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📺 Essential Videos 📺

Last Week’s Q&A 👉 https://youtu.be/Dj_N6oHf4UY

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– TIMESTAMPS –
00:00 Intro
00:39 Recession & Halving
06:22 Future Bull Runs
12:07 Will BTC Replace Money
20:03 BTC ETFs
27:47 Happiness
30:22 Bitcoin Mining
36:00 Ethereum
40:42 INJ
44:34 Guy’s Portfolio
47:49 Crypto, Freedom, Regulations
53:01 Outro

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📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#crypto #cryptocurrency #btc #bitcoin

Hey everyone welcome back to the coin Bureau Clips Q&A my name is guy and here is Nick what’s up guys how you doing good morning coin bureau’s co-founder and CEO of course Nick good to see you again how you doing man good welcome back to some Q&A been some time yeah

Yeah it’s good to be I haven’t done it for the last couple of weeks yeah for the past two weeks yeah we’ve been playing I flew solo and then it was Jess last week so yeah okay time to time to remind people who I am so yeah this is

These are obviously questions that uh people have sent us on Instagram so thank you to everyone who sent in questions um uh we get loads so we just uh we can only select a few but let’s go with uh some of the ones from this week

So the first one is from lackin noton recession still might ruin harving this year what do we think well I think there’s two questions yeah one is first of all can you do we really think there’s going to be a recession I mean I know we talked about this a few days ago

And according to most of the data it doesn’t seem like that right so we had like two a week ago or two weeks ago you had the US GDP numbers they were surprised to the upside 3.3% growth in Q4 um and not just in the US right so the global growth numbers are

Pretty good as well like the IMF predicts that in this year the us will have 2.1% growth and globally they’ll be about 3.1% and then next year we’ll see about 1.7% they forecast 1.7% growth in the US and 3.3% 3.2% globally so the question of whether we’ll have a

Recession is not a foregone conclusion also it’s part of the reason why Jerome was you know pretty hawkish on the inflationary component inflation component for the fmoc uh two days ago was because of the better growth Outlook so you know obviously there’s always tail risk in these kind of things

There’s risk on geopolitical side you know war in the Middle East oil prices geopolitics around China and Taiwan that could throw things out of kilter but right now it seems like the uh the numbers in terms of the economy are looking pretty good so I don’t know if we’ll necessarily have the recession

Then there’s the question around let’s assume for argument sake there is a recession a global recession of some description a classical recession uh will this really have an impact on crypto will this really have an impact on bitcoin and I remember talking about this last week in the sense that last

Year the correlation of Bitcoin to traditional asset classes more specifically equity which is considered a risk on asset and moves obviously will fall in in a recession it was the lowest it been since the beginning of time at 18% with the S&P so what that shows is

Like it doesn’t necessarily it’s has a decoupled from Equity right at least according to last year’s data and the movements last year it seems to have happened and whether that will continue in the future you know it’s past is never a predictor of future returns and obviously correlation the correlation is

A moving variable it’s more than it’s it’s the it’s a question of whether it actually will play out in the sense that if you do have a recession will Bitcoin sell off or will will it prove like a risk hedge right will it prove as a as a

Some sort of a a diversification from the financial system from the general economy in that case if we do have that recession so it’s not I don’t necessarily think it will be the case that you’ll have crypto falling and will it ruin the half year well that yeah I

Mean I don’t think so but that’s if we even have the recession so I don’t know what do you think about that well I mean I’m unconscious that we’re coming up to being a year on from the banking crisis in the US so we you know it’s that’s

Almost that’s almost a year past and that and Bitcoin performed really well during that crisis you know and that was that was pretty eye openening I think and it does suggest okay banking crises and recessions are very different beasts but it does suggest to me that Bitcoin

Could hold up as you know as a hedge asset in difficult times you yeah exactly yeah and um yeah I think that that’s the that’s the main question right and obviously there is the the counterargument to this could be around okay now you’ve got ETFs right so would

This the fact that all traditional investors and asset managers have an option to invest in Bitcoin through an easy wrapper change the Dynamics I don’t necessarily think so I don’t know if you’ve seen a lot of the commentary from a lot large traditional Financial investors Larry think all these people

Stand R all these people coming into the crypto Market through right now and around this the ETF event have made the comments about it being a a risk of a hedge against the traditional Financial system a hedge against current assets and many investors are looking at it as

A place to diversify away from uh the other alternative Investments which are riskof like gold Etc so yeah yeah I mean that’s that’s basically how I think will play out but yeah I don’t think we’ll have a recession I don’t think it’s in the pipes and um you know especially

When If the Fed does start to Pivot around May’s time which most people are predicting then that’s going to be a boon for all asset classes in terms of liquidity so yeah liquidity all important I’m amazed I’m amazed we haven’t had a recession in the US I mean

I think I think Europe went into recession didn’t Germany’s still in recession Germany Germany is in all sorts of dog of Europe yeah yeah yeah um but it is kind of amazing isn’t it it is amazing I mean if you think back to just last year the concept of having rates

This high without something breaking in the economy you know everyone thought would have go to recession is coming and there was that time when we did it when there was that technical technically was a recession right it had two cons but although there was a lot of debate around that because it’s like

Okay the job markets are pretty strong still you know it’s like it could just be a gri and it’s just a data data thing you know you shouldn’t put too much stock into it it was a bit of a technicality technicality a technical recession but not a classical Financial

