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bankless_ROLLUP_WSJ_Lies_About_Crypto__SBF_Testifies__Markets_Pumping

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Speaker A: But the biggest mistake you can make at this point in the cycle is chasing the pump. So the advice that we have, the not financial advice, life advice, don't be a chaser. Hold your high conviction. Let the market come to you.

Speaker B: Yes. Let the pump come to you. Don't be needy. Let the pump come to you.

Speaker A: Yeah. You don't have to respect the pump, okay? That just means aping into stupid things. Let the pump come to you. Bankless nation is the fourth Friday of October and the Friday the roll up, might I remind you, you, right before Halloween, which means we do something special. David and I are in costume today, recording this roll up. And I'm looking across the screen, looking at this co host that I thought I knew. He's got suspenders on, he's got a yellow t shirt. David.

Speaker B: Yeah.

Speaker A: Dude, you are one of your nfts. You're the Solana nft thing, right?

Speaker B: Am I mad lad?

Speaker A: Yeah, you're a mad lad.

Speaker B: I'm a mad lad today. Yeah.

Speaker A: So I am my mad lad.

Speaker B: If the podcast editors could put the mad lad on the screen, in fact, just put it right over Ryan's face so you can do the. For my mad lad versus me. I look exactly the same as my mad lad.

Speaker A: It's actually really good. This is really good. I.

Speaker B: And this is the third, actually, clip to anything. I'm wearing athletic shorts the third year.

Speaker A: In a row that you have dressed up as your NFT.

Speaker B: Yeah. I've only got one NfT left, so I need to buy another NFT after next year.

Speaker A: Yeah, you're gonna buy some more this cycle. Okay, now do me. Who am I?

Speaker B: You are Sam baconfreed. It is. I didn't even need to ask. You are wearing a massive curly haired wig and an FTX T shirt. It's so simple.

Speaker A: But other than that, it's so perfect, actually. And do you wanna hear my Sam Bankman fried impression I prepared for you.

Speaker B: Guys with, like, nothing left?

Speaker A: Yeah. So I'm like, I'm gonna be taking the witness stand later today and explaining to the jury that from an EV perspective, like, I think we made the right calls. And that's what some of your listeners don't know, David. I think there's like, to some extent to which one of the major exchanges in 2022 had to die and it just happened to be FTX kind of mid. That was pretty.

Speaker B: That was really good. Yeah. You're just not on enough amphetamines. I don't care how many pots of coffee you're on. And you're not matching him on.

Speaker A: I'm not. SPF energy. Well, I hope he brings energy out.

Speaker B: You're not vibrating like SPF was on our show.

Speaker A: Well, that's actually a true story, though. So he is taking the stand today? I am taking the stand today. So this is good luck. This is not only a Halloween costume. This is. I don't have any solidarity with SPF. I don't wish him well, actually, but we'll see what happens.

Speaker B: You're commemorating the day.

Speaker A: I'm commemorating the day. The day we took down one year. It's almost like a year. All of this happened November 8, I.

Speaker B: Think, was the day. So next week. Next week will be one year since the fall of FTX.

Speaker A: Yeah, I'm celebrating the. The outing of a fraud and the cleaning up of this space, which we've been doing a lot of over the last year. But tell us, what do we have for the agenda besides these fantastic costumes.

Speaker B: That we're sporting, in addition to all the things that we've already teased, we get to say, welcome to Uptober. Right? We got a double digit week this week. It's fine. We were talking about it. It finally came. Everyone pat yourselves on the back. We got that. Bitcoin is up 15%. That feels great. Can we get it again? Okay, now the next question is, when is the next time that we get double digit weeks for two weeks in a row?

Speaker A: Oh, two weeks? One week's not enough for you?

Speaker B: Like, can we just ask for this? It's never enough. It's never enough.

Speaker A: I want to bask this week in enjoying this, because this could mean the end of the bear market. Like, I feel like this could be a very significant week, actually, for us. We also have the Wall Street Journal, blatantly lying, blatantly spreading misinformation about crypto, associating it with. With terrorism, and failing to retract it. And citizen journalist and friend of the show, Nick Carter, is on their ass to do something about it. I love it. I love the facts coming out. So we're talking about that. What else we got, David?

Speaker B: New York Attorney general charges DCG and Gemini for fraud. So, like, Gemini was pointing at DCG and DCG was pointing at Gemini. The New York attorney general was like, you know what? We're taking both of you in.

