BITCOIN: HOW BAD IS THIS!!!! (hack) 🚨🚨🚨 Transcript, AI Summary & Key Points

00:00 So, so yes guys, welcome to another episode. And as you can see right now, Bitcoin is still at around the 200E moving average, although we are going lower. We're breaking down lower below the 200E moving average. And if you've been online during the last 48 hours or so, you do know that we have a bit of a catastrophe with the cold card hardware wallet hack.

00:21 This wallet was mainly used by Bitcoin Maxis, okay? And the current amounts are very very big and they're increasing all the time. The hack is still ongoing. It's around 100 million now. This data is outdated. And what happened basically was that all of the maxis they use this cold card wallet. I don't think that people outside of the Bitcoin maxi circle use cold card a lot.

00:48 Uh because cold card is bitcoin only. So you know maxis they love bitcoin only. Now the problem with cold card was that they did their own cryptography. So when you build a hardware device, you have two choices. Either you use established cryptography, established cryptographic software or you do your own. And basically you should never do your own.

01:07 That's one of the first things you learn when you study cryptography. Never roll your own crypto. I as a computer scientist can tell you that instantly. Anyone who has any kind of education in computer science can tell you never roll your own cryptography. Don't implement your own cryptography. Don't try to implement. You're going to mess it up. The smallest mistakes will lead to disaster.

01:32 The number one thing you learn is to always use offtheshelf cryptography which has been peer-reviewed by millions of people. Everyone is using them. Everyone's keeping an eye on them. That is how cryptography should be done. But cold card they decided they want to do their own cryptography. So what happened was that uh hacker discovered this issue that Colart did their own cryptography and you know your hardware wallet it doesn't have your coins your hardware wallet has a key that it generates and that key can then

02:04 sign transactions on your behalf. So there are no coins in your hardware it's just a key that was generated by the wallet. So the hacker basically understood, wait, wait, if I know how the key is generated, it's supposed to be random. It's supposed to be random so that no one can buy a cold card and generate the same key as you generated. But the hacker understood, wait, wait, wait.

02:26 They did their own crypto. They did their their own random number generator. Let me buy cold card. Let me generate the keys that other people have generated. So now around a hundred million dollars is hacked. It's hardware wallet. I mean people think how can it be hacked? It is airgapped. It is in my safe. It is hidden from a public eye. Well, it's just a random key that was generated there, but it was not random.

02:54 So, someone else bought call card and generated the same key as you generated. Bam. Simple. Bada bing, bada boom, money gone, people wrecked. And you remember when we focused on this, you know, self-casting, we discussed very clearly the multisig. I was explaining the safe multisig. I was explaining why it's so important with a multisig. Multisig could have prevented it.

03:12 Miy could have prevented it. Now the maxis are saying it's very interesting like the evolution of the maxis. They're saying now never push people into self custody ever. Self custody requires a lot of education. Man I I love this you know now never max never ever push to self custody ever. Okay. Okay. So that's the new instruction. You know that after FTX when FTX collapsed never ever push people to centralize exchange never push to sex.

03:44 Now never ever push to selfcast. And then imagine being a crypto influencer. What do you shield? What do you shield? Do you shield self custody? Do what do you shield? Okay. The number one victim here are the influencer. Look here. These poor bastards. They tried to shill uh cold cold storage. They they tried to shill the hardware wallet. Now they got everyone wrecked.

04:14 Oi, listen to this. >> The blue wallet is a good one for people to check out. Um or a hardware wallet like cold card for example. There's different ways to do this. Um but essentially like around the world >> air gap device. I recommend a cold card or a foundation passport maybe a blockstream jade. But use an air gap device. Make sure it's >> close to recommending a foundation passport.

04:37 To be honest, cold card is my hardcore recommendation. Uh I love the group at Cold Card. Your philosophy is strong. >> People were saying, Ivan, you are by bit shiller. You guys remember in 2019 when you mentioned Bybit on your channel, you were like, you know, the the scammer. PEOPLE SAID BUY BIT SHILLER. WELL, after six years, we have track record.

04:56 Buy bit money loss zero. This Bitcoin max, I don't know what they're doing. Obviously guys, you need to use your brain. You need to use your brain. You need to understand the risks with everything. yada yada. You know it. I mean on this channel, you know it. But it's fun. I love it. I love it. Love it. Never ever. Ladies instruction is never ever push people to self custody.

05:18 Four years ago, never ever. Okay, moving on. Look here. I mean, the situation is sad. It's very, very sad. So, let's let's get on a bit more sad, serious note. Look here. 35 year old didn't buy a house because people on this app told him real estate was a bad investment. Didn't buy stocks because folks told him they were overvalued. DC Bitcoin and moved to cold storage in Culkar because Bitcoin Twitter told him IBIT isn't real Bitcoin.

05:50 Now it's all gone. Yes, it's all gone. Hacker has it. Let's see what hacker is going to do. And here's the problem. You see, sailor sold. Cold card sucks. Lightning network isn't popular. Ethereum and crypto is getting adopted. Was there anything that Bitcoin masses were right about? So guys, at the end of the day, let me uh tell you something positive here.

06:09 Likely this is one of the last things before a big fat pump because everything badass. I mean now you know even the the freaking wallets are hacked. Everything is fugazi. Everything is fenuto. People are feeling that crypto is a scam. Crypto is collapsed. At the end of the day it was a big fat mismanagement. uh you could argue that it is incompetence.

06:32 Some people are arguing it is an inside job because these guys when they did the apology they basically said yeah guys uh sorry that we messed up we did this cryptography it was a bit bad cryptography we take full responsibility but then towards the end they say yeah by the way uh it's due to AI we believe this is a sober reality of new AI paradigm so you leave a back door I mean theoretically I'm not accusing anyone but theoretically you do horror wallet you leave a back door then you say all All right.

07:02 So, it was AI AI assisted code review can now find latent bugs at speed that is outpacing even the industry's most seasoned experts. This is why Hodel not saying I have issues with this apology post. It starts off with uh that they take some responsibility but towards the end they say we believe this is AI. It's AI. This is what irks me and I find it quite unbelievable because at the end of the day AI or not AI the bug was there.

