Binance FUD and SBF in custody

Welcome Craig Cobb, Reese and Lou. This is another edition of our traders chart. Well, we just get together and have a bit of a jingwag about what's going on in the market. So thanks for being here, boys. Nice. Thank you. Thanks again. Thanks. Thanks for the effort. Yeah. Look, what we're going to do today in this particular chart is we're going to talk about, well, we

can't really avoid it. The everything that's going on with Binance, of course, FTX and SAM, testifying, I think it was today or last night at my time. And also some of the figures that have come out recently regarding inflation and obviously what it's done to Bitcoin and the market. So I think what are you guys, let's talk about first and foremost Binance because, geez, there's been

a fair bit of back and forth going on regarding Binance, you know, one of the things that there's come to air since FTX is trust and the importance of trust and the importance of trust comes through being truthful, right? And there's been some pretty scathing things coming out about what Binance has put out there. What are you guys with that sort of stuff at the moment?

I've got a few articles that I've read. What do you guys think of Binance at the moment? Is it something that scared the absolute bj's out of here? Well, you're okay. What are you reckon, Lou? Oh, look, we're not. When I heard it, so after FTX, I lost a little capital and FTX, like all of us did it. So, like, when I jumped on Binance, I

started trading on Binance. I was like, look, I get the slightest whiff. That's something he's untoward with Binance. I'm going to take on one's off. That's just the decision I made a month ago. And so, I had a white list of address on my account, to the left, and wait for it to all blow over. Which it appears it's all blowing over now. Yeah, I did

the same thing. As soon as I got caught wind of it, it was like, all my funds straight up Binance, onto a ledger, nice and safe. I did not want to explain it. Do you think I'm going to have a second for it? Every again, yeah. I mean, it's, you know, the problem with Twitter is that fake news can spread just as fast as real news.

So, we just don't really know. But then, you know, some news articles came out on coin telegraph, and if you're other media websites. And just reading through those, yeah, it seems a little bit sketchy. Well, with regards to fake news, I mean, the thing is, as well, is that, you know, we were only going back, I don't know, it was at nine, ten weeks now with

the same thing with FTX. You know, there was all that FUD, which wasn't FUD, about FTX not being sold. It broke as an article, I can't remember who broke the article, but a deep dive into FTX assets showing that most of what they were garnering is there, you know, assets were in liquid. And they couldn't actually access that money anyway. So then, you know, Sam comments.

We want to one. No problem. We don't use our client's funds, all this sort of stuff. And of course, we found that to be not true. So it's, it's definitely sent a huge shock wave through the market. And I think, you know, I'm going to get massive amounts of lost trust. But I mean, when we look, I read through some of the transcripts from the hearing

today and plus a lot of, you know, he's been out there wildly tweeting and he's been doing speed talks and whatnot. And I mean, there's two scenarios here. Sam's an absolute liar, which is very possible. And he did know what was going on or Caroline, whatever her surname is. She was the remanderer bus because if he had no, if he didn't know this was happening, it's

still his fault, by the way. I'm not taking any of the blame away from him. He needs to know what's going on. But he's kind of saying, look, I didn't know. And as far as I was aware and, all this sort of stuff, but it doesn't take away from the fact that, you know, the financials that were lit in that article showing that the reserves that

they were, you know, I guess getting their money from or lending against or, you know, putting up as reserves was totally liquid. And that, how could he not know that? I mean, he runs a freaking exchange, one of the largest in the world. The whole, oh, I just, the second largest. The second largest in the world. The second largest like any exchange was a second largest

in the world. Yeah. Completely responsible behavior. So he's hopefully, you know, suffer what he needs to. And, and you know, when you do the wrong thing. And you, you affect, because it looks really sadly, there will be, there will be suicides off the back of what's happened here with FTX. I'm sure it's already happened for many people. There'll be a lot of extreme hurt. And, you

