Argentina Elects Pro-Bitcoin President | Britcoiners by CoinCorner #104

Transcript

[Music] welcome back guys was clap that was not a CL that was a clap for the mics and sound sucking at all not not that we're back another episode okay this week uh apologize for my voice and sniffing again for the second time uh we got JP Morgan uh talking about Bitcoin ETF we've got Gemini and Genesis going I still coin and Bitcoin ETF lots of Bitcoin ETF uh Bitcoin alltime highs in certain countries which we can come back to and explain uh Austria football club accepting Bitcoin we've got some awards uh to talk about we've got Argentina presidential election we have uh bullish and coindesk which we'll come back to SEC suing Kraken again um and obviously the binance topic that everyone's going to be wan to talk about um and a big Bitcoin transaction fee that was a lot High a lot high level skipped over a few there but feel like it's going to be a long episode well we'll work through quickly strap yourself in no turbo pod today it's you know churn through this let's go JP Morgan so the the ETF thing I guess that kind is covered with a few different ones here so we'll we'll group them in um so JP Morgan is saying that expect the spot Bitcoin ETF to be Pro be approved within months uh coinbase is also confident that it will be approved coinbase being the custodian for all of all of the ETFs as far as we're aware they've got to be confident then haven't they well how confident are you that it's going to be approved well the SEC commissioner also says um that basically uh should have been approved five years ago and is mystified of the logic of one not mystified mystified X that's the X I I think what did what happened five years ago sorry I I think it's just in I just being dramatic should have been five years ago should have been 20 years ago before Bitcoin I saw the video was she not a commissioner 5 years ago she just blame it herself POS in the foot there potentially could be yeah should have got this this was on to do I think thef talk has been ongoing for five plus years hasn't mhm um yeah every everybody now is obviously Black Rock yesterday had a closed door meeting with the SEC um and conversations on um the ETF uh I'm sorry I'm trying to read what was saying there but if you got do one the they reject it at this point may be like gen's final act just real but yeah that everybody's fairly confident um or everybody involved should we say is fairly confident I don't like to does everyone get a closed door meeting with the SEC have come Black Rock I'm you have one no yeah is it just jealous it depends who you are you get a little closed door meeting I tend to close the door Jo Mee a very good BL I never thought about never had an Open Door meeting it's a little private meeting with them I suppose they can can't they just pull a few strings you what they want say much on there about what that was oh it was the cash creates wasn't it so they talk in detail if I had to some of this so it is more detail so it's kind of it feels like a a when not ifio I think for most of it at a minute so it feels like the might had a few issues with some of the details and inite them into hash out kind of thing they're having that with everyone don't be silly they had a great scale to be fair but that's a slightly different scenario cuz they're converting aren't they into an ETF so they did have one of them as well with gray scale the other day to legally gray scale were allowed to convert from a future to a spot they won the court case in the and the SEC haven't appealed no which means effectively they're happy for that I think as long as they probably abide by the rules of everyone else's everything's pointing to it happening isn't it we have not heard any bumps in the road yet nope so sit back and see I think I don't want to get into the binance thing but obviously we'll come back to that in a minute but I think that's one of the probably stumbling blocks for it to be approved um that an exchange of that scale was out there in the wild without proper oversight so I imagine that goes kind of hand inand at the minute with the doj stuff yeah um so yeah unfortunately we'll just have to wait wait and see wait and see I think I asked this every episode but when is the date that they the last date they can 10th or 11th of Jan of Jan okay I think was the one yep that was that was to group um like eight of them are thinking and to be approved by them okay have you not got it in your calendar start to put those dates in my calendar after one of the pods are shared with me all the dates so that's I've got this little table in my car little table yeah W mhm fo in so we come on 1th of March deadline 15th March yes it's the third deadline isn't it where they're all 15th of January yes yeah 154 yeah in 11th of January there 11th and also November yeah valkyri is on the 17th yeah but they could have prove it early yeah is the the thought process so yeah before mid January let's say would be the time when they could approve the majority I think uh We've passed the November deadline have we where they said they could approve all 10 or 12 whatever Mone it was so that hasn't happened oh that's the yeah the second deadline window yeah which was like I can't read any of that that's all blur to me can you not do you need glasses yeah yeah cont lces in right now maybe this is out speak to your opposition I'm having three different conversations yeah cuz you're just reading dates off a chart let's move on let let's get some more B you guys are just don't seem like you say anything today you know come on give us some feedback uh be up beat when something more interesting happens about the ETFs Bitcoin hits alltime high in Argentina Egypt LA and Lebanon whoop There You Go um you can't get more up beat that's