THE BREAK DOWN #451 - THE CRYPTO BULL RUN IS OVER. BIDEN STEPPING DOWN?

Hours of sleep? Oh, that's not bad. Come on, we can do two. All right, give me here. Let's head right into this, and we'll go into everything.

We'll touch on a few things here. You saw the presidential debate, right? Oh yeah, what did you think of the presidential debate, Charles? Well, I mean, it's just a confirmation of what we all knew. For years, people have been saying this guy is showing signs of early dementia.

Every doctor could see it. He's got the bradykinesia, he's got the memory loss, he's got the facial expressions, he's got that vacant stare. He's talking to dead people; he sometimes thinks he's a senator. Whenever the cameras aren't exactly on him, but somebody's got one, you can see him walking in a very deliberate way, just a dementia patient does. Then, you've got the great lie.

Elon Musk retweeted a montage where, for six minutes straight, the media was talking about how brilliant he is and how in command of the issues he is. Then what's so crazy is the debate happens, and what's the first thing that occurs? Fifty-three minutes after the debate's over, the New York Times drops an article saying, "Oh, he's got to step down for the good of the nation." They wrote that article before the debate; they all knew that the ship is sinking, and they basically set him up for failure. This is the earliest debate we've ever had in presidential politics.

Usually, they have it much later. They did it before the Democratic National Convention so that they'd have time to parachute in Gavin Newsom or Michelle Obama or somebody else. They wanted to drag it out as long as possible because their strategy is to run Trump against a clean skin. So, don’t let the Republicans have time to react and pick a different candidate. Let them think it’s going to be a Trump versus Biden deal, and then Trump’s never going to get more than 45% because he’s just so hated by some people.

They’d vote for a ham sandwich over Trump. So, make it seem it’s Biden versus Trump with RFK splitting it. Put a clean guy in, and then you reset the clock, and they can skate the victory against them. That’s their thinking and their strategy. Biden has to consent to it; he actually has to agree to step down.

They can’t stop him at this point. So, the big lynchpin is Jill Biden. Hunter was there, and Jill was there; they’re all at Camp David talking about it. Obama came there and talked to them and all those other people. We’ll just basically see what happens now.

I will point out the crypto market, though—PolyMarket, I think it’s called. The prediction market said there’s an 80% chance that Biden is going to drop out. Eighty percent. PolyMarket, ? So, prediction markets have real money at stake, and people put a lot of informed decisions into that.

I put more money on the table for stuff like that than I do for some article from Politico or the New York Times or other things like that because it’s the aggregation of people’s informed decisions. I think the only way he could stay in the race is if he can demonstrate he doesn’t have dementia. The problem is that he can’t do that. How do you demonstrate you don’t have cancer if you have cancer? You can’t prove or disprove a fact.

So, is he going to take a cognitive test? Normally, if somebody said, "I have a disease, and I don’t actually have it," I’d just go to an independent physician, an independent lab, do whatever test is required, and then they would report, "We’ve checked him out, and he looks fine." But instead, he refuses to take one of these cognitive tests. He’s not showing brain scans, not showing any labs, and no independent neurologist is analyzing him. Why?

Because they all know that he actually has dementia. And why wouldn’t he? He’s 82 years old; he’s had a hard lifestyle. He’s had brain aneurysms; he’s had a lot of stuff going on. How many people in their 80s have dementia?

My grandfather died of Alzheimer’s; my grandmother died of Parkinson’s with Lewy body dementia. Three of my four grandparents actually ended up getting some form of neurodegenerative disorder. I watched them decline. I remember phone calls with my grandfather, and he’d say, "Oh hey, Charles," and then he didn’t know who I was. He thought he just moved to Hawaii even though he’d lived there for 50 years.

Step by step, week by week, you’d see that decline, and you can see that decline in Biden. It’s gotten to a point they can’t hide it anymore. Speaking of that, my grandfather also had it. A few months before he passed away, I remember that—that’s the scariest thing, like somebody not remembering. I mean, he used to take me to school and everything.

Not remembering who I was? I remember that; it was just a really weird feeling inside. I was watching the debate, and I thought, "You guys knew this the whole time." You knew that Biden was in this condition. what?

I’m not here to make fun of him. I’m a human being at heart; I have a soul. I’m watching this guy. I don’t care about what positions he took in the past or what party he’s affiliated with. At the end of the day, that’s a human being standing on stage, and I was like, "This is abuse.

This is elderly abuse." To me, you’re allowing this; you’re enabling this. You’re putting this man through hell. He needs to step down. He did whatever he did for the last three and a half years; let this guy bow out.

But that was always the plan, right? If you look at it now, this was all CNN. I tune in to all the liberal or more Democratic channels—CNN, MSNBC—they’re all throwing him under the bus. Not one person was defending him. The Democrats are in full panic.

