What is Cryptocurrency Really Worth?

[00:00:00] Speaker A: Here we are, your hosts, Anthony Creo Jr. Rochford. I don't feel like reading the rest of our intro, so I'm just going to say I hope you guys had a happy Thanksgiving. Thanks for listening to another money show on your holiday weekend. J.R. how you doing? [00:00:16] Speaker B: I am doing well. I've been up in Snowflake for a week, and you know how that makes me feel. I'm refreshed and rejuvenated. I'm very half full. This is our Thanksgiving episode. So by now, everybody's had their big meal. They're still taking a nap two days later. Hopefully you had a lot of good fights. I'm hoping with the new Donald Trump election, I'm hoping people hate each other more than ever. I used to go to a networking group and there was an attorney. There was a woman in the group that was an attorney. She did wills and trusts. She was an estate planning attorney. And she said that. And it's not a joke. I mean, this is true. She said the Monday following thanksg given was the busiest day for setting up appointments because people would start talking about stuff and grief, you know, going over grievances. Yeah. [00:01:05] Speaker A: Well, I cannot wait to be cut out of your will and trust by the time this show airs. [00:01:11] Speaker B: So you don't want to inherit my trillions, my billions in trigon, be the. [00:01:15] Speaker A: One that dies first. So we're gonna pick you out of my Preston will. [00:01:19] Speaker B: I have seen you drive. I definitely want to be in your will, not the other way around. [00:01:24] Speaker A: How great would that be, though? What if I do pass driving up to visit you in Snowflake for Thanksgiving and now I'm just a ghost on the radio waves? [00:01:33] Speaker B: I'm good with that. I mean, I do most of the talking every week, so I don't think things are going to change for another money ecstatic. [00:01:40] Speaker A: The best future shows in this show. I mean, I don't even know if we really have a plan for this. So we're recording the 26th because. Because we usually record on Thursdays, but as you know, Thursday's Thanksgiving, so we'll be too busy having family fights to be recording the radio show. So we're super early this week and. [00:01:58] Speaker B: Our show is on current events and how they're going to affect your future and your finances and your life. But we really, I mean, Tuesday and the show airs on Friday night or Saturday. It's too early for current events and it's Thanksgiving week, so we're going to talk more about what we hear going on out there. We're going to talk less about news stories if that's okay this week. [00:02:19] Speaker A: Well, I feel like all anybody's really talking about right now is, well, a lot of it's Trump's cabinet picks. But we're going to try to steer away from the politics, at least for a little bit because I will rant a little bit at some point about Donald J. Trump at a point in this show, but crypto again. We had somebody come into the office yesterday. I wasn't expecting him. So we sat and we reviewed. I answered some questions, but the first question out of her mouth was how do I get xrp? So have you been getting that? I think you've gotten a lot of texts over the last couple of weeks, not necessarily on xrp, but over bitcoin. [00:02:59] Speaker B: Yeah. No, mostly xrp. No. [00:03:01] Speaker A: Oh really? It is XRP now. [00:03:02] Speaker B: Yeah. And part of it is whatever starts growing legs, whatever way the wind blows, that's where everybody starts walking. What we aired out last week. In my thinking, this isn't like it's fomo. It's fear of missing out. When you know, the old buy low, sell high. I say all the time it rarely works out for people because they just don't have the stomach and discipline to do it. You know, And I get it. When you see the Dow Jones Industrial average, the Teflon, Dow, 30 companies, highly manipulated. When it's going up for 15 years in a row, how am I supposed to tell people? When it's going up, you get out. When it's going down, you get in Warren Buffett. When the, you know, what is it? When somebody's fearful, I'm greedy. When they're greedy, I'm fearful. This is insane. The house of cards that are the financial markets, they're insane. So what do people do? They look for alternatives. You know, we also had about 12 years of a low interest rate environment. You went to do a five year CD at your local bank and you were lucky to get 1% on a five year CD. So what did that do that forced people into a risk position that made them go into the financial markets. Well, I don't think there's anybody left that cannot see the financial markets are really, really, really up there. They're going to cycle. They always have. I'm sorry, you know, I might be early, but I'm not wrong. So what are they doing now? They're finding other things to talk about. Hence litecoins, stablecoins, baloney, coins. I mean there's all this stuff and Anthony, you're young, so the people your age, it makes more sense to me. For them, we have Sun City people calling and texting me about how to get xrp. [00:04:53] Speaker A: So let me answer that question too. I said, this woman came in. So I answered as best I could. I said, it used to be harder to create these wallets and you had to do all this stuff. And it was a little weird. And then I believe Coinbase is kind of like a Fidelity, kind of like a Vanguard, a Franklin Templeton, a Schwab, where it's one stop shop and you can buy all these things from one platform. But I said, that's my understanding. I don't know for sure because I don't have it. And she gave me a very strange look. She's like, you don't. You