Speaker A: Both you guys.

Speaker B: Both you guys. Yeah. Just charges. So we'll talk about that. Like, SBF about to testify. And also, a uniswap app chain gets launched. But by whom? Who launched the uni chain? We will talk about that. I think that this is a great story that totally went under the radar this week. Ryan, did you know that the uniswap app chain got launched?

Speaker A: David, you're so excited about this is.

Speaker B: A great story, and no one's paying attention to it.

Speaker A: This is David's breaking news journalist.

Speaker B: Breaking news.

Speaker A: You have the journalist suspender team got.

Speaker B: Launched and Uniswap didn't deploy it.

Speaker A: Guys, guys, guys.

Speaker B: Who deployed the uni chain?

Speaker A: This is. This is a bit tinfoil hat, but we'll get to that later in the episode for sure. Before we begin, we gotta shout out our friends and sponsors over at David. Let's get to the good stuff today. You ready for this?

Speaker B: Yes.

Speaker A: Prices.

Speaker B: More looking prices on good looking charts. Bitcoin up 15% this week.

Speaker A: 15%.

Speaker B: A monster green candle we saw. Definitely a short squeeze where people were just caught off sides and then they held onto their shorts for too long. And then what is it was a short squeeze. Well, somebody. Somebody short. And then they're like, I don't want to be short anymore. So they have to buy back their bitcoin to stop being short, which causes the bitcoin price to go up, which causes other people to have to do the same thing. Too many people caught on the wrong side. So bitcoin started the week at 29,500, up 15% to 34,000. Come down a little bit off the top. So we're just. Just below 34,000.

Speaker A: You know what, David? I feel nothing for the pain of the shorters, okay? That's what you get for shorting this market.

Speaker B: Deserve that. Don't short crypto. How dare you?

Speaker A: Yeah, I'll teach you a lesson next week, too.

Speaker B: Out of here.

Speaker A: This is an eight. This is an 18th month high for bitcoin, at least not right now. But it shot up above 35k. Actually, if you look at the Kraken charts here, which, as you said, they are looking beautiful today. I love this trend.

Speaker B: The way that line goes, it looks like the upwards chart emoji.

Speaker A: So bitcoin with an absolutely monster week, up 15% on the week or higher, at least from. From the time of recording. How about ether on the week?

Speaker B: They're starting the week at $1600, ending the week at 1776. Some freedom numbers up 11% on the week. Also a double digit for ethereum, but definitely bitcoin won this week. Is a bitcoin week this week.

Speaker A: And so what does that mean for the ratio, David?

Speaker B: Ratio down 3.5% down to 0.052. Not great.

Speaker A: Are you worried about this like this? This is some lows. It's definitely bitcoin dominant season, isn't it?

Speaker B: A little bit. It's a little bit surprising. I did not expect to get here, but I have, like I said last week, I reduced my, what do you call it? Average buy price.

Speaker A: Yeah. So you're fine with the position?

Speaker B: I mean, I've already held it down to this number. I've done this once before with euros capital.

Speaker A: We're going to talk a little bit more about why bitcoin is up and I think in relation even to ether and some other assets throughout, bitcoin being.

Speaker B: Number one doesn't happen often because it's the biggest one to move. It takes a lot more to move bitcoin.

Speaker A: That's a big story. In previous cycles, bitcoin has gone first and that seems to be what's happening this cycle as well, David. But let's look at the global crypto market caps. Where are we at the week?

Speaker B: $1.293 trillion. Rocketing past 1.2, almost up to 1.3 trillion. That is. That's nice. That is.

Speaker A: Look at this. Do you know, around, let's see, three, four years ago at this time, we were less than 200 million.

Speaker B: 200 billion, yeah.

Speaker A: That is a 200 billion, yeah. Right.

Speaker B: Yeah.

Speaker A: So we are definitely up on that time horizon, David. There were some movers this week as well. So we talked about bitcoin, which was up Link, RPL, rocket pool, and Solana had monster weeks as well. We're looking at the seven day right here. And let me grab Solana up 24% on the week. I think if you span that out a little bit more, it'd be up even higher.

Speaker B: I think it's up 50% in the month.

Speaker A: Wow. And we also have link, chain link with an absolute monster. 43% on the seven one week.

Speaker B: Wow. Link. Same week that bankless does our bullcase for a link episode. Is that a coincidence? I don't think so.