They’re calling us right now; donors are calling. Special interests are saying Biden has to step down. I was like, "Wow." I’ve never seen a party switch up so fast. The mainstream media, along with the Democrats, I mean, Gavin Newsom, I don’t know what his plans are.

He was the only one that came on camera and said, "Hey, relax, one bad debate." But the rest of them—Van Jones, crying. It’s because these guys have no soul. There’s no loyalty; there’s no soul. They’re not real people; they’re actors, and they’re given a script.

They’re told what to say and believe. They have no moral core. If you tell them the moon is blue, the moon’s blue. If it’s red, it’s red. If it’s yellow, it’s yellow.

They don’t believe anything; they’re just told what to say. The American people got to see that front and center. The one good thing about Trump is that he forced all the stuff that’s normally done behind closed doors—all that sausage-making—to be seen by the whole world: the corruption, the double standards, the lies, how the media manipulates narratives. All of these things. That’s why they hate him so much.

They don’t hate him because he’s a brash, aggressive guy. Chuck Schumer’s a pretty aggressive guy, let’s be real. They hate him because he forces people to come to terms with the fact that the political class and the deep state are disgusting, terrible people. Just the Huffington Post when they said, "Oh, now Biden can assassinate Trump." That’s what the Supreme Court ruling on immunity is about.

The U.S. president kills American citizens. You guys forget about Obama in 2011 with Anwar al-Awlaki, a U.S.

citizen. He went to Colorado State University; I knew one of the professors he took classes from. There was no conviction; it wasn’t a combat situation. The dude was in a non-combat zone, and drones came by and killed him with no due process. The U.

S. president has had the ability to kill U.S. citizens as an official act for a long time, and you all were okay with it when it was Team Blue. Now, if Team Red might come in, it’s the world’s worst thing.

It’s hypocrisy all around. Everywhere you look, it’s hypocrisy. That’s what the whole system needs to be thrown out. We just need to build a new one because there are no honest people left. You can’t trust anybody anymore, and Biden is a great case study.

You’re absolutely right about elder abuse. Say what you will about Biden; it’s like hating a six-year-old now or a seventy-year-old. He’s a child. Who would do that? What kind of a monster would go and abuse a person who no longer has their mind?

Jill’s up there at the post-game party. You can see it; she’s talking to him, and he’s like—it's taken him a while to analyze the situation. "You did really good. You did really good, Joe." Yeah, Joe did so good today; you answered all the questions.

Here’s your gold star. You see her walking him off the debate stage. The video of that? Oh my God, absolutely horrible. As a human being, somebody with a soul, I don’t care what party.

I really don’t. If you’re a Republican or Democrat, libertarian, whatever you are, independent, you have to look at this and be like, "Man, this ain’t right." Have a soul. You don’t have to rip Biden apart. I’ve seen a lot of that—people making fun of him.

Listen, this could be your grandfather. This literally could be your grandfather. I was just it was horrific. Trump didn’t really have to say anything. I mean, Trump’s best line was, "I don’t understand what he said, and I don’t think he understands what he said.

" I saw the guy from Dilbert; he was talking about that. Adams did a live stream, and he said that’s probably the most devastating comment Trump’s ever had in a debate because it recontextualized Biden as basically a child who’s babbling incoherently. You just play that on a loop again and again, and it’s become a meme. It’s sad, and he needed to step away a long time ago. They should have had a fair and open primary for people like RFK and others to participate, and they would have had a great candidate who we could work with as an industry.

I’ve always viewed crypto as a bipartisan concern. This is about making America better as a whole. Crypto shouldn’t be about politics; it should be about creating a second check on the institutions to make sure they’re honest. For example, the Pentagon keeps failing its audits. While all this is going on, they’ve missed like $4 trillion over the last 20 years.

When you take a look at the education department, how much money they waste; you take a look at the intelligence agencies, how much money they waste; all the corruption in Health and Human Services. You can’t pick an agency where they’re not messing something up. The point of blockchain technology is that we’re trying to rebuild the system so it acts as a check and balance to keep people honest. That’s not a Democrat issue; that’s not a Republican issue; that’s an American issue because we own the government. It’s our government; we paid for it.

This is our thing. There are no kings out here; they don’t own us; we own it. If you own something as a board of directors, as the people in charge, aren’t you supposed to come by and say, "Hey, we have to change the direction, and we need to put accountability and control into the system"? I would love to have a Democrat candidate that I could sit down with for 45 minutes or 90 minutes, I did with RFK, and just have a real, fact-based conversation about the technology. We spent 90 minutes when I was down in Austin with him talking about zero-knowledge proofs and non-custodial wallets and having debt backed by Bitcoin.

