Bitcoin and Markets are Dumping...Here's Why — Transcript

Full transcript

1. 0:02Welcome back to Cryptos are Us. I am
2. 0:04George.
3. 0:07We're all George. Welcome to another
4. 0:09market open stream.
5. 0:12Today, let's see how the market reacts
6. 0:16after our big
7. 0:21midterms
8. 0:23where things flip very very very blue.
9. 0:27So, let's talk about how markets are
10. 0:29reacting
11. 0:31and whether or not Bitcoin's rise
12. 0:33yesterday was a breakout or
13. 0:38or big trap. All right, let's do it.
14. 0:43Let's do it, guys. Welcome, welcome,
15. 0:46welcome. We are starting out today right
16. 0:49under $80,000. In fact, we're still
17. 0:53about like $900 higher than yesterday at
18. 0:56the start of the market. Obviously, we
19. 0:58went higher. Uh we went all the way to
20. 1:02about $81,000 and then kind of stood
21. 1:05around 80s for a while. So, we're
22. 1:07slightly below that. Most of the alts
23. 1:10are still holding gains from yesterday.
24. 1:13However, I did notice yesterday
25. 1:16all the tech sector, almost all of it,
26. 1:21some stood out, but most of the tech
27. 1:22sector were selling off like crazy,
28. 1:25especially ones that were related to
29. 1:29data center and AI. And I may have an
30. 1:31explanation for that. But right now,
31. 1:32right off the bat on my watch list here,
32. 1:35I could see how like AMD is down 8%
33. 1:39already. Micron is down 5%.
34. 1:42And and uh tech is selling off like
35. 1:45crazy right now. Sandis is down 8%. Dell
36. 1:49is down 6%. So there is definitely
37. 1:53something going on here. SpaceX is down
38. 1:574%. I mean, there's definitely something
39. 2:00going on here
40. 2:03for AI and tech. And is that going to
41. 2:07affect
42. 2:08Bitcoin?
43. 2:10[snorts] Well, let's see. Right now, the
44. 2:12US market is opening up very red for
45. 2:15NASDAQ minus 300
46. 2:18and Dow is up. So, not everything is
47. 2:21red, but why why is that?
48. 2:26Well, let's take a look. after
49. 2:30after yesterday
50. 2:33or the day before, right? Yesterday was
51. 2:35the first day we had a monster rally. Uh
52. 2:38everything turned blue in Congress,
53. 2:41right? Both the House and Senate are now
54. 2:44Democratc controlled. So why was there a
55. 2:46monster rally to begin with yesterday?
56. 2:48That's what people want to know. A lot
57. 2:50of people thought that it was going to
58. 2:52be a big dumpage,
59. 2:55but instead we had a big rally. I don't
60. 2:59know. I think people are still
61. 3:00speculating, but the biggest thing is
62. 3:03Trump making peace with the Democrats or
63. 3:06trying to and accepting the results, not
64. 3:09challenging it, not saying that it's
65. 3:12rigged, not saying that the votes didn't
66. 3:14count, you know, all the things that he
67. 3:16have said before. So, I guess the
68. 3:18acceptance of it and and just I don't
69. 3:21know for something new and the fact that
70. 3:24Trump said he's going to work with the
71. 3:26Democrats. It's not like he can't he's
72. 3:27going to say I can't work with them. I
73. 3:29mean, he has to for the next two years
74. 3:31and he has to be very careful because
75. 3:33[laughter] a lot of things that went
76. 3:35through uh prior because he controlled
77. 3:39the Senate
78. 3:41now he doesn't have that privilege
79. 3:43anymore. So, I don't know. That was
80. 3:47I guess that's the as good as
81. 3:49explanation as any in terms of why we
82. 3:51had a big rally yesterday.
83. 3:53But what are the Democrats really
84. 3:55looking for?
85. 3:57Well, according to this article, they're
86. 3:59uh they're looking for a few things.
87. 4:02All right. Like like healthc care
88. 4:06affordability,
89. 4:08uh taxes.
90. 4:11Okay. lower taxes,
91. 4:14more student loan stuff like
92. 4:16forgiveness,
93. 4:18housing, affordability,
94. 4:21retirement.
95. 4:24Okay, including social security, and of
96. 4:27course it says uh
97. 4:31oh no, I was going to say credit cards,
98. 4:34cryptocurrency.
99. 4:35That's one of them. mostly due to Trump
100. 4:39and his family ties. So, and there's
101. 4:42been some moves about that. And
102. 4:43inflation, of course. These are all big
103. 4:46things. Okay. Big big things that people
104. 4:49do care about.
105. 4:52And I'm surprised war wasn't listed in
106. 4:55here. I think that was the number one
107. 4:56thing. JD Vance actually posted this big
108. 4:59tweet
109. 5:01about why he thought that the
110. 5:03Republicans lost. And the number one
111. 5:04thing he said was due to the war, right?
112. 5:08War and ties to to Israel. Because
113. 5:12people still don't understand why we're
114. 5:14in it, why it's been prolonged for so
115. 5:18long, why we are helping Israel so much.
116. 5:23And everyone understands the war is
117. 5:26what's really causing inflation. gas
118. 5:29prices to be high at pumps, diesels
119. 5:33skyrocketing,
120. 5:35uh and of course the trick trickle down
121. 5:37effect to everything else that is
122. 5:40affected by oil supply chain, shipping,
123. 5:43manufacturing, you name it, right? So,
124. 5:45[snorts] even JD Vance came out with it.
125. 5:47Some people are saying he's trying to
126. 5:48distance himself a little bit away from
127. 5:52from Trump, but uh he forgets that, you
128. 5:55know, he's vice president and uh there's
129. 5:58still two more years of this. Almost
130. 6:00seems like he conceded in a way.
131. 6:02[laughter]
132. 6:03Um but anyways, a lot of stuff that is
133. 6:07going to be looked at for sure. And
134. 6:10another thing that's looked at is well
135. 6:12by other countries
136. 6:15is how much power does Trump have now,
137. 6:18right? I would say Trump has done pretty
138. 6:21well in terms of
139. 6:24um
140. 6:25keeping China and keeping China in check
141. 6:29and I would say Russia to some extent,
142. 6:32right? You need a strong leader for
143. 6:34that. You can't have a weak leader when
144. 6:35negotiating with these two powerhouses.
145. 6:38But now that they see that Trump has
146. 6:40lost Congress, I don't know. Are
147. 6:44[snorts] they going to put increased
148. 6:46pressure on things that we don't want to
149. 6:49address right now? For example,
150. 6:52does China want to take the opportunity
151. 6:54to go take over Taiwan?
152. 6:58Seeing how much
153. 7:00war is going on right now and and the
154. 7:02the acquisitions that the US have been
155. 7:05making, they might be thinking, why not?
156. 7:07this would be a good time. There's no
157. 7:09way that the US is gonna protect Taiwan
158. 7:11right now when they're in a war with
159. 7:13Iran already. Who knows? Who knows? So,
160. 7:16this is going to be very important going
161. 7:19forward.
162. 7:21Um,
163. 7:23I don't I don't know what's going to
164. 7:25happen. It's all speculation. So, we
165. 7:28will we will see. I guess we will see.
166. 7:31But this is going to be important going
167. 7:33forward. I guess Putin has his hands
168. 7:36full with uh Ukraine right now still.
169. 7:38So, he's not going to be doing anything
170. 7:40drastic. But China
171. 7:42could, but China is suffering
172. 7:44economically right now, too. Way worse
173. 7:47than the US. So, I I'm not so sure they
174. 7:49will. But this talk about take over
175. 7:51Taiwan has been talked about for
176. 7:53decades, but it's been coming up a lot
177. 7:56more now.
178. 7:59I don't know if I don't actually know
179. 8:01why, but it is coming up more. Maybe due
180. 8:04to the reasons I've said because they're
181. 8:05seeing what the US is doing. We just
182. 8:07like took over Venezuela. We took over
183. 8:09Greenland. I don't know where else we
184. 8:11took over uh maybe Cuba soon. You know,
185. 8:14maybe these are things
186. 8:20they're looking at. Anyways, outside of
187. 8:23this all the political stuff or
188. 8:26geopolitical stuff, I should say,
189. 8:28political and geopolitical.
