Ethereum Crisis Explained! (Ripple's New Connection) - Transcripts

September 21, 2022

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Today we will be discussing a recent SEC lawsuit that is trying to set the stage for Ethereum regulation! Next we’ll talk about the surprise to Crypto as the CFTC commissioner visits with Ripple, and last we’ll look at the new Cardano Clay Mates...

Transcript

welcome to the Billboard crypto podcast this audio was pulled from the video's release each day now please keep in mind some of the content does require visual support for that make sure to check out the Billboard crypto YouTube channel welcome to bid for crypto home of the bits what the largest and greatest for the community all of the interwebs channels working hard to keep you in the know because the crypto thread watching can be modified it five oh two PM eastern standard time re talk about your favorite topics with your favorite gas today

yet again at no exception we've got a new gas on a restart on the top right from his favorite white walled mansion it is Mr like going himself

Tom

crown then on the bottom right we it's the first time he's on so I'm looking forward to see how baby's gonna do Danny Devin or how do you pronounce that last name the von

it's actually given to you I got around her son

I knew it I knew it and then on the bottom left always serving up spoonfuls and morsels of goodness mac and cheesy and then on the top left he's gonna try to take the crown today it is been Armstrong but we're gonna talk about the S. E. C. you can believe a case and are they overstepping their bounds with how they are trying to classify a theory I'm also big news for XRP and the C. F. T. C. and you see that on the charts we maybe break down the rumor behind everything and is there a little win their smoke is there fire here and we're going to end it with Cardano dreams more stuff from Snoop and son but before we do let's look at the crypto markets see what things are going

we are

firmly in the negative we have big going down about three percent if I refresh just get that fresh

fresh

data and you can see it here yeah that about two point eight Therion hold up a little bit better Tom you're the trader guy here I mean the watches some of these levels we've talked about it before we've talked about some of these talk about nineteen K. and twenty K. and here we are a little below nineteen K. so what are the levels you're looking at and what you would expect in the next few days

now my trading view I've decided to crash like right as you ask me this so trying to pull this up you know the same levels are still in place I hate to be your beat that dead horse but we're looking at June's low seventeen five merry got chart up let's see this month slowdown at eighteen to at me these levels are no surprise are nothing new really yeah I was in a long I I took some profit and my advice is an actual price but I'm not looking to hold the position into the meeting tomorrow the FOMC meeting I think we're gonna see some high volatility pretty much all eyes are on it yeah I think there's potentially some big moves some big volatility in the cards for tomorrow so I'm pretty much just Chillin I'm gonna see how that plays out everything's been read all week the only thing up is what bonds to your bonds it four percent that's like a decade plus high I'm not interested in bonds on about the viewers out there but up four percent over two years not really my thing now you don't have the same levels when

yeah whenever you know barely reaching twenty percent of inflation yeah that is it didn't seem like an attractive investment opportunity but speaking of investment opportunities the SEC is setting up a case against Ian belina we have a little headline here account want to read a factoid or two here's Gary Kinsler the case against gambling in a heads plan to govern a theory in there try to use the legal precedent set in this case and this is how he basically conducted a sale of sparks are tokens during the ICO four years ago it might use a different ecosystem back then he raised about thirty million from about four thousand investors now believe that he is the founder of token metrics a lot of people remember the ICO craze been before we get in this topic in the nuts and bolts can you just paint a picture when people say ICO craze that not everyone was around what was the ICO craze what does this mean and what was the ecosystem like at that time

well there was no talks of clarity a regulation it is time you know I mean let's see see we were

down you talk about the college division right out everyone's at it back then

it's a conference with to develop

G. but anyway I put in my two week sorry

yeah things were up much different back then and so now what we're saying like look yes like bitconnect there was an obvious Ponzi scheme and the people pushing back connect at least one of them admitted in court that they knew it was a scam they were pushing it right you have to step back then that was a little as he related the was very clear right you'll get to punch him in the scam like you're still trying to push it obviously people need to be punished for that your mood ICO's and things get a little dicey because what the SEC is trying to do they're trying to do enforcement retroactively for things that were did not have clarification now

where

where they're really getting him believing here is I just tell you my understanding of what is happened no I talk to you briefly about this just taxed yeah he can give you our detail I don't ask for details I told Hey man you know so I rethink support you you know if you need anything I'm here and you know he sent me the tweet that he put out on Twitter best place to put out a tweet