Recession we even we haven’t had that and of course the co wasn’t really either a recession to really because that was like it was a man-made recession it wasn’t classical recession right so which just they shut down the economy yeah yeah and of course yeah recession you know the worst part of

Recession is always you know seeing people lose their jobs and you know that that didn’t happen with the technical you know the US job market has held up Market crazy okay what’s next next question so this is from Zed sombi F and he’s asking what happens after this bll

Will we ever see bull runs like we used to or not yeah that’s a good question I think this is uh I mean I think one of the big features of this year and probably next year is going to be regulation you know we’ve got regulations that have already

Been passed that will be coming into force and I think we’re going to see new regulations drawn up and obviously the big you know the big Market if you like to watch for that is going to be the United States and I think they are moving albeit very very slowly towards

Getting crypto regulated and I think you know although that’s going to have a lot of benefits that is also going to I think you know bring the market to heal a little bit I don’t think we’re going to see quite the sort of craziness that we’ve seen in in the

Past and in some ways that’s a good thing because I think it will become harder to spin up some vaporware out of nothing Market the hell out of it get people to ape in and then just you know walk off with a whole load of profits

But on the other hand you know we’re not it it’s kind of not going to be as fun I don’t think you know you’re going to see the sort of opportunities for for making you know crazy returns and perhaps in the long term that’s a good thing but I

Guess it’s all crypto is one way or another whether it’s you know whether it’s through regulation or just I guess the free market in a way I think is going to become uh more Consolidated and more you know I guess responsible because I think I I don’t think we can

Sustain the sort of model that we’ve seen over the last few years of of you know stuff coming out of nothing wild Caro stuff yeah like insane valuations I don’t think that’s sustainable so one way or another crypto will become more Consolidated let more boring um and that

I guess will be probably largely a good thing in that you know it people won’t you know there won’t be such opportunities for losing money flip side is there won’t be quite the same opportunities for making money either there’ll be less less yeah that’s a good point so you the

Regulation angle you think will bring will Tamp down the volatility I I think there’s also um the component here around thinking about what’s you know crypto Cycles in general Bitcoin Cycles what drives the Bitcoin bill cycle and that is the whole four-year Haring event right generally that’s viewed as a

Market as a determinant of the market movements and if you look at previous history the the harving has driven uh the newest the the bull markets right um so the question and we’ve talked about this quite a few times is will the harving event itself be as consequential

As we move further in time and I think the answer to that is no because obviously as we go through these Haring events um the inflation approaches zero and as we approach 21 million so does the block reward right yeah and therefore if you a proponent of the

Stock to flow model the um increase in the the flow of Bitcoin is much less significant compared to the stock of Bitcoin so the actual impact in terms of Supply Dynamics should be should Peter out and eventually approach zero so there the Harin event won’t actually

Have that much of an impact on the markets of on the Bitcoin markets in the future so we may not see this likely fouryear cycle um unless it’s just sentiment around the event itself but not necessarily the actual Supply shock impact that people see um so that’s the

One thing to consider around the timing of these bull markets it’s not going to be as cyclic as it was or as predictable uh and then you know regulation but also liquidity so as more if these as you’ve seen what these ETFs are doing is they’re bringing a lot of liquidity into

The markets Bitcoin liquidity in the liquidity in the crypto markets now is massive right so that’s obviously going to as liquidity increases that’s going to Dr bring down the volatility and that’s going to make the actual Cycles themselves less um pronounced but they’ll still be Bitcoin Cycles there’ll

Still be the or markets will go through Bull and be markets but yeah we’re not going to see the runs like we used to see in the past at least for big Bitcoin the big cryptocurrencies like Bitcoin like ethereum yeah and I guess if Bitcoin if Bitcoin sort of cleaves ever

Closer to that to the digital gold narrative which seems to be the direction it’s heading then that suggests it will become an asset that people generally hold you know that become less speculation yeah and I mean I think we’re seeing that already you know I think we’re seeing the the the

Percentage of long-term holders climb you know month on month and I mean I guess that feeds into itself that becomes a self-fulfilling prophecy in a way doesn’t it because the more people hold it the less volatile it becomes yeah exactly um so yeah I think it seems

To me that sort of various signs point towards whether this will be the last you know sort of truly big bull market I mean I think there is a good chance of that given how you know given how much is happening in crypto at the moment you

Know given how much crypto seems to be moving towards tradire in many ways and I think the ETFs a good good example of that um so uh yeah I mean this is a good time to be paying attention sorry to interrupt you folks but I have to let

You know about the coin Bureau deals page now my team and I have been able to pull together some of the best promos and discounts in the crypto space we’re talking trading fee discounts thousands of dollars in bonus airdrops amazing deals at top exchanges reduced prices on Hardware wallets and much much more

Besides so just go to coin.com Deals also link to below and find the promo suited to you enjoy the rest of the video okay Tatia me asks do you think Bitcoin has a potential to replace today’s money yeah of course it does I think that you need to understand and ask

Yourself before answering this ask yourself what is today’s money right so I mean this is something you will have covered and you’ve done before in the beginning of the podcast right the history of money and if you go back in time and the history of money the predominance of the Fiat money system

Which we have today is not really that old like in 1971 right so it’s only been around for a limited period of time in the whole you know timeline of money which means therefore one can still view it as kind of experimental right yeah um there is nothing back in Fiat money