190. 8:30Uh, as for inflation, you know, it's
191. 8:33still skyrocketing everywhere.
192. 8:35Everywhere, including England that had
193. 8:39to hike their interest rate, uh, says
194. 8:42inflation near 5%. We're, you know,
195. 8:45nearing 4%, other countries, their their
196. 8:49inflation rate is going up. Now, some of
197. 8:52it you could blame the Iran war or wars
198. 8:55in general, right?
199. 8:57um that is definitely causing a big
200. 9:01effect on inflation and rising prices
201. 9:03right now, but a lot of it you can't
202. 9:06dismiss, including just overspending,
203. 9:09over printing. Those are things that
204. 9:12have been happening forever and they
205. 9:14slowly contribute to the growing prices
206. 9:18of goods and services and inflation and
207. 9:21you know, people just kind of ignore
208. 9:23that, right? So, it's a combination. And
209. 9:26right now, we know bond yields are
210. 9:28skyhigh because no one wants to hold
211. 9:30fiat
212. 9:31because of all the irresponsible
213. 9:33spending and borrowing.
214. 9:36And you know, those are things that'll
215. 9:38never go away. That's why we need better
216. 9:42we need better assets. We need things
217. 9:44that can't be inflated or be overprinted
218. 9:48or minted uh infinitely. You need
219. 9:51something that has scarcity like
220. 9:54Bitcoin. But anyways,
221. 9:57yeah, it's kind of a mess. It's kind of
222. 9:59a mess everywhere. Kind of a mess
223. 10:02everywhere. Asia sold off like crazy,
224. 10:05especially the big AI tech semiconductor
225. 10:09data center related companies, right?
226. 10:13And right off the bat, we're seeing that
227. 10:15right now. Why is that? Why is that?
228. 10:19Well, it does seem like
229. 10:23does seem like the majority of Democrats
230. 10:26right now do not like the fact that
231. 10:29companies like OpenAI Anthropic and
232. 10:32Grock and others, right, are trying to
233. 10:35build out these massive data centers.
234. 10:39For some reason, they don't like that.
235. 10:41They don't think communities like it.
236. 10:42They're trying to put a halt to it,
237. 10:45right? So, OpenAI
238. 10:47is pledging that they're going to
239. 10:48change.
240. 10:50They're uh they're going to pay for
241. 10:52everything. They're going to pay for
242. 10:53data center buildout. They're going to
243. 10:55pay for infrastructure for power grids
244. 10:58to be upgraded, halt NDAs, right?
245. 11:02They're doing what they can, but I think
246. 11:04this is the big reason why tech has been
247. 11:06selling off because there a lot of fear
248. 11:08that this may be stopped by the
249. 11:11Democrats, right? Here's the thing. I
250. 11:13don't think it's a blue or red thing. I
251. 11:15think it's just a common sense thing.
252. 11:17One of the bigger pictures I know
253. 11:20smaller scale,
254. 11:22most people want to help things that,
255. 11:25you know, affect uh people on a
256. 11:28day-to-day basis like prices of gas or
257. 11:31food and services. Yes, I get that.
258. 11:35But long term,
259. 11:38these Congress people need to understand
260. 11:40that AI is not just a US thing. It's a
261. 11:43global thing. And it's very dangerous to
262. 11:47curb innovation and progress here when
263. 11:51other countries are not. And you don't
264. 11:53want someone like China to to be leading
265. 11:56in AI space, right? Because the one that
266. 11:59truly creates AGI is the one that wins.
267. 12:02So you need data centers, you need
268. 12:06power, you need new power plants, you
269. 12:09need all these things. So hopefully
270. 12:12they understand that, right? Short term,
271. 12:15there are a lot of problems to solve.
272. 12:17Longer, bigger picture things, we need
273. 12:20our data centers, we need more power, we
274. 12:22need more compute, and we need better
275. 12:25models. And we need to win that war.
276. 12:27Okay, the AI war. You don't want to lose
277. 12:30that AI war. If you lose the AI war, you
278. 12:32lose all wars in the future basically.
279. 12:35So hopefully they understand that. But I
280. 12:37think this is the reason why tech is
281. 12:39selling off because there are a lot of
282. 12:42people that think that
283. 12:45Congress is going to put a stop to all
284. 12:48this. Hopefully they do not. Um it's
285. 12:51just speculation. A lot of people, a lot
286. 12:53of Democrats, I'm sure, understand this
287. 12:55concept.
288. 12:57They understand you can't lose the AI
289. 12:59race.
290. 13:01That's the one thing that that Trump is
291. 13:03doing very well in is understanding that
292. 13:05we can't lose that AI race. It's very
293. 13:08very important. Very very important. I
294. 13:11mean just look at all the hacks that's
295. 13:12been happening, right? They're done by
296. 13:14countries with inferior AI models. Now
297. 13:18imagine if they had superior frontier AI
298. 13:22models that they're using and they're
299. 13:23using it for nefior nefarious ways,
300. 13:26right? And we didn't have a way to
301. 13:29counter that. All the hacks that we're
302. 13:31seeing would be a thousand times worse.
303. 13:35That's a good that's a good example
304. 13:37actually. Um all right, moving back. So
305. 13:40how does all this relate,
306. 13:43right? All these changes and everything.
307. 13:46How is it going to relate to uh Bitcoin
308. 13:48and crypto? Well, yesterday we had a
309. 13:50good session, but still a lot less than
310. 13:53what you would think, right? Yesterday
311. 13:55we had a pretty good rally. We're losing
312. 13:58some of the gains right now, but overall
313. 14:00we only had a plus 75 million yesterday.
314. 14:02You would figure we would have like a
315. 14:04plus 500 million yesterday, a plus a
316. 14:06billion yesterday, right? All
317. 14:08enthusiasm, but not really.
318. 14:11And ETH did finally have a reversal. I
319. 14:14mean, look at how much red there has
320. 14:17been over the last few weeks. Did have a
321. 14:19good reversal. Soul didn't have
322. 14:21anything. XRP didn't have anything. I
323. 14:23don't know. It just balanced out or no
324. 14:26numbers, but yeah, yesterday should have
325. 14:28been a better day. Should have been a
326. 14:30better day. Um, one thing that I did
327. 14:34predict before and now it's coming true
328. 14:36is a lot of the miners that left Rayi
329. 14:39because
330. 14:40it looked greener at the time. kind of
331. 14:42looked like a smarter idea.
332. 14:45Now they're all coming back [laughter]
333. 14:50because now that AI is a little bit
334. 14:52weaker, okay, and all this anti-data
335. 14:55center stuff, they're they're probably
336. 14:57not as profitable as they once were. And
337. 15:00now Bitcoin mining has become more
338. 15:02profitable. So a lot of them are
339. 15:04probably come back. And I've said that,
340. 15:06too. And Bitcoin, you know, the whole
341. 15:08thing about the difficulty, it adjusts
342. 15:10every two weeks. of a whole bunch of
343. 15:12miners leave, then the difficulty drops
344. 15:14tremendously and the profitability goes
345. 15:16up tremendously. So, those that actually
346. 15:18stood in just like long-term holders are
347. 15:21the ones that benefited the most, not
348. 15:24the ones that try to flip-flop. And
349. 15:26you're going to see a lot of them are
350. 15:28going to announce that they're coming
351. 15:29back to Bitcoin or fully into Bitcoin
352. 15:32because now it's not that profitable for
353. 15:34them anymore to be an AI.
354. 15:37You're going to see a lot of that. But
355. 15:39this says, yeah, in October, you know,
356. 15:42there there were just too many miners
357. 15:43selling out and converting. They're go
358. 15:46they're going to come back. They're
359. 15:47going to come back. Now,
360. 15:51uh yesterday, it was also reported that
361. 15:53Trump media moved 342 million in Bitcoin
362. 15:58to Crypto.com.