know, I think it's a lot of pain. And, look, if anyone doesn't need any help, by the way, please contact, you know, if this is triggering or whatever, do getting contact with life liner, whoever it is in your region to have a chat with somebody, speak to your friends, you know, don't, don't just hold it. And if this is triggering you, please do take, you know,

save all the passengers that were on board. As it turns out, the buses rolled, the passengers are still in sight. And they can't get out. Because we don't really know what's going on completely. Because the chapter 11 hasn't been concluded nor has any of the other jurisdictions in different parts of the world for the most part to my knowing. So the whole poor me, I'm not

buying an ounce of that. Bullshit. And you don't have to say, there's, oh, sorry, just quickly. Just the way, like how, so like when all these withdrawals were going on with FKX, SB, Sam was silent. Like there was no communication at all. And it was absolutely should fight. Now, see what's going on with buying an ounce and the O of buying at CZ. Like I'm just

looking at kind of his Twitter now. And they've had 1.1.4 billion in withdrawals. And he said, oh, we've seen this before. Some days we have net withdrawals. Some days we have net deposits. Business is usual. It's good to stress test withdrawals on each exchange on a rotating basis. Clear communication with clients. Like, it's, I guess if you compare the two, like, the, you know, it's different.

I feel like it's a different feel. This guy's communicating clearly what's going on. Yeah, but how do we trust him? And let's go to this audit, right? This audit, they've this internal audit. And they said, they've got proof of reserves. They, they've got one to one. Like if I put a Bitcoin on, onto platform, then Binance has that Bitcoin as well. Something along those lines, which

is one to one. And they've got their own Binance reserves as well. And then they've got this, what's it called the Safoo fund, right? So I'll read this. What this means in actual terms is the Binance holds all user assets one to one as well as some reserves. We have zero debt in our capital structure. And we have made sure that we have an emergency fund,

the Safoo fund for extreme cases. I'm a little bit confused here because if it's all kosher at one to one, then why does there need to be a fund in the first place? That's, that's the thing that scratches makes my head scratch. Is that purely a PR start? Or is that something that? I don't know. It doesn't stack up for me. Why they would need that.

I mean, I don't think that's the way that it needs to operate. If they are completely one to one. The second thing is, well, sorry, I'll leave it at that. What are your thoughts on that? Because why do you need to have a backup fund if everything is completely sweet at one to one? Why do we need that? Is it PR or is it required? You

know? Yeah, no idea. Like I'm sure an exchange is a super, super complex. Organisation and other than we'll ever fully know what happens behind the doors. But yeah, it seems a little bit suspicious, doesn't it? Well, with the Safoo fund though, you got to remember, like, I was so, I, I didn't know a little bit about, a little bit about this. Like they put that fund,

let's say, into existence. It's not the end of last year, but possibly back in 2018 or 2019. So don't quite me on that. And it was put in this. This insurance fund was put in place in case Binance suffered a hack. And they weren't able to cover those deposits so they could dip into that fund and replace those deposits that were hacked by that fund. That's

why that fund was usually set up. Yeah, okay. Well, that makes a bit more sense to the hacking. And they have had to use, I think that's a 55 million hack back in, or might have been 19. The, yeah. The other interesting thing that I see from, from this internal audit, and I'll read a couple of points here is that, so it was from Mazarz, which

is kind of a mid-tier auditing firm, right? Mazarzz said it performed its work using agreed upon procedures requested by Binance and that we make no representation regarding the appropriateness of the procedures. That doesn't sound to me like the conditions for a full and unbiased audit, essentially what I'm reading. And don't forget, I'm not trying to slander anybody here. I'm reading this as an individual who trades

with Binance. Not very often, but I've got funds on Binance just because I like to trade futures and they ain't much good there in my experience. And it's just too complicated. But why, why not have a completely, he's talking, he's out there on Twitter saying transparency, transparency, transparency. Then he's setting the terms for which an audit can be provided where the audit to itself, as I