07:27 It was quite an easy bug and anyone could have found it. Now it was AI that found but it took one prompt. It took literally one prompt to find it. One prompt it took. Okay. The uh taking responsibility part is now fully diluted. The incident is framed as a sober reality of AI. Coat is now seemingly just a victim of this new reality. So yeah, at the end of the day, be careful with uh what you use.

07:51 There's no good solution, guys. I mean, what's a good solution? Put the ETF, put a bit self. I mean, figure it out yourself. like there's no perfect solution. There's no something where you just put your money and that's it. But it is true that for most people uh to see uh self custody as the magic solution, most people don't even understand that your hardware wallet doesn't have your coins.

08:13 I mean all of you guys who are here, I think you get it. Especially if you took our uh Bitcoin and blockchain fundamentals course from 2017, you guys remember that 2017 Bitcoin and blockchain fundamentals. All of you guys know that your hardware wallet does not have your key. I mean for many people I think for them it's like but how it was hacked I thought my coins are in the hardware wallet and my hardware wallet was in my safe and uh and it was also like a seed phrase was divided into three parts they don't

08:39 understand man there there's no coins like there's no there there's no coins there's a key that got generated there and by the way the scammer generated exactly the same key because the guys did not make it random okay they did not make the generation random so you can generate the same I can generate the same key as you generated okay So uh you use common sense.

08:59 Uh I think I mean what we have shown is that central exchange gets hacked. Uh hardware wallet gets hacked. Uh is ledger or treasure good or or not good at the end of the day? Who the hell knows? They can have a bug in their uh in their firmware any day. And Ledger they they can technically extract your key if they have a bug in the firmware. They said that it's always been possible.

09:21 We discussed it a few weeks ago where at the end of the day you are still relying on third parties. Even selfcast you're relying on third party called cold card you're relying on third party uh ledger treasure you also rely on third parties that that their firmware is okay ledger can back up your key technically with their firmware they can back up it they can extract they can put it on cloud divide they have the service with uh with backup.

09:42 So you rely so you rely on third party in all cases. The difference with ETF is that uh if something happens at least you have some kind of voice with uh self custody something happens you have no voice because at the end of the day you know it's you you're just a plebbe you're just a plebbe you are they don't owe you anything I mean some bug and it's al also a bit hard to prove if your assets did not go to the hacker address let's say that the hacker has many addresses and your specific coins they got stolen and they

10:15 went into a separate address which is not like the main hacker address. How do you even prove that you got hacked? I mean they just going to say you moved it yourself like you self casted you're on your own. So how can you make a good uh self-cast? Uh is it even possible? Uh you need to buy dice. Okay, this is how you can generate random randomness that you need to that you know is random.

10:36 Okay, know is random. Now of course this becomes very you know heavy power user kind of stuff. Okay, you're gonna do it yourself to you know have this uh you know this guy explains you can buy dice, you can roll dice and that is going to be your private key. How your dice roll is the average pleber going to do it? Uh he's not going to do it. I mean what do you mean?

11:00 Is this how we use Bitcoin? Now you roll dice. Well, no one's going to do it. No one's going to do it. Uh but yeah, that's technically the safest way where you you roll your dice. You know how it was generated. But even then, okay, you still need to insert it into a hardware wallet. You still need to insert it into a hardware wallet. So then Ledger, let's say they have a bug in the firmware.

11:21 Still get hacked. Okay. So there's no perfect world, man. There's no perfect world. You even with this, you know, generation, you still need to who's going to sign the with this key? It needs to be a hardware wallet or a computer. They can get hacked. So uh metal plate does not work. Why? Because it's the same issue. Okay, you metal plate is just where you store your key.

11:42 Metal plate still needs to you need to take the key into a wallet that's going to sign. How you going to send your transaction? How you going to sign your transaction? You can't. Now, you could roll the dice. Okay, here's what you could do. I mean, technically, you could roll the dice. You can do math calculation yourself on the on the private key and generate the public key for uh but then you need to and then you could take that public key and you can have but you're not going to do this calculation in your head.

12:07 It's anyway. So guys practically practically uh diversify have ETF you have uh buy bit you have a self-custody you could get wrecked in any of them okay and but at least with uh the non-self custody you are you have some kind of voice for example in FTX all assets got returned okay I got all assets now I got all assets in FTX also thanks to Ethereum's performance because Ethereum did not pump.

12:38 So you know that when exchange gets hacked, you get your asses back in fiat. I'm so thankful for Vitalik because Vitalik with his Fugazi L2 road map, he ensured that ETH did not pump throughout this whole time of FTX, ETH stay flat even it went down a bit. So in Fiat I actually got back exactly the same, maybe even more. So psychologically I thank Vitalik for his fugazi L2s for not pumping is high because in FTX everything got returned.

13:13 So with self custody here guys nothing is going to get returned I mean it's uh it's gone boop boop gone gone it's going to get returned self custody no because you also have to prove that you actually got hacked maybe you just moved your own asset so no not perfect solution but uh I think people are coming to the realization that there is no black and white I mean exchange if it's uh let's say black rock ETF or coinbase is it's not you know 100 times worse than self custody is it is it still has issues obviously But

13:42 yeah, I think you understand. I don't know how much I I will chew chew chew this out for you, but you understand. Okay, so uh more and more wallets are sweeped. We identified the second wave of Swiss likely attributes to the same Colgate hacker. We are now tracking 1,000 stolen from 2,000 2.6,000 uh people. I see also someone saying crypto is dying.

14:02 Uh it's very good that you say that say that because that's what people said after FTX. Also, I just want to clarify everything that's happening now. It's towards the end of bare market. Okay, it's towards the end of the bare market and we're gonna have a big fat pump no matter what. Especially and actually this is kind of good. You want to see people in a bit of a bad state from a market perspective is good just like FTX was the end.

14:23 From a personal perspective, from a sympathetic perspective, obviously it's very bad. It's horrible. It's super bad. From a market perspective, you remember we said that, you know, something needs to break something. Now, we thought it would be central exchange, but cycles are never the same. They they they rhyme, but they're not the same. So, in this case, it was freaking self-custody.

