The Crypto Episode with Ross Kary (part I)

Ross Kary 1

Intro

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[00:00:02] I am hunkered down here in the middle of a windstorm

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[00:00:07] to bring you some hot content..

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[00:00:12] it is crypto week numero UNO, number one, happy national Hispanic heritage month also. But it's crypto. And we got Ross Kary on the podcast today, and it's a great episode. I'm super stoked about it. So a little weather is not going to stop me from doing it. It is Saturday, September 18th, 2021. And we've got a great show for you today.

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[00:01:02] So if you don't know much about crypto or blockchain technology or any of that stuff, this is a great episode for you to get started because it's really a gentle incline into the information. So I hope you enjoy. And if you are somebody who's a little more well-versed in crypto, you should probably listen to make sure that we're not saying anything wrong.

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[00:01:42] We are just thinking through stuff as we go, we're trying to learn. And we're trying to share that learning process with you. So take it as you will, and please do not rely too heavily on it. If you want to get into investing, go talk to an investment person. You don't want the person, you get investment advice from [00:02:00] making poop jokes.

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[00:02:20] Are you making a joke now? I feel stupid because I don't know if you're making a joke. You don't want any of that. So don't use this as investment advice. If you find something interesting in this. Go ahead and just Google it, go in and read about it yourself, go look it up. Wow. That wind is really going

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[00:02:58] We may not be the first.[00:03:00]

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[00:03:08] You can find ramble by the river on Facebook and Instagram at ramble by the river on Twitter at ramble river pod. And also you can find a lot of cool stuff@ramblebytheriver.com, including our most recent episodes links to the entire catalog announcements, any kind of things like that, as well as the email.

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[00:03:43] Shout out to Dana Monson dana is the newest member of the Ram fam. She just subscribed to the Patreon just the other day. And we are so happy to have her Dana, thank you so much for being a part of this. And it's great to have you. I just finished a brand new exclusive episode of [00:04:00] the podcast that will only be available on the Patreon. So Dana, you have that to look forward to as do the rest of you guys. Thank you so much for being a support system for me. I really appreciate it. And I hope you enjoy the bonus content. It is a podcast with.

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[00:04:35] if you're interested in checking that out, head on over to Patreon.com/ramble by. You can get a link to that right there on ramble by the river.com as well. There are many ways to find it. So Patreon.com/ramble by the river to subscribe for exclusive episodes and bonus content. Thank you guys so much.

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[00:04:56] So this is the crypto podcast, and I just wanted to let you [00:05:00] guys know if you're interested in getting involved and exploring crypto for the first time. I recommend Coinbase as your first crypto. It's very easy to use. It's free. I'm pretty sure the app is free. I'm not being paid to promote or anything like that.

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[00:05:32] It also, it provides links to news stories that are about the coins, and it's just kind of a nice centralized location where you can kind of find information and also make purchases. If you want and do a little bit of trading, it doesn't have access to all the coins that are out there. It's just. You know, it's got a decent handful, it's got a lot and enough that you can have fun and learn quite a bit on how to trade.

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[00:06:18] Some other bonus gift that I can not recall what it is, but if you sign up by September 26th, you'll be able to get this deal. And you know, it's not much so whatever, but yeah, I just thought it'd be worth sharing. So if you feel like doing that, you can make us both 10 bucks

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[00:06:55] Jeff Nesbitt: this podcast was recorded on September 2nd. So it's been a couple of [00:07:00] weeks. So the prices that we refer to in here might not be accurate. It could have gone up or down probably quite a bit in either direction, depending on. Coin we're talking about. So don't worry too much about that. We don't talk a lot about prices, specific prices or anything.

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[00:07:36] So it's been two weeks. And as of right now, Things are different than they were at the time, but they're not, not that different crypto is volatile. It changes often and it changes drastically. And we talk quite a bit about that, but you'll hear it. And I'm just wanting to clear it up in case you guys got confused or anything like that.

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[00:08:15] Boy discord. That's a whole universe. I never knew existed. I love it. It's great. I just got involved with. In the last week, trying to figure out how to get one of these fancy Frenchies minted. And it's, it's amazing. Everybody's there. It's like, okay, this is where everyone's been hanging out. You guys all ditched me at Facebook and I've just been hanging out ever since what the fuck, you know, I thought everyone went over to tick talk, but that's just all the kids, I guess.