actually said, we're not saying anything about how appropriate this is. We're washing our hands of that. They asked us to do a certain task. This was a certain task. They haven't necessarily, excuse me, they haven't come out necessarily said, this is a full audit process. They've said within the agreed upon procedures by Binance. The other thing I find frustrating is that it's like he keeps going

back to compare this. Almost like sort of saying, yeah, you got eaten by a great white shark. But you've only lost, you can't lose your leg here. It's still bad. But then to say, we need transparency and then to not provide it. I mean, it's important for us to show users that the coffers are not bare like at FTX. That's what Patrick Hillman said who's the

chief strategy officer. So don't compare yourself to FTX, please. We know how bad that was. We're not looking for the less bad option. We're looking for an honest trustworthy option. And the comparative, so the comparisons consistently made to beating down Sam and FTX. We already know how bad they are. We're asking you to show us something that we can be faithful, you know, we can give

faith to and trade with you. So there's so many red flags that I'm seeing in this whole audit that it's not an audit. An audit is where there's open transparency to accounts, debts, liabilities and whatnot, running costs, all that. This audit is not that. It's almost as if, and it started off with the whole proof of reserves thing, which is kind of like a trust me

bro, you know, look, we've got this many Bitcoin. That's great. But how many do you owe? You know, where's your debt? There no, I would say the finances completely missing the mark on this one. They've had an opportunity. Perhaps they've rushed it. That could be the outcome. But for me, I'm not saying the buy-hands and insides of it, anything crazy like that. I'm just saying that

based on the on the factor of gaining trust, they are, they are really dropping the ball here. That's my opinion. I'm going to be honest. I stopped reading after I read that Mazar conducted the audit on agreed upon terms. I thought, if I'm selling a house, am I going to get my buddy to come in and do the building inspection on the things that I choose

to be inspected for their structural integrity? Just do the walls and do the doors. Don't look at the slab, don't look at the roof. And then go and sell that house and expect someone to buy it. It's ridiculous. I think it's ridiculous. And also what the thing that I noticed right away was what company of this size doesn't have any why black. They say they have

no debt. How can you not have any debt? You can't just come out and say, oh, they, oh, does they mention it? Yeah. Yeah. So in the article that I read, it was yeah, they definitely do have liability. So I'm just trying to find the exact numbers, about 500, almost 600,000 Bitcoin worth of liabilities and then just under that in assets. So they had more worth

of liabilities than what they did assets. But CZ came out and said that that didn't take into account the amount that was lended out through margin loans and their lending program. And if they did take that into account, it would be 101% collateralized. So again, 97% to 101%. Yeah. Again, it's just trust me, bro. Yeah. The other thing is, and this is, this is coming back

to, you know, Twitter is a great place for something that's a cesspit for other things, but it's a great place as well for being held accountable. Now, if you recall, uh, uh, Binance, what did he say? He said, um, in an exchange, if an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems.

Stay away, stay Safu, right? Now, let's not forget that Binance received, well, you know, Binance moved 2.7 billion out of its proof of reserves wallet. The exchange responded, saying the money was moved was to a TRX call wall. The procedure was even more bizarre because it comes off the hills of the contradictory statement that CZ made about moving funds around. So it effectively come in. Um,

it's effective to come in and said, if anyone does this, it's a massive red flag, stay safe. Oh, I've just done this. Yeah, but it's okay because of this reason. It's like hang on mate. You moved 127,000 bitcoins from your reserve address to somewhere. It's a big deal. And the fact that we're sitting here in a relatively frustrated and confused state now frustration and confusion is

uncertainty. We know what uncertainty does to markets as traders when marketing is, uh, markets are uncertain, irrational things happen, markets plummet. That's what happens. All they go sideways. It is under no circumstance is a, is a, um, uh, you know, non trusted market or so not non trusted, uh, a market that is, you know, I'd be worried. Under no circumstances that lead to a good outcome.