14:43 What the hell, man? Crypto. It never ceases to amaze me. Never ceases to amaze me. Uh Chuck Strickland saying, "I like Tang." Uh, yeah, do multisync, man. Do multiscult. Here's what you could do. Multisculture treasure. So man, then freaking two of them needs to be hacked at the same time. If something's going to happen with your multis, have multisync.

15:07 Don't rely on a single one because all of them you you're still relying on third party. They can get uh bad firmware in. They can get all kinds of problems in and you're still relying on third party. If you have multisig with many different providers, wallets from different providers, it's okay. I guess it's okay. It's probably the best. But you need to learn how how safe wallet works.

15:27 This is what we've been preaching since last the bare market. You remember when FTX got hacked, we said use safe uh safe uh multisync. Use safe multisync. Use safe multisc because then you have different providers, you know, treasure ledger, they all need to get hacked at the same time. That's not going to happen. Okay. Now, never say never, man. Crypto never ceases to to amaze me.

15:48 Never ceases to amaze me. Time to buy dice, fellow Bitcoiners. So yeah, if you want to generate your wallet in a safe way, you buy the dice, you roll the dice, and you're not going to do that. So yeah, uh that's it. Uh but it's good to know theoretically you can generate your key from the dice. Okay, that's going to be random. So uh you have now uh this CEO of uh BitGo, BitGo, he is saying hack my wallet, you get 100 bitcoin.

16:20 basically saying that our infrastructure is very good. Uh if you are an AI company, stop messing around. Anthropic is saying all the time that their AI is so, you know, terrible. It's breaking out from all of the confinements. It's so dangerous. He's saying, you know, enough with we created a hacking monster. You did not create a hacking monster. Prove it.

16:41 Do it for real. Hack my Bitcoin. Hack it. Okay, that's good. See, I like it from from the BitGo guy. He is basically calling out listen our our info is good. Our info is good. So uh that's that. Uh next next guys. Uh yeah it's a loss. You see you have people now moving assets. You have one 1.2 billion in bitcoin being moved. People are scared. They're moving into uh new wallets.

17:06 They move into exchange. They they move around. They move around. Uh also look here moving uh moving on a bit. You have this Strive company. Okay, 1 billion Strive asset manager just announced that it bought more Bitcoin. They're buying more than Sailor. Sailor is not buying. Sailor is only buying high and he's selling low. And he also said he's going to sell $5 billion during the weekend.

17:31 We did see the news. Apparently, it was decided before, but it became big news during weekend that he decided that 5 billion they can sell sailor sailor. So, but they decided this like weeks ago. But anyway, so these guys, they're a bit smarter. They're buying. They're buying low just like we are doing now. We're DCAing in the buy zone even though it's a hack.

17:50 Yes, maybe we'll go to 50 like who the hell knows. It is the last months of the bear. It's August by the way. It's new month. It's the last months of the bear. Just follow the plan. Stick to the plan. That's it. Uh now you can read here about you know this guy is from um CTO at ledger. He speaks about cryptography is hard. implementing it securely is harder and the part almost nobody thinks about generating high quality randomness is where the whole thing lives or dies.

18:16 Yeah. So you can read more. It needs to be random. A bad RNG is silent. How we do it at leified secure elements. Yeah, man. You can still get hacked. Your your firmware can still be wrong. You can still get hacked. So nothing is fully sure. Uh the secure element yada yada. You can still get hacked. Extreme temperature for instance can degrade a noise source.

18:37 There you go. Yeah. I mean uh doing random number generation in computers is hard because computers are not random. So yeah, so hardware is built to catch that rather than quietly ship weak entropy and raw entropy is never used directly. This Yeah. Anyway, he's saying how good their their thing is. And by the way, they're also closed sourced. This part of Ledger S is closed sourced.

18:58 Uh access to secure element technology comes with a hard vendor requirement. Yeah. So so who the hell knows what's happening there? You rely on them. You rely on them. Yeah. Uh, so yeah, have have different ones. Have multic. That's it. That's it. That's it. Uh, now this one is interesting. I haven't watched this video, but apparently this guy, the quantum CEO, saying that his computers will soon be able to hack Bitcoin.

19:20 And he is specifically speaking about proof of work, which before wasn't really a focus. You know, proof of work traditionally people said that proof of work is not the in danger. It is the uh public private key pairs that are in danger due to quantum not proof of work because proof of work is all about guessing the hash like getting the correct hash and there you know to go from hash to the input that one is another problem which was thought not possible to solve with quantum.

19:50 This guy apparently says he can do it. He can take a hash what is it? Shaw two two uh 56 and he can deduce the inputs. U so for all of you who have taken our Bitcoin blockchain fundamentals course in 2017 you know that the way mining works is that you have a number that the network tells you. Okay, this like this number is the difficulty of the mining and your job as a minor is to basically guess inputs to a hash functions that generate an answer below this number.

20:27 And when the difficulty increases, that number is lowered because then it's harder just probabilistically to get a hash answer that is lower than it. And the way you get the hash answer to to be lower than the difficulty level, you just guess. There's no way to go to know what what kind of hash you're going to generate. Uh it's one of the things you know if you have been studying computer science or math if you are uneducated play but this is new for you but it's okay it's okay that's why we are teaching you here live

20:51 but anyway so this hashing before it was not really part of this you know AI danger but now this guy he's saying they have tech let's see if it's for guys or not let's listen >> some point quantum computing will break the Bitcoin proofof work protocol that's clear how long that will take is less clear we need to get these scaled error corrected fault tolerant gate model systems before we're actually able to do that.

21:19 But at D-Wave, we're doing something a little bit different. What we've done is we've been able to demonstrate a new quantum proof of work. So what's very exciting about this proofof work um architecture is that it is quantum safe. So you don't have to worry about quantum breaking it down the road and it's very energy. >> Oh yeah, basically Fugazi. Okay, basically Fugazi this is even longer.

21:41 You know, people say that quantum to break public private key is going to take years. This is even longer. But Bitcoin has to prepare now. It's going to take a long time to upgrade Bitcoin. They still cannot decide how much data to put in Bitcoin. So the last 24 hours of Bitcoin post on X discussing the hack of Colgs has been the largest open-source technical support initiative ever undertaken by organic.