Apart from a promise uh apart from supposedly the full might of the US economy and its military right that’s not a certainty for the rest of time and as people potentially there’s potential of the way things change with geopolitics is the US going to remain the strongest economy in the world you

Know growth rates don’t say that in the future so what that means is that uh you know the Fiat money system that we feel today with trust in the US dollar uh that’s not guaranteed to remain in the future and then it qu the question comes

Back to if there’s not the US dollar what sort of currency would suffice do we go back to Gold I mean gold is universal it’s was the gold standard did exist beforehand and gold has been for a long period of time but when you think about gold now it’s like you still you

Know have to transport it you have to store it um central banks may like it’s it’s it can be seized it has been seized if you’ve been stering your gold in in particular vaults Etc so then there’s the question of what other kind of assets would central banks and countries

Be willing to hold uh in if the US dollar US dollar standard doesn’t exist anymore and there’s been talk potentially of something like a digital digital goal there is no reason that they would not necessarily want to hold Bitcoin it is the only fully permissionless Global Currency out there

Right that isn’t tied to any other Fe currency or commodity whether it’s going to be used in within countries as a medium of exchange that’s less I mean obviously there’s the question around how scalable is Bitcoin but there’s the lightning Network and all this kind of

Stuff so I think that um the short answer to your question is 100% it definitely can it’s just the question of obviously at what stage do we have do we see moving away from the US you know standard right and uh and and and then would countries be be be

Comfortable holding a digital currency and I think they will and there’s been speculation that we will soon see a central bank using Bitcoin as a reserve yeah I think yeah and I think I mean because there’s um I don’t think Bitcoin would would ever replace you know fat money necessarily I

Think that’s as a as a medium of exchange yeah I don’t think I think it had you know there was that there was talk of that maybe happening and I don’t think that’s realistic now but I think it could be something that’s used for that replaces gold in a way for sort of

High value transactions and I think you know the prospect of it being used for international trades I mean this assumes that it’s Vol you know it’s kind of tied into what we were talking about earlier isn’t it if it if it becomes less volatile then I think it will be you

Know it could be a medium of exchange but in for sort of large amounts you know I think if you’re wanting to move a large L amount of money let’s say billions of billions of dollars worth you know because gold is so gold is so impractical for that purpose and I mean

Yes you can tokenize gold there is you know tether’s got tokenized gold paxos has got tokenized gold and that kind of works in a way but it doesn’t remove that centralization thing you know paas or tether could could shut off access to that whereas Bitcoin is is a method of

Transferring value entirely trustless yeah and I think you know as we see I think I’ve talked about this before but as we see the world become more polarized you know we’re already talking about a US sphere of influence and you know if you like a non- US sphere of

Influence maybe you could call it a Chinese sphere of influence a brics sphere of influence whatever you like but it does seem to be polarizing like that and I think you know there’s going to be less demand to use US Dollars and I mean we’re already see even countries

That are within the US sphere of influence like uh France and China did a trade deal in Yuan not so long ago and I think that was that was you know a big moment so I think it could become this sort of parallel system whereby you know

Large amounts large big trades are done you know between entities whether that’s between countries or between corporations or between very wealthy individuals you know if you want want to buy someone’s there’s a big super yacht anchored out there in Dubai Harbor you know if you want to do a super yacht

Transaction yeah you know maybe that would be a a Bitcoin you know a job for Bitcoin but I think you know gresham’s law that says you know bad people will spend bad money before good money yeah you which means I think there will always be a case for you know fat or

Whatever replaces it because yeah you know Fat’s only been around what 50 odd years and already you know 30 the US is 30 trillion in debt as a result you know that’s but I mean but in terms of the so let’s assume hypothetically that Fiat is like the US dollar is predominantly

Moving to other currencies like would there not be a case that people could say well this is still a feared currency like would they be comfortable Us in just a general like you say that there could be a system where you could have Bitcoin for large transactions you could

Just have fat for the smaller but like isn’t a situation where if people know and most the population becomes aware to the fact that Fiat is nothing but a promise do you think that like there’s not going to be a situation where there could be a aversion to some sort of a

Gold standard again where something is actually backed with some sort of a commodity or Beyond just a promise do you because today’s money is not just the US dollar today’s money is all money yeah so you don’t don’t think there’s ever there’s any sort of um possibility

In the future that fat money itself could be completely replaced I mean I I think not replaced per se but like in the sense that it’s it’s backed by something again they go back to a gold standard they go back to backing their currencies with something actually solid

And having manitary value well yes although I think that raises the question of what do you do with all this debt you know that’s built up you know it’s not just it’s not just the US I mean I think I think pretty much every country is in debt to some degree and in

Order to switch to a system you know in order to swi because if you’re going to have a hard money system if you’re going to have it a commodity-backed money you’ve you’ve kind of got to you know you kind of got I guess youve got to

Kind of write off that debt in a way and there are two you know it’s not just it’s it’s governments are in debt and that’s you know the big problem but corporations are in debt big big individuals wealthy individuals are in debt it would that is such a wholesale

Upending of the system I mean I think it’s possible but I think I think that would only come about in the event of you know a collapse of the current system and I think you know that basically World War III or something similar well I mean there’s many people

