0:00 [Music] and welcome back y'all to another episode of the careful boys today we have mr eric thank you thank you thank you so uh what do you do man oh ████ what do i do this is my first time meeting him he's got it maybe he's been on here he's been on here before but for those of you guys who are also new you might have have seen him so that's a really good question what do you do we had eric on ask the expert yes and he's vietnamese so we're like probably related no man we're definitely [Laughter] so i do actually a couple of things besides being an assassin at night time and a dance floor genius as he knows a lot of dance moves he said i actually i actually run a full stack accounting company and we support a lot of entity founders entity projects some
0:51 of the biggest celebrities and music artists in the world with their nft taxes and you know pretty much all the big like empty projects that you know of out there will probably have a hand in either helping them do their finances or act as their cfo wow damn and i'm a total like jpeg dj and i got way too many jpegs heck yeah how do you how did you get into like accounting for the crypto nft space because it just feels like it's so new yeah but what's crazy it's like when you're just like the regular like layman right like you just hear about it you're like oh okay so i guess nfts is new then you look deeper and you're like wait there's already all this staff and stuff working behind the scenes for the past five years they're like what the ████ how do you get into it you know that's a really good question so like i started i've been in the accounting space for 14 years now and i've been in crypto since 2017 like some of us right we've right we rode
1:41 that wave all the way to the oh i know bro [Laughter] but i'm up right now and we're all up now right when you first bought eth what was it oh man when i first bought ether was 346 oh my god man we were mining my son that we we had we bought like six graphics cards we had a miner in our kitchen that was like putting out all this heat it was just so hot and we're just mining ethereum we had no idea like how big it would get we we knew was big back then but not at this size and scale yeah and uh we were mining ethereum and you know that's just how we got into the space really cool what was the first entity did you get a crypto kitty or some ████ okay so he got a board eight dude actually the first nft and this is a this is a weird backwards story right like so like two years ago my son and i we lived in bali and then we came back and then we took this i took this breath
2:32 work course where i had to swim hop like wim hof and i ended up becoming good friends with a uh a girlfriend of a massive dj in las vegas um and so one day my son are going out to a car show in las vegas randomly and we called my buddy i was like hey you know like let's grab dinner before we head back to orange county and she's like why don't you come over steve's house so i'm just going to drop a first name right so aoki we were all picked up all right when you said it we're all thinking steve wynn huh he does dj he is he is quite the dj oh they said d-gen so we end up rolling over and it's like gate after security after security roll into this dude's house steven's house is crazy it's crazy steve harvey idiot come on guys and then so we end up like hanging out
3:22 and he looks at us and says it was like midnight this is like after a late car show he's like he's like hey do you guys want to do sauna and ice bath cycles and we're like okay there's a random question but like yeah sawdust and ice bath sauna sauna sawdust ice bath imagine that i'm like that's some new ████ i've never heard of that you're not a fitness guru if you've never heard of the song that's we ended up sitting in this like sauna and we're cooking and we start just talking about all different stuff and and steve really starts enjoying the conversation with my son and we start talking about crypto and then we jump in this ice bath thing we're all freezing our asses off and then he starts talking about like this project he's dropping it's his first project this back in february it's character x on nifty gateway and he says hey in a week i'm going to drop my project
4:12 and i was like dude like i've just gotten to know this guy right so obviously i'm like oh he's a homie now right so i'm gonna i'm gonna bind this nft we drive back home my son are like i don't know what just happened we just hung out this dude's house um how old is your son by the way he just turned 18. wow does he think you're cool or you think you're lame [Laughter] what's going on i think a little bit about a little bit he rolls his eyes at me all the time but also like we have a really good relationship that's tight so we get back and then a week later this kid this character x drops on a nifty gateway not i buy it and then i i somehow ended up like getting his cell phone number and we started chatting and that's how like my nft story began right and then so what before then you
5:03 didn't really you weren't in the nfl i wasn't into nfts before i was in the crypto and i was trading crypto and like going you know this is recent then because when we talked you were mainly doing crypto and other accounting and stuff right yeah yeah so very recent and that's this is what i think is really interesting about this web3 space is things move so quickly and the thing is like 3 rewards you for participating in this ecosystem yeah and you see this with all these other tokens and air drops we'll talk about that some other point but like so i bought his and i put it in my wallet i was like okay this is kind of cool and i dabbled a little bit more nfts and then april came around and for me like my tax season ends april 15th so tax season ended and i was like i'm gonna buy myself the most ridiculous thing ever to reward me for like getting through another tax season and this one board ape yacht club was just rolling out and so for me like when i was in bali