don't buy into this. I was like, no. And then that was where the conversation really started. Because I think her mindset was, well, if everybody's talking about it, obviously my financial advisor will know, and he's probably got some skin in the game. And to hear that I don't, especially being younger, I think that's a part of this too. And I just said, I can't justify it. It makes no sense to me. Actually, I do think I have a little bit of xrp. Blaze gave me a thumb drive years ago as a gift. Said this might be worth something someday. [00:05:58] Speaker B: I thought he gave you. I thought it was Ethereum. [00:06:01] Speaker A: Was that he give you or is xrp? I think he. Because he mentions Ripple all the time. At least I haven't talked to him in a while about it, but I was just like, whatever it is, I don't know what it is. [00:06:12] Speaker B: When you're my age, isn't Ripple. Isn't that some sort of alcohol? Like people that were born in the 20s and 30s would drink? They would drink a bottle of Ripple. Sam, we're gonna need the back office research department. [00:06:23] Speaker A: Maybe it's a Pappy Van Winkle kind of thing. Yeah, I don't know I've ever heard of a Ripple. Interesting. But now I'm thirsty, so if it's a cocktail, we'll try it when I'm up there. [00:06:32] Speaker B: Thanksgiving. Hey, I hope you're drinking during the show. I think you drink every week during the show. That's why I don't let you talk any more than I do. [00:06:37] Speaker A: Well, mostly at the office, too. I'm waiting for that episode where I show up and it's really just an intervention. [00:06:46] Speaker B: You're not gonna have to wait. The good news is you're not going to be waiting forever. Look at that. Sam found it. Ripple. Do they still make ripple wine? It's a wine. [00:06:58] Speaker A: I mean, the advertising. It looks sweet. There's beautiful women, there's cigarettes. I'm sold. [00:07:06] Speaker B: That was when life was simpler. That was when we were Mayberry or the Brady Bunch. [00:07:11] Speaker A: Oh, yeah, the Great Depression. I learned this today, and it's kind of off topic, but it goes full circle. And I do want to say that I saw this in a clip online and I haven't had any chance to research it. So I know I'm really big on not just trusting everything you heard and digging a little bit deeper in it. But I'm going to take this as semi true just because I found it interesting. Maybe it's not, but they were saying that Ford owned the company that became Cadillac. And Cadillac during the Great Depression became one of the first companies to sell to the black market. Because if you're black back then, you couldn't buy cars or a lot of the brands. So the black community was overpaying white people in the south to buy Cadillacs for them. So they're like, well, our sales are slumping. We're just going to sell. Were just going to sell Cadillacs to black people and then their sales skyrocketed from there. But they were talking about the era, and when this happened was during the Great Depression when nobody had money. So he said, well, how did the black community have money for these cars at that time when everybody else was broke? And they were saying that a lot of the banks wouldn't take money from black folks, so they couldn't put their money into the bank. So when the banks failed, that was mostly the white people that that hit. So I thought that was fascinating because what do we say all this time on the shows? Currency doesn't make any sense. We're losing the Fiat dollar. We're losing the Fiat dollar to cryptocurrencies that don't really exist or mean anything. The banks can't be trusted. Well, what can you have? You can have hard assets. So it's just repeating. Like I said, there's no reason for anybody to fear because everything just repeats itself. So we're just living in the 1920s and 30s again, is what it feels like. Have you ever heard that story before? [00:09:15] Speaker B: I have not. I mean, actually, that's very interesting. [00:09:18] Speaker A: That's fascinating. I don't know how much of it's true. I do want to look more into that, but I was like that. Actually, it makes a Lot of sense. If they just had cash, keeping it under sofas, you know, it had to go somewhere, go into hard assets. So. [00:09:31] Speaker B: And by the way, you do realize that still happens a lot in senior communities in Sun City. There's people that still don't believe in the banks because they're one generation moved from the Great Depression. So, you know, and I told you a story when I was new in the job. I actually thought it was a test. I mean, I didn't understand it. We wound up with a client whose husband passed away. The man didn't believe in the banks. She had hundreds of thousands of dollars in cash and a big huge box full of bonds, like savings bonds in her home. And I was sitting at her table while she's going to the master bedroom closet getting more cash out. I'm counting money at the table thinking, this has got to be a joke. I could have put $10,000. That was back when I wore a. [00:10:18] Speaker A: Suit coat every day before you took anti money laundering classes? Every few months. [00:10:28] Speaker B: I mean, how funny. I was pretty new in the job and the whole anti money laundering thing. Believe it or not, in the late 90s, early 2000s, anti money laundering was not the push that is now. I mean, it seems like it grew over the years, but yeah, I mean, a true story. I'm there to see this woman who they called it an orphan. It's somebody who didn't have a representative at the company. I worked for MetLife, and I was there to help her. So there to deliver a check from her