Who think we pretty close to that anyway yeah I mean that’s not that’s not something we want to see this way do you think the US dollar is going to become non-dominant without some sort of a massive geopolitical shift well yeah I think we will near I

Think probably we will need some sort of some sort of shift like that but I I I think the future is I think the future probably involves lots of different types of money and I think there will be hard monies like Bitcoin and there’ll be you know soft monies um like fat

Currencies and stuff and I think people will still play that game of it’s kind of it’s a bit of a game of musical chairs with fear isn’t it you just keep sort of passing it and you hope that you’re not holding the bag when when the Music Stops um yeah anyhow that this

Feels like a conversation that could probably go on for quite a long time let’s okay cool so this is from emed R clown and he’s asking would BTC ETFs lead to price manipulation of BTC okay I think it’s VL or something it’s VL I don’t know that’s my that’s my

That’s your best reader polish my best reader polish yeah as you can tell I don’t speak a word of Polish um yeah let us know in the comments is that right okay would be uh would uh Bitcoin ETFs lead to price manipulation of BTC this has been something that’s been sort of

Flagged up a few times isn’t it um I mean we are already in a state this is something that I think about a lot we are already at a stage where a huge amount of Bitcoin Supply is concentrated among a a a very small handful of people

And institutions and I think the ETFs are only going to exacerbate that and that I don’t think is a good thing we have seen in over the last few months we have seen the number I think it’s Bitcoin shrimps which is one BTC between

1 and 10 BTC I think it’s a pretty weird name for someone who’s got a very little bit W they just called it Flander or something like why a shrimp it’s like you call it a fish or some description there is a scale isn’t there I think

It’s crabs I’m a shrimp I’m a whale whales eat shrimp is actually well yeah they do um I think isn’t it Bitcoin crabs are uh below 1 BTC and then I think it’s shrimps next and then I think it’s I mean there’s Dolphins shrimps are high

Have more Bitcoin than than a crap I think so why would it but a shrimp’s smaller than the crap does that make sense to you we better check we better Google that not scientific enough we we need to know off get the animal analogies of the Quin holders yeah um so

Anyhow but I I think the the proportion of people who hold between 1 and 10 BTC that is that has been climbing and that’s you know that’s a good thing I think that that’s a trend we I would love to see continue the problem is you know since since bitcoin’s Inception

Despite the efforts of of a heroic few Bitcoin suppliers become more and more concentrated I mean you know Michael strategy and Michael sailor between them hold fairly fairly significant proportion of bitcoin’s overall Supply 1 million uh BTC are concentrated in satoshi’s Genesis wallet um and we now have that crazy situation whereby you

Know no one wants to see it move because even if onec one set would go out of that completely yeah which is kind of woring yeah um massive massive Guillotine over the neck of the crypto markets you know I mean I think that’s something that bit Bitcoin would recover from but it would

It would be a shock you think it would recover from it one set think about what that implies what that implies well I mean I I I I mean basically more like like that more like that Supply hitting the market I mean that is a huge supply

Shock but I think that would okay bitcoin’s price would tank as a result but I still think there would be enough I guess the psychological thing would be Jamie Diamond at Davos wasn’t it you know he was saying well what if what if satachi comes back satachi what if

Satachi comes back and like you know played a trick on you you know I change the supply it’s not 21 million kick the button yeah I think that would have a huge psychological uh impact but I think the demand for Bitcoin would still be there I think you know even if we saw

The price plunge anyhow we’re getting a little off topic so would these would these BT um Bitcoin ETFs lead to price manipulation I I mean I’m not I’m not sure that they would because I think you know these these ETFs lead essentially to to BTC being locked up I don’t think

It’s going to be be very liquid and are they I mean the the ETFs can only sell that that Bitcoin if they need you know if their Shares are getting sold they have to have enough BTC to back the number of shares that have been issued

So I’m not sure Black Rock say could necessarily dump a whole load of BTC on the market on a whim I mean is that fair to say that is true but I think the in terms of potential price manipulation there’s many facets to it um I think

That um there were concerns around price manipulation around Bitcoin going into these ETF launches and if you’ll remember this is one of the big things the SEC talked about right and part of the reason they didn’t want to approve it was because of concerns around spot manipulation which is kind of weird they

Had the Futures EF prior to that because Futures are technically slightly easier to manipulate uh but in order to assuage the fears of the SEC the you know these SSA surveillance sharing agreements there were a lot of uh these were entered into with the exchanges and with

Uh the you know the exch the coin exchanges as well as the the ETF providers basically they would get to these agreements where they would share information around any sort of uh you know suspicious price movements in the spot Market that are being created in the Bitcoin spot market and that would

The SEC had there was a lot of these in place with a lot of the ETF providers and as a result the SEC approved the ETFs but another important Point here is that if you know how the mechanics of these ETF works these ETFs work is that

There was a talk around the in kind and the incash Redemption right so it’s a lot easier in terms of like making Arbitrage with pricing M differences in terms of the actual Bitcoin spot and the ETF shares it’s a lot easier to do Arbitrage trades and differences in that

When you are using in kind Redemption as opposed to cash right right because let’s assume the question on manipulation like for instance let’s assume that the price of the Bitcoin underlying commodity is much cheaper than the nav of the shares on the ETF and they can basically make an Arbitrage