22:01 Yeah, but which support man? Which support? Which support? Money is gone. What you going to support? What you going to support? Oh, well okay. You can support. You can move money into exchange. Maybe that's support. How to use your own wallet to move money in. Yeah. What support? What's support? Galaxy Research. We map the flow of funds for the cold core vulnerability based on the pattern identified by engineers.

22:21 Okay. Uh 70 million but now it's around 100 is is increasing all the time. Every sweep paid identical hardcoded uh 30 Satoshi per virtual bite. Uh yeah. So there you go. A lot of bitcoins running away from the wallet. While new attacks are likely to occur if users do not mitigate their funds out of code generation addresses, the initial attack is identifiable on chain.

22:48 Yeah, this is the problem. If the hacker changes any of this, let's say the hacker changes the destination address, the hacker changes the fee. So it's not so you cannot correlate, you know, this hard-coded fee he used. Then you need to prove if the hacker is ever caught that you also got hacked and you not just moved your Bitcoin to a new wallet that you control.

23:11 I mean some people are going to try that. They're going to be like, "Oh, I also got hacked. This key was generated by cold card but you just moved to your own wallet." Okay, how it's going to be a mess, guys. It's going to be a this a mess. It's a mess. And by the way, just as a real comparison, so with FTX as an example, uh all money got returned in fiat terms.

23:31 Again, I think I got more fiat back than I had ETH because ETH went down. And so when you think about that, I just realize that at the end of the day, it's not that black and white. It's not if a bankruptcy happens in the US, let's say in the US jurisdiction, you're going to get something back. Uh Bernie made off how much they got back. I mean, it's going to take years.

23:52 FTX was quite fast, by the way. But uh you know, Bernie, even Bernie made of the v the victims got back almost all of their money. Okay, you understand? So yes, exchanges can get wrecked. If you use like Asia exchange, random China exchange, you're probably not going to get back a lot in the US just based on the track record. Bankruptcy in the US more or less, you have good chances.

24:12 You have good chances. Obviously, not nothing is perfect. Nothing is perfect. It's not it's not, you know, the nirvana. It's all everything is great. Everything is super. You have pros and cons with everything, but you have sobering numbers. 1.57 Bitcoin loss via self cases. 1.51 million lost on exchanges based on this is from last year's report and now yeah it's tilting even more you understand uh some people are saying it is state sponsored attack on bitcoin so that everyone just goes into black rockck h it could be

24:45 but at the same time you know the the bug was so simple it's yeah you could basically find it in one prompt if you take the repository you take the repository of their uh firmware of their of their software. You run simple prompt find vulnerability. It tells you there is vulnerability. It tells you very very fast. So is it real state sponsored? It's either negligence or it is insider and I'm not alleging anything but uh I mean those are the two options.

25:19 Those are the two options. So guys let me know what you think it is. Which one uh you think it is. Let me see if I can find this guy that actually tried the prompt. There was a guy that took the repository and he gave it to AI. He asked find vulnerability. It found it like instantly. It found it very very fast. Anyway, I don't want to be scrolling too much.

25:37 You can find it yourself. So, uh moving on, moving on guys. Uh stocks. Let's move on from Bitcoin to the stock market. From Bitcoin, how do you summarize all of this? Uh don't don't worry in terms of the bull market, bare market. In fact, we're closer now to bull market after this catastrophe. We're closer to bull market. So, if you are affected, we feel bad for you.

25:55 Uh it's going to be okay. You're going to make it back. It's money. Uh even if you lost a lot, you're going to make it back. Okay. Uh what else to say? Um LFG, look forward. Be be strong. Uh yeah, let's go, guys. Let's go. I'm not that good at this, guys. Let me know in the comment section some let's leave some nice words in the comment section to to everyone who used called uh call card.

26:26 Yeah, call card. What else to say? Oh, wait. Let me pull up Benjamin. Guys, I'm not this good at you know this holding sad speech, but I know someone who did kind of spa sad speech. Benjamin Cowan. He had a nice nice one. He formulated it good as a native speaker. He's a bit better with the words. Let me see where he put it. Man, he tweets so much. Where he put this?

26:51 He's he had a very long post. Uh where he put it. Oh, here. Here. Okay. Okay, guys. Let let me just use Benjamin comments one. He is a bit better with English. I don't comment on the news very often, but it's devastating to see so many people lose so much Bitcoin while doing what they believed was the right thing. Yes, people wonder why why why retail participation has been phasing for years yet the space continues to be dominated by scam I mean come on come on I mean we will love the meme coins we love the meme coins

27:41 we love the memecoin they are kind of scam yes but let's not make this uh this this commencement, how you say the commandment to the victims and let's not attack. Let's not attack. Yes, I mean they're pump and dumps. Yes, we know it. We know it. We participate willingly. We love the shitcoin. But okay, uh you need to be careful by the way. They all go to zero.

28:01 Presidential rug pools. Yes, that's true. That's true. Here I agree. Here I agree. And recurring security failures. Yes. The crypto asset class still has a long way to go before it earns durable mainstream trust. Amen. Amen. Uh yeah, but it wasn't too much about the victims. Um okay. I thought I thought I thought this was all about the victims, but he actually attacked the memecoin, which I Okay, but we all know what it is.

28:33 Like we all know what it is. I agree with this, but I thought it would be more about the victims. Is Guzman in the chat? Maybe you guys can formulate something I can read. But uh yeah, uh it's gonna be okay. And uh we'll go forward and uh yeah, if you're not a victim, bull market coming. Uh it's actually even closer. This time it was unfortunate that self custody was hacked.

29:06 And if you are an influencer, you cannot shill self-cast. You cannot shield custody. You cannot shill anything. You're not allowed. You're not allowed to shield anything. Self-cast. Not don't shield anything. Basically, that's the conclusion. Okay, guys. Moving on. Moving on. So, we move ahead. Switching gears. Backpack backpack earnings to watch this week.