husband that passed away. And I mean, it was just so surreal to be sitting there at the table literally with hundreds of thousands of dollars. I mean, I sat there like, there's got to be a hidden camera. Like this doesn't happen in real life. And it did happen. And no, I didn't take a penny. [00:11:21] Speaker A: It wasn't she, because like you said, that was when you guys became her advisor. But you started off by just showing up to deliver a check. And didn't she say she cried or like she didn't let you in? Like. [00:11:51] Speaker B: It was funny because over the next weeks and months she had people coming into her home to work on her home. She was having a skylight put into one bathroom and into the kitchen. She had workers in her house. While she still has hundreds of thousands of dollars, she made it. I think it was one week to the day after her hundredth birthday. As all this stuff is pretty new. My father gets involved in these appointments and so she winds up writing a check to him. She turns over the money that she got with the death benefit and she hands my father a check. He leaves, you know, to go, you know, put it in something safe for her. And she winds up, she won't return our phone calls. She wound up in the hospital. So she gets out of the hospital and I go to see her and I'm like, what happened? She. She tells me a story of how I'm sure it was in the 50s or whatever, 60s, a traveling salesman came to her house from a company called Wherever Pots and Pans. And she gave the guy a huge amount of money. At the time, it was like a hundred bucks. And he never came back with the pots and pans. So he came in her house, did this demonstration. She bought this huge kitchen set of pots and pans. He never came back, took her money. So she thought that my father, who she just gave money to, was never going to come back. She thought she did it twice in her life. And, and we're talking a check. I want to say it was $2,500. She's worth hundreds of thousands of dollars. [00:13:35] Speaker A: So, yeah, she ended up in 2500 back then. Still, you know, sizable amount of money. [00:13:39] Speaker B: But, well, I mean, this was in like the year 2000. So this was, I mean, this was the, the death check from her husband when he passed. So, yeah, that was a really long story. I'm glad you. I'm glad it's Thanksgiving week and we can. [00:13:52] Speaker A: You have lost all the stories to share. That one came up. But the cryptocurrency thing, I don't know how that. How did we go down this road? [00:14:02] Speaker B: I don't know, but I know hundreds of thousands of dollars in cash in her home was actual, real, physical cash. And when you take it to a store, people recognize it and they'll accept it. If you take your bitcoin or your ripple or your dogecoin or your ethereum or whatever and you bring it to a store right now. Oh, wait, you don't get that. I forgot. When you buy bitcoin, you don't actually get a coin, do you? [00:14:22] Speaker A: No, you do not. You get nothing. Yeah. So bitcoin, right? Almost close to 100,000 last week. Obviously, times will change, values will change between now and then because this is Tuesday the 26th, but is now under 92,000. So we've got almost a 10% drop again. I still can't justify it. I keep looking up and I'm trying to understand this self containing system and there's a guy who Explained it to me the best. And he's actually the one that told me about Bitcoin like 10 years ago. And I really wish I would have listened then, even though I can't justify it. But you know, you throw a hundred bucks at something you don't know any better on, but this was when it was like pennies, dollars, like it was nothing. So honestly, I never would have held it for this long. I don't know how anybody could justify it. But he told me that you're investing in the blockchain technology itself and it's like, think about as a stock, you know, when you're buying bitcoin, you're buying the technology that bitcoin represents. And I said, okay, that makes sense. But the more I look into it, the more it's just a self fulfilling system because the system it's running, the technology it's running is just to make the crypto or to run the technology. Like it just, it doesn't make sense to me. And even it was like Investopedia pulled up and I was like, well, where does the value of all of these cryptos come from? And a lot of them say that it's a currency, right? And currency is the value we give it, just like the US dollar. But again, it's not a currency though. You can't buy a Cadillac in bitcoin. You convert it to a US dollar and then you purchase something. So I'm going to switch over to dogecoin because this one, this one's another one, this one's blown up like 200% since, since Trump got elected. Because a lot of the cryptos are dogecoin. I'm sure you've heard about it, us talk about it a few times on this show. Elon Musk is a big proponent of it. Same with his name, Mark Cuban. Now the problem with that, and it's not even right, I have the same problem with dogecoin as I do with bitcoin or all of the cryptos, period. The biggest issue I have with dogecoin is that the guy that created it made it as a joke. It was not supposed to have value. So now all of a sudden you've got these billionaires talking about how this is the future of currency when the guy that himself made it says it's a joke. So Sam has a few clips for us. Can you play that clip of this is Jackson Palmer on Epicenter podcast just as flat out saying that dogecoin should not have any value. [00:17:27] Speaker C: I kind of came up with a name and the idea. And then we kind of brainstormed over the next few days. We're