5:53 like i wear okay little story i wear leopard print yoga pants that's like my thing that's his normal clothes actually you guys you guys would be friends really quick so i love i love like leopard print and there's like a whole nother story about cats and ████ like that so like i ended up going on open sea and this one opens you was still kind of like fresh and new and i look up for ap yacht club and i'm looking around and i find this board ape yacht club of like this leopard print ape with just like a tank top all the time and it was half an eighth and at the time like all he did was i'm paying half an eighth for a jpeg which is later like at the time i think ethan was like three grand yeah half a month 1500 bucks how much is it now okay so i'll get to that part right yeah oh jesus so i bought it for half an ethan i thought that was the most ridiculous thing ever i put in my metamask wallet call it a day went back to work and forgot about it bought a
6:43 couple of them or nfts over the summertime and then so what ended up happening was in the fall is when they did the mutinate drop so that's that's what this logo is the neon ape right and so what happened is right before that i started getting offers for 30 eth for 40 for this right which is big money i mean you're going from i literally spent and just let's keep this in context right like like nfts are very speculative right so just to be responsible you're in research this is not financial advice but i'm a jpeg day jet deegen um i was getting offers for anthony is so horny right now [Music] you're basically cybering him right now so i'm getting offers for fingering myself because i said a word dude
7:33 so i'm getting offers for like 120 000 dollars for for this jpeg holy crap and then so i went on facebook and i post on facebook guys i'm getting offers for like this for this ape and a lot of people don't get it and that's the thing it's still very new this new technology if you're a boomer like me i'm like what the ████ what are you talking about you're a boomer i'm a boomer dude are you he's a millennial boom i'll pay like pay three eath for like a pamela anderson poster someone make that jpeg all the import models come back and do nfc projects they i remember from hot import nights man because all the nine needs to do is with money now oh my god that's gonna touch
8:23 him from the corazon touch them somewhere else so i was getting so i put up on facebook and everyone was like oh it's a scam it's a bubble just sell it i'm like nah whatever not i was joking my son was like dude we're getting like big offers for this and so my son he loves like the audi rs6 wagon yeah he's like yes you know we could sell that right now and buy an rs6 i was like ah okay let's just like listen hang on but like so that night i was like let me just put throw a ridiculous offer out there i'm just gonna put my ape up for 50 each which is like 150 000 big money right we put up for 50 each just says like a joke and he sold right away i told my son it was a joke i went to sleep and when you're when you need an nft space you just get so immersed in it the first thing you always do is you wake up and you look at open sea right it's just like how like
9:14 how boomers like look at their newspapers we wake up and look at ftx yeah yeah you go you actually look at your your crypto positions and everything so i woke up and i was looking at my opens he's like ████ where did my ape go did i get hacked so you didn't even realize you bought some you got it sold i had no idea oh and then i looked at my my wallet there's 50 more ethernet but did you realize that you charged too low oh so at the time that was an above market offer so i was like ████ oh and then so i looked at who bought it yeah the chain smokers oh ████ today's video is brought to you by kerology all right so me believe it or not i'm almost 50 years old just kidding i'm closer to maybe 40. i've been using this for maybe the last three years and i feel like it's been curologizing my face i feel like thank
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12:37 i it was a blue check mark so i was like i don't know so i went on twitter and dm the chainsmokers and said hey i don't know if it's you guys but somebody with the chainsmoker's name bought my leopardprint8 it was you guys i am super appreciative of it you say i want it back it was a joke here's a picture for reference i'll buy you 55 for it i'll just send you a screenshot of it we'll call it yeah right click save will be good and then so they texted back and i'm still having i still talk to them today like i just text them today about the ape thing so at the time it was a really for me it was it was life and it is life-changing money right to go from like two grand to literally a hundred forty hundred thousand dollars life-changing money but in retrospect now the floor is 110 e