363. 16:01I can't really think of a good reason
364. 16:03why they would do that
365. 16:06other than to sell it
366. 16:10right now. Why would they be doing that?
367. 16:13Why would they be selling now?
368. 16:18I don't know. Maybe Trump and family are
369. 16:23afraid that they're gonna get attacked
370. 16:25over this because Trump and family have
371. 16:28made like a billion dollars in the last
372. 16:31year uh in terms of crypto gains and
373. 16:35crypto profit, right? All the way down
374. 16:38the whole family chain like from Melania
375. 16:42to Don Jr. to Eric to Baron
376. 16:47like every single family member above
377. 16:50like 13 years old. Um I don't know if
378. 16:53there's any I don't know if Trump has
379. 16:55any younger kids. I think Baron is his
380. 16:57youngest kid. No, I I think he has a
381. 16:59younger kid. Um but anyways, this may be
382. 17:02related to that, right? like maybe
383. 17:04they're trying to get rid of and not
384. 17:07only that, you know, you you got still
385. 17:10everything that that was made from
386. 17:12Trumpcoin, Melaniacoin, and then, you
387. 17:16know, don't forget they also have
388. 17:18American Bitcoin, which is a mining
389. 17:20company, and they also have World
390. 17:22Financial, which is in a nasty lawsuit
391. 17:25with Justin Sun right now of Tron, and
392. 17:28he's making it very public,
393. 17:31right? So all these entities
394. 17:34that's related to Trump and family are
395. 17:36going to be heavily looked at and
396. 17:38scrutinized going forward. I know that.
397. 17:41So I don't know if this is the first
398. 17:45move and it's not a good one because
399. 17:47selling 342 million Bitcoin right now
400. 17:50it's going to affect obviously our
401. 17:52recovery. But um
402. 17:55maybe maybe all tied together because
403. 17:58they're they know that they're going to
404. 17:59get looked at, right? It was just like
405. 18:01it was too prevalent. I mean I said I
406. 18:03made this point yesterday. All of us in
407. 18:05crypto we we appreciate and understand
408. 18:09all the great things that are happening
409. 18:11and all the new framework and how the
410. 18:13CFTC and SEC operates, right? Allowing
411. 18:16innovation and allowing companies,
412. 18:18American companies to prosper with
413. 18:19Bitcoin and crypto. And it's still
414. 18:21moving forward. None of that has
415. 18:22changed. But it was pretty obvious what
416. 18:26was going on. and all the corruption,
417. 18:28all the things that were let go, things
418. 18:30that most people just turned a blind eye
419. 18:31to and said, "Okay, whatever. They can
420. 18:33get away with it. They're the Trump
421. 18:35family. No one's going to go after
422. 18:37them." That's kind of changed if you
423. 18:40think about it now.
424. 18:42Um, so
425. 18:45yeah, the whole family's
426. 18:47they gota they got to watch out. They
427. 18:49got to watch out what they're doing.
428. 18:51But, you know, the good thing is they
429. 18:52could always get pardoned. Every single
430. 18:54one could get pardoned. So, I guess they
431. 18:55don't really have to worry, but they're
432. 18:58all going to get pardoned for sure.
433. 19:01Um, unless it's a state thing. That's
434. 19:03the thing. You can't pardon state
435. 19:05crimes. You can only pardon federal
436. 19:06crimes.
437. 19:11Something interesting to think about.
438. 19:13Uh, outside of that, we had oh, close to
439. 19:17another billion liquidation from both
440. 19:19sides, shorts and long side.
441. 19:24Um, you know, obviously we had a big
442. 19:26rally. I saw a tweet yesterday, someone
443. 19:28that said over the last three years or
444. 19:31two years,
445. 19:33uh, he made, what is it, $380,000
446. 19:36with leverage, like he basically shorted
447. 19:40a market and, you know, he made a whole
448. 19:42bunch of money just holding it. And he
449. 19:44said that he, you know, he thought that
450. 19:48he was going to, uh, make more after
451. 19:52elections. He thought things were going
452. 19:53to go down and then we had a sudden
453. 19:55$5,000 gain on Bitcoin and he got
454. 19:58liquidated all overnight. He didn't have
455. 20:01a set stop gap, nothing like that. He
456. 20:04just lost it all. He said he was looking
457. 20:06at getting a new Porsche and that's not
458. 20:09a case anymore. So within one night, he
459. 20:13lost what he made in like a few
460. 20:16it was a few months or a few years or
461. 20:18something like that. I I don't know what
462. 20:19it is, but it just goes to show you that
463. 20:22that's that's how dangerous leverage is,
464. 20:25right? When things are going good,
465. 20:28everyone feels like they're a genius,
466. 20:32right? With leverage, because you're
467. 20:33multiplying your gains by 3x, 5x, 10x,
468. 20:3720x, 100x, right? I [clears throat] just
469. 20:39saw something that James Win just
470. 20:41posted. He's like, "It's starting to
471. 20:44finally hit me that I lost $100 million
472. 20:47due to leverage.
473. 20:51The guy somehow I still don't believe
474. 20:53it. I I feel like he's a plant for
475. 20:55Hyperlid. Uh the guy put on some crazy
476. 21:00longs back in the day and supposedly he
477. 21:03turned, you know, whatever amount into
478. 21:08hundred million dollars, nine figures.
479. 21:13and he got liquidated during the last
480. 21:15few months. He never cashed out, never
481. 21:18let it go. Again, I I feel like it's I
482. 21:21feel it's fake. I I don't believe anyone
483. 21:23that made a hundred million,
484. 21:26didn't pull some of it out or didn't set
485. 21:29a stop-loss or didn't do anything, just
486. 21:31wrote it all the way down to zero.
487. 21:34I have a hard time believing that.
488. 21:36That's just I I just don't believe it. I
489. 21:39feel like that's all fake or given money
490. 21:41or account that Hyperliquid gave it to
491. 21:43him and and he was the biggest
492. 21:45spokesperson and you know that's how
493. 21:47Hyperlid got big is everyone start going
494. 21:50on and following his trades and stuff. I
495. 21:52don't know. I just I have a hard time
496. 21:54believing. But you know, my point is
497. 21:57liquidations
498. 21:59uh they wreck people. They wreck the
499. 22:01whole space.
500. 22:03So just be careful. It's a drug. Once
501. 22:06you get started, you really don't ever
502. 22:10leave. You just kind of want to always
503. 22:12do it because you want to recover what
504. 22:14you have lost, but then it just pulls
505. 22:16you in. It's like a casino. It's like
506. 22:18going to a casino. All those degenerate
507. 22:21gamblers
508. 22:23that are always in there every day. They
509. 22:26cash out their pension. They cash out
510. 22:28their social security weekly. And all
511. 22:30they do is spend time at casino. That's
512. 22:32what it's like when you play with
513. 22:34leverage. So be careful. Be careful.
514. 22:39Not only are wrecking yourself, but
515. 22:42everyone else in the industry is it
516. 22:44cascades and builds up and it causes
517. 22:46long squeezes or short squeezes. I don't
518. 22:48mind short squeezes. Obviously, but long
519. 22:50squeezes, no good.
520. 22:54No good. Look at this. This is out of
521. 22:56nowhere. I never even seen SanDisk on
522. 22:59here, but there's a tokenized SanDisk
523. 23:02stock.
524. 23:03It's a third largest for liquidations,
525. 23:07right? So, there are definitely a lot of
526. 23:09people that are playing with leverage.
527. 23:11Now that you have leverage tokenized
528. 23:14stocks, people are playing that and you
529. 23:15could get wiped out from that, too. I've
530. 23:17never seen Santis on here and it's the
531. 23:20third largest right behind ETH. That's
532. 23:22kind of wild. Not in a good way, but
533. 23:25it's kind of wild because Sandis right
534. 23:27now is selling off like crazy.
