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#2 - POT: The Cryptocurrency Podcast Smart Contract Audit, XRP and the Banking System with Robert Doyle
95 Plays2 years ago
Ripple's XRP has been making some serious waves ever since the historical win against the SEC lawsuit. The token has gained more than 70% since and trust in Ripple’s vision is soaring.
Ripple has the potential to become the de-facto transaction method for international transfers by Global Banks. There is a lot to unpack here, as Ripple has been silently striking partnerships with some of the biggest banks out there and can become one of the leading financial instruments that the Global Financial system may integrate within their systems.
Ripplenet Adoption
RippleNet is a distributed worldwide network, made up of banks and payment service providers, that utilizes Ripple’s innovative decentralized financial technology. This tech facilitates instant communication, clarification, and reconciliation of financial dealings. Ripple establishes connections between banks, corporates, digital asset exchanges, and payment providers through RippleNet, offering a seamless global money transfer experience.
Ripple’s partnerships with Bank of America, PNC Bank and Santander are a testament to Ripple’s continued effort to consolidate and create a financial instrument that can bring global economies together.
With the increasing adoption and transaction volume, Ripple’s market cap could inflate significantly. Banks may find holding XRP attractive as it streamlines transactions, making them faster and cheaper. If banks can increase their profit margin while improving customer satisfaction, we could see XRP reserves be used for faster transaction settlements. This scenario could fuel the demand for XRP, pumping its value and, consequently, Ripple’s market cap.
XRP and The Basel 4 Reform
The imminent transition from Basel 3 to Basel 4, which has started in January 2023 and is expected to complete within 5 year, means that new regulatory standards shape how banks calculate risk, affecting their asset allocation. If XRP was to be classified as a Tier 1 asset, banks would be allowed to hold XRP to resolve transactions quickly and cheaply.
This flexibility could be the push banks need to fully embrace XRP and other digital currencies, driving their adoption in mainstream finance.
XRP Adoption in Japan
Banks are always looking for ways to maximize their profits, and XRP might just be the winning ticket. Ripple’s technology can cut transaction costs by 60 to 80 percent on international transfers. The potential savings for banks are massive, freeing up resources that can be used to improve other services.
Several Japanese Banks have already adopted the Ripple-based payment system MoneyTap, and it continues to grow in popularity. The integration of MoneyTap allows regional banks in Japan to provide a service for peer-to-peer funds transfer to their customers via a mobile app. Apart from using bank account numbers, the service also supports online money transfers using mobile phone numbers. The app is equipped with online identity confirmation and biometric identification features to guarantee high-level security for customers from Yamaguchi, Momiji, and Kitakyushu.
More about Ripple and the Global Financial system in this podcast, thanks to Robert Doyle.
This podcast is fueled by Aesir, an Algorithmic cryptocurrency Trading Platform that I helped develop over the last 2 years that offers a unique set of features.
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Transcript
Introduction to CBDCs and Financial System Shift
00:00:00
Speaker
What would be a good reason for people to be like, okay, maybe CBDCs are not so horrible? You know how they're going to get people into this new system? They're going to offer them money. All right.
00:00:17
Speaker
Hey, man. Great to have you
Meet Robert Doyle, the Crypto Sensei
00:00:19
Speaker
here. I'm here with Robert Doyle, also known as Crypto Sensei on Crypto Twitter. So you're the founder of DeFi Sentry and Cryptonaris. Do you want to introduce yourself? Yeah. Hey, guys. Robert Doyle, also known as Crypto Sensei in the crypto space. Happy to be here with you, Cyberpunk or Andre, whichever one you want to go by.
Cryptoneers and Partnerships in Crypto Education
00:00:38
Speaker
Yeah, so I originally built Cryptoneers. Cryptoneers is a crypto community where people can get educated on some of the best cryptocurrencies in the space. We also have a partnership with another Discord, Carolina Keith's TA Discord. So when you sign up for Cryptoneers, you actually get
00:00:57
Speaker
Our community where I teach, I have two sessions a week that are going about an hour and a half to two hours where I go through maybe a hundred different pieces of crypto news each session. So we have all of that in my community. And then there's also Carolina Keys TA Discord where you can go in and take classes and learn about TA. So we worked with so many projects over the past couple of years. I think we've worked with hundreds and
DeFi Sentry and Smart Contract Auditing
00:01:21
Speaker
hundreds of projects. We've had hundreds of AMAs in the community.
00:01:23
Speaker
And we thought well hey man if we're gonna have all these people come in the community and at that time this is like twenty twenty one we were we were auditing the companies that were coming in because we wanted to make sure that whatever project we brought into our community we did a heavy security look at that company and so.
00:01:42
Speaker
DeFi century kind of blossomed out of that. And yeah, we definitely, we help newer crypto projects that maybe don't have the 10 or 20K to go see CERTIC that maybe you want to spend a couple of grand, but also want to make sure that their contract is safe. It works. Our team actually has two different softwares that we run contracts through.
00:02:04
Speaker
And we also go line by line through code to make sure that there's no issues. And in 2021 and part of 2022, we actually helped some of these newer projects fix code before they actually launched the contract. So just a lot of things that we do with both companies that kind of coincide with each other. And so at the end of the day, we're just trying to help create a safer space for people that enter the crypto market. And when they're dealing with these projects, at least they know that
00:02:32
Speaker
hey, this company's looked at the smart contract. If anything should happen, not going to come from that side. So yeah, man, it's been a great journey the last couple of years and I'm just kind of thankful to be here and talking to you, my dude.
00:02:44
Speaker
Awesome, dude. Yeah. Thanks again for accepting my invitation. And that's incredible. I think the fact that you're building new companies on top of tech that did not exist a few years ago is
Common Errors and Solutions in Smart Contracts
00:02:56
Speaker
really cool. And it's kind of what I wanted to talk about. You've mentioned that you founded DeFi Century. You're working, you're helping projects audit their smart contracts. So like I'm quite nerdy about stuff. I like to get like into the stuff and understand it and figuring out how it works. I'm kind of curious.
00:03:15
Speaker
What are some of the common things that you see when you normally go through the process of auditing a smart contract? What are some of the common pitfalls that you normally see? I read a lot of the reports that come out from the contracts that we've done, but often you'll find small errors, mistypos, things that
00:03:37
Speaker
maybe in the line of code, maybe the person hit the wrong button or something and something doesn't deploy correctly. And so we spend a lot of time. We can turn around and audit within three days because we do have people on standby that are just ready to tackle any business that comes our way. We've built technology on top of Mirix. And we have two different sources that we run code through.
00:04:02
Speaker
So we kind of just have a backup just in case. So we go through the code line by line, and we also run it through both technical apps that we have built out. And so a lot of the time, it's just smaller errors like that, but we have it
00:04:17
Speaker
really found a contract that has major, major issues where it's like, hey man, who wrote this or whatever. But there's been some cases where, I'll just tell you a story. I won't tell you what the project was though, but they had hired some devs from another country to build the contract. And when we actually looked at the contract, we knew it wasn't going to do anything that the project wanted it to. So we were able to warn
00:04:42
Speaker
that project that hey this code is not at all what you think it is and we were able to save that project some face because they were getting to the point where they were going to launch the contract and raise money and we were like hey guys you really need to spend some time and work on this and fix this.
00:05:00
Speaker
We actually were able to save that project hundreds of thousands of dollars because if they would have deployed that code, their project would have just fallen apart. We were actually able to get them a development team because I have a lot of connections in the space and we actually ended up saving that project in the end.
00:05:20
Speaker
It's just a long story, man. But yeah, we have a really fun team. We kind of work together when we're looking at all of these different projects. But nine times out of 10, it's just smaller issues. Very rarely do we have mega problems with the code. Yeah. I imagine a lot of times it's due diligence and making sure that everything is indeed fine. It's better to check three times rather than just get stung once by a small mistake. And that's really important because a lot of people
00:05:47
Speaker
When I was doing some development on Solidity just for fun, when you make a function public, it's public. Everyone can see that function. It's crazy that you could potentially just give away control of your smart contract just like that, and everyone can access functions that they shouldn't be able to access.
00:06:07
Speaker
So I was reading on your website that you basically have two ways of auditing smart contracts. You've got the manual way, so your team kind of goes line by line and they look at the code and all that. But then you also have this proprietary solution that you basically take the code and just give it to that algorithm to look for stuff. How does that work?
00:06:31
Speaker
So we have someone on the team that works for a three-letter agency that we can't talk about, but they are incredible at designing and building apps and different things that, you know, basically took six months and he built out all of the custom code for this thing that we're using. And he actually saved us a lot of money because if you go and buy a tool like that, it could cost you a ton of money.
00:06:55
Speaker
But yeah, man, it works great. We were able to run a contract through in just a couple hours. We'll scan through everything and it kind of just prints out kind of, hey, what are the areas that we need to focus on that are part of this audit? And so maybe it'll give a couple different lines of warnings and we'll go check that particular place for those issues. And then what we'll do afterwards is after we print the report and send it over to the company, we will actually help that company
00:07:21
Speaker
fix the issues and we'll give recommendations to fix the issues. And then we'll go back and we'll do another audit. And since we're basically helping them fix the issues, we do that audit, the second audit for free. And then we're able to print the report without any errors or issues. So, you know, it's a lot of fun, man. You do get to work with a lot of projects before they launch.
00:07:42
Speaker
And you get to have discussions and no information that not a lot of people know about certain things. And it's just a lot of fun working with different players in the space and what they're thinking of, what they're coming up with. The crypto space is ever growing and new technology is being tested every day. Things that weren't around 10 years ago are now kind of in the forefront of the business world. And so it's just a fun place to be around.
00:08:07
Speaker
Oh yeah, definitely. The fact that it's moving so quickly, that it's so agile, that's exactly why you need to do your due diligence on contracts or any kind of deployment. I think you're very well positioned to provide the industry with something that they really need.