unfortunately not that upbeat so you can need to take that back a little bit how do you take back a woop um I guess I just highlighted that one I think because it was just to highight obviously the reason why they're alltime highs Bitcoin is not hit an alltime high as such it's because it's in them countries that where inflation is incredibly High which is obviously yeah their local currencies are just yeah crashing uh um so that's why it's not a woo moment for us yeah you think other people in this before you start whooping handing out whoops I take it back take it back you okay um but yeah it just shows obviously inflation uh you know when it's countries around the world where it's kicking in obviously they're highlighted from things like this um I read today that Argentina tried to Outlaw accurate reporting of inflation numbers that's one way to do it how Longo One way to do it it was in a ft article in response to the new appointment of the new president there and it was just showing I'm interested to see with it obviously coming on to the new appointment of the president yeah but they have an outstanding IMF loan don't they where they agreed to did they yeah but no they agreed to not promote cryptocurrencies as well as wielding at chainsaw he he quoted as saying he wants to blow up the Central Bank yeah yeah doesn't go hand in hand with solid Economic Policy ft described him as the Liz Trust of Argentina Liz trust is now being used as that's not yeah that's not Monica you want attached to you is it Danny's the Liz Liz Trust of crypto that's what I was want to get it's a good job I'll tell that as well because I'm not involved in crypto Dave yeah but let's trust himp though I didn't know Argentina used to be like a very affluent country like when back in the 20s they used to be richer than most of Europe really yeah when was I set that must be in 20 was it I I don't know enough about Argentina that's my friend yeah I think he used to be rich than most of Europe in the 20s so M anyway coming on to him howar he's a bitcoiner is he Javier yeah we talking about pronounce his name before the show jaier jaier is it I would say Javier where read it so where I read it so Comm so he won 55 to 45 was it was it so what and what he once said that but no his economic policy is to get to Peg to the USD isn't it yeah he wants to doize close a central bank and dollarize so how can you be a bitcoiner why are people calling him a bitcoiner have I miss something well he's made comments on bitcoin pro pro Bitcoin comments so he has said that he wants to he wants to go from peso to dollar and then back it up with Bitcoin back the dollars up with Bitcoin I'm pretty sure can find it well how can it be pegged to the dollar and pegged to bit no they'll just use a dollar but they'll back up their dollars for Bitcoin oh okay so that we've got x amount of dollar in circulation instead of backing up with gold they'll use Bitcoin okay okay so Peg to their own Reserve so why I use a dollar at all so I am don't know should choose Bitcoin just make you up your own little I am intrigued how that's going to go down with the IMF like to say they do have an outstanding loan and that loan stipulation game with like a negative view on cryptocurrency should we say yeah so I don't know how that's going to play out now um it was kind of looks like the type of guy that doesn't really care about that Lo he wears a leather jacket he's been pitching a lot in a Lea jacket what's wrong with the leather jacket on point as well it's very much a decision if you're a politician you want to be looking cool yeah get the leather jacket grow your hair out get the Le jacket say wild stuff yeah talk Talking of it um and this is kind of Bitcoin related as well in the UK Nigel farage he wearing jacket he's in the jungle he played this perfectly in the run up to the next election exact by being in the jungle for they always have a jungle they I don't know the public perception of him but there's no doubt he's a Charming man he he's gone so when we was at the conference in Amsterdam weren't we no if these two are just going to finish this little conversation he's just called n farage he said words out of his mouth no doubt he's a Charming M I'm well I'm not going in all fness I will no legitimate politician goes into jungle before doing something major in the career it's a career ending move no so I'll come back to that's what I'm coming to but you're just rambling on about him being because I want to fight zarman I'm not saying I like him okay soone was in Amsterdam he was there at the Bitcoin conference and he was doing doing a talk there this was last year wasn't it not this year um and uh Americans and a lot of Europeans didn't really know who it was as well and he did uh was it panel he did or did he he did like a a fireside chat start of thing didn't he yeah um and everybody there seemed to think he spoke well did he was Pro Bitcoin everyone seemed to like him obviously coming from the UK surpris people like Pro Bitcoin as a Bitcoin conference I know but as as coming from UK we kind of know who he is and a lot of people we know dislike him there's not many people that do he's a bit Marmite isn't he well that he's never been voted in as a MP no so how could he have uh has he not nope never get in nope thought he did nope um but yeah he's now in the jungle and he keeps making comments and talking about um running for prime minister some point yeah so it's not a career ending he's trying to get it as a starting certainly he a career ending yeah you can have a crazy crazy xme in a jungle talk about one day I'll be Prim no you won't that's your opinion maybe traditionally but times have changed what who people are voting for what's he degrading himself doing so I tell you so I think the plan of what he's