Bitcoin's 4-Year Cycle, Fed Policy, & Institutional Crypto Adoption wi

[Part 1 of 6] [00:00] [Guest: Michael Saylor] five IPOs. None of them would have happened because I used the AI to design the securities and solve all the tax problems and all the securities law issues. You know, so I, like I'm a big believer in using AI to design new things. And look, I'm just I I focus upon digital credit and securities, but there's someone there thinking about how to make the car drive and cure cancer and like, like aren't there like a hundred million problems the human race has to solve that we that you're like, well, you're going to need a thousand people with PhDs to solve that. Well, guess what? You know, every 16-year-old has a thousand PhDs at their fingertips. And so I'm very bullish. The world's going to be a much better place and and we're going to see an age of empowerment and abundance because of digital technology. [00:53] [Caller] People are greedy when they also try to acquire gold. [00:56] [Caller] Not really. I mean, people who buy gold are trying to preserve. [00:58] [Guest: Michael Saylor] No, people are greedy. Centuries, we have centuries of people being greedy to go ahead and acquire gold. [01:04] [Caller] Well, no, well, you're talking about to acquire wealth. Yes, people are greedy in that they want they want more things and there's nothing wrong with that. But when they're converting what they've earned into gold, that's not the greed part. That's the preservation part. I I I've I've earned all this money because I was greedy. Now I don't want to lose it. I want to store it so I can use it later. I don't want to blow it all right now. I want to hold on to it. And, you know, gold is a way to do that. You can't really do that in a fiat currency that's just being printed, you know, into oblivion. So, uh, but but but, you know, the the greed is in the speculative frenzy that accompanies Bitcoin. [01:46] [Caller] They tell me that I'm the reason they own Bitcoin because they listened to me years ago about economics, about sound money and and and the Fed and inflation. And I'm the one that got them. [02:00] [Caller] Plus I'd argue technology in Midnight is going to make the use of Cardano safer. Like Midnight password will be the fastest, safest and easiest way to use Cardano. So, we gain all the usability enhancements. Plus I'd argue Midnight is an essential component for Bitcoin, the Bitcoin D5. When you look at that side of it, you're like, okay, Bitcoin users, they want privacy. So, Cardano could do a lot of the heavy lifting on the programming side, but what if the private coordination layer is just for all that? So, we're actually working on with Hogan, our Bitcoin D5 setup, what we call the circle. They start with Bitcoin and tap root. I'm going to put 50 Bitcoin of my own money into this to prove it. It works. But you start with tap root and Bitcoin, you lend it to a stable coin. So, that'll cross Cardano through a specialized transaction through the bridge. And then that stable coin would then be deployed into a yield bearing instrument. And then as you make yield, the yield is converted to Bitcoin and then it's sent to your tap root. And then Midnight coordinates all of it with this private. So, you have like all three networks working together, and you have this circle. And then from the Bitcoin user's perspective, you just give them a button, make money, click the button. And then it locks their Bitcoin, they just start generating a yield. The security actually is anchored to tap root on the Bitcoin network. So, it meets my three rules that I have for Bitcoin D5. One, there's only Bitcoin. [03:20] [Caller] Bitcoin, Litecoin is better money than than fiat, obviously. Also better money than gold. I think it's I believe it's the best form of money that um humans have ever come across. Right? Money being good being that it's um it's inflation proof, right? No one no single person, company or like government can print more money, right? Can print money and inflate away the money you're holding. Uh, you're storing. Right? That's kind of one of the key things about money is if you work hard and you make money, you don't want that money to kind of disappear over time, not from your own doing. Right? So that's that's key in Bitcoin and Litecoin and uh most cryptocurrencies um is able to to do that. [04:06] [Caller] I could have the argument that real estate's better than Bitcoin. [04:10] [Caller] For a number of reasons, by the way, depending on who you are. Um, your audience will probably disagree because they're probably a bunch of, you know, Bitcoin maximalists. [04:20] [Caller] They don't have as much Bitcoin as the real estate guy, by the way. [04:24] [Guest: Michael Saylor] No, I I'll tell you right now, hold on one second. See, that's the funny thing, dude, that me and my brother were talking about this yesterday. You know, the guys that know the most seem to have the least. [04:35] [Caller] 100%. That that I can probably agree with you on. I think it should be a bigger issue within the crypto system and the ecosystem. What do you think? [04:44] [Guest: Michael Saylor] I think it will be. I think privacy is going to be the the new if you want in my view, and this is what I'm tasking the investment professionals at Mailstrom to sort of figure out. I think that the stand out shitcoin or, you know, few shitcoins of 2026 to 2028 will be related in some way, shape or form to privacy. We already saw the, you know, amazing move of Zcash over the last few months. Yes, it's down 50% from the 780 high, but I think again, my goal is, you know, my mental models tend to 20% the value of Bitcoin. That's what Zcash and so. So much higher than where it is today. But, you know, you know, taking away Zcash, what is the token project or protocol that's going to utilize some privacy technology, I'll be something related to ZK's or knowledge proofs to do something whether that's quantum resistant, you know, the overlords can't de-anonymize their data or, you know, see what we're doing, whatever it is, right? These are things that we're latently afraid of of of what bad things that could happen with this proliferation of Big Tech, Big Government and [05:54] [Caller] Donald Trump getting elected, and knowing that we share friends in the White House for all the populist parties of Europe who are under attack. Every single populist leader, if you look at the leaders, and my last documentary was called Silence. I got 18 months in prison for my last documentary. The reason I aired it was because the documentary was so bigger than me. It's exactly what they're doing. Lawfare has been waged against if you go through, I pick anyone. Pick Gert Wilders, the leader of the the Dutch party. Pick Marine Le Pen. Any politician in Europe, yeah? Anyone, pick anyone who has stood up and tried to speak against immigration, and you will see a history. Matteo Salvini, I was with him two days ago, the the Deputy Prime Minister of of Italy was prosecuted in 2020. They said he kidnapped because he stopped the boat. He was prosecuted in 2021. He was then charged of other crimes. The process is the punishment. Every political leader who's tried to step up was charged. You saw what they done to Bannon. You saw what they done to Stone. You saw what they're trying to do to Trump. That's happening across the board. They're of their the totalitarian state. But I think it's club because they'll elect Trump on very often amount of future. He's not because we're not in Trump. [07:07] [Caller] What first got you excited about blockchains? Think about it. Oh wait. I bet it wasn't multi-million dollar hacks, exposed data, or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. Maybe it was imagining a world where people own their own data and get to share in the value it creates. Or maybe it was the promise of a fundamentally better way of connecting, communicating, and transacting. The next phase of the internet that empowers us instead of exploiting us. So, why hasn't it happened yet? Why are we still living with the same broken system that blockchains promised to fix? It's because blockchains can't keep a secret. Enabling open transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. And that's why we built Midnight, to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. Let's build the internet we deserve. Together. [08:27] [Caller] Ladies and gentlemen, we all know this in crypto. Ownership matters. That's why Cake Wallet. Cake Wallet gives you full control of your digital assets, all in one easy-to-use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds. No copying addresses, no complicated steps, and even includes Bitcoin Lightning for faster payments. And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [09:10] [Caller] This is Houston. T minus one minute until full data blackout. All eyes are on you. Breaking news, there's an astronaut conducting an emergency repair on a global communication satellite. It could go dark at any moment. We have a second angle on this. Is that guy in FOMO? Yeah, let's get back to it everybody. This just in, according to the astronaut's FOMO account, highest in the room, the satellite has been restored. Yes. For now, the crisis appears to be over. Satellite up and running. Positions looking good too. [10:57] [Caller] There we go. United States of America representing. Socialism, communism does not work. Digital assets is a better to move money at the speed of light. People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. [11:28] [Caller] There we go. United States of America representing. Socialism, communism does not work. Digital assets is a better to move money at the speed of light. People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. [11:57] [David] It's great that I would come on to the camera here. [12:02] [David] It's great. This is great. It is like absolutely Thank you very much for tuning in, man, the technical difficulties to come on to today's show, but welcome, welcome, welcome to the breakdown episode 793, sponsored by Midnight, sponsored by Polymarket, also Cake Wallet and FOMO. Thank you very much for joining me. And and we're going to go right to it because I've had, we had a, I guess, plan to come on here at I believe it was 12:45. We are is it was it 12? No, it was 1:15 p.m. Eastern Standard Time. It is 1:35. Let's bring Dave right in because he's been waiting in the green room for us. Dave, what's going on? Nice to have you on. [12:51] [Guest: Dave] Thanks for having me, David. [12:53] [David] How's everything going? [12:55] [Guest: Dave] Oh, it's going well. I mean, I spent the day yesterday at a really interesting conference. It was the Bitcoin Treasury conference. And, you know, it had a very high, what I used to call the suit to hoodie ratio. Uh, you know, real people who actually understand markets, who are involved and understand Bitcoin and what's going on. Some interesting pitches, uh, generally good crowd. And, you know, it it one of the things that comes out of it is there's a lot of tension in the in the crypto community about, you know, big Bitcoin and all this other stuff. That's a bunch of crap. The fact is Bitcoin adoption is accelerating. And that's the most important takeaway that I had from yesterday. There's obviously a lot more nuance than that, but that was where I that was where I spent the day and and it's fascinating with what's going on in the markets as a backdrop. [13:42] [David] Tell me more about what fascinates you about the what what's really happening in the markets today. What surprises you though? [13:49] [Guest: Dave] Well, surprise, I don't know. I'm pretty cynical, David. Uh, I'm not surprised by by a whole lot. Uh, we have a Federal Reserve who has, they claim to have a twin mandate and the reality is the third mandate, the one that really matters is what's driving their policy. So they they claim their twin mandate is control inflation and maintain full employment. Now, as a bank, that's literally impossible. They are literally, their job is to control the supply of money and money has direct impacts on that. But what they really need to do is to help the government fund itself. When we're at 40 trillion in debt and rapidly increasing at between two and a half, maybe as much as three trillion in projected deficits depending on what happens with defense spending, the need to fund the government is a big deal. I mean, just for for your viewers, every 25 basis point hike, more or less is an extra 100 