29:24 So, now we're to the stock market. We're looking at the stock market. We have to look at a few different things. Number one, all of these companies, they're going to have earnings. So, we're going to have some volatility. Let's check what's happening in the stock market. Did NASDAQ close bullish? Yes. Yes. Yes. NASDAQ still bullish, guys. See, NASDAQ still bullish on the main line.

29:43 That's very, very, very good. Uh S&P still bullish. So, yeah. N all of the stock market pumps likely to continue. That's good to see because yeah, if they continue, Bitcoin is more likely to pump as well. Stretch still wrecked uh below um yeah, below 90. Let's see if they can get it back. The months pass, months after months after months, no one buy stretch.

30:03 He cannot raise money for buy bitcoin. Yeah, they he doesn't buy bitcoin. Uh let's check SpaceX. One thing is uh SpaceX. SpaceX. SpaceX. When should we buy? We should not buy yet. We should not buy yet. Not now. Not now, guys. SpaceX still bearish, still testing all lows. It's not time to buy yet. It's not. And this is the power of Bullmania, by the way.

30:24 I mean, we said stay out, see what's going to happen. And indeed, it's going lower and lower. And I love SpaceX. I love Grock. I love everything they do. But price-wise, it's not smart to buy. It's not smart to buy now at all. We're going to have even more SpaceX when it's time. Now it's not time. Let's see. Tesla is happening. Tesla Mega Recre don't touch it yet.

30:43 Uh yeah, even if you love Elon, don't touch it. It's bare trend. Bare trend. You stay out. You stay out from Bear Chan. Um yeah, be careful. Be very very careful. Oi. Elon. Elon. What's happening? What's happening? earnings but also you know this electric stuff electric car how how many people buying it let's see let's see uh not too much new self self-driving what is it humanoid see for this price to go up he needs to have big picture about the future the reason why Tesla pumped so much during the last 10 years was

31:18 that he's talked about self-driving all along and now self-driving is kind of here so what to be excited about you understand this is why you actually don't want to ship sometimes it's how XRP and Cardano have survived for so long in this industry. You don't ship, you just speak about the future because that's good for valuation. People see the grand future.

31:38 This not here, but it's so grand. People are so bullish. When you actually deliver the future, people don't like it. I mean, okay, so self-driving. What now? What? Okay, that's good. Well, what what now? So, he now needs to invent a new future, which I guess is humanoid. Humanoid. Okay. But no, I mean you see you see people not too excited. Not too excited.

32:04 So yeah, let's see guys. Let's see. Just follow the trend. This is the most important thing. Follow the trend. Follow the trend. Uh apparently today is like the this week is going to be one of the last chances to get um clarity clarity act uh before the recess etc etc. it. They should have been voting on it. Uh when? Like today. Today, but not happening.

32:26 Um yeah, let's see. Mark, he tries to pump his A6 and Z bags, all of the crypto startups. Let's see what he says. >> We need a stable permanent regulatory structure for crypto in the US the same way we have for stocks and bonds and everything else. We need it both because we need this industry to succeed, which is extremely important. We also need it so that it doesn't lead to catastrophe.

32:48 We need it so that it doesn't result in where FTX is. And we need it so that people's money doesn't get stolen. And we need it so that the winners of the market aren't fly by night operations operating on, you know, yachts off some coast somewhere. In a lot of ways, it's like the most obvious thing in the world. The US financial system has been through this many times before.

33:01 The most famous case is the Securities Acts that created the SEC, regulated the stock market, after which US capital markets in the next 100 years, 90 years became the envy of the world. We're not looking for a free lunch. We're not looking for subsidies. We're not looking for protectionism. We're not looking for support in that way. We're just looking for a basically a permanent framework that lets people do business in a responsible way.

33:21 In a lot of ways, it's the most obvious thing in the world. >> We need a stable. >> I love his head shape. I've never seen anything like this, guys. How you get it? There's a lot of power in that. I can tell you a lot of wise VC decisions. But he's correct. He's fully correct. He's fully correct. Yeah. We we need the regulation. Where's the regulation?

33:46 Democrats holding it back. Let me see where else it is. I have some tweet here about the regulation war. Oh, by the way, guys, before we continue, let do you know Hunter Biden? Hunter Biden, he has um such a nice redemption arc. He is coming out basically being a pro Bitcoin guy. He's attacking this shitcoiner Trump. I don't know if you guys have seen this interest with Hunter Biden, but he's like a super likable guy nowadays.

34:19 Hunter Biden, guys. He's he's yeah getting like millions of views. He's speaking about all of the correct things now. Uh let's listen what he says. Fix this [ __ ] >> because we're at war with Iran that's been ended 40 times now. He just made 1.6. He took something that I love. I was orange peeled by a book called the internet of money. I truly believe in Bitcoin.

34:45 I truly believe in the idea of cryptocurrency. You know why I truly believe in it is because when I worked at the chairman of the board of the world food program, the US division of it, I traveled around the world to all the places in which the refugee camps. And what we were trying to do at that time is we were trying to institute a plan by which people would have >> Yeah.

35:05 He's like, I I'm orange build. I love Bitcoin. See, I mean, he he he has a correct message here because Trump, crypto president, all of the rugps and everything, everything, he's like crypto politician, but Bitcoin only. Maybe that's what he's trying to do. >> Have >> crack and Bitcoin. Exactly. >> The ability. >> Yeah. It is interesting. I mean, he must have a good PR firm.

35:29 He must have a very good PR firm because if you watch his latest entries, like for example, this on Vlad TV, go watch Hunter Biden on Vlad TV. man, he really comes off as a likable guy. He says, "Yeah, listen. I'm a crack guy." Yeah. Yeah. I have been with prostitutes. They were very nice people. But yeah, look at this corruption. Look at this. Look, he he has found a message that resonates very very nicely.

35:51 I mean, even with crypto guys now with, you know, all of the Trump cryptocorruption yada yada, he he he has a nice message. He has a nice message. So it is interesting where you know you can become likable by being relatable because listen everyone is is effed in some way. I mean all people we all have the weaknesses. We all have our you know ups and downs.

