BITCOIN TODAY 🎙️ 🧡🚀

you saw, there's reports that their accusations that Coinbase has been hacked for north of a billion dollars. On base. I don't know, obviously, these are just allegations, but crazy, right? And they're covering it up. The allegation is not only where they hacked, but they were covering it up, which would mean their auditors were covering it up too. I don't know. I don't know. You could have thunk it. Well, Dr. Kare, are you talking about that guy? I think it was like Ari Paul. Oh, you Paul. Yeah. I posted it in the nest yesterday. Nobody really gave it any kind of. Well, the fact that he put lost in quotes, I just wondered what he meant. Like are they fighting over some KYC thing? He's since alleged that it was Lazarus group that was a hacked. So these are allegations, right? Yeah, I noticed he took the post down yesterday when I was, because it was a repost. And then I went to his account to try to find it. I couldn't find it. It was just me because I'm retarded, but I couldn't find it. I've had weird stuff happen in a mild coin-based account. I signed back in after years of not. I had this thing called the vault back then and you could lock your Bitcoin away. Somebody's breathing, having to the mic. Well, I'd like to hear from from Nickle. I wonder if he knows the hell of the accounts I was speaking. Thank you. Yeah, but I think you got a little side track. I'm not mute. You. No. Anyway, it was weird because money would show up in my account in different things, because I was a shit-coiner back in the day, just a few, because it's all they sold then. But then it would be gone, because I emptied out the account. But it was like, what the hell is going on here? It shows I have like, you know, X $100 worth of this thing. And then I would sign back in like three months later and it was gone. So there's weird shenanigans at play and I don't really trust whatever's going on there. Anyway, yeah, let's go to Michael. Good morning, Michael. How are you? Good morning. Yeah, no, I know first hand of businesses who have hired analytic firms to look into their own accounts, where they have alleged, not me, they have alleged that assets were stolen internally by coin base. And the vast majority of the ones I talked with kind of did the initial look at it. And just ultimately decided that the legal course of actually getting those assets back in many events isn't even worth actually going and fighting the assets. So getting the assets. So a lot of them I know just have moved over to different places and just simply said, hey, we'll never use coin base again. But I think that's likely why you see lost in quotations. Yeah, this is weird. I mean, I picked behind that curtain would be intriguing because you can't separate all of these coins. You can't segregate these things out. So you know that there's pools that, and this is where a lot of dark theories which I would say there's probably a lot of truth to are some of these things double counted. Are they saying, hey, this pool of coins is his hers and that company's. I'm aware that the coin base custodial folks is a different group of folks under the same coin base umbrella and that's supposedly different coins, etc. But who in the hell knows what's going on behind the scenes there? I for one do not trust con base as far as I can throw them. And that's another reason I if you are messing around with any of these ETFs, I use fidelity because they don't use any of coin bases services personally. So yeah, fidelity does their fidelity is one of the few that does their own custody. So fidelity was very early on to a lot of this stuff, not a lot of people know this, but they were actually doing some very early Bitcoin mining as well. They've actually been very involved friend the Bitcoin story because of their CEO that hasn't interest in the place. So they've been early the vast majority of the other ones. They've partnered with other crypto firms and there is a quality difference here as well and you pointed that out between coin base custody and coin base exchange. There is a huge difference there also and one thing that people can just look to to get a better understanding here. If the exchange and or custodian is regulated and under the OCC, they have a much higher burden to show the segregation of assets and how they relate to each customer. Now of course you can always say, oh well maybe they're not reporting the right thing or maybe there's fraud there, but it takes it to a much different category. And that's a big reason why honestly clarity in a certain way was such a big deal on one aspect because it was trying to fix this issue where institutions were just having these huge pools and potentially not accounting for certain assets being counted as double because that ultimately creates the issues in terms of a wrong. For sure. And Michael this may not even be something that's done fraudulently. It may be just incompetence or still the process of trying to spin something up that really, as they've been going along they've been basically creating the playbook for it. So who knows the intention behind here, but I for one see some red flags. So I'll give you a quick cautionary tale with coin base but just with self-custody in general. So I have a pretty good friend. She purchased six Bitcoin back when it was about 6K. Shut up Sally. Yeah, obviously a really good time. I mean $36,000 was a lot back then and still a lot and obviously what it's grown to. So she was trying to get comfortable with self-custody wallets. She actually had a couple of treasors on her desk but she was using a coin base wallet. Now not coin base the exchange but as many of you know coin base does make their own self-custodial wallet as well granted it's hot because it's on your phone but you know, you can buy and hold and have your own 12 words. So unfortunately she still didn't know enough about Bitcoin and she was trusting that it was a coin base branded wallet and she was trusting her Apple iPhone and and this is what she has lawyers. It's a legal case now. You know when you when you form the wallet and you get your Bitcoin in there it says, hey make sure you write down your words and all of us Bitcoiners know that it's so important like that that's everything right there your words and she had 12 words but it also said would you like to back this up to the cloud. Now we know you shouldn't back up your words to the cloud there could be a you know, a malicious developer and engineer you know who knows who's looking at the cloud stuff but she was in a rush and she's frazzled and part of this is her own fault she does take responsibility she just said back up to the cloud and she had forgotten about it knowing oh I'll go back and get them and put these words in