72/100 Cryptos FALL 90% & Elon Musk Gets SUED | TGOC - Transcripts

June 17, 2022

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The Gentlemen of Crypto EP - 970   ********************************** Connect with us online at the following places: KRBE Digital Assets Group 🌐 • Website: • TGoC YouTube: • Masterclass: SOCIAL 🗣 • KRBE Twitter: • KRBE...

Transcript

I'm king blessed and I'm Bitcoin's A and we're here to bridge the gap between Cryptocurrency and the community with the K. R. B. E. Digital assets Masterclass. That's right. Your one stop shop for all things. Bitcoin and Cryptocurrency. We teach you everything, talked about them from buying, selling, swapping all the way to different exchanges, managing your portfolio, yield farming 3000 plus percent A. P. Y. Yes we have that in there and collateralized loans top to bottom 12 hours 14 modules so make sure to enroll today to be ready for the next bull cycle.

We are live good morning Crypto warriors and welcome back to the gym in the crypto episode 970 today is friday june 17th 2000 and 22 I'm king and I'm here to bridge the gap between crypto currency and the community monday through friday at 10 ish At tennis and today is definitely a tennis day with the top stories three arrows capital has failed to meet margin calls being reported. Elon must get hit with ridiculous $258 billion C continues and 72 of the top 100 coins have fallen 90% or more and of course more news but first bitcoins a what's going on with those prices. Oh yeah so let's take a look at our prices for today. Bitcoin sitting at 20,000 $782 728 dollars down 7280.7% ethereum at $1088 down 10880.4% been in coin at 2 17 up 2.2% today. Cardo. No at 48 cent is up 1.5%. Today X. R. P. At 32 cent is up 3.8%. Salon A. At 31 77 is up 4.8%.

And those coin at five cent is up 2.3%. And our biggest game is for today Siren labs token up 820 Ingress of 294% and handy up 287%. So not much movement in the markets after big drawdown in prices but we are definitely seeing a lot of action on the other side so it may have a little bit more further down to go and of course today is fuck. Bitcoin friday so please feel free to call in people. Listen I'm checking out some of your takes you gotta call in we gotta have these discussions at the end of the day and shouted Sergeant crypto. He called it out in the comments yesterday. I believe we pinned it. Sergeant crypto said you know if you lost on Celsius it was greed plain and simple. It was green. He said he lost them as well and that's all we're saying People like keep it real you gotta keep it real keep it real, keep it real. You know I stand on the comments yesterday. Yeah like the lawsuit is ridiculous to me.

You guys are trying to do C. D. Five. You're trying to win in both Like in both areas it's not going to like that's affecting what we're trying to do with Bitcoin to be honest with you. Like that's the reason why we go hard to like you're affecting what we're trying to do with the market. And now you got articles and stories coming out which we'll talk about when it comes to three year olds capital or all these other places saying well the crypto market isn't ruined because of these Uh you know because it's not really an X. Y. Z. is like no it's been ruined because you all keep throwing your capital at bad projects plain and simple. And that's why today we'll be going over with 72 of the top 100 or have lost 90% of their value. And let's not even include the fact that those top 100 are revolving door. You think the top 10's revolving door?

The top 100 is a revolving door so we'll go more into larry. Oh they got me all worked up. They with that being said let me give some quick shot was going on credit K. Crypto and finance. True beliefs. 44 chappie Wendy was gonna win the Miss K. 64 BCG Captain G. Uh super Mario Parabolic. P. Chemo and crypto Michael Jr what's going on Everyone. Uh Let's see chappie said I lost on C. Um Just miss it.

I think I lost on us tv or something. I lost on us. T. It was all agreed. I can admit it learned lots won't make those same dumb moves again people last year for those who remember um And I told some people this on the chat the other day like um I knew Iron, I talked about in the master class. I knew iron titan finance was more than likely a rug pool. They were doing 900% A. P. Y. When it first opened people it was like 936%. And listen, I went in there with a I won't say like you know for the average person for sure a high capital amount knowing the risk people. Like I went in already saying like this could backfire now to be fair.

I didn't think I thought I had at least 3 to 5 days. It turned out I had about 3 to 5 hours. I don't know if I got through the day? Listen, I don't even know if I got through the day on that one. So that was one I told you about the bed. Did she bite call at the wrong time again? I thought it was gonna pump Ellen came in and smacked the whole market essentially. But that was a bad one that I had a capital in. I mean hell right now. I was still just to be a supporter. Um, I had a small bag of hex, we see what the bad thing then done. So I've taken my licks too.

But each of those licks, I just mentioned, we're me trying to get more fiat to buy Bitcoin, that was a small part of my portfolio and was me saying this is me being greedy, I'm trying to get more or hire a P Y is a Prs doing staking and farming. I said I'm a DJ and people, but it wasn't me saying this project is the future of Bitcoin and crypto, we should hang our hats on this, that's what you all are doing when you're talking about Celsius and some of these other projects in Terror, you all are riding for it, like it is the future and that's all we're telling you, is like no, technically from a technical perspective, I know you all haven't even looked at the code or the technical things because you never mentioned in your arguments, you always mentioned literally the buzzwords that are being seen, you don't go into actual how the code is different or what is the project actually doing from a technical perspective, but technically they're not doing anything different in Bitcoin or that can't be done on Bitcoin. So, again, we'll be talking about those stories, I got to turn that was my bad, baby G tell them, tell them Baby G uh, yeah, Baby G wanted to join us to talk about how bad this market is right now. She eats bread. There it is. Thank you for the tip. Thank you for the tip. Real talk just is a to an example of the greater fool theory. What do you say that day? Yeah, the Greater Fool theory is definitely in full effect in the crypto market. Especially with speculation just selling it to the Greater Fool. And that has happened so many times until there's no more fools to sell it to.