Speaker A: RPL. RP. I haven't listened to that, by the way. How was that?

Speaker B: It was very bullish.

Speaker A: RP. Ripple. Sorry. Ripple. I always say RPL and I think Ripple for some reason. Rocketpool, a monster week as well. What's interesting, I think about some of these numbers too, is remember tokens like Solana had to go from absolutely catastrophic lows, right? So they were down like, you know, 95, 96, 97%.

Speaker B: When you're down 95%, it's easy to bounce back.

Speaker A: Yeah. So, Solana right now, I like to like weeks like this, I'd like to go check the percent down from all time highs because I think that that, no, that represents something to me. So Solana, Sol token still down 88% from all time high versus bitcoin only 50% from all time high. That's a huge difference. And ether 63% from all time high. So let's just finish that out. Chain link, 80% from all time high as a benchmark. Yeah, so really interesting. I have a take about this, though, and this is a take we threw out during our charting episode with ledger from up only earlier this week. But it's just, I think the mistake that people make at this part in the cycle, David, is they become chasers, okay? They look at the charts, the seven days or the 30 day, and they're like, what's pumping? Oh, man. My fundamental thesis about all of crypto was wrong. So I better go change it and I better go sell my conviction assets and ape into the thing that is pumping most recently.

Speaker B: Yeah, chasing, chasing the pump. You're chasing the pump.

Speaker A: It's a classic mistake people make at this phase of the cycle. And this phase of the cycle, I think we can call it, is the early bull phase of the cycle. All right. I mean, we are officially calling phase of the cycle. Are we?

Speaker B: Are we doing it?

Speaker A: I'm ready to. Yeah, let's call it. It's the bull phase of the cycle, guys. We're still early in the bull phase, but I think we have this week.

Speaker B: Sentiment has certainly shifted.

Speaker A: Totally shifted. We have broken the back on the bear market. Okay, sorry, shorters. Sorry, bears, your time is shorter.

Speaker B: I'm not sorry, shorters.

Speaker A: I'm not sorry, but the biggest mistake you can make at this point in the cycle is chasing the pump. So the, the advice that we have, the not financial advice, life advice, don't be a chaser. Hold your high conviction. Let the market come to you.

Speaker B: Yes, you. Let the pump come to you. Don't be needy. Let the pump come to you.

Speaker A: Yeah, you don't have to respect the pump, okay? That just means aping into stupid things. Let the pump come to you is the Zen advice on bankless this week. But, David, let's get into some analysis because I think people are wondering why is bitcoin price up? I'm wondering that.

Speaker B: Tell me.

Speaker A: Well, the easy, the easy answer is obviously we've got spot bitcoin ETF's and they're coming and we'll talk about that after the break. But I have three other reasons that bitcoin might be up that.

Speaker B: More bullish reasons. Other than that, that's like the big one.

Speaker A: Well, I think the big one might still be the bitcoin ETF, although there are people like Arthur Hayes who say there's another reason. There's another force driving these markets. You know what that force is?

Speaker B: Tell me.

Speaker A: Global instability.

Speaker B: War.

Speaker A: Okay.

Speaker B: Okay.

Speaker A: So Arthur wrote a post this week just in general, kind of geopolitics, us monetary policy, all of these things. It was called the periphery. And he said bitcoin is not up so much on ETF news. It's up because of war. Okay. And like he throws this chart up. This is the total amount that the US has spent on war since 2001, and it amounts to about $10 trillion. This is mainly Iraq. This is Afghanistan. And now we talked about this last week. Of course, the US is. Janet Yellen says the US has enough to fully fund wars, essentially in Ukraine and Israel to help preserve and protect their allies and preserve pax Americana. And this is nothing. I don't think this is really like a political view. You can politically think that that's a good idea or a bad idea. I think Arthur is taking the perspective of a trader. He's saying, okay, what does this actually mean for treasuries, for government bonds? And his conclusion is basically like, look at this chart. So this is t bills, treasuries, the white line. This is gold in yellow, appropriately yellow. And then bitcoin is green. Okay. And so bonds took a massive hit, down about 11% over the. Since, since the Fed September 20 market, whereas bitcoin is up far more than 11%. I think by the time he posted this, it's now up is about 30% and gold is up as well.

Speaker B: So is he just giving the take that, that I was talking about? I think two roll ups ago where just like, war is inflationary. Yes, that's. That's basically what he's like.