and she she updated her phone and when she went to update her phone the app was wiped clean and the way that app starts that coin base wallet app is it says, hey punch in your words and you know your account your wallet will appear. Well she didn't have her words and so she freaked out and she can't you know, it's it didn't get saved in the Apple cloud or the coin base wallet cloud the mistake they made was saying your words could be backed up and it didn't get backed up but obviously the huge mistake she made was just not understanding how important it is to put your word walls down so and I have another friend related to this that I just heard heard about and she is a lawyer she did fight a case very similar and she got some kind of settlement I don't know what it is but that's not really coin base centric that can happen with with any platform or software but just most of your friends are females it sounds like yeah they're all females including you. This one on the ladies should we say hello. I make a tall beautiful say hi to the ladies. I'm also a lady by the way. Hi Tiffany. Let's say hi to Natalie. Good morning. Hi. Good morning. I don't really have much. Thank you for joining us today. No take Natalie. No takes. Yeah I'll just keep that going. Let's say hi to Dave's in the room. I know I want to hear about Dave's got his new book. I know Dave did a great job filling us in on his background on Friday and then the show didn't record man I love that show anyway. Oh, I'm going to get a button for that or something. Yeah the bots just unleashed and it was just they were wreaking havoc they were posting all this data and all this other crap. So yeah it was going hard with the bots. So I've kind of turned them down a little. It was the best show ever. It was. It was. It's about showing months. Yeah. There was healing. There was Dave. There was a little bit of this economics love just the whole week covered everything. Anyway. All right let's say hello to Chattel while you heal. Chad. Hello from Block height. 969313 with the 10 year plummeting from 2.93 yesterday all the way down to 5.285 today. Yeah. Dark. I don't know if you've got the memo but they've completely changed finance. You know when bond yields go up now the stock market goes up to so I just make it true you got that memo. Let's just make it 8% and get it over with like all this 0.2829 like it's driving me nuts. Yeah. It's really interesting times guys. I mean the you know the the buying the long end of the curve out of the Cameron Islands is a nice twist for this round and I don't know. I just can't I can't reconcile this and you know I'm not I've been around as long as dark and Dave but I've been here for a while and you know this just feels like 0708. This whole AI thing is like you know people understandably get excited and FOMO about the potential for AI but when you look through the math I think all the all the gains in the market are coming from earnings you know with a very small concentrated group of companies. Hey, it sounds like a fancy word but it just means artificial intelligence. Chad and 37 seconds. Super intelligence. I know Chad you often speak and you've said this before but in 37 seconds before we go to Dave can you just give the audience a little bit of your background as well. 37 seconds. Law or trader X hedge fund manager investment banker fancy business school and lots of schools of hard knocks. That was amazing Chad. Now I just think oftentimes people hear people of speakers up here babbling away and don't realize that they know what they're talking about don't realize their history and they should actually be paying attention instead of like throwing peanuts from the peanut gallery. Morning Dave. How are you? Morning Terrence or Lauren? Yeah. Exactly. I'm in the gym so if I start getting out of breath it's not because you're getting me all hot and bothered. Oh that would be Terrence. You know Dave I was triggered when you named your book we put Frapp boys in the title. What do you want sorority girls? Well, no. Everyone knows every person in a fraternity knows Tiffany knows but yeah you you don't call you don't call your fraternity a Frapp because you don't call your country a you're going to have to fill that blanket. Yeah, fill that blanket. Yeah I get the joke and I'm not going to go there. Look, you know, it was an observation that I made on my in my first week of joining the trading floor from technology in London office in Morgan Stanley in early 1991 and I immediately thought, oh my God because I tell those billion stories in the book but one of them just to give you an idea this was literally the first day. The Hootin hollars system for those on the floors you could understand that what your dollars are they're loudspeakers and on this particular floor this was in Canary Wharf and it was early in those days so basically you were stuck on this floor is huge. You couldn't see the sun it was just this big floor. The morning meeting happens and the analysts would come on and they would give their report you know they're talking about whether it's economic tricks or industry analysts etc. So they were going through this and one right is one woman started speaking the entire all the traders are going hey BJ speaking BJ speaking oh yeah let's listen to BJ and she actually was covering she was actually covering corporate performance and outlooks which if you're trading matters right because you know you need to understand where your clients are looking at etc. You know it's important information the sales people are taking notes and back in those days they would call clients with that information. So it's not an important stuff and I'm standing there and I asked one of the traders what's the significance of BJ who's BJ and one of them almost spit out their coffee and they looked at me and they said have you ever seen her and I said of course that's my first day here how the hell I know what she looks like and they said well if you saw her you would know what we mean and I'll leave it right there but let's just say I was like I knew I had to like smirk or laugh or say something or just ignore it but I was like are you kidding me this is what you're doing that was back in the day when DSL wasn't talking about high speed internet yeah but actually back in his pepper dine days Terrence was also known as BJ coincidentally enough but anyway that's one of many many many stories but that was literally when the idea for the title if I was ever going to write a book it my head and then I actually wrote a few chapters of it in you know 10 years ago well nine years ago and then I but I was working and so I didn't have the time and then you know when I said me retired from coin routes I started thinking about it again