going in there he's going in and he's probably he's going to as Zach says try and be CH try be nice win the people over win the public over and then he can go into an election he's very much teeing that up from everything he's talking about on there the minute and whether he'll do it or not is a different question he certainly won't he's got a lot to change I think for the UK public perception and but he's a pro Bitcoin guy he's the one that was recently had his bank account closed forone that's unsure who he was um and he was kicking back at in that West and a couple of the other ones of um oh there not going well his bank accounts being closed and to how believe people still watch hmer celebrity I know I don't for anyone that doesn't know it's a very celebrities a loose term but they get people on there that are known in the UK and they do horrible things it's not just the UK thing anymore they've got like I'm throughout the rest of the year they do I'm a celebrity for different countries that jungle is always in use I went down a Wikipedia RAB aall once to be fair it's still quite a well watch show isn't it it's still popular you are screaming Liz Trust of crypto would be watching this yeah course um but no sorry that just reminded me of politicians and um yeah okay for I do think you got a point about yavier um in the World Bank I don't know how I think he would ever do AR celebrity no no not even his in his leather jacket maybe at the very end of his career CH one final paycheck but yeah i' be interested how the World Bank responds to him was that IMF lo I think was the largest ever wasn't it they're not default on it I see that got lost it was only about a year wasn't yeah I think it was the largest IMF loan ever it wasn't that long you got this guy coming in closing the central B yeah default okay2 it was after that they got the yeah yeah so they default that's what they do you default and then you get a bigger loan they got another loan yeah but that was the one where they had to say right you you've got a discredit crypto you can't get down that route that was like a year ago that wasn't that wasn't the 2020 one that's a different year that no that's three years ago it feels like it was yeah soon 2021 so they they love a default on that loan right they've done it loads of times they have a history yeah yeah and now the guy that owes the World Bank so much money wants to blow up the Central Bank he should be careful with his words with that as well be seen scary threat um but yeah it's going be interesting to watch and there's more people that's why he bringing up Nigel FR as well if he's Pro Bitcoin and he's trying to run for a president like there is a lot of people now that are starting to become maybe it's a politic political but what are his policies they're all populists aren't they and not saying I'd like him want him there or anything like that but you can see there's starting to become a lot of politicians that are pro Bitcoin starting to try and push their way into um powers and people are starting to get voted in that wouldn't traditionally be voted in oh it's not good whe I'm not saying it's good yeah yeah just highlighting the the changing voting they could be using it as a political play and actually they hate Bitcoin but they want they're using that to get the votes to get in because as the you know politicians will say anything to get them votes of course um so it's yeah skeptical we'll see awards for excellence yeah we won an award you want to talk about that not really just just Qui to say Well done Molly we're pure low key we won an award move on okay yeah we didn't even get an A on the table to show anyone it's a local aisle of man awards every year that's Pawn um for businesses on the island and different cat don't discredit it you know how long it takes me to Ender these Awards is it a lot of document yeah there is a lot a lot of admin winning award thank you thank you for your admin cont these are quite in all fness these prestigious Awards yeah they're quite good awards for the local like side of things Dave when they turn around still see you I don't know how prestigious and was he looked at me first yeah they are not like the type of awards that you pay for and you just go and buy like a lot of 99% of awards shows out there generally like people just pay for them and get the award and they win this Vo subit noost have to pay for it there's no cost you submit pay for a ticket you if you win the award you have to pay you have to pay for the trophy just the cost you have to pay the cost of the the actual making of it I think no we got the bill the other day we PID the two extra tickets oh was it okay um look good there Shar don't they I know you submit absolutely Dapper submit with your entry you went there you submit I'll tell you guys don't worry guys I'll tell you all in a minute how what happens at the show when finish rambling on you crack on um Mikey can put a picture of them at the awards on there uh so you submit your business and your idea whatever that may be and why you deserve that award and they have uh independent panel of Judges from around the island being um one person from I think it's 10 different companies that they use yeah the 10 different places um and they come together and they obviously create the short list and then from the short list they between the 10 of them figure out who they choose as the winner so it is a more of an independent um Fair voting should we say or Fair as it can be um without manipulation um without people just paying for the awards so it was quite good yeah we're up against very cool competitive companies w we I honestly can't remember who was in our category if I'm Brut Hest H I didn't know was M's utilities cuz they were talking about us the next day no was it m utilities