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[00:09:04] Check that out. Patreon.com/ramble by the river, all that social media stuff. I just spouted off to you. That's where you get in contact with us. If you want to get in contact with Ross Carey, our guests on the show today, check them out at crabber crypto that's his Twitter handle. So check him out on Twitter. There, he does pretty regular drops of crypto tips, questions, tricks. You know, most of his posts are riddled with thinly veiled information about things he thinks are going to be great investments, but he doesn't want to let you know because he doesn't want it to super pump.

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[00:09:35] one more thing, guys. So I wanted to explain why this episode was just a little bit late. Sorry about that. I hope it didn't mess you up at all, but I figured I gave you a couple extra episodes this week so quick. The reason it was a little bit late is because it took a lot more work. We do a ton of mentioning names in this episode.

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[00:10:12] That's why I split it in half. It's a part one part, two episode. So this is just part one. You will, uh, get part two in a separate episode. So yeah, that's it look forward to? I just figured that'd be better than making a super long episode. Cause that's what it would have ended up being. And I worried that people would just end up.

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[00:10:49] So I'm looking forward to the second one too. So I didn't want to end up losing good content by. Tagging it on to, to a too long of, so, and now I'm making this too [00:11:00] long cause I'm still talking about it. So shut up, Jeff, get to the show. I'm trying to think if there was anything else I needed to say. Oh yeah.

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[00:11:32] I was thinking they were talking about loony tunes. Like some it's wabbit season shit, but no they're talking about FUD. It's an acronym, fear, uncertainty, and doubt. And that makes a lot of sense in context. So like it's. So, if you want to know what FUD means, if you want to know about liquidity and stacking and ASIC miners, and what's the difference between sound money and legal tender, all that stuff can be found in this glossary that I'm making for you.

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[00:12:20] I will get on with the show and stop talking, but please enjoy this episode with my buddy, my pal, my good friend from way back when Ross Carey.

INTERVIEW

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[00:00:13] Ross Kary: Okay. Uh, w drove to the beach today.

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[00:00:24] Ross Kary: lag. I don't want to be the only one wearing headphones.

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[00:00:44] I haven't figured that out, but I usually don't start trying to research it until like 10 minutes before the guest gets here.

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[00:00:56] Jeff Nesbitt: Me too.

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[00:01:12] Ross Kary: bad need to find like just a young kid. That's. It has nothing to do.

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[00:01:19] Jeff Nesbitt: one, uh, Geoff Hylton. Oh really? But he's busier now than he used to be. He used to be the young kid. I would always pick for random stuff, Colton to both of them now, like have jobs and families and shit. It is it's. I think it's rude.

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[00:01:45] Jeff Nesbitt: At least Geoff doesn't have any stupid kids. All my other friends.

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[00:01:53] Jeff Nesbitt: Yeah. Except my kids, my kids are dope.

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[00:01:56] Jeff Nesbitt: So. I'm trying. I try really hard not to [00:02:00] embarrass people. Right. Unless they deserve it. Right. Um, no, I, I, I don't think that there's many situations where people deserve it, also say whatever you want and you have full editorial control at any point before it goes up, if you're like, ah, fuck, I shouldn't have, I shouldn't have talked about that. I shouldn't have said that. Just text me what you want and I'll clip it. And odds are, I was probably going to clip it anyway.

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[00:02:25] Ross Kary: PG consumable.

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[00:02:30] Ross Kary: I don't mind being P just radar. I like this. I like appealing to all audiences.

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[00:02:37] Ross Kary: Yeah. But like, even if you're talking about like smoking weed or drinking, I mean like kids, kids

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[00:02:44] Ross Kary: I mean, as long as you're not like telling them.

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[00:03:07] Well, that not just that I genuinely don't know shit. Right. Flips on you all the time. You

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[00:03:15] Jeff Nesbitt: Yes, exactly. I'm barely hanging on running my own life. I'm not going to run a bunch of fucking other people's lives to save everybody. No, no, no desire to try.

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[00:03:28] Sometimes. Sometimes you would want to try to save as many people as you can.

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[00:03:55] Wow. Um, and now I realize that like, no, they're all going to go to hell, but I'm solid. [00:04:00] Right? Like, I'm good. I hate to sound like covered in the blood of Christ.

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[00:04:09] Jeff Nesbitt: just don't really. You don't have the shame?