billion dollars in increased federal expenditure to fund that debt. So it's a very big deal. And the market effectively pushed them into a policy decision of raising rates that makes no objective sense. I mean, it really doesn't make any sense, but they were pushed into it because the entire yield curve moved higher. And so for them not to do it, probably would have caused something to break in the financial system. So they had no choice. And that's why it was unanimous, by the way, is because they they were worried about things breaking. And that really is the important part of the Fed's mandate is they need to help the government fund itself and they can't afford for the yield curve to break. And so with that as a backdrop, people are, you know, kind of, you know, panicking about different things. I mean, you've seen gold drop a lot this week. You know, Bitcoin is essentially just digesting the gains of last week it was and then of course the big move before that. It's actually trading pretty much exactly as I would have expected and we can dig into that later. But when you look at the stock market, still part, you know, perched pretty close to all-time highs. Corporate profits are still at at at records. Every quarter we seem to get a new record percentage of corporate profits vis-a-vis GDP. And so from the investment point of view, it doesn't really matter. The fun fact that's really interesting that a lot of people don't know is that the biggest rally in stock market history, the internet bubble, you know, which led technology higher, happened in a regime not only with rates significantly higher than where we are today, but also where they were rising. And it wasn't until that last one or two rate hikes which happened at the end of that cycle, uh, in in 2000, that kind of sparked, you know, that that kind of pricked that bubble and really started pushing things down. Uh, and a lot of and which which created all sorts of opportunities for different reasons. But it's interesting, you can see risk assets rise in a rising rate environment. And that's something that I guess a lot of people don't really know or haven't thought about unless they're in the in the markets and have been there for a while. [16:42] [David] Dave, what do you think about the four-year cycle? I'm listening to you talk and and and I want to just hit you with that. What with everything that's happening, what do you think about the four-year cycle? [16:51] [Guest: Dave] Well, look, the four-year cycle as a quant and and just just just by way of background, in addition to running two Sigma securities, running a quant team of researchers, I ran statistical arbitrage at City Group before that. So I have over a decade of running quant models. I can tell you that three observe three observations of something happening is not statistically significant. So the notion of a Bitcoin four-year cycle started with the having, which is more or less on a four-year cycle. And in the beginning, it really mattered, right? Because the first couple of cycles in Bitcoin, people didn't know if when they have the mining block reward, whether the network would would survive. And so it created enormous amounts of volatility. So it kind of made sense in the beginning. It also coincides with the presidential election cycle and also coincides, you know, you know, with certain human behavioral traits. So it's not like it's completely wrong, but like anything else, history doesn't repeat, it rhymes. So, you know, you're not going to see if you try to trade off of perceived cycles, you're going to get wrecked. It's it's that simple. And this time, you know, we saw all-time high before the having. Now there's reasons for that. And we saw the cycle have significantly less upside than we expected or than in other cycles and and there's reasons for that. So the fact that it was a much shallower correction is also perfectly rational. And the fact that it doesn't line up to the month, okay, you know, so it was six weeks off. I mean, who cares? I mean, I I honestly, people obsess about these things. Honestly, I I I think it's more likely that you could obsess about astrology to predict markets than, you know, looking at other things and say, oh, well, October it has to be the time. It's like, no, there there are reasons, things happen and you need to understand what what what is actually happening. And and to be frank, David, most people look at markets and they invent the story after the price moves, not before. And so I I I generally there was a pattern like Jordi Visser, you know, and Mike Alfred, uh, and, you know, and others who are basically saying, yeah, there is no four-year cycle. It's dead, dead, dead because of this. And it's like, it's not that it's dead. It's that it never really was determinative in the first place. [19:03] [David] Got it. Um, I'm I'm glad that I have a guest who talks. you know, a lot of my guests do uh come on here and and they go ahead and and they break a lot of things down. Then you get one person that comes on here and just says one word and that's it, done. Uh, all right. [19:19] [Guest: Dave] not going to happen with me. Sorry. [19:20] [David] Yeah, definitely not and I'm very thankful for that. Uh, all right, four-year cycle, you know, it sounds like you can you're like, whatever. Um, where do you see Bitcoin going by the end of the year? Like, do you see it? [19:37] [Guest: Dave] It it feels like we need it it feels like the push back towards the all-time high is is baked in the cake, right? It really feels that way. It feels like [19:45] [David] You think it happens though this year or you think that's uh we lead into that with in 2027 quarter one? [19:51] [Guest: Dave] You know, I I'll I'll be blunt. My history has been generally right directionally and timing is really challenging. You know, I I don't know, you know, I I think that that it probably should take longer. I think I the stronger, the longer it takes, the stronger the rally will be. Uh, I think that a grinding hated rally is is the best kind of rally and FOMO will happen toward the end of that. And once the FOMO sets in, you know, that then you go into price discovery. I mean, look, there are people who bought thinking that it was a buyable dip at the in the 90s. There were people who did it in the 80s. And there of course, were were some people who did it in the 70s and then there's people like me who was like screaming about a bottom, you know, in, you know, basically right below 60. And but the people who who bought in the 90s are going to probably a certain part of that are going to sell when it gets there. And that is natural human, you know, that's where resistance comes from. So there the the thought that it's just going to go there in a straight line and everything's going to be easy seems really hard to believe. But at the same token, selling exhaustion is very real. Bad news has ceased to push Bitcoin down. It's very real. Digestion of gains, the fact that we hit, you know, I guess it ticked 87, but it really was 86. And we're still sitting at 83. Uh, you know, after with bond yields doing what it's doing and lots of people panicking in gold. I mean, Bitcoin in gold prices is is is a significant rally. It's just out performance. It's not really a rally, but, you know, if you if you measure that, you can see that Bitcoin is holding up a lot better than gold. And that matters because most of the newer buyers, people who have been buying through the ETF, the institutions are buying it because they say, well, look, gold's market cap at least in in my case, I think it's 80% is effectively monetary value, not jewelry value. And so that monetary value is going to transition to Bitcoin. And the market is still putting Bitcoin at less than a 5% probability of it it eclipsing gold, which I think is a ridiculous asymmetric upside bet. And that's why a lot of people have been buying it. And when you talk to people that look like me and I have a lot of friends in Tradfi because I spent, you know, 35 years between Morgan Stanley and then Solomon Brothers through City Group and then two Sigma, most of my friends are in the traditional financial world and I can tell you, David, the those who are in Bitcoin are in it for a 5 to 15 X. They're not in it for trying to scalp a thousand or two thousand dollars or ten thousand dollars. And that when you see signs like this, where the selling is exhausted, where Bitcoin is outperforming gold, where it is obvious that both parties are going to be printing enormous amounts of money. I mean, if it's the Republicans, you got $5,000 checks. If it's the Democrats, I mean, estimates go as high as 70 billion or 70 trillion extra. I mean, billion. That's cute. It's like I feel like Dr. Evil, you know, $1 million. $1 billion. No, it's $1 trillion now. I mean, it's like it's insane. But that's the point. And so I think that that that's that's how I see it. So is it by the end of the year? I don't know. I I I think that it will be very strong. It obviously depends somewhat on midterms and people's thought processes and what's happening with broader markets. You know, if you tell me that the stock market's going to continue rallying and have a strong fourth quarter, yeah, then Bitcoin will probably make all-time highs in the fourth quarter. If you tell me the market's pause and digest, uh, then probably not. I think that it starts attacking that those that 90, whatever, thousand resistance. I'm not a technician, so I'm not going to pick the number, but somewhere in the low 90s, it'll be attacking that and be chewing through that as we get to the end of the year. And then we'll see what happens next year. [23:42] [David] Do you think the institutions uh jump started this rally? [23:47] [Guest: Dave] Well, sure. [23:47] [David] From from my standpoint, I feel like they jumped in. They didn't wait for the Clarity Act. I I I think they kind of knew that if the Clarity Act doesn't pass, the SEC and the CFTC will wind up going ahead and putting out some measures out there and some sort of rules. Rules that'll be better than the Clarity Act itself. Do you think they they kind of sat back and said, you know what, let's jump in now. We're not going to wait for them to go ahead and decide and and and watch them whether or not this bill's going to go ahead and actually pass. Do you think they they jumped started this? [24:17] [Guest: Dave] Well, I think that you need to unpack it. It's too general a thing. First of all, the Clarity Act was would have directed the SEC and CFTC to do exactly what they're doing. Uh, the difference is is it would have provided air cover against lawsuits and other things that might happen later. So it it wasn't better or worse rules. So Paul Atkins and Mike Sealer are going to do what they're going to do. Clarity Act was essentially giving them jurisdiction to do it. And Paul's just moving ahead and Mike is moving ahead. So that's what they're doing. Uh, and so from a crypto point of view, it still clarity still provides certain uh assurances that you're not going to get by just regulation. So big banks in the, you know, in terms of buying companies, right? You know, they they they want more assurance that it's not going to get reversed. But very little about clarity had to do with Bitcoin. Very little. Bitcoin is a commodity. Even Gary Gensler calls Bitcoin a commodity. So there's very little risk that anything is going to impact Bitcoin negatively from a regulatory point of view. And it's really in Bitcoin's case, it's not really clarity, it's what happens with tax policy. It's what happens with the quote strategic reserve that's been, you know, the 300,000 coins that the government claims to have legally confiscated. And and as you know, there's there's a lot of uh interesting points there. But let's just let's just leave that sleeping dog lying for a second. I don't want to talk about Bitfinex coins and stuff like that. But the fact is that that that matters to Bitcoin. But clarity is never really been about Bitcoin. It's much more about crypto large. And, you know, I'm what people tend to refer to now as a monetary maximalist. I'm I think Bitcoin is the only crypto that is uniquely suited to be that base layer of monetary value. But I do think there's a lot of value potential in various tokens and new ones that haven't even been developed yet to power. Like for example, I think every single financial asset will eventually be tokenized. I think most art, most music will all use tokenized value.

