0:00 [Music] all right guys it's finally time to talk about it what's up sex game but only because it has to do with crypto yes i know about this ████ dude what do you know what do you say like a week ago um you know on coin market cap one of the top three coins that just popped like a ████ it was in like times 500 plus or whatever right percent it was the squid game coin and i looked at that and i was like who the ████ who's the idiot that's buying this ████ and i was like you guys bought it no i wish there was a lot of people buying it though really okay well i i don't know if you cashed out good for you but i was like they couldn't really cash out you couldn't that's the game oh my god and there was like what happened
0:52 okay so pretty much same thing uh uh people started getting really really hyped somebody made a squid token a cold squid on the ticker and then people started putting money to it and it was on like another platform on a website that had like misspelled ████ no white paper no no nothing that's all crypto i think it was a sharp website though the website was decent like they had like a whole road map of what they're gonna do and all this ████ but the thing is people who are putting money in were bringing up the price action of the coin but nobody could withdraw and they were actually it was probably like four or five days of like little articles that were coming up like people are getting upset because they can't withdraw and like anybody ████ knows those situations is usually like that looks like a rug pull what's that other meme coin that um had something less obvious but did the same thing but like there's a bunch it was like a pyramid scheme type deal yeah it was a bond yeah big
1:45 was at least a pyramid scheme where somebody could cash out and then they ran with it there's a bunch of them though there was even a health one ehc or something earlier this year as well big stuff but anyways point is uh yeah so a very very common term called rug pullings where like the creators of the founders of the thing will eventually just take all the money that have been injected and bought and balance yeah it took like what three mil or something huh uh it's it's anywhere from two point nine to three point four million uh is it technically illegal oh absolutely yeah oh yeah but it's also technically technical like you yeah you can't find and it's and it's like untraceable or it's hard to show so they probably won't get caught no they probably will get caught because it's all on a blockchain right so you can see all these transactions happening you can see i mean they'll they'll find it trust me there's forensic blockchain analysts now
2:36 what's illegal about it what's it it's probably gaming fraud what what what if my my description and what i tell you it is is the same as what's going on the hey we're committing fraud i don't think i don't think it works it doesn't work that way yeah i don't know no because you're still committing a crime even if like that's like me saying like hey bart bart's signed a contract where he's gonna be my slave and it's like well that doesn't work no i think that kind of does work if it's a volunteer no no no no it's still like against our laws that's the thing you can contract innately i mean it can't be innately illegal you can't say mike you can kill me but yeah i can't do that but a volunteer and a slave aren't that far off like i'm sure there's some semantics we could work on i just wonder how i could you could pay me for an asset that sucks and i give you my money i mean i know you're getting digital space it just seems so great yeah well it's like
3:27 this with penny stocks too i mean you could you could argue that i think we have to go ask the sec what the what the rules are all that ████ isn't rules that's what's going on with ripple and everything else right like the rules are so great in this space yeah but that's also what makes it so attractive because like all you see in the greyness right all people especially dollar signs baby everybody's just like wait if you buy shiba you're going to become a millionaire so everybody once it goes to a one dollar yeah be a billionaire guys so people put money in but they don't think to themselves that the reason why people are becoming millionaires because a million people are losing money some of this happened in the uh uh content creator space a lot of it oh yeah you're about phase you guys know what phases yeah phases of gaming work i think a couple of their members or owners or something um phase clan yeah yeah and they're huge now you know they started like this little gaming nerd ████ in like 2008 or
4:17 whatever but now they're like they're like the biggest yeah their merch is huge like they're killing it um they either got paid sponsorship or paid ownership in a crypto to pump it to their audience that's right and then they got rug pulled out and it was like kind of a scam and it is so public right because these content creators get millions of hits on their youtube videos every day but i don't know if they went to jail or nothing was it was it their doing or yeah they pulled or they got pulled yeah are they no no no they're supposedly in on it i don't know details i didn't read that but i'm pretty sure they were in on it they either got paid straight cash to promote it or or they got paid ownership in the company that pulled so then they got cashed out well squid pumped from my god it was like 50 cents or some ████ and then it went all the way like 13 bucks in one day and then it went all the way up to 2 000. 2860 was the highest thousand dollars
5:08 you're just sitting there trying to click trying to ████ transfer she lost like 30k on it and like for spending yeah well so here's all this ████ happening in real time it was why in this article right here it says squeaking crypto token cost one shanghai investor his life savings of 28k after the coin plunged near zero dude imagine like the stories that and and i think we also say this we also say this because we we talk about a lot of crypto on and off camera in general so i i know a lot of people um that don't do their own research and just kind of hear of the of the amazing stories right that's my style yep me too yeah right you amazing conservative person who's gonna whip all our asses um but the point is it's like people people hear about all these magical stories where people become millionaires people become multi-millionaires overnight so you got a situation like this where you're like