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[00:04:17] Ross Kary: I don't know. Trust my gut. I go.

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[00:04:32] Right. And some of them are very good cautionary tales,

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[00:04:41] Jeff Nesbitt: That tends to be the way it goes with chemicals where, uh, yeah. They fog up,

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[00:04:50] Oh yeah.

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[00:04:55] So we're going to get pretty good into crypto. That's the [00:05:00] plan we've been talking about this podcast for awhile and I'm excited about that. But before we do that, let's introduce you a little bit to the audience. Okay. So for the listeners out there, a welcome to ramble by the river.

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[00:05:47] So we got Ross back here and we're going to talk crypto. So welcome to the show, Ross. Thanks

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[00:05:52] Jeff Nesbitt: Joe. Absolutely. Absolutely. Uh, so I think a lot of our audience doesn't know much about crypto. [00:06:00] People are probably groaning right now, finding out that they just tuned into a crypto episode, but those people are probably poor and they're probably going to stay poor because they are not willing to change and willing to learn something new.

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[00:06:15] Ross Kary: They're definitely not woke.

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[00:06:27] Ross Kary: Oh, absolutely. He's heavily involved and I've made money off just, , following his Twitter comments.

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[00:06:43] Jeff Nesbitt: He does those, uh, like disguised hints. So they don't super pump. Just, he's got so many followers. Yeah. Uh, which makes it kind of fun.

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[00:06:54] Yeah.

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[00:07:17] I think everybody had a feeling like this is not going to be, it's not going to last forever. Um, but it still caught most people by surprise

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[00:07:45] Uh, he eats the most oranges in the Florida state area. So he's got that going for him.

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[00:07:55] Ross Kary: no, he's, uh, I like Alex Becker. He's one of them. He's one of the [00:08:00] top people I follow.

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[00:08:03] Ross Kary: knowledge? Oh, J R N Y crypto. His name's Tony.

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[00:08:23] Jeff Nesbitt: have you heard of a VOSK coin? I haven't actually. That's one that I just kind of stumbled upon, but he's got some good stuff.

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[00:08:48] Ross Kary: another. So a couple other ones I can name off the top of my head.

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[00:09:01] Jeff Nesbitt: And that one is, that's like the number one page, but I have a hard time following that one. For some reason, it seems a little bit, um, little click baity. Yes. Like it might be bleeding me into

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[00:09:15] He's a pumping dumper. Yeah. He's been accused of that. So yeah. That's like, when he'll, he'll say the name of a crypto, everyone will buy it. He'll sell it. Make a profit. Yeah. So, you know, that's

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[00:09:30] Ross Kary: the games are games,

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[00:09:36] We're all trying to

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[00:09:42] Jeff Nesbitt: So he also, he knows how to manipulate.

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[00:10:03] Um, that's all I can really think of right now.

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[00:10:24] No, that's, that's the problem. And that's going to be a major problem when all the people in power are switching over to this new technology and people get left in the dust. That's actually something that I think is going to be a genuine problem is that like, as the crypto market continues to just build and build and build and market cap, are we we're over $3 trillion right now in market cap for, for all crypto, I think.

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[00:11:07] They're going to go over and realize like, holy shit, I gotta pay a hundred thousand dollars for this monopoly money. And they're not gonna be able to do that because their, their money is currently gonna, they're just going to keep dropping in value their monies, but I'll play buddy. Exactly. But it's all monopoly

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[00:11:24] Jeff Nesbitt: money.

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[00:11:51] So, , where would you think is the best place for, for a novice to begin? Just blockchain? What is blockchain? Okay,

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[00:12:16] It was just an IOU note. Um, I think it was Nixon. I think Nixon did it. And 71 is when it was like totally set, totally abolished. Um, that was a few years later is when it was completely abolished. But, um, FDR didn't like the fact that he couldn't just inflate the currency.

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[00:12:40] So

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[00:13:02] More people will put money into Bitcoin, which will raise the value of Bitcoin. The only thing that gives Bitcoin value is when people invest in it and believe it's has value as a currency. So I would say that, for people just getting into crypto need, it's good to research and just figure out what currency is, you know, and versus

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[00:13:31] Ross Kary: different, right?

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[00:13:54] Jeff Nesbitt: That seems to be the gold standard explanation, right. Pun intended.