[Part 2 of 6] [00:00] to transact. So, there's a lot in in crypto and clarity and and regulation is necessary for people to invest without having to worry that they're going to have to spend 20 to 50% of their their their the funds they raise on legal fees. Because that literally is where we were not all that long ago. And when you just think about that, the the enormous amount of money that most startups had to spend on lawyers or take huge risk. So, it's it's kind of a sad thing. That's what clarity will do and that will be a big deal for revolutionizing financial markets and other markets. But as far as Bitcoin's concerned, I don't think that's the issue. But I do think that institutions understand the the the story, the narrative. Wall Street, look, I've been on Wall Street a long time. Wall Street loves narratives, David. They love to tell a story. And it's a really easy story to tell, you know, with massive deficits and massive money supply growth and monetary printing. The Bitcoin story is easy to sell. So when you talk to any of the ETF issuers and I'm friends with several, you know, they'll tell you the same thing. It's like it's a story that is very easy to sell and it's one it's one of the reasons it's the most successful new product that they've had, like ever. [01:11] Yeah, we've had a a bunch on here on on this show and and they essentially said the same thing. I want to ask you this question, do you think um the term hedge against inflation, we people were saying this in 2021, that didn't work out too well. I I'm a Bitcoiner. I love Bitcoin. But that didn't work out too well. Do you think more so now? I think that You can go ahead and use the term and and and say, you know what? Yeah, it is. You can see people racing the way they race the precious metals, they're they're racing to to Bitcoin. Can you see it us really coming out here and talking about it being a hedge against inflation? [01:49] I think that when you're buying something that is 95% underpriced, if it achieves it if it becomes an inflation hedge, it makes the conversation different. So I wrote an article last year and I've always talked about my mental model for Bitcoin is that it trades like an option on its own adoption. When I say 95%, that that's not hyperbole. If you if you look at gold, for example, and this is a little bit long-winded, but just just go with me for a second. If you look at gold, compare it to platinum, compare it to silver. Platinum is the most interesting. You know, it still if you look at at people or at at signs, if you're selling conferences, it's the gold tier and then the higher one is the platinum tier because for most of my adult life, for most of my life, platinum was much more expensive than gold because it's much rarer and it's more prized in jewelry. You know, it's my wife demanded a platinum wedding ring, a platinum engagement ring. I'm very well aware of this. But the truth is, gold is trading almost double the price of platinum now. And the reason is because gold is is being bought by central banks for its monetary, you know, its monetary properties. And the math basically suggests that somewhere around 80% of it. So you're talking about 80% of gold's market cap and then look at Bitcoin, it's about, you know, 95% cheaper than that. And so the question is, will Bitcoin replace gold's pure monetary value, not its utility value, but its pure monetary value. And considering the fact that it's easier to prove, it's certainly more verifiable, it's provably scarce, it's much harder to counterfeit, it's much more portable, much more divisible, much more more adaptable to the digital economy, uh, without having to trust men with guns holding on to it, uh, I think the answer is probably yes. So that option that it could be literally 1/20th of where it should be today, uh, is why you see so much volatility because options are volatile. They just are. They go up, they go down. You know, depending on what fair value model you use for Bitcoin, you can make an argument that in 21 and and if you just I like the simple one. I'm I'm a simple guy. I guess it's easy. It's not the most accurate, but it's it's a pretty good model. Compared Bitcoin hash rate to price. In 21, the Bitcoin hash rate, even after the switch from a lot of miners to AI, it was 1/6th where it is today. 1/6th. And the price was, well, I mean, not too long ago, the price was the same. Okay, the price was 20% lower. But ask yourself that question, right? You know, it's like, yeah, so yeah, it didn't hedge against inflation then. By the time Bitcoin is a pure hedge against inflation, it has to be in my mind a price that's 15 to 20 times higher than it is today. At that point, it will have realized and become that. And then, yeah, from then on, it's a an inflation hedge. Now, that said, if there was no monetary inflation, people wouldn't care. But there is monetary inflation. We are printing lots and lots of money. We are spending like like drunken sailors across the entire civilized world. Every country is running massive deficits right now. I mean, that's the way you sell people on Bitcoin. You you look and say, you ask them because they think, well, you know, the dollar this and whatever and you just say, did you were you aware that before 1971, the entire world was on basically a gold standard, meaning they couldn't print more. But now we're off and politicians have decided that they don't have to have any standard. And so they print more dollars. So you think your house price is higher? Well, the truth is that the money supply growth has actually exceeded housing growth and prices. So your house hasn't gotten more valuable, the dollar's gotten less valuable. And that's the way you sell Bitcoin because that understanding gets in people's mind and it's aha, okay, well, what's the best way to play that? Well, the one that's 95% undervalued is the best way to play that. But it will, of course, sometimes underperform, right? Because of that volatility. So that's the way I answer that question. A bit different. [04:46] You mentioned gold and and I had Peter Shift on uh for an hour twice already and we've gone back and forth uh very heated uh discussions about, you know, gold and Bitcoin. I said, listen, I own both. There's nothing wrong with having both. And that was really my argument to him. Uh um, and I'm going to ask you this. You have a bunch of people who are in gold, they've made a lot of money in gold. Gold has gone up, it's appreciated. Uh, do you see and I said this, I see like 1, 2% of people holding gold, you know, turning over and switching over to Bitcoin. You see that happening? I mean, you've worked in [06:21] Yes. [06:22] Again, you've worked out there. Do you do you see people flipping over into Bitcoin in the next five years? [06:27] I think I I was more extreme than most. I was a very big gold bug and followed Peter for years before I got into Bitcoin. I didn't know very much about Bitcoin. I I kind of ignored it until my son, you know, his name's Ian Weisberger and he he is actually running Coin Routes, the company that we built together. Uh, you know, we started in in 2017. And so, you know, I effectively did that early and I've convinced a few other people to start doing that. The thing about Peter that's funny is I was on one spaces with him and I asked him a question and he answered it like he basically said, what do you think what percentage of gold's value is monetary? And he said very little. Which tells me that for someone who's been a gold bug his whole life, he he has is is either willfully but he's certainly ignorant because nobody could make the argument that gold should be worth more than platinum. And and I said that to him and he kind of grumbled at me and the time ended and so he didn't have to answer it. But the truth is, that's the argument he can't answer because the pure monetary value. And and and people understand that. Why is gold valuable? Well, why is it up so much? Because central banks are buying it. Central banks don't care. Central banks and Indian housewives. And the Indian and and and I'm not making fun of them. I mean, you know, the Indian culture values gold as money and in Diwali, there's huge demand to buy gold. It's not a bad thing, but they understand it. But they buy so much, it's not necessarily ornamental. It's just yeah, it looks pretty, but it's for money. That's you have to understand that. And people on Wall Street who've gone through, one thing Wall Street's learned because, you know, I I I just finished a book that's coming out in February, uh, called Million Dollar Frac Boys and I chronicle the impact of technology on Wall Street. Everyone in Wall Street understands that electronic trading is real and dominates. And they also know that 20, 30 years ago, it didn't. And so why Wall Street's probably the easiest place to convince people that, well, new technology is going to change the way that we express our investment philosophies. So it's actually an easier sell on institutions and the the people who've been around Wall Street a longer time than you might think for that reason. [08:35] When do you think, and this is my last question, and I I had a ton of questions for you. You've done a lot of stuff in your life. I got to say, you got you've done a lot of stuff. Uh and I was going to talk about the book, but good that you went ahead and plugged it out here. Guys, go ahead and get that. When does it come out? [08:52] So it's it's a pre-orders are starting now on Amazon. But it it it it will issue the hard cover February 2nd there. We're still talking about who gets to read the uh the audio book. But it's really meant to be funny, right? You know, just just to give you you you the idea, the within 15 seconds of my first steps on a trading floor, I heard and this is chronicled. I heard, you know, a trader complain, you know, saying how they were going to get, you know, get laid that weekend and immediately another trader, a senior guy leans over and says, there's no way your sorry ass is getting laid. I got 500 bucks and says it won't happen. Of course, causing hilarity. This was coming from a place I was a technologist. I mean, we were literally it we could have been in the office, you know, cubicles, quiet, everyone clear, nothing. So, you know, that's how it started and, you know, between being hazed by the the crew in London that I ultimately ended up going to work with or, you know, being flown to Tokyo and sitting on the desk in 1987 while the markets crashed. It's just a lot of funny stories, but I'm trying to teach about risk and teach about how markets evolved as well. So, you know, it's it's kind of my ode to my version of for those who know the book, Reminiscences of a Stock Operator with a little bit of liar's poker and some some humor, you know, thrown in. So, we'll see. But that that that's the way I would describe the book. [11:11] Speaking of risk, uh, do you think that Apple and other uh Fortune 500 or Fortune 50, Fortune 500 companies will finally take the risk and jump into Bitcoin? Uh, at least this year or next year? [11:24] I don't know about They have so much money. They have so much money. Like what, $300 billion in cash? If you're Wouldn't you want to put 1% in? [11:32] If you're running a corporate treasury and you don't and you aren't saving cash for M&A, people are going to start, companies are going to start routinely saving in Bitcoin. And it it it's a for a for all the same reasons I just said, 95% undervalued, et cetera. It's the same play that people like Grant Cardone, who I was talking to yesterday, uh, you know, at this conference are pairing Bitcoin with real estate. I think you're going to see the Bitcoin Treasury company is is sort of a a weird thing. I think what you're going to see is more and more operating companies saying, you know what? We're going to use the cash that we're that we're operating to buy Bitcoin because it makes sense. It's a better savings vehicle. It gives you an extra kicker. But unlike the the companies that did like Long Island Ice Tea, this famous one, remember when when they named it and all of a sudden, you know, they changed to Long Island blockchain. It's not a marketing gimmick. It's a this is an operating philosophy that makes sense. And so I think it will happen. When it happens, when other than Tesla and SpaceX, which are have already done that to some degree and have a pretty sizable holdings, when will it expand to Apple and Microsoft and others? I have no idea. I'm not in those rooms. I couldn't tell you. But I'll tell you what will happen. If the rally proceeds the way it does and and micro and MSTR market cap starts gaining on these companies, they're going to get religion very quick. It it's it's an old joke that people say in Bitcoin, but price is its best advertisement. And so that's one of the things that can happen in a rally where FOMO takes over and it starts to move. That rally might very well trigger those sorts of catalysts that you're talking about. So it it's almost the same question as when do I expect the rally to really get in gear? And and I can't answer it. What I