These types of things are pretty remarkable to have a guy in his 70s who’s running for president understand and have a command of these issues and a desire to work with the industry. He says, "Can you write up policy papers? Send them our way; we’ll read them, we’ll review them, we’ll negotiate them." I’d love to be able to do that with whoever the Democrat nominee is and do that with Trump. My grievances with Trump are that it’s pay-to-play.

They’re like, "Yeah, you can have a conversation with him, but it’s $700,000 or a million dollars." I guess Jesse from Kraken just gave a million dollars to Trump, and you got a picture with him. I don’t think the political process should work that you have to cut a million-dollar check to be able to sit down and have a conversation with your candidate about something that benefits all of America. That doesn’t make any sense at all to me. The whole thing is just rotten as hell and dirty as hell, and we deserve better.

We won’t get it unless we vote our way out of it. We have to make that fundamental decision for our part. We’ll just keep building the technology, and as an industry as a whole, nothing would make me happier than to see PolyMarket being right and the media being wrong. Because what does that say? It says crypto gets it right; media gets it wrong.

By the way, welcome to the breakdown, episode 451, sponsored by Gemini. Obviously, our bi-weekly spot with Charles, the founder of Cardano. You guys have been in my DMs asking, "Charles, this, Charles, that. What about the Pig Nike?" We’ll get to that, guys.

I know they love your videos. I was going to say, we talked about RFK for three shows now, and I know how bullish you are on him. I was thinking it was funny during the entire debate. I thought about everything we spoke about here, and I was like, "what? If he does resign after watching the panel and they’re saying Biden needs to step down, I’m like, well, I guess Charles is right.

If we’re going to vote, if you want to vote and put that vote in for RFK to at least show that there are people willing to have more than a two-party system." At this point, if you’re gonna bring him in, if he’s going to resign or just go away, give RFK a chance. I mean, with no disrespect, I don’t like Gavin Newsom and what he’s done in California. The stats speak for themselves. I mean, Kamala, I haven’t even seen her for three and a half years, and that’s with no disrespect.

And then Michelle Obama—that’s one name that’s being thrown around. What do we say? Give RFK a chance, right? I don’t think he’s going to win, but at least it would showcase, and maybe he would bring up things that we want to talk about. Technology, Bitcoin would be front and center when we have conversations about crypto.

I say give him the shot. Yeah, if he ran against Trump, RFK would kill Trump. He would absolutely win the election hands down. You think he would win the election if it was RFK? Because he’d get all the Democrats who hate Trump, but more importantly, he’ll pull 5 to 10% of the disenfranchised MAGA voters who are like, "we don’t really like Trump, but we’ll vote because we just can’t let a Democrat win.

" They don’t look at RFK in the same lens. He’s not part of this woke, globalist, weird, strange cult that the Democrat Party is enamored with. He’s somebody different; he’s a classical Democrat. Would you classify him as somebody who’s in the middle? Yeah, like that can work for both sides, kind of.

Yeah, 100%. Because look at the immigration side or look at the healthcare side—any of the things he’s talking about. He says, "I’m willing to change positions, work with people, negotiate with people." That’s what his uncle did; that’s what his dad did. That’s the party he came from, where the delta between the two parties was not too big.

They were always willing to govern and lead because that’s that generation. He’s an artifact from that generation. He’s not a hyperpolarized person, and he can just as well have a conversation with me, and I’m a bit more libertarian and conservative, as he can have a conversation with a radical environmentalist. He can go and talk in a city town; he can go and talk in California and San Francisco, and he can actually be welcome on both sides. That’s what you need with a good leader: they have the ability to have dialogue.

It doesn’t mean you’re gonna get everything you want, but you get something. The problem with Trump is that his entire administration, if he gets elected, is basically going to be Captain Vengeance. For some people, they’re so angry, and I understand the anger. That sounds great; they just want to burn it down—burn down the DOJ, burn down the FBI, burn down the military, burn down the intelligence apparatus. These guys, right?

Because what have they done for us? They’ve stolen our money; they lie to us; they kill us; they poison us. And then they never take accountability. Lead pipes, train derails, chemical fires, and cancer rain come down. what?

That’s Tuesday for them. They just don’t take accountability; it’s what they do, and it gets worse and worse every cycle. So they say, "Bring a guy like Trump in, and he’s going to just punish the government for four years." But punishment is not governance. At the end of the day, that’s the problem.

It’s refreshing and fun while you’re setting things on fire, but at some point, you have to build back. The problem is that you can’t build back with one-party rule because at some point, it goes to the other side, and if they don’t the way you built it, they’ll tear everything down and just start over again. Every 48 years, you’re just tearing things down and rebuilding. You need to bring people together and actually talk about how we’re going to work together in a Six million people watched that, and he was excluded from the debate, so he had to add himself back in. To the magic of the internet, how messed up is that?