And that's what we have right now. And I will say this though, the frustrating part of is all you have to do is be right. So uh, and again, we're not trying to call every project out there terrible scam or anything because you're not right until you are right as well and you're actually actively developing and stuff. But we will say when you read some of these narratives, it just doesn't seem like that. All right with all that being said, we kinda already went to the third story, but this happened to the first story. I'm gonna put that link in the chat here in a minute because I feel free to call in if you have any smoke disagreements or just some thoughts on those stories. We talked about the last few days of course the biggest things being terra luna and Celsius, but now three arrows capital is in the news as they have failed to meet margin calls being reported crypto lender block five was among several companies to liquidate at least some of three arrow capitals positions according to a new report. Venture firm three arrows capital has reportedly failed to meet margin calls from his lenders essentially for those who don't know of course it says, hey, we let you borrow some money to bet that bet, whether it paid off or not, it's time for that money to be due and you don't have it. So now they're essentially saying, okay, well we want it all back. So they reportedly failed to meet those margin calls from its lenders raising the specter of insolvency after this week's Crypto market collapse trigger unforeseen liquidations for the Singapore based company. Crypto lender. Block fire was among the firms to liquid, you know, block I tried, they tried to get it, they like the government right now.

They gotta get their money back from everywhere everywhere. They were among the firms to liquidate at least some of three year old capitals positions according to the Financial Times. Uh signing people familiar with the matter, Financial Times reported that three Hc had borrowed Bitcoin from the lender but was unable to meet a margin call after the market turned sour earlier this week. Uh This is crazy, But it says while estimates vary three AC likely incurred $400 million in liquidations across multiple positions. The company has significant exposure to tear Originally. Now terra luna, which article came out on coindesk coindesk today essentially them saying that yes, they admitted to losing a lot on terra and they also held large positions and projects such as Alana and avalanche as coin telegraph reported three A. C. Has spent the past few days moving assets to top up funds on various defi platforms, most notably abe and we'll be talking about a babe as well because they're going through it also uh this is crazy as his tweet says three year old capital brought 10.9 million dollars of luna, a la luna for 559.6 million is now worth 600 wait, this can't be real that Israel $670 Wait wait they bought $559.6 million dollars worth of luna And it's worth $670.45. Okay and this is and this is my beef a gift and this is why I'm riding so hard these days. You okay? So for one your your company had more than $600 million $559 million $560 million dollars into one project. All the gentlemen, the crypto and Kirby digital assets group is telling you if you listen to us with just a million of that.

Like what are y'all people? This was a layup, this was a layup. You know, I'm not gonna get into that. But this was been frustrated me about this mark right now. Like how are these the people with the money and put into these projects? And then they followed up with Alana a vax like you literally put, I want to know how much you put an avalanche over Bitcoin. What was that ratio there? Like It just isn't making sense to me. But regardless is happening. What are your thoughts about three AC. Do you think they'll survive this? And if they don't survive it, what will be the effect on the overall market?

Of course people definitely wanna know that. Oh yeah. So do I think they will survive it? Um It's not looking too good right now. I would, I would lean heavily towards no, only because the aftershock of a lot of the the investments they made are hitting everybody. So as we saw, we saw the one article earlier, we're not gonna do it. But Babel Finance is getting hit because of it now. And the story yesterday with Danny juan, they, they're missing money. Like I just think that ripple effect is gonna affect everybody because again they were stacking bullshit on top of bullshit on top of bullshit on top. And then when it, when the cars finally failed at that point, that's when you saw uh this big crash and and unfortunately uh at this point there's nothing much they can do to save it because if they're insolvent, they can't just turn the market around and get prices back up. If they hit that margin call, They gotta pay up or they don't have the ability to operate the company. So uh yeah, I don't see it coming back.

And then also this is the biggest effect from it, is that we finally get to clear out most of the Cryptocurrency projects that people have rowed so hard for. We clear that pass out so they can understand 99% of this, this market is going to be gone. I can tell you that right now. Uh doesn't mean that it's all bad because if 99% of projects go, We still got about 200 projects left. 200 good projects as it should be. It should be about 150. projects right now in this space, that's how many there should be. You can take us back to good old 2016, Okay. Like, and that's what I look at the internet for comparison when we had the big crash in 2000 with the internet dot com crash. Look what came out of that. Out of that came google out of that came youtube, out of that came all the apps you use today, twitter ig like a whole new wave started, that's what I think is gonna happen. Gonna clear out all this trash 10 years from now.

We're gonna look back and remember when everybody's going super hard for luna and Dave and all this other stuff, people are just going to increase the amount of technology they used uh and their knowledge of the space and they're gonna only be attracted to good projects now. Are they gonna be Bitcoin max of course. But there's also gonna be people that want to look into other tech projects. So uh yeah this doesn't look good for three arrows and this can finally take down most of the crypto market in my opinion. Uh as far as a lot of the bullshit that goes on. Yeah. And it's interesting you say that we're talking about the fall and some things um so discussion we had yes and shout out to the warriors for the w shout out to the warriors of course uh charlotte Q C. S own Steph curry for taking that in Zane and I had a chance to check out that gang I said it was lit. Yeah. Check out here. Where's the six baby but is the six on the business side of things. Some of the things we're looking at and looking to do that kind of conceptualized as well like so essentially we're looking at Different ways to aggregate some of this market and that's what we'll see with these companies and projects because and the reason why I say she only be like 175 projects is because for one like this stuff is so hard to build, like we don't want each new developer, each new business person, we can do that one or we can do to it's like, all right, all 40 of y'all with 40 different projects, you need to come together for that one super project.

Because what you're doing won't last at scale. Again, people, it seems like a great project and everything to that top 10 and top five hit I mentioned before regulations hit hackers come uh scaling from the actual volume perspective come where you can your servers hold up capital, Do you have enough to hold up as you're getting attacked from all these different places? Oh, now you need lawyers. Like this is real, we've been through some of this. A lot of this actually was just crazy uh now and this is like, will that project hold up during that time? And honestly, usually it won't, it's just too much happening at one time. And if there's any type of weakness, which if it's only a small group of people working on it, there's probably gonna be versus if all those people, like, you gotta remember look at the number of contributors for Bitcoin, even in theory at this point, like, look at the number of people actually actively working on and who have worked on in the past, not just the number of them the qualifications of those people as well. I mean, it's actually astonishing. You look at it. So like the greatest developers on the planet said we'll work on Bitcoin for free vs every other project out there right now where people are like, Hey, here's 300,000, get started, this, here's five million years, whatever. And your number, you're not even a rank programmer program. Yeah, I can do it.

Hey, sandwich in here. Yeah, I can do it. Yeah, exactly. It's much easier to code using some of these smaller projects like that's that they're not the best in the world. They're pretty good, but they're not the best in the world. Yeah, with that being said, uh oh, a couple of announcements to really quick. So we are on episode 970 we talked the last 30 episodes before 1000 well sporadically be missing days here and there. So check the twitter or the Youtube, I guess the Youtube post will put them both there. Um but what sporadically mistakes. Hopefully get this calendar up and running soon so you can check that out as well and we're only missing days just so we can spread out the time between now and our 1000 episode. We hope to have some things unrolled by their uh and possibly have some events around that time as well. So we're gonna space out the show's until then.