The whole point of what CZ is trying to achieve here is it is trying to show that we are trusted, we are safe, we are good. Now he is absolutely the number one exchange out there on the planet. Pretty much always has been set aside from mountain gocs, but he's really going about the clarity of messaging in a very, very wrong way considering the most of

the people that are involved with the asset class and his exchange are people like you and me or people that are less educated in these matters. This is confusing. He's throwing more confusion, more uncertainty into the market. And that's what we saw 1.27 billion I think that that quote from Lauren Buffett about how the old, uh, what is it? A rising tide rises all boats, but

a, what is it when the tide goes out that reveals those who swimming naked? Yeah. It really feels like CZs swimming with a nice little bikini on at the moment, not fully naked, but we're starting to see things that we probably don't want to see and he doesn't want us to see. Yeah. And I've kind of done it to themselves. Let's be honest, like if he

wasn't calling for this transparency and everything, which is good, which is what we should have. They've dug themselves into their own, they've dug their own hole. Yeah. Yeah. Yeah. You can't, you can't be making all the claims and being the king and all that sort of stuff without showing that you can be, you know, if, if everything was, you know, and again, coming back to saying

that I'm not suggesting that Binance is going to go down. If it goes down, well, see you later. You know, like, um, see a lot of crypto industry Bitcoin is still Bitcoin. It will just set us back a long way. And that's something else. And Bitcoin hasn't done anything wrong here. Um, it's centralized heads that have. And, and these exchange for the most part. And obviously

there's a lot of pump and dump type stuff. There's a lot of, there's a lot of crap in there. Um, but Bitcoin rises above and the Bitcoin Maxie's are laughing their way to the, well, not to the bank because it's got down so much, but there's a lot of I told you so type stuff. And perhaps they are right. I mean, Bitcoin is the safest of

all the cryptos because it just continues to power ahead. But, you know, I think what's happening now as well is, is trying to get ahead of the whole regulation curve and, you know, trust curve. But, it just seems so rushed, you know, is, is trying. And I think he's realizing, perhaps in a similar way to Sam, if that is to be the case, that Sam doesn't

have a really good hold on things. Maybe, maybe CZ doesn't as well. Maybe he came out and said, Hey, look, we can prove it all. Let's do this, this, this, this, this, this, this. And he's got a bunch of yes people that are working in high places that are making a lot of money through working in those high places of Binance going, Oh, geez. Well, actually

we, um, uh, yeah. So let's, um, let's make our own rules for the audit and call it an audit. We'll, we don't really have, um, let's just put this out for now. Do you know what I mean? That's what it feels like. And it's a bit suspicious. The Justin, Justin Sun, Justin, the founder of Tron with drew over $100 million worth of funds. And then deposit

a back to Binance, like, see, look, we trust Binance. We give them back $100 million. You just withdrew how much? Yeah. A little bit suspicious. Just all these. Yeah. Yeah. If Binance goes down, Binance goes down, we're going to get put back a few years in adoption, but maybe not. Like Craig said, Bitcoin matters. And look, to be honest, for full disclosure, I don't think Binance

is in solver. I, it's probably, it is probably a huge, huge miscommunication. I like what you're saying, Craig. He's just got to we've got these little things in our, you know, pockets, doesn't matter what you status, called a smartphone. Yeah. You know, I mean, look at these crazy tweets. It's, I'm not willing to, to go that far to say, I don't think they're in solvent. I'm

just going as far as saying the way that they're managing things, because we were told that by FTX, we were told that by people here in Australia and FTX, they were in fact lied to as well from the Bahamas, coming back to what you said before, Reese, about, you know, Sam went silent. He went completely silent. He wouldn't even talk to his, you know, the people

running his business and different parts of the world. And when he did he lied to them. So, it's a really shady time right now. It sucks. Because the trust isn't there. And Binance is trying to build that trust and failing dismaly. And it, it, this whole audit thing, it's not an audit. We spoke about it in the last chat we did last week. Well, we said,