XRP's Legal Win and Market Implications
00:08:25
Speaker
Managed, it looks like the industry is booming. The news that we've been receiving recently, XRP absolutely smashed the SEC lawsuit. I'm incredibly stoked about that. It was the first thing that I saw when I went online and I was like, holy shit.
00:08:43
Speaker
This is just the biggest news that I've received all year round and it's probably going to just get bigger from here. And we were talking a little bit before and you had some interest in the ISO 222 and I think it's super interesting how that could work with Ripple and when Ripple is going to go from here basically.
00:09:02
Speaker
Yeah. So when we're talking about global institutional payments or payments between banks, we know a couple of things. We know one that whatever the software or the token is, there has to be ISO 20022 compliant. And then how you get to ISO 20022 compliance, your company has to do certain things
00:09:24
Speaker
and report certain things to regulators and things like that. And so when you're talking about cross-border payments, you can really identify who are the biggest players in the space in that arena, right? You have your XRP, you have XDC, you have Quant, you have, not Casper, you have HVAR. Even ADA is on that list, but I don't really think ADA is going to be used. I mean, we just saw the Coinbase and Binance lawsuit, and ADA was listed on both of those as a security. So I think ADA is going to be kind of
00:09:52
Speaker
installed for a little bit. So you really can identify like, hey, it's going to be like XRP, Quant and XDC and XLM are like the main source of ISO, right? And you can really say, well, like... So all of these support the ISO standard or are planning to support the ISO standard because XRP is directly working with the banking system. It's kind of like the whole idea of their product, but are the others working within the banking system or are they just using it for something else?
00:10:18
Speaker
So Ripple, the company, built software on top of the XRP ledger. And because Ripple, the company, does certain reporting, it's AML, which is anti-money laundering, it's Know Your Customer, KYC, and there's Terrorism Finance Checks, or TFC. I think it's TFC. But those things need to happen when any kind of bank uses or sends money to another bank. And that happens on both sides of the transaction with Ripple. So that's how XRP is ISO compliant through Ripple, right?
00:10:46
Speaker
And so all those other companies like Stellar and XDC through Impel, right? That is kind of how you become ISO compliant, right? Because you have to have those reporting requirements because if there is money being sent into a bank that is maybe like a bank that has been sanctioned or something like that, that is a big problem if a bank sends money to another bank that's been sanctioned, right? People could go to jail, you get millions of dollars in fines. So you kind of know who the bigger players are in this space right now that are going to be handling a lot of those payments.
00:11:14
Speaker
And that is your Ripple's working with your banks and your central banks. It's also XDC working in the trade fi space with NGO talking about digitizing trade documents. You know, that's going to be a huge deal too. XLM has similar technology as Ripple does, right, because Jed McCaleb kind of just forked the XRP ledger, built Stellar. I just think XRP and Ripple have built more use cases for the XRP token.
00:11:39
Speaker
Stellar is working mainly with USDC on a lot of things. And so I just think the person at the top of the pyramid, the company at the top of the pyramid is probably Ripple and XRP. And then right below it, you're going to have, or you know what, at the top, you're going to have XRP and you're going to have Quant, right? Because Quant is the network of networks. And that is really what makes everything interoperable, right? That in Interledger Protocol, which is what Ripple developed and gifted to the W3C, which is the internet.
00:12:05
Speaker
that's
00:12:20
Speaker
And it has all of the use cases and interoperability. I think you're going to see a quant price similar to a Bitcoin price within the next five to 10 years. I do think it'll get five digits easy because I see it as a multi-trillion dollar blockchain. That's what QuantX are and all these guys are. Where is it right now in the market cap? I don't think I've heard of Quant where if I haven't done a lot of research on it.
00:12:48
Speaker
I got you, but let me look it up real quick, but it's probably right around a hundred dollars coin market coin market cap. All right. We'll give you one second. I'll tell you in just a few seconds here. Oh yeah. What 101 dollars. Yeah.
00:13:02
Speaker
So if you look, circulating supply is $12,072. Total supply is $14,0881. So it has a basically $7 million token less than Bitcoin. And Quant really does have all the use cases, right? You're sitting right about $1.2 billion market cap right now. So if I think this is going to go to a trillion dollar market cap over the next few years, that's $1,000 X from where it is right now. And I don't know, that would be, yeah.
00:13:31
Speaker
1 billion would be 1000X. I do see Quant at a much higher price than it is right now because when you hear people like the head of the BIS talking about network of networks or Christine Lagarde talking about networking networks, they're talking about Quant. That's different from the parachains that Polkadot has.
00:13:54
Speaker
Oh, yeah. Yeah. So Polkadot is a whole other beast. People often ask me to explain to them what FedNow looks like. And if you've ever looked at a photo of the Polkadot parachain system where it's the big circle and you have all of the parachains on the outside connecting to it, that's what FedNow looks like with all the banks around the outside. And they can send money and do things in between each other.
00:14:21
Speaker
It's really interesting, right? Because you have FedNow launching in what, five days from now in the United States. That is the US's instant payment network. That's going to be pretty interesting because you do have a lot of projects like Finastra, Finastra Accenture,
00:14:37
Speaker
ACI worldwide, all of these really big Ripple partners, Temenos, Earthport, there's just so many partners that Ripple has been able to partner with that are part of that FedNow system. That's why a lot of people speculate that FedNow is going to launch the XRP price. I personally don't think that the XRP price is going to move right when it launches, but I do think that XRP will be used in that system as well as the Swift system. Right. So what is Fed again?
00:15:08
Speaker
So you mean the, are you talking about fed now? Yeah. Fed now is the America's instant payment system. Every payment will be a four and a half cents that banks, banks and credit unions in the United States consent to each other. It's a, just, it's a domestic payment system that was built to replace fed wire and fed wire securities. Right. And so fed fed wire does 4.2 trillion a day in volume clearing.
00:15:33
Speaker
It also does $1.3 trillion in securities clearing, and that's like stocks or bonds or something like that. That's $5.5 trillion that I think by the end of 2025, FedNow will basically be the new Fed wire. That is America's instant payments. We have a lot of countries working on instant payments.
00:15:55
Speaker
UK, you have the Eurozone target too, they've already moved to it. You have MICA regulation in the Eurozone too. So there's a lot of countries that have already built out their instant payment systems. And those systems can use crypto to send that payment because they're ISO compliant, right? And you can attach the payment with the message. And that's how you get instant payment and instant settlement at the same time.
00:16:20
Speaker
Right. So FedNow is the new ISO compliant version of FedWire and FedWire is just using a completely different protocol for that. So ISO is just the messaging standard, right? So the world has different messaging standards all over the world. Like banks use different messaging standards and sometimes
00:16:40
Speaker
Banks don't talk to each other properly, right? And you have to, correspondent banking is if you're sending money from A to B, it might have to go through C, D, and F to get to back to B, right? Because that's the banking system. And so you have Citibank, HSBC, and Chase are the top three banks around the world that handle at least like one leg of an international payment, right? Like 60% or 70% of payments go through with one of those three banks. So they're just gigantic, right?
00:17:09
Speaker
When you're bringing an instant payment system service to life like Ripple has with XRP and ODL and that kind of stuff, you're enabling banks to move value at the speed of light. They don't have to wait three to five to seven days for that payment. When you're sending a billion dollars across and you don't even know where the payment is or if it's been received yet, that's a huge problem in international payments.
00:17:35
Speaker
FedNow is just domestic, so it's just the United States, but they can add a cross-border feature to it by using something like Finastra or one of these payment providers, you know, Temenos by themselves are connected to 3,000 banking institutions globally. So there's just a lot of partnerships inside of FedNow that can use XRP, the token, to move value if they so choose
Ripple's Global Expansion and Bank Adoption
00:17:59
Speaker
to.
00:17:59
Speaker
So there's so much happening around the globe right now with cryptocurrency that a lot of people just have no clue what's happening behind the scenes.
00:18:08
Speaker
Yeah. And honestly, it's crazy to hear you talk about all of that stuff because I've explored crypto and I'm exploring crypto, but I'm nowhere near like close to the wire as you are on banking and kind of how the entire financial system kind of works. So it really is cool to just get a 100 mile an hour kind of description of it all. It's great.
00:18:35
Speaker
So just going back to Ripple, Ripple is now partnering with a lot of these payment, well, not payment processors, but payment systems in order to provide, to allow them to use the network for small transaction fees.
00:18:53
Speaker
That's obviously a good thing for the consumer. It's obviously a good thing for the banking system and a good thing for Ripple. Is there anything to be concerned about this kind of partnership between Ripple and the financial global system?
00:19:09
Speaker
Well, so you have companies like Chase and some of the bigger conglomerates, right? Those guys really wanted to slow everything down, right? And a lot of people speculate the reason Ripple was sued by Jay Clayton and Bill Hinman in the last administration was done to help Ethereum, right? And there's the whole ETH gate scandal and a lot of that stuff looks kind of accurate that
00:19:33
Speaker
They were there to help Ethereum, there was a regulator in the United States that was there to help Ethereum grow and really kind of there to kind of put stop and breaks on Ripple and XRP because they were expanding at such a great rate. So some banks really wanted to slow all this down, right? Because they're making billions of dollars, billions on top of billions of dollars globally because Chase, HSBC, and Citibank really kind of have the correspondent banking system on lockdown.
00:20:02
Speaker
So some of those banks wanted to slow all of this progress down, but you do have Ripple. The lawsuit actually helped Ripple, and a lot of people don't understand that when I say that, but Ripple went out and they went out to other countries that maybe they weren't looking at. They expanded the last two and a half years that they've had this lawsuit, and now 95% of Ripple's business is outside of the United States.