can say is when it happens, you will start to see more and more companies saying, well, wait a minute, it makes much more sense to save some of why are we saving in dollars, uh, you know, when it's it's clearly getting depreciated. But, you know, it it does impact that's where rates do impact it because the higher rates go, companies will take that take that revenue stream. So that's the other thing to keep in mind. So the next cycle when rates have to come down because they've overdone it, that may be when that will be triggered. But we'll see. It's all it timing is very hard to predict. It's just I would be watching for it. I think that's a major catalyst in the wings. [12:56] Dave, you definitely I wish you talked more. I wish you absolutely like, you know, I'm so disappointed that you don't talk. No, it's been uh it's been good and and I hope I can go ahead and bring you back uh next month to go ahead and discuss more on Bitcoin and other topics. I have like 20 questions that I want to ask you and press on you here. Um, but I appreciate you coming on. I hope that you have a successful launch with your book. And um, guys, pre-order it. I'll if you send me the link, I'll I'll put the link out there for for everybody to go ahead and uh check that out. But Dave, it was definitely a pleasure and thank you very much for taking the time out of your day and and especially waiting in that green room with no water or nothing and uh waiting for me to come on here and start the show. [13:40] Well, thank you very much for having me, David. I I appreciate it. It's uh and I I I I I'm just very shy. It's just I I'm sorry that I don't talk very much. [13:48] Yeah, super shy, man. You definitely I I I the audience over here, I have two screens that saying why doesn't he talk at all here? This is crazy. Dave, you have a wonderful day, man. [14:00] Thank you, sir. Take care. [14:03] Dave, this guy Dave, he's probably like, I got to rank, you know what? I got to do a ranking on guests, okay? Because we've had how many guests? We had Sailor, we've had Sailor and and whoever, like all these people that come on. I I got to figure I got to figure out a top 30 list. This one has to be people who talk, okay? Where I can sit back. I want to you see like, it's what do I always say when I have conversations, whether it's in person at conferences or obviously doing this show. I want to ask a question and I want to sit back and get educated. Even if like like I think I know a lot, but you still don't know a ton. And you have people that have worked in Trifi for a really long time, decades. You want to sit back and just listen to them and get their thoughts and how they're processing everything. Yeah, I got my own opinions, but I want to hear theirs. And I want I love it when people come on here and just fucking shoot the shit. Rip the bandaid off, talk. Let's sit back and listen. That question that I asked him though about, um, you know, Fortune 50, Fortune 500 companies. They're sitting on so much cash. You would think, hey, you know what? We're just going to allocate 1% of this cash that we're sitting on. You would think they take notice of what Michael Sailor is doing. You maybe oh look, this guy Sailor is like buying every single week. Might want might want to look into it a little bit here. I don't know, man. And one thing I one thing I really wanted to ask him was about AI and and crypto/Bitcoin, Bitcoin/crypto. Uh, how does he see those two play in with each other? Because I think I think AI and uh AI and crypto have to, you know, AI benefits from crypto and vice versa. So in my personal opinion. Um, but yeah, that was good. That was good. Thank you, Dave, for coming on. Appreciate you. [16:12] Man, low spoken. I didn't even like what how many questions did I ask? Four, five? Four or five questions. I you know what? May you know, I I was thinking, maybe as as Dave was speaking, I was like, maybe, you know what? Maybe I invite him next month. Uh, because Peter's coming on. And then you have like two just like, you know, have that I'll ask a question, moderate, let them go. Let it go. And you have Peter, you know how Peter go, you've seen Peter on the show multiple times. You know how Peter goes. I can't even talk. I can't even say a word. Peter, time out. Let me say something. Peter gets going on Bitcoin. Oh boy. Anyway, we'll be back after this commercial break sponsored by uh Midnight and Cake Wallet and Polymarket and everybody. [17:18] What first got you excited about blockchains? Think about it. Oh, wait. I bet it wasn't multi-million dollar hacks, exposed data, or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. Maybe it was imagining a world where people own their own data and get to sharing the value it creates. Or maybe it was the promise of a fundamentally better way of connecting, communicating, and transacting. The next phase of the internet that empowers us instead of exploiting us. So, why hasn't it happened yet? Why are we still living with the same broken system that blockchains promised to fix? It's because blockchains can't keep a secret. Enabling open transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. And that's why we built Midnight to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. Let's build the internet we deserve. Together. [18:38] Ladies and gentlemen, we all know this in crypto, ownership matters. That's why Cake Wallet. Cake Wallet gives you full control of your digital assets, all in one easy to use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds. No copying addresses, no complicated steps, and even includes Bitcoin Lightning for faster payments. And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [19:21] This is Houston. T minus one minute until full data blackout. All eyes are on you. Breaking news. There's an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle on this. Is that guy on FOMO? Yeah, let's get back to it everybody. This just in, according to the astronaut's phone, now the highest in the room, the satellite has been restored. Yes. For now, the crisis appears to be over. Satellite's up and running. Positions look good too. There we go. United States of America representing. Socialism does not work. Digital assets. Is it better to move money at the speed of light? People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. There we go. United States of America representing. Socialism does not work. Digital assets. Is it better to move money at the speed of light? People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. [22:07] Welcome back to the breakdown. Oh man. This sucks, man. The Giants are releasing Odell Beckham. I don't know why I'm clapping. They're releasing Odell, man. That really sucks. That really sucks, man. Odell didn't even get to play, man. Odell Beckham Jr. did not even get to play, man. I don't even know why like he worked his ass off for them not to go and give him a chance. I I don't even understand. What was the point of signing him? What was the point of signing Odell? I have no I have no idea why they signed him. No idea. No idea. But by the way, folks, we are live on YouTube. That is the home base for the breakdown and any of my shows. Uh we do stream all over the place. Obviously, we stream on X, formerly known as Twitter. We're on Tik Tok. We are on we I wish I could have turned it on today. We will be on Facebook tomorrow along with Instagram, uh Getter, Truth Social, uh all your social media platforms. We are there, but we are on YouTube. So shout out to YouTube. We will be growing on YouTube. Uh, I want to talk about the markets. Uh we had obviously we had Dave on to talk about everything that's happening with Bitcoin. I was able to ask a few questions. Dave took the mic and he owned it. So good for him. Good for him. I sat back and I listened. But here, here's what I want to talk about. Let's talk about the trenches. Let's talk about the meme economy for a second. Let's let's hit there before we go elsewhere. I I don't know if people are winning. I've traded my way to a winning position. But I don't I don't think people are winning. I I don't I don't see how they're winning. I see people getting frustrated and tired and making stupid decisions. I see people claiming that projects or or memes are over within 48 hours, not allowing things to build out. I just like I I don't this So I keep saying this. We we're currently in a pre-bull market. Bullish sentiment, 100%. There's a lot of bullish sentiment. But when it comes down to it, we're not in a bull market. Not yet. And people are like start scratching their heads or coming at me saying like, Dave, what are you talking about? We're in a bull market. And I'm like, no, not yet. We haven't flipped on the charts. We haven't flipped there on the charts. We just haven't. You'll know when the bull market is here. This is not the bull market. This is this right now, what you're participating in is not the bull market. Again, pre-bull market. Sentiment all-time high. People are interested. People want Bitcoin. People are looking at Ethereum. People have absolutely put everything into Solana and people are interested in getting into Solana. People are now looking at altcoins like Near Protocol, which I've talked about multiple times on the show, wild that people take notice now. Chainlink, privacy tokens. The only people to me that are are winning,

[Part 3 of 6] [David] [00:00] that are doing well are these cabals, these KOLs, which I talked about this yesterday. They they can't, they come on to social media and they took this game. Now they've rebranded, repackaged their game now. I got to respect it though. They they've done a great job getting you guys to chase. But they they'll get into things at 10, 20k market cap. And then they'll come out and tell you that this is the greatest thing since sliced bread, and then they dunk on you. [David] [00:37] And after a while, this is where I'm coming, uh, this is where I'm landing. After a while, people get tired. And I see people are in the trenches and they're tired because they've taken losses. They've held on to things that they thought that were going and didn't go nowhere. This game is really set up. I've been telling you guys, I've been sitting back for the last three, now what is it? Four months. I've sat back and I've watched. And it's very interesting. This cycle is is I hope it changes. But right now, it's very interesting that a few characters are controlling the narrative. The reason why they're controlling the narrative though is because they're industry plants which are being paid by VCs and others. So you have like seven or eight people, they're putting out these videos and yo, I got to tell you, I've never seen this shit in any industry. But they're out there like they're the new celebrities, man. Like they they are literally out there and and here's the biggest thing. This is what I want to say. They don't like each other. They've in the past gone at each other's necks. But they are willing to work with each other and that is the difference. They might not like what is being put forth to them, but they are willing to work with each other and I'll keep saying this. And that's why they're winning. So they're going in early and they're absolutely cashing in. I don't even want to talk about dumping. They're just taking full profit and leaving. At some point we're going to have to get away from dumping and rugging because you can't rug liquidity from these projects. You people just throw out words out there. Oh, rug. Rug, really rug what? The liquidity's been burnt. What are you rugging? A lot of these things that are said out there. You're you're using 2017, maybe 2021 terminology in an era where none of that exists anymore. None of that. They are playing the game at a high level. They are giving you and this is where like, you know what? I I don't know if I tip my cap to them. This is where they are they are putting forth this image. They're using these P&Ls. They they're really using these P&Ls and these images and these videos to showcase a lifestyle which they don't even live. But you see it and you're like, I want that and you're chasing that. And yes, I'm going to be the only motherfucker that says this. I don't give a shit. I don't care. You guys don't have balls to call out the LA Vape Cabal, bro. Repackaged. You got a repackaged crew who destroyed crypto. And you guys are still fucking chasing them and fucking bowing down to these people. Are you fucking kidding me? Did you not have enough of fucking Libra? Did you not get 19 assholes from Libra? Did you not get fucking 24 assholes from Milania? At what point, you know what? I don't even want to hear you guys whine about it not being fair. You guys are dictating the rules because the community ultimately runs the fucking program. You're allowing it to be run by the same people that ran you into the fucking ground. So don't tell me about, oh, community, we come together. Shut your fucking mouths. You don't believe in any of that shit. Cuz as soon as you see one of them motherfuckers say one word, you're you're shaking your ass for them. Okay? I