So just we missed a couple of days here and there were intentionally doing that to space it out a little bit more. Alright other than I'll be putting a link in the chat here, feel free to call in As we talked about Elon Musk getting hit with a ridiculous $258 billion dollar does coin lawsuit? Bitcoins a what is going on with this story? Oh man. So the ridiculousness keeps going. This is a class action lawsuit where they're going for $258 billion in damages for being engaged in a crypto pyramid scheme involving those coins. The damages sought more than 34 times those coins current market cap of 7.5 billion And nearly three times its all time. High market cap of 86 billion or 88 billion. Sorry, filed in the new york district court by an attorney at Evan Spencer on thursday. The class action lawsuit alleges that must use his pedestal as world's richest man to operate and manipulate the dogs, coin pyramid scheme for profit exposure and amusement. And do we have that? We have that, that tag that we have for all the Merman Sherman's out there who listen to uh fucking tweet guys.

You could just look that for a minute straight and that's what this whole article is. I can't believe they. First of all you're an adult, there's no adult should convince you to invest in anything based off of a tweet. Uh and he said in the filing, he alleged that musk and his corporations were unjustly enriched By 86 billion as a result of wire for our gambling enterprise, false advertising, deceptive practices and unlawful conduct. So the defendant uh, must cause the self appointed does father former ceo of coin. That is not true. There is no ceo of coin is not like it's the most ridiculous claims I've ever seen in my life. And honestly all of these people crying about the market, I thought you wanted to be in crypto if you want to be in the legacy market and you want to go complain that you want to go sue people go back over to commodities and stocks and and and the Dy Dx and invest in the S and P. This is crypto baby. You get smacked around with one of these projects, you just gotta take it and come back stronger and learn from your lessons. That's why I love our warriors. Most of them say that they're like, hey, I was doing this, I learned my lesson, moved on.

And then all roads in my opinion ended up leading to Bitcoin. So we're all good, but this is nonsense. This is I wanna, I wanna, I wanna, I want to add an important caveat to that too. People were not just saying this like that, we're not trying to rub this in your face, that you lost and you aren't right or Bitcoin maximalist. It's not about that. This is what it's about. I have repeatedly said what drew me to Bitcoin specifically in this entire space was that I didn't need permission. I didn't need a private company in the form of the bank or Federal reserve or even the government to tell me how to do my business and how to transfer value and store value and so on and so forth. I like the technology right now move forward. There's no barrier to entry for this. Now, we're actually establishing businesses around the industries economies and all this other stuff and it's still being for the most part being self regulated. But every time you all lose out and say, well, this wasn't fair.

And now I want to sue you, Okay? If you're bringing in lawsuits, you bring in judges, you're bringing in the government, they have a responsibility. Once you do that, I'm not mad at the government anymore. When this happens, because you are inviting them to use their services, so they're going to charge you and they're not gonna just charge you for the one service, they're gonna say no. Now we're gonna look at the whole industry so we can avoid these things to be preventative and to protect you. And with that, make sure you meet yourself appreciate it mike. But when that happens. Uh yeah, when that happens then there is regulation and when it's over regulated, which will come. Uh then all of a sudden you all can't just enter market, You can't just download a wallet uh and send it to someone, hold on one second, everybody calling it right now, you can just download a wallet and send it to your, you know, to send Bitcoin to someone. You can't just uh do a simple transaction. No, you can't even it might get to the point, you can't even have a while or if you do have a while you need to have it through a bank or coin base. So that's what to me, scares me.

What overregulation is gonna bring is gonna bring about rules to where we can't normally normally just do this period appear, it's gonna be oh do you have a banking license to send that a box to swap that to this? Like that's gonna be crazy. And we we already saw with the the initial uh digital assets plan that they came up with, that got shot down and they were saying every single person would basically be a digital asset wallet provided. Like, come on man, and why is my grandma sounding up to be a uh to be a broker, Like what are we talking about here? But you're right, the comments coming, that's why they're trying to control. And then the C. B. D. C. S are gonna be tracked. So if you use it to buy crypto, they can see exactly what you're doing. So we can all see this being ushered in, but it's it's partly crypto people's fault for complaining.

We talked about big boy yesterday complaining to the feds now these people have class action lawsuits again, you keep inviting them in. I can't help if you invite somebody into your home and then they end up kicking their feet up and stand there for a little bit. I mean that's basically you gotta leave them out of it, you gotta take your loss. Like somebody just put here, I think it's Nathaniel. He's like, hey man if you lose eat it and go home, losers like literally we all have lost in this market. People like literally everybody has lost his market. You're not special for losing. All right, get that. I keep telling you better get that 7 11 job midnight shift or whatever called 3rd 4th shift. Like what you can do what you gotta do. We've all done what we had to do people. It is what it is.

But the beauty of this is that you have been allowed to do it. That you don't understand if you start doing the lawsuits and stuff, you won't be allowed to do it. There won't be a three. It won't be an opportunity for 300%. Won't be opportunity for 20%. That ship is gonna get scaled back to three or 7% overnight. Think of coin bases of the world partner with Jpmorgan and the Wells Fargo's and whatever bank of America's if they can formalize this. You will have an overdraft fee for your Bitcoin. They'll figure it out. They will figure it out an overdraft fee accounts only through them. Oh yeah it'll be F. D.

I. C. Insured up to 100 or 200,000 your crypto whatever you try to get that back like you don't want to go this direction. And to be fair this is one of those things where we're trying to preach and warren like on in either world we can live and be fine that, but can you realistically, I mean I don't know. I don't know. So is it really worth it, Michael? What's going on? Mike, Welcome back to the show what you got for today.