00:20:26
Speaker
So that really did help them grow in a space where they really needed to. And then now you have all of these banks like Bank of America, Wells Fargo, they look over at Ripple and they say, man, I want to start using that. And you did have Bank of America come out and say that as soon as the case was over,
00:20:42
Speaker
and if XRP had clarity that they would start using it in their everyday operations. I don't think we've seen that quite yet, but there are some banks that don't want this crypto ecosystem to come in, and there are some banks that are opening with wide arms and adopting it.
00:21:00
Speaker
So it just depends which bank you are. If you're afraid of this new system and you're making a ton of money with the old system, you don't want the new system. You just kind of want everything to slow down. But if your Visa or MasterCard or American Express, which are all Ripple partners through different partners,
00:21:18
Speaker
They can charge 3% or 2% and then pay a penny for the payment and really make even more money. You have two groups, one that will adopt the technology and use it to make more money, and then you have one that want to slow it down and keep everything how it is. Those are the incumbent banks.
00:21:36
Speaker
So you are really kind of at this situation where banks have to choose, do I want to go and offer these new services to my customers or do I want to keep things the same? And the banks that decide to keep things the same, those are the banks that probably will go out of business over the next two to five years. Because when your customers want instant payments, you want to be able to send money to somebody like you send an email. It's very easy. It's very simple. You can transfer your stuff.
00:22:02
Speaker
And you're not charged an arm and a leg for it, right? When you go into Chase Bank and you want to wire some money to somebody on the other side of the planet, they're going to charge you $25 or $50, right? And if you're sending $200 or $300, that is an insane amount of money to pay for that one transfer. Now you can use digital assets and move that for a penny or 10 cents.
00:22:24
Speaker
Now you have a system that kind of levels the playing field as Ripple would say, and it makes it easier for people to send money to and from, right? So there's just two camps, and it depends on which camp that you're in. Of course, we're in the camp that wants crypto to be adopted globally to move money and value instantly.
00:22:43
Speaker
Look, you have Swift. Swift is a conglomerate of banks, 11,500 banks that have come together over the last 50 years. That is what is the correspondent banking system. Swift moves about $400 billion a day. Swift has Swift GPI. Swift GPI is a messaging service.
00:23:04
Speaker
Now, Ripple basically has built API connections, and what Swift has done over the last, March 9th of this year, Swift did a bunch of testing with 12 banks for cross-border payments using DLT. I connected 11 out of those 12 banks back to Ripple and partnerships with Ripple. I wouldn't be surprised if you do see XRP moving across the Swift system momentarily. This could happen at any time here, but I do think you're going to see
00:23:33
Speaker
cryptocurrency start moving through the Swift system, through API connections. And that's nice, right? But I'm really interested, and a lot of people just kind of are closed off to this, but I'm interested in the tokenizing of assets, right? When we're talking about tokenizing value, that's stocks, bonds, derivatives, real estate. I mean, the stock market is whatever trillions, right? The bond market is usually four to five times larger than the stock market.
00:23:59
Speaker
And the derivatives market is 10 times larger than the bond market. So derivatives are $600 trillion to $1 quadrillion. And they're going to bring that value sooner or later onto certain blockchains. And we can kind of see that, hey, the derivatives market is a global market. And there's different currencies that are used across the globe. And derivatives are basically futures. So you're saying that, hey,
00:24:26
Speaker
I think this thing is going to go up or down in value over the next 30 days or 60 days or whatever the timeframe is. It could be seven days, but a lot of money moving in that system. And if you had a bridge asset in the middle of that system to settle value instantly in any currency, that is really what they were building the XRP ledger for.
00:24:47
Speaker
And that is why I talk about it so much on my YouTube channel, and that's why I try to educate people on it, because I do think that everybody's looking for the next Bitcoin, right? The thing that went from pennies to thousands of dollars, right? What will be the next Bitcoin? And I personally don't think it'll be Ethereum. I think Ethereum is too slow. It's too expensive.
00:25:08
Speaker
Um, you know, I, I, there's, there's stuff like Zinfin, which was a, it's a fork of Ethereum and a fork of Coram, uh, JP Morgan's Coram. And that is a, that's like Ethereum 3.0. That is a much cheaper.
00:25:21
Speaker
better ecosystem to build smart contract functionality on. So when I look at all of this stuff, I say, what is going to be the next big one? And I think it is XRP. And it's not just Ripple that's building on XRP. A lot of people just only think of Ripple, and that's the wrong thing to do because it's a decentralized blockchain. And there's projects all over the world that are being built on top of it.
00:25:43
Speaker
And there's some NFT projects that are really cool. You know, there's Moja Loop, which is Bill and Melinda Gates Foundation. They built out a payment system using Ripple's technology or XRP, Interledger Portable.
00:25:59
Speaker
So there's just so many different use cases being built out for XRP and the tokenization of those assets, whether it's derivatives or real estate. Real estate alone is $320 to $330 trillion globally. Now you can tokenize illiquid assets and make those a part of the value that lives on certain blockchains.
00:26:19
Speaker
So when you bring over 10 trillion, 20 trillion, 30 trillion onto those blockchains in value, those blockchains increase in that value that you're bringing on, because now that value lives on that ledger. So it's going to be pretty incredible to watch this develop over the next five years. It's going to take some time, but there's incredible use cases being tested right now that I think are going to really take shape and bring this value onto these ledgers.
00:26:48
Speaker
So the thing with Ethereum is that it's already kind of like if you're considering investing in Ethereum now to 1000X, you're already a little bit late to the party. Like Ethereum's already been, you know, yeah, was 2014, 2015 when it was launched and then it just, I mean, it's obviously a blue chip asset, a blue chip chain. It's got like not the first mover advantage, but it's kind of high up there. I put it in the like the blue chip category with all like Bitcoin and
00:27:15
Speaker
you know, the old ones, Litecoin and I don't know, Bitcoin Cash is kind of a suspicious one. But, you know, it's kind of it's kind of up there, right? Like Ripple never really had that that boom and never recovered from the first big bull run that we had in 2017, 2018. Like Ripple, I know a few friends of mine, myself included, we bought Ripple in around 2017 and I DCA'd my way up to when it was like three and a half dollars.
00:27:45
Speaker
I haven't averaged out yet, ever since, you know. So, yeah, it's just, I do think Ripple will really become a lot more useful and it being more useful, obviously, you know, there's a lot of space for speculation there, but I was curious to see that Ripple didn't perform nearly as well in this, well, I say this 2021 bull run as compared to the 2017 bull run.
00:28:15
Speaker
And it was probably due to the case that they were fighting at the time. It was. I mean, you remember back, right, in 2020, as we got into 2021, that was that 2021 was a crazy year, right? Money was flying around everywhere. Like, it was so much fun. And I don't know how many millions of dollars that we made community members in 2021, but it was it was a lot of money, because we were finding projects that would, you know, did 1000 X, 100 X, you know, and we would keep finding them. And 2020 was nuts. But you're right.
00:28:44
Speaker
And you've got to understand too, and a lot of people don't understand this, we're still in a speculation market. We're not in a utility market yet.
00:28:53
Speaker
And we're getting to utility market. But when you had the case over Ripple's head, yeah, it wasn't going to perform well. But what I did was I knew that I had faith that Ripple would come out ahead as far as XRP not being a security. Now, we still need to support Ripple because some of the cases are going to go to trial for Brad and Chris. And we need to be able there to be able to support them because we've supported XRP and Ripple over the past two and a half years. We shouldn't stop now.
00:29:22
Speaker
Now that we have clarity for our end, we still have to keep pushing for Chris and for Brad because they're the ones been fighting the SEC this whole time and with their attorneys. So yeah, man, we knew we needed to do that, but it is a speculation market. So as we get into 2024 and 2025, that is a different story because now you're going to have regulation globally.
Regulations and Their Impact on Crypto
00:29:46
Speaker
Because you have the UK that just passed the digital markets and infrastructure bill, that is really going to help out XRP, XDC, Quant, and XLM. Those are really the utility tokens that are probably going to thrive. In England, there's a lot of people that own XRP too, because I see a lot of cab drivers will take XRP as payment.
00:30:21
Speaker
post on Twitter, but that is really going to help the UK, right? Because the biggest financial markets in the globe are like the United States and New York, London in the UK, and then you have like Singapore and Hong Kong, right? Those are really, you know, really big
00:30:34
Speaker
I haven't seen any, I haven't seen any yet, but I'll keep an eye out for them.
00:30:39
Speaker
financial hubs. Then you have the UAE, like you have Dubai and Saudi Arabia. Those are oil rich countries. You just saw, I think it was SABB Bank or SAAB Bank, but it's one of the biggest banks in Saudi Arabia that does a lot of processing with oil money and they're going to be using XRP as well.
00:31:01
Speaker
If you go through and you start searching all of the connections that Ripple has, and you start adding up the value that those banks clear every year, you really start to see an incredible picture of how much value that could run through the ledger, right? Because let's think about this collectively.
00:31:19
Speaker
We know the old banking system is coming to an end. The corresponding banking system is coming to an end. So that's going to push all of these banks to either use XRP, XLM, XDC, or really Quant. Those are going to be your major options to use for global payments.
00:31:35
Speaker
When you start adding up all of the trillions and trillions and trillions of dollars, it's in the quad trillions of value is transmitted just by some of these ripple partners every year. And how much of that will ripple get is the question that we should be looking at or should be asking, right? How much value is going to move over the XRP ledger?
00:31:53
Speaker
And I think it's going to be trillions, if not quad trillions of dollars a year moving over the XRP ledger just from all of the connections that I've been able to make personally through all of the information that I've kind of dug through over the last four and a half years.