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[00:14:10] Jeff Nesbitt: 18 and a half have been mined already. So yeah. And the difficulty increases

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[00:14:18] , all these trends, there's actually transactions being performed by computers to verify that everything is legitimate. And this happens anonymously through computers. It's actually video cards. They found out that video cards can do the most computing and which has actually started a shortage for video cards and the prices like last fall.

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[00:14:44] Jeff Nesbitt: they're all. So they did these big banks of GPU's just, just mining crypto

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[00:15:02] Jeff Nesbitt: And where does the crypto part come in to cryptography?

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[00:15:06] Ross Kary: all, it's all encrypted with cryptography too, to keep it more secure. So what those, what those nodes or miners are doing is, is solving that cryptography. So once, once it's solved, that's when they're rewarded for, you know,

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[00:15:26] As time goes on. And as we get closer to that 21 million point,

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[00:15:31] Jeff Nesbitt: Um, okay. So Bitcoin white paper. 2008 Satoshi Nakamoto, supposedly. So this just appears out of, out of thin air, essentially.

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[00:16:06] And, um, so from there, what happened, we got massive swings of value, huge volatility, thousands of new coins coming up. And it just seems like an overwhelming mess. How does a person make sense of that?

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[00:16:35] , you know, and I just feel like whenever you're having doubts or, or anything, just go to the graph, zoom out, you know, and I think uh, 2013, it was at a hundred dollars, maybe something like that when people were using it to, um, to buy drugs offline off the dark web, the silk road, the silk road.

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[00:17:04] Jeff Nesbitt: crazy. It's uh, like the first thing that was ever purchased with Bitcoin or two pizzas and those pizzas by today's value or worth like $12 million a piece or something. Yeah,

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[00:17:17] Uh, so yeah, I don't know. I just think over time, it'll continue to grow. As people move away from centralized government and Fiat currency that they're going to be looking for a store value. And Bitcoin is just one of the cryptocurrencies. I mean, that's just the most known one. There's tons of other ones out there.

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[00:17:39] Jeff Nesbitt: Bitcoin comes out and Bitcoin represents a completely new way of thinking about money, where it's autonomous, it's operated by computers and there's no centralized location. There's no Bitcoin headquarters to go to, to complain about grievances.

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[00:18:18] And then a couple of years after that, we had the appearance of the Ethereum blockchain and. You want to talk a little bit about Ethereum? Oh, no much about Ethereum or

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[00:18:31] Jeff Nesbitt: all Charles Hodgkins. And, uh, what's his name? The, the skinny guy. Yeah,

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[00:18:38] Jeff Nesbitt: Yeah. I'm drawing a blank on his name, but he's super famous young kid.

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[00:18:51] Ross Kary: so Ethereum came out with, or they came out with smart contracts. Um, so basically, basically you can [00:19:00] think of Ethereum as like a programmable, programmable money, essentially in the fact that, um, you can, you can write a smart contract and have executions taken out.

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[00:19:25] Jeff Nesbitt: you wouldn't have to pay that three or 4% until realtor,

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[00:19:35] Right? Yeah. So it could, and you know, it could change the way the world. The

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[00:19:40] Operates. You think about that though. Like, so Andrew Yang talked so much about automation and the incoming robots are gonna take our jobs. Yeah, no,

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[00:19:49] Ross Kary: already took our jobs. Yeah.

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[00:20:09] Ross Kary: I forget what, which president it was, it was somewhat some state back east. They had a plan for when automated trucks come out to put these truck drivers on unemployment because they figure like 47% of the jobs in the state was truck driving. And they figured there's going to be this giant displaced group of workers once automated trucks come out, hashtag learn to code

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[00:20:36] That was, that was a big deal. And it turns out they didn't want to.

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[00:20:48] Jeff Nesbitt: Absolutely. I agree. Yeah. But it's so big right now because everything else is built on it. Yeah. So that's, that's one of the fundamental distinctions.

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[00:21:15] Ethereum is not a whole lot better, but yeah, it's, it's better than that.

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[00:21:31] Jeff Nesbitt: Yeah. , so let's just keep working through this.

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[00:21:47] And made a fork in the road, basically , in the life cycle of, Bitcoin.

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[00:21:57] Jeff Nesbitt: not

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[00:22:03] Jeff Nesbitt: And Bitcoin cash, they both feel like garbage coins, I think they were trying to be currency, whereas Bitcoin is now not even trying to be that. It's just trying to be digital gold. It's a store of value.