Hey guys, it's been a it's been a couple of weeks so I wanted to come on to say hello just to know I haven't I haven't gone anywhere. I've been listening to you guys. I just haven't called in in the last couple of weeks. Oh that's the first point 2nd. You guys are always on point. So I just

wanna

I just want to add on to what you just said. So as as bad as it's been

like

I know that either the one maybe the first or second time I called and I had said that I had like 50 different coins and the biggest problem. I mean they were all good coins but the problem

was it was

so hard to manage so many coins and literally I went from like over 90K. Down to

10

K. But don't get me wrong I've I've taken I've taken 10 10-K. Plus and and you know spent it on myself and bought N. F. T. S. Etcetera. So it's not like I lost money but you know people who have been hobbling it's

like if you've

harder for a whole year and now in one day or one week you've seen all those profits gone. That's just one reason that you should always at least

take

Keep taking 10% profit even if you just put it to the side. But you cannot just huddle. That's that's the first thing you know with everything that's gone on. I think it's

a real quick I'll say if you do how to then don't look at the market. Don't stick in yourself. Like look at the market once every once every 3 to 5 years second. What is it? Okay I'll check it two or three more years. Like don't if you're hollering, do not look at the market. Yeah don't stare. Don't stare at charts. I had a beautiful head of hair before that and now you're in the long term. But

everything that's going on. I think that it's a positive and here's why I say

that because

You know when finance bought coin market caps we saw we see how they manipulated the numbers. Like this whole like in 2017

the beauty

of crypto is that nothing was manipulating now, everything is manipulated. So we need what's going as painful as it is

if

we're gonna see these coins release and then go to their to the to the levels that they're supposed to be. We need

this

chaos in order for something to come. You know, like they say, you know, order out of chaos. We need that right now. That's the other thing. You know, I hear people like you were saying about bit boy, you know, people say we don't want regulations, but then when something like this comes along, they say we need regulations.

So it's like

you can't have it both ways like which one is it?

It's like, it's like, it's kind of like when people like I don't want police and then as soon as something happens they call the police

like

and then yeah, I keep and this is the thing about the regulation and it's so funny because anyone who is for a lawsuit, let's be very I wanna be very clear here if you're for a lawsuit, your full regulation people again, like we're talking about the amount of losses to the average person like Zane and I were like lost out to an exchange a lot of money he wrote about in his first book and it's just like we didn't take them to court, like you gotta get it back other ways or figure it out. But because again, people if you're four lawsuits, you are for regulations, let's be very clear here. Because if you're inviting lawsuits, you have to invite judges and you're inviting the american justice system, which for the american government, Yes, that is fair. And if they're involved, they're not going to say, okay, y'all tell us we all need us. No. All right, we're about to take over and we'll let you know when we need you. You will be dictated everything. And again, for the average user, just how it is in the average, you know what? Just put it in simpler terms, whoever you are right now, you'll be in crypto boom. So if you're happy where you are right now, then cool. Everything is cool. If you're like, oh, I'm still trying to get here and I'm still working.

It won't be cool. I am telling you, it would not be, it would be you got a degree for this. They're gonna be like that for influencers and certain people, they'll have a cut off, but I'm guaranteed they're like, oh, you don't got a degree in this and they have no public presence. But you say you've been in since what year? Yeah, we're gonna need to see some paperwork, like we're gonna need to see something. So I don't know. That's my thoughts about the regulatory side of it, but I'm with you, Michael, when it comes to lawsuits.

Well, how about this? So I'm not for regulations either. And at the same time, it's like you said, The first, the first rule of thumb is don't invest what you can't afford to lose, whether it be $10 or $10 million. And but you know, we as the people, if we have to use exchanges,

we at

least want the exchanges to be on the up and up and if they're

corrupt,

you know, it's like where, you know, then where do we go? Because we

Use them. I got to cut you off. This is this is this is my .2 right here. The same thing I saw on the comment, someone was saying, um, you know, you're selling Bitcoin, you're selling stuff that's a taxable event and all that stuff just cause I say, I'm doing, I mean, I'm doing it right for illegal purposes, but no, seriously, um you gotta I mean, look, I can't this isn't financial legal advice advice. You gotta decide what you're gonna do in your life. I can't be that person. But I say that because and I just had this conversation with the institution who felt the very similar to you and I had to stop them too. I'm like, Bitcoin specifically then crypto in general was not made for exchanges that for whatever reason, can't get through people's head because of the paradigm we've already been in. But it was, it literally says in the first like three or four centers for Bitcoin white paper, a peer to peer way to transact whatever peer to peer is made to be peer to peer. People want to go through in exchange for it because it's safer. It's convenient. It's easier.

It's all these other things. And now the government is even saying if you go period a period technically you need like a banking license and all this other stuff. But it was made to go period of period. Again, that's why I love the technology. It gives you autonomy is made to go period a period. So it is not what we're trying to do is fit something into an old paradigm that's not meant And that's exchanges exchanges make it easier and all that. But it's not meant to go through an exchange. It just isn't. So we're trying to fit it into that and find all these safeguards and mitigate losses and and where it's not supposed to happen now. Can we do it? Yes, we can get to like 98, of this almost being perfect on exchange but it wasn't created for that. I mean that's just plain and simple.

So let me then let me rephrase my comment cause maybe I didn't state it

properly.

So if we say today that bitcoins at 20K. But we know with the limited supply that there's no reason that it shouldn't be 85 k.

But

The reason it's at 20 because of whatever the the exchanges are

doing

in terms of manipulation to keep that price down. That's where I'm going

wait, you said what? As far as it being? Yeah. Yes. But again for I would say for the overall crypto market, so I think right now the only thing I won't say the only thing but one of the things stopping like you can price something in Bitcoin right now, you can say, we know like Bitcoin is fixed, we know the amount that's here, we know the amount that will always be, you could say you know what this is, how I think about the overall markets, hundreds of million. We could start pricing things in Bitcoin right now and then as time moves on, we kinda just that as it goes from a market perspective, like that's self regulation right there, but we haven't done it, we're still doing what you just said is 20 K. Here how to 85 K. Because it's being manipulated. But who cares? Because we're still looking at from a fiat perspective, if you look at from a Bitcoin only perspective where there's no more fiat dollars, a dollar amount. Don't matter imagine you are in fact, perfect example. We're in uh timor Leste is one of the third youngest countries, second youngest countries on the planet off the tip of in Indonesia, I can't remember what their currency is.