36:11 So he says yeah I'm a crackhead or I was and yeah I this and that. So man the PR firm I I don't think he I don't know if he figured it out himself how to get this PR. Uh maybe he did. likely likely likely likely he has an SPR firm >> to uh transact a microtransactions through a digital asset through by by digitally so that they wouldn't drain the entire economy.

36:38 And I read the internet of money and I thought you know what that is exactly what we're talking about. We're talking about subsistance farmers in Angola being able to sell their um uh sell their crops um in kinchata over a digital phone because they get real-time information and currency being able to talk about an itinerant farmer in in um in in uh uh the Selenus Valley being able to send money home to Mexico City without having to pay 12% to Western Union or for a >> man.

37:11 This is the state of imagine that Hunter Biden is like the guy that brings Bitcoin back to the roots of financial inclusion. Getting banking the unbanked. No one is speaking about it nowadays. The maxis they all are massaging sailors. You know what? They are massaging something. They are u yeah they are loving sailors. You know what the the sailors down there they are there working very hard on sailors.

37:36 You know what? defending stretch, defending micro strategy. I'm here telling you don't focus on that. We're not in stretch. We need the bitcoin. And now the maxis they are doing all of this fugazi. They say lightning lightning non use it centralized centralized. And then Hunter Biden out of all people comes in comes in and he says financial inclusion bank the unbanked.

38:04 He is the new Andreas Antonopoulos. I allow it. I love it. >> Ukrainian immigrant to be able to send money back to their parents from Los Angeles to Kev without >> I mean it is exact exact. He's like man what about the immigrants sending money back? What about you know Western Union taking a big cut? We forgot that. We forgot all of the basics. It takes Hunter Biden to bring us back to the basics.

38:35 Man, I love it. I love it. >> Having to go through Swift and open up a bank account and have the mother have a bank account. So, how do they have to do it before? What? You got to pick up You got to put cash in your pockets and try to fly home and hope that the DEA doesn't pick you up along the way. So, what solves that? The blockchain solves that. And what have they done?

38:54 They took this and they totally turned it into a [ __ ] grift. Bitcoin is down from 120 to 60 to to below 60. He was the Bitcoin messiah. He was the cryptocurrency messiah. You know what he did? >> Hunter Antonopoulos. Exactly. Hunter Antonopoulos. Andreas Biden. Which one you like? Is this Andreas Biden and Hunter Antonopoulos? >> Took it all and he did like he does everything.

39:20 He dirtied it. He muddied it. He made it he he made it dirty. And you know how we know? Literally, it's in [ __ ] black and white. He launched a coin. I believe in I fascinating. I'm fascinated. It's holy [ __ ] that we've we've come so far. Like Maxis, please let's focus on the basic. Bitcoin is money. Remove sailor dismiss this, you know, praying to sailor.

39:47 Let's get back to basic. Very, very important. Very important. Now, crude oil going down because US and Iran hold strikes. I don't even remember you know they they they start they they begin they go they start what's happening let's see let's see what's going to happen uh now uh there is a Hindenburg omen triggered some kind of indicator that predicts recession I can tell you it is for guys just follow the trend trend on S&P bull trend on NASDAQ bull don't worry about some you know random ass indicator people read on

40:18 Twitter they get so worried because uh just like this post is saying that some kind you know Hinderberg omen this and that was triggered There are also many posts that saying that NASDAQ is cheap, you know, it's just 23x earnings. It's cheap, you know, in comparison to the past. Look here, S&P earnings yield minus the one year inflation yield is extremely low.

40:38 So, you understand it's you can have bearish uh tweets, you can have bullish twists. How do you make sense of it? You look at the trend. What's happening in the trend? That's the only way to know how you going to analyze Hinderborg valuation earnings multiple. How you going to analyze? You have a full-time job. You're not a freaking financial analyst.

40:57 Look at the damn trend. Focus on the damn trend. That's what we speak about in Bullmania all along. Bullmania the education the we have so many new members also now that bull market is closed. It's crazy. It's crazy guys. To join go to bulman.com watch the free training about mechanical rules. Sign up for the weight list. I mean we have a lot of people.

41:19 So the only way we can accept all is via the weight list. And very very soon guys if you are in Bulmania I I think hopefully within within August we are launching the Bulmania AI AI it's very very nice. You basically chat about uh anything and it's fully integrated into Twitter. So for example when I prepared for this stream I asked Bullmania AI for you know what happened what happened in crypto stocks trenches everything everything.

41:48 And as you can see it gives very nice everything very nice uh summary you know for example here it basically helped me to to do the this the stream with segment one bitcoin this what I told you about the cold card yada yada yada then stocks yada yada yada yada and then you see all of the tweets uh are here like it references the the coins the coins are all integrated this is like your chat GPT your claw but like with crypto inside of it okay BNB boop you see BNB flip salt index volume.

42:18 This is we haven't come to yet. I have this twist open. And of course, you can ask about uh any other crap you want. Any other shitcoin you want. Let's say what should we ask, guys? What should we ask? I'm we actually can save it for for the Q&A so we can see what it says for your shitcoin. What you are hoping that is going to get pumped and so pumped and so forth.

42:40 The way to use it in bulmania which is going to be very important is that this is how you see what's happening. You can ask, you know, what's happening to my [ __ ] what's happening to this, what's happening to crypto gaming, what's happening to crypto RWA. And imagine how much time you save from scrolling Twitter because scrolling Twitter is your number one time killer.

42:58 You scroll, it feels like you're doing something productive. 90% of the time you're just being being distracted by all kinds of stuff. Everything from politics to nude pictures, from chicks that want you to follow their only fans to so many different things. And maybe you know 5% is that you get a bit of crypto knowledge but here you can ask okay what's happening to crypto what's happening this mash my shik come bam bam what is being spoken about I say in bull market this is u it's chef's kiss so if you are in bull

43:28 mania you're going to be getting it very very soon it's uh yeah it's insane and then also you know what's happening you know what's being spoken about you see mechanical rules you see the trend you get in you get out of the position according to mechanical rules if you're listening to this and you're not understanding anything, you're a big fat pleber that's going to have a big struggle in the bull big because you don't know mechanical rules.