as we all know I've yet to have which would affect me if not I spaced out

at no point not a top eight you don't want to top each week so anyways it

the

thing is he put out a full rebuttal his his lawyers did counsel did to the whole thing basically saying that a lot of stuff is made up and it's just it's just fabricated and that what what is happening here is it seems his sport to can just settle with the SEC from my understanding it looks like part of that settlement was them you know selling out it that's what it seems like to me that happen here now I don't think it's going to put stuff in writing is an answer to this that isn't true I mean he's smart enough to know that it's a smart guy I had met him

friend of chance he is a very smart guy if you speak there is

is a great guy he's the person you know he's a good person wants to help people the ecosystem with so much different back then it was hard no it's easy to look back on his list of ICO's and are the fifteen that were in the document fourteen of them pretty much failed one of them fantasma did really well we like to touch the soul it's good project we still do like that would but but the whole thing is is that we didn't know all those we're going to be failures because guess what you are doing the number one queen of twenty seventeen was bar none it was iota it increased like sixty eight thousand percent or something like that it was not you don't realize that

I remember looking at the chart a lot too

yeah it it was an ICO yeah you it was nice you know you know what I you know what Cardano what's an ICO you know which one was it was nice you know you know what yours was it was my eye in I. C. O. so what happened is you had a lot of this is very important to understand the perspective of history crypto you handled this ICO craze were all these projects were crushing it killing it XRP token sale now was back in two thousand fifteen a little bit older but many of the top project started out in this ICO stage in many of these even help people fight we get to the end of the bull ride two thousand eighteen when we're now in a bear market but people realize it it is still talking about a lot of these ICO's that are coming out there knew that how potential words bear market that point people realized

yeah

so all those tokens went down to pretty much nothing because almost everything went down nothing during that time so all these ICO's bailed and what happened is you have people making a coin for everything very similar to the NFC craze that's what the ICO craze was like at that time almost everything that launches ICO in two thousand eighteen failed it's so what happened is it took a long time this is why I was so quick to call this a bear market because it

took

the people at that time much longer to realize where they were

in they were still pushing things like Hey this could be some potential here maybe if you you know where to buy this out you know maybe it would go up for it I'm sure it was much more colorful language and that but the idea was how they didn't realize they were throwing money into a fire but they were so

that's why

you get a lot of flak because there was a long time after the marketed peach but he was still operating under the same kind of a priest opposition we didn't have another bitcoin cycle yet it kind of you don't kind of see how this works and so

you know that

that's kind of what happened that's how things were crazy back then there wasn't regulation there wasn't clarity and not you know do what you want to reiterate like inside the allies of as you're saying it's just not true yeah and I would like to reiterate again you know we talk about if you're there back then it was a different time just even if you were back there ask yourself at home when you first got into crypto did you think it just goes up forever

I did

great hit that like button

at

one point you're like oh wow I just made this much in a week it goes up forever right this is how it works all right mac and cheesy let's talk about that each node clusters you know they're trying to say they have jurisdiction over this because a lot of the money was sent over

D. B.

M. and then they have the largest cluster of nodes is in the U. S. about forty three percent of eve notes are based in the US second is Germany I think roughly twelve percent it's not even fifty percent they're just saying is the largest cluster based in the US does that give the SEC jurisdiction wire why not

no all other well long story short they're literally just finding something that they can put their hands or point their finger towards and then use that for their case and it feels a lot like they're cherry picking information in a sense of how they want to build a case out because they're they're just they're just looking for these things and I think that made it made a ton of good points about how when you're going when you're living through it and the comparison between ICO's and now kind of and if he is if you rewind back to September of literally last year and if you got into crypto around then there was a sanity craze where everything was going up everything was going up everything was an N. F. T. and that's much more recent and now when we're looking at it we're like oh of course those things felt or a lot of them did fail of course I'm still believe in them long term but so that if you look at that and then I you kind of go back farther and it's like okay this twenty seventeen twenty eighteen time with the I. C. O. is okay like that makes sense and I think if you think about it from the lens of it may have literally just happen you in the NFC space it's like okay in the ICO space that's kind of what was going on and I think in terms of kind of retro actively attacking things we're probably gonna see that a lot in the crypto space in general and kind of to continue with the I. C. oversight of tears I think we're probably gonna see a lot of people that founded NFT projects to get in trouble in a sense of what they were promised saying and what they actually provided so I think this is a running theme in crypto primarily because it is a new technology so there isn't necessarily precedence so then once president the set now it's like okay let's retroactively attack people and then also it just has a big target on its back the other people in power don't want crypto people to win yeah