535. 23:30A lot of these tech companies are acting
536. 23:31like meme coins right now. Uh here's the
537. 23:34thing though. Let me refresh just to be
538. 23:37just to be certain. Uh we're we're down
539. 23:40a little bit to 787, but we are still in
540. 23:44the green for November, believe it or
541. 23:46not, because we were much lower, okay?
542. 23:49But we're giving a lot of that back
543. 23:51right now. Um we just came out of a bad
544. 23:55October, down 7%.
545. 23:58Normally speaking, after
546. 24:02midterms, okay, good things happen.
547. 24:07And this tells you exactly
548. 24:12what it is. Uh if you have in seven
549. 24:14cases between
550. 24:17a 100 years 1922 to 2022
551. 24:21in seven cases where it's led by a
552. 24:23Republican president and house and
553. 24:27senate are both dominated by Democrats
554. 24:31in the following three months. This is
555. 24:33actually one of the best scenarios that
556. 24:35can happen. Following three months,
557. 24:37stocks are up about 11%.
558. 24:40The biggest category, biggest gain of
559. 24:43any scenario. And then plus six months,
560. 24:46you're up about 17 and a half%. In 9
561. 24:49months, 20%.
562. 24:51Those two plus six plus 9 are all the
563. 24:54the greenest of any category. And then
564. 24:57plus 12 months about 15.5. That's where
565. 24:59it kind of trails a little bit, right?
566. 25:02And there are many charts that also show
567. 25:04Bitcoin doing the same thing, bottoming
568. 25:07out right around midterms. We kind of go
569. 25:09flat for a little bit and then we go on
570. 25:11a tremendous run. It could be all
571. 25:13correlated because the money start
572. 25:15flowing and liquidity starts flowing and
573. 25:17people start buying up everything. But
574. 25:19normally speaking after midterms
575. 25:22stocks and crypto do very very well very
576. 25:29well.
577. 25:31Today is not a reflection of that, but
578. 25:35we have to see.
579. 25:37History doesn't always repeat, but it
580. 25:40tends to rhyme. And it's funny that in
581. 25:43here it says four cases where the
582. 25:45president,
583. 25:46House, and Senate are all Republican le.
584. 25:50That's the only category where all
585. 25:53[laughter]
586. 25:54all the time frames three months, six
587. 25:56months, nine months, 12 months are red.
588. 26:00That makes no sense. You would figure
589. 26:02Republicans
590. 26:03w would be leading the way, but in the
591. 26:06four cases where it was dominant control
592. 26:09by Republicans actually were all red.
593. 26:12That's just that's just wild. I I don't
594. 26:15even know how that's possible.
595. 26:18All right. Outside of that, shortterm,
596. 26:22long-term, this is what it looks like.
597. 26:25And it does correlate a lot with
598. 26:28midterms and elections, but it also
599. 26:30shows you when you break out of a
600. 26:32certain
601. 26:34certain,
602. 26:36you know, area
603. 26:39uh certain, I don't know, channel or a
604. 26:42certain range,
605. 26:44you do tend to, you know, retrace back
606. 26:47to a like a resistance point or a
607. 26:50support point and then
608. 26:52you go higher.
609. 26:55That's what usually happens. So very
610. 26:58similar cases. We have seen that in 2020
611. 27:00after the COVID crash after we had a
612. 27:02pretty good re recovery. Then we had a
613. 27:04dump and then boom, we headed higher
614. 27:07back in 2023. Same thing when we found
615. 27:10that bottom in 2022. We had a good
616. 27:12recovery in 2023 and then we retraced
617. 27:15back down a little bit and then we never
618. 27:17looked back.
619. 27:19So are we going to see something like
620. 27:21that again? I think so. I think so.
621. 27:26Uh, outside of that, man, I've been
622. 27:28talking for a long time today. Really
623. 27:30long time. Longer than usual. Uh,
624. 27:33Binance and Poly Market.
625. 27:37They're looking at a hard fork to
626. 27:39recover 7 million in crypto. That That
627. 27:41is uh
628. 27:44that is uh
629. 27:47that is serious stuff. It's not a soft
630. 27:48fork, a hard fork. That means they're
631. 27:51actually going to like stop the chain
632. 27:54and create
633. 27:58basically a new chain with new
634. 28:00transactions,
635. 28:02right? Just over 7 million. I mean, 7
636. 28:05million is like nothing compared to the
637. 28:077 billion or 6.3 billion. So, I don't
638. 28:11even know why Poly
639. 28:14I don't even know why Polygon would even
640. 28:16consider this. I don't even know why
641. 28:18Poly Market would even seek this.
642. 28:23that that's a that's a very strong if
643. 28:25this was to recover 600 million I would
644. 28:28say so but like a hard fork is basically
645. 28:31coming out with a new a new chain
646. 28:33basically
647. 28:35that that's uh pretty serious stuff
648. 28:37anyways
649. 28:39outside of that man we're we're having a
650. 28:41huge tech selloff right now almost minus
651. 28:44800 for NASDAQ any gain that we had is
652. 28:48completely wiped Now, Dow is down now
653. 28:51400 and Bitcoin is down to 78. So,
654. 28:55basically what we saw here yesterday,
655. 29:00completely
656. 29:02gone. Bart Simpson gone, but we're not
657. 29:05down here. We are still higher. We're
658. 29:08still in the green for November.
659. 29:12But yeah, it's hard to overcome right
660. 29:14now. I mean, just look at this. Mike Rod
661. 29:16is down 11%. AMD is down 13%. Intel is
662. 29:20down 8%.
663. 29:23I mean, Sandis is down 13 14%. Which is
664. 29:26why that tokenized stock is causing so
665. 29:28much liquidations. SpaceX is down 7%.
666. 29:32Robin Hood is down 8%. Like all my
667. 29:36options basically is near zero now. So
668. 29:38like kiss all my options goodbye. This
669. 29:41is just tremendous
670. 29:43tremendous selloff.
671. 29:45Again, I think it's just due to fears
672. 29:47that the Democrats are going to try to
673. 29:49shut down all these data centers and
674. 29:51slow down growth and that's why they're
675. 29:54all selling off. I mean, like HP is down
676. 29:579%, TSM is down 7%. Google Google is
677. 30:01actually holding, but yesterday they
678. 30:02were down huge.
679. 30:05Yeah, no good. No good.
680. 30:10Micro Strategy down 7%.
681. 30:14Coinbase down nearly 7%.
682. 30:24Well, let's see if Bitcoin could hold
683. 30:25here. This is actually a resistance
684. 30:27right here or support. I should say a
685. 30:29light support, but we'll see if it could
686. 30:32hold. And it's just a bad selloff day.
687. 30:34All right, let's do some Q&A.
688. 31:16Yeah, man. The text all off.
689. 31:19is so brutally hard. And I've said it
690. 31:22makes no sense because they're all
691. 31:24making money hand over fist. SK Highex,
692. 31:29Micron, they have all their chips sold.
693. 31:34Every single one that they could produce
694. 31:35sold until 2028.
695. 31:38Dell and HP record sales. AMD record
696. 31:43sales. Nvidia record sales.
697. 31:46And somehow Wall Street is just selling
698. 31:49everything off because they're they're
699. 31:51fearful about
700. 31:55fearful about what's to come. New I
701. 31:58don't know new regulations, new
702. 32:00whatever,
703. 32:01new
704. 32:05I don't know. I don't know. I see both
705. 32:08sides. I can see why normal people,
706. 32:12normal Americans, they're like, "Why do
707. 32:15we want AI to advance, right? Like AI
708. 32:18advancing is just go take our jobs. I
709. 32:20don't care about that. I don't care
710. 32:23about AI getting smarter and better. I
711. 32:25don't care about the data centers around
712. 32:27me. I don't want them to have, you know,
713. 32:30build data centers around me."
714. 32:32>> [clears throat]
715. 32:33>> Um,
716. 32:35I could see why most people would think
717. 32:37that, but you already let the gene out
718. 32:40of it bag. We already have this. We know
719. 32:43how to build AI models now, right? And
720. 32:46not only that, the world knows how to.