00:32:07
Speaker
So what would that do to its market cap? Is this an idea that they're only going to be using Ripple as a channel, comes in, goes out, that's it? Or is it going to positively impact, apart from adoption, but is it also going to impact its market cap? Are banks going to be incentivized to hold XRP in order to transact more easily and more quickly?
00:32:32
Speaker
Great question, brother. Great question. So you have something called the Basel III framework. Basel III is going into Basel IV. And what this is, is it's a framework for banks that they can say, hey, you have to hold a certain amount of X, Y, and Z asset to back up like deposits or backup securities that they hold or backup whatever. What I think is going to happen,
00:32:52
Speaker
over the next six to 12 months, maybe a little bit longer. But I think certain cryptocurrencies are going to get tier one designation for banks to hold. Banks are here to make money. And if banks are testing technology that is helping them
00:33:10
Speaker
just be able to send value at the speed of light and also reducing their costs, 60 to 80%, offering better service to their customers, banks are going to want that, right? And you really have to just kind of sit down and say, are you going to use this old system for the next couple of years or are we going to save a shit ton of money and use this new system, right? And so I kind of got lost. What was the question you were telling me about? I'm sorry.
00:33:35
Speaker
Would it impact Ripple's market cap positively and would banks be incentivized to hold Ripple in order to transact Ripple? Got it. If assets are deemed Tier 1, like gold is a Tier 1 asset, US bonds are a Tier 1 asset, some stocks are Tier 1. I think you're going to get a designation like that for certain digital assets that banks are going to be able to hold. Because if you're going to be using the technology every day, maybe you want to hold some of that.
00:34:05
Speaker
And if you're going to hold some of that, do you need to hold that value and then have cash that backs up that value? Or is that value good on its own to back up something else? So if certain cryptos get a tier one designation or stablecoins get a tier one designation, banks will be able to not only hold those assets, but also use those assets too. So some banks are going to not want to hold any assets.
00:34:29
Speaker
Right. Some banks like even BlackRock doesn't hold any assets. They have custodians that hold all of the assets for BlackRock. And people don't even realize that. But banks can use on demand liquidity and not hold the XRP token. Some banks will decide to hold it. Some banks won't. 50 percent of Japanese banks are already
00:34:48
Speaker
talking about using XRP to move value. And Joshi Takakata, who is the head of SBI, he also said that every bank in Japan will be on the XRP ledger by 2025, as well as the Bank of Japan just came out and said that they're testing the XRP ledger too.
00:35:05
Speaker
So if all of that value starts moving on the network, yes, the price is going to probably skyrocket because if you're moving a billion dollars and XRP is a dollar, you need a billion XRP to move just that single payment, right?
00:35:21
Speaker
And even though in three to five seconds that money comes back and then you can reuse that XRP, if you start moving trillions of dollars a day, it starts becoming millions of dollars per second and millions of XRP per second. So that is why XRP's price will probably come up to a much higher and stable value. What that value is depends on how many banks and central banks are going to be using it.
00:35:45
Speaker
What we're waiting for is automated market makers. And Sertic Audit just came back on that about two weeks ago. I think it had like a 91% or 92% pass rate. And it looks really good. So, automated market makers are really the liquidity pulls that we're going to need to move all of this value. And we're going to be able to earn money and yield
00:36:07
Speaker
off of staking our XRP through the AMMs for liquidity. Also, we need hooks, which are smart contract functionality for XRP. So those are the two things that we need to be kind of be put in place before XRP could handle trillions and trillions of dollars in volume a day. So that should be put in this year
00:36:29
Speaker
towards the end, middle to end of this year. And so that would be like September through December is when we're probably going to get that. So, um, but yeah, if, if we start moving trillions of dollars per day, uh, you are going to see a massive spike in price because right now ODL, which ripples ODL only moves $250 million a week.
00:36:46
Speaker
which is basically a billion dollars a month. And a billion dollars is a drop in the bucket when you're moving trillions and trillions a day. I just did a video that I just pulled up basically some of the biggest ripple partners like American Express, Visa, Union Pay. I threw in a couple of central banks in there, but the DTCC as well, which is the Depository Trust Clearing Company, they move six to $7 trillion a day.
00:37:10
Speaker
The FX market in the US moves $7.5 trillion a day. United States domestic does $5.5 to $6 trillion a day. So there's so much value that could be on these ledgers that would bring the price up as the value gets moved because you can't do it with a price of $1 or $2. It needs to be much higher if you're going to be moving all that value through it.
00:37:32
Speaker
Yeah, because there's a limited supply of Ripple. I'm not sure exactly what it is. I think it's around 500 million, I could be wrong, but then if you're using the whole supply, then the only other option is the price will increase because there's no other way around it.
00:37:51
Speaker
So actually, you're talking to me at a good time here. So I spent the last several days. There's a website that basically tracks how much XRP is in certain wallets. And it only gives me information on the top 10,000 wallets. And I went through all 10,000 wallets, and I added up all of that XRP.
00:38:12
Speaker
Believe it or not, let me pull up the Word document on my computer so I can tell you. A lot of it is pre-minted. I know a lot of it is sitting in the deployer wallet or something like that. It's all pre-minted. XRP is a consensus model. It's not proof of stake, it's not proof of work, it's consensus. There's also proof of authority too, but it's a consensus model. Nodes on the network validate transactions and banks usually become nodes.
00:38:40
Speaker
And so right now, Ripple, there's still, let me just pull this up real quick and I'll tell you. So right now, before the Ripple case was over, so I was doing this this week on like Monday, Wednesday, and Tuesday, Monday, Tuesday, and Wednesday. And Thursday is when the case kind of settled. So there is 41,900,000,000 in escrow, okay? I counted, there's about 22,26 to 25 billion XRP in people's wallets.
00:39:08
Speaker
That means the circulating supply of XRP at the time was about 35 billion tokens. It's probably a lot less now because we had billions of dollars more come into the market and I'd have to kind of go back and recount that. But a lot of people think the circulating supply is like 52 billion and whatever. It's not because a lot of this XRP is already in some of these people's wallets, right?
00:39:28
Speaker
And so I think you're going to see a huge supply shock on XRP once bigger things get announced and the general public kind of wakes up to, hey, we can find... Because I mean, imagine this, man. For the first time in our lives, we're able to own an asset that central banks are going to use to move their value.
00:39:50
Speaker
When in your life have you ever been able to do that? I mean, sure, you can own dollars and things like that, but when you own the internal financial instrument that is going to be used to move value between central banks, you've never been able to do that. And now for the first time in your life, you can take that and you can hold onto it and you could basically be in these big leagues with all of these big, gigantic banks, right? And we're still, like I said, in the speculative market, but
00:40:16
Speaker
we're going to get into this bull market the next cycle where you're going to have regulation globally. And if you have regulation globally and crypto can move across borders seamlessly, how much XRP or how much quant or whatever is going to be left on the open market? I don't think there's going to be a ton left. And so if the supply shock goes down to like 5 billion tokens and the XRP ledger is moving trillions of dollars a day, you're talking about a thousands of dollars price for XRP.
00:40:43
Speaker
Yeah, and not to mention how this will just change people's lives completely. Being able to transfer money easily, quickly, without the complications, without the premium fees is just going to make such an impact. And then you kind of have the way I see this, like you have this first move to let all financial systems use XRP in order to use the repo ecosystem in order to transact, in order to send money across.
00:41:11
Speaker
But then there's another challenge that needs to be addressed and that's the fact that a lot of financial system, a lot of central banks use really old code, right? Like a lot of them, they store all that information on COBOL. Like that shit was written in the 60s.
00:41:26
Speaker
You can barely find developers to do that.
Blockchain's Role in Banking and Data Storage
00:41:29
Speaker
If you find one developer that knows COBOL, you're going to pay them like $500,000 a year just because they're so rare. So I think it's entirely possible if the markets move in that direction or financially move in that direction that you're going to have banks now using the chains to store user data. Maybe they're public chains, maybe they're private chains, not public chains.
00:41:50
Speaker
maybe a hybrid solution but there is definitely like you'd be a fool not to like you don't even have to host data is this centralized you don't need servers you don't need to manage servers it's like such a you're cutting costs you're cutting overheads and you're just making everything more seamless
00:42:07
Speaker
Yeah, so 90%, Ripple just did a poll. 90% of financial market leaders think that they're going to either be using crypto or using to facilitate some of its business using crypto and DLT, right? When you're talking about the old system is supposed to go off on November of 2025, right? The movement to ISO 20022 was supposed to be from November of 2022 to November of 2025. It got pushed out because Swift wasn't ready.
00:42:36
Speaker
And so it's still the end date is supposed to be November of 2025. And that's when everyone's supposed to be on the same ISO messaging standard. So if the whole world is on the same standard, they can use any kind of digital asset to settle that payment. They can use the USDC, they can use XLM, they can use all this stuff. But what it is and what you're talking about here is it used to take banks
00:42:57
Speaker
quarters, six, three, six, nine, 12 months to integrate new banks into their system. Through APIs now, Ripple can do it in a matter of weeks. So if you want, if your bank says, hey, and you're going to see this too, right? You're going to see a lot of silos, right? And what I say by silos is banks are going to create, some banks and institutions are going to create their own token inside of the bank, right? You're going to have like the digital bank of America token and the Wells Fargo token and the Santander token and whatever it is, right?
00:43:24
Speaker
And the bank internally is going to use that to make transfers in between each other or do with partner banks. And this is what you see with JP Morgan's Onyx coin. They have a blockchain called Onyx. They're probably going to force some of the smaller banks that they work with to use this system and not use whatever else. But there's going to be a lot of banks that are going to be able to use this new technology for not a lot of development costs, if you know what I mean, because Ripple can come in and say,
00:43:51
Speaker
hey, your bank needs this, this, and this, or your central bank, your country, you know, see, Ripple built out a whole software for central banks. And what this is like is you've ever gone to a movie and you're like, man, I want popcorn, I want an icy, and I want some butterfingers, right? But your friend is like, man,
00:44:06
Speaker
That's gross. I want a hot dog. Everybody in every country is going to need different stuff. They're going to need different requirements to serve their people. When you talk about a central bank, 93% of central banks are working on a CBDC.