like, how do we make this as ridiculous as possible? Because we even had the foresight, we were like, we don't want to make this something that people actually care about. This should be something that people don't care about. So how do we make it as undesirable as a. As a cryptocurrency so that it doesn't become serious? And so, you know, you were asking me before the show, like, why did we just. Why was their decision to fork Lucky Coin, which was itself a fork of litecoin, which itself is a fork of Bitcoin? That's because Lucky Coin had this whole notion of random block rewards built in. And so our whole thing with those coins, like, how do we make this so that miners are going to get angry with it and not keep mining it because it can't be profitable? I know, let's put a random block reward between 0 and 1 million for every block. So it's like totally a gamble. Right? Like, nobody would. Nobody serious would ever actually mind that. Right. And that was supposed to be a protection system so that it didn't become a thing. Unfortunately, it didn't really work as intended. Yeah, that was. [00:18:36] Speaker A: The guy that created Dogecoin just said it wasn't supposed to be a thing, it was supposed to be undesirable. It was not supposed to be anything that people put their money towards. Yet there's so many articles about how much money is to be made in something that's almost a Ponzi scheme. I mean, at this point, is it not almost fraudulent when somebody creates something that says, well, this isn't worth anything, yet people give it value? Or is that the free market system? Am I just complaining about capitalism now? [00:19:11] Speaker B: Sounds like it. I mean, that's part of why I don't let you talk every week. I mean, this is real bought. [00:19:17] Speaker A: People bought the pet rock and they bought Beanie Babies. And you know what? Those people should be allowed to buy them. I just. I don't know, man. So hold on, let me. I'm going to finish that thought real quick before we get more into that. Right, so. And we have people ask about Dogecoin. We had a couple years ago, the Shiba Inu coin was a big conversation piece and that was a derivative of this Dogecoin. So it's a joke on top of a joke. And I had so many people talked about how great of an investment is and how much money they were Making so on these schemes, right? This guy says it's not worth anything, but we've got a clip now of Elon Musk. [00:20:13] Speaker D: In fact, a lot of people maybe don't know. The reason that I actually ended up sort of somewhat endorsing dogepoint was when I was walking around the factory at Tesla, some people were just, you know, they were working in the line, like not cut risk people or anything, and they said, can you please support Doge? And then also I was at SpaceX and also just, you know, walking the factory and some regular guys just said, hey, can you support Doge? And I was like, you know what? Those is the people's crypto. So I will support it. Because lots of rich people were supporting bitcoin. But I was like, huh? But people online want me to support Doge. I'll spot Doge. So Doge is for you. [00:20:56] Speaker A: Doge is for you. Except for nobody in their right mind would buy Doge, according to the. The guy that created it. I don't know, it's tough, but that's my stance on kind of all of these cryptocurrencies. Again, I get the un centralized currency that Bitcoin is trying to accomplish, but it's not a currency. So what exactly are you getting outside of this game at the right time? [00:21:22] Speaker B: Well, and you hit it. I mean, we talked about this last week. If you take a hundred dollars to Las Vegas and you're playing whatever, blackjack, and you get up to $200, take 100 bucks, put it in your back pocket. Now you're on house money. Good for you. You get another 100 bucks, play. Have a good time. It's. This is air, though. I mean, I can't. When you bought a pet rock, when you bought a Beanie Baby, you can show it to your neighbor. When you buy a dogecoin or you buy a bitcoin, can you show it to your neighbor? It's. You're buying air. And I did talk about solar flares, emp, losing your pass key. There's flaws with this part of my heartburn. The more I've tried to adapt over the years, the more I've tried to accept it. First of all, there's thousands of coins. The more. If you just, you know, whatever your neighbor said, buy xrp, you're going to buy xrp. Good. Go buy xrp. But if you start researching it like I did years ago, you're going to get. You'll be floundering. I mean, there's. There's so many options which one is going to pass muster? Which one's going to stand the test of time? Which one's going to be there when. [00:22:39] Speaker A: Any of them stand the test of time? [00:22:41] Speaker B: None of them should. If you go right now to Lowe's or Home Depot into the Garden section, can you buy tulips? Yes. Can you go on ebay and buy a Beanie Baby? Yes. I mean, it's. I don't know. Sam, put on the screen. Would you rather have a thousand dollars in Bitcoin or a thousand dollars in Powerball tickets? [00:23:04] Speaker A: Well, they're both worth nothing. So if you want to buy any of these cryptocurrencies, even like the woman I sat with yesterday, I told her where to go to. If you want to buy it, buy it. I truly, I don't care. To each their own. But build your foundation first. I think that's all I really beg of people is accept these as like gambling funds taking risks. But build your foundation first so you can afford to take these risks. Don't bet your retirement on it because. [00:24:03] Speaker B: You just said the keyword. I think you just said the key