721. 32:50China knows how to. Even some Europeans
722. 32:52know how to. They're not going to stop.
723. 32:56simply by halting progress here is not
724. 32:59going to make other companies and other
725. 33:01countries stop. You can't lose
726. 33:04this war,
727. 33:06right? You need to we have advantage.
728. 33:10We're definitely ahead,
729. 33:12but we need to maintain that lead. We
730. 33:16can't fall behind. Uh there are other
731. 33:18countries that are doing bad things
732. 33:21already and they're using inferior
733. 33:23models. Now imagine they're not and
734. 33:26they're using frontier models. Um that
735. 33:29would be horrible. So
736. 33:33hopefully these Congress people
737. 33:35understand that and hopefully normal
738. 33:37people will understand it because
739. 33:40this is the bigger picture type thing
740. 33:42that we all need to worry about. But
741. 33:44short term I understand people are
742. 33:47broke. People are worried about losing
743. 33:49their job. People are worried about high
744. 33:52prices.
745. 33:53keeping food on a table. I get it. Those
746. 33:56are more urgent things that need to be
747. 33:58solved first, but long-term
748. 34:02can't lose this war.
749. 34:45Big toe says, "Prices have not stopped
750. 34:47rising in six years. Not sure what to
751. 34:50do." Uh, you know why it hasn't stopped
752. 34:52in six years?
753. 34:55Because
754. 34:58uh because after COVID our government
755. 35:03and governments around the world, not
756. 35:04just the US, decided that we needed to
757. 35:08flood the market with money, right? The
758. 35:11overall money supply increased by over
759. 35:1430%
760. 35:16within two years with all the the checks
761. 35:21that were sent out, all the forgiveness
762. 35:23programs,
763. 35:25everything.
764. 35:26Everything. That's why price went up.
765. 35:30When the overall amount of money goes up
766. 35:32by 30%.
767. 35:34Just think about it. That means
768. 35:36everything became at least 30% less
769. 35:40valuable because now there's 30% more
770. 35:42money. Money
771. 35:46doesn't you can't just print 30% more
772. 35:49money and not have effect. This is what
773. 35:52Pal was trying to say. He was trying to
774. 35:56he was trying to do his best to blame it
775. 35:58on supply chain issues, but it was
776. 36:01really about overprinting. So that's why
777. 36:03it's never going to go back down.
778. 36:05because we have more than 30% of new
779. 36:07money floating around.
780. 36:11So, at a base level, something that was
781. 36:14$1 should at least be 130. But
782. 36:18obviously, a lot of things have gotten a
783. 36:20lot more expensive than that due to
784. 36:21other factors,
785. 36:23okay? Due to rates being higher now, due
786. 36:26to inflation also higher, due to a lot
787. 36:28of other stuff that's happened.
788. 36:32But that's why it's never going to go
789. 36:34back down you unless everyone starts
790. 36:36burning their money.
791. 36:39You know, we burn away 30% of the money
792. 36:41that's been circulated, which is not
793. 36:43going to happen. And we print more every
794. 36:46single year.
795. 36:49Whatever countries can't make up for by
796. 36:52selling bonds, what do they do? They
797. 36:55raise taxes, but that doesn't cover it
798. 36:57all. And they print money. So that's why
799. 37:00inflation will never go away and it will
800. 37:03always get worse. That's why we need
801. 37:05assets.
802. 37:31This is why you need strate strategic
803. 37:34debt. Appreciate assets will pay for
804. 37:36themselves. Yes. Yes. But I understand
805. 37:41because I've been through it. When
806. 37:43you're living paycheck to paycheck and
807. 37:45you have no way of saving or investing,
808. 37:50it's tough. It's tough. A lot of people
809. 37:53go through that. A lot of people are
810. 37:56living paycheck to paycheck no matter
811. 37:57how much they make. I've been through
812. 37:59that many many many many many years and
813. 38:04even to some extent now. Um my expenses
814. 38:08are quite high. So
815. 38:11I got to figure out how to cover that
816. 38:13too. Uh so I understand if you don't
817. 38:16have dry powder, you don't have dry
818. 38:17powder. I could say hold on DC all day
819. 38:20long. If you don't have enough and you
820. 38:23need to sell or you can't DCA, that's
821. 38:26life, right? But long term, everyone
822. 38:29should try to figure it out because it's
823. 38:31only going to get worse. It's only going
824. 38:33to get worse. Inflation will continue to
825. 38:36rob people's buying power. Okay? Money
826. 38:39will continue to get worse. Prices for
827. 38:42assets like homes,
828. 38:45houses, buildings,
829. 38:48gold, Bitcoin, you name it, will
830. 38:52continue to rise and become more and
831. 38:54more unaffordable. That will never stop.
832. 38:58No matter how many stimulus checks they
833. 39:00may be giving out in the future,
834. 39:02hopefully none,
835. 39:04uh assets will continue to rise in
836. 39:06price. So people will get poorer and
837. 39:08poorer just by living paycheck to
838. 39:12paycheck forever. Um so and AI is not
839. 39:15going to help. AI is going to remove a
840. 39:19lot of jobs
841. 39:21and make more people broke. So right now
842. 39:26got to figure it out. Got to maximize
843. 39:28earnings as much as possible
844. 39:32and utilize AI to create something or
845. 39:34build something. That's really what it
846. 39:36comes down to. Uh because in the next
847. 39:38five to 10 years, a lot of jobs, a lot
848. 39:41of jobs are going to be lost.
849. 39:44Man, today is just such a brutal day.
850. 39:46It's it's hard to watch this Bart
851. 39:49Simpson.
852. 39:51And it's just it's led. NASDAQ is down
853. 39:54almost a thousand points today. This was
854. 39:56what people were expecting yesterday and
855. 39:59then they got a big fake out. All the
856. 40:01people that were shorts yesterday,
857. 40:03they all got wiped out because we had a
858. 40:05good long day and now people are long
859. 40:08and getting wiped out due to the short
860. 40:09due to the decline. See, this is this is
861. 40:12why you don't want to try to outsmart
862. 40:14the market.
863. 40:16All these people liquidation is probably
864. 40:18over a billion again.
865. 40:21Uh how do I I have the open?
866. 40:25It's getting up there. 800 870 million.
867. 41:06Flavio says, "Get roommates a Toyota
868. 41:08Corolla. Leverage you to delay
869. 41:10gratification.
870. 41:12If you're drinking and partying and
871. 41:13don't have a sizeable net worth, you're
872. 41:15in the wrong place." I mean that. And
873. 41:17just in general, too. I mean, those are
874. 41:20good things, but in general, you get one
875. 41:23less Starbucks coffee a day, one less
876. 41:28takeout order a day, one less Door Dash
877. 41:32order a day, one less whatever service
878. 41:35that you may be ordering a day or week,
879. 41:39stuff like that. It adds up. Most people
880. 41:42like to live comfortably even though
881. 41:45they have no savings. They just they
882. 41:47just say, "Well, that's just what I what
883. 41:50I spend on, right? Getting a Starbucks
884. 41:53or Dunkin' Donuts or whatever on the way
885. 41:55to work, maybe on the way back on the
886. 41:58weekend if you're bored. A lot of people
887. 42:00just eat when they're bored. I I mean,
888. 42:01I'm guilty of this, too, but just
889. 42:03stopping in random places to eat snacks
890. 42:05or something.
891. 42:07Uh it adds up to hundreds of thousands
892. 42:09of dollars a month. Um, eating out
893. 42:13especially, I think a lot of people
894. 42:15utilize Door Dash and Uber Eats. A lot
895. 42:17of people go to restaurants to eat.
896. 42:20Uh, especially with prices like dishes
897. 42:23at restaurants are stupidly expensive.
898. 42:26Every dish at a restaurant is $18 to
899. 42:31$25.
900. 42:33Even even like
901. 42:36even like the normal cheaper
902. 42:38restaurants,
903. 42:40you can't get out of there without
904. 42:42spending at least $20 a person, right?