13:29 oh my god right and today they drop a token and people who are holding the original eight they literally got about a hundred thousand dollars worth of token drop today so i only had the mutant which is the which is like the second generation of it yeah so my airdrop that i got today was 20 grand which i mean 20 grand is a lot of money yeah yeah yeah yeah but like i look back and i'm like okay i lost effectively 100 i mean 50 50. for the difference of what it's worth right now plus 100 grand of token how come you didn't text me to buy some ████ i know man you respond you you you dm me about my stories but don't tell me nothing about the nft's man i think would have told me out of like nah right if you would have told me i would have been like i'll fit in my pam
14:20 poster from vip not even baywatch but you know like like just in the crypto space like when people ask you about your crypto positions and you tell them and then they buy it later when it's super pumped up exactly and it drops yeah they come back to you as if like they're mad at you they're mad at you oh dude you should i'm completely opposite like i never see i never tell anybody what to buy ever because i that exactly i hate that ████ but people expect that i will be that way and i'm like no no you don't know me so you tell bart bar will be like that's great advice i'm not gonna buy it right you tell me i'm gonna go let me get a loan out for a hundred grand and i'm gonna buy it right now and then a week later he's like what is it again ultimate that's like dj ultimate i just pelosi everybody so with like um you know when like russia invaded ukraine and like stocks dropped and everything do the prices of
15:10 nfts do they take a hit during that period so what what's what you're seeing is there's a general pool of liquidity in the market that's what a lot of us need to understand what does that mean kind of like flow of money like water around going around yeah like how you bring water into this think of this cup as like the oh like the total amount of liquidity in the market like the amount of money in the world the amount of money that's flowing in the world might be so okay so yours is a little bit darker and larger so when certain market events happen people become more risk averse and they pull liquidity out of the market they cash out they cash out to get back in cash positions for safety yeah so ends up happening when that happens it causes everyone else's sound that causes this cascade of markets being affected across the board right so you saw the stock market cascading down you saw crypto
16:02 cascading down and nfts are inherently much more speculative than even crypto which is super speculative so it hits even harder it hits even harder but the same time too because nfts and jpegs are fundamentally more illiquid there is some kind of protection there because like people can't sell even if they drop the price so it holds kind of the value in its own bizarre twisted way are you saying the next time a con a country gets bombed i should go on open c kind of so i mean well i mean this this happened when this happened when the pandemic first happened right you could see you could see the stocks just take this crazy dive and then it went wow exactly every single time there's like red in the streets there's always the time people are supposed to be yes yeah how come it's not red more it is it's hella red like the last three years have been crazy we need freeways like just falling apart or something
16:53 you're gonna be the guy you just moved out of l.a i'm gonna put a ████ dynamite under the floor that's what he does kills a bunch of people looks at open c it's not working yet bart's trying to be like george soros right now and destroyed nation so he can ████ buy low that's the plot of pelham one two three literally oh really holy ████ so you can buy low yeah i don't got no board apes or nothing but like at the end of the day at the end of the day like this is really interesting emergency technology you're buying into communities it's crazy though though the way that people are just like coming up so hard on crypto even me too like i'm like damn like the the po it's just the volatility it's just ████ crazy like people what's your favorite part he's like do you see how happy he is
17:43 about it you think stocks are risky man this is a heart attack like every day it is my homie when i was first getting into nfts too uh my homie put an analogy that made sense uh to me like stocks it's like it's like why would you buy ████ a jpeg for like thousands of dollars and then it's like well obviously it's speculat uh speculative obviously it's a gamble in one sense but in another sense it's if you actually do the research and think about the people behind that project it's like investing into a stock it's like are you buying three thousand dollars for like a stock of that company understanding that the future of whatever the culture the branding the the adoption the the team that is developing ship behind the scenes or whatever are they going to turn that into a much more you know a valuable company in some way shape or form like we were like we work exactly and you got your crazy stuff you got
18:33 your things that are like fueled only on hype that have like nothing behind it they have no promises no road maps right and those ones it's like it's all speculative and if everybody loves it they love it but there are a lot of other projects out there that are if they're have an actual road map that has something that is effective for the people that buy into it that's also really really cool to invest in and then there's also like 99 percent of nfc projects that are rug pulls so yeah yeah but i mean this happens in the stuff it's not like what i don't know why people act like stocks are the only things that are safe and then like crypto is all like a ponzi scheme because they had 100 years to look at it but there's the same scams and rug pulls and everything those terms came from stocks you know what i mean like they did that in stocks with you know they would pump and dump all those words they came from the stock world so i
