the crypto exchanges balance sheets during that time the sheet Which was dated November 10th 2022 shows FTX assets assets that at the time Whatever they are worth. We're now worth almost nine point six billion at this point So about two-thirds six point four billion was able to be easily back tested Crypto made up roughly five billion with initial six hundred thirty million stables serum, which I barely remember what this is Serum made up around half of FTX's crypto half half The token is tied to the centralized exchange on Solana, which Bankman freed co-founded He was big on Solana, and I guess he was big on Dexes and this did not pan out whatsoever because and actually Solana collapsed Serum collapsed and now they're both making this miraculous run back Cache and stocks worth 827 million made up about 9% of the total sheet FTX would be close to 40% up on its measurable portfolio, which would be now worth nine billion dollars Potentially up to two point six billion dollars ahead, and that's what this is where the thumbnail comes from This is what it was worth back then. It's what's worth today. Most that is because why Solana so hey Sam was not a financial genius, but he was a hell of a Ponzi player and He was right on Solana so far I mean Solana could be a very big play But again when greed gets in the way all you have to do is just the right things and he would have been he would have still had a Very successful business now this goes into account of you know at that point They stopped everything which is they stopped co-mingling the funds They stopped dipping into all the funds that were given to them and actually spending them on lavishly on these different real estate assets and You know buying things for themselves and getting to riskier and riskier plays Let's be honest if we take a look at the actual Spreadsheet with what they're doing for trading. They weren't their best traders at all either So this all hinges on the fact that they just stopped everything and just took the path of lease resistance and actually made it work but again Once a fraudster always a fraudster and this is what's gonna come back and buy them So that's what it is and to continue on SPF a sheet doesn't list token prices only US dollar values Which makes it difficult to calculate the exact number There's no guarantee this spreadsheet is completely or even totally correct But the firm's grayscale Bitcoin holdings were later found to be much higher, which they're actually selling off right now Still enough details lineup with bankruptcy filings that we can roughly gauge the general health of fdx treasury now And then or then and now if we take prices around those days and compare them to now It's clear that Solana would have made the difference. That's all he had to do You mean again and this goes to show you you don't have to be right on every single thing that you pick I personally have a lot of different cryptos. I don't really care if they all make it They're not all gonna make it. Most of them are gonna bomb. It just has to happen that a couple of ones massively outperform That's all I really care about So thanks to a still a 400% recovery from 14 bucks to beyond $70 a day. Actually, I remember Solana being around $9 But okay, fdx is 9892 million soul state could be worth over five billion itself Unfortunately now fdx just has to sell everything and one of those they talked about Aptos would have also helped with 312 million after its APT token more than doubled at the exposition would have climbed from 375 million to 960 90 million as results another hundred million came from gains and Robin Hood stock I think they would have done even better now that Robin Hood is moving into EU with with crypto trading So they would have done actually pretty well after back when free step down fdx was taken over by bankruptcy guru John Ray who handled Enron and the plan for fdx is to refund 90% of recovered assets to creditors Which they're again, they're out 8.7 billion owed in total and that's what the prices were at that point See what would have been great is if these people got everything back in crypto. That's not how it happens They're gonna get money back, which is a big problem. Well, it's a big issue, but that's exactly what's Essentially is happening in all these different bankruptcy cases. So it's at the time things went bankrupt not of how great it is right now Then to finish up fdx has now been cleared to sell billions of dollars in crypto Alongside large sums in crypto stocks like grayscales bitcoin and ether trust so When we take a look at this that last sentence probably would give people a Anxiety little angina when they take a look at that like well fdx they have to sell things off to pay off the creditor That's gonna be pretty awful, right? And of course that was what will collapse everything. No, it's not what's gonna happen Actually, this was they've been doing this to September 13th or actually September 20th something like that FDX got approval to sell crypto assets They're allowed to repay customers and us dollars Who has bankruptcy judge John Dorsey approved the proposal at a court hearing in Delaware allowing fdx to sell up to a hundred million dollars in crypto per week and Enter into hedging and staking agreements that will allow fdx to minimize the risk of price volatility and our passive income so again, this has been going on since third week of September and People