um, the easiest way, well, from my standpoint, to, to have these companies become trusted again, these exchanges, especially, is to follow a very similar red, you know, very similar framework. As what a publicly listed company would have to do, which is showing your balance sheets and doing complete, open, transparent orders, because it's publicly accessible information. That's where investors make their decisions based on. If you try

and fudge those, you're in jail. And so to the order to take responsibility to a certain extent to make sure that it is, you know, fit and proper. Um, the way they're going about it right now, just showing proof of reserves and making these rules that people can't do. They can't see and trust me, bro, I'm sick of hearing, I'll just trust this. I'll hit, he

didn't say trust us. He said, um, ask around. It's like, that is trust me, bro. It's like, oh, yeah, I'm just going to call up all your debtors that I don't even know exist. And see, you know, I'm just going to call everyone on the planet and go, does this easy on your money? Is Binance, are you money? What contracts are on? How much money is

going out? We don't get to see that. And that is the lack of transparency. If we follow a model similar to that that is. Or is it probably audited for publicly listed companies in just about every jurisdiction? Right. Um, then we're going to have a place where we really can trust until that point comes. I mean, it's just pissing in the wind. Like Binance going out

and doing all this stuff is just muddy the water more than it's clarified things. And I would suggest that this mizar mob that they've put in place to do a internal audit under their rules. They're probably going, oh, why do we say yes to that? Because it's tarnishing then at the same time, you know, um, I don't know. It's, it's the thing is, I guess the

bottom line to conclude on the Binance situation right now is that they've gone out there trying to provide trust and proof that they are all good. Now they probably are all good, but they're not portraying that very well. They are, they are bringing up more questions than they are actual answers. And it's because, um, the nerve endings are not connecting. They're all over the place. CZ

contradicting himself, I'm saying about honesty, it's setting rules around what honesty is. Well, truth is truth. I don't care about your truth. Truth is truth. The fact that I am talking right now in this room is a fact. You know, that's a fact. Give me facts. Give me the absolute truth about what is going on. And it's very apparent that they can't. And that's going to,

that's not good for the market. But speaking of the market, as you can see, and you've been seeing on your chart for a while, my ladies in gentleman, Bitcoin has had a pretty good last 48 hours closing up 3.3% yesterday. Gentlemen, why did that happen? I just just to sum up the finance thing. From from our standpoint, there's nothing we can really do until this blows

over. Um, I think that's the point. I think I would encourage people to take their Bitcoin and stables off of the exchange and have them in a ledger and just leave the minimum amount on there. At the moment, the risk is just too large. I'd rather be safe with my funds on a ledger for the time being. And then I'm happy to put them back onto

finance when they went everything blows over. But, um, yeah, I don't know if you've got anything to add their loo. Look, I hope I hope that by. The, the boy, like we've just covered all the negative stuff, the bush scenario and all this is if, um, a lot of people put finance under stress and they withdraw a huge amount of funds, which seems to be happening

right now. And finance coax with it. No problem with draws just kick over, kick over, kick over and it blows over. And I think if that happens, which what your hope it does, it will. Um, maybe that will inspire. So what raises just described there is just good risk management. If you've got say $50,000 worth of crypto and you are margin trading as well, you're using

margin. You don't need to have the whole $50,000 on there. You should be having for trading the amount that you require to have the margin that you need or to take the size positions that you need. Now sure, if you've got say three or four positions running, which is unlikely if you trade our ways at the moment, because we don't have a great deal of direction,

the probability is that you're going to be able to have the amount of trades if you want and risk management, so risk manage it to your $50,000, which is risking 500 per trade. So you don't need to have full exposure to any exchange. You do need to have some exposure to trade margin. Just manage what that exposure is and say once you've made some profits, take

that off, put that back on the ELEGER and keep yourself safe in that way. We've been saying this from day dot. It doesn't change. It remains exactly the same. There will always be counterparty risk and it doesn't just occur in crypto. That's one thing I also want to suggest is that I've seen these events occur on foreign exchange platforms as well. FXM was one of them.