don't want to hear that. There are some fucking motherfuckers out here that are building building shit. They've been building for years through the bear and the bull. They're building. And you give them no time a day, but you will shake your ass for a bunch of people that went ahead and pulled that Persian rug all out under your fucking feet. Come on, don't stop it. Stop it. Do me a favor. You believe in nothing. You don't believe in God, you don't believe in relationships. You don't believe in even talking to your parents. Where are you going to come out here, talk about you believe in something? You believe in nothing. I'm out here watching this dog shit. Thank God I got into crypto early. That's all I got to say. I came into crypto early and I've held. Thank God. Cuz I don't know what I would have done coming in right now, 2026. Now, I've never been one to follow anybody. And I you can't you can't twist my arm into getting some into something either. I'm going to get into things cuz I like them. But holy shit, I got to tell you, man, they are putting on a show. 100% they are putting on a show. The videos, the remixes, the life. You would think you would think these are young multi-billionaires walking around. You would think that they're like in sync or Backstreet Boys in their prime. Like like you the way they're pushing themselves is that they can't even walk out the house because they have fans all over the place asking for an autograph. That's how it's being portrayed. And and the people that are just coming in and even people that have been here for multiple cycles, you guys are eating it up like, wow. That must be amazing. I still can't get the shit out of my head with this whole Kishme. What what's his goddamn name? What's that guy's name? I talked about him yesterday. Where Banks was talking about, oh my God. I can't believe it. The the aura on this guy coming out of a Maybach. I'm out in the Hamptons, Montauk. We coming out of a Maybach is like coming out of a Honda Civic. What are we talking about? I'm watching this like with disbelief that people are really like, gawking it. And not a single veteran. Not a single veteran will say anything. I've watched this also. All these veterans are out here complaining how it's not fair. Oh my God, it's all stacked against us. What's happening? Shut up. Shut the fuck up. Kimchi, that's the guy. Kimchi's I got to tell you, this guy Kimchi's lore is crazy. With the way they've set it up, it is, yo, the way he walks out of the Maybach. He doesn't say a word. He just sits there. He's on his phone. He pays the bill and he leaves. What a what the what the fuck are we talking about? I'm into cars, by the way. I'm really into cars. I got to tell you. Maybachs are the ugliest fucking cars on the planet. I'm sorry. I'm I'm really They're ugly ass fucking cars, bro. I got plenty of friends who work at Mercedes, man. I've always told them, the Maybachs, they might be comfortable, but they are they are ugly as shit. Okay? I I I when I see a Maybach, I'm like, oh my God, no, no, that that's not my reaction. Maybe it's because I'm into sports cars, supercars, hypercars. But like that shit is ugly. I I don't know this this whole aura shit coming out coming out just fucking coming out coming out the Maybach. Coming out the Maybach, it's crazy. I'm not even hating. I really I I'm not hating. If it if all this shit did happen, good for the kid, man. I'm not hating. We have so many OGs here that made I mean, made multi-billions just by holding Bitcoin. It's just weird. It really is. I talked about it yesterday. You know, who I feel like the people on Twitter, whoever runs Twitter is is really close with, you know, the Solana Foundation. And that's really it. And and the VCs and they're putting the people they want in place on the who to follow list. So they're getting rid of the real people that actually built the foundation for crypto. They're pushing those people away and they're bringing in this new breed that nobody even knows. I've I've asked I've asked people, hey, you know these people? No, who? The funniest part is though, these people will dunk on your head. And you'll still be like, man, these people are great. Must be hard to be them. I am the only I told you, the bandaid's off. I don't give a fuck. Let them all come after me. Let them fucking cancel my accounts. I don't give a fuck. I I have at least the balls to talk about this. You guys are scared fucking scared little pigeons out there, man. Y'all are a bunch of birds. Scared birds. Scared to talk about this. Are you kidding me? I ain't scared to talk about shit. I used to they they told me, Dave, hold back. Hold back, Dave. Don't talk about these things. You're going to sound like you're you're mad, you're envious. Nah, man. Because when people start talking about community and shit like that, yeah, we're down. We want to yeah. Totally down with this. They're not. They're not. You're not down with anything. You're down with you guys you guys have never made money. If you did, you round tripped it. That's why you're still here. Because you haven't built anything. So let let's talk about that, right? A lot of you guys have been here through multiple cycles. You've round tripped a lot of things. You've lost on a lot of plays. You know it's bad for you. It's like smoking, right? You know smoking's bad for you. You know drinking alcohol is bad for your liver. Like there are a lot of things that we could talk about that you know eating fast food every single day is bad for you. Not going to the gym is bad for you. You know, like not taking yourself, not washing your ass, okay? Not putting a bandaid on a cut is bad for you. Like we know these things. But you see them and at the end of the day, you're the greed and I don't just not even greed. Not even just greed. But you're so down. You're so down that you'll do anything even even you'll even go and participate in their bullshit because you feel like there's a chance. Like there's a chance. Anyway, we'll be right back after this commercial break, sponsored by Midnight and we'll talk about Midnight. I told you, we'll talk about Midnight. Midnight's movement. It's moving. [Guest: Midnight] [01:48] What first got you excited about blockchains? Think about it. Oh, wait. I bet it wasn't multi-million dollar hacks, exposed data, or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. Maybe it was imagining a world where people own their own data and get to sharing the value it creates. Or maybe it was the promise of a fundamentally better way of connecting, communicating, and transacting. The next phase of the internet that empowers us instead of exploiting us. So why hasn't it happened yet? Why are we still living with the same broken system that blockchains promised to fix? It's because blockchains can't keep a secret. Enabling open transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. And that's why we built Midnight to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. Let's build the internet we deserve. Together. [Guest: Cake Wallet] [01:08] Ladies and gentlemen, we all know this in crypto. Ownership matters. That's why Cake Wallet. Cake Wallet gives you full control of your digital assets all in one easy to use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds, no copying addresses, no complicated steps, and even includes Bitcoin Lightning for faster payments. And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [Guest: Midnight] [01:51] This is Houston. T-minus one minute until full data blackout. All eyes are on you. Breaking news. There is an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle of this. Is that guy on FOMO? Yeah, let's get back to it everybody. Breaking news. There is an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. Opportunity cost is simply this. Every position you take is a position you choose over something else. This just in. According to the astronaut on FOMO, how high it's in the room, the satellite has been restored. Yes. For now, the crisis appears to be over. Satellite's up and running. Positions look good too. [David] [01:39] There we go. United States of America representing. Socialism does not work. Digital assets. Is it better to move money at the speed of light through? People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. [David] [01:40] There we go. United States of America representing. Socialism does not work. Digital assets. Is it better to move money at the speed of light through? People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. [David] [01:40] There we go. United States of America representing. Socialism does not work. Digital assets. Is it better to move money at the speed of light through? People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. [David] [01:40] There we go. United States of America representing. Socialism does not work. Digital assets. Is it better to move money at the speed of light through? People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. [David] [01:40] There we go. United States of America representing. Socialism does not work. Digital assets. Is it better to move money at the speed of light through? People are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. [David] [01:37] I don't know. I was looking at CoinMarketCap. Look like I don't know, they said I got suspended. Is this true? Oh, they're all after me. The cabal's after me, man. I don't know. Hold on. I got to see. They guess it's This is wild, bro. This is wild. If I did, I swear to God. What is up with that, bro? What is up with that? What is up with that? I'll look later. You know what? I'll look later. Not that big of a deal. I don't know. Maybe I said something. Maybe I said something that triggered some people. But welcome back to the show sponsored by Midnight. Let's talk about Midnight. Let's talk about Midnight. Let's go ahead and put Midnight up here using G Markets. Let's go ahead and do that. Where is where is Midnight? Let's type that in. I'll bring it up here. Midnight, Midnight. Let's bring it up. I said, I said this would happen. I said this would happen. You guys weren't listening to me. Why listen to me? I didn't tell you to buy, but why why listen? Why listen to the OG? No reason to listen to the OG. Here's Midnight though. It keeps moving. Up 18.44%. It was just at $400 million. Now it's at 523. It continues to move upwards. I I keep telling people. Y'all are missing it. Privacy privacy protocols are the next thing. Privacy protocols are the next are the next meta. You want to talk about metas? This is the next meta. And here you have Midnight. Let's talk about Zcash. Zcash is moving, right? Zcash is moving. It's gone all the way up to 1500. Ripping, moving. And here you have Midnight based on the same ingredients, same concepts. Yet they have privacy smart contracts and more. And it's sitting here. It's sat here like at two cents. It even went down to one cent. And here you have it. It's moving. Charles and a bunch of others created Midnight. How do you bet against Charles? I don't understand this. I don't get it. I'm still trying to figure it out. How do you bet against someone who's won who's won on all on all levels? He just keeps winning. And I I believe that he'll win big time. I believe that 100% Midnight So with Midnight, what's going to happen with I'll explain with Midnight what's going to happen. Midnight is going to absolutely explode. And then people are like, oh shit. So Midnight was real? And that's and again, this is identifying assets before they go parabolic. This is about identifying protocols and assets before they run. If you like privacy, you're going to like Midnight. If you just care about the price, you're going to like Midnight. If you like what if you like what happened if you like what happened with Zcash, then you're going to love what happens with Midnight. That's really it. And people are like, yo, Dave, why don't you talk about Monero? I always talk about Monero. I think Monero's phenomenal. Why don't you talk about Dash? I talk about Dash. I've made videos about Dash and Litecoin. And even Verge. I've I've talked about these things. But I'm telling you, if you want to see respectfully, if you're looking for something that's about to move like Zcash, because everybody's looking for the next Zcash. Yes, I'm sponsored by Midnight. The show is sponsored by Midnight. I've talked about Midnight before the sponsorship. I'm telling you, fade at your own risk. That's it. You don't got to get in. Just look at it. But why look at it? Why look at it when you got, hold on, wait for the LA Vape Cabal. They're going to come out with their own version of privacy. Okay? They're going to come out with a token that's all about privacy and you guys are going to be able to jump into it. You'll be able to jump in. Midnight hit 11 to 12 cents when it came out. 11 to 12 cents. Its low is a cent due to the fact that WanChain's bridge got exploited. It had nothing to do with it had nothing to do with Midnight. It was just unfortunate that a bridge got exploited. You had the perfect opportunity to get into Midnight when that happened.