yeah I could point their expression when their help and little people went depends point alright Danny I'm ask you to put on Siri breasts now think you're sitting in a chair so put on your professor X. hat let's try to read mind of Gary Kinsler here what is the motivation of the SEC with this action are they trying to broaden their powers because the CFTC has started to come up and gain some some teeth and claws here or is this just a strictly protect investment and investors move

honestly I really think that he's really just trying to put its claws on because I mean we all know regulations are coming but we just don't know when it's going to calm or like at what moment because I mean we all know Congress is just little children just bickering back and forth so I I I really think that this is just the start to something and you just try to use the system type of a scare tactic but I don't see this materializing like in the coming months or in the coming but possibly even in the year until like later on possibly after elections maybe during the next bull market but I think this is just the beginning to something any I think it's just like holding up like poking around right now but I don't see this materialize into something big into the future

okay I think it's gonna says miss the or another way of saying it is the throw the you know what against the wall see what sticks strategy all righty then exactly E. N. he he caught a he got a big old cow pie there all right let's talk about X. R. P. X. R. P. army if you're watching

it that always I would

match that doesn't cost you anything here X. R. P. N. C. F. T. C. that is right there is a secret meeting that took place the price of XRP obviously reflecting that we have massive pumps not only that we have massive pumps while big point is moving down and that's the main point rep over twenty percent on the seven day at one point it was up over ten percent on the twenty four hour and the reason might be this there have been some rumors Carolina family she's American tourney she is one of the there's only five of them one of the five commissioners with the CFTC and she recently met with Brad Garlinghouse those I don't know C. E. O. of ripple labs now they had an official statement this was on her and she said this was a learning tour and on his and he called it public private engagement talking about the public sector and the private sector now Ben I'm a bring it to you first you know this XRP story yeah have you heard any rumors can you give us any alpha and do you by the official story of learning tour and public private relations yeah I do by that

I do buy that I'm I'm sorry I don't want to

now I'm in a lot of knowledge they had me feeling like I got the slide now

look

Caroline fan has been on a tour she gonna tour going

everywhere

she wants to learn about crypto she wants to learn about what you want to see what's happening

at

these companies

and

she's consistently been doing this over the last few months that's what separates her from Kerry gets or is your guess who doesn't care he doesn't care how you operate is one of the Jewish person your wants to meet you in court

that's

one to meet you why because what it's gonna do is going to strong arm you by making false accusations to settling to pay him money that's what he's doing IBM is not like that you wanted a white the CFTC is not a money hungry organization yes he makes I don't know what the number is but it's their budget works the CFTC why because they go after people through enforcement where is the CFTC they take a much different approach it should also be a bit in terms of what's things reach over into the commodity basket away from the potential security basket then there's not as much room for wrong doing right so that's what we want to see we want to see Caroline famine the CFTC take allies responsibilities and there I'm just tell you guys there is a plan there is a plan to you know basically through the CFTC to take crypto completely away from the SEC and Gary guns were and I I think that she knows

she

there are some things that makes me think that she knows about this I'm pretty sure she probably does know what

it

is you know we're we're behind some of this stuff right here but boy crypto we're behind some of the stuff trying to push this stuff and you know once again can make this the public yet we we want you to as we can what I did reach out to Charles Hoskinson about it today I'm just just maybe about an hour ago I sent him an email

are

there there are many many plants many plans to take the power away from the S. E. C. but the problem is you can't take it away from them directly you have to indirectly take the power away from them and that is what's going on all across the globe the government is show embarrassed by Gary gets or their end barest by the SEC you don't think it would look certainly I believe Caroline family went to ripple to learn about what's going on with ripple to learn how the company operates to learn more about XRP ripple that I'm sure she did that but you don't think there was a little something to that picture