00:44:23
Speaker
is like one out of four central banks now are working on a retail CBDC.
CBDC Adoption and Ripple's Positioning
00:44:28
Speaker
The wholesale CBDC usually comes first. And why that is, is the wholesale is for the internal, the central bank to send money to other central banks or settle institutional payments with the central bank.
00:44:41
Speaker
The retail CBDC is for you and me and for merchants, right? Businesses, okay? So you're always going to get the wholesale version first. But now you have one out of four central banks doing retail CBDCs, which means over the next couple of years, you're going to see retail CBDC launching after retail CBDC. You have China, which has already launched the digital one. You have India, who has the digital rupee. You have other countries like Hong Kong that are testing the EHKD.
00:45:11
Speaker
That's a Ripple partner right there. All of these central banks are working on some type of central bank digital currency. And you're going to see a massive amount of stuff rolled out over the next couple of years. And a lot of these central banks are going to choose Ripple. Why? Because Ripple has a proven track record. They have been in business now 11, 12 years. The XRP ledger has been running for 10 years.
00:45:32
Speaker
It's been tested by all of these banks. It's been sandbox tested. All of the testing has to take place before any bank is going to think about using that technology. And I always get some people in my comments saying, oh, this new cryptocurrency just launched, and it's going to take over this.
00:45:50
Speaker
The person doesn't understand the level of testing that has to be done before even a bank or a central bank will consider using it, right? And that usually takes years, guys. Like, it's not a situation where it takes, hey, with this new system, we're going to go ahead and implement it and use it because that hasn't been battle tested, right?
00:46:10
Speaker
and that hasn't been proven to work yet. So there are some new technologies that are being created, but they're not going to get the market share that Ripple or Stellar or Quant is going to get because they have a proven track record and they've been working with regulators and institutions and central banks for years.
00:46:29
Speaker
And that's who they trust, right? And this is all about trust. And that's what people kind of don't understand. They just think that a new currency is going to be created and it's going to take over everything. It's not how that works. It really isn't. And it's going to take time. It's going to take time, for sure.
00:46:46
Speaker
It will take time, 100%. It will take time and it will take people getting used to it. It will take a lot of testing, internal testing, like you said, external testing. Look at how a lot of government officials get their information, which I don't think it's enough for what they do. But if you look back at FTX,
00:47:06
Speaker
And you look at the fact that a lot of them got their information of crypto and what it is from Sam. Like, Sam, when they lobbied them and then they were told, well, this is what crypto is. This is a great guy. This is a genius. We're just going to go back him up. And I think because that just showed how inadequate the knowledge was at that time.
00:47:27
Speaker
and they're going to be a lot more careful when actually listening to new voices in crypto. And Ripple is something that's been tested and proven to work. Going back to the idea of CBDCs, this is a hard sell for a lot of people. This is a hard sell for a lot of people in crypto. I'm talking to a few people on Reddit, and I don't see anything positive that CBDCs can bring for the retail consumer in that
00:47:56
Speaker
It's all the disadvantages of crypto with none of its advantages because it's all controlled, it's all pre-owned, and there's no, like, why would, why would be a good reason for people to be like, okay, maybe CBDCs are not so horrible.
00:48:13
Speaker
You know, you know how they're going to get people into this new system? They're going to offer them money. All right. That's true. So I said this last year, I said this last year, and I said, you're going to see countries like Canada, the UK and the United States, how they're going to, how they're going to get people
00:48:29
Speaker
to use this new system? Well, first, they're going to say, hey, we'll offer you some money to do it. And that's UBI, universal basic income, right? There's going to be people in every country that need assistance, right? Maybe they fell on hard times. They lost their job. They got fired because the country is going through recession. And they need a certain amount of money per month to feed their kids or pay their rent. So what they're going to do is they're going to say, hey,
00:48:52
Speaker
Instead of us sending you money in a check every month or an ATM card that we're going to put money on, we're just going to deposit it into your universal ID connected to your bank account. And what people are going to do is they're going to have a bank account and it's going to be connected to something like FedNow, where the treasury or some... Because the treasury's also went on to say that they're going to be using FedNow to do tax payments and other things. Let's say you're getting $10,000 back in taxes, they're going to send it through this new system.
00:49:21
Speaker
And so what they're going to have you do is they're going to have you fill out your digital ID. So that's going to have your driver's license, your passport, your vaccination records. It's going to have all of that, but it'll also be a crypto wallet. And that's how they're going to get you into this new system. Now, once they get you into the new system, if there's going to be people that will say, I'll never use that. And that's fine.
00:49:43
Speaker
Do you think the government's just going to let you do what you want to do? No, they're going to eventually, they're going to force it on you. And how they're going to do that is they're going to say, well, they're going to say, be on this date. You need to go down to the DMV or whatever you get your license, wherever you get your whatever, and then you need to move over to this new digital ID because that's what the planes are going to take if you want to travel.
00:50:04
Speaker
If you want to go anywhere, you're going to have to have this new ID. And that's how they're going to force everybody onto this new system. And eventually what you're going to see is you're going to see dollar bills become a thing of the past. And the reason central banks want central bank digital currency is because then they can start tracking everything. They have a record of everything, right?
00:50:25
Speaker
And some of it's good for government and some of it's bad, right? Because there's a lot of shady things in the United States government, a lot of dark programs that money is sent to. Those types of things will probably never be tracked. But when you're talking about, you know, when people buy something out in the world and there's taxes that need to be paid,
00:50:43
Speaker
Central banks can get that tax money right away. So when you pay state tax on anything, or federal tax on something, right when you're making that payment, instead of the business having to pay back the government whatever taxes they collect,
00:50:59
Speaker
governments will be able to collect that tax at time of payment, which will also give them more money and revenue to build more schools, have more police officers, fire, hospital, whatever it is. That is how they're going to force people into the new system. They're going to offer them money through universal basic income. When that doesn't work, they're going to force people in through the ways I just explained. That's how you're going to get people onto this new system. At first, you're going to be their friend,
00:51:29
Speaker
and you're going to offer them money. And then you're going to say, hey, if you want to travel anywhere in the United States or if you want to travel out of the country, you're going to have to have this new ID, which is in this new digital ID that you're going to have to have. That's how that's going to happen.
00:51:44
Speaker
That's scary, I'm not going to lie. The financial equivalent to the social scoring system that they have in China now. You wouldn't be able to do, let's say you don't pay your taxes or something, your payments are going to be denied. You won't be able to buy food or whatever. It's scary.
00:52:02
Speaker
Yeah, I mean, I'm not going to talk. I actually have to take a trip to China here soon. So I'm not going to say anything bad about China.
Global Control Measures and Technological Threats
00:52:08
Speaker
I don't want to get pulled out and like disappear off the planet. I think it's only if you're local that you get part of the social scoring system. I think if you're not, if you just travel there, I think you're good.
00:52:18
Speaker
No, I've seen people talk smack about China and then their lives became a little bit harder. So I'm going to try to avoid that because I don't want the CCP on my ass. If you go too far, we're letting it out. It's cool. So China's built a model that other countries are looking at. Let me tell you, when you have the UK and England has the most cameras out of any place in the world, they're thinking about 15-minute cities and they're thinking about... Do you know what a 15-minute city is, right?
00:52:47
Speaker
Um, no. Okay. So in China, they have built what are called 15 minute cities, which basically means wherever you live, anything that you need to do, whether it's, uh, get your car fixed or get groceries or get your hair cut. Everything is going to be within 15 minutes of you. Right. And if you want to travel.
00:53:04
Speaker
side of your area, you need to have some type of clearance or permission or vaccination records or whatever that government wants to do. So China is really the breeding ground, the proving ground for what other countries might be looking at. Like France, for instance, has all of these riots due to the police officer shooting the kid. And so France may be thinking about how do I control my population? Well, they might take a page out of China's book
00:53:32
Speaker
and build some of these 15-minute cities. It's going to be hard to in certain places of Paris and things like that, but governments are looking at China and they're saying, hey, there's some good things here, but there's some bad things here. But governments are always about control. How do I control people? And how do I keep them at bay? And how do I have them not rioting out on the streets? How do I do all this stuff? And they definitely are taking a page or two out of China's book. And I wouldn't be surprised. It'll be very hard to do it in a place like America because you have a lot of
00:54:02
Speaker
outspoken people with guns and different things like that's why America is a really hard place to invade, right? Because not only have the military yet to deal with, but then you have, you know, there's more guns in America than there are people. So that is why it's definitely a hard place to take. But other countries like Canada, the UK,
00:54:19
Speaker
definitely China, they are looking at that and they're thinking, how can we implement this in our countries? And so over the next five to 10 years, I wouldn't be surprised if you saw more of those 15-minute cities popping up here and there. And they're trying to make control. They're trying to get control of the population. And when you have all this new money coming in, that's another thing for people. Let's say XRP went to $1,000 tomorrow.