[Part 4 of 6] [David] [00:38] You got to look at the ecosystem. [David] [00:42] Cardano, Cardano has an extremely big ecosystem. [David] [00:52] They have loyal, the loyalty for Cardano is crazy. [David] [00:59] You can make fun of Cardano all you want. There are there are people out there that make fun of Cardano. You try to get on Charles. You don't even know what the fuck you're talking about. You have no clue how the you don't you have no clue how the ecosystem works. You have no clue about the governance, nothing. You have you just go after Cardano because it's the cool thing to do and you know when you go ahead and say things about Cardano, you get engagement. So we know what you're doing. I know exactly what the fuck you're doing. [David] [01:33] I know exactly what you're doing. [David] [01:37] 100%. [David] [01:43] But the Cardano, the Cardano army will support Midnight. [David] [01:49] You'll see. [David] [01:52] You'll see. [David] [01:55] The base and the foundation's already built. That's a real community, by the way. Let me let you guys know, you want to talk about communities? [David] [02:03] That's a real. [David] [02:04] Loyal as fuck. [David] [02:07] Loyal to the protocol, not to just Charles, but loyal to the protocol. [David] [02:12] Just like XRP and that army. They're loyal to they're not just loyal to Brad or just to Chris, they're loyal to the brand. [David] [02:27] I'm just saying, man. [David] [02:31] I'm just saying. [David] [02:34] Privacy's going to be a big thing. [David] [02:37] It will be. [David] [02:41] It will be. And there's a wallet that you can use, by the way, Cake Wallet. [David] [02:45] One of the most secure wallets out there. If it wasn't I got to tell you, if it wasn't for Vic, I would have have I probably wouldn't have gone so hard into Monero. [David] [02:59] I was I was going into it, but he was out there campaigning for it. [David] [03:08] He was legitimately campaigning for it. [David] [03:13] And now he's just creating products. Like they they are really out there creating products within that ecosystem. [David] [03:22] Radar chat, which is a great Bitcoiners are starting to use it. That's a that's a great application to go ahead and have encrypted conversations and send stats to send stats to people. [David] [03:40] But Midnight will dominate. You got Midnight City in the works. [David] [03:45] Midnight City. [David] [03:48] How many of you guys have signed up to Midnight City? How many of you guys are waiting to get into Midnight City? [David] [03:55] I really feel that's going to be like the crown jewel for for Midnight. [David] [04:03] Midnight City is going to be a crown jewel, man. 100%. [David] [04:10] 100%. [David] [04:11] We'll be right back after this. [David] [04:16] What first got you excited about blockchains? [David] [04:19] Think about it. [David] [04:21] Oh, wait. [David] [04:25] I bet it wasn't multi-million dollar hacks, exposed data, or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. [David] [04:39] Maybe it was imagining a world where people own their own data and get to sharing the value it creates. [David] [04:49] Or maybe it was the promise of a fundamentally better way of connecting, communicating, and transacting. The next phase of the internet that empowers us instead of exploiting us. So why hasn't it happened yet? Why are we still living with the same broken system that blockchains promised to fix? It's because blockchains can't keep a secret. Enabling open transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. [David] [05:20] And that's why we built Midnight to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. Let's build the internet we deserve together. [David] [05:35] Ladies and gentlemen, we all know this in crypto, ownership matters. That's why Cake Wallet. Cake Wallet gives you full control of your digital assets, all in one easy to use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds. No copying addresses, no complicated steps, and even includes Bitcoin Lightning for faster payments. And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [David] [06:19] This is Houston. G minus one minute until full data blackout. All eyes are on you. [David] [06:34] Breaking news. There's an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle on this. [David] [06:44] Is that guy on FOMO? No, he's just like me for a crazy, crazy. Yeah, let's get back to it, everybody. [David] [07:03] Breaking news. There's an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. [David] [07:11] Opportunity cost is simply this. Every position you take is a position you choose over something else. [David] [07:25] This just in. According to the astronaut's FOMO account, highest in the room, the satellite has been restored. [David] [07:33] This. [David] [07:36] For now, the crisis appears to be over. [David] [07:50] Satellite's up and running. Positions looking good, too. [David] [08:06] There we go. United States of America representing. Socialism does not work. Digital assets is it better to move money at the speed of light through people are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. [David] [08:36] There we go. United States of America representing. Socialism does not work. Digital assets is it better to move money at the speed of light through people are greedy when they also try to acquire gold. I'm here providing electricity and that energy that is necessary. I'm the modern day Tony Stark. [David] [09:03] Welcome back to the program. [David] [09:07] I still can't believe they let go of uh Beckham. [David] [09:10] Why bring in Beckham? [David] [09:14] You bring in Beckham. He he he runs routes better than any of the receivers that the Giants have right now, including neighbors, because neighbors is hurt. You can clearly tell that he's he's not hurt, he's just recovering. [David] [09:29] And he won't be fully recovered until next season. He'll be able to run, he'll be able to do things right now, but he's not there yet. [David] [09:38] The other muscles in his legs, in his leg, I should say, have to recover. [David] [09:44] I think people don't understand that. When you tear your ACL and he also had like MCL and a bunch of other stuff, it still takes time for those muscles to recover. [David] [09:57] So he's not going to be full strength until maybe even I'll even say this, halfway through the season, you'll see more explosiveness from neighbors. [David] [10:07] But you won't see it right now. Why would you get rid of Beckham? [David] [10:13] Why? [David] [10:19] He's experienced. [David] [10:23] Like, look at everybody like, to me, it's crazy. Diggs is having success in Washington. [David] [10:33] They're right there in the same age bracket. [David] [10:38] They really didn't give him a chance. They put him out there for a few. You know what? I don't think Naggy liked him. [David] [10:45] The offensive coordinator for the New York Giants, I don't think he liked him. [David] [10:50] I don't I don't think he ever wanted him to be here. [David] [10:58] That's that's my thinking. [David] [11:01] You know the Giants ownership loves loves Odell Beckham. [David] [11:06] Maybe Beckham asked for a release. Maybe Beckham said, screw this, I want to go to a different team and just be an option. And maybe he does go to a different team. You know what I can see? This is going to really look bad on the Giants. If Beckham goes, if Beckham, if Odell Beckham goes and signs with another team and he has a hell of a season, or he comes close let's say he even produces like 800, 900 yards and he has like five, six touchdowns. [David] [11:40] The Giants are going to look really bad. [David] [11:43] They're going to look like a really bad organization. [David] [11:47] I get the fact that they want to run the football, smashmouth. I get that Jackson Dart isn't here. I I get all that stuff. [David] [12:01] I don't know, it's crazy, man. [David] [12:03] It is crazy. It is crazy that they got rid of Beckham, man. Crazy, man. [David] [12:10] But I got to say this, man, I enjoyed watching Odell Beckham when he came into the league. [David] [12:17] If he would have stayed with the Giants, if he would have stayed healthy, he goes down as one of one of the top wide receivers ever to play the game. Unfortunately, he went to the Browns. And obviously went over the place and it kind of sucks. Anyway, back to crypto, right? [David] [12:41] Back to crypto. [David] [12:45] Back to crypto. [David] [12:48] We talk about crypto, right? We talk about crypto. [David] [12:52] I think the markets will there there has to be a pullback. [David] [12:57] There has to be a pullback somewhere. [David] [13:04] I don't know if it comes this week, I don't know if it comes next week. I'm hoping for a pullback. I really am. I'm hoping for a pullback. I'll tell you why. Because I want to get more stuff. [David] [13:16] That's why I'm hoping for a pullback. [David] [13:20] That's the selfish part of me. [David] [13:24] Is that I'm hoping for a pullback, but [David] [13:33] you kind of want crypto to rip. At some point, it's just like, you know what, the people deserve it. But some of you guys don't deserve it. [David] [13:42] Like I've watched the way you guys have operated. You talk about we want to feel what you know what? Here's the conversation that you guys have a lot. We want to experience what it was like in 2021. [David] [13:55] Well, when you have the OGs trying to go ahead and bring the healing back and show you what it was like in 2021, you guys chase these fantasies. [David] [14:07] You're out there chasing just random people that have shown you they don't give a shit about you and they have dropped their nuts on your chin. It is crazy. [David] [14:22] Like I'm sitting here as we're doing this show and I'm thinking how absolutely nuts it is that you guys continue to chase the same squad that has absolutely destroyed y'all. [14:46] It's crazy. Like it's crazy. It really is crazy to me. [David] [14:52] There's so much like I got to say, there are so many really good people in this space. You don't have to like them. I don't like some of them. [David] [15:01] But I know they bring value. [David] [15:05] And they're trying to build. [David] [15:09] And yet you y'all y'all chase fantasies, man. That's what it is. You guys chase fantasies. You guys want that quick 100x, which you'll never get. [David] [15:21] I'm not trying to be an asshole, but I'm just I'm being I'm being honest, you're not going to get it. [David] [15:35] Sad. [David] [15:39] I don't know if we'll ever have another Wall Street Bets movement. You know, I've talked about this for years. The next Wall Street Bets movement. We rallying as one together, seeing something go to Valhalla. It's not just one play, it's multiple plays. It's it's what they did back then. It wasn't just one play, but it was just like it was a real movement. Like a real movement. Aren't when are you guys going to get Here's my question to you guys. When are you going to get tired? [David] [16:18] You guys are like Captain America like, I can do this all day. Like that that's what y'all remind me of. But you're doing it in the wrong way. You guys are like Captain America. I can do this all day. And it's just like you yeah. You'll go you'll continue to go into these projects that are already set up for you to go ahead and fail and you're like, yeah, I can I can take another one. [David] [16:44] I can take it across the chin. [David] [16:47] It's just weird. [David] [16:50] I I don't get it. [David] [16:52] Maybe I'm maybe I'm stupid. [David] [16:55] Maybe I'm the idiot. [David] [16:57] May maybe you know what? Maybe maybe it's never going to happen ever again. [David] [17:06] The bull run will happen. We'll have the bull run. We'll have a glorious bull run that'll make 2021 look like look like absolute dog shit compared to what's coming. [David] [17:17] But like I I look at it like, will we ever have will we ever get back the spirit of crypto? I don't know. I don't think so. [David] [17:32] I I think I've lost hope in that. I've lost absolute any any hope that I've had. I I I think I've lost because like you can see people are just not with it. [David] [17:43] Maybe a few people, you know, are down for the cause, but like I think for the most part, I don't think people are serious. [David] [17:51] People are desperate for money. That that's really it. Desperate to make gains, desperate to change their lives and they're willing to do the the stupidest things and take on the stupidest risks in order to do that. [David] [18:03] Listen, going into any market is risk-taking. No doubt about it, but at least you do a little homework. [David] [18:11] And at least you know what the fuck you're getting into. You guys don't even know. You're just going. If a person goes in, you're going after them or going with them. You don't know what the and and I said like you don't know their pain tolerance for any of this shit. [David] [18:27] Some people can go ahead and lose $500,000 in a day and it's nothing to them because they feel like they'll make it back the next day. You guys can't play that fucking game. [David] [18:38] Man, what is it going to take to bring back the old fucking vibes? They were good. [David] [18:47] They were really good, man. I I I I swear to God, you know, [David] [18:56] I used to rip apart the markets in 2021. [David] [19:01] I can now to compare 2021 to what