were talking about us yeah cuz we won oh cuz we beat them cuz we beat them yeah in what was our category digital Innovation beat them in digital Innovation man is being the only Utilities company on the alaman which is like for Water and Electric and yeah they're introducing smart across the island Innovation that's what they were up for mhm but we obviously beat them with the bolt cards so solid anyway very good guys thanks yeah I didn't realize that man is run it yeah it's a good winit bit rivalry in the we beat the good one um cool we've got so bullish I if anyone's heard of them no that's a great name right so bullish um they are a new exchange that they started about a year or two ago did they but they've not really started probably yet as far as I'm aware um I've L never heard of them yeah they're they're backed by lots of big backers and they've raise lots of money and they're you know trying to compete in the industry um but they' bought coindesk which for 500 Grand no that's what uh digital currency group bought them for in 2016 how is he for it'll be on this say new is the former head of the New York Stock extra yeah it's a bullish related to the New York Stock exra side of things and all that so okay the different group tried to purchase coin desk for 125 million but that didn't materialize so that's probably a rough estimate of how much they they bought it for bit more than that um but it's for me it was a bit it's a bit annoying because it is Central Iz in um I mean it's similar to like was it binance bcoin market cap and things like and they they buy up around the um around the industry for thing especially news you don't want an exchange oning a news site because the news is then going to be unless they upold yeah unless they uphold like the Integrity of the GM but they probably isn't it like every likeo in terms of getting their processing and there a problem yeah they should the sun if you read the sun in terms of its polarization the sun you don't leave the sun we not lie you Dave I do F through subcription to financial times and then reads the so I try to incorporate a lot of news outlets around view the only one I actively avoid is a Daily Mail like a plag that's trash yeah I read the Daily Mail I know you're trash but it it's it's the same with every news out every one of those news outlets has has a bias towards the whoever owns them which watch out for when you read it but we're recreating issues that exist in the media industry that we're now recreating our industry which it feels like you want to go and make an independent one but then obviously we're not we wouldn't be independent so I can't going do that um but there needs to be independent ones that are not tied to exchanges and it's just yeah not ideal for coindesk I'm sure it's great like who's yeah who is the perfect owner of any media all then there's every every bias is going has agendas yeah there's no only the BBC which is does uphold his neity it holds itself to account to be NE Tri to it's actually is people have to try and do we need to talk hold that they do try do we need to talk BBC stories we can talk BBC stories how many times three times is it now they've tried to do documentaries on bitcoin that we've been involved in okay and three times they've not aom because it wasn't juicy enough for them because we fed them with stuff that didn't make headines didn't make get yeah but that that happens with loads of documentaries that try to be made they wanted scams they wanted crime they wanted fraud and we told them what we do and what's going on and they were like sping guys yeah yeah let's move on let's move on to the next educate inform and entertain watch words at BBC they didn't care to educate Their audience correctly on bitcoin they cared about fraud and headlines and things and that's why they've never done the documentary on it three times they've tried to do it but once they actually came and filmed you guys I before my time they no it wasn't no it wasn't it like well the you in town and I'm not putting that's G wrong was it two years ago three it can't been we took him down to the CP gu weren born ice cream and stuff and that wasn't Ed no and that's your big issue the fact it wasn't Ed well it's the third time they've messed us around it's the third time we've educated them and showed them things and they've refused were they from the BBC or was it like a production company and it was maybe going to be a on the BBC no they should they were the BBC they were the BB other BC so so that's your problem my problem is fact they don't care about genuine facts and educating people out there they care about like clickbait headline stories excitement well they are in a competitive industry as well but you just said the W upct no I'm not I'm just saying they there is section of the that's that's a watch so you've got to entertain you know it can't be maybe they just had a very boring content with you guys no just scan scan okay um but yeah we you know we've if you talk about neutrality in the media that's the only one I can think of as an example an organization just give you an example there of three times where they haven't you've given no you given me an example of three times where they didn't use footage of you guys it wasn't just a big difference from being treding to be neutral General it was not just all they wanted cryptocurrency they have got some Bitcoin content out that I have seen Bitcoin onc one I think are they juicy though there's been one it was very informative no come off it they were terrible it was I was just like oh okay that is a great way to explain a blockchain there you go Panorama the downfall of the crypto King there you go just good that was the SPF stuff so you know it's exciting yeah sounds a listen to with Jamie B he's got that