Why don’t we have five or six people from various parties in the debate so we can at least understand there are more than two options? That’s the biggest problem. We’re just told there’s a [expletive] sandwich and a giant douche every election cycle, and I’m just tired of it. Imagine the world because the world’s watching. By the way, for people in the comments, I was listening.

I can multitask. I was trying to retweet to let everybody know that Charles is on the show, so relax. This dude’s got a million people listening to him right now. He’s busy; he’s got [expletive] going on. I want people to see this.

Charles, I’ve got to say real quick before we get back on topic, I have respect for you—not just because you’re on the show, but I’ve respected you ever since I’ve been here. I want people to actually hear you because I don’t think you’ve been provided a platform in our ecosystem. You either love him or hate him, but I don’t understand the hate. You guys roll with the trends; whatever’s trending, you jump onto it. If I asked you why you hate this person, you wouldn’t have an answer.

A lot of people are now looking at Cardano with a different perception. Before, it was like, “Cardano is nothing; it’s vaporware.” Now that you’ve gotten to see the person himself, you’re changing your opinions on Cardano. This is what I love—having a legitimate open forum where people can speak and there are no narratives being driven to you. Anyway, I needed to get that out, Charles, because I respect everything you’ve done in this space.

It’s not just Cardano; we can go to Ethereum, we can go to Bitcoin, we can have an entire show or documentary on this. I do the whole golfing analogy. I was thinking we have the international community watching this. There’s no doubt about it; every country is watching the United States of America. I don’t care what anybody says.

At the end of the day, people are watching the United States, and to see what’s going on, they’re like, “Is this really happening? Was this written by SNL?” I’m like, “Yeah, this is it. This is what we’re working with.” We need younger people—much younger people.

We need people who have not been compromised by big pharma, big corporations. I know I’m going to get booed right now because everybody knows my position. I’d like to see Trump get elected, but I’d rather have RFK if there’s a different option. I haven’t even spoken to him; I haven’t really dove deep into what RFK is all about. I’ve gotten some tidbits here from you and from other people, but I haven’t really gotten to know the man.

He’s a Kennedy; there’s a legacy there. I think he loves this country. You’re right; it’s not an age thing. I had the good fortune years ago to meet Dr. John Goodenough, who died at 100.

He did a lot of battery research in organic chemistry. He was a Nobel laureate and was still writing papers in his 90s—a super sharp guy. But the problem is that each year after a certain threshold, the probability of things going wrong goes up, and eventually, the hockey stick comes in, and then things go wrong. Some people are very lucky and sharp like John was in his 90s; other people start in their 50s and are very unlucky, and some people fall off in their 60s or 70s. As a society, if you’re putting people in a position of trust, you have to do a 360 vetting.

Is their physical health okay? Is their mental health okay? Are they aligned mentally and spiritually? Are they compromised? If you go for an intelligence clearance, they have to file a form called SF86.

The FBI does this investigation called SSBI, a single scope background investigation. It’s horrible. First off, SF86 is like 100 pages long. They ask you everything. If you had a bad breakup with your ex-girlfriend three years ago, the FBI is going to know about it.

They know that one time you lost a bunch of money in Vegas on a poker hand. They go through everything because they’re looking for how easy it’s going to be to compromise you or coerce you to work for somebody else. Maybe there’s something you did, and if somebody finds out about it, they can use it against you. They blackmail you, and thus you start turning over classified information because you’re being blackmailed. We do this for millions of Americans who are given one-thousandth of the knowledge of the President of the United States.

Yet, we can’t even get the current president to take a dementia test. Just trust me, bro. These are the contradictions that you see in real time that can’t be hidden anymore. They translate into basically [expletive]. We just don’t the system; we have to tear it down.

That’s why we’re in crypto at the end of the day because you can’t lie in crypto. It’s not possible. The code is the code; the code is law. The protocols are the protocols. Every time we get better at it, we all attack each other, and we all learn from that process.

There was an attack the other day on Cardano that didn’t work; it actually got terribly broken. It was a lot of fun. People thought that we hacked ourselves because it worked too well. There’s still a lot to learn, and we issued a hotfix on some of the stuff there. There are already a lot of discussions in our community about what to do differently if something like that happens next time, and it’s the same for Solana and Ethereum.

These are self-reinforcing, self-evolving systems where they converge to higher quality, lower cost, and better output. So why doesn’t the government behave this way? When we fail, we learn and we get better. We should expect that of our governing systems, and if they can’t do it, they need to be out, and new people need to come in with that mentality. I agree; I totally agree.

Good points made, by the way. This is the Breakdown episode 451, sponsored by the good folks at Gemini. Love Gemini; great people. I was going to ask what you think about the SEC literally being pushed out by all this legislation. We didn’t get to talk last week when all these things played out in the Supreme Court.

