 Hello everybody. Welcome to today's live stream. So today like everybody's been talking about is Solana was down and now it is back up and we're gonna take a look at exactly what happened What potentially the problems were and of course the price action that followed so if you haven't heard so far? Solana has taken quite the tumble and It was a reason Was because it actually shut down and we've been doing pretty good quite honestly We've been doing great. We we had almost almost a full year of no shutdowns there's some slowdowns here and there and some some Some different things that happened in the background, but in all honesty, it was doing pretty good Except for this morning when I woke up and I got bombarded with messages that hey So on is down so on is down so on is down. What do you think about that? And I think well it's par for the course every time we think we know where the market's going and the next big thing In the next ETH killer we get slapped back to reality and here it is now Does that mean that the price action was awful? No, we'll take a look. So I just put this tweet out It's gosh, this was probably two three hours ago. Oh my god eight Almost four hours ago and I said hey well, we had a good run looks like Solana is down folks Let's hear comments from the non Solana chains and let me tell you when other chains go down there is no shortage of People who have invested in other chains to talk about how trashy the original chain actually is Steven just said it's brutal that's fine, and I'm gonna skip that one and and Some some are reasonable responses like Ella fader says hey the car goes 400,000 miles an hour, but there's a catch Gringo Hodel says it's probably not wise to base the future financial system on a network that can just Randomly shut down even though the products were with billions of dollars and more centralized and other big chains Someone else also said that they said that hey Treadfy is not gonna take this If if a certain changes goes down, you know at a moment notice and I said well in all honesty I mean, it's not what the stock market does every so often if there's a too much price action going going a certain way It just shuts down and no one can trade. I think they're used to it So they're actually in good company, but it doesn't excuse the fact that Solana did shut down today for almost six hours Avi says it right. He goes. I don't like being a hater, but but any other chain with that many outages Would have become a laughing stock in the crypto community, but somehow Solana is being excused and forgiven over and over again By the dip Chad says matters that ledger went down Nebly says hey, hex has been up 100% for all the time fully decentralized and then Marco Says it quite wisely says the real question when it comes down to is this where are you in blockchain? I came here for a placement for the financial system. Do you care if it's fast and unreliable system or some slower and more reliable system? I care and therefore I choose Cardano Over Solana. So before we get all twisted into the comments, that's fine People have their opinions and that's what makes the world go round. I will just say that The reason why we're highlighting this specific issue First of all, I own Solana and Cardano I own your own Bitcoin owner theorem is because for quite some time we have been lauding and applauding The greatness that is Solana, right and all the different mean coins are out there Not some people were pretty staunch that I hate this chain and they made no bones about it But we had highlighted just how good it was doing So when it goes down for six hours, you better believe I'm gonna talk about it because that's called balance And that's where everything becomes fair. So I sent this out. This is from a website soul scan You can find the link in the description. You can verify this data and data yourself And you need to see that under here on February 6 at 0948 UTC time 111 minutes almost essentially two hours There was no there was no transactions. No TPS, you know transaction per second nothing And then of course right now you can go and verify that. Yes, it's skyrocketed up to three thousand three point two Congratulations, and you've also look at soul scanner transactions You can see that this was the screenshot that I put in my X account to show people like look the most recent one was two hours ago So if anybody's saying no, it wasn't down. No, it was just a slowdown. No, it went down And of course right now we can see that yes Everything is going just fine less than a minute ago these transactions came through although I am concerned though because some of these transactions seem to keep You know if this is failing or if there's an error or what's going on But that's what's happening on Solana. Don't shoot the messenger. Just show me what the heck's going on What's happening? And then lastly you take a look at status dot Solana comm We can see that yes The outage began at approximately 093 UTC lasting five hours almost six. Let's round up So when anybody says it's a slowdown, you know wasn't really an outage It's an outage. Can we just agree that I don't know how many other places I got to find this But this is directly from Solana. It was an outage. It was just an outage. It was an outage However From Solana status it says block production on Solana main net resumed at 1457 following a successful upgrade to be 1.17.2 0 and a restart of the cluster by all data operators and don't let anybody say oh It just went down because they were upgrading that wasn't what it was Over here block production on Solana main net resumed at 1457 following a successful upgrade to be 1.17.2 0 And a restart of the cluster by valid operators Engineers looking to monitor performance on a network operations are restored and again the outage began at 0953 That was five hours ago, so don't tell me that it was just because of a upgrade Okay, we cool great. I hear what the price action did Absolutely nothing quite honestly, so we can see that it's a weird thing, you know, I find this quite bullish between us is That you know if bit legit, okay, let's just let's just say it. Let's just call it if Bitcoin went down For six hours What do you think would have happened to the price and you think the price would have rebounded? No, I think we're all on no one. We're not on the disillusion that there is a piece of centralization Little bit on Solana and of course everybody will say well the Nakamoto Coefficient and take a look at it But if you take a look at the validators and see how would they they're clustered together and who actually owns and operates those things look I'm not here to disprove of what you want to