00:54:45
Speaker
how many people would be multimillionaires or new billionaires in the world, right? And so how do you control those people? And so there's going to be a lot of taxation and you're going to be able to buy your way out of a lot of this stuff. But if you don't have money and if you're just a regular person,
00:55:03
Speaker
how are you going to live over the next 20 or 30 years? That's really what we need to be focused on in the grand scheme of things is making sure that public policy that we are speaking up and we are being heard that we don't want some of these certain things. With CBDCs, you don't want the government themselves to have the bank accounts linked to the people. You want to have the bank accounts
00:55:23
Speaker
Link through your bank so the government doesn't know what you're buying and you're spending money on right and there's also Programmability in that money too, right? You're not going to be you're probably not going to be able to use money that the government gives you through CBDCs to do certain things like buy a gun and
00:55:40
Speaker
buy drugs, buy alcohol. Those are the things that you're probably not going to be able to do with some of this money. I'm talking about if you're getting money, if you're out of work, or if you're getting extra money because you have kids to support and the government's helping you with assistance, that money already you can't use in some places. It would be crazy to think that you wouldn't have the same
00:56:01
Speaker
You wouldn't have the same things that kind of block certain purchases, right? And so anyways, that's just a whole different rabbit hole to go down, but CBDCs are going to help countries track money and value in taxes. And that's really why they want to implement them, because they will be able to really understand how much tax is supposed to be coming in and they can collect it at the time of any sale, because it's so cheap and it's instant to send those payments, right?
00:56:27
Speaker
So in theory, you could argue that, okay, well, CBDCs are going to help countries be more prosperous and then they can do more for the people. But I mean, history shown that that's rarely the case when it comes to government. So it could go either way. On CBDCs and on control, I think if the government wants more control, the government will have more control.
00:56:56
Speaker
and people will do whatever they can to resist. So if we're going to see CBDCs in adoption, I can probably also predict that Monero is going to go up quite a bit. People are going to have their CBDC wallet and also they're going to have a Monero wallet on the side to go about and get some other things that are not necessarily legal.
00:57:15
Speaker
Yeah, and I mean, you know, we're all humans and we all have our vices, right? Some people it's smoking, some people it's drugs, some people it's alcohol, some people it's whatever, right? You know, and yeah, we all have to kind of live our lives with our vices. And yeah, certain CVCs, but think about a country that does not have a lot of, like, if you look at Africa, right, or India, they don't, a lot of their population don't have bank accounts, but they have mobile money wallets, okay?
00:57:43
Speaker
And if you're a country that has a large part of your population that lives below the poverty line, when you create a CBDC, you actually are going to be able to offer people that maybe you weren't able to connect with before offering them loans for school.
00:58:01
Speaker
or to build a business or a home. This is the better side of CBDCs, where you're going to be able to bring everybody under the same roof to make everything a level playing field for those people. So you're going to have new opportunities for people that didn't have them before to go to school, to create businesses, to be a part of the global trade initiative.
00:58:28
Speaker
And that's the better side of it, right? The darker side is what kind of you went over and what we spoke about just a couple of minutes ago. And finding the balance in between the dark side and the good side is what we need to be speaking up about and making sure our voices are heard when the conversations are happening in Congress in different places about a central bank digital currency and how that's going to work in that country.
00:58:54
Speaker
Yeah, you just got to make sure that we retain some of our freedoms, such as they are. People were quite touchy when, and it's a whole nother topic to get in, but people were quite touchy when the US government was like, hey, we're going to take your weapons away.
00:59:09
Speaker
We're thinking about taking your weapons away, you know, but you could put the same kind of idea of CBD sees which are like digital currency to fiat currency you could say well in a in not too distant future you might actually have electronically digitized like guns or whatever that work on fingerprints or whatever and then
00:59:28
Speaker
You're going to replace the normal guns with digital guns and the government can come and say, well, if we're going to have to raid this place, we're going to disable their guns first before we raid the place or something. You could technically take anything that's analog, digitize it to a centralized system, and then disable that. It goes everywhere. It goes to cars, it goes to computers, it goes to smart homes. And it's not impossible. It's not outside of the realms of possibilities.
00:59:56
Speaker
Yeah. I mean, you're talking about the internet of things where like everything's interconnected and like you already have, you know, police already have devices where they can, like, if you're like at a Tesla, they can shoot your car with a device that kind of short circuits the computer and then the car won't move. Right. Yeah.
01:00:12
Speaker
Yeah, exactly. So there are always going to be new technologies that are created to counteract new technologies that are created, right? There's always the builders who are creating this and there's always the side builders who are building the thing to stop this, right?
01:00:27
Speaker
like I like I like to speed I drive I drive fast in my car and I have a laser jammer on my car that if there's a laser gun pointed at my car the cop never understands how fast I'm going like that is the thing that I like to use so I don't have to speak a speeding tickets there's always gonna be this other technology that's created right there's the speeding gun and then there's the this the radio
01:00:47
Speaker
our blocker, the laser jam detector and blocker, right? So there's always going to be a different set of people that builds the thing that helps to block that one thing, which is what you were talking about. So it's interesting with all this technology. And then you have the AI, right? You have this new invention
01:01:08
Speaker
that is popping up everywhere and that is creating new opportunities for different things, right? And I've been watching a lot of videos on AI and how it's helping, but there's also the dark side of AI, right? And what happens when an AI becomes fully functional and decides to take over a quantum computer, then decides to launch nukes, and then we're all dead, right? And so, I don't know, man. I think
01:01:33
Speaker
Right now, countries are so focused on crypto, they also need to be focused on AI too and setting good policy in the AI market so things are not created because your quantum computers are starting to come into play now, right? And a lot of people are not seeing that, but IBM already has models that they're going to be selling to the public. And quantum computing, I was watching a video on this the other day, you can really start hacking networks very quickly with AI and quantum computing.
01:02:03
Speaker
It's going to be interesting to see how some of these blockchains counteract quantum computing because that's really what the next phase of growth is going to be with computers is quantum. And so it's going to be really interesting to see how that's being built out over the next five to 10 years too. Well, we need to pay attention to quantum and AI right now very much so.
01:02:25
Speaker
Yeah, I'm not entirely sure how quantum computing works. I just know that it works outside of this binary realm, outside this one and two. It could be any one of the other possible options. So it kind of works a lot on forecasting and statistical data rather than, oh, it's one and two. And the reason it's one and two in computers is that's why
01:02:44
Speaker
CPUs have a lot of little transistors there. That's why they have a billion little transistors, because every one is a little gate that's either open or closed. So that's a one or two, true or false. So then the more you have, the more kind of computations you can make, the faster it is. But quantum computing has a completely different architecture for the CPU that does magic things that normal computers are supposedly very vulnerable to.
01:03:11
Speaker
Yeah, it's gonna be interesting, man. And I mean, they're gonna be expensive at first. But you know, can you imagine 10 years from now, just like flat screen TVs used to be like 10 grand, you get one for like 600 bucks, right? So the evolution of technology is definitely something that we should be paying attention to. And it's just it's such an interesting time to be alive, right? You're having this new monetary system being built out right in front of you. And you don't hear about it on really any news,
01:03:35
Speaker
or a regular organization. You turn on the TV and it's always about politics and it's always about pinning one side against another, but they're not educating you on cryptocurrency and what's happening behind the scenes with central bank digital currency and how this wave of revolution of technology is coming that we're going to be using in five days in the United States. I post about this in my Facebook group and nobody gives a shit.
01:04:01
Speaker
It's true, right? Twitter, more people care on Twitter. I have a bigger audience on Twitter, but when I post to my friends and family on Facebook, I get two or three likes on a video that really, if you watch, maybe would change your whole perception of how maybe you live your life and maybe things that you invest in.
01:04:20
Speaker
Gold is a great investment right now. I do think there's going to be a reevaluation of gold here. That's why central banks have been buying gold at unseen rates of the last 50 years. You have the BRICS Alliance that are coming together in August. August 22, 1971 is when the US got off the gold standard.
01:04:39
Speaker
Now, August 22nd of this year, I wonder what the BRICS countries are going to do. There are some comments, there are some people that are thinking that a reserve currency is coming, something like what the IMF has. I don't think it'll be a reserve currency. I think what they might do is they might release a payment currency backed by gold and maybe oil and maybe other stuff, right?
01:05:04
Speaker
China has enough gold to create a brand new currency backed by about 2%. They could make a $6 trillion new currency. And then they could use that to facilitate trade between the BRICS countries and the BRICS alliance. There's a lot of countries that want to join the BRICS right now.
01:05:19
Speaker
And it's really interesting to see how all of this is going to play out too, because I'm really big on geopolitics. I want to know what's happening in China. I want to know what's happening in India. I want to know what's happening in Africa. I want to know what's happening all over the world, because crypto is a global ecosystem. And when you start learning about other countries and what's happening in those countries, you can start putting a bigger picture together of what this is supposed to look like in the next couple of years. And really, I loved some geopolitics, man, because it's just so interesting.
01:05:48
Speaker
what some of these other countries are doing. But if anyone's listening to this, gold is probably something that is a very stable asset. Banks hold it. Now that's a tier one asset. And I do think that's going to be revalued here pretty soon. So we'll have to see how that happens.
01:06:03
Speaker
Interesting that you're saying that gold is going to be adopted, might be adopted again by some financial bodies. It's not something that I would have guessed. Yeah. That's part of listening and watching all of this stuff. I did a video a couple of days ago about basically what's coming with the Brix Alliance and you had somebody
01:06:27
Speaker
The BRICS lines have something called the New Development Bank. And the New Development Bank is where countries go to get loans and do different things inside of the BRICS ecosystem, right? And you have the vice president of that bank saying that, hey, we're working on possibly a reserve currency, but that's still kind of maybe in the distance far away. But a lot of people think that it's going to happen next month in August. And so, yeah.
01:06:53
Speaker
Central banks have been buying gold at just insane records, and I just think that's for a reason, and you got to pay attention to that. And I do think they might come together. It would be the central banks that would have to come together to revalue gold, but who knows, man? As well as XRP could become a financial market utility. FMU, I did a video about this as well.
01:07:15
Speaker
So in the United States, there is a council that designates financial market utility. Something like the DTCC is something that is so important that if that went down, the whole system would be fucked, right? And so- What's the DTCC?