905. 42:46Um
906. 42:48it's it's expensive. You know, these are
907. 42:50things that you could cut back and and
908. 42:53use towards investing investments,
909. 42:56but most people, you know, most families
910. 42:59are not going to do that. They don't
911. 43:01they don't they don't think it adds up,
912. 43:04but it does
913. 43:22Could
914. 43:31you make Clash World have the option to
915. 43:33play browser based or download? I could,
916. 43:35but I'm probably not going to.
917. 43:38I've spent so much time trying to make
918. 43:40it look good and operate well on
919. 43:42browser. There's always people that's
920. 43:44going to complain. Uh just like with
921. 43:46Frontline, and Clash World is even worse
922. 43:49than Front Line. So Clash World will be
923. 43:52a download only. Uh front line I'm gonna
924. 43:55make it both. Right now it's a ready
925. 43:57browser. I'm working on Unreal version
926. 43:58where it's a download which will help
927. 44:01actually performance and visual quality
928. 44:05by a tremendous amount but Clash Roy.
929. 44:07No, I'm going to make it um download
930. 44:10only. It's just too hard. You got all
931. 44:12these people using old computers. No one
932. 44:15really has an advanced state-of-the-art
933. 44:17computer. Everyone's using a computer
934. 44:18from 6 years ago, 10 years ago, 20 years
935. 44:20ago, and it's just not going to work
936. 44:23well. And then people are going to
937. 44:24complain and get disinterested. So, it
938. 44:26has to it has to work well from day one.
939. 44:36Josh, I'm so tired of winning. Josh,
940. 44:40don't you turn bearish on me, too. I
941. 44:42mean, it's hard. Like,
942. 44:44I I don't even look at my brokerage
943. 44:46account right now. I don't look at my
944. 44:48wallet or brokerage account. Wallet is
945. 44:49fine. I know what I have in there. But
946. 44:51my brokerage account of all these
947. 44:52options that are set to expire in
948. 44:54December and uh and March, it's probably
949. 44:57all near zero right now. Like the the
950. 44:59the tech selloff is so brutal
951. 45:02that I can't imagine any of them having
952. 45:04any any value right now. I just probably
953. 45:07got to accept that I'm going to lose
954. 45:08hundreds of thousands of dollars,
955. 45:11which is not something that I could
956. 45:14really
957. 45:16ignore.
958. 45:19It's just it's just bad. It's just bad.
959. 45:23And it makes no sense. It I mean, it
960. 45:26makes I can explain it, but it just it's
961. 45:29not a good it's not a good rationale
962. 45:32behind it. Let's put it that way.
963. 45:41I like Longhorn, but it's now 28, $35.
964. 45:44Yeah, especially if you get steak.
965. 45:45Forget about getting a steak at a
966. 45:47restaurant, man. You get a ribeye, it's
967. 45:50like $40 minimum, 45, right? Unless
968. 45:53you're getting like a 4 ounce or
969. 45:55something, then then maybe it's like
970. 45:57$28. Uh you get any kind of steak,
971. 46:00you're looking at 40, 50,
972. 46:0480, $100 steaks everywhere. You get
973. 46:07normal.
974. 46:09I mean, I was just at Cheesecake Factory
975. 46:11the other day, maybe two days ago.
976. 46:14I like every single dish is $25. There's
977. 46:17There is nothing. Even appetizers are
978. 46:19$20. You can't get a cheap meal anymore.
979. 46:24Um, you really can't
980. 46:27unless you just do fast food. I mean,
981. 46:29but even fast food is not cheap.
982. 46:44[snorts] The only thing that I I do
983. 46:46every day right now is keep myself
984. 46:49occupied
985. 46:51by building out stuff for the Clash
986. 46:53ecosystem, right? So, still building out
987. 46:56Front Line, still building out Clash
988. 46:58World, which helps Clashpad, which helps
989. 47:01Clash. That's that's what I'm focused
990. 47:03on, right? And what I'm
991. 47:06spending all my time on learning how to
992. 47:09use AI, learning how to use better and
993. 47:12figuring out how to create things that
994. 47:14people will use. That's really what it
995. 47:16comes down to, right? I don't really
996. 47:18spend a lot of time on anything else. I
997. 47:21don't waste a lot of time on X or
998. 47:27watch a lot of Tik Toks anymore or watch
999. 47:30TV. I hardly watch TV. I don't know of
1000. 47:34any new shows or anything anymore. Um,
1001. 47:37don't really watch movies. Only like
1002. 47:38when it's like family time at night.
1003. 47:40That's it.
1004. 47:42I'm keeping myself occupied like 16
1005. 47:46hours a day.
1006. 47:54I just playing I just been playing front
1007. 47:56line. Almost forgot I had a portfolio.
1008. 47:58That's probably the right right way to
1009. 47:59do it.
1010. 48:16Man, it's just it's just a brutal day.
1011. 49:00Drew. Drew. I appreciate that. I do
1012. 49:02appreciate it.
1013. 49:06Uh, what is the plan for your kid? Let
1014. 49:07them compete with AI robots. I mean,
1015. 49:09what what other plan is there? I'm
1016. 49:11trying to get them to utilize AI, but
1017. 49:14they're they still don't care about it.
1018. 49:15Most most people don't, but at least one
1019. 49:18of my kids is using it to try to build
1020. 49:20games with. So there there's that. He
1021. 49:23has some experience in it. Um
1022. 49:26I don't I honestly don't know. I I've
1023. 49:28I've told my
1024. 49:31wife this and I've expressed this to
1025. 49:34other parents who have younger kids like
1026. 49:36our family friends.
1027. 49:39Um I don't and a lot of like a lot of
1028. 49:43these other parents that that are like
1029. 49:46at uh sports meets and stuff. I don't
1030. 49:49know what the kids are going to be
1031. 49:51doing. I really don't. And it's a bleak
1032. 49:55way to think about it, but
1033. 49:59I actually have no idea what job they
1034. 50:02could be doing in 10 years that AI won't
1035. 50:06have replaced
1036. 50:08other than
1037. 50:10like being electrician or plumber.
1038. 50:14Like electricians will probably be in
1039. 50:16demand for a long time until optimist
1040. 50:19robots can take over. Same thing with
1041. 50:22plumbing. probably a long time, but I
1042. 50:26can't think of any other job that's a
1043. 50:29white collar job that won't be replaced
1044. 50:32by AI in 10 years. And that's when
1045. 50:35they're in their prime, when they're out
1046. 50:37of college and in their early 20s
1047. 50:42looking to build a career. I don't know
1048. 50:46what jobs that they can actually
1049. 50:50have and and succeed with and build
1050. 50:53their careers with and make good money
1051. 50:55with
1052. 50:57in 10 years.
1053. 51:00I I can't I think their only hope is
1054. 51:03that I pass on all my money to them.
1055. 51:06That's it. I hate to say it. I don't I
1056. 51:09don't know. I don't know what else. I I
1057. 51:11I don't I can't think of anything. There
1058. 51:13is no desk job that won't be replaced by
1059. 51:17AI.
1060. 51:22And it's sad to to to think about, but
1061. 51:25it's true.
1062. 51:27Robots will be building robots. You
1063. 51:29won't need humans to build robots.
1064. 51:32That's for sure. Military.
1065. 51:36Yeah, I guess. Yeah, there's they always
1066. 51:38need people, but military is going to be
1067. 51:41very different, too. It's all going to
1068. 51:43be drones and
1069. 51:46everything will be driven by
1070. 51:49robots.
1071. 51:51You could fight wars with robots and
1072. 51:53drones. You don't really need people
1073. 51:55anymore.
1074. 51:57Not nearly as much.
1075. 52:00And everything's like, you know,
1076. 52:02missiles and nukes and stuff anyways.
1077. 52:04So, I I don't even know why you need
1078. 52:06that much military anyways.
1079. 52:22Drew Drew said, "I'm an electrician.
1080. 52:242026 was my most profitable year. We
1081. 52:26can't buy enough workers."