yeah

Brad Garlinghouse Keralite VM ripple CFTC have side by side smiling I'm telling you that this this is going on behind the scenes a lot of people don't understand what's happening right now but basically Gary Gibbs or try to turn into Darth Vader and everybody else is trying to a remember power which we just gonna send someone to check the other photo and one of them have their fingers crossed behind their backs and now we don't now we don't get the fat right now Tom let's talk price your charts guy here massive pumps with XRP we've talked about you know the charts will predict the news was this another case or did this pump just come up out of nowhere there's a big market cap

yes No XRP actually looking really good I looked at it on stream yesterday it broke through buzzing about a thirty nine cent resistance and today with two and half hours left XRP's looking to close the highest day and maybe a hundred days that's pretty significant charge do you very often front run the news I'm not claiming necessarily that there's gonna be some XRP news soon be and this is why but I mean if we were to look at the charts since you just use that it it's looking decent I and I rarely say that you guys are gone this gentleman said the opposite before right now it is what it is

what I

what I'm seeing across the government and it does go to Ben's point Caroline it doing some learning education we solved they even named it under the radar alternative payment system solutions by the U. S. house committee on financial services the government yeah maybe they are best friends but there are people in the government looking to learn about this and I watched the whole thing and there were two or three people who really represented crypto strongly really came off intelligent and patient with these people asking questions and kind of a consensus

from

the people asking questions people in government in my opinion it just looked like they were like oh wow we really are behind they were really behind it we don't know what we're doing and we have like we really need resources to understand what's happening about the implications are so I think that there is deficit regulation type stuff coming I think that isn't a mystery but I think some of it is going to end up being good and hopefully that's in the C. T. S. C.'s hands as they have recently stated that there are quote many crypto currencies I constitute a commodity

all right you know I just want to share this good is bad you said there's little resistance at thirty nine you can see it perfectly here this is the thirty nine second level here boom perfect rejection off of it scam pump above to get everybody open a log boom massive let's wash out all the trader

let's reject off of it with the lower high let's reject off it again and then like you said once it passed thirty nine cents off to the races and yes high school is in a hundred days looking pretty bullish there right mac and cheesy and over trying to paint this picture where the left hand is not talking to the right hand when it comes to SEC and CFTC here why not why is there in fighting here why would they have misaligned interests why are they all on the same page

I think what when is there a proper conversation amongst left hand and right hand

and really don't give me that question you know I'm going to

well I think that's what everyone was kind of but anyway I think it just comes down to a lack of foundational understanding across the board when you say the word Kerr I think everyone on the planet thinks of a car when you say the word

I think Cardin dollar

or card I wrote every whenever you think you know but so if you're thinking of like a US dollar right there's this understanding amongst everybody who's kind of when you're having these conversations but now when you're talking about whether it's securities and you're talking about crypto and how it relates these terms in these technologies are so new that there isn't this foundational understanding across the board from people and although they may be kind of an similar organizations of your look at like a parent structure they're they're essentially different entities so thinking of them as different businesses that are operating and people day to day you know they're doing different things and they have different understandings so sure there might be knowledge transfers every now and then but they're coming to their different conclusions and they're thinking about problems and coming to different answers so it's hard with all these new technologies in their defense on some other kind of misalignments communication because until there's really accepted terms and those can be the foundation for the learning and for just like conversations I think we're gonna continue to see things like this

all right now Danny let's talk about you know our our two pronged approach almost here with ripple it's been said you know we have the picture them to famine Garlinghouse there smiling together then we have Gansler well big I I don't think he's gonna be smiling in a photo a bread anytime soon so we have all won and SEC kind of going after him but then on the other hand we have the CFTC cannot working with them is that how you see it in is this going to play out you know with the cooperation of one in an adversarial you know understanding on the other how does this resolve in the long run

so I actually hundred percent agree with what Ben was saying because I remember when we had the I think it was like the testimonies with big crypto officials that came on board we have like CEOs of crypto exchanges and they were really explaining everything that was in the crypto world and I remember the report that came out after and it really showed that there was just a major to fight between the SEC and then also the CFTC and I truly think in the future the power is going to eventually go to the CFTC because as he clearly does not doing anything right and I feel like they're still stuck on like old technology and the whole threatened that crypto has on banks that they don't want to go that route that they see and like a lot of people are still learning this technology so I personally would love everything to go towards the C. F. T. C. and again regulations to come in the future but I believe this this is going to be a constant tug of war and it's going to last for some time but I do see the CFTC coming up on on top because just reading all the research and the crypto orders and everything that they've actually like published out you see that they're actually taking active approaches to actually understand and get to know what cryptocurrency is what the future is like what you see can happen again then hit this on the head perfectly when he was talking about it we're basically the CFTC is taking proactive approaches compared to the SEC who are just like you know what let's see who we can see you I mean not not see who we can investigate next and let's see what we can cover when the CFTC's more taking an active approach and like against them visiting XRP is just another active way of actually learning about the technology compared to the SEC was just a villain