01:07:32
Speaker
The DTCC is the Depository Trust Clearing Corporation. They clear stocks at different stock sales all over the world. And they have like 20 locations or 22 locations, and they clear anywhere between $6 to $7 trillion a day. In 2022, they cleared $2.5 quad trillion in one year.
01:07:53
Speaker
And so the DTCC for the past six years has been working on a DLT solution to settle all of that value. And that's called Project Ion.
01:08:04
Speaker
Project Ion is working with R3. So you have the DTCC working with R3, right? And the R3 is a private blockchain company, but they have built bridges to the XRP ledger and the XDC ledger. And so they could use XRP to settle those transactions if they wanted to, or they could use XDC or whatever. But I do think they're going to use XRP to settle a lot of that value because it settles in seconds. It's pennies tended to do it.
01:08:34
Speaker
and it's in any currency. And XRP is built to be a bridge asset, right? So let's say it's coming out in US dollars, but you wanted it in Bitcoin, or you wanted it in a great British pound, or you wanted it in this new currency that's being created for the bricks, right? You could decide whatever currency you wanted to, and that really does help people, right? If you live in a country, let's say you self-stop and you live in a country that your currency is very volatile,
01:08:58
Speaker
you could sell the stock and you would get paid in two to three days through the corresponding banking system, you might lose a lot of money from that sale because let's say the currency goes down 1% or half a percent. That could be a lot of money. If you're talking about a million dollars, half a percent could be tens of thousands of dollars. You have to watch what
01:09:22
Speaker
financial market utility systems are using. There's like seven or eight of them in the US. So Ripple could be considered a financial market infrastructure or an FMU, financial market utility, where the United States and the council could designate the XRP price to be at this level. So banks could use it to facilitate the FX market.
01:09:45
Speaker
the DTCC or whatever else. And that's really what I'm watching now and seeing if that happens. Because Ripple has had meetings with the IMF. They've had meetings with World Bank, which is the IMF basically, the BIS. They've been in all of these rooms already and they've had all of these deals that they've been working on. And so
01:10:03
Speaker
They're working off a playbook from 2020. And something like XDC came out in 2019. I don't think they were using that or testing that at the time. And so I think it's Ripple, Quant, those are going to be the major two infrastructure for interoperability for this entire system of digital assets.
01:10:25
Speaker
It's pretty crazy. It's pretty crazy. It is. Yeah, honestly. Yeah, we could just go keep going at this. It's been great, honestly. We can keep going, or if you want to wrap it up, we can wrap it up. Let me get in the water, Andre. Give me one second. Yeah, sure. All right. I'm good, brother. I can spend some more time with you, man. Let's get it. What else do you want to talk about?
01:10:47
Speaker
Well, I mean, that's already quite a lot to unpack. I'm sure I might have to slow this recording down. I might have to go like 0.75 or 0.5. But no, honestly, there's a lot of stuff that I wasn't aware of. I wasn't aware of that there's so much stuff going on.
01:11:10
Speaker
seemingly in the background because you don't really hear about this kind of stuff. Like if you go on crypto Twitter or if you go on YouTube or if you go on like any place that's like kind of you try and get crypto content, you're not going to find this information. And I'm not sure what's wrong with my Twitter feed, but I struggle to find like things that are actually relevant to me. So yeah. You got to follow the right people, right? Because
01:11:34
Speaker
When I first got into crypto Twitter, I would listen to some YouTubers and it was always hype stuff and it was always like, this is going to $10,000, but they didn't really give any of the information of how it's going to get there. And when you come to my YouTube channel, I'm really there to educate you on what's happening in the background because that is where all the deals are being made and that is what is going to affect all of this. So if you don't know this, you can't make any good decision out here about what's going to happen with any of these other cryptocurrencies.
01:12:04
Speaker
You've got to follow the right people. And part of that is steadily learning who the right people are. But there's so much information that gets put out on crypto Twitter. And what I do is I spend most of my days digging through different things that people find. Sometimes people will post something. It'll have like a word in there that I'll take that word or that company or whatever it is. And I'll start digging into that, right? Who's connected to this and who's connected to this?
01:12:30
Speaker
And when you really spend thousands and thousands and thousands of hours in research, you develop this kind of skill about kind of figuring out what's going to happen in the future because you've learned all of this stuff that's happening in the background. And that's how I make my decisions on the assets that I own. And I don't get into crypto to buy into speculative tokens. When I first got into crypto, I owned like 200 tokens. I thought I was the king of crypto. And you can't manage all of that.
01:12:58
Speaker
And I've really kind of narrowed it down to like 15 or 20 crypto projects that I hold that I'm going to be holding to this next bull market. Right. And then I'm going to take some massive profit. I'll put it into some other assets. But understanding the right.
01:13:14
Speaker
information and challenging information that you see that gets posted online too and verifying information is really the hardest part because someone will post something and people will take it as the word of God or it's a word of a central bank when really the person is taking something out of context and really verifying the information is the hardest part of what you should be working on.
01:13:37
Speaker
when you can do all of that, most people don't have the time, right? And what you need to do is you need to find a place where you kind of fit in, that you can go and you can learn about all of this stuff in the shortest amount of time possible, right? Because you have a life, you have a job, you might have kids, you might have whatever, whatever it is, right? You're gonna be, you're not gonna have as much time as someone like myself to read all this stuff or go through all this stuff. So I get messages from community members saying,
01:14:06
Speaker
Man, if it wasn't for you, I wouldn't be able to keep up with all of this information because I bring you the best information that I can find twice a week. My chats usually go an hour and a half to two hours. But if you listen to both chats per week, you know everything that's going on in crypto globally with CBDCs, with regulation. We talk about what's happening in the United States with CPI inflation. We'll talk about the banking crisis. I called Credit Suisse failing last year. I said Credit Suisse is going to fail in 2023.
01:14:35
Speaker
I called the banking crisis, the liquidity crisis. You got to look at so many other things, but I spend all of my time doing. I'm able to talk with someone like yourself that maybe doesn't know all of these things, but explain the background and how all these things happen.
01:14:51
Speaker
and what's maybe going to happen in the future. It's been an incredible four years. I've learned so much and I'm constantly digging for more. I want to know everything. I want to really understand the technology behind it. I want to understand the timelines and when things are going to take place. Really, when you get into 2025, that is when you're going to have the utility bull market.
01:15:14
Speaker
And that's when a lot of the speculative coins are probably going to go away. And I don't talk about meme coins. I don't talk about a lot of cryptocurrencies that don't have real use cases because that's a waste of my time. It's a waste of your time. And so if you want to make life changing wealth,
01:15:32
Speaker
you need to invest in technology that is going to be used globally, right? And that is what cryptocurrency essentially is going to be. It's going to be the liquidity for the new financial system, right? And that's your XRPs, your Quants, your XLMs, your XCCs. And those are really the four cryptocurrencies that I would focus on. If you're brand new to crypto and you don't know anything, focus on those four. And there's some other cryptocurrencies that I'm bullish on like Casper Labs, HBAR,
01:16:01
Speaker
the the
01:16:21
Speaker
mobile providers in the world. One of their partners is with a company called MTN. MTN has 289 million subscribers in Africa and parts of India. When you're going to build a blockchain phone that can pay you back that's under $200, it's a 4G phone because it's in Africa and they don't have 5G yet.
01:16:45
Speaker
I think that phone is, they're going to sell millions of those phones, right? And then they're building a 5G version with Verizon. They have a contract with Verizon. They're building a 5G blockchain phone for North America, Canada and Europe. So they're going to have millions of phones over the next five to 10 years that are going to be produced.
01:17:03
Speaker
And I think BioFi is going to be one of the bigger projects that is going to blow up to like a billion dollar market cap out of nowhere because they're going to sell all of these phones and they're going to be using all of these different utilities. There's also projects like Gala Games. Like I was so early in Gala Games that I was able to buy eight Gala nodes. I bought the first several of them for like three grand each. I got in pretty early for Gala nodes. And so I have eight founders nodes. I have a music node. I have a
01:17:32
Speaker
a Gala movies node, whatever it is. I also am in another node project called Playable. That's still kind of a project that's being built out. They're about to release a game next month, actually in August. It's one of their first games. That market cap's like $500,000, but we got into that project so early in Cryptoneers that we were able to buy, I bought 20 nodes for basically $5,000, and I've already taken $8,000 out of in profit.
01:18:01
Speaker
So I'm already positive three grand in profit from this project, but I also own now 20 nodes. And each of those nodes gets paid a certain amount of crypto each day. And so I've been able to build passive income streams from these nodes that I'm going to be able to own for the next five to 10 years. And if those projects are successful, if they go to five million, 10 million, 50 million, 100 million, I'll be making a really nice return on all of that that I've already made all of my money back on.
01:18:29
Speaker
And that's what you should be doing. You should be looking for opportunities to buy and do some of these projects.
Delisium: Blockchain Gaming and AI Integration
01:18:36
Speaker
There's another project called Delicium. Have you heard of Delicium? No. Delicium is building a, like, have you ever played, like, a game like Apex Legends? Like, it's a first-person shooter game? Oh, I play Call of Duty. I haven't played Apex Legends. I played, yeah.
01:18:52
Speaker
I'm gonna get a big into like RPG. I mean, well, I used to be into MMORPGs, but I'm kind of into RPG, Dark Soul, Bloodborne kind of thing. But yeah, I like all sorts of games really.
01:19:05
Speaker
Nice, man. So, um, Delisium is a blockchain game. So it's basically a team of three people. You go out and you loot and you fight and you bring things back. And so they have different versions, but they're also building AI tools into their game. So let's say you go to sleep, but you want your AI
01:19:23
Speaker
to go out and collect certain things so you can build weapons, so you can build bigger things. You can actually have players go out that are AIs to go do your work for you, which is kind of cool. And you can make money from the game, but they're also building different AIs that you can type in, like there's one called Alice. And Alice, you can tell Alice to buy, you can tell Alice to make 10 Bitcoin wallets and put 0.5 Bitcoin in each wallet.
