 We've got some good news With Celsius some good news with Voyager We've got actually some good news with the SEC and also some alternatives and a little update after 24 hours of Ledger and their crazy ambition to do a recovery service So right now before we begin you may notice that my voice is a little bit different I'm feeling a little bit under the weather, but I have two options I can lay around in bed and do nothing or I can get up and do something and that's why we're here Today just to give everybody a little bit of a little bit of brevity about what's going on So let's just jump into it. Shall we so the first things first I Must tell you Celsius and Voyager weighs on me and it weighs on me for a variety of reasons first of all because I talked about it quite a bit Voyager I would still be talking about right now if it wasn't for their ridiculous ambition to to loan out $630 million uncollateralized loan of three hours capital and Celsius for Pete's sakes. I think was just Somewhat half of a Ponzi scheme However, there are good news and the good news is is that there may be a little light at the end of tunnel This just happens a little bit of the information just broke Celsius bankruptcy auction Maybe near an end with Fahrenheit in the lead. Here's what we got So this isn't just from I know a guy who knows a guy a lawyer for Celsius network on Wednesday Said the crypto lender hopes to conclude an auction for its assets within days Within days and the current lead bidder is a Fahrenheit LLC now this is Michael Earrington's company who is the founder co-founder of TechCrunch and They came in and said that they were going to win this battle and it looks like they may be Chelsea attorney Ross Quastanet nailed it told us bankruptcy judge Martin Glenn the auction has taken longer than expected, but Has been highly competitive. I don't care about that What I do care about is this next sentence current bids are Hundreds of millions of dollars higher than the initial bid by Nova Wolf LLC I never liked Nova Wolf LLC. I never liked the fact that they were talking about retail clawbacks I thought it was a mistake. I'll bring everything down So there may be a light at the end of the tunnel and that my friends. It was a little bit of hope. So on top of that Voyager Voyager looks like they're wrapping up everything. Voyager had a tumultuous relationship with bidders First it was FTX, you know that that failed then came Binance US And of course the SEC stepped in said hey, you can't do that because VGX is a security gave them three months Then Binance US said, you know what we don't like the atmosphere. We're gonna bail out So because of that, they said let's just Liquidate and here we are so bankrupt crypto broker cleared to repay 1.3 billion to creditors. Here's how much you're gonna get Voyager said the initial plans were made either in crypto to the Voyager app or in cash after a waiting period of 30 days When does it start great question? This is going to start as early as June 1st So this is what was said today's hearing the court approved the liquidation procedures We are working with Voyager to go effective under the plan as soon as possible as early as this Friday, June 1st latest date for finalizing the initial distribution of funds The estate Voyager is a possession of 1.3 billion which equates to 75 almost 76 percent of the value of customers claims against Voyager State Which is great. We think well great. I'm gonna get 76 percent back of what I have stuck on there I have stuff stuck on there, too However, due to certain hold backs customers should only anticipate in initial payment I want to make that clear initial payment of 35 percent All right, we got a third Any further distribution depends on the result of future litigation between FTX Elimita Also recovered by the Voyager estate as a creditor in the three arrows capital liquidation for again for their boneheaded mistake of giving an Uncollateralized loan to three arrows capital So I got to tell you two good pieces of news and something I didn't expect this year to happen So let me just think about that in the comment section Now let's jump over to our friends at the sec As they believe that file coin is a security And the reason was because grayscale wants to put forth a file coin fund Excuse me the sec barges in and said no we think that's a security like everything else And that's gonna put a little bit dampener on that on top of that the sec also believes that algo And mana Is also a security and because of that I trust kappa, which I personally use for a Roth IRA is telling everybody. Sorry Because of your favorite Everybody's favorite gary gary ginsler because he's protecting us so hard You can't keep algo and mana In your Roth IRA Or any of your IRAs with iTrust capital because our partners are not going to be able to keep the liquidity so again This is all because Of a guy named gary ginsler at the sec who believes everything is a security and he may or may not be right I'm not a lawyer am I here to debate that But if you have I had algo in my Roth IRA and I had to I will have to Liquidate it before may 24th meaning I can sell it within my Roth IRA account. You know the good news is that there's no capital gain stacks when you sell and Move things around in your IRA excuse me sell or buy within your Roth IRA account, which is pretty cool So there's that then that's pretty negative, huh? However Everything Will lead to the roads of this ripple case the sec And they're hindering docs Hinman could become public by june 6th And what these are this is what the xrp army? This is what brad garling house This is what the lawyers for ripple have been begging for for so long the him and ox, which is Hinman was the former sec chair had talked about How ethereum Was not a security made this very public and they wanted these these documents to be released And it was a very long time. They said no you can't do that now the judge says you can't seal them And we're going to make these Available for everybody to see so if he's going to say that ethereum is not a security Maybe that would open up to xrp. Maybe it opened up to algorand Maybe it'll open up to mana and everything else. We just talked about because i'm not for sure that everything is A security so that's good news. I think and it's a win for us and we'll take it right now after all things are happening on And lastly, let's talk about ledger And yes, if you're just joining us my voice does sound different It's because i'm an Now ai now i'm just kidding. I am a little bit sick on the weather. Like I said You're gonna sit around or actually get everybody up to speak with what's going on so ledger They just put