June 21: The Harpooned SOL Whale, GPUs Price Drop, CEL Squeeze - Transcripts

June 21, 2022

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Transcript

from the print media. This is the decrypt daily and my name is

Matthew Diemer. Today. On the show. We have a harpoon soul whale. Well it kind of escaped G. P. U. S. Their prices are down

and we have a short

squeeze. Dad's coming up today

on the daily.

So

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Let me tell you something. Incognito mode doesn't hydro activity. It doesn't matter what mode you use or how many times you clear your browser history, your internet service provider can see every single website you visited. That's why even when I'm at home I never go online without using Express VPN. It doesn't matter who your internet service provider is. Your I. S. P. In the United States can legally sell your information to add companies Express VPN is

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That is E X P R E S S Express VPN dot com slash decrypt Express VPN dot com

slash decrypt to learn

more. Good morning everybody welcome to the show. Today is Tuesday

June 21st 2020

two. And that's another exciting Tuesday because we have more primary elections

around the country only to I think

D. C. And Virginia. Well I'm still looking forward to both of those because you know you know me in politics

anyway.

No politics talk today. Let's

get into those crypto prices.

I'm recording this at

8 23 AM Eastern daylight savings time

and I really like waking up early in the morning and again

this done early. I've already went for a run hit the gym, had breakfast, had a shower prepped the show and I'm recording the show all

By 8 23.

Eastern daylight savings time.

We have bitcoins in that number one spot.

21,000

$52 up

2% in 24.

Still down four and 7

ethereum is at

$1150 up 11500.7%. Number three U. S. D. C. Is number four

and finances number five at 2 21. Up 3.5% of the top 10. We have B. U. S. D. Card. Oh no ex RP Selena and does coin which is up six point

in 20% in 20

four

or 16.4% and seven. The whole market is up 1.3%. It's at nine

120

.7 million BTC dominance of 40

3.4 and an f dominance of

15%.

And now it's time for a coin of the day

are kind of, the

day is for sure. Going to miss me off in some

way. I feel it is S. U. S.

D. Ticker sus D. Right Number 1 77 on coin market cap. Its price is 99

.7 cents. It's a stable coin

with a market cap of 100 and

$1.7 million. a fully diluted market

Cap of 100 and

41 $.9 million 72% of this. So called stable coin

is in circulation. Its all time

high which did have an all time high which is absolutely ridiculous. Was set seven months ago at 2000 and 36 cents. As you can see this is going to miss me off in some way. Its all time low was. And of course stable

coin has an all time low

of 38.7 cents. Maybe there's something different about this. Maybe I'm gonna give it the benefit of doubt because we don't know the

economics, it looks like a

stable coin.

It doesn't act

like a stable coin but maybe let's just give the benefit of the doubt for now. Until I find out if it is a stable coin

you can buy it on you know, swap Q. Coin gate dot io and curve finance.

So that's pretty

much it. For the most part we

can get a

liquidity according to Quinn market cap.

So what is sus de sus d. Is a synthetic usd token enabled by the synthetics protocol. It tracks the price of U. S. Dollar through price feeds supplied by chain links to centralized network of oracles as U. S. D. Is integrated across the defi

ecosystem as one of the

most liquid decentralized stable coins. I called bullshit right there including at curve can be traded without slippage. I don't know how you do that because then we just saw the prices go up and down for other assets. Native to the synthetics protocol. At synthetics that

exchange in cuenta

cuenta cuenta cuenta anyway that is the so called stable coin. S. U. S. D. Ticker sus d right number 1 77. Queen market cap

moving into today's headlines.

I wasn't planning on saying anything about this article today but I was listening

to NPR this morning

up first when I was going on my run, I listened to a lot of different news channels when I go on

my run and I will do my workout every

morning.

And this one really

stood out to me as how you can mislead people and still sound like you're telling the truth.

Um and the title

is Cryptocurrency tech is vulnerable to tampering a DARPA analysis finds. And it goes through how everything is becoming centralized. And the whole thing

about Bitcoin and Cryptocurrency is decentralization and is saying oh well it's

centralized and therefore it can be manipulated. Here's a quote from the article,

let's say someone with great top down control of the internet in their country starts to interfere with that network. By slowing down or stopping legitimate Blockchain traffic. An attacker could become the majority voice in the consensus of what's written

to a Blockchain at that moment meaning

by controlling the internet traffic. And I'm talking to my for myself right now, not from

the article which

means controlling the internet traffic, they can

decide what blocks are passed through the internet basically the packets of information that's going through the internet, the I. S.