What are your thoughts here now? Chevron is a really interesting one. This is not a Supreme Court you want to go against if you’re a government agency. If Howey gets to the Supreme Court, Howey would probably be overturned. This Supreme Court is vicious.

Basically, what the Chevron Doctrine said was that you pass a law, and if there’s ambiguity, you have two different sources of truth to resolve it. One ruling from the agency can take precedent, or you just let the courts figure it out and cobble together a framework. Chevron was like, “Well, defer to the administrative agencies, and if they make rules, the courts will honor those rules and follow them.” With Chevron gone, now the courts basically get to decide these types of things in areas of ambiguity across all federal agencies: the EPA, the FCC, the FDA, the SEC. This is not a [expletive] you, Gary.

This is a nuclear bomb across the entire administrative state. I understand why they did it because the facts and circumstances when Chevron was decided versus today are radically different, and the administrative state has become too pervasive. They’ve taken advantage of rule-making authority in ways that are counterproductive. On the other hand, it’s left a bit of a pickle in that it’s going to create a gargantuan tsunami wave of litigation, and ultimately the courts are now going to be overloaded with having to retroactively go through and figure this [expletive] out. That’s a big one.

Crypto is in the crosswinds of it. There are certain parts of crypto that this is relevant to. The courts also continue to support the Ripple ruling, where the judge basically said secondary market sales are not a security contract. It’s a repudiation of the SEC’s embodiment theory, where once it’s a security, it’s a security in all contexts and all use cases. Given that Chevron and that have gone not so good, and it doesn’t look the SEC is going to win the Coinbase case or other things, my view is they’re eventually going to have to throw in the towel and support legislation like FIT 21 or something like that, which will give them some more power but also force them to concede on everything being a security and coming and registering.

We’re working our way through. I think a change of leadership is necessary, whether it’s Biden or somebody else. The next administration has to be at least neutral to crypto, which is all the industry needs. I don’t like getting involved in politics, but it’s very important people understand politics came to us, not the other way around. Crypto was doing just fine when nobody in Washington, D.

C. cared about it. The industry was growing, but then all of a sudden, these politicians showed up and said, “You’re all just Hamas lovers, and the only point of crypto is to help North Korea.” Everybody should just be a bank, and we said, “No, we literally built this whole system to not be part of the legacy system.” That’s literally what we did.

Millions of us came together from all around the world and put our own money into it. We didn’t get a single government subsidy; we didn’t ask anything of you. We just said, “Leave us the [expletive] alone.” We’re like Amish people; we’re building our own little colony. We’re doing it, and then they come in and say, “You could be Amish, but you need electricity and telephones and modern medicine.

” No, that’s not the point! Goddamn it, we’re doing our own thing! This is the problem with the government. Their whole job is to [expletive] things up, and if they find something that’s unfucked, they try to [expletive] it as quickly as possible. We just want them out, and I’d a president that we could talk to.

We can clearly carve out boundaries and say, “This is what’s regulated; this is what’s not regulated,” and stay the hell out of the industry as a whole. Then who cares if you like Biden or Trump? Who cares what your personal politics are? That’s your business; it’s not my business. As a protocol designer, I hate going to Washington, D.

C., sitting down with senators and congressmen, and speaking before Congress. It’s so dirty; you’re horse trading, and it’s always a game of, “All right, you’ve got three kids, so which one are you going to murder, and which one are you going to sell into slavery?” Then which one gets to be raised a normal kid? That’s literally how D.

C. thinks. Maybe after a lot of negotiation, you get to keep two kids, and then you kill the third one. Crypto is so you like your decentralization, so you can keep it in this part of the system, but then this part of the system gets [expletive]. That’s literally every conversation you have with these guys.

You say, “Okay, what does that benefit everyday people?” Well, consumer protection. Really? Turning it all over to the guys that created 2008 and the S&L crisis and the Black Scholes crisis and the inflation in the 70s and the Great Depression? That’s going to help consumers?

Yeah, this time they got it; they totally got it. If we give all of the power to BlackRock, it’ll solve it because remember, no one is above the law except for the people who pay to make the laws, which are them. So they should be like, “[expletive] you, man!” Exactly! Jesus Christ!

That’s why my sentiment about the institutions being here is a double-edged sword. For me, I was willing to not have the institutions come. We’re a decentralized playground, so anybody can come and participate. I was willing to let it take another 10 years for this entire market and ecosystem to grow. Fine, so be it.

But Satoshi’s vision wasn’t to play with the banks; it was to get away from the banking system. Have you guys even read the white paper? It was to get away from these people. But as soon as BlackRock and Fidelity came in, everybody—your favorite Bitcoin maxi—was thrilled. “Oh my God, we did it!