are saying well salon is gonna collapse I remember this salon is gonna collapse because that is their biggest holding and what did it do it did the exact opposite So every time you think you know exactly what's gonna happen in the crypto market It just goes up and says no, I'm gonna do what I want to do FDX said in the money court filing it owns at 3.4 billion in crypto including 1.16 billion in slana 560 million bitcoin and 192 and ether again since September now. It's only up to 9 billion dollars. So again, just we're done on the straighter now They would been okay So to take a look at this to put this in perspective This is serum. This was the decks that they were talking about and Funny enough, it's up almost 50 percent. What is this in 14 days? It's up a hundred percent. That's pretty good Seven days is up 87 and in 24 hours. It's up 50 percent Good for that. I'm not gonna touch it. But Well, I can never say never 30 days. It's up 148 percent and it's looking pretty good. You're like, well, that's awesome Rob, well, just wait right now. The price is eight cents Pretty good. Do you think would you touch this? Would you buy this at eight cents? You might want to think about that because look at this buy max out, you know much this actually Was at the top 12 bucks So if you're a gambler and you're like, hey, I like those odds might be something for you to get into again slana decks is there's a lot of them. There's a lot of good ones and That's what we have for serum that's exactly what it is and then I want to just say one thing Which is I know people like when FTX collapsed I thought it was like the worst thing of all time and I'm gonna take everything down and really didn't as much problems as we had it didn't really Actually, no, I can't say that that actually excuse me. It actually was pretty bad and The next one what I'm getting ahead of myself that next one was Binance every thought that was gonna collapse the market again And it didn't so FTX did and I'm glad it did and I'm glad that it actually happened because if it didn't happen This next bull run which we're gonna see it's gonna be I think it's been very big I could be wrong. I've been wrong many times before But you have to get away all this cancer and all the sickness so you can be healthy enough To really rally to where you're supposed to go I always thought the last bull run was a little bit off a little bit funny There was something that was going on the background now We know what it was it was the FTX is it was the voyagers It was a Celsius is a three-hours capital all those things that were happening the SPFs That were going on behind the scenes and now that we don't have that as much I think we're actually have a clear path to actually do these things and I have to Give credit where credit's due if it wasn't for dirty bubble media and this guy sees he binance and some people say well He's an opportunist because you know, he sunk SPF and he screwed us in the whole market. No, he didn't He purged the cancer or the sickness that was Sam and his groups of FTX I don't remember this tweet. This is in the member 622 he says as part of Binance's exit from FTX equity last year Binance roughly received roughly 2.1 billion in cash due to recent revelations at a cone of light We have decided to liquidate any remaining FTT on our books Then he went into reasoning why and he wished the best But this right here was the beginning of the end because that's what everybody knew Hey, things are insolvent something's going on run the bank five billion dollars down and now here we are today I am actually thought it was awful. I think it's great Let me think about that in the comment section and then just to continue on with that theme Solana, of course, everybody knows that Solana is up quite tremendously And then also NFTs overtake Ethereum and bonkers up 26% I like bonk. I'm gonna tell you why so There's a great site. We've been taking a look at crypto slam that I owe and yes now Solana is above Bitcoin and Ethereum for NFTs and what's interesting enough about this is that you see that wash percentage That's when you just have like the same person or two people working in in cahoots are essentially, you know Moving things back and forth and trying to make up fake volume. Look at Ethereum wash percentage is 40 Almost 45 percent almost half Polygon is no better 39 percent. They're the worst of the worst And Solana is only 1.6 6.8 percent. So all of those sales That's pretty much real volume. So congratulations to them and then Taking a look at bonk bonk is Bonk is the dogecoin of Solana. That's that's how I explain it and I said, you know A couple weeks ago. I said it was like 150 or 70. This will be a top 100 easy and now it's the number 81 I think it's a top 50 easy and Just take a look at these these crazy prices, right? And it's not like you're missing a ton. Yes, it's up 600 30 days But again, just like we took a look at serum and a lot of other things that happened to popped off in 2019 and 20 that could be just the beginning. Here's my example This is the dca simulation. I want to just take you through this But I put the asset the primary asset as not bitcoin. I put it as dogecoin Let's just say you put 10 bucks in a day back when no one really No one really cared about it, right? I mean, I mean it made a pump a little bit in 2019 But because it's been around, you know, this is last week was uh, actually this week