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[00:22:24] Ross Kary: Like most people go buy a, go invest in a Roth IRA. Yeah. Some don't do. I mean, first of all, let me say this. Don't listen to me for financial advice.

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[00:22:36] Jeff Nesbitt: is financial

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[00:22:44] Jeff Nesbitt: Yeah, me too. Not financial advice. If you think it is, look at my life and then decide whether or not you want to take my advice.

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[00:23:03] Jeff Nesbitt: hungry for it.

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[00:23:32] I didn't want to have to go to a weird, dark web site

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[00:23:37] Jeff Nesbitt: exchange. Yeah. Where with some like visibility and some name recognition. I mean, yeah. They're owned by square owns Twitter. I can trust, I can trust that they're not going to scan. Kind of, I mean,

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[00:23:53] Jeff Nesbitt: Shit happens. But, um, yeah, I've been looking into it a lot since then. So everything [00:24:00] I'm saying is just based off of my own research and experience, but I don't, I don't know really much. None of this is advice. Just that's the point

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[00:24:17] Jeff Nesbitt: Oh shit, man. I actually almost fell for one of those. I was just telling Melissa about this. This happened like a year and a half ago. , I was watching. Thing with the Vitalic Buterin on YouTube. And he was like giving a talk and it made it look really legit where, and it's on the side over here. It says, send us this many Ethereum and we'll immediately send you back double.

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[00:24:58] So you get the same amount of money back. It's [00:25:00] just a way for them to increase. They're actually

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[00:25:02] Jeff Nesbitt: lose out exactly. That's the way it seems. Uh, and so I was like, well, fuck, I gotta do this. And so I like tried really hard. I had like Bitcoin and I tried to move it into a Ethereum, so I could send that theory to them and double it.

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[00:25:35] Um, I was emotionally strained. I wasn't paying attention. I was FOMOing, uh, big time, big FOMO and I almost lost

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[00:25:55] Jeff Nesbitt: It's what it seems pretty safe.

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[00:26:05] Ross Kary: don't lose your cell phone because if somebody gets your cell phone, they can just transfer all of it. Yeah,

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[00:26:15] Ross Kary: also ways to protect your assets and put them on digital ledgers and hide them.

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[00:26:40] Now I have one that holds like 200 different coins and I spread my stuff across several different wallets, just not only to kind of diversify my risk, but also to protect my ass because if somebody steals my, my key phrase for one, they're only going to get a certain percentage of my whole, my whole pot, [00:27:00] but it's still pretty damn hard to get in there.

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[00:27:12] Jeff Nesbitt: What would a scam site do with you? If you bought one from a scam site, what could happen?

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[00:27:31] Yeah.

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[00:27:39] Ross Kary: so you gotta do your research, make sure you're on the real website

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[00:27:51] That's a possibility. Yeah. Most certainly.

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[00:27:59] Jeff Nesbitt: Yeah. Let's [00:28:00] get into that. So that's, that's really what drew me in is just those huge gains. Right. Especially after starting in stocks where you see like, oh shit, Tesla's pumped 2% today.

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[00:28:17] Ross Kary: Okay. Yeah so I got in on dos coin a little bit, actually it was joking about it with my buddy. I read a news article that said something about, um, Ilan was, was pumping doge coin or talking about it. And I was like, man, I should buy some of these dos.

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[00:28:59] Yeah. [00:29:00] Let's say I made 300% return on my investment. Could have made 900% return on my investment. Um, if I would've held it, but I got out, um, at 27 cents just because I wanted to secure some gains

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[00:29:26] There's no reason not to get out.

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[00:29:48] So like dos coins, not there's can be infinite dose coins made. And I didn't really like see that I knew that Ilan was going to keep pumping.

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[00:30:04] Ross Kary: I think. Yeah. They were the

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[00:30:09] Everyone's mad at him and he seems kind of broken down by the whole thing. But, um, yeah, that seems like exactly what was going on. I forgive him. He's got to make a buck too. I like, even though he's one of the richest people on the planet,

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[00:30:26] You know, the right

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[00:30:31] Ross Kary: he might be an alien. I wouldn't, I

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[00:30:34] Ross Kary: he

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[00:30:40] Ross Kary: He talks about the human race as a third party. Uh, yeah, he does.