that's the missing crypto Queen but that's juicy click ba it's all is it also informative I mean it is informative but have you ever watched any of them no no yeah I don't watch much television honest you need to go back if we should dig back back out the channel 41 cuz that's hilarious that was that was such a bad like the guy I think we spoke about before on the Pod but last year was or this year yeah it was last last year I think um but they went straight away they're driving down the road in Lambo pull up at this big mansion blah blah get G out sat down in the garden with this guy who lives at this in this mansion with a Lambo and they start talking about Bitcoin and crypto and blah blah and then you know they get into it so so how much you know when did you get into Bitcoin oh well I bought some for the first time like this earlier this year um and I've i' actually lost think of the guy said I've lost like 100,000 on it suit so far and it was like so what's the lambo and the Mansion got to do with absolutely anything here the guy didn't make his money in crypto and the guy made his money in whatever the hell he used to do pre prior to that and actually he's bought some crypto and lost some money and they sat there interviewing the guy like he's some sort of expert that's it was just so sural Trad it was it was like but what's the lambo got to do with it it's just cuz they're trying to tie the lambo in with Bitcoin and tie it's like they're trying to tie Lambos traditionally are tied in with Bitcoin yeah but that Lambo is a common mean but that was that was like a joke from like the 2013 14 times but like why would they still trying to do that because it made for a good tell it if you didn't like when for a Honda Jazz day and I was like wouldn't be that and pulled up in your little little tiny house not most bitcoiners probably Jazz owners not Lambo but why did they even interview the guy you know why did they interview the guy why did they bother it's just a random guy that bought some Bitcoin a year back this is Channel 4 it's not the BBC it's crazy it's just draging somewhere else ins AR it's like I'd love them to actually educate and do something properly rather than just put stuff like that on it was just embarrassing yeah real not going to show themselves on team are they all the way through everyone they interviewed it was an embarrassment it was an absolute embarrassment okay best Bitcoin documentary I can't think of one that's any good Pete McCormack's have been informal I'll give him that does he do long form documentaries he's doing yeah like 30 minutes um he's been doing like because he's done one in Argentina as well vely remember um so he did one in um to El Salvador AR seen a what platform did it just on his platform is that where they get released uh what Bitcoin on his YouTube so our recommendation is that it's it's less some of them are more like less about bit they're like about the countries and what's going on he's not is he no I think no I think he in all fairness he that's what he tries to Pride himself on as well of yes of course he Pro Bitcoin okay but he does try and see the other side in this you if you watch it you will see I've seen it so I won't comment on he finds the negatives and things like that around it tonight um it's not just about pushing Bitcoin that was his first one I think's three or four now right the most recent one I think was arent got mored up didn't you I the most recent one was I know yeah the third one was the mining just ran in way about which was a pretty good class so we check I'll check one of those out and I'll report back on neutral I found it you love number three it's all about now I won't because you've said that I'll just be like number three is the wor I watched the mining one that is good yeah it's interesting good production quality as well he does yeah does a good job his is better than the bbcs and channel 4S and all like I'm biging up I'm biging up pet I'm sorry but in education terms it's a million times better and the reason it's not got all the the views and things like that is probably because it's not click baai it's not well it's not on BBC mainstream TV yeah it's because of that yeah but the content and the quality of it is it's just million times better okay they need to be out there more anyway we can add a link to below to the P MC back number three which has been described as a million times better thanc can prod all for I'll link to the playlist yeah link to the playlist all right days cool uh back back to what we see that on the agenda D to be honest with me neither was tangent or where is that further tangent CRA Kraken um Kraken has only one read the detail that it kind of got lost in the noise of again I saw the tweet from Jesse I think just the usual unregistered security exchang isn't and they listed was it 10 10 it's a bit odd cuz they've already settled a case for it earlier this year that's the bit I've not yeah I don't know mixing user funds as well is it not yeah you see any capacity cracking has simultaneously acted as a broker dealer exchange and clearing agency with respect to these cryto crypto asset Securities they're saying them tenant security tokens yeah which is fine but they did this like earlier this year and they settled didn't they with the same 10 or was it different I don't know that's I can't remember is the detail of it's just almost a pointless story if nobody knows the answer to that yeah but in it works in contrast to Jesse's Twitter post doesn't it because he was saying that Kraken take it slow and a yeah but work closely with them and no so they there that's against binance of what binance have been doing from an AML perspective and things so that that's a different conversation cuz Kraken do that this is to do with the tokens that are