But trust me, when I say they are developing nations don't have street lights, like electricity is crazy. But my point about that is they still bartering some of those parts so you're talking about dollars and stuff that what like What are you talking about? My point is think about that with Bitcoin. We no longer have dollars. We know we have 21 million bitcoins that will ever be were about 18 or some million right now. Some have been lost from that perspective. If we had to price things out price things out to Tokyo is let's just do it that way and we do it that way then literally the dollar amount will not matter to you anymore. Now what's stopping that is adoption and we're stopping that is from more and more people like you and I when we do business with people uh shout out to uh don't forget the name, I'm gonna shout the name later but josh I was just speaking to him yesterday, he sells soap about my soul from him but he sells itself in Bitcoin so he can prices out there and it's like I'm looking at this from a from Bitcoin not looking at from dollars any longer like my mind isn't there? So that's my whole point about the how we look at from fiat perspective, it's like you have that paradigm still then yes but no one's stopping us from price and everything and right now we just haven't done it

well and I agree with

you, I don't

know if it's gonna be the summer,

you know

I

I'm

Not 100% Clif high but I a lot of what he said is coming to pass. And just just because everybody like when I listen to you guys and especially I listen to um

two

two blood crypto you know everybody wants to say everything is is because of Reggie Middleton. But you know what? They are gonna tokenize everything and his and I'm still gang ho to say, hey you

know what

his coin you know might might be might be the coin that they go to to help solve this issue.

Uh They'll probably pay him before that because they don't want to see him be right. But you got anything else? Sports Michael, we're gonna get the next person on. I appreciate your call. Much appreciated per usual.

Hey guys have a great weekend and happy Father's day to everybody.

Oh yeah what's going on? Asher L what's going on? Welcome back. After a year. Of course you can catch them on Krypton down Tuesday nights. Uh five p.m. Usually I think last week they went four p.m. But after what you got for us today,

yo yo yo what's up, y'all? Can you hear

me?

Good? I just wanna say we may be off, we may be off next Tuesday chance.

I'm you I'm you ask for my fault I accidentally muted you. We got a couple of new people joining. Perfect. I thought you might be

off. Okay. Yeah I was gonna say yeah we may be off next Tuesday gems has another baby on the way. So happy, Happy Early Father's Day two Jams. Um A couple of things. I was gonna say one was trying to struggle through that drake album. I wish I need to find an instrumental version without the without drake on there so I can just listen to the beats. Uh So we'll see if I can do that later today. Um trash I think but only skimmed through some songs but that it seemed it seemed like trash to me and that's what is the consensus I saw into whether people, people didn't like his new

album. I'm hearing. I haven't heard it but that's what I'm hearing right now. If people haven't looked really quick. If you're waiting, please stop muting yourself or I'm gonna kick you out because if you unmute yourself you'll take the video screen everything so don't press anything. If you're waiting, just sit still, we'll get to you in the moment, appreciate it. Alright. Yeah. That drake album I've been hearing the same thing is not the best.

Yeah. And then kind of uh what y'all were talking about earlier when I look at the price of Bitcoin and thinking about just a different people who are into it. Whether it's people who run businesses are accepting Bitcoin or you know people who are willing to invest and want the number to go up. I'm like potentially we'll see if maybe with the price being low, some people are able to run their businesses off it a little bit better. Um and maybe spur on more adoption as far as like people accepting it. Um because sometimes I think, well if it's a high price and if you kind of think of it, if someone's running their stable coin off of it, it may it may represent a challenge as far as pricing in the price of Bitcoin is too high if you run the business. So I think it's interesting just thinking about like those in perspective of the commerce people versus kind of retail investors or institutional investors and how they use Bitcoin. So

that

Yeah,

right. Um do you think it'll scare people off though? What about that part? Because they'll say it's too bowels hole?

Uh It may scare people off, but then, and I kind of listening to the founder of Point, it's kind of like, well maybe it may give people a chance to be like, okay, if it's not so high, maybe it's something that I can actually interact with and get into. You know, if it's not at 60 K versus that, you know, if it gets down to 10-K. Maybe that looks a little bit more enticing to some people who, or kind of like, okay, maybe this is something that I can get in on. Um but it could potentially scare people off, but I just think it's the reasons for why people want to approach it. So people approaching it from like, you know, the original intent of financial freedom, trying to operate without third parties, um potentially a lower a lower price um couldn't entice them. So I just kind of think it's kind of what you want from it and as I've been learning more getting into crypto currency in the past like three years, it's one of those things where greed is a killer and you kind of have to watch that with it. Everyone has to watch that within themselves as well because it's like greed will get you wrecked out here. So I think Cryptocurrency is cool because of the social aspect of how we can all kind of interact with each other through the internet. It's a whole new paradigm, but it's kind of, you gotta watch out for those seven deadly sins and great being a part of a part of it. So and I can see with a lot of these different platforms, whether it's Celsius and stuff like that, these people that want to be innovative and do all these new things, but it's kind of like, well why wouldn't I just go to my bank or my credit union if you're gonna just wreck me on Celsius or you know, some of these centralized platforms um so you can, it's humble a lot of these, a lot of these smart billionaire due to, you know, probably smart within their own right. But don't have the wisdom to actually build something that is sustainable.

Yeah, I know you say that I actually agree with you with the first part as well um because I just thought about thinking about myself when he was like for people who are actually looking for that type of autonomy or be able to financial freedom and stuff, you write like a lower price would entice them back into or entice them to like when I was thinking about okay like yeah it was 60 K. How would I feel versus it was like 20 or 10-K. I was like, so I'm with you on that. I I do agree. It might bring a new wave of people um and then they were your thoughts well as far as bringing in people that's always a base hit. Uh you know me all roads lead the vehicle at some point but honestly like I said bringing people in is is the best part about the space. Uh some of the other nefarious stuff that happens, whatever it's a part of the game. But yeah, bringing people new people in is the goal because adoption Without adoption there there isn't a market. So yeah, you definitely need that. And then like you said before Asher um the unit bias that people have when they see 10,000 versus 20 versus 60 that is still in people's minds, but once you get on the social standard and you just start thinking of stats it sort of changes your your mind view so we gotta get to that point, it's gonna take some time. I mean you're talking about people whole life, they've learned one way and then here we are, you know only in the last 10 years trying to change it. So it's definitely gonna take some people almost you know maybe 10 15 years before the yeah you start seeing it at every store they go to, they have to start seeing people, they're gonna have to see like oh maybe we need to start it, maybe we need to start the pricing structure cause it's literally it's a it's literally a working backwards and we know how much it's gonna be there, how much is out now, we know the amounts per happening whatever so and so forth.