it was dogecoin's 10th anniversary Don't long it's been around. So think about, you know, your crypto that's been around How long has your crypto been around and how long has it been in the top 40? Like dogecoin has for almost its entire existence has been the top 40 if not the top 20 Anyhow So you put dogecoin 10 bucks a day. You started let's say 2019 december 11th, right? So over here, look at this. Look at this. Look at this So you're underwater Because it doesn't do anything It doesn't really do too much, right? But then when the and this is you know, just before the bull run now we go into May or so Look at this. You're still only up 15 You have to roughly six months of of invest investing 10 bucks a day you invested 1600 bucks and you're up a whopping $200 no one cares about that But look at this when things go parabolic and they go parabolic And actually doge at its at its height on may You would invest at $5,000 and you would have got back 1. 5 1 out 1,054,000 From an investment of 5,000. I'm not saying it's going to duplicate that. I'm just saying bonk is the Bonk is the dodge the doge coin of Solana And there's rob own a lot of bonk. Yes, Rob does and is Rob biased absolutely Rob is biased But there's a reason why I bought it and he's gonna do pretty well Then actually if you go down here This is what's what's great about look at the asset price of doge. It was so it was fractions of a penny You couldn't even see it Asset price you invested $10 and watch this just keep going. Yeah, still fractions of a penny fractions of a penny Fractions of a penny Jesus how many Christmas ever go up Look at this every up hit a penny When was this January 2nd, 2021 it hit a penny And then it just went Yeah, it didn't go that crazy. Well, it did And of course april and so on and so forth. So again, I'm not telling you it's a buy bonk. I'm just saying If you're a gambler might be something to look at too and then lastly Two stories to go. One is uh, congratulations to chain link also another crypto that I own because I'm biased Uh chain link staking program. I didn't see this coming. It quickly pulls in 600 million dollars and it hit a limit In less than like an hour So the staking program expanded the capacity of 45 million link tokens from 25 and the portion reserve for the community quickly filled up How fast well the version 2 community staking mechanism opened for early access from 12 p.m Eastern time and within 30 minutes you had 32.8 million link have been staked 30 minutes Six hours later they hit the capacity of like 41 million link. So Again, congratulations a link. I think it's uh, still gonna go really high and we'll see how it goes They have a good competitor though Uh pith or pithe or what do you want to call it? Which is the uh, solana oracle again Both could do well and I bested into both and then lastly I know everybody was excited about this So, uh, let me be a wet blanket and tell you you're gonna owe some taxes On this show It's great to be bullish and that's fantastic, right, you know, but Let's temper some expectations and bring things down a little bit. It's not all Going to the moon everything else There's some real world ramifications and one of those is taxes and this is real now. I don't know where you're at I'm in the states Puerto Rico specifically So I don't know what it means for you for taxes personally, but if you're in the states This is what it means and again A lot of tax codes. It's not like the governments don't want to tax you. So just be aware of this So claimed your jto time report to the irs. Uh, there was a that was the jito air drop yesterday Which uh, that was the uh, solana liquid staking platform, which we talked about actually it's over here Jito staking. Yeah, that's the one and they did they had an airdrop and uh, sorry charlie You're if you missed it, you missed it. I'm not gonna have another one But if you watch yesterday's video, uh, I give you like five or seven different New projects on solana where they potentially will have Some airdrops coming out. So get into that. Here's what it happens. So The airdrop comes you get some some jto governance tokens. Everybody's happy especially irs And this is the rules. This is from gabriel brend vice president of tax and accounting products that's legible So it's not like he's he's very specific oriented with crypto and digital assets The irs has been very clear in numerous documentation that digital assets received via an airdrop are to be recognized as ordinary income once received So if you've got the airdrop That's what you can be taxed on This means anyone who received any assets via airdrop must report his income based on the assets value when received On their tax return tax returns for that year This is this is the really crappy part Even if the assets are never converted to usd or fiat currency, that's a That's a bomber. So you're sitting there on unrealized gains. Essentially, they're like, hey, you owe us some money Which I think is totally wrong that it shouldn't be like that that'd be like going Okay, well if you're going to tax me on unrealized gains Then i'm going to take a tax a tax deduction for these unrealized losses because guess how much actually came down Oh, and also the fact that uh, I lost a ton of money in voyager and celcius and ftx, you know ran off on a woman get that So if you're going to say unrealized gains, give me the unrealized losses The irs is