I think another one was Atari back against the euro euro. So you can't feel more safe, you can't feel more safe in traditional markets, I suppose, because they do what it's real. But you don't get the same amount of volatility in that space. And we like that volatility. So that's sort of some up that how to manage it. And we'll be doing more on counterparty risk

coming up as well. So yeah, the market, it's up to 3.3% we closed up. I've been talking about getting up through the the old highs, which was set at 70%. We're now trading at 17,818 as Bitcoin pushed through quite significantly that level. We've got another new higher low on the daily chart, which it's been a really good market move over the last 24 hours. What was

it that made that move, gentlemen? Look, I think it could be a number of reasons, but I really think it was the CPI data that came out overnight. The CPI or the inflow inflation rate seems to have slowed and only increased by 0.1%. So the last year on year was about 7.7%. Yep. Yeah, 7.7%. The consensus was 7.3. We came in at 7.1. So I think

it does look like inflation is slowing. And the interest rate announcement, which is due for us tonight, I believe. Let's have a look. I think it's actually tomorrow. Here it is 6 a.m. tomorrow. Yeah, it's tomorrow. Yes. Yes. Tomorrow. So that's December 15. Yeah. So that'll be 6 a.m. tomorrow morning. We have the actual, we've got FOMC economic projections of the basically just talking and the

rates decision. They're still looking to raise it another half a percent after speaking earlier about the growth. I'm just going to pass. I'll be very surprised if that happens. Yeah. Look, I, I, I got a sneaking suspicion this time. And keep in mind, this has got nothing to do with me reading lots of stuff and being an economist. I'm just pretty down with patterns and politics

around patterns and times of year. The first hint was we are looking at decreasing the pace at which we're raising rates. Keep in mind, I think we're going to be able to do that. As we said before, 9% sorry, no, what was it? Was the inflation 6.7? Well, caught 7 just to do around number. And we've, we've got in the US. If you've got a mortgage

as well, you started at maybe 1.1% or something like that. Now you're at, you know, maybe 4.8%. So it's a big swing. You've got about a 10% reduction in your spending power with inflation. And now it, it illustrates rising. So a lot of people's money has been taken away. At this time of year at Christmas, good news is what politicians want. And with inflation figures now

having, you know, beaten expectations of the forecast, I believe there is a probability. A high probability. Well, I won't say a high probability, a higher probability now with inflation having dropped significantly more than forecast that tomorrow that we see maybe a 25 base as a point rise as opposed to a 50 base points. It's a big thing to say that, but that's that that could go

ahead like that. If it does do that, I think we're going to see our markets really have a very, very strong run. But again, that is just based on a theory. It is not based on fact. We'll know tomorrow at 6 a.m. Australia since the late time. But it's definitely helped the market out. Hasn't it? Well, that'd be nice. Just a nice little Christmas gift. We

got a three hell in 2020. With COVID again in 2021 with code 2022 with interest rate increases. So here you go, guys, a zero, a 25% basis point increase. I would see that it's really good news. That's a good. We're going to give you a 50, but we'll give you 25. Yeah. I would go like in my trading for I always look at the S&P 500,

the SPX 500 and the dollar. And the past like, let's just say, all right. All news aside, if we weren't following the news, the dollar, at least the DXY, which is the US dollar index, isn't a solid downtrend. Like some people will call that like, you know, like the use the acronym like double top on the daily. Like the high did not take out the previous.

And assistant a really nice downtrend. And then on the daily on the daily. Yeah. Broken. It's uptrend. But on the monthly. The monthly, it's pretty much just a straight line though. I mean, it's had a, it's had a massive run from its low point to its high point of, you know, 28% I've done a favorite content on exactly that. So it's, it's been covered quite extensively.