out this recovery option and I was laying in bed yesterday watching all the All the war unfold on twitter boy. It was entertaining. Let me tell you I got to tell you ledger did a great job with marketing For tracer that's they're like the number one MVP of marketing for everybody else. I cannot believe how bad it is that uh, they would do this But maybe we're wrong. Here's what's happening so Excuse me. There's a recovery option For ledger and what they're gonna allow you to do Your ledger which I have mine right here as a matter of fact Is to back things up and they're gonna split into three pieces and they're gonna store it on different servers or different companies and you're gonna be able to To reapply those mnemonic phrases so that you can reinstall if your cold storage device is ever lost And when we heard about that Everybody and I mean everybody was up in arms. This is how it works. This is how you set it up unfortunately, you have to essentially do k y c and a ml you have to put in your your id you have to record yourself You have to put in all your information in so that this can actually happen And people were not too happy because we're supposed to be anonymous We're supposed to be trustless And we're supposed to be able to rely on ourselves So Why did they do this? Well, we'll get out of second, but there was two things that I thought was very interesting And first thing is this is that the soft but the launch restrictions. This is for your ledger nano s plus ledger x and ledger stacks Ledger recovery isn't compatible with ledger nano s not the nano s plus just the the old the old school nano s So if you got one of those might be worth even more money now just saying And then managing ledger recovery subscription. This was interesting. I found first of all This is going to cost you 10 bucks a month and If you don't update your payment info And pay the subscription within seven days. You won't be able to restore your private keys and I got to tell you if you're looking for a different Revenue stream. I don't think this was a good choice If you don't regular regularize your payment within three months your subscription will be suspended after your subscription Spending of nine months to contact ledger recovery support and reactivate your subscription You'll need to also pay for the dollar's euro along the name of selling downs so that takes care of that And I got to tell you When this came out, I was like, well, I can kind of see their point. Maybe they got people who are just newbies who don't want to self custody And this is charles. Yeah You may Is the cto of ledger. I linked this in the description. You can watch it yourself. I'm not going to play it But he pretty much just says like this he goes, look, you don't have to opt in for this You don't have to If you want to opt in for this, it's 10 bucks. You got to pay us 10 bucks and then we're going to store your Your private keys before you And well, you'll be able to back them up and get them So I was like, well, that's not a bad deal. However Then as we go forward People say but you don't understand it's not just that They're offering this. It's the fact that they're actually going to back it up somewhere And this was eye-opening to me. This was during uh, this is an AMA And this was from ledger support And absolute gnosis says I got a question The question is If you can update the firmware to instruct the secure element What stops you from updating the firmware next week to just extract the unencrypted seed? How can you assure us that this isn't and ledger support for some reason? I don't know why they did this They said technically speaking it is in a always been possible To write firmware that facilitates key extraction You've always stressed the ledger not to deploy such firmware whether you knew it or not I'm like, I don't know. I don't know who does your marketing I don't know if you tapped into bud wiser and said, hey, we gotta We really want to do a really good marketing tour with this How do we how do we kick things off and they told you what to do? But that was the wrong thing to say And they deleted that after that But you know, it's there. So that's the problem. So they say look That is a problem So just because you don't opt in doesn't mean they can't change things that means they can't do it in the firmware However, I'm not going to be Be the one that says okay down with ledger and let's destroy ledger and they're awful and whatever else, right? Just saying they can do that But what stops any other different? device from doing that as well One thing that you will you have to be understand is that uh ledger's code is not Is not public source. It's closed And with tracer and ellipel it is open source So you can take a look at it and you can find out if that's what's going on Which that means that you have to be aware of it Or you have to follow people who are going to be aware for it and actually update you That's why I would recommend that you subscribe to the channel shameless plug But it can happen and that's just what it is So There is one more thing Before we go into the uh alternatives, which is this uh the firmware update For this recovery ledger recovery is 2.2.1 and I have a ledger nano x And mine says 2.1.0 and it says it's the most up to date And I had to take a look i'm like because 2.2.1 is the one where it talks about ledger recovery Excuse me And then I went to the website to verify it legend nano s is 2.1.0 legend nano x the latest version is 2.2.1 At least on 16th of may, but I took a look right in my Ledger life and it is not there It is not there So for me, I just wondered myself to are they trying to backtrack already? Because that would be a smart decision however I had to take a look at the ledger recovery terms and conditions. There's nothing there Nothing there that talks about how you have to opt in or opt out doesn't say anything about that I looked over this thing. I'll link this in the description. You can check that yourself but I do kind of see where ledger is coming from I hear me out I'm not going to say that they're like awesome and this is what you should do But I understand where they're coming from. No, I don't understand why they want to do this But it's a mistake And it's the mistake of historical proportions if something screws up So I had to reach out to a friend of the show paul baron paul baron I said, hey, man. I want to use one of your clips. So don't give me a copyright strike And there was this great video from paul's network Where he took off I think this was in twitter spaces Where he summarized everything that was being done because twitter spaces can go for like three four hours. It's like ridiculous