43:53 So go bull.com. Boop. Sign up right here for weight list. We're going to be releasing new spots in the coming days. Look here. So stock market guys is bullish. Don't worry about the Hindenburg Omen or what people are analyzing there. Also, don't worry about this. Sometimes I see this big shout out to Diary of the CEO, but I need to play you this because it's another kind of fugazi that people listen to.

44:12 Listen to this. advice do you give for the average person that's looking to invest their salary or their wages? >> Don't own US stocks. That's a simple strategy that you can act on. >> What about S&P 500? >> No. Really? Yeah. And if you have a big position in US technology stock, my personal advice would be to sell them all. >> Very bad. Very, very bad advice because you're trying to predict stuff.

44:33 And also, okay, let's say you sell, let's say you sell technology. Let's say you sell NASDAQ. What would you buy? Would you buy German DAX index? would you buy uh what do you buy because what you can check is let's say NASDAQ divided by the DAX you know he's saying don't buy US don't buy okay what should you buy should you buy the Euro you know European assets because here for example you clearly see that NASDAQ is in a big fat bull trend versus let's say the DAX and by the way on the weekly now goes a bit bare so

45:10 maybe he's correct here by the way the the recent ones. But here is a signal for example that QQQ versus DAX is bearish at least temporarily if it continues. Let's see on the monthly. Let's see on the monthly. By the way, man, maybe he's correct. Maybe we should all just dump NASDAQ. We should buy German. We should buy German. But that's how you do it.

45:27 Uh on the weekly, maybe it's time to buy Germany, guys. The the pretzels, the beers. It's time to get to Germany. If you have NASDAQ, DAX actually now is outperforming NASDAQ. There you go. There you go. Maybe we were we were too fast there. We were too faster there. But that's how you know is it time to sell US stocks or not. Okay, let's see. Uh let's see the UK.

45:52 So NASDAQ versus DAX. A bit of a bare trend. That actually makes more sense. But let's say okay, UK footsy footsy. What's happening? Footsie. Footsie. Uh there there. Let's see. is NASDAQ versus Footsie. Man, the guy is actually correct. Look here, NAS NASDAQ versus Footsie also now, at least in a temporary bare chart. Now, look here, it's a lot of fake outs.

46:16 So, to fix it, just go on a higher time frame. Uh on a higher time frame, when the fake outs disappear, probably on this on these charts right here, uh even monthly, it's uh it has too many fake outs. Let's see two months. Something like this. Like, you want to find a time frame where not too many fake outs. But here is where on the two months if it goes bare on the two months then you know NASDAQ versus Footsie UK phenito NASDAQ versus uh DAX also fenito if it goes bare on one of these times where is not too much back

46:49 and forth but anyway guys that's how you check that's how you check uh whether it's time to panic whether it's time to sell or whatever sell US buy by what like he says okay sell your what by what based on what when do when do you buy back. Should I buy back? Is bare market over? You need to know which trend it is and you need to know which trend is on the time frame without the fake house.

47:12 So guys, that's that. That's how you know when to uh when to sell from US into other uh into other markets. Guys, let's go to Q&A. I have a few more news about some stats here, but let's just skip it. Solana Dex volume is bigger than ETH. Everyone knows that. Hyperlid, Solana Dex, you can screenshot here if you want some stats here. Uh, Tron Dow, TVL, big TVL on Tron Dow.

47:37 Solana ETP hit New York Stock Exchange. Korean payment network moved all kinds of stable coins. Good trader XYZ generated this much in revenue and they are buying hype. That's good. Anen trying to shield his thing. Yeah, let's see if if he's able to. Now, on this note, guys, let's go to Q&A. My final message, guys, is that it is bullish. Like what's what we're seeing here, bullish.

48:00 I know it sounds bearish with all of this, you know, cold card, but uh at the end of the day, market wise is bullish. Of course, personal vi wise, you know, tragedy u losing funds. Okay, that's that's obviously yeah, we we feel we feel a lot. at u uh with yeah with um yeah yada yada cycle ending cycle ending means new cycle means bull market understand that guys let's go ask your intelligent questions now just like dab is saying okay first question come on Ivan the whole US stock market is held up by by AI BS well I

48:35 mean who are you telling this to I'm the one that told you this I'm the one that told you this I have been speaking about that the AI is overvalued you know sometimes people you know they watch my view, then they like regurgitate the same to me. I I told you it. I told you it. I told you it. I told you it. At the same time, if you're educated, plebin, but you're not.

48:59 You know that even if it's Fugazi, who the hell knows when it's going to stop? You can still double can still like we need to look at the trend. Don't predict. You think you're smart. Like again, okay, the guy says it's held up by AI BS. Okay, so what do you do? You you buy you what do you do? You sell a bull trend. You sell You sell S&P which is in a massive bull trend.

49:18 You do that. What you gonna buy? Are you a freaking financial analyst or or you are a normal dude who has uh you know full-time job and you're like u winging you Jose you're laring. You're laring financial analyst. What are you? What are you? Because at the end of the day, okay, you see SPX is in a big fat bull trend. As long as it's in big fat bull trend, we don't try to be smart here.

49:41 We don't try to analyze AI. Is it over? We know that it's overvalued. We know you're you're preaching to the choir. By the way, I think I told you that you're preaching to I know it's overvalued. At the same time, if it doubles, it can still be overvalued and double. Okay? Don't try to predict here. You're going to be wrong. People say it's overvalued here and here and now they're selling selling the same thing.

50:04 Here can get even more overvalued. If the US prints, they're going to get even more overvalued. So, don't try to predict. You're not a financial analyst. You don't know anything. You cannot predict anything. Even if you were lucky before you predicted something, right? It was just luck. It was not your uh your u how you say your you didn't earn that.

50:22 Sometimes people they get lucky one time they think they are Warren Buffet like man I can predict anything. It's actually very bad when you are lucky on your first prediction. Don't predict anything. You don't know anything. And I'm humble enough to say that yes, whatever theory you have we have here with over value, no one cares. No one cares. It pumps anyway.