word for me with all these cryptos. Gambling. You know, they say the stock market is legalized gambling. I mean, you. If. Unless you can really research a company, unless you can keep your emotions out of it, unless you can really, you know, get it down to science, which you can't anymore, it's legalized gambling. You know what the difference is between my 401k and Desert Diamond Casino, conveniently located off the 101 in Northern. You know what the difference is? I'm not relying on the casino to provide me for my retirement. I have add, I have ocd. I like. I'm a social creature. I like the excitement. I like the bells and whistles. You know what I'm. I know the house has an advantage. I know what's going on there with my 401k. I'm at the mercy of these other people that I know nothing about. You know, I don't want to gamble with my future. You hit it. If you set up everything else, if you have a will or a trust, you have addressed long term care insurance needs or the possibility thereof, whether it's private insurance, whether it's spend down and go into an all tech situation, as long as you have a plan. If you get everything else and your financial house in order, have a good time, do your thing, have extra money, piss it away. Sorry, spell it however you'd like. [00:25:23] Speaker A: Excess income. Excess income allows you to ruin your savings however you want. [00:25:28] Speaker B: Yes. And you know what? The only thing I can tell you about cryptocurrency, it's not for me. I did tell you last week I have some, I've got a little bit in my Schwab account. It's through an etf. I mean, so I've just put my toe in the water. You know what my thing is? Diversification is always a good thing. If you have life insurance, you have your income plan, you have an emergency fund, you have some cash at home, then have some bitcoin, have a good time. You know, have a ball. I still think you better be mindful of the old buy low sell High at $92,000 a coin. I don't think I'll be jumping in with both feet today. [00:26:05] Speaker A: Now that's relative. I mean, that's high compared to 60 and 60 was too high and then 20,000 was too high. And really anything over nothing is almost too high. [00:26:14] Speaker B: It's too high if it's 16 cents. If it goes back to 16 cents, which is what it was when I first looked at it. My office manager at the time, Janet and I talk about it and we both agreed this is just such a crock of crap. This, this is not going to fly. We didn't do it. How dumb. [00:26:30] Speaker A: And you were wrong. Look at you now. [00:26:32] Speaker B: Me, you know we were very wrong. And you know what? I do have the stomach and discipline I probably would have if I went from 16 cents to. If it got up to like 10,000, I would have pocketed a bunch of money. [00:26:42] Speaker A: Never would have. If it got up to a dollar, you would have sold it. You never would have held it for that long. I positive there's no reason anybody should have. Anyways, say you are listening to this show and you want to buy cryptocurrencies. We don't sell them. However, we can help you set up a financial plan that will allow you to gamble on whatever currencies you want. Buy the dinar or the Indian money that people want. We will help set up a plan with excess income and no debt and then you can gamble away the rest however you like. So reach out to us at team at another money show.com. find us on the web. Another money show.com. rochford and Associates. You're listening to another money show on 960, the Patriot. We are going to be right back. [00:35:15] Speaker B: Welcome back to another money show. Thank you so much for being with us. We do hope you had a great Thanksgiving. We hope you got a lot of fights and all that stuff. This show is freaking me out. I'm not. I'm not gonna lie. I mean, my weekly modus operandi is being violated here. I feel dirty. When the show's over. I'm gonna go take a shower. I just. Before I let Anthony start going again on whatever boring drivel he's got next, I wanted to call you something since the election, you know. You know, we still have almost two months. They're going to burn the country to the ground before letting Tal J. Trump be number 47. Sorry, sorry. [00:35:54] Speaker A: Gonna be 48. Remember 25th amendment. [00:35:57] Speaker B: Oh, yeah, that's right. We're gonna have our first female president. First. We're only gonna have our first show. Well. Well, it depends how long martial law lasts. You know, now we have to worry about the dengue fever. Have you heard this? The dengue. [00:36:08] Speaker A: Oh, that's sweet. Cambodian, like jazz band. [00:36:13] Speaker B: Exactly. It can also be a dangerous mosquito borne illness, but what do I know? [00:36:18] Speaker A: I don't like that as much. [00:36:20] Speaker B: Oh, and whatever you do, I hope you did not eat turkey because the big chicken flu this year mostly settled into turkeys. So enjoy your tryptophan and death. So real quick again, we hope you had a good Thanksgiving. Hopefully this episode is a nice break from Anthony's normal doom and gloom. Sandy, Anthony's mother and my wife. I'm. I'm always nice when she's around because she's my second to last wife. She's here to say hi to people. Is that okay? Can we have Sandy on for a minute? [00:36:50] Speaker A: Is that. That's your cue, Mo? Yeah. There's no studio on the end, so you can just go. [00:36:58] Speaker E: I just wanted to wish everybody a. Hopefully they had a happy Thanksgiving and, you know, good shopping on Black Friday, because Black Friday started in what, September? So, you know, good shopping to everybody and I hope you had a great Thanksgiving. And