But yeah, the daily right now is in a downtrend. And what we want to see is, you know, a stronger economy or stronger global economy is not just the US, stronger global economies tend to see the US dollar decrease in value because it's a safe haven. Generally, when you're in the US, you know, you're going to be able to see the US dollar decrease in value

because it's a safe haven. And things go bad. People pile in the dollars because it's a, it's the world's currency still right. So I'll be interested to see if that continues. Of course yesterday it did close down nearly 1% which is quite a significant move. Well, it's not significant. But it is quite a, it's a solid move for the dollar index. But yeah, dollar index falling

tends to mean that we'll see Bitcoin rising as a, you know, a general metric of as I said, economic health globally. So yeah, it's, it's 12.5% is what we need to get the 20,000 by the end of the year. Yeah, by the end of the year. Now I'd love it by Christmas, which means that we've got what 11 days to put on 12.5%. To be honest

with you, it's normal. We, we need that interest rate decision to come out significantly lower to give us a really good running to Christmas. That's what we need. The problem is, is that we're going to be able to get a lot of money. When it comes to fiscal, you know, these monetary meetings and whatnot and the interest rate decisions, it's kind of like a cruise ship.

They, they don't, they, they, they go for a while. Then they slow and they slow and they slow. They don't tend to go, okay, well, we're going to give you 50 basis points off this time. Oh, but next month we're going to raise it by 0.25. You know, they, they, they don't tend to work in those ways. They don't, they don't take a step backwards and

then move forward again. So increase, increase, increase, increase, increase and then slowly start to decrease. Then they might plateau for quite some time until we get back into a period where they start to decrease again. And in fact, the rising interest rates are typically a good thing. Sometimes they use as a measure to slow what we're seeing now inflation. But people that have stoked about lowering

inflation as a lowering interest rates tend to want to stand to forget that that's to stimulate the economy. That's what that is for. Rising interest rates is not to stimulate the economy. It tends to slow the economy. So it's a sea so many people don't understand rising interest rates at this point are used to combat inflation, which is a spending of money. But I tell you

what might have been a good idea. Maybe not lock us all down and print trillions of dollars. That might have helped inflation. I don't know. I'm not an economist. When in the economists ever ever write though. Yeah. Warren Buffett Warren Buffett lied about economists. That's why they're economists because they never have money in the market. So why. So that's like the fallacy of the markets, right?

Isn't it? Why does everyone listen to economists when they don't actually. Probably from the market and the gap. Everyone does. Yeah. The actual. The academics. That's right. Yeah. Yeah. Back that good old line of the markets. But. Yeah. So look, we've got interest rates coming out tomorrow. Six a.m. I'm calling for as in I want it. A 25 basis point rate hike. Whether I get it

on I don't know. But if we did get it, it would certainly push us higher. I would suspect if we get it on. 50 basis points, I think we probably won't see too much change. If we get above, well, we can expect to wipe out what we put on yesterday. And that's pretty much where we are within the market. Because if you guys have any final

thoughts, anything else to sort of add to this little chat. I'm. I think I'm going to go for your 25 basis points as well. That's what I'm expecting. But I think my final note would be that's coming back to the SPF thing that's a shout out to Tom Emma at Congressmen in the US who said the crypto didn't crypto committed no crime. It was the shady

guys. So anyone bashing crypto bashing Bitcoin because of this whole SPF saga and our Binance and everything else that's happened this year. It wasn't Bitcoin that did it. It wasn't blockchain that did it. It was people using those as a tool to commit fraud. So I think that's a really important note to end with is yeah crypto committed no crime. Yeah. Thanks to all the listeners

and viewers that do this. If you do like this, please do share it, subscribe, turn on notifications. Any question, just write it in the comments. We're more than happy to answer those. If you are listening to this in podcast, well jump into our discord group and ask us questions because we're there all the time. And we'd be more than happy to help gentleman. Thank you very

much. This is the last trade of chat that I'll be on this year as I move into Christmas and enjoying a bit of a break and everybody out there. Take it easy. Merry Christmas and stay Saffo as the incredibly confused. CZ might say. Thank you so much for your time. Thanks, man. Thank you. Thank you.