not fair. Let's just uh call it what it is. But there's some hope Now the income tax collecting the initial airdrop will follow the holder's typical tax bracket based on income And the top then here's an example the top two wallets that claim the most jto Each collected tokens worth around half a million dollars or four and eighty thousand dollars if these holders are single filers in the us making less than 578,000 an income that airdrop alone Bumps them into a higher federal tax bracket. That sucks. So if you're making like 75,000 80,000 you get this airdrop you're really happy, right? But then you get taxed a little bit more now some people would say who cares I got half a million dollars and you'd be right But some people Most people almost everybody hates paying taxes. Let's be honest Any assets received via airdrop that are later sold or traded for a profit would then be taxed based on standard capital gains tax Again, if this is short term a long term The holding period which would determine whether long short and gains every tax begins at the time Of the airdrop but again if you got it and you hold it They say that's what you need to actually get taxed and that's a real big problem. Here's the thingy I'm an tax expert as you may Probably have deduced so far. So what I do is I like to make things very simple and I use coin ledger I'd use them for two straight years. It's been very a seamless process Also, what's great is they just released As a beta test a portfolio tracker a free portfolio tracker that you can Use to see your cost basis when you're in profit when you're not in profit What are your capital gains will be what they won't be will and won't And it's 100 free now this right here The what's great about this the coin ledger platform is what I'd use for my taxes. So it's going to be seamless I'm going to have my cost basis right there. I might have a portfolio. I'm going to take a look at it and go Oh, look, I'm up 10 percent On tomato coin today Maybe I should sell 10 percent of that. How much would that be? Oh, that's how it should be. Okay, I'll do that and I can see how much it'll be now It'll tell me if you sell this it'll be low. It'll be long-term or short of gallery again free So it's be great fantastic. But the beauty of this whole platform is this If you're unfamiliar with things that are going on and you're like, you know what rob I got like 200 300 400 difference Transactions and I don't really understand You know, what should I be paying and I want to get I don't want to be put in jail like tax evasion like al capone On the very bottom It says find a crypto tax expert and they got a bunch of cpa's that you can talk to And you can bounce some things off them The actual platform actually syncs up with uh with their Uh computers and they can you know, you can send it over they can take a look at it and say oh just this or this or maybe not do this and You know, that's why cpas are there to save you a boatload of money So as taxis and comes up, it's important It will be who you probably take a look at this because I talk about tax a lot because they scare the hell out of me And I just want to be up on the up and up because I've been on the other side of that and it's never fun So i'm just trying to help everybody out and then also I want to say thanks to uh the sponsor of the show. I trust capital And uh as you may know Some of these capital gains if you're using a Roth IRA like I do have used these for like the last two years There is no capital gains on your Roth IRA now You got to wait until you're a certain age of 59 and a half years old Which for me isn't too far away got to be honest with you But at that point I paid this much in taxes zero The same thing peter teal did when he got his PayPal stocks. He put in a Roth IRA He's 59 or something like that. I think he's like 59 right now No, he's very close and guess how much he's paying on those billions of dollars of taxes zero Because he did a a back door Roth IRA and uh good for him not jealous or anything So this is something you can do also what's great about this is you can trade within your this Roth IRA And you don't incur any penalties and then lastly before we go into q and a I just want to make mention of this people say But rob you're always preaching your rules Which is no exchanges which is right there and your rule is number three zero percent exchanges Why are you telling me to do this? I'm not telling you to do anything first of all It's like this is what I did but I will just say this You can't hold Your crypto Self-custody it and put on a Roth IRA You can try it. There's been numerous cases like the fair review case or excuse me The magnalti versus commissioner case Where they did the exact same thing under an LLC Under their gold, which is a commodity, which is what I believe that uh bitcoin will actually be classified at some point He held this for decades of his gold and when he went to Sell his gold and to get a tax-free. They said no, you can't do that. You're still going to pay the same Long-term capital gains tax was 20 plus whatever state that you're in So because you self-custody and it's the same thing over at swan bitcoin as well And I've talked to a couple different lawyers about this and the same thing. So yes, that's how it is That's it for today. So look If you like today's video give it a thumbs up consider subscribing. Let me talk about his time sensitive now