I'm going to turn it back over to the boys because they're much better at this than I am. So. Love y'all. Bye. [00:37:27] Speaker A: So I borrow more, rack up more credit card debt. This is the advice of Sandy Rochford of Roger. That's. [00:37:35] Speaker B: Yeah. So speaking of which, you know what I read just this morning? Even when I'm up in Snowflake, I don't take a break. I mean, I do, I do compare to the Valley, but what I read this morning, a lot of the credit card companies, especially the retail ones, like the stores, Macy's, I'm not looking at you specifically, but all of them, they're raising the interest rates on their cards between now and all this. [00:37:57] Speaker A: I mean, that's before Bernie works with Donald Trump and cuts it down to 10%. [00:38:04] Speaker B: Yeah, but that can't happen at least until after January 20th if we're not in martial law. But so now these stores. I mean, how ridiculous. Everybody's hurting, the rich are getting richer, the poor hover, the middle class is shrinking. And I find it absolutely horrifying that these stores just keep sticking it worse to people, you know, and. And here. And that's me. I'm the one that believes in free market and capitalism and. But the corporate greed is a little bit. [00:38:30] Speaker A: Yeah, nobody does. [00:38:31] Speaker B: You know what. Can I say one thing that I should have just had right before we went into the break? No, it's not vegan brewing. I'm not going to talk about eating a carrot and dying again like I did last week. You know what my answer is to the whole bitcoin thing? I don't think you're done talking about bitcoin yet, because during the break, that's all you rambled out about. But one thing, the only thing I can really tell you, you know, when I said diversification, the more important thing, moderation. I've got a friend up in Snowflake. I don't know if she listens or not. Anyway, her name is Marilyn and we saw her yesterday. Marilyn is another person that's heard that XRP is going to skyrocket, so she went out and bought xrp. I will not tell you the amount, but she did not go excessive. I was like, that's so cool. Because if you're right and this thing skyrockets, you're going to have a good return and a good bit of money. But if it doesn't do squat, it's not going to change your future. So she is exactly what I want everybody to be. [00:39:30] Speaker A: But that's not how you make money. What you do is you trade on margin and you over leverage and you make a fortune. And then now you're the next Elon Musk, and then you make your own cryptocurrency. All right, so you're right. I am going to complain about cryptocurrencies some more. You're not wrong there. But I forgot what the. Oh, you were talking about credit card debts going up. I read another article because I was reading a bunch on all these cryptos that they're estimating that they're, especially after this drop from about 100,000 to 90,000 or whatever it is. Now they're saying that everything is over leveraged. There are huge amounts of debt that are piling into these cryptocurrencies. And I, I don't know why that surprises me. I don't know why anything surprises me anymore. Because everything is beta based off of debt and margin trading. But with. All right, so we've talked about cryptocurrencies for the last few years. Do you remember talking about NFTs? [00:40:36] Speaker B: I do. I, I didn't understand that either. And when that started growing legs and all of a sudden I, I heard, I, I have four of them. You know, they're from the Cardinals. I have four different NFTs. I still have them on my computer. So, you know, as long as my computer doesn't crash, I have four NFTs. And when we got these years ago, I was told they are worth a value of 26 to $30,000 each. And I didn't know how to get them, I didn't know how to sell them. Maybe as things were really ramped up, I should have figured out what to do to sell them. I should have undercut people and sold them for 23,000 each. It's air to me. I don't understand it. [00:41:21] Speaker A: Well, there was right, kind of on the same, same line as these cryptocurrencies. But the NFT is like a digital artwork. So at least it is a tangible asset of sorts because you do own the art. Even though someone can screenshot it and then, you know, have a copy of it themselves, but you do own something with the nft. So I was like, okay, so there could be something to this. But if you also notice on the show, it was in the news, we talked about it when everybody else was talking about it. But what happened? Do you know what happened? [00:41:59] Speaker B: What? [00:42:02] Speaker A: It blew up. It was a massive bubble. And now everything I've seen, articles that range from 90 to 95% have just dropped off the map. So we had this huge boom over something that you could screenshot. So according to statista.com which who knows how correct this is, shows a boom from like 2021 to 2022. I've seen, seen articles on Yahoo that said that the NFT market was worth about 617 billion in May of 2022. And now in August of 2024, it's worth 44 billion. Forbes says that it was worth 21 billion in May, which is very different than 600 billion, but also the same has dropped 90%. So Michigan, we talk about assets. [00:43:03] Speaker B: Yes, Forbes, whoever, statistica, whatever. Who, who on earth is saying Something is worth whatever billion. I don't care if it's 1 billion or 44 or 600 billion. Who in the hell is saying what that's worth? How do you appraise a cartoon looking trading card I have on my computer? You know, you said it's tangible, I didn't, I didn't know what to do. Was I supposed to go to a