Trade where you buy the spot short sell the shares then then use the spot commodity to create new shares and cover your shorts but if you’re talking about in cash Redemption it’s a lot less Capital efficient because you need the cash first to do that to buy to go and

Short sell the shares in the ETF provider so essentially the long and short of it is that the in kind the incash Redemption which is what the SEC want and which all the ETF providers have done it doesn’t allow for any it’s much harder to do Arbitrage trades which

Is part of the reason around this potential manipulation around the spot Market lower price to try and get a gain on the ETF redemptions um so surveillance sharing agreements and the in cash Redemption have made a lot harder for Arbitrage Traders and manipulators to make Gain on these EMP

Redemption and uh issuance events but uh yeah there’s still always the possibility of it but it’s it’s very hard now and because of the ssas and all the liquidity and and the market surveillance uh I don’t think it’s that much of a concern right now which is

Part of the reason why the ACC approved it yeah tell me you used to work in Trad five with without telling me you used to work in Trad yeah rcking the brains there you know sticking back to those days yeah well I mean yeah yeah it’s you

Learn you learn a lot you learn a lot working here but I mean yeah ETF roles in general it’s actually but that’s what I say the the Futures ETF the reason why they weren’t as efficient was because it was very easy to try and manipulate prices in the Futures Market prior to

The roles because you knew when these guys would be rolling the ETF Futures so that’s why the Futures were just a terrible instrument and why we so to have spot products right now yeah yeah okay now we’re on to the next question and this is very important question from

S saus tus and he’s asking are you happier now guy am I happier have I now you happy thank you for that uh concern about my welfare as opposed to win yeah have I have I been coming across as particularly unhappy recently well it’s nice that people have it’s nice that

People uh have this uh concern um well yes I mean I am happy my mood kind of Rises and falls with the crypto Market because you know you come into work and you’re like is is it good or bad yeah yeah it’s very much tied to the crypto

Market sometimes right which is not necessarily the best advice right I mean if you if you TI your emotional state to the crypto markets then if it’s as volatile as the crypto markets people would think you’re a bit of a skitso it can make you quite a skitso

People assume you yeah you have um you’re a bit of a hair trigger temper at times um no it’s it’s an interesting question though because it does yeah this working in this industry does sort of get to you psychologically and I think you know that’s one of the reasons

Why I would say when people ask me how I deal with working in this industry I say like you know I have to have a few hours in the day where I don’t do crypto or or you know be on the Internet or anything like that but yeah short answer is I am

Happier now because crypto’s in a better place and it’s more fun and more pleasant to report on that how about you Nick are you happier now I I am yes I am but it also did give me reason to pause and think and I think that if of course

We obviously we can’t you can’t help yourself in terms of like the markets are crazy and you know massive gains and green candles you know you can’t but help it impacts your emotional state but I think that the key to longevity in this market is to yeah just be to to not

Attach your uh to basically have external interests and hobbies that aren’t too much tied to the crypto market so you can have perspective because it is tough to make it through those bare markets and if you constantly rely on on the green candles which is at

The end of the day money right if you constantly relying on that to give you happiness and joy um it’s like a drug right and like most drugs when it’s not there it’s not going to be a fun time yeah you get withdrawal you get withdrawal so yeah longevity key the

Happiness hack try and find cool hobbies and interests and also hang out with the normies I know you know and spread the good word of crypto but also you know I think that it’s important to uh just hear about other things are going on in the world not just crypto yeah yeah go

Out and touch grass yeah touch grass okay so uh next question from the wonderfully named coin inclusion I like it I’ve heard that Bitcoin mining isn’t profitable anymore is this true yeah I mean to be honest there wouldn’t be a Bitcoin network if it wasn’t profitable right yeah I mean mining is

Mining is this is part of the genius of Bitcoin isn’t it that this the the incredible design that Bitcoin has as more and more as mining gets more profitable and more and more miners join the network the difficulty gets the difficulty Rises so that you get to a

Point where it becomes uneconomic for some miners to be to be mining you know their costs are too high the rewards are too low whatever it is so therefore the the you know the weakest performing miners if you like drop off yeah so the hash rate goes down which means the

Difficulty goes down which then incentivizes more miners to join again so in in in theory you’ve got this system that is kept kept in Balance yeah and I mean you know the fact that Bitcoin miners managed to ride out things like energy crisis you know spiraling costs bitcoin’s price

Going down um and keep doing it I think it’s test and bitcoin’s hash rate has only been rising this is what this is what blows my mind coming to the market yeah um and this is one of the things why you know we a lot of a a lot of us I

Think were sort of thought that we hadn’t seen the bottom of the bare Market when we had because we hadn’t seen a collapse in hash rate which we had seen before um and I think this is Testament to just how resilient Bitcoin has become and just how you know

Just how resilient the industry that surrounds Bitcoin has become so yeah I mean there will always be miners who are getting squeezed out but the result of that means that other miners will be able to come back in back in yeah naturally alen that’s that’s the genius

Of the actual Bitcoin protocol yeah and it is actually it’s actually quite profitable right now um and okay there’s the question around what happens after the Haring right okay cuz naturally that’s all things equal har in the revenue right but I think I actually put out a post on the CBC research feed

Which is the coin Bureau club’s you know specific research feed um where I I looked into basically looking at a report by coin shares report where they looked at the miners profitability right now right going into this Haring and how well positioned they are you know the percentage their percentage cost per