1082. 52:29You know, congratulations for you and
1083. 52:31you should try it. You especially since
1084. 52:33you're electrician, you should start
1085. 52:35your own business if you haven't. you
1086. 52:38should become your own
1087. 52:40electrical business and hire a lot of
1088. 52:42people and and grow that as much as
1089. 52:44possible because I honestly think
1090. 52:47electricians will be like the richest
1091. 52:49people in like 10 years.
1092. 52:53Um
1093. 52:55I everyone else I I don't know what
1094. 52:58everyone else is going to do honestly.
1095. 53:02All these people that are crunching
1096. 53:04numbers or you know doing taxes or doing
1097. 53:09project management work or doing design
1098. 53:12work or graphic work or architecture
1099. 53:17uh even law like
1100. 53:20there is no job that's safe none. All of
1101. 53:23it will be replaced. I can't think of
1102. 53:26anything you really.
1103. 53:30I think electrician is probably the
1104. 53:32best.
1105. 53:34Starting a business is still number one,
1106. 53:36but starting a business
1107. 53:38of handling electricity. I guess
1108. 53:43that's probably the best.
1109. 53:54So basically as a human species we
1110. 53:57become useless. Yes. Yes. Because we
1111. 54:01inherently
1112. 54:03are lazy and we want things done for us.
1113. 54:07So, the movie, one of my favorite movies
1114. 54:09is uh is Wall-E.
1115. 54:12And I think a lot of people have watched
1116. 54:16that movie. That's where we're heading
1117. 54:18to. Like, basically sitting in a pod, a
1118. 54:22floating pod, where our lives are
1119. 54:25dictated by the AI and we can press a
1120. 54:30button and food just appears and we eat
1121. 54:32it. That's basically how we're living
1122. 54:35now. That's what Door Dash and Uber Eats
1123. 54:37is. So that you don't even have to cook.
1124. 54:39You don't have to go do anything. Just
1125. 54:41order and it shows up at your door in
1126. 54:4315, 20, 30 minutes, right? That we're
1127. 54:46building robots. Why? So they could take
1128. 54:48out the garbage. They can clean the
1129. 54:51house. They can shovel the driveway,
1130. 54:56right? Everyone's will get one because
1131. 54:57everyone wants that and don't want to do
1132. 54:59it, right? So humans inherently
1133. 55:04are lazy and wants easy life, wants
1134. 55:07instant gratification. So we keep
1135. 55:10building things to make ourselves more
1136. 55:13lazy and more obsolete. And AI will be
1137. 55:16the last thing we build that takes over
1138. 55:18all. We don't even have to think anymore
1139. 55:21as humans. We don't need to use our
1140. 55:23brains anymore. AI will think for us.
1141. 55:26And in some ways, it already does. We
1142. 55:29have a billion people that's using chat
1143. 55:30GBD every day because they don't need to
1144. 55:33think. They don't want to think and
1145. 55:35they're told what to do. So, we're
1146. 55:38already going down that route and it's
1147. 55:40not going to stop.
1148. 55:44So in the future, there will be a very
1149. 55:46limited amount of people that are
1150. 55:48actually thinkers that actually will go
1151. 55:52against the grain and maybe question AI
1152. 55:55and say, "Well, maybe what AI is telling
1153. 55:57me isn't the best thing for me."
1154. 56:02But the future generation are all going
1155. 56:03to live on AI. Every single part of
1156. 56:06their lives is going to be utilizing AI
1157. 56:09for all decisions, every single thing.
1158. 56:11It's not going to stop.
1159. 56:24We're probably the last generation, at
1160. 56:26least I think a lot of you guys are my
1161. 56:28age. We're probably the last generation
1162. 56:30of critical thinkers.
1163. 56:33The next generation,
1164. 56:37none of them will be critical thinkers.
1165. 56:40They'll all be doers. Doers of what AI
1166. 56:43tells them. That's pretty much it.
1167. 56:44They'll be led by AI.
1168. 56:54Electricians building data centers will
1169. 56:56eventually be put out of work, too.
1170. 56:58Yeah. Because they'll be replaced by
1171. 56:59robots. But you have more time at least.
1172. 57:04Outside of that, you know, everyone else
1173. 57:06is going to get laid off in the
1174. 57:07meantime.
1175. 57:13Where's the bottom? I want to long.
1176. 57:15Well, if you're looking at shortterm,
1177. 57:17this is the bottom. This is where we
1178. 57:19fell to here and here the last week or
1179. 57:24so. So,
1180. 57:26and here. Yeah, I would say this is a
1181. 57:28pretty good bottom if you were obviously
1182. 57:31go lower, but today's sell-off is just
1183. 57:32so brutal. Everything is being sold off
1184. 57:35and it's affecting Bitcoin,
1185. 57:38but
1186. 57:43I think we hold. I don't think we'll go
1187. 57:45lower. I think we could hold this level.
1188. 57:47There's no reason for us to go lower. We
1189. 57:49were already pretty depressed
1190. 57:52and we were holding at this level. So, I
1191. 57:55guess we'll see. But the stock selloff
1192. 57:57is so brutal right now. It's affecting
1193. 57:59everything there. There's nothing green.
1194. 58:01There's nothing safe right now.
1195. 58:31AI bubble f finally bursting. I don't
1196. 58:33think it's AI bubble. I think it's
1197. 58:36everything's bursting.
1198. 58:39I hate to say it, everything's bursting.
1199. 58:40So unfortunately the gains that we got
1200. 58:43for this month is now wiped out. We were
1201. 58:46up 4% for this month and now we're down
1202. 58:495%. So I'm pretty sure the gains that we
1203. 58:52we achieved in November is now gone
1204. 58:57which is sad
1205. 58:59and it's due to this market selloff.
1206. 59:06AI bubble can burst but AI will stay and
1207. 59:08continue to evolve. Yeah, that's that's
1208. 59:09for sure. There's two different things.
1209. 59:11There's the investment side which is
1210. 59:14stocks and crypto that's related. And
1211. 59:16then of course there's the technology
1212. 59:18itself which is
1213. 59:22which is what uh open AI and anthropic
1214. 59:24are. Um they're not going to stop and
1215. 59:27hopefully they don't because we don't
1216. 59:28want China to win. We don't want China
1217. 59:31to win the AI war. That would be what
1218. 59:33way worse for us. Way worse for us. Um
1219. 59:36so hopefully the politicians know that.
1220. 59:38Hopefully, politicians try to fix
1221. 59:40near-term
1222. 59:42stuff, but keep the long-term stuff
1223. 59:44going because we can't lose that war.
1224. 59:47That will be the one war that ends all
1225. 59:50wars. Um, so you don't want to lose it.
1226. 59:55Uh, it'll be bad.
1227. 1:00:05I hate to say it, but I I just coined
1228. 1:00:06something. I I do think that we are the
1229. 1:00:09last generation of critical thinkers,
1230. 1:00:18you know, throughout our lives, right?
1231. 1:00:20Like certain things have happened that
1232. 1:00:22have changed our lives forever, right?
1233. 1:00:24From a tech side, the last big one was
1234. 1:00:28probably the invention of smartphones.
