Bitcoin REJECTS 18k! (Exchanges under Fire)

Cowboys of Crypto

(Coming 1/2/2023)

Today we will discuss the Bitcoin price action as fears over Binance drive against the market. Next, our guests will look into the recently released proof of reserves for multiple exchanges.

Around the Blockchain is your favorite Cryptocurrency show discussing Bitcoin, Ethereum, Cardano, and the top altcoins. Join today’s crypto experts NerdGrl, Cowboys of Crypto, and Firoz. Tune in for their insightful crypto analysis.


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Intro music by Gregario Franco. Song – Nacht


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[Music] Thank you Foreign It's going to be a fantastic episode Today we're talking about Bitcoin being Rejected we're going to be talking about Yeah that having date we're talking About crypto quants data and maybe the Auditor's fleeing it's going to be Fantastic on the top right we have with A little more lighting today may I don't Know maybe she's on a different part of The globe it is is it flat nerd girl uh Holding it down one of our favorite Journalists on the bottom left we have Crypto Cowboys of crypto I like to call Them crypto Cowboy but you know but Sometimes he's uh he's like Sultan's a Swing it's it's pluralized for him and On the top left we have farooz I hope I Say that correctly I'm probably gonna It'll take me a few times I'll get there Eventually he's being nice all right Let's get right into it we're talking About Bitcoin it just got rejected at 18 000. I actually want to refresh here uh Then we had another one at seventeen Thousand uh let me let me rephrase that Quite a little bit of action here we Have Bitcoin down three percent ethereum Down five and a half percent B and B A Lot of May major moves a polygon cardano Polka dot Tron everything uh heavily in The negative here Solana down eight

Percent there Litecoin down six point Seven percent sorry Tom Crown nerd girl We're seeing a lot of action I mean are You what do you think is causing this Correction or are we due for that next Leg down is this part of the year in tax Write-offs uh why do you think we're Seeing so much downward pressure Yeah I mean I think Part of it is people who are wanting to Harvest losses so that they can take Those losses off of their gains for the Last year so that's got to have Something to do with it and then Additionally I think that we have Another full year of you know trading Sideways or you know sometimes going Down if we're on schedule with the Normal having schedule then we should Have a full year of sideways yeah and uh The having schedule also kind of Correlates well with the all-time high And with the relation to that now for Ruse I don't know we haven't really Talked about this how much weight do you Give the having schedule just kind of Looking at 2017 as a blueprint we have All-time high roughly 12 months later We're gonna see that's the low and then It's a slow grind for the next 24 months And then we'll see another catastrophic Which that fourth year and then it just Teams since uh tends to repeat there do You see uh that's still repeating maybe

With less effect or is the Bitcoin Having cycle maybe dead since we're Entering our first recession No I I I still think the halving plays a Vital a vital cycle in all of this um You know it is programmed to happen Every we say every four years but it's Three years ten months to be precise if Anyone's counting those days but again That introduces a standard Supply shock That we see and that then obviously Escalates the price to go higher and We've got what another year and three Months to go it's like March 2024 for The next halving cycle and again I think A lot of these things do fall into a bit Of a self-fulfilling prophecy people are Looking at these they're using that as a Basis or when to start trading into the Market and I suspect Um as nerd girl said next year is going To be sideways movement for many things Though not just because of the not just Because of the hardening not just Because of what's happening around us But economically there are still Recessions looming plenty of other Countries still need to move full weight Into that and so all of these things are Going to play into it so 2023 isn't Going to be a great year but it would be But it will be a great year in order to Start building up that portfolio and Repairing for the halving I I totally