we have now, like, holy shit, would you want 2021 back? [David] [19:12] For those that are here in these markets, this is what I'm going to tell you though. For for those who are here, because you're you're not about a movement, you're not about rallying behind anything. Let's let's keep it 100, let's keep it real. [David] [19:23] Maybe five, six, seven people are, the rest of you guys aren't. [David] [19:28] You're going to have to trade your way because you guys are just you refuse to fucking listen. You refuse to learn from other people's mistakes. That that and even your own mistakes. You just refuse. So here I'm going to tell you what you're going to have to do. You're going to have to trade your way. [David] [19:46] Trade your way. You're not going to be able to hold because there is no more holding. [David] [19:51] I don't believe maybe maybe maybe 1% of this market is about holding. The rest of it is no longer holding. You are going to have to learn how to play Fortnite. [David] [20:00] You're going to have to learn how to play with the 20 to 25 year olds in this current space that are coming out of Maybachs, got these cameras on them. They're making it a whole whole goddamn show. You're going to have to learn how to you're going to have to learn how to play that game. [David] [20:22] And if you don't learn, you're fucked. You might as well leave. [David] [20:28] How about this? I'm going to go a step further. [David] [20:31] You're not going to win, you should pivot. [David] [20:34] If you're going to try to trade against people that have the game already set up, you should leave crypto. You shouldn't go into crypto. You'd have a better chance of going into the traditional markets and going into like Tesla and Apple. [David] [20:49] I I'm being dead serious. I'm not even I'm not trying to be sarcastic at all. I'm not taking jabs at you guys. I'm telling you 100% pivot to the traditional markets because you are not going to win in crypto. [David] [21:04] I have traded for the last two to three weeks. I am telling you, if I had no experience, I'd be absolutely destroyed. [David] [21:14] If I could not recognize patterns, I'd be absolutely destroyed. [David] [21:20] This game is set against you. That's it. It wasn't like this. It wasn't like this in 2021. [David] [21:30] It wasn't even like this in 2023. It's like this now. [David] [21:40] And you don't got to listen to me either, man. You could you could be like, yo, you know what? [David] [21:45] DG don't know what he's fucking talking about. [David] [21:52] DG doesn't know what he's talking about. [David] [21:56] He has no clue what he's saying. Okay, no problem. [David] [21:59] No problem. Man, listen, it's your money. I'm not your financial advisor. It's all good. You do what you do what's best for you, man. [David] [22:09] You do what's best for you, man. [David] [22:20] You could do whatever you want. [David] [22:25] I am so tired of trying to convince, not even convince, that's the wrong word. I'm I'm just so tired of trying to show people like, yo, like holding is the way, believing in something is the way, that it's like, whatever, man. At this point, whatever. [David] [22:48] Whatever. [David] [22:53] I'm an OG. I hold. Yeah, I hold, but you know what? I hold I hold really good assets in my opinion. I talked about Midnight. I'm holding Midnight. [David] [23:07] I I I've been talking about Midnight ever since I've been talking about Midnight before before the partnership, but I've been talking about Midnight I I I've literally started like waving flags and shit. Saying like, yo, Midnight's at 1 cent. [David] [23:25] Now it's at three. Next week it'll be at who knows, 10. [David] [23:31] You're going to see a lot of rotation into Midnight. I'm telling you. You're going to see a lot of people rotating into Midnight because they'll they'll recognize it. Traders recognize things. You're going to see a lot of people from Zcash rotating into Midnight or you'll see people who have Zcash also get themselves Midnight. [David] [23:48] Because again, they're so similar. [David] [23:50] That's all. [David] [23:53] As for everything else, man, you know, I I don't know. [David] [23:59] Will the meme economy ever come back? Will we see a better version of the meme economy? I I don't know. [David] [24:07] I sit here and I'm looking into the camera to you guys and I'm thinking out loud. I just don't know. I I I've really don't know how you can fix this meme economy when you have the VCs in it now and they're introducing their their own plants and their own people to represent them as a mouthpiece. How do you play against that? [David] [24:31] I'm not I'm not me versus everybody. Like I'm not doing that shit. I saw that only a few people stepped up to say, you know what? Yeah, I I see what DG's trying to do, but like everybody else said, fuck this. [David] [24:46] So you guys want to be in you guys want to wreck yourselves, go wreck yourselves. [David] [24:53] I I I can't you know what? At the end of the day, I can't be bothered with coming out here, repeating myself, being repetitive, saying the same things over and over again. It's like to to what point? [David] [25:07] To what point? [David] [25:10] They're going to win. [David] [25:13] You know who's going to win? You know who's going to win in this bull market? I'm going to tell you who's going to win. The the rebranded version of the LA Vape Cabal. They're going to win. [David] [25:24] Note that down. I'll be right on that. They're going to win because they are they are out there pushing videos, content that makes you believe that they're the greatest of all time. [David] [25:41] That they're the greatest ever do it, they're the greatest traders of all time. [David] [25:49] They're LeBrons, they're your Michael Jordans, they're your Currys. Like this is what they're pushing to you and you're going to believe it. [David] [25:57] These are your heroes. [David] [26:03] I'm going to win regardless. [David] [26:06] But yeah, that that's how I see it. I I I don't see it any

[Part 5 of 6] [00:00] I see them put they've already put together the. Think about this. The LA Vape Cabal after they did all the shit that they did, [00:08] they all went away. You never saw them again. They they pivoted to the stock market. [00:14] And then when it was time, they came back. [00:19] And they rebranded. [00:24] And everybody moved to New York. Everybody's now in New York. [00:30] So we went from LA to New York. [00:43] Last last run around, it was LA, now it's New York, right? Let's let's let's change the scenery. [00:50] Let's be more professional about this. [00:54] You'll be able to get away with that professional type look in New York. [00:59] LA is more like, yo, we're going to, you know, I'm just I'm just rocking whatever I I I went to sleep in kind of thing. [01:07] In New York, it's like, you got to dress the part, be clean and let's present ourselves this way. [01:14] If you don't see what I'm fucking talking about, then you're delusional, man. I don't care how many friends I don't make by saying this. [01:24] I came into crypto a a long time ago because I I was fascinated. [01:32] I was fascinated by crypto because it's really Bitcoin, obviously. I was fascinated by Bitcoin because it was like a fuck you to the system. It's a fuck you to the centralized world. [01:43] That has and you guys heard me talk about this. Centralized world, [01:50] the centralized entities, the elites have kept you, your parents, your grandparents, chained up, working for them nine to five. [02:04] Two weeks vacation a year. [02:09] Here's a 401k and made made all of us work until what? We work until we're 65 years old and then you retire. You can't even retire right now at 65. Now it's like 75. So, at the end of the day, the centralized system [02:26] has done nothing to give anybody an opportunity to win. Nothing. [02:34] And here I am, one day I I you know, obviously, shout out to my friends who were in Bitcoin. [02:41] They're like, take a look at Bitcoin and and and I look at it and I'm like, this is this is a way. [02:47] And you don't realize how broken the monetary system is. You didn't realize at the time, cuz when when you don't know about Bitcoin and shit like that, like you're not taking it seriously, you don't see how fucked up the monetary system is. You don't see how fucked up [03:05] you don't see how things are so set up against you. You really don't see it. [03:20] I'm just saying, [03:23] good luck, man. Crypto was about opportunity. [03:29] It wasn't a gambling fucking, it wasn't it wasn't gambling, it wasn't a casino. [03:39] Crypto wasn't, hey, let's gamble. No, crypto was like, [03:44] it was great. [03:47] And then the gambling started here. It's just so disappointing, man. I'm so disappointed because crypto is supposed to be bigger than this, man. [03:56] Crypto is really and I and I you know what, someday we'll get out of this because we'll be led out of it by the same people [04:05] that made sure that you could not thrive in the real world or made it extremely difficult. The the same centralized motherfuckers are going to control this space. [04:16] This is the ninth inning and they are here and they are setting up shop. They are attacking the meme economy. Because they know that is the final place for retail and normies to come to. So they want to make sure that they have absolute full control of the meme economy and they have put in their own people to go ahead and be the the fucking [04:43] Oh, so much to say and I'm holding it back. Not really holding it back. It's just, you know what? What's the point of saying it if nobody listens? It's kind of one of those I'm just I'm not I'm not meme. I'm talking to the fucking wall. Like, [04:58] just like talking to the wall. [05:02] You guys can't even rally behind something. Like, you guys are waiting for me to put money into a fucking meme. I'm not doing it. So like, y'all can watch the shit go to zero. I will I refuse I will go in. I am this time around, I promised myself that I'm going to be a market participant. This cycle, I said, I am going to be a market participant. I'm going to buy. I am not going to put 50 grand, 30 grand [05:29] into these fucking projects only to be exit liquidity. No more. So if the shit doesn't go past the million, hey, too bad. [05:38] You guys want to say that D D don't got motion? No problem. [05:43] I I nothing will offend me. [05:47] Not a goddamn thing. Some people will say, you know, back in the day, people would go like that, like try to jab it and say, yo, you got no motion and then and then I'd go crazy and show that I had motion, right? [06:02] Not doing that no more. [06:09] Not doing that no more. I have nothing to prove. [06:13] My resume is good. So I got nothing to prove. [06:17] We'll be right back with final thoughts after this commercial break. [06:21] What first got you excited about blockchains? Think about it. Oh wait. [06:31] I bet it wasn't multi-million dollar hacks, exposed data, or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. [06:44] Maybe it was imagining a world where people own their own data and get to share in the value it creates. [06:54] Or maybe it was the promise of a fundamentally better way of connecting, communicating, and transacting. The next phase of the internet that empowers us instead of exploiting us. So why hasn't it happened yet? Why are we still living with the same broken system that blockchains promised to fix? It's because blockchains can't keep a secret. Enabling open, transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. [07:25] And that's why we built Midnight to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. Let's build the internet we deserve. Together. [07:41] Ladies and gentlemen, we all know this in crypto, ownership matters. That's why Cake Wallet. Cake Wallet gives you full control of your digital assets, all in one easy to use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds. No copying addresses, no complicated steps, and even includes Bitcoin Lightning for faster payments. And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [08:24] This is Houston. T-minus one minute until full data blackout. All eyes are on you. [08:39] Breaking news. There is an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle on this. [08:49] Is that guy on FOMO? Oh yeah. Crazy trader. Yeah, let's get back to it everybody. [09:09] Breaking news. There is an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle on this. [09:16] Opportunity cost is simply this. Every position you take is a position you choose over something else. [09:30] This just in. According to the astronaut's FOMO account, the highest in the room, the satellite has been restored. [09:38] Yes. [09:41] For now, the crisis appears to be over. [09:55] Satellite's up and running. Positions looking good too. [10:07] There we go. United States of America representing. Socialism, communism does not work. Digital assets is a better to move money at the speed of light. People are greedy when they also try to acquire gold. I am here providing electricity and that energy that is necessary. I am the modern day Tony Soprano. [10:37] There we go. United States of America representing. Socialism, communism does not work. Digital assets is a better to move money at the speed of light. People are greedy when they also try to acquire gold. I am here providing electricity and that energy that is necessary. I am the modern day Tony Soprano. [11:08] There we go. United States of America representing. Socialism, communism does not work. Digital assets is a better to move money at the speed of light. [11:21] Welcome to the breakdown episode 793. 