Bitcoin for the price of Bitcoin is at the high much higher than it was in 2020 right in the 2020 har indebtedness is much lower as well so debt servicing won’t be that much of a concern and then they’ve got massive Bitcoin and cash balances so it seems most miners are

Actually well positioned to go into this Haring and they’re quite profitable and as you’ve seen mining stocks have done incredibly well over the past few months uh and the question then is when we go towards the Haren itself if there is going to be a pricing rally which some

People think it will lead to and the months after that then um coin shares assumes that there could be this s they called mining gold rush where if your Revenue growth I.E the price of Bitcoin is growing faster than your costs um it’s a great place to be in so yeah I

Think it’s still profitable and it could become more profitable so keep your eyes on the mining sector certainly it’s not profitable to try and mine Bitcoin yourself at home that has not been the case for a very long time I think yeah but don’t you don’t you aren’t you

Renting a mining machine somewhere yeah yeah I’m renting I’m renting a an Asic from ter has Solutions I spoke to their CEO for an interview here on Clips a few a few months ago um and that is that is profitable yeah I mean so it’s it’s still profitable per se even if you’re

An individual minor okay you know and it’s it’s probably not so much to use your own energy grid and stuff and they’ve got efficiencies of scale and stuff like that which is why it’s profitable for you yeah but I mean if you wanted to if you wanted to buy your

Own Asic which as6 aren’t cheap and um set up your own mining rig at home I think you would struggle to make money from that yeah unless I guess maybe unless you had a very cheap source of electricity yeah I like the idea I like

The idea of living in a in a house by a stream you know River with a water wheel yeah and using that to power you know to power some some as6 that’s that’s sort of that’s a little bit of my sort of dream of the future back in Toronto you

Had a friend who basically his rent included electricity oh really so was he running as6 he wasn’t running as6 he was running gpus eth min oh right okay and the landlord could never figure out yeah man it’s just you know it’s the water the water the bo the boiler isn’t

Working properly I’ve told you to fix it man it’s not energy efficient you need to get some green energy stuff in here it’s like wow wow ever since you moved in the spike in electricity I just doesn’t make sense and yeah what’s that computer do oh it’s it’s just a game

It’s just a game I’m a gamer I like the game this is why I got so many gpus you know don’t miss with me bro yeah it’s the whole the whole mining thing I find absolutely fascinating I just think it’s such a such an interesting topic it’s

Yeah I I wouldn’t want to be a Bitcoin minor because I think it must be quite stressful very stressful yeah but you know hats off to the guys who do it it’s it’s great and you know obviously a crucial part a vital part of Bitcoin Network without MERS no Bitcoin okay uh

Let’s move on so this is um from Nev and uh he’s asking isn’t eth market cap of 300 billion just too big for any significant upside Visa or JPM are less than 2x that okay well there’s a couple of things to bear in mind here firstly

Uh yeah you’re I mean you’re right in a way the the larger it’s not a it’s not a crypto’s price that determines how much it is going to see in terms of gains it’s market cap so quite naturally the gains that you will see from uh you know

From buying BTC or E while I think there will be still significant gains over the coming months and years uh you’re not going to get the sort of 100x gains that you would get from a crypto with a much lower market cap that’s just that’s just

A fact of life I don’t think it makes BTC or eth necessarily bad Investments because I think you know those those gains are the the gains that it will see are you know not guaranteed but you’ve got a better chance of seeing gain it’s got less chance of going to zero let’s

Put it like that so that’s that’s something to bear in mind yeah you won’t get you won’t Bitcoin or ethereum or indeed any other top top five top five crypto uh excluding stable coins of course won’t make you 100x gains and stable coins certainly won’t um so

That’s part of the thing to consider yeah uh market cap is is is important I mean are is it depends if you see ethereum also as being analogous to to JP Morgan or VISA I think etherum offers a lot more more than those than those companies Visa Visa is a payments

Network that’s what that’s basically what visa does it transfers value now that is an enormously valuable business and Visa is Visa is obviously massive and recognized across the world yes ethereum um and and its layer twos in time I think are going to become more of a payments Network I mean you wouldn’t

Use ethereum to be a payments Network now because of the gas costs yeah um but bear in mind you know Den is going to lower gas costs especially for well most notably for for layer 2os so we could see payments on layer twos become a thing although I think that’s kind of I

Think other blockchains are sort of doing that more um you know Tron for instance is much more of a payments Network than ethereum but ethereum you know there is so much more to it isn’t there I mean ethereum is a network on which you know you’re going to be there

Are any number of applications uh that you can use the ethereum network for yeah I mean I totally agree I think that I don’t think it’s necessarily analogous uh because ethereum is trying in terms of the vision of ethereum is a global decentralized supercomputer right especially with many of the upgrades

That are com in around in the road map to e theorum it really has the potential to be that and it’s not just a financial Network right so you it’s not you can’t just view it like JP Morgan or or VISA and if you believe in the notion of the

Fat protocol Theory which is the the value of the actual Network itself can be way more valuable and all the apps built on top of it uh there is no reason for eth to just be viewed through the lens of a financial applications network uh so yeah I think that it’s not

Necessarily analogous uh and I do agree with your point of course higher market cap potential gains on ethereum as a large market cap coin is much less than some other coins below the top 10 or so but also note that ethereum is the market cap is determined also by