invest in I invest into it But I'm saying there is something to be said for when people talk about The different problems that it has Solana does have problems Bitcoin has problems Ethereum has problems Cardinals got problems Everything's got problems if there was a perfect chain everybody be using it We wouldn't be doing all this maxi stuff So that's just how it is and to prove my point to move them to move along is This it doesn't matter Sometimes how great a chain is and how good it is and how decentralized it is and how fast it is and everything else Sometimes you just get screwed finance just elisted Monero today and The price obviously tumbled 20% and they'll probably keep tumbling I don't know if it's gonna rebound or not But that's a big blow is that is that because Monero is awful. No, it's a great chain It does great things and especially if you're doing privacy transactions So why is it down 20%? It's because one exchange decided Hey, we're not going to keep having this and there's a probably a reason for that because the US government got their tentacles into them after they sued CZ and financed together and There was provisions made so I'm not going to delve into that cesspool, but I'm just saying sometimes It's not the greatest chain that wins Sometimes it's just happenstance and crappy luck quite honestly And then to prove my point further I put up this tweet and I said look I'm gonna take a tour across North America and Europe this year Which we probably will do now we are doing and I need recommendations for the best restaurants in your city because when I went to I've gone to Europe twice for guys For coin bureaus event to speak there and every time I went there I had the worst food because I got stuck in a bunch of tourist traps I said hey, what's what's in good place to eat and a lot of people but through CEO says hey, man If you're in Portugal sushi star with Thraria for beers to become DME. I'll do that. Yeah Crypto golfer captain Harams Harams and Sebastian Florida great food and then Chris Pax if you're in Boston anti restaurant North and it's fantastic and it is on and on mostly with people going Hey, hit me up for beers, which sounds good, too But a lot of people are just telling me like look this these are the greatest restaurants You need to go here and I get you they are great. They're probably awesome. They're probably super tasty Probably prices right ambience is fantastic. The cook is top-notch But guess what all these places pale in comparison to the winner and the winner is McDonald's McDonald's and it's not because McDonald's is awesome. Donald's is horrible. You know, it's just bad food however It's and some would say well, it's fast. Is it really that fast? Have you been to McDonald's lately? Try getting some food. It's probably actually kind of slow and some people say well, it's cheap Have you been to McDonald's lately? It's not even that cheap anymore It doesn't matter sometimes sometimes you just get one of the worst becomes the best just because of marketing and know-how and public hype and things behind it and that is why I'm always stressing the fact to diversify I don't care what You think is going to rule the world in in the future The truth and the matter is of what I can tell is that no chain is perfect right now I could be wrong. Maybe there's a perfect chain out there enlighten me in the comment section But this is why I diversify and bitcoin's the most battle tested. That's why I have mostly bitcoin So I know right now everybody is squinting their eyes to see if I have invested into their token And it doesn't matter Do you think I'm a genius? I'm not I'm actually not that smart I've just been here a lot longer than most of you And that's why I've been successful because I've stuck around and that's really all I gotta do It's just like the army. Just wear the right uniform show up and you get promoted. It's very simple The big thing is that when are you gonna when are we gonna actually gonna sell and that's it That's all I really wanted to talk about on this piece. So look, um Let me just think about that in the comment section and we'll go from there also Before we get into q&a. I've got a I've got a special guest rolling in and in a little bit And I wanted to talk to you guys about this Celsius so Celsius exit bankruptcy Apparently, it's happened right now. Aaron Bennett did has done fantastic fantastic videos On what's happening and of course, you know that, you know, you're getting your money back Everybody now it's not it. You're not being made a hundred percent whole and everything else There's a new one you just put out less than 24 hours ago Well, they just found another 1.2 billion and you're getting more money back. Hey, that's fantastic, right? So these are good news. However Once this happens and things get out of bankruptcy There are some other things we need to think about tax implications And that's why I brought my buddy on David from coin ledger who stuck around for me rambling on for 15 minutes about it about someone didn't come You didn't have to listen to to talk about tax implications. David. Thanks for stopping by man Yeah, it was good hearing about mcdonald's from you Hey, hey, man. I mean everybody says like like mcdonald's honestly. It's not that bad just you can't eat it every day It's just awful awful awful I would agree with that So so here's the thing I uh Let's go over this. So now we know that celsius is out of bankruptcy, right? So how does that with ftx and we talked about this last time you were on there But ftx and voyager and block fine all those stuff I don't know the implications But how does that work for taxes because we're are we like less than 70 days away from everybody having to file Yeah, and what is it? It's like february 6th today. And so here in the u.s. April 15th We got like a little over two months about 70 days Um, but what what does it mean? It's going to be similar to what we talked about with voyager, you know similar Things going on from like a bankruptcy perspective. And so for the users who have lost money Um and lost digital assets. It's important to One have records because you need to know what your cost basis was in the assets you had held up on celsius, right? So if I had $20,000 worth of bitcoin, let's say that was 0.8 bitcoin whatever it is, right? Um, and I get back let's say 0.4 bitcoin from celsius Well, my basis of $20,000 still applies to that point for bitcoin So that should I ever dispose of that bitcoin? I get to realize That loss or potentially gain, but i'm benefiting from that taxable Loss essentially right because if my basis is 20,000 and I wind up selling point for bitcoin for 10,000 I get that $10,000 