listed on there being secur is the SEC is saying they are Kraken is saying they're not fighting it's the same as the coinbase one where the coinbase is saying they're not secur is and it's so there's not an argument to the Kraken are just listing everything regardless of whether it's security or not like binance no no that that's nothing to do with binance that's all to do with bance bance was moneyer bance B literally the SEC are after both of them for both list in Securities no doj is was the binance SEC is Kraken and coinbase so many acronyms because it's secur of course they'll be after bance at some point because if they if they if they prove the 10 tokens on Kraken are securities simultaneously the doj and the well they will be won't they they are I just tied them in the same brush but they're not they're two they are two completely separate um issues that can have done in versus binance binance is a whole different level should the SEC not be going after any exchange that's selling any of these 16 tokens or is it purely because they haven't registered with the SEC that they're going after Kraken um no no one's registered with the SEC because nobody knows how to like that was the thing that's their argument it's like they there's no process in place to do it so this is is like them saying you should have come and registered with us right and the exchanges coinbase cracking are saying well you've not give us a clear path forwards as to show form to Define what yeah to Define what is a security token versus what's not all as you keep getting from Gary uh gendler it's just that Bitcoin is not a security but he won't comment on anything else so it's it is hard all fairness for anyone to create that for it like how does an exchange abide by something that nobody knows the rules to um but if it's illegal gray area the agur would be said that you just shouldn't you would get legal opinions on it and you would scope out them legal opinions and make sure you've got them to hand over which is what coinbase and Kraken I think now if they're F fight that and pushed them legal opinions to why these tokens are not Securities um so it's going to be on an individual token basis almost for most of this which yeah he's going to be he going to be years I'm sure in the the battle but you're right any exchange that lists them would the be then a Target in the US for the SEC but they've only gone for probably coin Bas and cron cuz they're the big players well they've list the ones they' gone for the bitrex binance coin base oh and bitrex have actually just shut down so I'm guessing bitrex already knew that this was happening and they've just decided to and yeah it's too much and too much hassle file close yeah it literally is yeah lock the door anyway out um so yeah it's all go all part of the process of a new industry that's um interesting to see obviously cracker not just falling in line and accepting it they're actively fighting it although they did I can't it's they did earlier yeah there's definitely another kind of s PA a fine and I thought it was for security stuff oh there it is Feb the there you go paid $30 million settlement oh that's for staking ah so there's secur is okay okay that makes sense then say just getting all this money and it sell go after them for the unregistered Securities next they it gets donated to charties doesn't it nope doesn't it sure it does they don't they're not just pocketing all this yeah that's how they make money sent to America's checking account there you go the general fund of the treasury the US Treasury need every penny to they' got a big old bill to be paying mod day charity that is the charity yeah you can't give the money to charity when they're in 33 trillion debt can you charity yeah but I wonder how many minutes of interest that the 30 million would be actually be worth would be in the minutes cor old America so on that talking of charity $4 billion doar from binance will be heading to that US Treasury Department that one's going there as well I assume so if that goes to the same place um but that's the doj so this is I know Dave's confused but try trying to help him out here completely different different issues different department take you down um so the doj Department of Justice in the US um they are they have Sor that's weird picture just uh they have fined binance up to about $4 billion just short I think it was um for violating um sanctions laws uh money La anti-money laundering laws um and some bank fraud I don't run up the bank fraud pece um so yeah there's a big list of things on the doj's website of everything they've been done for CZ from binance has stepped down as CEO um he's got a personal fine of 50 million as well hasn't he he has yeah how has it taken them this long to finally find him because like they everybody knows theyve dodgy no so I'm I'm not defending anyone here I'm just stating facts right uh so they we only speak truth they first reached out to so the doj sorry first reached out to binance in December 2020 I believe um that was then to basically touch base with him in terms of what this was so to December 2020 they reached out September 2021 binance started doing kyc and started introducing AML um into their systems and their uh infrastructure um so since the doj reached out which was now three years ago nearly now um obviously binance have been fully aware of this in the background uh they've been talking to doj so this $4 billion F isn't just like bang binance do nothing about it here you go this has been Ono for three years now wow um but it's just all in the background um the the whole thing of CZ stepping down you know he'd have known about this for a long time now um and they've settled eventually on this figure and settled on um the fin he's had stepping down threeyear monitoring