🚹PREPARE For Lower Prices as BlockFi Files Bankruptcy & FTX SEC Clown Show Continues - Transcripts

November 28, 2022

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BlockFi files for bankruptcy and owes FTX US $275m, and the SEC $30m. Bahamas government talks FTX collapse. Fidelity officially opens retail crypto trading accounts. 🌟Sponsor - Signup with Uphold. https://uphold.sjv.io/gbED4X 🚀 Get the Ledger...


welcome back to the thinking crypto podcast your home for crypto currency news and interviews if you're new here police said that subscribe button as well the thumbs up button and leave a comment below you for listening to podcasts platforms such as apple Spotify or Google please leave a five star rating this content is brought to you by up hold which makes crypto investing easy you can buy sell and earn crypto on hold I've been using this platform since twenty seventeen we have ten plus million users two hundred plus crypto currencies and they're available in a hundred and fifty countries as well all exchanges you can buy and sell on them but I highly recommend you consider your own crypto not your keys not your crypto if you'd like to learn more about our pulled please visit the link in the description all right my friends the big news of the day block fi has officially filed for chapter eleven bankruptcy this is a sad day I hate to see crypto companies like this go down and do it whether be Adam mismanagement ward the contagion of F. T. acts and we know the block I was heavily connected to F. T. X. they were taking a line of credit but block size of business you know they were having issues for a while that's hence why he needed that line of credit from F. T. acts and E. S. E. ceded to make things you know any better they find a block fire for a hundred million dollars last year and this really sucks they should've fought the S. E.

C. but this is the end of it and and Mario the fall kind of put it in a really great way he tweeted out this is a day many of us expected but it it's the end of an era for the lending and yield earning platform that had previously been able to survive or so it seems the same fate as a Voyager and Celsius so rest in peace Voyager rest in peace Celsius rest in peace walk by and once again guys I'm not happy about this it really sucks

I wish things didn't happen this way but you know there was some mismanagement at somebody's companies they did not do things well but some of it is the contagion of F. T. X. as well so Mario says block fight list it's estimated assets and liabilities to be in the range of one billion to ten billion dollars is as per the court filing he said even in preparation for these chapter eleven cases block fight took steps to liquidate certain of its own crypto currency to bolster available cash to fund its business and administrative costs through this process block by was able to raise two hundred and thirty eight point six million dollars of additional cash for a total unencumbered cash position as of the petition date of two hundred and fifty six point five million dollars so my hope guys is that the users who have their funds stock and block fire are able to return to recover some of that you know as blocked by has look liquidated their own crypto holdings well let's see you know these bankruptcy proceedings and processes can sometimes takes years and sometimes you get you know pennies on the dollar so to speak so once again I'm not happy about this this sucks and I think this could further put pressure on the price a bit coin and send big point lower now in my interview which

crypto analyst and trader Gareth Soloway unit just about ten days ago he was calling for a ten thousand nine thousand dollar bitcoin price and we'll see if that happens because we may not go as low as ten thousand nine thousand dollars but it could go lower than it is right now so we are still near the bottom if we haven't hit it already you know this is about probabilities I think you know sometimes people want certainty is they want to know where one is what is the exact bottom what price well nobody can tell you that because we don't have a time machine we can't predict the future but we can look at the range we can look at the zone and we're certainly in the bottom zone which is like a key Malaysian buys on right that's what I've been doing buying the dip not financial advice do your own research please

but you know these things these blacks one events are good certainly going to serve as

as catalysts to drive the price down so block firehose F. T. X. U. S. two hundred and seventy five million dollars and the S. E. C. thirty million dollars now steward all the radi general counsel at ripple waiting on this situation and as it relates to the S. E. C. because the SEC is in the mix of the S.

right firstly find block five hundred million dollars you know I I I any company you take a hundred million dollars out of your pocket especially like a start up like block fi you can hurt them and also Gary gets are met with Sam bank man freed after ex officials and did not investigate them to see what what they were doing what was going on in the Bahamas you know the eight we talked about how the political donations really blind it a lot of the regulators and politicians instead of doing your due diligence so Stewart said another SEC regulation by enforcement success story being sarcastic of course he said months after the hundred million dollar block five slash as easy deal block five

is in bankruptcy two hundred and seventy five million dollar loan outstanding to F. T. X. from block five I'm knowing on skis me unknown amounts owned to block fire from F. T. acts nothing ever registered fines paid question mark with whose money question mark consumers decimated of course all under the watch of SEC chair Gary again Sir who had to continues to fail and this is pathetic in here Fred Rispoli who's also an attorney and he often talks about crypto and the ripple case and so forth he said don't forget the SEC lawyer who was on the team's suing you that left midway through the joint block five and then one hundred million fine with SEC happen and then after the X. connection connection and then X. S. E. C. attorney left block by