1235. 1:00:31back in 2007
1236. 1:00:34when iPhones came out, we still didn't
1237. 1:00:35have app store and stuff, but probably,
1238. 1:00:37you know, three years, four years
1239. 1:00:39afterwards, 2010, 2011,
1240. 1:00:43after a few versions of iPhone after
1241. 1:00:45Android came out, that's when it changed
1242. 1:00:47our lives forever, for better, for
1243. 1:00:48worse, right? So, we've lived through
1244. 1:00:51that. So, our generation is the first
1245. 1:00:54generation to be mobile, right? And in
1246. 1:00:57some ways, it's good. Like we have
1247. 1:00:59infinite photos and videos of our kids
1248. 1:01:02which our parents never had. They had to
1249. 1:01:04do like regular photography and video
1250. 1:01:07cameras and stuff. So, but it's also bad
1251. 1:01:10because now we have been glued to where
1252. 1:01:14we're like Androids, right? Like we're
1253. 1:01:16glued to our phones and our kids have a
1254. 1:01:18worse. We have given our kids iPads and
1255. 1:01:22phones at a much younger age than when
1256. 1:01:24we started because we were already in
1257. 1:01:26our 20s. They started when they were
1258. 1:01:29four years old, five years old. So they
1259. 1:01:32can't live without a phone,
1260. 1:01:35right? So, but we're now also going
1261. 1:01:38through this AI thing where we're the
1262. 1:01:40first generation to actually use AI in a
1263. 1:01:43productive way and our kids will
1264. 1:01:47obviously
1265. 1:01:49live with that and their kids will be
1266. 1:01:52even more
1267. 1:01:54raised by it. So we're going through a
1268. 1:01:58lot of these and even before that was a
1269. 1:02:01big thing that we all adapted to which
1270. 1:02:03is googling right when Google came out
1271. 1:02:06it changed the thing it changed the it
1272. 1:02:09changed everything people no longer went
1273. 1:02:11to libraries people no longer had to do
1274. 1:02:14any research just they Google it so that
1275. 1:02:17was a big thing too right and then you
1276. 1:02:20have Google maps once Google maps came
1277. 1:02:22out everyone stopped using maps
1278. 1:02:26You tell me how to find my way out of a
1279. 1:02:29forest using a map and a compass, forget
1280. 1:02:33about it. I will die in that forest. Um,
1281. 1:02:38you know, so it's like
1282. 1:02:40we have these things that have changed
1283. 1:02:42everyone's lives and AI is going to be
1284. 1:02:44like the final one
1285. 1:02:47because after you perfect AI, you don't
1286. 1:02:49need anything else. You don't need to
1287. 1:02:51think anymore.
1288. 1:02:53And I'm not saying that's a good thing,
1289. 1:02:55but we will probably be the last
1290. 1:02:56generation of thinkers. Our kids and
1291. 1:02:58their kids will no longer need to think.
1292. 1:03:00They will just rely on AI for
1293. 1:03:02everything. AI and mobile. And then
1294. 1:03:04eventually mobile gets upgraded to
1295. 1:03:06Neurolink where you just have it in your
1296. 1:03:09head. So then you have AI and the
1297. 1:03:12internet access in your head and uh
1298. 1:03:16and it's going to be weird. people are
1299. 1:03:18gonna just sit there and stand there
1300. 1:03:20like they're a zombie, but they're
1301. 1:03:22really just interacting with things in
1302. 1:03:23their head.
1303. 1:03:27That's even stranger to think about, but
1304. 1:03:29that that's going to happen. I mean,
1305. 1:03:31Elon's already pushing Neurolink
1306. 1:03:33forward. Um, another 10, 20 years, I
1307. 1:03:39could see how he comes out with a chip
1308. 1:03:40that you could just put in your head and
1309. 1:03:43uh, you get internet access to your head
1310. 1:03:46without even looking down on your phone.
1311. 1:03:52Now, that's an interesting thing. Would
1312. 1:03:53you guys get that?
1313. 1:03:56Would you guys get an implant in your
1314. 1:03:58head so that you get internet access
1315. 1:04:00directly into your brain without looking
1316. 1:04:03without needing to look down on your
1317. 1:04:05phone or computer?
1318. 1:04:09I don't know. Like
1319. 1:04:13that would pretty that would give you a
1320. 1:04:15heads up on a lot of things. I don't
1321. 1:04:18know how much so
1322. 1:04:20and it could definitely ruin your life
1323. 1:04:22because you're just like searching in
1324. 1:04:24your head all the time.
1325. 1:04:30You guys say no, but just wait until
1326. 1:04:33everyone else is and then they're so
1327. 1:04:35much far f far f far f far f far f far f
1328. 1:04:35far f far f far f far f far further
1329. 1:04:36ahead than you.
1330. 1:04:44Think about it. If you're in a meeting
1331. 1:04:47and a boss is asking for ideas,
1332. 1:04:50everyone's trying to think, everyone's
1333. 1:04:52trying to look on their phone and one
1334. 1:04:54guy just gets it instantly all the time
1335. 1:04:58because he has a direct link to the
1336. 1:04:59internet and AI directly in his head and
1337. 1:05:01that AI gets smarter.
1338. 1:05:05He would have such an advantage over
1339. 1:05:06everyone else. I think I I feel like
1340. 1:05:10everyone else would just do it just so
1341. 1:05:11they could compete.
1342. 1:05:23>> [laughter]
1343. 1:05:27>> Oh man.
1344. 1:05:34Literally the mark of the beast. I guess
1345. 1:05:38it's going to happen within the next 10
1346. 1:05:41to 20 years. There will be chip
1347. 1:05:43implants. I don't even think it has to
1348. 1:05:45go in your head. It's probably something
1349. 1:05:46that like a little thing that you just
1350. 1:05:48like tap on your your head. Like they
1351. 1:05:51don't even have to do a surgery. You
1352. 1:05:52just like stick it on your head or the
1353. 1:05:54back of your neck or something like
1354. 1:05:56that.
1355. 1:05:58And uh I bet a lot of people get it. I
1356. 1:06:00bet a lot of people get it.
1357. 1:06:08It's It's kind of the same thing. Like
1358. 1:06:10everyone here is saying no, right? It's
1359. 1:06:12just like the old people that will say I
1360. 1:06:14I I won't ever let a car drive for me,
1361. 1:06:18right? They won't they won't trust a car
1362. 1:06:22to drive like a FS like FSD right now.
1363. 1:06:25I've driven it on FSD million times.
1364. 1:06:28It's fine. Like I've shown my mom that
1365. 1:06:31is, you know, I'm like she's older now,
1366. 1:06:34not the best driver. I'm like, you
1367. 1:06:36should just get a Tesla. Let her drive
1368. 1:06:37around for you. refuses, right? But it's
1369. 1:06:40just kind of like that. If you grow up
1370. 1:06:43with something and you're used to it,
1371. 1:06:44you think it's safe, the prior
1372. 1:06:46generations won't think it's safe and
1373. 1:06:49you're always will have that. So, right
1374. 1:06:51now, everyone's like, "No, it's chips in
1375. 1:06:53my head." Future generations will say,
1376. 1:06:56"Well, that's pretty normal. You know,
1377. 1:06:58everyone has it. Why wouldn't I get it?"
1378. 1:07:02And future parents will be asked by the
1379. 1:07:05doctors, hey, do you want to implant
1380. 1:07:07them with this? And most parents will
1381. 1:07:10probably say yes.
1382. 1:07:13Like our kids' kids is like when our
1383. 1:07:15kids grow up to be adults, they'll
1384. 1:07:17probably say yes to their kids being
1385. 1:07:19implanted. Um,
1386. 1:07:22we'll see. We'll see. All right, guys.
1387. 1:07:25That's enough chitchat about the future.
1388. 1:07:28Uh, yeah, it is dumping right now. It's
1389. 1:07:30not looking good. It's not anything
1390. 1:07:32inherently wrong with Bitcoin or crypto
1391. 1:07:35or any big bad news today. It's just a
1392. 1:07:39bad sell-off day. A day after yesterday,
1393. 1:07:44two days after election,
1394. 1:07:46now people are afraid of tech and AI and
1395. 1:07:51and everything else related going belly
1396. 1:07:55up and uh and selling off. That's really
1397. 1:07:58it. And I think a lot of people are just
1398. 1:08:00panic selling at this point. We will
1399. 1:08:02recover, but this just sets us back,
1400. 1:08:04which unfortunately sucks.
1401. 1:08:07All right, guys.
1402. 1:08:09Have a good one. Hang in there.
1403. 1:08:13Don't think too much about chips in your
1404. 1:08:15head yet. We're not there yet. But AI is
1405. 1:08:18definitely something
1406. 1:08:20not to ignore. All right, have a good
1407. 1:08:22one. Take care.