P. Or the country can control

though that information and that information could be information in the block. And so they're talking about the centralization

of not the black chain itself or Bitcoin network.

They're talking about the

centralization

of the internet service providers or the companies that control the internet in the United States. They mentioned in the article that three companies control the majority of the data that's being sent

on the internet.

And

so here's where the

misleading part is is they're not talking

about the Blockchain or Bitcoin network itself.

They're talking about our inherent problem with

centralization with our internet

providers.

And instead of saying hey only a couple of companies control the internet.

That seems like a problem

for information.

They're saying that is going to control Bitcoin and it seems as though we are manipulating the idea of West centralized control is and how that can affect like a bigger broader picture of data free speech, I don't know communications, you name it. But then applying

that to Bitcoin and

saying, hey this is why Bitcoin is bad and I just feel that there's so disingenuous and I think that we should be talking about the bigger issue that if data is really controlled by only a few companies and they're talking about it being more and more consolidated and centralized.

That

seems like the issue

not Bitcoin

but they might have a point here where certain data can be controlled by I. S. P. S. And that data can either pass through their network or not. And that data could contain blocks going into the Blockchain. Therefore they can manipulate what blocks are submitted to what blocks or not.

However remember it's the

miners that put the blocks in the Blockchain. Not the internet service providers interesting article link is in the show notes.

Mhm.

This should have been included in the price section but I just totally passed it up and I totally forgot about it. But metallic takes shots at stock to flow and we know that stock to flow is a model by Plan B at $100 trillion on twitter and he says metallic tweeted stock to flow is really not looking good now I know it's not polite to gloat

in all of that but I think financial

models that give people a false sense of certainty and that number will go up are

harmful and deserve

all the mockery. They get stock to flow isn't looking good. It is very much um Yeah it seems to be Bs and Lester is we call this a black swan because of the Fed and like everything that happened with Covid. Plan B

maybe shouldn't need a plan

C. By now. Now here's a story that I think is super interesting. It actually happened a couple of days ago but it's gonna resolve today. A whale. You know whale. Somebody with a lot of coin. Okay you guys get it. Never mind. So a whale deposited

5.7 million Selena

yikes

Accounting for more than 95

percent of soul lens deposits to borrow about $108 million worth of U. S. D. C. And U. S. D. T. According to Poland. If soul drops below $22.30, the wall ran at risk of getting liquidated of up to 20% of its borrowing or about $21 million. It would be difficult

for the market to absorb such an impact since liquidators generally market sell

on decks is

in the worst case, Soul lend could end up

with bad debt and that would be very very bad said the soul lend team. So what they said is they're giving users a mere six hours to vote on a proposal that will take over the wall. It now let me tell you what this means. They gave users six hours

to vote to say, hey,

we

have a problem.

We have a risk. They said that the platform also argued that it was unable to get the whale to reduce the risk or even contact with them with the way things are trending

with the whales under responsiveness. It

is clear action must be taken to mitigate the risk.

So

Again, they have given everybody six

hours to vote on a tao

system.

Are we going to seize this person?

This whale's

funds? Let me tell you how messed up that

is. Well Bill or thought it was messed up. And that's why he tweeted, I think

it's great that we can vote to

liquidate whales and take over their assets. This is what decentralization

is truly about how messed up is that. And I just want to point out that when the

votes came in

it was disproportionate meaning that somebody

had a weighted vote, meaning that they held more Selena, which gave

them more votes. So it could have just been made up in the decision

to in the

decision to take over this. Well, it

Was only made by one person with a lot of Selena. Well, there was outcry as

one would expect. And

you know, they finally figured out Soul

and finally figured out that they were

pieces of

ship for trying to do this. And

they overturned the vote. They said this. So they conducted a new vote and said, hey, let's let's not do this. And Soul. And tweeted, we've been listening to your criticisms about Soul and one and the way in which it was conducted, hmm. The price of Soul has been steadily increasing, buying us some time to gather more feedback and consider alternatives. Very, very interesting. And I'm

gonna have a comment to wrap

all this up at the end of this news cycle because more things are getting kind of shady GPU prices dropped 15% in May and we've

seen similar 10-15% drops each month in the past several months, Gamers rejoice according to the

report an

R. x. t. 30

80 GPU which ones sold

For $1,000 now sells for six

150 on ebay compare this to october of 2020 when the videos G. Force R. X. T. 38 E. T.