just the the connections the movement of people here so it's like this SEC lawyer brokered on both sides find a block five then moved on to the to block fight to help broker a hundred million dollar feat I I I don't know what to say about these right and I I'm a big believer where there's smoke there's fire says there's something here I'm not a conspiracy theorist but I look at facts and you just see things and it's like

the things that make you go hmmmm something does not seem right there right you do a gut check and it's like yeah that seems fishy so yes he's he's going to be under a lot of scrutiny watch what the Republicans who are in the house who are part of the committee to oversee the SEC watch what they're gonna do to gather against any SEC now attorney Jeremy Hogan are waiting on this what Stuart had to say he said SEC investor protection plan and he puts out a list here one drive crypto exchange offshore to punish US based company with a large fine three US company six line of credit from offshore exchange to pay fine for offshore exchange collapses five both companies go under did I miss anything once again all of this under the SEC's watch because they're supposed to be protecting retail investors it's pathetic what the SEC is doing is pathetic with Gary Gansu's doing I he needs to be kicked out of there and they need to put Hester Peirce in as as the chair chairman

now here's some other news that's coming out about this F. T. X. the Bakul guys crypto currency exchange F. T. X. reportedly asked local banks and in the Bahamas now to put their money in the exchange for his respectable return a Wall Street journal article explains

oh oh my god this is crazy and this is being reported by the Nassau guardian so once again it Bahamas reporting or news outlet here

man I think that we're still gonna they're still more here and remember Sam bank may freed this Wednesday this man is speaking at a New York times event I can't believe what the hell's happening he should be under criminal investigation he should be extradited to the United States and they need to start a criminal investigations and look I tried to end it interview Sam back man freed before this collapse I was in contact with him and his people and he you know he's did something wrong here he needs they're paid off the penalty right do do the crime you gotta pay the time now

seeking a Bahamas so yesterday on their Facebook page and I believe their website the general the Attorney General and minister of legal affairs held a kind of press conference talking about F. T. acts and it was titled national address on behalf of the government of the Bahamas on the developments of F. T. acts so let me give you the take aways I'm not gonna play the full click here for you guys but here's what he had to say so he said after X. digital markets is regulated in the Bahamas but mater research is not very interesting active civil and criminal investigations into F. T. acts are ongoing Bahamas securities commission acted quickly in its response to F. TX Bahamas Attorney General says it is extremely regrettable F. T. exes new CEO misrepresented action taken by the Bahamas Bahamian regulators here's a quote it is possible that the prospect of multi million dollar legal and con consul consulting fees is driving both their legal strategy and their inter

intemperate statements so they're kind of trying to coming out and saying that Hey this the new CEO the guy who oversaw the you know the Enron and crash and so forth he is wrong here I don't think he's wrong

because from the outside we can clearly see it is a lot happening here in the Bahamas folks did not do their job well but it to be fair it's not entirely on that because

here you have F. T. X. had a U. S. arm and sandbag me freed was in DC not in Bahamas lobbying he was in DC lobbying yes he was working at the Bahamas with him his people in DC lobbying regulators and politicians and of course there was the U. S. article F. T. X. U. S.

they were buying marketing in the U. S. right we had the naming rights for the Miami Heat arena they had a Superbowl had added skews me and they have Tom Brady Steph curry needs people they were marketing to the Bahamian people drink don't get me wrong Bahamas they they got to do a better job but the onus is on the S. E. C. in the U. S. so he's also that I am fully confident that as matters progress and the activities of the F. T. X. group are either reconstructed or wound down the Bahamas will emerge held an even higher STFU okay

we'll see about that Bahamas Attorney General says he is shocked at the ignorance of those who assert that F. T. X. came to the Bahamas because they did not want to submit to regulatory scrutiny sure Bahamas Attorney General we we believe you yeah there's a reason why Sam was not in Silicon Valley or a Miami Florida or wherever else right he was down in the Bahamas

while trying to go to DC to lobby to get regulations so you know they're going to put out there their dog and pony show to try to protect their reputation so to speak right but let's see I don't think the Bahamas folks have much to lose here it's more to U. S. regulators I think now while all this is happening my friends fidelity the power house which trillions of dollars of assets under management with the huge brand legacy brand and millions of customers they have officially opened retail crypto trading accounts now we talked about this news about it's going at the beginning of November where they were going to launch commission free crypto trading specifically for bitcoin and Ethereum and they have officially done it and you know I tweeted about it and I said it before I think this F. T. X. the Bakul opens the door for the legacy traditional financial players to come in take a hold of crypto and own it

obviously it was the start ups your queen bases and all these exchanges right your F. T. axes right there were driving the marketing driving people on their platforms now these big players with whatever limited it crypto regulations they happen of course were waiting for the full shebang