793. Sponsored by Midnight, Polymarket, Cake Wallet, FOMO. Let's look at uh Polymarket and see what's popping off on Poly over there. [11:42] Go ahead and look at Polymarket. [11:45] Polymarket, where are you? There you go. Polymarket. [11:49] I have something we're cooking something up with uh Polymarket. [11:54] But here I want to look at what's happening with the Senate race here. Man, this is crazy. [12:00] Let's go ahead and share this. This is nuts. [12:03] Which party will win the Senate in 2026? The Democratic Party is at 63%. The Republicans at a 38%. That's crazy. [12:15] That is wild. [12:18] Basically, what you're looking at is a a sweep for the Democratic Party. [12:25] Now I've talked to a lot of people that like, hey, man, I respect Polymarket, but I think uh, you know, this is the same thing that, you know, a lot of people were saying about [12:38] a lot of people are saying the same thing about um, Hillary Clinton winning over Trump in 16. [12:47] And look what happened. [12:49] So there are Republicans out there that believe that come November, the Republican Party will maintain the House and the Senate. [12:59] I don't know how. Like I really unless unless Trump does something, I don't know how. [13:07] I just don't know how it happens. [13:10] I I just don't know how. [13:13] Landy believes, I I I don't know how. [13:18] I just don't know how. [13:25] I do not know how. [13:32] Don't know how it happens, man. [13:37] And this is all this this lies in the hands, this lies in the hands of the Republican Party. It shouldn't it should not be here right now. Like this should not be the Democrats being able to go ahead and sweep both the House and the Senate. This has been a poor job done by the Republican Party. [14:01] Poor job done. [14:11] Terrible job. [14:15] Absolute terrible job. [14:24] Balance of power. [14:26] Democrats sweep both the House and the Senate, 63%. [14:33] This is terrible. [14:41] Guys, you asked me to look, I can bring on and by the way, so Polymarket is saying 63% chance that, you know, the the Senate turns blue from red. And overall that the House and the Senate will be ruled by the Democrats. So that's on polymarket.com. Polymarket is a sponsor of this show. [15:04] Polymarket's Polymarket gets shit right. [15:12] I'm hoping that they get this one wrong, but it is what it is. There are people that ask me Winter's Winter just asked me uh, you know, to get some of these kids onto the show. [15:24] I welcome any one of these LA Cabal members to come onto the show, but they won't. [15:32] Because if we start talking about how a blockchain works, and we start talking about and we start talking about assets and how they work, they won't be able to talk they they won't be able to articulate or have a honest conversation about these things. [15:52] Everything they're doing is for show. It's all hype. [15:56] And listen, man, it is what it is. You got to respect game too at the same time. You got to respect game. They're out there, they're showing you that they're living this life. You know what? You know what they're doing? They're taking, they're taking what Neo does, right? Neo and all these cats do where like, you know, it's like these scripted conversations. It's like reality shows on Kick and Twitch, whatever. They're out there, they're doing these things. [16:25] But now like the crypto side of things, the the crypto heads and the VCs and all these people, they they said, you know what? What better way of controlling the meme economy because that's what it really is. The meme economy is big. Michael Saylor's memeing, okay? There are you got Tom Lee who's memeing. You got a bunch of people that that are memeing. [16:49] So all they're doing is they're taking, [16:53] they're taking that playbook and they're incorporating it into crypto and they're showing you a lifestyle that doesn't exist. And you guys are like, wow, man, I man, shit, I got to I could be that. I I I that could be me. [17:10] And you're going to throw away your 401ks, your IRAs. You're going to do everything possible trying to chase this dream. [17:18] That's it. You're going to chase a dream that doesn't exist. And that's it. [17:25] God bless you, man. [17:27] In America, it's you got the freedom to do whatever the fuck you want, man. Just like when people walk into a casino, they can bet on whatever table they want. They can sit at any table, bet on it, whatever. It is what it is. [17:43] Like I said, I'm just here to buy. At the end of the day, my mind, my mind was set on winning this cycle and that's what I'm going to do. I'm not begging, I'm not I'm not doing no more stories. I'm not talking about it. I'm not telling you that it's not going to happen. It's just it's not. I see it. Like I said, you have like a few individuals that could believe in something, but the rest of these people don't. It's just it is what it is, man. People are so desperate for money, they will do anything. Even if it means that they got to play with the people that Libra or Melania them. That's what I'm going to say from now on. They're willing to play with people that have Melania or who have fucking Libra them. [18:35] You like that stuff. You know, you guys and and and you know, that's why their shit is working. I got to say, their shit is working because [18:46] you guys love celebrities, right? Oh, I'm thinking out loud right now and I'm thinking about this. [18:54] This just popped up into my head just now. You guys, when you see a celebrity come into crypto, you will unload everything that you have in your banks. [19:06] Everything that you have in your bank account, in your wallets, you will unload it into that token. [19:12] Think about that. Every celebrity that has come in here into crypto, you have thrown money at them. Only for Hulk Hogan to leg drop you. [19:22] Within two minutes, Hulk Hogan leg dropped your ass, deleted all tweets and left. [19:31] You guys are you love celebrities. And when they drop a token, you rush to get into it. [19:40] So, the VCs know this, the LA Vape Cabal knows this. So they're like, yo, we're going to make ourselves into the celebrities. We're going to push this narrative out there that traders are the new celebrities. [19:56] And now as they push that into crypto, you start to believe, oh shit, traders with these PNLs, they're the new celebrities. I'm going to follow them. [20:08] And they're putting like I said, they're putting out videos like, oh my God, I can't leave my house because people are just waiting outside the door wanting my autograph. They want to oh my God, I went to this restaurant and they recognized me. [20:23] They are using that playbook to rinse you. So congratulations. Enjoy the rinse. [20:32] Enjoy getting rinsed. [20:37] I'm thinking about that. They're taking the celebrity playbook. They are literally taking the celebrity playbook. And now they're putting that into play. Because they know you'll jump into the next celebrity play. [20:51] And they're slowly they're putting it out there. Oh my God, your favorite rapper, your favorite rapper loves your favorite crypto trader. Bro, shut the fuck up. [21:04] You know what? I want this to be the case. Like I want so from one side, one day we will all be known. [21:18] Like I have the privilege of going onto mainstream media networks. So like people kind of know me outside of crypto. I play in politics, so people kind of know me outside of crypto. [21:31] But I fuck with it. Like, you know, hey, that's a good trader. Oh, he's been in the industry for I I get it. [21:47] But yo, I'm sitting here, man, shit. Shit. [21:51] Guys, this this show will be sponsored by the Art of War, man. I'm I'm telling you the book, the Art of War. I know some of you guys can't read. So you I mean, just go to Amazon and and get the fucking [22:09] get the audible version of this shit, man. [22:15] Crazy, man. [22:20] Sad. It is what it is, though. [22:23] It is what it is. [22:25] It is what it is. [22:28] For those that are out there, you focus on I'll keep saying it. Just focus on getting into things that are [22:36] oversold, underappreciated, has a community behind it, a real strong community behind it and and just be patient. That that's that's all I can tell you. [22:48] If not, you're going to get rinsed. [22:51] That's it. That's bottom line. [22:58] That's bottom line, man. [23:03] Elon Musk, I'm going to tell you right now, Elon Musk don't even got motion right now. Elon himself, the richest person in the world, the man who holds and owns [23:16] the Twitter platform, formerly known as X. [23:23] He doesn't even have motion. It's the it's the two or or or the seven, eight people, the little vape cabal that has all the motion because it's being pushed by VC back money. [23:40] And this is not sour this is not sour grapes. It's just the truth. [23:45] It's just the truth, man. [23:48] I'm just going to enjoy my ass is just going to listen, I've always been a great trader. In my opinion, I've always been good at trading and spotting narratives. So I'm that's all I'm going to do. [24:00] Just go ahead and make sure well, it's not I'm already doing it. I'm positioning myself. I'm waiting for the bull market. [24:08] And I'm going to let everybody I'm going to let everything run. That's why I say when like I'm I'm I'm the reason why I use Elon is because when people question my motion, I'm like, [24:18] right now, your favorite, favorite, favorite rapper don't got motion. [24:24] Elon don't got motion. Nobody got motion except for the three kids or four or five, whatever, seven, eight kids in that fucking vape cabal that give you the meta and they have it pushed by the VCs. That's what's happening. That's what's really fucking happening. I'm not willing to put my money behind, I'm sorry. I'm not going to be exit liquidity. [24:48] Sorry, not happening. [24:52] Three cycles of being exit liquidity, it teaches you not to be exit liquidity. Experience. [25:00] Experience. Anyway, it's 3:28 p.m. Eastern Standard Time. You can catch this show on Apple Podcast, Spotify, I Heart Radio, also Apple Music. Uh, if you want to replay this show, you can go to YouTube. That's where we are right now. And we'll be moving forward on YouTube. Also, uh, Instagram, Facebook, hopefully it'll be turned on tomorrow. Uh, but again, YouTube is where you can find us, but we are streaming on all platforms. Kick, Getter, True Social, X, formerly known as Twitter. But again, YouTube is the place. Shout out to everybody who tuned in. Shout out to Dave for coming on today. Dave, [25:47] Dave came on, had a he had a really good conversation. I was sitting back and listening. A lot of knowledge was dropped. [25:54] I was huffing and puffing, man. I got to yo, I worked out hard yesterday, man. I ain't going to front. I worked out hard, man. I went hard for about an hour and a half with weights and then I did an hour of fucking running. [26:08] I went absolutely hard. 100%.

[Part 6 of 6] [David] [00:05] I'm at that point now that I like cuz I I wasn't able to work out for like six to seven weeks, man. [David] [00:11] But you know, and and then when I started working out again in training, like I yo, you felt you you can feel like, man, my muscles need work right now, man. [David] [00:21] But now like this week is really a week that I feel good. Like I really, really feel like, yeah, yeah, give me the 75s, 80s and hundreds, like I can give it to me. Let's lift. [David] [00:35] The week before that, I was getting there, but it wasn't there. There comes a point when you're sitting and you're benching and like you could just you can will yourself through that last rep. [David] [00:47] And that's when you know like, yo, I'm back motherfuckers. Like I'm back. Anyway, quote of the day. [David] [00:54] I don't know how to explain working out to some of you guys who just sit on a couch. [David] [00:59] Um, quote of the day. Let's look here. I'm still upset that Odell Beckham got fucking released. That was a crazy move by the Giants, man. [David] [01:14] Okay. [David] [01:16] Quote of the day. I like this quote. And this this quote is for Twitter. This quote is for crypto Twitter, 100%. And this actually it's it's for everybody in crypto. Who is absolutely fascinated. [David] [01:32] Let me take that back. This is for everybody in crypto who is willing to get destroyed again by the same people that destroyed them last time. [David] [01:42] You can't discuss the ocean with a frog. They only understand the pond. Remember that. And think about that. When I read that quote, makes a lot of fucking sense. Sometimes you can't discuss the ocean with a frog, you can only they only understand the pond. [David] [02:00] And that's sometimes what it feels like for me when I have conversation with you guys about these topics in crypto. Anyway, God bless you guys. I'll be back tomorrow. Today's Tuesday, tomorrow's Wednesday, the 30th. And we'll have a guest on and we'll talk about the markets. On that note, [David] [02:21] Have a great day as Akil Patterson would say, and an even better tomorrow. [David] [02:26] I'm out.