Maybe we do need to self regulate, start this up and just put the price point out and we'll adjust it as it go, it will be adjusted. Yeah somebody actually um uh said that on twitter along like a while ago probably maybe two years ago they were saying why don't we just peg the price of Bitcoin 200 K. We all think it's going to 100 K. So we'll just keep it at 100 K. So even if it's under yes you're making less and fiat but then when it goes past you're gonna far surpass that. But everything you do price it as as Bitcoin is 100 K. And I was like well it could work but you could also have businesses fail because of that. Uh You know it's a lot of stuff red tape there but yeah honestly once you get something it's gonna need to be a lot more liquidity which will be less volatility which will make it easier to price things and that's it just takes time. Well we can always take the current rate really and I would say just offer a steep discount from the current rate that way. Uh Is always the Bitcoin discounts already included. Um and then again I almost have it so it's like this thing is updated every like 6-12 months or something like no matter what it's always even if the updates doesn't change we just look at it, it's just always updated. But who knows there's more to come in at what else you got for disaster.

Another thing to do as far as like yeah it sucks that you can't really interact especially I feel like people who got here means included late when you if you want to say after 2017 or 2020 2019 like not being able to get Bitcoin without going through an exchange and I'm sure that has to do with like you know government regulations like whatever Cftc guidelines about money changers and stuff like that but looking back that seems like the big the big first blow to Cryptocurrency as far as the whole period of peer aspect where I'm like, oh let me buy up some of these dips. Alright, well let me try to buy through this wallet. Oh you want my social security? Oh again now you want this information as well. So it's kind of like, you know, we've been set, it seems like it's been set back from the junk or from, you know, from for the past three years, especially maybe for five years you could say. Um with these money money exchanges where it's like yeah those there those gateways. So that's probably slowed it down a lot,

you know, and to be fair you're you're right about that and that's something I don't think about them. But you are right because on the flip side when I got started, I mean its coin base uh tracks kind of popped up like it wasn't that many exchanges to be fair, there were more international changes actually. I think there are more overseas than we're here affiliated with the United States. So that is a fair point as well. It wasn't like this option to say, oh I'll just hop on this exchange and it was like, you know, so and so was big ones. Yeah, he's on local bitcoins and you want to know somebody, you better know somebody. Yeah. For them, it really was like, you know, nobody like, well then you guess you're not buying no crypto today type. But it was weird. It was a weird time. So that's a fair point. I just wanna point that out, that's

fair. You know these people who, who are talking all this like anti government stuff like I'm all for that. But especially when you start suing people, especially if you're like, oh, I don't like the government, I don't like the state uh spaces full filled with scammers and frauds and as far as like what they say, their actual beliefs are and what their actions show. So I mean, not saying that like, you know, someone harms you in a way that you can't seek restitution, but if you're coming into Cryptocurrency saying, you don't want the government involved, you don't want regulators and then turn around and like you said, turning around and suing people that to me is like the ultimate hypocrisy, which you can kind of see, I've noticed throughout, people say one thing talk this big game, but they do a totally different,

you know what? I'm tired of fighting the tide. You know what, let's tell them bone. It's almost like, hey look the gentleman of crypto, let's do our job and who we are, we gotta give them something. Let's give them crypto bro, that would be the biggest bust in history. Give them crypto, we'll keep Bitcoin and defy as a whole, they can have everything crypto, you want to do it, let's do it. You want to go that direction. Let's do it. Give them crypto. We keep defy and we keep Bitcoin. I like that. That might be like we might go for Narcos on them.

They thought they they thought that we all thought the police just stumbled on a £600 seizure. Like what are you talking about? You thought it was found J. P. Morgan's boat with a billion dollars of cocaine on their own? No, we gave that to, you know what I'm saying? We got to give them something. We'll give them crypto. Alright, that's what it is. Hey Ash appreciate the call that man.

Yeah, yeah, I appreciate y'all. And I'll come back later with some smoke about how the Bitcoin forks are actually Bitcoin as well.

Oh, there we go. Alright, cheers, cheers. Money grows on trees. Jake fever. What's the word? And I think we lost one as well. I think I think Sean or something. You want to call back and feel free. We'll have you as well. Money grows on trees going on jake what you got for us? Bitcoin behind the bars. Very own right here.

Hey, what's up fellas man, Nice to see you all again. Yeah, your show, your show has been great by the way. Oh thanks thanks. Oh, I got another subject that I'm about to talk about. It's called news over Knowledge. Some people think they're seeking knowledge out here but they're just catching the news and they think they're learning something because people are defining words instead of giving them like what things actually is doing. That's why a lot of people getting hurt right now. Um they feel bad that 90 K. To 10-K. But that's, that's tough. What buddy said uh like that's why I treat all coins man. Once I get my triple up quadruple up, I get out and just leave the rest there.

So I hold a free coins basically in the all cause I never harder really corns at

all. So

I don't even have to look at it. Yeah that, that has to be discretionary people small, small 10% 55 to 15% of your portfolio. You go a little crazy up to 20 I guess to 30% but still keep a brunt of it like a separated from the, from the casino. Yeah. And prices are high. 20 K. Is high to me because because I've seen it go from 600 to 20,000. So people, people are acting like it's down and like y'all y'all was talking about when prices go down, people were gonna get adoption. We're not gonna get nobody do in, it's just gonna be the old heads getting more more Bitcoin that's all you might be right on that. Looking at these last few cycles you right like we do, we get a few new people, but there's a lot of the same old people as well. Well we're not what I look at my people that I interact with all the time. My target audience is those people, right?

And when I'm bumping into them, the cinema is like bro I ain't messing with it, look what they did and even if they got in the last two years they feel like oh man, I lost already, they don't even got no money to even try to uh put anything in. So they're feeling bad and they ain't gonna try it until they go to 100 K. And then everybody's gonna go back in and they're gonna lose it all because they're gonna know about Sheba two or whatever come out, you know? Yeah. Well that's that's uh that's psychology, working for in the markets, the human psychology and markets hasn't changed for forever since markets have been around. It's just about which type of market, which type of hype is coming. The problem is is if you know, like you said news verse knowledge, if you know what you know, like me and King, we always say if we know we know we have the knowledge, we don't listen to the news, we do it every day just so we can tell you that's bullshit like literally like you gotta get over that and every headline that comes on Bloomberg comes on CNBC. Disparaging Bitcoin is hilarious and crypto in general. So yeah, you're right, we definitely need that in the market, but retail is not joining its institutional sell pressure, pushing it down in price so they can buy it themselves and leaving out retail if you're scared in retail, that's exactly what they want. Yeah. Speaking of which PFC Wells going on track said there was never a rule that says the exchanges has to be on the up and up people. Some of you missed the 2017 days when Roger bear literally came on after the coin based fiasco where they listed be cash, but no one could buy or sell or trade and then the price ran up and then by the time you cut, the price is already down, it's real weird stuff going on.