Outstanding or circula Supply right and um as one thing we do know about ethereum it does have when it has a large amount of demand is burn rates and that potential deflation net protocol deflation which therefore means that um it’s not necessarily analogous to the market cap itself or see the price gains

You could see if you hold the theem because if you have less of an if the network faces deflation right then the circul supply Falls and therefore the gains you could see is more than just the 2x um or 3x because it’s not just the market cap dependent so that’s another

Point to consider when thinking about uh eth’s market cap or any coin that could become deflationary yeah yeah look if you’re you know if you structure a portfolio um that is that is balanced this is why I you know this is why 70% of my personal portfolio which um well

We’ll talk about portfolios in a minute but you know I think you need a portfolio that is structured between so-called safer bets like BTC and eth and then that allows you to go and and take longer you know more risky punts on cryptos that could 100x um if you put

Everything on high risk High reward you might you know the you might see some gains but you you know the the risk side becomes way way bigger and you know you’re kind of asking for trouble but we’ll talk about Port I think that’s going to be that’s going to be one of

The later questions okay Landis asks oh inj okay do we say inj or in it’s it’s in because it’s ninjas ninjas in in all right good to get these things cleared up in already did 30X this year don’t remember stop reminding me um keep hodling or take money and

Invest into something else now I think this person is asking for financial advice advice yeah um but Nick you’re a ninja yeah ninja yeah so yeah of course give us nonfinancial advice nonf Financial advice from a fellow ninja um yeah so as you know obviously hold injected my personal portfolio um and I

Actually this is a good question because it’s something I’ve been considering it’s around okay you’ve seen such a massive rally in the price of this of of injective and inj in should is it something you should consider taking some profit and then I saw Mark Cuban said he tweeted about injective and I

Was like maybe not maybe hold a little long hold longer but no no in all seriousness I think that um look if you’ve held it in over the past three to four months and you’ve made significant gains on it uh I think it’s it is wise

To start taking a little bit of profit you know a bird in their hand is withth two in the bush but and and I still think there is potential for gains right I do think that but I’m not 100% certain because you know Mark it’s also dependent on the market right from the

Tokenomics perspective I do injective has got a lot of value because it’s got potentially goes to deflationary you’ve got at least a massive amounts of demand 50 million injective been staked there’s 170,000 stakers you have about nearly $2 million being burned in in a month so this is obviously deflationary for the

Network and there’s exciting stuff being built on on the network itself lots of protocols and deps uh that also could potentially have airdrops which lots of people are excited about um so what I’m considering is maybe I’ll take a little bit of profit and then um start staking

In a lot a lot of different protocols within the injective ecosystem because it is a really exciting uh project and um you know we’ve actually got scheduled with an interview interviewed with the CEO in the next uh two weeks or so so if you guys have any questions you want us

To ask let me know in the comments and yeah we could ask him but I think that that um it’s an exciting ecosystem but I think that definitely do start do take a little bit of profit don’t be don’t be scared to take profit in general in this

Ball Market if you’ve seen massive gains because um you know you can still there’s no you don’t have to sell your entire stack you can still get you participate in the ecos system and uh yeah make make additional air drops is additional value potentially as well

Stake in has got there’s a good there’s good stake in rewards on on injective as well so yeah I mean look if you’ve made 30X you can you can sell off a your portfolio not by no means the majority cover your initial investment you haven’t lost anything everyone’s a

Winner exactly um yeah I’m just I I I the only reason I’m annoyed at that question is because I slept on in and never got into it and uh Nick did and now I have to hear about it all the time but it’s super impressive how they were

Able to like get demand within because I was speaking to the marketing chap the other day and um how they were able to create this interest and and bring new deps onto them post FDX new deps building from the Terra ecosystem for instance they reached out to them

Proactively also people from some people from the salana network and they look in a lot of it in the interoperability um they’re trying to bring this salana virtual machine Ean virtual machine to make it a place where lots of developers would want to build um and of course the

IBC the IBC protocol allows them to expand out and provide liquidity to all the daps in Cosmos so there’s a lot of stuff building on an injective and you know I could go on forever but bullish on in in other words but yeah cool so uh next question is from Jazzy

7011 and in caps your current portfolio status if it’s in caps in cap they want to know with no question mark no question mark now they are demanding to know your current portfolio status guy it’s basically the the equivalent of someone someone coming up to me on the street and yelling that statement

Directly into my face where is it and why can’t I see it in a newslet anymore more gu okay well all right Jazzy fine um put it like if you put it like that okay so yeah I touched on this earlier current portfolio status 40 odd perent uh BTC 30

Odd percent eth um for reasons that I explained earlier my next biggest holding after that is pith um about three and a half to 4% probably near a 4% now that Pi’s gone up in price quite a lot over the last 24 hours so uh so that’s my next biggest hold after that

Uh my next biggest holding is salana um I got in pith and soul I bought relatively recently um we covered pith in a video on coin Bureau club and I really thought the potential of it is is is amazing you know a competitor to chain link which has been much needed I

Think chain link is a great project but I think you know competition in that Niche is is is called for uh so that’s why I went in on pith uh Soul yeah I’ve I’ve held so before I think salana is a great project and the fact that it came

Through everything with FTX uh I think is is is Real Testament to to uh you know it’s in it’s enduring quality I think it’s I think it’s here to stay and I think there’s still upside for soul in the long term and after that my next big