Agree it's uh that slow grind is the fun Time for me now I'm going to take my Probably first and last chance to well Actually you because you well actually Me uh farooza is corrected is actually Three years ten months but I'm a well Actually him back uh that is only if we Had perfectly uh algorithmically set 10 Minute blocks we're not going to have All the blocks uh be perfectly timid so It'll be slightly above uh three years Ten months yes that's my first and last Time I'll ever do that don't worry now Cowboys crypto what what are your Thoughts on the having cycle you know is It going to play a big role or more and More people I remember slightly hearing About it in 2017 kind of made me wait Till a little bit later to buy in but More and more people are learning about This will it get to the point where so Many people learning about the having Cycle it becomes inert The biggest reason to buy Bitcoin is not The having it is for Freedom there are Three things however in which we are Waiting for for a nice U-turn in the Bitcoin price in this downward Trajectory one of which is the having It's traditionally seen some upward Momentum afterwards some is like six Months or a year I don't know I'm not That smart but I do know that's one Thing the second thing is a Fed pivot

You and I know that throughout this Whole bear Market we have seen that the Only Catalyst to your and My Success Whether good or bad but I think bad is a Fed just pumping money into the system And if you want to go if the FED wants You this tank they're going to take Money out of the system that's the Second thing and of course the third Thing is what Mr Wonderful says Kevin O'Leary regulation and I believe I think This is I agree with them when Regulation stamps itself on the crypto Markets they will be people will be uh Safe to fill in with a lot of money but Here's the thing okay Bitcoin is not Going anywhere and this is what we have To understand through price action Bitcoin is Baba Yaga Bitcoin is babadook Bitcoin is the Boogeyman you understand Me that it is not going away how does it Feel when someone Shot at you yeah someone is taking their Best shot at Bitcoin and they fail and That's what the governments that's what The fud that's what all these the news Articles are all going to do to bitcoin It's going to try bitcoin's not going Anywhere and if you want freedom buy Bitcoin yeah I saw that B logo it felt Like a Jason mask uh the way you're Describing that I I got a little bit Scared there now nerd girl you're a Journalist and I don't say that just

Sparingly I don't think you're part of The the big corporate media machine that Uh you know tries to maybe push things In certain directions but you you Remember the cycle where corporate media They did eventually turn bullish on Bitcoin but it mostly happened after We're above fifty thousand dollars do You see something similar playing out Are we about to enter a long period of Fud as they don't want to accumulate at These prices I mean I think really that when the big Media Outlets start being pro-bitcoin or Pro anything that's like a sign to sell And it has been historically like we've Seen you know celebrities getting into Cryptocurrencies celebrities getting Into nfts and big institutions backing Bitcoin and every time that we start to See like the next level except that's The time to sell and I really think that It's because they were really secretly Accumulating you know for months before And when they start to talk about it That's really when they want to dump on Retail I I agree with that but I could We be a little more clear what do you Mean by they when I hear they I think of The type of person that SBF gave a blank Check to maybe editor-in-chief CEO maybe Then telling us journalists is what do You when you say they what do you think Of

Yeah So I mean the establishment right so a Lot of the media most of the media is Controlled by these entities that Control most of the world's money supply So they pay off you know PR agents and Media Outlets to spin the story in the Direction that they want things to go so When I say they I mean the establishment And uh really those who are working Against retail yeah when I say that I Mean babies because they haven't chose Yet uh peruse Bruce quick question did any of the Recent events open your eyes about Crypto journalism specifically I'm Talking about the block CEO and maybe Some uh the the puff pieces that came Out basically the whole SPF debacle has Your opinion on crypto journalism Changed over the last 90 days It it has it has I think what they had They received like 25 million I think From SPF and the the issue there to me Is is first of all that wasn't disclosed It was pretty much under the table so You've got a you've got to question how Much of the positive print the positive Spin that you see being pushed out um You know for those who don't deserve it In fact what you are getting there is is Is bought media now at the same time you Know one can argue that in order to put Out press there you do have to pay for