And literally Roger Behr who's Associated project came out like the same day or later on that night next day and was like, there's no uh insider trading and market manipulation is not illegal, it's not illegal in this market. And that was the tweet. And I was like, the statement was like, and I'm summarizing it, but essentially you go back and see it, that's what it was. And like everybody was like, damn, did he just come out and say it was like yeah, he just came out and said this, so that's been said in the market and people are using exchanges and I want to say using it, but storing your stuff on them like the whole, your entire portfolio is very, very risky and then k Agree but we're about to cover this article in the moment. Can you name some of the 100 good coins? I don't think there's 100 but we'll definitely cover that article jake what else you have for us. The only thing I got to say about like suing and like how big boys acting right now. It's like you ever got in a fight in like elementary school, you got beat up and then you went and got your bigger brother. That's the type of stuff right now. So like that's what that's what people do that's in it for the money rather than actually in it for Bitcoin because honestly I'm trying to get a bag out of this and be a part of the Bitcoin world. You know what I'm saying So like sometimes you gotta do what you gotta do to get that money back to her. He lost like two or three million.

That's that's a hard liquor tape. Yeah well he has to learn like everybody else, some people's tuition and a little bit higher than others but we all gotta pay it. Yeah. Oh yeah much appreciate it of the show bro, appreciate all the merch, my guy. All right call it. There it is. There it is. Alright let's see a couple of things. Oh I just saw someone say hold on hold on. Real talks that damn gemini crypto needs a crypto history book. That info given would have saved my ass masterclass people. We live in the first section of master class, the history of money and uh I can show you the website too, you can go on that basically has all of Kryptos history from the start.

Like I go first part master class talks about all the way to cowrie shells folks, all the way to trading animals and shit um to debit cards to eventually digital currency where we're at now. And then we also talk about how we got to where we're at in the market. So essentially how Bitcoin got started. I mean essentially smart cash, Cash, cash, some of this other stuff that was invented back in the 90s and 70s. Uh what's the lady now? I came to think her name right now wins in uh who uh we talked about all of them in the master class though. And then we go over the history of Bitcoin when coin market cap was bought by buying. Its uh we talked about that, we talked about um re brands of different companies, like we literally go through the history of everything to start the entire class. So that's the point of it is to catch you up and get you going in the right direction. So you don't have to do all this digging yourself. Maker cuts off jobs, die supply as fallout from Celsius continues. We were just talking about and how they were cutting off three year olds capital.

I mean people, this is the dangerous part of trying to attach your project to all these other projects instead of just being a super project essentially. But I mean, can you imagine all these projects essentially was just one project? A lot of this issue wouldn't be a big issue. I think they're gonna actually everything gets more and more centralized as the best ideas come out. I think they're gonna realize we need to join up together, stop competing. And to be fair, honestly, people, when it comes to this whole market crash and then when all this negative stuff bubble, like all it is, is just showing like you just said, is that it's basically just strengthening it right? When you look at the UFC, for example, when you look at mixed martial arts as a whole, people thought they could fight everywhere, right? Bullies everywhere. Alright, well now we got a sport for, it turns out a lot of people can't fight. Now we got the UFC, we got the sport of sport for it turns out even less people can really fight. And as you move up the ranks in the UFC, if you're not good, you get your ass beat, you get knocked out things happen. And that's just like these projects like they get beat people, they're just not ready for the fight.

Uh and to illustrate further look at the women's division, dana White, you say he would never have a woman's division. What woman fighting not happening. It is one of the hugest divisions. I mean, you have so many champs in the women's division now, that's done incredible things. Starting really with Ronda Rousey, initially pumping them up as far as being entertaining and exciting. But what happened when the sport caught up in? No offense to her. But when the sport caught up, it was like Ronda Rousey has one kind of move. These girls came up and they're like, no, who's the lion? The lion who beat. I can't think of a name right now. Yeah, yeah, yeah.

The Lion man. She came here. Yeah. Ain't no one trick pony over here. So, but my point when I say all that is like we thought this was the greatest thing ever. And not to say that they weren't at that time, but this sport gets better and people reinvent themselves. So what you kind of said, as far as these things get more centralized kinda and only the best and the greatest aspects. I think we'll see that. And that's all we're seeing right now. But the point of that also is since we know we're going through that stage, stop saying it's gonna be the greatest thing ever. When it's like no, the thing three or four years from now will be better than that. We guarantee.

It's just one of those things. All right, the maker dow decided to cut off from his direct deposit module as a safeguard in light of the possibility that Celsius boats and crashes the price of steak ethereum. That's what steps they put in the comment the other day, Maker DAO has voted to cut off lending platform abe's ability to generate die for his lending pool without collateral as a risk of Celsius liquidity crisis loom over the entire crypto ecosystem. Uh This is kind of crazy. The dowel made the decision decentralized autonomous organization made the decision as it means a mitigating excuse me. The maker protocols exposure to to be leader. I think I see that right staking and lending platform in case Celsius goes belly up and implodes the stake ether peg as well. This is kind of crazy to see um that I mean that they're cutting people off and white people water getting turned off people water getting cut off. You feel me like what are your thoughts on this? Oh yeah the that senate should say the centralized decentralized strikes again, if you could just cut it off then it's centralized and uh they voted to temporarily disable this direct deposit module. Uh And again this governance proposal comes from a small group of people who make decisions based on the amount of money that they already have. What does that remind you of?

Sounds like the banking industry and legacy market to me. But here this quote, the reason we believe it's risky is because out of 200 million die borrowed on east volume, $200 million being borrowed by Celsius and collateralized mostly by step. So that is no bueno right there. So they're basically safeguarding themselves. Everybody is right now they're locking up funds all over the place uh literally liquidity crunch at this point. Nobody can really get anything in or out. Uh So this is not surprising on maker's part. Oh this is crazy. And see here's where and I hope survives this as well. But here's where projects could go belly up as well. I mean we're seeing it also but I mean I'm sure Cell C this is how you're getting the rates you're getting view and this is what I mean by their their smart as a business they're probably giving you a lower rate. So they're essentially staking on abe, they're borrowing from eight people.