yeah I that's a good point I think there's a big difference we have a reactive and a proactive approach and

that

no pun intended but sounds getting popped here all right ada dreams let's move on and talk a little Snoop and sun and the clay mates here is the track I'm not sure we yeah to break it out right

okay

booklet thirteen seconds right Snoop son Cardano Hoskinson we got a hawk baby all right yeah that is it right there those are the DZ ad libs added over that but three additional tracks original tracks and this is on existing in FT's then if he's sold months and months ago almost a half a year ago and then they updated the meta data on the N. F. T. where it all sudden now has songs that live on the blockchain forever Mackin cheesy I just had a whole bunch of nerdy stuff can you unpack that a little bit on me break it down like I'm five women in F. T. equal music

so effectively when you see your image that's on your NFC itself that is pointing to the meta data of the information of the end of two so think about here's the image and then where does that point to or here's my entity and that points to a location and very similar to that of a Google drive so when you have a Google drive you nuts folders slash a band of tea slash image U. R. L. and then slash the actual image now this is normally located on IPFS and Ethereum world which is kind of a decentralized Google drive and what that allows for you to do is you can actually change where the where the end of two years pointing to so same way with the Google drive you can kind of replace that image you can kind of replace the thing the meta data you can replace the image with something like a video so that's something that some critics will say is actually a a bug in a sense that you don't actually the image isn't necessarily stored on chain which is the truth of the matter for the majority of NFT is because the image at asset itself is way too big to hold on Jan but you can do cool things like this and that's also why a lot of times if you watch it on a few projects if the image itself has issues it's not necessarily a problem because you can update the meta data update the IPFS hatch so it's not a major deal

and I don't care K. clarification the IPFS interplanetary file system that is on the theory about Cardano on chain

that's not

right yeah that's as BJ you know he is he is making sure I I share that information of course they're all right

yes this is similar similar concepts right so you are all

I primarily built on the Ethereum ecosystem yeah yeah we know your solidity band that's okay Tom Tom let's talk about N. F. teasing over start to see more mainstream action but we don't see mainstream adoption here do you have any take on when you think well actually use in F. T. E.'s to listen to music during a work out is this something that's just a pipe dream they'll never happen or will Spotify be using enough he's eventually or whatever the streaming services

you know I was surprised during twenty twenty one during pretty much as you were saying earlier like the N. F. T. crazy ICO craze equivalent that music wasn't a bigger part of it and we talked about the applications and gaming we talked about all kinds of things in music is really where I saw this going music and art and it doesn't really seem like it went that way and maybe that's akin to the ICO craze didn't really go towards him C. Manny scored solving real problems at the moment maybe that's just down the line I'm not really I'm not the end of T. expert for sure in in the space but I would like to see it go more in the music direction I think that artists should be the focus of an F. T. E.'s kind of productivity and should benefit them I I just don't have the answer I I hope it is part of future and that's the way I see it I just don't have a the application for you unfortunately

all right well Ben you know we've talked about ideas back in the day we had the you know the hit music crew you know they're always you know they're working with that and we we know you know dese more than most how this system works and I want to share some names I can't share the names but we've had some meetings with some high level music people as well what kind of time line do you give I mean is this actually a better question will Spotify integrate in F. T. E.'s or will it be a new system that replaces Spotify because Spotify doesn't want to change

well

let's let's look at gaming

okay

let's see what what what is the reception did have tease been entertainment world hated it you know living because if I can't even yeah so it's not been it's not been great so how did the music

people are going to

take this you think your average music listener is Mike yeah I give me an empty I I don't think the average Taylor swift fan is on board

here I think that will be more than gaming I I'm gonna die hot take I think it will be more than gaming

gamers into one of lightning

and I am

yeah that's right

boy and Tom crown verses the island boys this Sunday yeah no he knows

about whether we're going to get right

yeah dimmers I am a gamer and I play league of legends most toxic thing in the world