loss Benefiting me on my taxes. And so at a high level, that's how it works There is nuance, of course in how they actually go about distributing The funds back to folks is it paid out and fiat is it paid out and crypto and actually I don't know Have you heard how they're going to do it? So on someone I believe it's for the international Customers they're going to go through PayPal And then for the u.s. Customers it's a little bit different. I think you're going through coin base Correct me the comment section everybody so PayPal one coin base and the other Interesting on the PayPal side. Are they paying out people in fiat currencies or I would imagine so because PayPal doesn't have a ton of crypto support Fiat I know they have some fiat. Yeah, so that's a good example where if you're getting paid in fiat You have it what's likely a taxable event because if you lost a theory of You know, let's say your base is in the Ethereum that you lost access to was $50,000 and let's say you get $20,000 worth of fiat back That's a taxable event and you realized $30,000 of losses Oh, so someone's correct me coin base international on u.s. PayPal. That's weird Okay All right. Well, whichever way it is. So whenever it happens, I'm happy to come on and break down how it's going to work I don't have the exact details right like I do for the voyager process But I'm happy to walk people through if they have any questions, you know Feel free to hit us hit up our team coin ledger. We're happy to answer your questions completely for free too Yeah, but I mean The same theory is the same if they have to sell your crypto and let's say That let's just let's just say for argument's sake that for PayPal They're just going to give you back fiat, right? So if they have to sell your bitcoin and they give it to you in fiat or even into a stablecoin because I Believe PayPal has a stablecoin now. That's still That's still a taxable event because you're taking it from one crypto Into another crypto and that is you're essentially selling it for some type of value in another form So it'd be that way and then coin base would be the same thing. So gotcha Exactly and so people are going to get lots is that they can write off on their taxes Which will reduce their tax income, which is good. Obviously the whole situation is bad But you can take advantage of the tax savings Gotcha So let's talk real quick about what you guys got going on over coin ledger So the last time you were on here. I got a lot of people asking me about this The portfolio tracker Because They want to be a part of that how again, can they be a part of the the portfolio track now if if no one knows It's very simple. You plug in your wallets. It's just it's a read only type of thing. I've already done this myself I've already gone through the process. It's not like they're going to be able to like steal all your crypto Let's hope not just kidding. So with that it'll show you like, okay, you're up here You're down here. If you sell at this point, this could be a not only a taxable event But a short term or a long term cap gains type situation And then it'll kind of like break down what your what your p&l is your profit and loss So what else first of all two things what else is going on behind the scenes with with with this with the portfolio tracker And how do they sign up for that besides the wait list? So To get the portfolio tracker something we've been building for now about a year and a half You know historically we've been very tax focused tax first But now we're essentially expanding our infrastructure to do more real time reporting show real time Here all your assets across all of your wallets. Here's where you're in profits. Here's where in your loss position Exactly what you said That product is right now Code complete. It's done. We're just going through the final phases of testing with it making sure that All edge cases are ironed out. There's no gaping problems. And so In the next two weeks, it's going to go to its formal beta launch But if you want access now All you got to do is simply sign up for coin ledger and ping help at coin ledger.io with your username saying Hey, I want access to the portfolio tracker and then our team will essentially just add your username email address to an automation on our side Which will kick out an email to you saying hey, here's your access to coin ledger portfolio tracker Keep in mind it's still beta. So we're still doing that testing ironing out things But you can get access to that now just got to go sign up and ping our team saying hey I want access with your email and we'll kick that off Gotcha. And then the big question. How much is it per month? So the portfolio tracker is free. So that's going to be a completely free product People can jump in, you know, connect their wallets. Like you said, you don't actually have to connect your wall You can just paste your address. We don't need any access of oh, sorry No no ability to steal any crypto But but totally free and then, you know, we monetize a k we make money by selling tax reports So if we do a good job tracking your portfolio and you like what we're doing, maybe you'll eventually want to buy a tax report from us Which is the business model Which is the business model, although I will just tell everybody like look if you've got Five or ten transactions or even at the 50, I think, you know, I don't think you really need this I think you can do it yourself But for me and for some of the other people who have been around for quite some time This is just There's only one commodity in the entire planet that you can't buy more of and that's time I will pay for time at every single chance I get because I mean, we don't know how much time we have on this planet So I will pay for this because I don't want to Roll through a bunch of of spreadsheets and do it myself and go over this and that I just sign up First of all, there's a there's a core feature. It's free And then if you have up to a hundred transactions, it's 50 bucks Investors a hundred and me I've got more. I'm not a pro, but I'm just saying I've got a lot of different transactions It's over 3000 plus it's 200 bucks And then I just send it over to my cpa and she does all the all the heavy lifting So that is uh it in a nutshell if you guys want to try it So that's what I've been using and David, we've been doing this. What this is our third year, right? Yeah, you've been an awesome partner of ours and This is your three with working with you so You know, it's it's fun to fun to keep it rolling and keep Building new stuff. I know Aristotle play this is Rob sounds like a home shopping channel presenter I gotta tell you it's not uh too far off