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[00:30:49] yesterday at , , the Tesla Gigafactory in Berlin, he looked tired and beaten down, but he's just like, I'm tired of talking about sad shit. Let's just be excited [00:31:00] about something for once. Like we gotta be excited about the future. That's why being human is all about. Right. And people were still giving him shit about that.

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[00:31:24] Ross Kary: was investing in Bitcoin. Yeah,

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[00:31:33] And then everyone freaked out. I was like, nah, we're just trying to prove liquidity.

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[00:31:44] Jeff Nesbitt: It all seems very, uh, calculated, his tweets and his in his actual purchases and sells and uh, it's like Illuminati.

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[00:31:59] Ross Kary: [00:32:00] And then he, he also, what I like about Ilan is he tried to warn the world of the danger of artificial intelligence. He's

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[00:32:13] Yeah. So he's like, Hey guys, everybody watch out for these robots, but I'm going to build one. Well,

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[00:32:21] Jeff Nesbitt: Yeah. Have you seen those things? No, there they are. Tesla bought, I think is what they're called humanoid robots. They are anthropomorphic. They look like a human, like without a face though.

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[00:32:49] Ross Kary: I just don't know if I can get into that.

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[00:32:54] Jeff Nesbitt: they look exactly like those robots. Wow. Yeah. Um, the premise for [00:33:00] that movie is perfect. That's exactly what will happen. The AI will eventually decide that humans are too dangerous for their own good and wipe us out.

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[00:33:12] Yeah.

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[00:33:42] Um,

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[00:33:50] Jeff Nesbitt: I was going to buy some Solana a year ago. Um, just cause I liked the name because Solana is like, um, you know, SZA?, SZA, the RMB musician. [00:34:00] Okay. I think her first name is Solana.

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[00:34:04] Ross Kary: Well, you should have listened to your gut and just sometimes you just buy stuff. Cause it sounds cool. And it ends up paying off.

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[00:34:16] Ross Kary: much was it back then when you want it?

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[00:34:30] Ross Kary: You would have like 10,000.

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[00:34:35] Ross Kary: I have a lot of stuff like that, so don't feel bad.

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[00:34:48] Ross Kary: Absolutely. , yeah, I there's some that I've foam out into when I shouldn't have, and there's some that I didn't FOMO into when I should have. Yeah. Um, it's hard [00:35:00] to predict and I didn't have like an infinitive amount of money to when I started investing.

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[00:35:17] Jeff Nesbitt: that's for sure. And it's also very hard to justify making giant purchases on imaginary products like to your

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[00:35:37] And that it was a smart business investment, a screaming deal. I really liked the baby monkey. I mean, I still might get one. What series is that? It's a, it's actually a car dauno in Ft. Oh. And it's called the baby ape, Cardinal baby apes. And I'm, I was actually 12 hours late on minting them, which I would have been able to get them for $132 a [00:36:00] piece.

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[00:36:05] Jeff Nesbitt: That's insane. Yeah. Yeah. The, the rate of, uh, value increase on NFTs, which stands for non fungible tokens is outrageous like thousands of percent. Yeah. Almost overnight.

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[00:36:22] Like I can just screenshot that and I have a picture of it.

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[00:36:33] Ross Kary: People always have that argument and they, they don't understand that. Um,

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[00:36:41] Ross Kary: So it's basically just human agreeance and acknowledgement that you own that. Yeah.

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[00:37:03] And it's really hard for people over that age. And that's just because of the world that we were raised in. I really had no problem understanding the utility of NFTs right away. I just had a hard time understanding the timeframe that it would take to get mass adoption. I didn't realize how many people they were.

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[00:37:23] Ross Kary: Yeah. Well, right now we're mostly seeing, there's not that many people trading in NFTs right now. I mean like this very second, but we're going to start to see people in the range of like, you know, say someone that makes, uh, between $30,000 and $150,000, they want to get into the NFT market, but they can't afford these gigantic gas fees for Ethereum.

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[00:38:08] Even if there's, uh, an item for sale for $200. That person had to spend 300 to post it and then to buy it, sometimes a guest fees are up to like two grand. Yeah.

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[00:38:27] Ross Kary: that's dependent on how many people are making transactions on the network at that particular time.

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[00:38:39] Jeff Nesbitt: Okay. And we should probably clarify what gas fees are. So just like in the Bitcoin network, the miners are paid in Bitcoin. gas fees are what miners are paid for making those transactions on the Ethereum network.