BlackRock is in!” I’m like, “What? Why aren’t you the same people telling me we’re not supposed to be lined up with these people?” But I get it. At the same time, Bitcoin maxis have done such a horrible job marketing the space that BlackRock, Fidelity, and others will do a better job.

They will do a better job at bringing Bitcoin to the table to your grandma, your grandpa, your parents, because they’ll listen to Jim Cramer. They’ll listen to these people because they own 50% of mainstream media. All the news now is, “Crypto is great! Crypto is great!” Now they’re all on CNBC saying, “crypto’s great!

Crypto’s great!” Before, crypto sucked. I’ll tell you the crypto they love: fractional reserve Bitcoin. All you [expletive] Bitcoin maxis, as you cower to BlackRock and the ETFs, here’s what they’re going to give you: you won’t be allowed to self-custody. They’re going to ban all the non-custodial wallets and say everything has to be done in regulated channels.

When you buy your Bitcoin, you buy it through regulated channels and marketplaces, and there’s no audit trail. Just trust me, bro. You end up getting Bitcoin that’s the tether edition of Bitcoin. That’s what you’re getting; that’s what these guys want. It’ll take five to ten years; they’ll play the long game.

The same for the mining pools; they’ll just change all the environmental regulations so you need special permissions to do large-scale mining operations. All the private pools will be there, and everything else will cost too much energy and get taxed. When you get those Coinbase transactions from mining, they have to get vetted and cleared before they’re allowed to go into that controlled system. You don’t [expletive] believe me? Look at the BSA.

Look at how in a 50-year period we went from everything being cash and nobody knowing your business to them even knowing what brand of toilet paper you buy. It’s the financial panopticon, and these dudes love it because they make billions of dollars from it. You will lose all your privacy; you will lose all your autonomy. It is not your keys, not your wallet. You be your own bank.

I’m sorry; you sold your soul if those are your constituents and you praise them when they come in. You say, “Oh, it’s great for mainstream adoption.” What are you doing with mainstream adoption? You are telling people that Bitcoin is a financial product, which means the only thing they care about is number go up or number go down. They don’t care about the philosophy; they don’t care about self-custody; they don’t care about the technology; they don’t care about the liberating elements of it.

They don’t care about the crypto-anarchistic roots it came from. None of that matters. It’s, “Hey, a lot of people are getting rich off that Bitcoin thing. I’ll buy some for my portfolio through my broker-dealer, through my account, and then I’ll buy it I buy a stock. I’ll talk to my financial adviser, and the financial adviser will be like, ‘Yeah, you should divest 10% or something.

’” Do you care about the custody and who controls that? No. Do you care about the miners and where they come from? No. It’s not a gateway; it’s a passive asset with no philosophical core.

They took the philosophy out, commoditized it, and turned it into basically number go up land. That is what Wall Street brings to the table. Don’t get me wrong; they’re the best in the world at this [expletive]. They Disney the [expletive] out of it. But I’m sorry; you’re not getting Luke Skywalker anymore.

You’re getting lesbian space witches. Literally, the road you’re going down is a different show; it’s a different environment. That’s literally what Wall Street does to Bitcoin. They’ve made it the [expletive] show. Isn’t there a provision that would allow potentially BlackRock to fork Bitcoin?

How crazy is it that we would go through another block war? Yeah, there are all kinds of things. It’s a little harder to fork Bitcoin technologically under the hood. It’s not a proof-of-stake system; it’s a proof-of-work system, so they have to get control of the mining power. But that’s what they’re going to do because mining is a race to the bottom.

It’s all about who has access to the ASICs, the professionalization and construction of the data centers, the cost of electricity, and the supply chain at the end of the day. We like to sell this dream that it’s this big distributed computer and everybody with a GPU is mining. No, that’s not how it’s done these days. You have these giant data centers. I have one in Gillette, Wyoming, that we work with.

They’re literally right next to our construction warehouse, right off Highway 50. They have huge racks of ASICs, and they bought it. It’s an investment company, and we’re getting a fiber line out to them and helping them with some of the IT stuff. But those operations, the ticket price is in the seven, eight, or sometimes ten figures, depending on the investment. Is that Mom and Pop in their basement?

If the government changes regulations, are they going to be able to just lift all those ASICs up and take them somewhere if it’s a $100 million or $200 million data center? No, they’re trapped there. That’s the trap of mining. As it consolidates and you get more and more of these private optimized pools, eventually, you have five, ten, or fifteen major actors who form a cartel and have control over the canonical Bitcoin. They can certainly make the longest chain ones that have KYC built in Every Thursday at 1 PM Eastern Standard Time, we’ll go ahead and shoot this.