That as well but you know there's a way Of putting press out there and being Open about it and that you know it's Been sponsored or whatever it may well Be but certainly um you know hush money Under the table to a media Outlet is Something completely different because Then you are ultimately controlling the Narrative to a certain extent all right Would you talk about control the Narrative it seems like we're we're kind Of getting away from you know the big Media more into citizen journalism do You think there's going to be a a dark Ages period before we have enough Citizen journalists where they can Really you know do the old gum shoe bead And you know really investigate the Powers that be and then bring down the The Bad actors in the space or are we Going to have a 510 potentially even More period of just heavy misinformation I think I think heavy misinformation Will continue to be there it will always Be there Um and obviously you know sponsorships Pushing out ads all of these things you Can pay in order to get content out There through technology but again one Thing that we are seeing a lot of Recently and I would say so is something With like Twitter spaces you know that's Kicking off you're getting a lot of Independent people creating Twitter

Spaces that's harnessing lots of various Social presences and you know that is Becoming what I would call the hive mind Right the hive mind that isn't Necessarily controlled by a media outlet But a hive mind of individuals working Collectively as one massive brain that's What we're seeing a lot with Twitter Spaces in general though All right well you know I'm saying the Word misinformation I do realize that is A loaded term Cowboys are crypto there's There is a little bit of a pushback to The terms misinformation disinformation Some are saying those labels do more Harm than good where do you land on that When it comes to trying to find out Something's veracity Look Everyone is playing touch butt with each Other Okay every one of these media Outlets Every one of these big Banks big Corporations big politicians crypto Exchanges it Finance FTX it doesn't Matter I don't trust any of them they're All playing touch but they're all having A good old time right behind closed Doors and they're taking people's bags The thing is we have entered into an age Where we don't have to trust we verify We don't take people's word at it we Don't think and and just for dizzy much Respect to you but I hate when when

People say there are Bad actors out There because that implies that there Are good actors out there this is not True everyone is is out for themselves Um everyone is focused on their own Little world and and they'll be willing To do anything to get uh to make sure That they're safe their place is safe Their people are safe or themselves are Safe I trust nobody and I don't think Anyone should trust me either I think People should do our own research but if We can't do our room like oh that only Goes so far so we need to implement Systems we need to implement blockchain Because that keeps everything at least Somewhat transparent there's too many Times where these guys are just uh you Have no idea it just came to light that SBF was paying off both sides of the Aisle so if someone thinks that this is A left side and like a you know all this Kind of stuff it's totally false there's Bad people on the Democrats on the Republican side why because people are People people are self-interested that's Why we need blockchain technology that's Why we need transparent systems that's Why we can't we can't trust these big Brother institutions and I'm gonna I'm Not gonna go government I'm gonna go Everywhere right when I saw when I saw The the the sickness the flu come Through here any individual system was

Looking for looking out for its own Organization it was very difficult and They had to make very different Difficult decisions but when difficulty Happens people start to look out and They look inside themselves and they Start to take care of their own places We have to depend more on uh transparent Systems we always uh verify we don't Trust all right that's good uh this I Almost want to just go down the there Are no selfless ax everything has a Selfish origin or origin there that There is something to that but that's a That's an easy arcade bear and Contrarian dude and then you know then We can go deep on those topics because Hey even Mother Teresa had a selfish Reason right she wanted to go to heaven That's you know I mean you could say It's selfish all right let's talk a Little Finance now we're getting this It's too late in the day for all these Or not early uh it's not late enough I Should say let's talk a little B and B That's right binance still in the news The coin maybe not doing so well it is Down six percent but only down three Percent against uh Bitcoin and down less Than one percent against ethereum if we Look at the all-time chart you see the Oh wow that's uh sorry when I scroll too Far down it almost doesn't look real This was uh then the airdrop happened