they're starting to set up shop you're building the on and off ramps and what we know about them they have the regulations from the traditional financial world not fully crypto but they have the infrastructure and some of the traditional financial regulations will which will help that they can come out and say Hey forget about those crypto exchange startups we've been around for fifty years we've been around a hundred years we have insurance we're regulated you you've trusted us with traditional financial investments like stocks and ETFs com buy crypto from us

three three four right that's going to be I think the

the marketing that's going to be the positioning so fidelity big player jumping and I remember we talked about Black Rock jumping in BNY Mellon crypto custody so all these are traditional financial players I think they're chomping at the bit there licking their lips seared you know we're ready salivating ready to come take the market share that die it you know where these big folks like block vying F. T. acts and so forth are collapsing so don't be surprised my friends that these big players come in now that's a double edged sword you know it's it's going to bring more money more awareness more credibility to the market but you know these these big institutions we've seen historically have manipulated assets right you look at gold and and what JP Morgan is on to gold and silver and so forth what it is what it is I said time and time again I'm here to make money I'm gonna ride this wave in a multiple multiple waves I should say in the bull markets and make my money so I have financial freedom my family has financial freedom because we're still you know pretty early relative to other markets and a known history about the markets so I'm positioning myself for future bull markets I made money in the last all market I made money in twenty seventeen and I'm I'm I'm once again you know taking a position and and waiting out the bear markets going to be tough it's gonna be tough you know we got macro and economic issues the fed raising rates and all that recession but

you know it's it's if you just listen to guys like Warren Buffett and what they talk about which patients when it comes to investing you know really help you to understand how to have a macro outlook on the markets finally guys

once again this is despite everything that we're talking about bankruptcies at the axe collapse and so forth people are still joining the crypto market so time will tell my time magazine now president Keith Grossman joins crypto payments startup moon pay Grossman announced via Twitter that he is to become wins Pape president of enterprise following a three and a half year tenure at times president as times president excuse me so we're seeing the migration of talent from the traditional

the finance role as well as media and so forth people coming even regulators government officials going to crypto because they all see what's on the horizon this is the next layer on top of the internet it's here to stay despite you know all the issues that's happening but it is here to stay and it's only going to grow we're seeing hi vis zoom out macro level there's more people holding bitcoin and crypto nowadays more people using crypto does more people building there's more at it no new technologies like an F. T. E.'s and defy and so forth first is one big one first started right see when you look at that adoption Kerr of that S. curve you're seeing adoption you're seeing growth and that's what's important that data does not live

I once again we were having problems obviously right but it's a bear market in as Warren Buffett says when the tide goes out that's when you see who's swimming naked so but people will still continue invest and build and do their thing because this thing is here to stay this technology is here to stay so big news here once again I'm not happy about this block find news and I think once again it could send the prices down so just be prepared that's not a guarantee that's not a certainty but you have to be prepared for all scenarios as an investor so in my mind I think there's a high probability the prices go down big one goes down drag the alts with it that's fine we're in the bottoming zone it will bottom out and I think sometime next year you guys have seen my squiggly line trading view chart that I've shared been cheering for mines rate my squiggly line you're showing that if we see some sort of

rally like what we saw in twenty nineteen after twenty eighteen bear market

we could see big one right up to you know your forty thousand or so by may June July maybe that period and you know and also part of outlook but that is not me we're going to all time highs setting the all time highs come in twenty twenty four to twenty twenty five you know so you got to have patience my plan is just so you guys know I am going to take some profits in the rally that's going to happen next year obviously I have my long term whole bag and then when the prices correct after that rally I will beat dollar cost averaging again and stocking up for that next bull market run and yes we're talking years here we're not talking hours days weeks or months so please you got to have a macro outlook I I can't stress that enough the one I learned that when people mentored me about that if that's what helped me to make money and to not moved by emotions and to understand the market cycles that are playing out like right now look the fat is destroying everything right raising rates so you can't fight the fed so just heads up guys I'm I'm sharing this knowledge that has helped me make money and I hope it's I opening I hope it's like a

are your Rica moment for some of you like okay I get it right forget about the herd forget about mainstream headlines whether the chart say how has the the market cycles played out we know that's what you got to look at my friends and you got a free look I'm not some great trader a technical analyst but there's many out there like blockchain backer Alice Alessio Ruston Ian so when I follow those guys and I take all of their different thesis Garrett's always open I take their thesis and then I put it all together and I look at what has the highest probability of playing out and I also keep in mind Hey Peter them up maybe bringing different scenarios to the table and I need to consider all of those scenarios because I don't know what the future holds and markets sometimes are irrational but one thing's for sure is that we've seen how the cycles are played out and while they may not be exactly the same you know and how they play out it's like history doesn't repeat but it does rhyme right they are very similar in how they play out while they may not be exactly you know carbon copy so anyway guys hope this is helpful let me know what you think leave your thoughts and comments below hit the thumbs up and share this video in all talk to you all later