Thank you so much, Charles; I appreciate it, man. Thank you so much, David. Much love, I’ll see you soon. Peace. That is Charles, ladies and gentlemen.

That is Charles! Charles is a smart guy, let’s just call it for what it is. Honestly, when I speak to Charles, or even when I just listen to him, it’s not just entertaining; you’re being fed knowledge. You don’t have to agree with everything Charles says, but when you hear him speak, it’s very interesting. For me personally, it stimulates the mind.

I had two "oh wow" moments when he was speaking, and I was like, "Holy cow, I didn’t think about that." It’s a 45-minute segment, and I didn’t have time to dive deep into it. I’ll leave that for the next time Charles is on here. I heard all you guys yelling, "Ask him about Nike!" I asked him about Nike.

By the way, I want to make it very clear: I don’t own any Nike, with no disrespect. I wish them much success. I’ve said this before: Nike will help bring more viewers onto the Cardano chain. Once that happens, usually two things happen: one, you stay and start getting familiar with Cardano, and you get excited and become a maxi; or two, you leave. If Nike doesn’t do well, you leave, plain and simple.

I think Nike will attract people to Cardano. That’s really it. People should take a deeper look into Cardano and not just listen to others talk about it; go do some research yourself. Welcome to the Breakdown, episode 451, sponsored by Gemini. What’s up?

The ADA crowd wants to know what’s up. Look at me; I’m putting everything on the line right now. They want to know what’s happening. I’m just saying, I’m putting it out there. Powered by G Media, what’s going on?

We are out here. Now it’ll be a lot easier moving forward to finally get some guests on here. Obviously, with Charles, it is a bi-weekly spot; every other week, Charles is on Thursdays at 1 PM Eastern Standard Time. We sit here and discuss everything happening in the world today, whether it’s crypto, politics, or whatever the issue is. I want to say this real quick before I move on into crypto.

I’ve been going down my timeline, and I’m seeing more people trying to make Hitler cool. There are a lot of people out here literally trying to justify Hitler’s actions when he took the lives of over six million Jews. It’s amazing. It wasn’t just Jewish people; there were all sorts of people involved as well. I’ve been watching the timeline, and people are just posting Hitler videos and justifying his actions.

Holy cow, we have really lost our minds, haven’t we? We have really lost our minds when we start putting Hitler on a pedestal. I am baffled by the nonsense I read from known figures as well, like Candace Owens. Really? I don’t even respect Nick Fuentes as a human being, but really?

One thing I want to say is that I appreciate Elon’s platform, X. I appreciate it because it gives me the ability to see what these people are writing. I want to know and see this because if you hide this from me, then these people are talking about it in some dark channels. I want to see it out in the open to understand how people can justify Hitler’s actions. Listen, six million Jews, but there were Christians, Catholics, Muslims, and a lot of other people who were also thrown into the mix.

Welcome to the Breakdown, episode 451. You can suck my you-know-what; you don’t have to be on the stream. I don’t really care. Sponsored by Gemini, powered by G Media. Alright, ladies and gentlemen, we had some fun yesterday.

Who was a part of the spaces yesterday? We had a good old time. I felt I was living in the South; everybody had a Southern accent. But I got to tell you, and this is not to toot my own horn, every single person, even the haters, acknowledged that yesterday’s space was the best space of 2024. No lies were detected on that one.

Every single person that participated in that space acknowledged it was the best space of 2024. Sasa was talking he was from Mississippi, wearing big boots and knee pads for construction, with that Southern jacket and a Ford hat, jumping into his Ford truck. I was dying laughing! I muted myself; it was hilarious. We talked about crypto, GCKI, and all types of stuff, including the Matt Fury Universe.

We talked about Nike, Cardano, Ethereum, Bitcoin, and everything else. We were in a room where contracts were being given out. I got three Casa for you-know-who. I went into the wrong one at first and then into the right one. I think everybody was confused too.

Charles made a point; it’s funny that the Bitcoin Maxis want to have all this nonsense disappear, including the DEXs. So where are you getting your liquidity from? I’m replaying the show, ladies and gentlemen. Biden is apparently talking with his inner circle; he might be stepping down if things don’t change. Crypto is red right now, but we’ve seen this before.

It’s a pullback; it’s healthy. To me, it’s moving sideways. If we go into the $58,000 Bitcoin zone, we’ll bounce right back up, and you’ll forget about it. You guys think like goldfish anyway; you’ll forget about it. Right now, there is not one person who has been here during the bear market that we’re coming out of who shouldn’t be in a position where their wallet is green, even on a day like today.

If you are not up, then you have not done your homework. By the way, I see the Cardano people in here. It’s funny; someone asked me to run as a representative for Cardano on the Cardano network. I’m going to put myself in to run for a representative position with Cardano. Yesterday was fun; I honestly wish it was taped.