01:19:48
Speaker
And then you could tell Alice to start trading that. They're building just all of this technology that you're going to be able to write commands into what you want your wallet to do, or this AI can create 100 wallets or 1,000 wallets and do all this different stuff with them. It's kind of cool. But they're also building other AIs that it's like your digital twin. So what it'll do is you'll connect it to your Twitter. It'll go through all of your Twitter posts. It'll go through everything that you've ever said and create a digital copy of yourself.
01:20:16
Speaker
And so the digital copy could make tweets, it could respond to people that message you, you could do all of these other things, man.
Investing Lessons and Market Reflections
01:20:22
Speaker
And I bought six nodes for that project and they pay, I get about 40 to 45 AGI a day, but AGI is going to be the center token out of that entire ecosystem, not just the gaming ecosystem, but the AI tools too that they build.
01:20:37
Speaker
So there's all of these opportunities that we've never had before to make money, but we have to identify the good players, the real players that are building the technology. I've lost a lot of money in crypto buying into scams and buying into stuff, right?
01:20:54
Speaker
In 2021, money was coming from every single place. Like there was a month that I made like five, six, 700 grand in one month in 2021 because there was all of this crazy volume happening. And so you were just kind of throwing money into other things because you just had all this money coming at you and you just thought it would never end. 2022 comes around and everything dies, right?
01:21:12
Speaker
And so you learn lessons. You're like, man, I probably shouldn't have done that. I probably shouldn't have done that. But I had to go through that to learn not to do certain things and not to trade certain ways. And so that's why I'm only in about, like I said, about 17 to 20 projects now. But I know that these are the projects that are going to probably be used the most over the next two to five years. And that's really what I'm hoping or I'm betting on with all of these things coming to fruition.
01:21:42
Speaker
So, yeah, my nodes are a big deal in crypto. And if you have extra capital, the best node right now, if money is no issue, which it's an issue for all of us, and I don't have an extra 400 grand laying around, but I would go buy 10 million XDC.
01:22:00
Speaker
because with 10 million XDC, you can run a node on the XDC network. And I do think XDC being at around 450 million market cap, I think XDC will go to two, three, 400 billion over the next couple of years, maybe even to a trillion dollar market cap. And that's really going to be like a 2000X
01:22:19
Speaker
for XTC if we can get to a trillion dollar market cap. And that would retire you for the rest of your life, really. But yeah, that's what I talk to a lot in my community about different node projects that I buy into. I'm not very good with TA, so I hire TA experts to come into Cryptonairs and teach TA. And a lot of people really love that, right? Because they want to learn that kind of stuff.
01:22:42
Speaker
There's so many different avenues of crypto where you can make money, but you really need to understand how all of that functions before you invest in it. Don't just listen to your friends saying, hey, go buy this meme token or whatever. It's the next Pepe. You need to actually do some research yourself before I would recommend buying into anything. I'm not a financial advisor, but doing your own due diligence and knowing what you're investing in is a big deal, and you need to make sure that it's not a scam.
01:23:09
Speaker
If that makes sense. And you also need to ensure that whatever your investment goals are, they're aligned with your strategy. Are your goals for a quick profit? Are you getting into day trading? Are you considering swing? Are you just investing for the tech and the fundamentals? If so, are the fundamentals looking okay?
Future of Trading: Algorithms and AI
01:23:27
Speaker
I like TA because it doesn't matter what asset you apply it on. It's pure mathematics. It's statistics, it's mathematics, and it's probability, right? So if you have a system that works, you can apply it on everything.
01:23:43
Speaker
And that's kind of why I was really interested in creating trading bots and building like sharing trading bots with with the community like I was building bots and then like sharing them open sourcing them on on Reddit and just to see people's response to that.
01:24:00
Speaker
It's really interesting because some people really understand the power that algorithmic trading has, but others just kind of think, oh, well, if it makes money, then why would you give it to other people? Why would you give it over? Is this a scam or are you trying to steal my cash or whatever?
01:24:19
Speaker
But a lot of people just don't understand that algorithmic trading is just you're being given a tool, and it's up to you to kind of configure that tool. It's like you've got this really fast car, like racing car. You've got a Lambo, and you get given the keys, and now you're supposed to just get the fastest lap at the Nurburgring? That's not going to happen. It's up to you to tell that tool how it's going to trade for you. So I think so many people just need education when it comes to
01:24:48
Speaker
both manual and algorithmic trading as well, especially since algorithmic trading is going to move there in crypto. Like the financial market is high frequency trading over 90%. Like there's barely any humans trading the financial market, the stock market. It's gonna happen the same to crypto. It's just a matter of time. But it will happen a lot quicker than it happens in the financial market. Because it took the financial market about 20 years to get that point. It'll probably take another five from here for crypto to be completely algorithmic trading.
01:25:17
Speaker
And you're absolutely right. And there's a lot of technology that's being built out in that. It's interesting because you just brought up something which I thought was cool. You created a trading algorithm that made you money, whether it's 5%, 10%, 50%, whatever it is, but then you gave that away. You could take that algorithm and you could go to somebody like AstraBit and say, hey, I want to list my trading strategy. This is the success that I've had. This is a proven track record.
01:25:43
Speaker
And then you could actually make money from that. And there's just these new incredible ways that people can make money now that they weren't able to make before. And that's the circle of life where you have new technology that comes along and there's new ways to make money, new jobs that are created as old jobs go away. It's the circle of how things work. With AI and automation, that might take over a job where you had somebody
01:26:09
Speaker
folding a box or putting something in a box. You can automate that. Some jobs go away, but other jobs are created. It's so much fun to be into, man, because you really are dealing with technology, and you're dealing with money, and you're dealing with finance, and you have to learn all of these different aspects. It's about growth. It's about
01:26:31
Speaker
It's about, you know, you can't just come into a market and know everything. You need to find a place or find somebody that you look up to or that knows more than you that can kind of take your knowledge from a one or two to a seven or an eight, right, where you can actually function.
01:26:47
Speaker
and know exactly what's
Battling Scammers and Social Media Engagement
01:26:49
Speaker
going on. And that takes time and it takes energy and it takes commitment. And if you don't have any of those things, I would just maybe be careful about the crypto market because it is really a quick changing market. And if you're not paying attention to certain things, you could get wrecked. So you just need to be careful.
01:27:09
Speaker
Yeah, I don't want to end up on Wall Street Bets if you know the subreddit. Yeah, I do. I do. But I've seen some lost porn there. It's horrendous. Yeah, and the scammers too, right? It's bad. I check my YouTube channel all the time and there's these new scams and it's like, man, I just wish I could get rid of these people, man. I guess it's with anything, right? If there's billions to be made, there's billions to be scammed, right?
01:27:37
Speaker
I wish they could do something about scammers on YouTube and Twitter. It took about two or three hours after the SEC XRP news that came out and then I already started being bombarded with scams on Twitter about air dropping, XRP celebrating the
01:27:57
Speaker
uh the win and stuff like that it's it's crazy like there's people that already have these bot farms built ready to deploy thousands of accounts and there's there's really so much there's nothing you can do like imagine someone that's got a farm of proxy servers they have like five thousand ip addresses and they can just deploy this these bots there's
01:28:18
Speaker
It's really hard to manage. What are you going to do apart from just blanket, just banning all of them? Reddit has a pretty good way of dealing with it. Subcommunities in Reddit, some subreddits don't actually allow you to post up until you have a certain amount of karma, like people upvoting your comments or your posts. So until you have, let's say, 20 comment karma, you can't actually post on that subreddit, which pretty much gets rid of a lot of bots or makes it very hard for them to post.
01:28:46
Speaker
I love them because it is frustrating and I always warn people on my videos and I actually take hours out of my day to go through and make sure I remove all scam comments and I respond to every comment in my YouTube channel. It means a lot to me because people are taking the time to watch your content and listening to your content and then they're taking the time to write something to you.
01:29:06
Speaker
And you really need to be able to respond back to those people and really give them value for their time, right? Because everybody's time in life is valuable. We only have a set amount of time on this planet.
Educating the Masses on Cryptocurrency
01:29:18
Speaker
And what we do with that time is really how people will remember you in the future, right? Are you going to be remembered for scamming people and being the shadiest person anybody knows, or are you going to be there
01:29:28
Speaker
to help people grow and learn and prosper. And that's really what I try to do every day is take somebody that doesn't know anything and turn them into somebody that can actually speak logically about crypto to friends and family. And that's how you kind of spread the word out. You teach a hundred and then the hundred go teach 10 and now you have a thousand or 10,000 people.
01:29:52
Speaker
But it's a lot of fun, man. And I know you have a very good knowledge in the space and just talking to you. It seems like you're able to create different opportunities, not only for yourself, but people around you, like your friends and your family, to help them get bot trading or do whatever else you do, right?
Podcast Wrap-up and Thank You
01:30:12
Speaker
It's been a really fun conversation with you, man.
01:30:15
Speaker
Oh yeah, likewise, man. Seriously, it's been so cool to hear about all of the developments that happen in the financial system, which, like I said, I don't know a lot about, so it's great to hear that side of things. It's been a great chat. Thank you, Crypto Sensei, for that. Honestly, it's been great to have you. Thanks again for being part of this podcast, only episode two, but we'll keep going.
01:30:41
Speaker
Going strong, brother. And hey, I will come back anytime you want, man. It was an honor to speak with you and thank you so much for your time. I know your time is valuable. So I hope if anyone made it to the end of this, you are a crypto warrior and we both love you very much for watching all of this. Thank you. Amen. Thank you. Thanks, man. Thank you, everybody. Talk to you soon.