And there was a piece in there with the chairman and ceo of ledger and what he said And why they want to do this. This is about 40 seconds. Just take a listen before I do that Let me make sure I do this correct because Last time I didn't do it right. It's not ridiculous I'm up. I'm going to share this specific tab Yeah Now take a listen. This is why and tell me why he's wrong I hear a lot of people saying like, oh, this is not what your customers want Actually, this is what our future customers want because there is hundreds of millions of people that actually need crypto and need to onboard crypto And in a self custody way not through an exchange And I'm sorry, but the piece of paper is the thing of the past and ledger recover is the thing of the future There is no compromise on security. Never with ledger. This is, you know, our commitment And by the way, if there is I've seen a lot of people on twitter saying like, oh, I'm sure this will be hacked in the next 12 months Okay, but let's see so many people have come to us and ask for this And actually it trumps every negative comments that I can see on twitter In terms of the sheer number of people that need this functionality to actually onboard crypto Okay so I get why he's where he's coming from quite honestly I can see what he wants to do. I see that why they want to do that And there's someone from the in the comments said robin's still confused on what's going on. Here's what's going on Let's say For example, you have your life savings in this All your money is here everything And then that private key is supposed to be encrypted And stuck in here. You can't get it out But let's say you sign up for that recovery not just you but all your friends all your millions of friends that that sign up for it And then for some reason it's hackable out of those three different places And they're able to get your private key guess what they can do they can drain your funds off of this Now let's extrapolate that it's not just you Let's say it's the entire crypto community What will happen there is that crypto becomes the biggest joke ever It will if if that happens because Excuse me if if people Say well, you know, not your keys not your crypto and you're putting into a cold storage device and then it really doesn't become that way Then it just gets taken So does that make sense if that happens Everything's a problem. However When we talk about these things and to opt in There's a couple of things like I can think of first of all I understand where they're going from a business owner small business owner multiple You always want to find different revenue streams of income, right? That's a pretty good revenue stream Extrately $10 per month from all your users, especially the newbies and they rely on you, right? They rely on you to store their seed phrases. Some people need that You know why because we're weak We're weak people We have been conditioned to allow banks to custody our funds we Are all the different custody that we have as far as assets Also, how many times we lost a password and of course we are weak enough that we have to keep Asking for these passwords again and again again and not really custodying our passwords just the most basic things and we become weak and then For you then of course new people hear all these stories about well, you know, I lost this I lost my mnemonic phrase. You talk about all the different millions of people That lost their mnemonic phrase or their hard drive and all that bitcoin is lost. Well, I can't do that I'm just I'm just, you know Single mom with two kids or whatever And people think they can't do it and they rely on these big companies because they have to rely on them Even though they have all the power that they absolutely need to do the things that they should be doing in the first place And that's that part So not to get off a soapbox, but this is the worst case scenario, right? In those terms conditions, I couldn't see it But again to opt out you would have to opt out of not opt out but excuse me opt in and they're not going to create this and back it up Unless you Are going to pay ten dollars per month and there's two tiers. I think would be very easy for them just to say Here's a ledger for self custody and here's for the noobs And we'll do it this way So let me know what you think about that in the comment section I personally am doing this Excuse me Did you know that your mnemonic phrase From your ledger or your tracer can be moved back and forth You could actually take your 24 word mnemonic phrase and stick it in your ledger if it's from tracer Or 24 words back into your tracer from your ledger. It doesn't matter. I can back it all up Tracer there's a link in the description And It's gonna cost you about Which is this actually Oh 186 186 dollars And then these are all the coins that it supports Do you need all these coins? I don't know. I'm not you can't give you financial advice But let me bitcoin there and just so you know it can do a lot except the big some big stuff slana polka dot So on and so forth Also, what's great about that is that they have open source code Which again, you can take a look at doesn't support cosmos So that might doesn't support a file coin, which might be a security Aptos hadera so on and so forth. That's one option See me then you got ellipel Which is also open source ellipel titan cobase is open source on github. So you can definitely take a look what I like about this one air gap cold wallet It's not super expensive around 100 And a small one And it does Support a ton. Look at this a lot so There's a lot actually One thing you might notice that urc 20 when people talk about a theorem is doomed Well, everything's built on a theorem. So good luck urc 20 tokens. That's pretty much everything And that's it So me personally, what am I going to do? It's very simple. Just like I talked to you guys about diversification I'll probably going to be ordering a tracer and in a uh, what is this called ellipel? and split things up If one thing fails, I got a backup and I'm not going to keep everything in one basket I've got like three or four of these but why don't have a couple more of those And then just kind of spread them around. I think that's the safest option. Is it needed? I don't know for sure, but I mean look Uh I think it's better safe than sorry and A pound of An ounce of Prevention is worth the pound of cure. So that's what we have. So that's it for today. So look like today's video Give it thumbs up. I'm going to try to get through a little q&a without coughing my lungs out And we'll go from there. So if you got questions So so much the better like and subscribe. See you guys in the next one