And then slowly but surely buying Pressure happened you can see uh Bitcoin's nice run-up early 21 and then The November run up but now uh down a Little bit if we just look at the one Year chart essentially almost uh the Whole time in the negative there a Little bit of a period where it went up And then just downward pressure ever Since here through what what are your Thoughts on binance I you know I'm Interested to know just from a Outsider's perspective and you know you Don't work there I don't believe you Trade on there or hold your Bitcoin on There for sure uh well what are your Thoughts about binance Look I mean binance as a whole I like CZ I I think um you know out of out of all The out of all the actors we've seen in This space certainly from The Exchange Perspective Um I like to think that is that is for The people and with the people he's Obviously trying to push through some of That transparency uh you know Introducing the proof of reserves but Then one could argue again like we said That could be more of a selfless act Because he has a lot more than the Others to showcase for it but again I Mean saying this you know with Finance We see a lot of fun out there at the Moment and a lot of that is really the

Spillover from what's happening with FTX But again he's you know holding himself Up well we've seen him in plenty um in Plenty interviews with various news Outlets and you know he he has a Convincing argument against it so for me I think binance is completely fine I Think we're just going through a period Of flood which uh clearly happens but Overall I think you'll come out maybe Not squeaky clean but clean enough I I Actually agree with that I think he's uh He's in my opinion he's given out pretty Sad satisfactory answers nerd girl did You have a chance to see the CNBC Interview Yeah I did what were your thoughts on His answers you know he essentially Saying you know we we don't we have One-to-one reserves except for stable Coins we don't you know do you trust him At his word there I don't ever trust anyone Finance and And bought audits of everything the Proof of reserves audits have shown that Like none of these platforms really have Everything that they say that they have And where it does look like binance has You know close to enough of what they Need to cover withdrawals if everybody Wants to withdraw one thing that CZ said That I really strongly disagree with is Just kind of you know 99 of people will

Lose their crypto if they self-custody And that's like that's where I really Start to like get a little you know Peaked by by CZ because what do you Think that number is to be fair what do You think that number is I I don't know I think that that's Really difficult to say but I think that What we really should do as an industry Rather than telling people hey it's Safer to hold your tokens on a Centralized exchange or in a custody Platform is to create more educational Materials to teach people how to Effectively self-custody for themselves Rather than delegating responsibility For that out to an exchange or someone Else I I respect that take it's uh he's Not saying that it's he's almost kind of Saying that this is a better option than The other option my take on the Percentage of people that wouldn't be Able to self-custody by definition 50 of The world is stupid if you just go by They're dumber than average so by Definition I don't think that entire 50 Would be able to self-custody after 12 Months 24 months you know maybe a Handful would have it still uh Cowboys Because they held their funds on Centralized exchanges and you know like How could we you know draw a comparison To see what percentage of people lost Their funds because they were holding

Them on a platform like FTX or Celsius Or you know something else that went Down versus what percent of people have Lost their funds when they were in Self-custody yeah and we're the ones who Are like actually doing the work not the Person who's just all sudden giving a Seed phrase and told to hold on to it Cowboys of crypto what are your thoughts On that statement that 99 of people Don't have the ability to self-custody Their Bitcoin This is exactly what I'm talking about CZ possibly one of the great white Knights of cryptocurrency of course he's Going to want to say that you know You're you're not safe enough to cover Your own cryptocurrency matter of fact Give it to me let me take care of it That's like saying a daycare will raise My son or daughter better than I can Raise it incorrect I raise my son I Raise my children better than any Daycare any any provider any child care Provider can why because it's mine I Have personal attachment to it and just Like your crypto your children my Bitcoin are my children okay I need them With me at all times and for him to say That it shows that he has motivating Factors uh like pushing to what he says Out there here's the thing the the proof Of reserves that's the first step and That's a great first step we want to see