I graphics card

were out of stock everywhere and we're selling on Ebay for 1200 bucks. Our boy over there at Tesla SpaceX, Ceo Elon musk said hey

I'm

gonna reiterate my support for those

coin.

He did this at

Qatar's economic forum in Doha. He said this and

quote, I

intend to personally support those coin because I know a lot

of people who are not that wealthy who have encouraged me to buy and

support those coin. I am responding to those people in his words he said and we've heard this before in the past just when I walk around the factory

at SpaceX or Tesla people, they asked me to support

those coin. So

I'm doing so. So this next story is

where the shadiness

starts to just evolve a little more today sell the native token for in battle crypto

Lender C Finance is up 50% of the day as member of the project community attempt to orchestrate a short

squeeze. You guys know a short squeeze

right when instead of number go down,

number goes up and it forces people to close their positions if number goes up it can go up a lot and people

can be in debt for

lots and lots of money when they bet number go down. So members of the cell community, the

cellular network on twitter

tweeted the big hashtag sell short squeeze, explained by selling F. T. X. To move tokens

to meta mask three, connect to one inch and sell limit order at

$100 4

read tweets crypto punk 53 64 was donated to the Ukraine Crypto fund in March yesterday. The fund sold the N. F. T. To an anonymous buyer for 90 f raising $100,000. In stark contrast

to the EU. The UK said

it will not require centers of crypto

assets to collect information

about recipients who use

hosted wallet addresses

instead of requiring the collection of beneficiary and original information for fallen

hosted wallet

transfers. Crypto

asset businesses will only be expected to collect this information for transactions identified

as posing an elevated

risk of illicit

finance. I won't call this one shady but it's just a financial product that I

guess we knew was gonna

exist sooner or later.

The pro shares

short Bitcoin

strategy E. T. F. Is slated to begin trading under B. I. T. I on the new york Stock exchange on Tuesday provides an opportunity to profit

off the price of the world's

biggest, biggest digital asset as it declines. Basically this financial product will allow you to short

Bitcoin

during a bear Iran's newly launched US D. D. Stable coin

has traded under a dollar for almost a

Week now after slipping below its dollar peg on June 13 U. S. D. D. Hit an all time low of 92.5

cents on June 19 before recovering to around

96 cents. So what is U. S. D. D. Well it's a clone of luna and U. S. T. The ago stable coin that collapsed and wiped out probably about $40 billion of people's money. And so Justin's son of Tron said you know what, let's try the same exact thing

on Tron

if first you don't succeed, try try and try again to get people

to lose their money. And finally sam make me freeze

Ceo of F. T. X.

Went on NPR and

said that he feels like he has a responsibility to consider stepping in and help bail out crypto companies that

are well gonna

go tips up. He said that the core

driver of this has been the Fed and raising the interest rates by

.75% or 75 basis points. The largest hike since 19

94. This isn't the first time that Sandbank Manfred stepped in.

He helped

Liquid group with a $120 million dollar loan

To recuperate losses from a $90 million dollar attack.

And he made sure

that we wanted to step in to make sure that everybody was made whole and that people didn't lose their

money which was a good thing I

guess. But I wanna know what you think, Matthew Aaron Ceo do you think that because companies have money and they can do whatever they want with the money of course. But what are we building here?

Are we building something

that I guess is able to weather the the

storms or

that's a better financial system than we currently have

or that's something that's maybe more stable and more open and transparent and trustworthy or something that just needs bail out

all the time because of irresponsibility and bad fundamentals,

bad

business plans, just bad operations.

I'm not too sure

and

maybe sometimes there's black swan events that come in where

you know

you might need to pump it in a little liquidity to make sure that everything stays

standing because we didn't expect that to happen.

But

isn't that what good strong businesses do is they

weather storms and the last ones standing. Isn't that a free market?

I

don't know you tell me Matthew Aaron

at Crypto Ceo,

thank you for listening to this

episode of the Daily. My name is Matthew Diemer. Don't forget to go to apple podcasts like

subscribe share and leave us a comment

and until tomorrow good luck huddling everyone

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