I have

we'd like to reject stuff we like to hate stuff I think that the music community will actually be more bracing the gaming and especially because we see artists you know they're individuals and they're not getting maybe the revenue are you know the return that they should be whereas in gaming we're looking at these big companies like riot and nobody has any sympathy for the mega billions on billions it doesn't matter I think that I think is it will be more receptive as the community that

that's that's one thing that's one thought that that's one opinion for Mr trump grounds that that's an opinion good job look I'm not saying I'm not saying the music people were

were

jacked it as much as the gaming community has but I think it's a little bit harder road than people think and here's the deal we see this every four years every four years were geniuses every ever

well

every four years cycled in the middle of those for years were idiots right why I think that's what we're going to see with this two were as we the next Bull Run when people are more bullish and more receptive to crypto I think we'll see a lot more reception music app teas I don't think over the next year or year and a half we're going to see a lot of that I I project you know maybe twenty twenty five we're gonna get a lot more excitement around in if he's it what we discovered we work with a lot of these projects like apple is our audience is that they're not they're not ready yet none of this music in a few stuff is really really really ready yet there are some music in F. T. E.'s what the part was building them out they're just not ready for mass adoption yet operators imagination so I do think it's a little bit further out than what you all right Danny you know Rick are you a gamer

I actually used to game but not anymore so okay

all right what's your take on the who will be more receptive in the future is going to be the gaming community or is it going to be the music community where are we gonna see entities have that mass adoption

first so my personal take I would say gaming a hundred percent and then I would go towards music and then I would actually go towards athletes and I feel like athletes and artists will cost gaming I feel like is going to be that like first starting point because as a gamer your phone your computer your finest like PlayStation Xbox you're already in front of electronics that you're you used to digital goods digital items things like that so you already have one foot in the door and you'll be more accepting of N. F. T. stand the power that they hold and so I feel like gaming is going to be that starting area and then eventually going down to music like on Spotify is already like testing like and if he's like you can use entities but there's nothing substantial coming from that except that I feel like music will come eventually where it can be like selling concert tickets are like selling albums and you get certain perks to like VIP backstage and eventually it will trickle down to like athletes like for example Michael Jordan signed in like one of his business partners they started something with entities were basically people can buy it up like high school college and like professional athletes and you get perks and stuff stop like digital goods so I feel like it's gonna start with gaming because they're already in the technology needs and then it's going to trickle down to the whole music aspect and it's going to go to the athletes after that

all right good good point there yeah we have

to look and act a little thing so yes so I think one important thing with the music and the like the sports right so for music itself I think they're a little more prime then we may think just because of the nature of the fans superfans were associated with our crew musicians and who are building so I've seen with us from the companies that were working with first hand that and if he is allow for partitioning your fan base and your super fans that's why communities are so powerful is because it creates a community of like super fans for their their brand so we've we've actually seen it through kind of experiments that fans are open to the N. F. T. space what would I maybe just on a different way to do it but like the current evidence that I've seen is that actual music fans are are ready for and if he's if done

properly it is gonna be interesting we have artists royalties and concert tickets for the music side of gaming we have say Fortnite scans are transferring your two K. players stats so both have value propositions who's going to win it's gonna be interesting race but that's all we got time for it looks like a band that nearly took it down is actually a pretty close episode there towards the end then let's go leave us with no show for the first time in weeks in a week or fortnight yeah you get a fortnight I think I'm on like a five out of six or six out of seven win streak something like that but let me tell you guys what does have going on with the SEC it is not good stuff going on with that you have to talk about this morning is not good but look ultimately there are good people out there trying to leech for deregulation that like Caroline pfam Brad Garlinghouse Charles talked all these people are working on positive step John Kuzmin from the ledge we got a lot of people fight on our side so there's a lot of evil people out there

but

you know ultimately I think we're going to win it also yeah it's it's better to be stress will get you a bag every season plot and hang out with Snoop in sun and just chill relax is going to be okay will be greener hills on the outside that's all we got is what DCF thank you for listening to the Big Boy crypto audio files please make sure you subscribe to all the social media channels for show updates and news if you wanna leave a comment or ask a question please see the show notes for more information

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