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[00:38:55] Ross Kary: ETH E depending on what network you're operating on.

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[00:39:08] So then not everything that's on Ethereum. Using

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[00:39:15] that what that is? ETH 2.0, is, is the new version, like it's a whole new whole new

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[00:39:23] Jeff Nesbitt: value as ETH. Yeah. Yeah. And they're not even available yet.

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[00:39:30] Ross Kary: Yeah. You should talk about staking too. Um, a little bit. Yeah. So like on, let's say on Voyager and Coinbase, there's some staking options already Voyager, especially like, um, which are exchanged

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[00:39:45] Ross Kary: Yeah. Um, yeah. That's basically where you can, where you can deposit your Fiat currency and buy cryptocurrency,

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[00:39:55] Ross Kary: Yeah. And the interest is really good. Like sometimes up to like 10%

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[00:40:16] And it doesn't lock you into not selling your Cardona or your Ethereum or whatever. You're staking. Some of them do. Yeah. Some of the higher interest rate ones. Um, but when you only get like 5%, you can still sell them at any time.

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[00:40:29] Ross Kary: like for instance, I got a deposit of like 59 or 59, uh, on yesterday.

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[00:40:47] Jeff Nesbitt: it's a big enough market now that you could essentially make a living off of defy. Yeah. I'm just interest bearing crypto

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[00:41:01] If you had enough crypto, you could live off the interest for sure. Without ever having to sell your crypto.

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[00:41:11] Ross Kary: I want to make money. I want to make money, , with gaming, cryptos and NFTs right now, that's what I'm in.

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[00:41:26] It's already happening, especially with e-sports how big e-sports are and all the, like the Twitch streaming and just the millions and millions of dollars in the traditional system already that could easily just flood right over. And it's set up to do that because these, these two industries talk to each other, crypto and gaming are just like peanut butter and jelly,

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[00:41:49] Jeff Nesbitt: well.

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[00:42:15] But think of it like as if when you were done playing super Mario, you got to bring those coins with you into real life and you could go buy other shit with them. It's that's what NFTs allow, because they can take things that you purchase objects, you purchasing games can become embedded with real value.

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[00:42:38] Ross Kary: So like the central land, I would classify that as like a land sale game. So there was a. In decentral land where they made it available to purchase plots of land. Um, so I'd see it at the, when they first came out with that, you could buy a plot of land for like $150.

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[00:43:17] Jeff Nesbitt: location, location,

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[00:43:30] You can have things like art gallery, online art galleries, casinos, where you can gamble with real money, real money, earn real money. , then there's like a silicone valley. They call it. It's like, I forget what they call it in the game, but there's like where, uh, people meet and discuss, have big meetings and discuss crypto related things.

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[00:44:14] Like,

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[00:44:16] Ross Kary: No. I mean, I'm still watching them and I know what they do and what they are, but I, I didn't get in low enough to justify it. It's probably

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[00:44:36] Yeah. I don't own any NFTs. I just, I have a meta mask wallet with nothing in it, but I want, I, I just, I want to, but I just can't, I can't do it because I just the need to get it on

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[00:44:51] Jeff Nesbitt: I know. That's what you gotta do. I know. But even then, I'm just like, what if it's a good gamble? People just decide like, nah, but then that could [00:45:00] happen with coins that could have with Bitcoin, it can happen with dollars.

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[00:45:26] Ross Kary: I mean, it's just the mass FOMO right now.

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[00:45:40] Ross Kary: you try to profit while it's, what's still on the up. Exactly. That's why I was upset. I didn't get in to baby monkeys for $132.

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[00:45:51] Jeff Nesbitt: That sucks. But you'll probably still make money on it, right? Yeah. But you might not, you might lose your ass, but then you still have a baby monkey to [00:46:00] console you. You could buy a real baby monkey for that money. I know. I know. Uh, but you couldn't resell it for twice the profit in a week,

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[00:46:23] That was a floor price, $5,000. And right now the floor price is like $150,000. So if I would have bought a picture of a board ape, um, back when I was told. You know, I would have had big return on my investment.

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[00:46:50] That's what I'm. Yeah, exactly. So like something that has some kind of a function, not just something to look at. Right.

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[00:47:10] Yeah. That they just came out with puppies. So if you held at one of the G doge pound dogs, then you got to mint a puppy and then those are worth tons of money now. And

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[00:47:26] Ross Kary: Um, you know, I think the animals are pretty big, but the crypto punks are big.