good color copier and print off and sell it for 23 grand? And what value? You're making the point, just like Bitcoin, that things are only worth what someone was willing to pay for them. That's, that's the case with pretty much everything. You know, the last since COVID apparently people are willing to pay a hell of a lot more for a used car than they were before COVID So that's what you do. You sell it for more. [00:43:51] Speaker A: I still, I mean, yeah, I know, I know what you're saying about the value. Right? It's all, it's all BS because it was all speculative. But people were spending the money back then and they're not anymore. But it was funny because everybody talked about how this is the next thing, just like everything else is the next thing. Just like Dogecoin is the next thing, Ripple is the next thing. Bitcoin's the next thing. It is until it isn't. And I have yet to find any justification as to why it will be. But again, back to your credit card thing. I saw this in the Forbes article and this was the one that really, really got me. So this I'm just going to read from. It says the nft and this is from an article from recently. Forbes is actually saying that, oh, it's all dropped, but it's still, there's value to it. It's important. Buy, buy, buy. All that stuff that, you know, my mom would probably suggest for everybody. But the article says the NFT lending market mirrors these terms. Loans against top NFT collections are available for up to 45, 45% of the fair market value with interest rates from 8 to 10%. Junior. Do we have a issue with leverage in this, in this country, in the world? [00:45:05] Speaker B: Do we have an issue with leverage? [00:45:07] Speaker A: Do we have an issue with leverage? Would you say in your expert opinion? [00:45:10] Speaker B: I'm going to say yes. And I. [00:45:12] Speaker A: Okay, so I'm a leverage in an asset that's market value has dropped 90% in the last two years. They will allow you to take loans on them for up to 75% of their value. You can get loans to buy an asset that's dropped 90% in two years. We're a thriving country, Jer. America is the best. Everything is fine. [00:45:46] Speaker B: You know, nothing makes sense to me. I'm not going to lie. The stock market doesn't make sense. Nothing makes sense. [00:45:53] Speaker A: A nice change. We're not complaining about the stock market actually, relative to this, the stock market actually makes a lot of sense. So maybe we need to change our tune and just, you know, buy the stock market. [00:46:04] Speaker B: Yeah, I think it's identical. I think the bitcoin market's going to plummet. I think the stock market is going to plummet. I think the real estate market, I think people better. You know, you're a realtor. I haven't said this in a while, but you need to dust off your manual on foreclosures and short sales. I think everything cycles. And we've been in this biggest super bubble in the history of the earth and it's not going to end well if you're over leveraged, to use your word. You know, we, you and I, we don't talk about on the show a lot because it would, it would just. People be like what? We talk about derivatives, that everything in this country is one big derivative. You know, I mean, a lot of people have all of their future hope in this XRP and bitcoin. You know why, you know why people are buying this stuff? The fomo, the firmness and because they're all swinging for the fences. How do I get rich quick? It's been the same, I'm sure, since the 1920s. What do I do to get rich quick? Especially without working. I want to get rich without working too hard. You know, don't we all? And we all do. You know what I said last week? You got some interesting to say. Find a good book publisher, whatever. Write a book, you know, get a side job, figure something out to make money, Set your base, do all the right things, and then put what's left in your get rich quick scheme. I find it absolutely annoying that Elon Musk, who may talk about an interesting figure, especially right now, you know, in the next four years, he may be really interesting, but when he went on Saturday Night Live and said that his dogecoin was a joke, and it plummeted, it's like. And now it's back. I mean, that's even a joke. You have to emphasize the fact that dogecoin was made as a joke to make fun of bitcoin. And now it's this huge viable. Well, like you said, currency. I don't know where do you use it? Where all of you people that are loading up on Bitcoin and xrp, where are you using it? Because I can't, you know, we talk. [00:48:07] Speaker A: Just, it is, it's, it is just valuable. That's what it is. That's what the asset. It's just straight value. It just makes money, junior. You just, you put money in and then it makes more money. How do you not understand this? [00:48:22] Speaker B: There was a huge influx over the last two weeks into bitcoin. I, I don't understand a lot. So it should be no mystery that this is one more thing I do not understand. [00:48:30] Speaker A: And that is why we are poor and on the radio. [00:48:33] Speaker B: And that is true. We have our love though. Our love of each other and family and all that horse. So one thought for you. The last couple of weeks there's been a huge influx of retail small amount investors into Bitcoin and XRP and all the others. So let's focus on bitcoin for a second. I got in. I didn't, but let's say I did. I got in two weeks ago. Okay. And it was, I don't know, I mean, you know, it's nearing 100. Let's say I got in last week and it was, you know, we're just waiting for it to poke through 100 and now it went down by 10%. That's a huge swing. 