for um from the doj if or an independent uh monitor even his replacement would have been all pre approved in terms of being the next regulator funny enough I think his replacement joined about two and a half years ago which would have been just after that all happened just so he can take over and so I have a question are they liquid enough to pay that 4 billion so the day before it all got announced they moved $3.9 billion of tther so I'm guessing that was for this yeah uh they did the two positives for the industry as a whole and and customers of coin of binance um that they do hold one to one according to the doj have not um found them guilty of that of coming Lor or us and what was the second one it didn't manipulate the market either didn't manipulate the market which is interesting I don't yeah um I think that was my big worry that we have an FTX style hole somewhere in B balance sheet and I thought well when I first heard it I thought oh KY this could be all that all over again yeah and then realizing that what been put in place and they are one to one um I think it's actually really good thing for the industry in terms of if one of the biggest exchanges been cleaned up um I think it is good which is why the ETF conspiracy is kind of playing out there now that's out of the way has that been the thing that's been holding back the etf's been approved because they couldn't trust this Wild West Exchange knowing actually the SEC and the doj would know in the background for the last three years the way binance have been operating and what's happening there so they would be fully aware of this and have front row seats effectively to what's going on so it very well could have been that they've held off on ETF approval until this one's done and out of the way um which would make a lot of sense mhm yeah what were your initial thought when he said stepped down were you a bit like oh gosh no expected it chill yeah I think you had to expect that over there they they've ran oh have you seen the amount of offices and head offices and control points of where they you're trying to get to it's just like a little yeah it's been yeah ridiculous black he's been on the run for like 10 years and everyone knows that um it just takes time for regulators and law enforcements to catch up um which they have done so yeah him stepping down is it's like the most public on the run ever though CU he's constantly there he's not trying to hide no I think he was trying to hide really kind of yeah well like in terms of setting up offices and where they were setting he was handing out Peters somewhere not so long ago I think Dave's talking more about maybe him individually corporate the the the company itself jump from jurisdiction oh mean actual Caesar yeah like I tell you everywhere he was these last couple months he always tweet tweeting about it you think do you think he'll avoid jail time uh I think so bitm um had a similar situation didn't they couple of years ago about three or four years ago now and Arthur Hayes who was the sort of co-founder CEO of bitmax um he stepped down as CEO when all their trouble kicked off they paid quite a large fine nowhere near the size of this one um and he avoided jail I think did he get wasn't like house arrest it was like he got something um but no actual jail time um but he did get found guilty or whatever they do always seem to kind of get away with no jail time when this happens he's only up to a maximum is it 10 to 12 months potential yeah for C he said um so my guess is yeah it'll just be some sort of which is also Prett wild maximum of 12 months for admitting money laundering but does bit did bit Max did the bit Max CEO did he have a hole in their Bal she in terms of customer funds no it was no yeah I think it might be a big old difference that in terms of what from FTX versus yeah Finance so fun terrorists just don't use user funds to do yeah if you want to avoid jail time yeah it seems to be the play doesn't it I think yeah yeah is a bit of a isn't it you got to look at what they've actually what crime they've committed and then obviously there various sentences that come with within Frameworks so yeah there seems to be crimes that if you pay enough you can avoid jail but not if you've used but FTX pay more than yeah they probably made more than 4 billion to donation should have wait save that money for after they got CAU there's lots of angry constituents with the FTX customers that have lost out yeah who would voting in these politicians fundamentally fire their organization to make these judgments so I'd say that's my um the difference my favorite CZ moments if we're going to go go let's do a c highlight reel it was when he tried to roll back the Bitcoin blockchain how did he get on didn't go well for him it took about 30 seconds for his tweet to be corrected that at Le bu why did you want to roll it back some funds got stolen or something didn't they let's just roll it back D tweeted asking if everyone if we could roll it back and it's just like did everyone twt was he just thumbs up if want to roll I think I did like he just was ago it wasn't it was a couple years ago 2019 yeah oh gosh considered pushing for Bitcoin roll back following a 40 million hack that's as well could be roll back roll back just a couple of hours yeah that was my favorite C that's a good one it's probably a good one uh is what it is um it's a good thing I think for the industry as a whole it's good thing for um more legit clean up is it companies out there um that are operating within I guess the the legal Landscapes um and hopefully it's a good thing for Bitcoin in general because now it paids the way forwards for um a better hopefully a better industry mhm and a level player field who else have we got left that's a bit Dodge who call think that might