50:41 Okay. At some point it's going to dump. At some point it will end. Like if AI does not deliver the revenues which who knows will it do it? Will it not do it? Who the hell knows? I don't know. I see. Even I I mean I I spend 10 times more time in crypto and stocks than you do. Even I'm humble to tell that I don't know. I don't know. It's too many variables to they can print.

51:04 They can prolong. All rich people in the world have their money in stocks. they can do they can prolong it for a very very long time. So uh yeah uh listen big shout out. Thank you a lot for the question. Thank you a lot. I love the the question but also I want that's why I want to answer it in this colorful way so you get the point. Otherwise if someone tells you whatever I want to tell you in a colorful way so you understand what's happening here.

51:28 So don't try to predict don't try to predict react. Should it go bare? We're bare. Uh NASDAQ almost went bare but it didn't. It almost went bare. You see how close it is? NASDAQ is very close to going bare. It went bare here during the last week, but it did not close the week. So, it doesn't count. It needs to close the week. And then it went up. So, yeah.

51:47 I mean, so far so good. That's it. That's it. Keep it simple. Relax. Relax. Very much relax. We watch YouTube video. We're analysts. Exactly. Exactly. The guy watches YouTube video like I'm analyst. Hey, Ivan, have you seen this? I'm like, bro, I watch the same YouTube as you do. It's you don't have any special access. Like the guy thinks he watched some video on YouTube, he found he knows something.

52:09 My bro, I watch I watch more YouTube than you do. You want to we want to compete who watches the most you? I watch more than you do. Oh yeah. Yeah. Anyway, uh that's that. That's that. So yeah, you can uh at the end of the day, you need to decide to put money somewhere is is going to be in cash. Cash is now losing versus NASDAQ versus S&P. So what you going to put it in?

52:34 You going to put in gold? Gold is bish. So what you going to put it in? What are you going to put it in? Yeah, I put it in stuff that is bull trend. Okay. And then is it B trend? You move out. Simple man is go to boom.com join the weight list. Yada yada. I mean there's some fundamental knowledge missing here. Uh so yeah that's very important. I mean how is money line performing in this sideways market in faster time frame?

52:59 So in sideways market is always in any like whatever tool you have if it's just chopping sideways by definition the market is harder. Now we're probably in the toughest market ever. It's still performing very well. Why? Because even on the if you zoom in long enough on lower time frames, you're going to have trends still. But the best market is when you have bull trend on weekly, bull trend on daily like everything is pointing in one direction.

53:22 That's the best. That's why I tell people join bullmania now. And many people are joining now. So you can train in this harder hardest ever market when it's sideways because it is hardest ever. I mean you understand it's you know up and down. Bulls wrecked bears wrecked. Bulls wrecked bears wrecked. Bulls wrecked and bears are wrecked. So that's why if you trade now in this market, you make it in this market, which we see people do all the time, then bull market coms is easy, man.

53:47 It's it's easy. It's easy. It's easy. I have YouTube playing while I sleep. In case I miss a shield says that Buffett is expecting a Yeah, he's been expecting a mega crash since how long? Since how long? He doesn't buy high and he uh bro I mean you really need Bulmania. The same guy is now saying Buffett is expecting look at how long he's been expecting mega crash.

54:18 Look look 2023. He was expecting he was I think he's expecting it since co I think he's expecting it since uh you know forever and he's in a a bit different situation than you like don't compare yourself to Buffett guys you're not Buffett you're not Buffett Buffett has how many hundreds of trillions sorry hundreds of billions like 300 billion or something you understand that for him to find the return it's very hard it's very hard like he has totally different criteria because if he puts his 300 billion in whatever He

54:50 number one he's going to move move up the stock himself like how do you even enter at that uh point and then how he exits like you see he needs to find opportunities in a totally different way where he can make return on his hundreds of billions so he can exit he can enter he can do all everything you with your $100 man do you don't have the same thing you you have the same problem I can find you articles from like years ago Warren Buffett was just holding uh treasuries uh So it's one of the things that happens all the

55:23 time. Happens all the time. You always have news that he has like a uh record record this he has record cash uh cash pile record like he has all the time record cash pile. He's like a money market fund. And listen for him look look here for example look here man imagine. So ah man you see that's why I'm so passionate about Bulmania because the average player like this the stuff you say I recognize myself I recognize myself look here 2023 Buffett's cash at record 157 billion this was when 2023 look at what NASDAQ has

56:01 done since 2023 I because I recognize myself like it's the same uneducated plebbe saying over and over again oh Warren Buffett has cash record Gosh. Yeah. I got to be I got to be like War. It's a Okay. This was November 2023. Okay. Warren Buffett has has record cash. Okay. Okay. When is it? 2023. Here somewhere. November. Okay. Congrats. NASDAQ went top 80%.

56:28 Okay. Congrats. Congrats. Congratulations. Congratulations. You're so smart, man. You're so smart. You're like Buffett. It's, you know, you and Buffett. You're like the same. You're the same, man. Oh my god. Yeah. Yeah. Yeah. So, you watch financial media. You watch like, you know, YouTube clickbait, WARREN BUFFETT SIGNALS, STOCK MARKET CRASH. THAT'S what you watch, man.

56:57 I know. I watch the same. I know. I've been through all of it. You're not telling me anything new. You're not telling me anything new. It's impossible. You're not telling me any You You give me zero new information. There is the way to get clicks as a stock financial YouTuber. WARREN BUFFETT, MASSIVE CASH. WARREN BUFFETT JUST SIGNALS THIS AND THEN it's like a chart and it goes down and you Warren Buffett guys guys bullmania.com get Yeah, that's it.

57:34 Yeah. Yeah, that's it. That's it. That's it. Guys, guys say I love hyping up. That's good. That's good. I mean it's a good question. I love the questions because they get to the essence of the pleb fugazi. The pleb mindset. I want to exterminate it. I want to exterminate the pleb mindset. You give me something to exterminate. That's very good. That's very good.

57:53 This was very, very, very educational morning show. Smash up the like, guys. Subscribe. Big shout out to Dab. Hope you enjoyed. This was fun. It was very, very fun. Have a good day. And goodbye, guys. Goodbye. Goodbye. Goodbye.