So abe is given a bonus percentage out or whatever. I don't know how the hell they got their money to do it. Everybody's got extra dollars and bonuses. But yeah fees. Uh but then Celsius essentially let's say abe with 100 million they say all right we'll give you all 18% for locking it in with us that we take the 18% Celsius. Okay general public we can offer you 12% that's a 6% margin. We're keeping and we're not even doing anything plus additional volume and fees will get from new users on the Celsius platform and the capital they give us, I mean that's actually genius from a business perspective, as long as the market, it's in a bull cycle is when it hits the bear cycle and it's like, oh yeah, I'm gonna need my money back. It's like, oh, hold on, hold on, hold on. Uh, so that's crazy to see. So wow. Uh, Celsius officially collapsed or they still fight, I believe it's actual collapse. They're still fighting because they haven't necessarily not given out withdrawals.

They just paused them, but it's not looking too good for Moshinsky and the boys over there because yeah, once when you're uh, Basically celebrating, we have 150,000 Bitcoin and we have all of this liquidity and we have this and then you have to shut down as soon as stuff goes, the price goes down. Not a good look, my boy and your Marshall calls should be much lower than 16,000. Uh, if you're gonna do it, put enough money up to have a margin call, I think sailors margin call is like 2000 Like like 2800 or something like that. So again, if you don't have a margin call and you gotta have lower than that because this market can go down even further. So everybody's protecting themselves. Yeah, shout out to holly Holmes who kicks some kick around the row Z at first she wanted to kick and then Amanda Nunes and Nunes. I know she just lost, but sometimes chance lose too because you know they taste that good life, man, I'm still sheets all of a sudden. So Amanda Nunes is a beast though so is cyborg even though she couldn't stand up to her. But yeah it's um and some lift. But again when the woman's division first started, no one knew the names of Nunes and stuff as far as like a casual fan or whatever, it wasn't like that many women fighters were that great, Rhonda was just running through chicks now it's like sh it I don't know who's gonna win this one but they both would scrap. So who knows Last but not least we're gonna be talking about 72 of the top 100 coins have fallen 90% or more. Here are the holdouts.

But before we say that always remember everyone listen up, you didn't lose your money now you you have your technically you kinda lost your money as long as you don't sell you still on it. Uh It was $559.6 million of nothing. $670. My friend, the vast majority of cryptocurrencies that did more than 90% from their all time highs. But a core group has managed to stay ahead of the pack according to price data from coin gecko shout to coin gecko for making it compiled by coin go live. The current bear market has seen a whopping 72 out of top 100 tokens fall more than 90% from the all time highs. And again, people, if you actually believe in these projects there's nothing to worry about. This is the ultimate discount for you. So if you're on these projects saying it's the future still, you did not lose 90% of your money, you have a chance to make 90% of it back. Uh Looks like large cap coins are firing better than most among the top 10. Crypto by market. Cap nine had dipped less than 90% during the market downturn.

Of course Bitcoin. Uh It looks like it's down 70.3% from november high ether is down 78%. But others like BNB Cardinal salon, a polka dot are down between 68 88%. Of course with three stable coins, U S T T, U S. D. C. And B. U S. D. Uh and ripple being exception tracking a fall. Uh this all time high at 90%. That's kind of crazy when you see it.

But what are your thoughts really quick? Bitcoins day before we get sean on the line. Oh yeah, this is pretty much regular in this market. Bitcoin goes down 70 80% of their market. Everything else goes down 90 to 99%. That's just how it goes. It's been happening every single bear market and a shout out to uh leo token which is only falling 38%. But again that doesn't mean much in a bear market. Apparently they're having a lot of buying at those low levels. Doesn't matter long term if you are in this market or in the bear market This is what happens 80% down for Bitcoin 90% - 99 for everything else. Get used to it. And I will say uh when you talk about how they're down and everything like people we've covered this on the show before, I literally looked at the top 10 coins every six months.

We get a new top 10. I mean you look at the top, look at from the top 50 to 60 50 to 80. Look at 50 to 80. Those coins are switching and swapping like literally people on a on a bi bi weekly basis. It's kind of crazy as they would say sean what's going on Sean welcome to the show where you have coarse from England mate, how's it going? Hey from England there we go. Much appreciate you calling in. Thank you. I've got to call inmate. I normally have to watch you in the evening because at the time difference but of all weeks Bitcoin's going to ship and I'm home from work to catch up with you and you boys keep it real. I've been following you for a couple of years now. Tell us how did you get into Bitcoin and crypto what got you in the market First of all about 2014 I brought some spent it on the old dark where thought nothing about it when it was 5K in 2017 brought in.

What tops bottoms, the lock, Daniel coyne ship everything, everything. And now I'm a Bitcoin maxi. There we go. I was just about to say what project you like now. There it is again then. Yeah, I'll have a little play but just Bitcoin shout out to Antonio one of our in house content creators and team members. Antonio he's from the UK as well. He holds it down in bali these days, but he's also from London so he holds it down for us in that part of the world. Fair play, Fair play. Keep it up. Hey Sean thanks again. Hey, there we go.

We have warriors in the U. K. I love it. I love it. I love it. Much appreciated. Call in. Alright with that being said, you got any announcements? Bitcoin's a uh, no announcements uh, except for next week will be the official announcement. This announcement of an announcement. We will be having a live am a once a week with myself on Discord. So make sure you join on youtube, make sure you join us on discord a lot of good activity happening in there.

Um, and then as well just make sure you get the master class. I don't know how many times kings have to say it but as soon as we see some of the news we like, we talked about this in the master class. We literally went through most of the stuff we're seeing now. So make sure you get that as well. Make sure you watch all the shows on the channel. Amazing shows, amazing channels, new information coming, We're covering the entire industry. Nobody can stop us. Welcome to death row baby. There it is, there it is. Welcome to death row. Um, looking at the comments, a lot of good comments. You guys are super lit in there per usual.

Much appreciated support. Make sure you smash that like and share as Bitcoin said, check out that master class. A lot of big things coming people on the back end. Like we are literally working on a lot of things Zane and I have some meetings planned this entire weekend where we'll be handling some stuff, but big things coming in next month, a couple of months will be on the lookout, smash that. Like and share. This is a pretty good show. I enjoyed it, holidays, eh Oh yeah,

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