19:24 guess the only thing that's different i guess is you have a tangible business and this is what makes it less speculative is like you're looking at a market where there's industry or whatever but still companies manipulate their numbers show you know please their stock like owners and everything just so people will pump that stock that's still a strategy just as much as like pulling out news for crypto and saying like hey all this stuff is happening in crypto right now buy this coin you know it's it's like i don't really get that difference where people make it seem like it's two totally different things but in my mind investing is pretty similar if you look at the fundamentals in all across the board yeah i will say the uh obviously what makes it a lot easier for stocks right and this is all ████ does ████ but for the sake of talking about layman's things it's like one regulation right uh two a singular
20:16 currency so everybody understands every single trade is like still acting on the same currency and like almost semi-consistent form of like evaluation right and then uh on top of that too it's like with stocks because they're like quote unquote like publicly traded right it's like the idea the idea of like somebody behind the scenes pulling like a stock company off the public traded market and disappearing in some decentralized way it's like that's not that's not the same language or lingo that is is becoming familiarized with everybody in the crypto scene nowadays or at least the footers right so it's kind of like and that happens that hell happens people people get scammed like every ████ day in in the in the blockchain space and yeah but that's also why people are winning like crazy in the blockchain space too you know so i think too you're looking at different economies of scale in terms of size right so let's talk about this this dark black coffee right so let's think of
21:06 this as like your general stock market right now it's it's in the hundreds of trillions of dollars of market cap of all these companies everything and the general market cap for crypto is under a trillion dollars i believe it is true yeah so it's magnitude smaller but what that also means is the same amount of capital being deployed in the crypto markets could really influence the markets much more heavily than in the general stock market like if you go and you buy 10 million dollars of apple stock it's gonna do marginal you know improvements to that the price of the stock where people like oh somebody bought 10 million of stock which is not a big deal but if you went and bought 10 million dollars of luna for example somebody's gonna be like due to whales in this thing and everyone's gonna dog pile in and drive the price of it up yeah that's true because people don't really look at market cap when they look at coins and then like someone could
21:56 not easily influence bitcoin you could have hundreds of millions of dollars and not influence bitcoin as much as let's say a ████ coin that only has a market cap of 100 million or even 10 million so if i come in with 1 million and and that only has a 10 million market cap like i'm gonna make movements and then this is where people it's called like rallying up and then like they see the pump and they're like oh wow i'm excited this coin is doing great because it's gonna go from one dollar to now three or whatever right but then if you can't see if you don't understand the market cap and the market size then it it's easily like manipulated and the biggest thing too is like there's this this concept called survivorship bias and survivorship bias and the whole story behind it was like back in world war ii there's researchers that studied all the airplanes are coming back from the war and they're like hey how do we armor up
22:47 our planes more to make it more effective and so the planes are coming back they had bullets on the fuselage and some of the wings and ████ like that so it's like oh let's arm up the fuselage but there was this one researcher and statistic statistician that said no if they have all these bullets that are in the fuselage and made it back that's not the problem the problem is you're getting too many bullets in the engine we need to arm up the engine so survivorship bias is we see other people that that made 10 or 20 or 100 x on one random ████ coin and we believe that oh if we buy into this token that we're gonna make this ton of money too so there's definitely a lot of human psychology in the markets that is just super fascinating the more you understand just how we think as humans just like what you said with like ukraine situation or war and you always sell the news and you buy like when everybody has blood in the street it's it's all these things there's a lot of
23:37 psychology beyond just this technical analysis of like oh there's the double headed shoulder wave or whatever it is yeah there's human psychology we gotta get good at manipulating people the unfortunate part but yes yeah there is definitely a facet of that in these small markets right that plays a really big role [Music] you
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