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[00:47:37] Jeff Nesbitt: That's which Cryptopunks is like the quintessential NFT story. They're super simple. They're generated by AI. Uh, there's a ton of them and they're still somehow valued. Just insane levels, right? Yeah. Their status symbol. At this point, Jay Z had a crypto punk as his Twitter avatar.

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[00:48:04] Jeff Nesbitt: So visa just bought a crypto pawn. Yeah. Visa, the fucking credit card people are into crypto. Now they're buying the most risky way possible.

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[00:48:19] Jeff Nesbitt: one. Visa's got a lot more money than you.

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[00:48:26] Jeff Nesbitt: that's true. That's a good indicator that that's a solid purchase. Um, yeah, the NFTs are, are exciting. I really, I really think that they're going to be huge, but I want to make them, I want to figure out how to do that because I really think that if you can just hit on some kind of a cultural sentiment, like even photography.

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[00:49:01] Ross Kary: like put a cool filter on it. Yeah.

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[00:49:09] I would buy one, but they're just like, the possibilities are endless that I w I was, what was I just going to say? Um, oh yeah. The pet rocks. Yeah. So pet rock, the original pet rock, like the actual physical item. Okay. That was like a huge phenomenon. Everybody had a pet rock, this is the seventies or eighties, and it was just a fucking rock with a googly eyes on it.

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[00:49:51] At least like you can do something with a pet rock.

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[00:50:02] Jeff Nesbitt: . There there's worse cases than that. Where P I mean, I don't know worse is the right word, but yeah. Craziest dream, even crazier than that, , but, the psychology of that , is pretty interesting to me.

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[00:50:28] Ross Kary: rich person pissing contest, where if you can get in early enough, you can buy up all these NFTs and then make rich people pay, pay exorbitant prices for them.

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[00:50:58] It's not going to last, [00:51:00] I can tell you right now, look at the gas fees. , they're going to there, they've already come out with a website where you can buy, , NFTs on the card on a blockchain. And it's like, I want to say it's like C T N f.io.

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[00:51:15] Yeah.

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[00:51:22] Jeff Nesbitt: doing a lot right now. Right. I mean, they're spreading across,

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[00:51:35] And, , Yeah, Ethereum, I think in my opinion, it could so Ethereum is at what like $3,700 right now

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[00:51:44] Ross Kary: So I'm not saying it's garbage junk. It's not going to go up. It could probably go to like 10,000 pretty valuable. Yeah. So, but what I'm saying is that as a network, it sucks as supporting a large group of people.

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[00:52:04] Jeff Nesbitt: the gas fees will quickly exceed the value of whatever it is you're trying to exchange. Right. Because

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[00:52:20] You just wouldn't pay the gas $300 to sell something for $5. Yeah. Um, so there's the two, the two big networks that I could see, start to take off are going to be Solana and Cardano and Polkadot and polka dot and polka dot. Uh, even polygon even, but I heard had got sucks.

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[00:52:41] Jeff Nesbitt: a band aid. I think it's a layer two scaling solution for Ethereum. Right. So it's just basically like moving some of that weight off of the Ethereum chain and onto the side chain or a layer too. I'm not sure what the difference between side chains and layer two is, but I know that it's something along those lines.

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[00:53:02] Ross Kary: a few, um, I think it's called MATIC. Yeah. Yeah. I have a few MADEC and I seen, I could buy some NFTs and I considered that

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[00:53:12] I mean, you know, this year, right before the crash I bought in at like a dollar and sold at like two 50, it was cool.

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[00:53:29] Jeff Nesbitt: Uh, but it's exciting. It's fun.

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[00:53:41] Jeff Nesbitt: bitches in your poor houses. Yeah. I just go

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[00:53:50] Jeff Nesbitt: fucks.

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[00:53:55] Jeff Nesbitt: It's not their fault. And it's none of you guys, because you're listening to this podcast. I know you're going [00:54:00] to get it right out there and research right when you're done. That's actually, what I suggest is not that you go out and start investing in crypto, but that you get out there and start researching right away.

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[00:54:17] Jeff Nesbitt: And eventually you're going to see an opportunity that you can't pass up. And you're just like, and you're going to know that it's a good opportunity. Wait until you have that feeling. Don't trust other people.

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