5:58 massive cultural phenomenon of the thing like squid game add that to a massive social cultural phenomenon of something like crypto it could be a surefire home winner yeah you know especially if you missed a couple other boats so i can imagine a dude like this puts his life savings which i think is dumb as ████ dogecoin that's it they want the pumps will there be justice though will these people get their money back ever no ████ no ████ away we'll get their money back no the lawyers the lawyers will get the money or whatever it's all that kind of same kind of ████ it ████ sucks but i mean like this is just gonna keep on happening in the wild wild west until things get like uh either fully regulated becomes no cultural norm the idea is not to be regulated though right no but i well no the regulation is always going to happen it's already happening it's it's a good thing for the space to have regulation because it legitimizes it yeah and it's not like you regulate the coin it's like you
6:49 regulate the way that it's adopted within your country is all you know what i'm saying you can't like regulate the space but you can't control the supply of the coin which is awesome the problem that that i have with stuff like this is it it really dilutes the belief in crypto in general because people don't understand that crypto is not this ████ but they they think that all these coins are like this right every coin's a ████ coin except for bitcoin and it's just not true there's so many protocols being used so much utility to all this stuff that people don't know about but they use bitcoin for fraudulent ████ but so i mean the us dollars probably used for drug dealing yeah and you know you find warehouses of cash in every drug dealer's uh warehouse dollar in south america how'd that happen right it's the best whereas and by the way there's a public ledger you can actually track these transactions two wallets you can find out where people are pulling money out of the wallets it's all more transparent than our financial system is
7:40 steve it's a scam and you're shilling out scams steve try to tell people to buy these coins dude my uh my scam group just had another round of people uh hit the six figure range so we're doing a rough oh it's having a lot of time over there i know it's the ████ bastard but you're not how do i get on this game can i get this game group you got you you're a little late now you're probably a little late the scams are over the scans are still gonna happen but as far as mainstay stuff the i would he got some good scam stories though did he yeah you got this my scam stores yeah yeah the dough ████ you got some dogs yeah we did it right you bought some dojo anybody who said that yeah we did all right means they ████ smashed three good dudes like like 500 to 19k but that's ████ like you did a good job why didn't you
8:30 buy doge that's so amazing uh it probably was some tick tock ████ like a year and a half ago hey you held that's the key to me a lot of people just let go let ████ go and then they don't ever reach their potential yeah and then like just some people like me hold the bag and watch it climb to the top and then watch it die that's pretty good and then it climbs and then dive and i never cash out i like the meme scam idea but i'm like pseudo real i see like mark cuban talking about i'm like all right like that guy's not a complete ████ you know you see elon talking about like he's not a complete ████ like something's going on you know if we use that for like our tipping service or whatever we might end up like they talk about we're gonna maybe well what do you what do you think about the fact that they can print as much doge as they want yes i mean then it's the usd and you can get rich on usd i know the risks yeah yeah same idea it's kind of a little wacky a little bit not as smart as steve uh but i'm not completely but it's not that i'm smart you're uh well red real reverse i know
9:20 my ████ but but no but so with stuff like this you know and i'm not saying that anybody here doesn't but stuff like this i don't know it's what makes it it breaks my heart a little bit yeah because it makes it everyone it makes people go oh no see i told you crypto was a scam you got to run away from me let's educate the people steve give them like one uh a coin uh that like does something like the youth and the utility of it say like in basic terms yeah i'm wearing the hat ████ uh no but they're so luna luna tara luna you can do so much with it including there's a savings protocol called anchor where you can actually take forget the risk of crypto where people go like oh my god i'm worried about the volatility well you can actually have a stable coin called ust it's the only decentralized stable coin by the way that exists and it just mimics the dollar right it well it's stable with the dollars the currency the value of the dollar the only thing it would go up and down is inflate inflation or not or whatever well yes but it has a unique mechanism
10:11 it has its own federal reserve baked into it basically so for every one dollar of ust um that gets generated one dollar of luna gets burned so it's constantly maintaining the peg that's how they hold the value of the dollar but also the ust is always pegged to the dollar yeah so it won't change that's what i'm gonna save your money so you lose money to the dollar as well so it's the same same it's the same value and as the terror ecosystem grows more protocols use ust and so the more ust that gets generated the more luna gets burned so it's that's why luna's been pumping out performing the market that's why the entire time me and joe been in it since like ████ forever because when i read about that that's what i've been looking for in crypto so you're the only one winning though right because i'm broke as ████ fair we're trying to keep that we're trying to keep that brand up
11:02 [Music] you
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