somewhat slanderous just see you in call W there is a few there is a few um you could give some subtle hints Bitcoin transaction anyone that has a Stadium named after them there's a few Bitcoin transaction feed 83 Bitcoins got sent out today yeah I wasn't minding that bad boy by accident is this is the largest one I think so I was going say what was the PayPal one the the other week well this might be the same same company same and Paul mind it um they haven't put statement out yet or anything when I see things like this I just think we what we just said I had an interes in kind of thing off the back of this to talk about of um so say anpo decide not to give it back and the person or company that that accidentally did it decided to Sue anpo how would you think that would play out in the courts um it's interesting theory is this scenario that could happened I think could one thing you're going have with an issue with that is different jurisdictions yeah so the companies could be in completely different jurisdictions so it could just be theorically ignored yeah yeah um because it could be very dangerous it could set a bad precedent depending on the outcome of it andp could have distributed their award to all the miners you're talking about you not just talking about ample you're talking about tens of thousands potentially yeah yeah which could be yeah you call that it is by the rules yeah yeah absolutely but if you lose 85 83 Bitcoin you're not not going to do anything about it see I don't know I don't you could do about it to be honest in terms of suing them um I don't know so obviously F two pool gave it back yeah I but even that giving it back is their issues with their pool people that are in their pool they must have in their terms that they can just do whatever F2 pool they have so like it doesn't quite fit in the framework of like a normal traditional Finance where if you go to like a bank ATM and you try and get 100 quid out and gives you a th000 quid or you end up with a million in your bank account and you you're not supposed to spend it you have to give that back to the bank because there's a I can't remember the name of the law now that in the UK probably different in different countries as well um but you then have to give that back you can't spend it and if you spend it you owe the bank that money back um so I don't know if it because I guess you if you sent that you're not a customer of ampool or ampol sorry not your customer so it wouldn't really fall under that cuz relationship so it can't be pigeon hold into that no so I don't really know good question well we'll see what andol do because they haven't said anything yet yeah C replies to some there was a reply showing they went to an pool there but loging now on X on Twitter I'm never not going to call it Twitter um that's 76 million SATs per bite what a f yeah I worked out so this one was around $300,000 for a fee whereas the PayPal one the other week was $510,000 so quite a lot I just work that out wrong I just got 3 million I thought it was 3 million this one $3 million was it I think was it not 8.7 times 37 I thought that's what I did is 8 83 Bitcoins oh was it uh 83 I think this must be the biggest yeah I think it is I would say so then last on the agenda oh Bitcoin minus you want to talk about that Dave it's your a little exciting early no we can we can talk about it okay oh we are officially heating the office with Bitcoin miners potentially officially potentially not arrived yet we'll do a full review huge caveat right now they we haven't received them just yet but they're on the way and we will be heating when are they going to be here this week probably this week is Friday no not this this week it's Thursday like Monday Monday Tuesday yeah we may heat this fairy room so we'll we'll let you all know about it when we've got them when they're up and running where we've got them from how we've done it so is this what you were trying to achieve with your little project I mean what today no I'm not he said I this is what you're trying to project little project no I'm not I'm not down I'm those little failed projects oh yeah am I singlehandedly driving Innovation at this yeah yeah yeah that's what we want in digital Innovation one me and Zach are single-handedly driving Innovation and we are the Forefront of heating technology yeah you want to call that a little project how many how many of your Innovative projects have come to fruition so far it dep you plant a seed right plant a seed it takes time and the the great that means that give that there there's at least three now I've come to fruition from projects I can't think of any fair enough okay I'm braging you down with me but watch this bace cuz we've been talking about it for a while Like a Phoenix or rise I know it's just in spite of him we succeed you're not going to succeed with every idea are you you just have the one that really takes off I know it's just Rich coming from the Liz Trust of crypto me down right right and else feel good no that's it quick crack it oh good hopefully next week back to back in the spirit got get consistency back mhm well when we're all not ill as give more energy on the the list this illness has been going around this office for about last month now is it I think the second time I didn't get it you've got a look shed n months prior for a CEO who's a marine and he was like look after your shed and your shed will look after you that's sleep hydrate exercise diet you guys have got to start thinking about that okay that's re who was a CEO ironic if I watch you nearly pass out after a playing table Tennessee the day yeah the cold nearly finish you off we're going me organize a funeral I watched you eat biscuits for lunch the other day right we done done we can be done right cheers [Music] guys [Music]