Proof of liabilities we want to see Motivating factors we want to see who's Making the decisions back there in Binance these are all things that we Need because the fact doesn't matter is This you need to you and I need to be Putting our coins in D5 we need to put Our coins on our personal Wallets on our Wallet that so that that other these Centralized exchanges that they say they Can take care better care of ourselves Than we can it's all false put your big Boy pants on it's time to grow up and We're in crypto now so take care of your Own stuff okay all right and uh for us I Kind of want to get your take on the Accounting from the auditing firm it's Uh mazar's Veritas audit firm they work With binance kucoin also work With binance uh but they took down the Proof of uh the proof of reserves uh Auditing page and now it's uh you know Reportedly offline they're reportedly Pausing uh work globally do you see any Uh any fire where there's seemingly some Smoke Look I I think what they're what they're Really doing here is they've they're in The Limelight now we've got some pretty Big large exchanges you know that I put In proof of reserves out there but one Of the biggest issues that we have Currently right now is regulation we Don't have any regulation in the space

Right so for somebody to come in and say This is what proof of Reserve should be Can be questioned right because now what Will come under what will come under Sort of scrutiny is what are their Motives for you know proving that they Have so and so it reserves so these guys Have clearly taken a step back from this Because until some form of Regulation Comes in that says this is the framework That you should have these are the Metrics that you should look at when it Comes to proof of reserve and it Shouldn't just be proof of reserve on Its own just like Aaron mentioned before We also need things like proof of Liability so for in order to come in They need to provide be able to provide The whole entire package so when we look At an exchange we know exactly proof of Reserves versus proof of liability how Much actually are they in the green or Actually if their liabilities do fall on Them They could be worthless for all we know Yeah so I I went to school for Accounting and uh yeah this entire Thing's just been so frustrating here And people talk about the the auditing And the accounting uh nerd girl and uh Cowboy uh someone said uh you know we're Talking about children uh nerd girl you Tweet about being a mother children in Cold Storage nerd girl thoughts

Uh so I mean if what they mean by mean By kids in Cold Storage would be like in Your own care instead of in the care of Someone else About like yeah I mean that makes a lot Of sense I can't even tell you how many Times I've wanted to be like Oh I'm just Gonna pull my daughter out of school and Homeschool her it's just you know Putting work would be really difficult But that's really the the ultimate you Know like that's the the ultimate you Know making sure that your kids are not Being brainwashed by a system that's Really just there to turn them into Workers or cogs in a machine and yeah I Mean that's we got to fill those Factories in our girl we have to fill Those factories Cowboys are crypto kids In Cold Storage yes or no look it's fear Or laziness this is what it comes down To you're either fearful or you're lazy You're lazy enough to where you trust Someone else to to take care of your own Children to take care of your own uh Kids and I'm talking about the Bitcoin Baby and I'm not really but you know I Mean we can we could draw the analogy Only so far here we have to be able to Take responsibility of our own stuff far Too many times when our when we give up Our power people take it and they take Advantage of it far too many times I'm Not saying all the time I'm saying far

Too many and it's one too many for this Cowboy okay I was just gonna say Nanny 9-1-1 those ladies seem like they know What they're talking about much more Than me that's all that's just my two Cents uh we are going to end a little Bit early today me and Drew we have to Get ready for the Christmas party I Don't know if we can zoom out I have the The ho ho huddle you gotta let me know When you're doing that man no one wants To see the DZ flap This is post Thanksgiving all right Don't worry January 1st as my New Year's Resolution all right that is all we have Time for peruse it looks like you have The most points and uh oh my God I'm Watching The Views they're just they're Leaving they're leaving in droves it Must have been me being shirtless um I just want to say a big thank you out To the around the blockchain crew for You know I've given us the opportunity To come here and debate and talk crypto And you know for those uh who have found This channel for the first time now Again you know feel free to to follow The other participants here as well you Know it's good to get a balanced view Around crypto and I think the last thing That I will end on is now is the time to Start preparing now is the time to start Looking at those projects that you're Interested in because you you have a

Great opportunity coming up next year You really do All right and I'm seeing the chat I'm Blind all right you little mother Trucker and uh someone wants us to live Stream the Christmas party we're gonna Ask TJ we'll try to and uh until Monday See you in the future bit Squad

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