Biggest holding I think is atom cosmos’s atom and I’ve talked many times before that I think uh the cosmos ecosystem is incredible what I would say is that I’m becoming although I’m still a big fan of Cosmos and atom I atom has not seen much in the way oftion atom isn’t amazing

Tokenomics aren’t great there have been uh there have been proposals to fix atom’s tokenomics and I think that is still a process that’s ongoing the at the cosmos Community is very much divided on the issue um I’m not convinced we’re going to see huge upside for atom in this bull market unless

Those tokenomics are fixed cosmos’s ecosystem on the other hand Cosmos yeah yeah yeah um so yeah I think although I’m I’m not going I’m not planning to sell my atom because I’ve got it staked um I’m not sure we’ll see the same sort of upside without those tokenomics fixed

So that’s a sort of high level overview of my portfolio uh I hold a few other um uh coins and tokens including some in the cosmos ecosystem if you want to find out what it looks like in detail and what Nick’s portfolio looks like other than his massive in allocation and other

Uh coin buau team members portfolios uh then you can join coin buau club and uh all that information is available on the coin Bureau Club site you can see just how degenerate some of us are not me I’m I play it very safe okay um final

Question uh we’re back to we’re back to no caps which is great jazz Scott asks what would you say to people who say if crypto equals Freedom why so many centralized regulations yeah that’s a good one right interesting question that so centralized regulations is a bit of a

I mean centralized regulations is a funny term but I get what he’s trying to get say in terms of like if you think crypto’s freedom and we’re supposed to be outside of the traditional system you know the cipher Punk Manifesto kind of thing uh you know why are we so Reliant

And so why are we pushing so for all these regulations right he why are we trying to you know cow to the regulators and trying to do lobbying and get positive regulations through and I think it it is true if you view it from a completely philosophical angle it’s like

Crypto was created to be independent of the financial system independent of government regulations and and rules but the problem is is like you know although that is a good uh idealistic you know idealistic stance to take it’s not necessarily the way the world is right if you want crypto to

Face have mass adoption if you wanted to interface with the traditional Financial system in terms of being able to get Fiat access through banking rails if you want to be able to have the ETFs right you need to have regulations that these massive institutional investors regulators and governments will feel

Comfortable with so yeah it’s it’s it’s like crypto is freedom but you know it’s like there’s you need to you need to basically like um you have to con of the cake can it to a certain degree right you can’t say oh I want to have complete freedom but then that implies that

Crypto would never be able to no one could access it all the banks would shut down working with any sort of crypto companies uh and you know let’s assume the worst case scenario government just completely outlawed because there’s no there’s not been any any sort of like interaction with the crypto industry and

Engagement then what are you going to do people aren’t going to go against the government and like hold crypto because they want to take an idealistic stance not everyone is as philosophical about the future of crypto as some really hardcore crypto Cipher punks are so yeah

I think it’s like you just have to you know have to play the game yeah I think also as well there’s there’s there’s sort of various facets to crypto because I think something like Bitcoin which is truly decentralized and however much they talk about shutting Bitcoin down I

Don’t think they’re ever going to be able to do that so if you hold Bitcoin you are enhancing your own indiv idual freedom to an extent you I I don’t think you can say that you’re freeing yourself entirely from the Fiat system because the Fiat system is is very much you know

Aligned towards perpetuating itself however rotten it may be there are too many interested parties namely governments and you know and and people in power there are too many interested parties to let that system collapse easily so or to let a an alternative grow too big so I think Bitcoin does

Enhance your freedom but it doesn’t set you free entirely and I think there’s the other side of crypto as well like Chris Dixon from a16z has been talking about this because I think he’s written a book on it and this is the kind of web three aspect of it yeah in that crypto

And blockchain Technology can I think lead us towards uh an Internet that is that is less centrally controlled at the moment the internet has has sort of congealed around these huge companies and I think I was listening to this guy Chris Dix and talking to Laura shin and

I think it’s it’s a fantastic and you know a huge percentage of value is captured by only a handful of companies you know meta and Google Fang right yeah the Fang you know are capturing all this value and there’s very little left for everyone else what crypto and blockchain

And you know web 3 can do if we let it is to grow up a system where that can that can take you know that can distribute Capital that can distribute value that can distribute ownership more freely and I think that is a form of Freedom as well because a centralized

World that is controlled by a handful of Corporations a centralized internet that is not a free internet and I think if if we have as individuals the opportunity to own part of the internet to capture some of that value to own a part of protocols that we use and believe in

That I think enhances Freedom as well but you know both individual freedom and I think Financial Freedom to an extent too yeah so yeah you’re right in that regulations and there is I mean let’s face it there’s a heck of a lot of centralization in crypto at the moment

That is not leading us towards a sort of Promised Land of Freedom per se but I think it is I think it can still if it’s done right and it evolves right and regulations I’m afraid are a part of that then individual Freedom can be enhanced that’s a good point yeah

They’re not incompatible necessarily yeah yeah but they have to be done they have to be done right yeah okay that’s it for today’s Q&A thank you thank you as ever for sending in questions we’ll be back soon maybe maybe Jess and I will do it next week mix it up a bit more

Yeah for sure yeah okay thanks for watching everyone don’t forget to like And subscribe if you haven’t already Nick thanks for joining pleasure man pleasure as always see you guys soon see you guys soon cheers