It was hilarious. We talked about space, the Civil War, and a lot of other topics. Cardano Maxis, you’ve got to calm down. I’m your friend. I’m someone who has defended Cardano against all the Maxis trying to take it down.

You shall respect me. I’ve been here protecting Cardano, saying what a great platform it is. How dare you? I am the future CEO of Cardano. No, I’m just playing.

Welcome to the Cardano Maxis; I see that they made it. Y’all are crazy; show me respect! You guys are coming at me while I’m out here protecting you. I don’t have to tell you my name; you should know who I am. I’m fighting with the audience.

Come on, man! I’ll still protect Cardano because I like Cardano. Welcome to the Breakdown, episode 451. Your mama knows who I am; that’s all you need to care about. I respect the Cardano people, even though you guys are a little cuckoo right now in this chat.

I still respect y’all. Anyway, I need to talk about the Matt Fury Universe. You guys should listen to this. The Matt Fury Universe is real. By the way, shoutout to Sasa; I was dying laughing because he put out a tweet that was hilarious.

He said, "Enjoy chasing Steve or Hank." I’m not even reading anymore because that was funny. We had a space where we were talking about all types of memes, and here comes Sasa with that tweet. I feel scared talking about any token around Sasa; I feel he’s about to take a belt out or something. Shoutout to GCKI; it’s doing numbers.

GCKI is doing well, and I love to see it. Red and I were out here by ourselves, taking on everybody. People came to my space to FUD GCKI, but we stood strong. That’s all I have to say: Diamond hands! This is what I’m saying, Cardano Maxis: this is why people attack you.

You’ve got to loosen up and have a little fun. Replay the show; me and Charles had an interesting conversation. We talked about politics, Cardano potentially being put out there in Argentina, and all sorts of stuff. You missed it! You woke up late; I’m on three hours of sleep, and I didn’t wake up late.

I showed up on time. You missed the whole show. Every bi-weekly, we have Charles on this show, and we discuss all topics. You missed the talks about Biden, Trump, RFK, and what Cardano could do. You missed the talks about him putting Nike on the exercise program.

That’s right; he wants to see Nike lose some weight. You missed it! And you’re mad at me? Who are you mad at? Your alarm clock?

Tune in; Charles joined the show at 1 PM and it ended at 1:45 PM Eastern Standard Time. You can replay the show and catch up. I don’t care if you attack me; you’re hurting my feelings out here, man. Why are you hurting my feelings? I’m so nice to you guys, and you’re out here hurting my feelings.

Anyway, I spent too much time on y’all. Welcome to the Breakdown. Charles is not hacked; he’s a good friend of mine, and I enjoy listening to him. I enjoy having conversations with Charles because he knows how to deliver. By the way, all you people who got out of Bobo, you deserve to have diarrhea for the next three years.

That’s right; I said it. You don’t deserve Bobo, and Bobo doesn’t deserve you. You shall buy at the price you deserve. Bobo loves this kind of market; it loves the volatility, and so does Dodo. Dodo loves the Black Swan event.

Ever heard of it? Bobo loves red days. And by the way, I thought we all love a good pullback. You’re always complaining that you didn’t get into something early enough. Well, I just looked at my screen, and things are looking pretty early.

You can go ahead and look at these fine plays, ladies and gentlemen, and put yourself in a great position. Shoutout to Pepe; what is Pepe doing? I don’t know what Pepe’s doing. Oh my God, the chart on GCKI looks so good; it’s holding strong. Anyway, it is 2:20 PM Eastern Standard Time.

Obviously, this show runs for an hour and a half. I will go overtime for another 10 minutes for two reasons: one, because I’m having fun, and two, because the space was tremendous last night. We had a lot of fun; we were talking and dropping alpha. No, I’m not the dev of GE; I would never be the dev. You will know when I come out with my project.

We had a lot of fun; I didn’t even recognize the time last night. I didn’t realize it was 5 AM or 5:30 AM. I like talking crypto, and I also like talking politics. We had a guy who came in and said there’s a civil war going on. We’re going to end up in a civil war.

It was crazy; his name is Mustang, and he’s a journalist. We finished off talking about cars. Ladies and gentlemen, GCKI is only two days old. I don’t know what it will do; we shall see. I know people are praying for it to go to zero, and I don’t know why.

I thought you liked me; I thought we were friends. What’s up, man? I thought we were friends. GCKI, Nike, what else? We talked about Gigachad, Pepe, Bobo, and Dodo.

Obviously, we talked about MOG. By the way, yesterday I stated that I was looking at the charts with my Vipers on. I was literally looking at the charts with my Vipers on, sitting back in my office on Spaces, chilling. For those who are new to this show, this show is live Monday through Friday and runs from 1 PM to 2:30 PM.