10% is a huge swing. But I don't know. [00:49:17] Speaker A: I mean I'm just protection of the failing dollar. But the dollar didn't drop 10% in two days. [00:49:24] Speaker B: That's what happened to. Should we talk about bricks today? Should we, should we get back to doom? [00:49:28] Speaker A: And bricks doesn't. Obviously bricks doesn't matter because they can't get organized. So we've got time. Really. So do you want me to bring up, is World Liberty Financial, is this a good transition into that? [00:49:43] Speaker B: I think that's fine. [00:49:44] Speaker A: I think, I don't know how I know that. [00:49:46] Speaker B: Donald Trump. Let's finish up with cryptocurrency. We're going to talk for a second about Donald J. Trump. You sent an article that I find very interesting. [00:49:53] Speaker A: Well, I saw the article and it said something about this Chinese billionaire millionaire, whoever he is, just bought a ton of this coin and endorsed by Donald Trump. And it was not a coin I recognized. So I looked a bit more into it because I was like, well, that doesn't seem right. I mean, he's the elected official of the largest country in the world, financially, the largest country, failing as it may be. Still, still number one right now economically, but he's got his own cryptocurrency. And I was like, that doesn't, that doesn't sit well with me. [00:50:34] Speaker B: So constructive interest definitely doesn't. [00:50:37] Speaker A: 100% a conflict of interest. And I looked into it, and of course they've got little Norman Klager here that's like, oh, well, we're actually not associated. But. Well, they, they say they're not associated, but they're also, like it says right here on the website, affiliates including Donald J. Trump may or have received approximately 22.5 billion tokens from World Liberty Financial and may be entitled to receive 75% of net protocol revenues as defined by SIR. And so they're paying him a ton of money to use his name for a currency, to ride this wave. And it says on the website that he's the chief endorser, chief advocate for this cryptocurrency. So if you haven't gotten anything from this whole show or just learning about cryptos in general, it's not a currency for one. So what is. It has no value unless you give it value. But now we've got the leader of the free world promoting not just other people's, but his own. That's absolutely insane to me. And the worst part is I think people are going to fall for it. I think people are going to buy it because it has his name. You get on the website, there really isn't anything about what gives its value. It's, do you want to buy it? That's the whole website. Do you want to buy it? [00:52:11] Speaker B: And I'm gonna say on that one, yes, I do. That's when I get behind. [00:52:16] Speaker A: But that's absolutely insane to me. And I'm, I'm, honestly, I'm, I'm really just kind of upset that it's even gotten to this point. Like, I, I get that he's a marketer and he's a businessman, and I, I'm not a huge fan of all of the merch. I don't know that anybody should have merch for politicians and elected officials. He's not a collection service job. Well, he got elected as he is, so I think that's all kind of unacceptable. I get some of the tried to be elected merch. But putting your name on again, he did all this before, so it's a little bit more acceptable. But make this push for these Ponzi scheme cryptocurrencies like that, that's a bit too far. [00:53:00] Speaker B: 1, 2 thoughts for you in the office. In my little pencil holder on my desk. If you think of it tomorrow or whenever, go in there and look. I have pencils that. Lisa, one of our. Reagan, Nixon. I've got Nixon pencils. I have buttons that said I like, I can. I mean, you know, we've touted and we've had products for presidents over the years. I. That doesn't bother me at all. I just there we've become such a consumer nation. There's just everybody's a collector, you know. And don't forget, if you buy a bunch of Trump merchandise and they are successful in eliminating him, if you know what I mean, it might be worth more one day. So you know what? [00:53:42] Speaker A: I'd rather have successful in eliminating the purchase power because of all of his tariffs. Duh. Because I can't imagine any of all of this Trump merch is being made in the US it's probably not. [00:53:56] Speaker B: I've got a beautiful coffee mug I'm drinking out of today. I wish my camera wasn't broken so I could sport this bad boy on YouTube. It's got an American flag on both sides. And then it says let freedom ring on the handle. And then when it's empty, preferably, you turn it over and it says made in Taiwan. No, China. Taiwan's made in Japan. This isn't a Deep Purple album. [00:54:20] Speaker A: Is Taiwan also Japan or also China? [00:54:23] Speaker B: Yeah, they're going to invade them one. [00:54:24] Speaker A: Of these days when they get everything is China. America is China. [00:54:29] Speaker B: You know what? When I was a kid, it was Japan. Everything was made in Japan. Now it's all made in China. It's, you know, these tariffs, it's going to be super interesting. I think the next four years, if we get past January 20th, are going to be fascinating. I can't wait to see where we are. I actually hope I stay alive for four more years just to see all this. [00:54:47] Speaker A: Well, we're rooting for you. [00:54:49] Speaker B: Yeah. So, speaking of, you know, things I want to see, you do realize, right, that Janet Yellen stepped down. [00:54:57] Speaker A: What? [00:54:58] Speaker B: Yep. [00:54:59] Speaker A: When did this happen? [00:55:00] Speaker B: Let's see here. I believe it was last Thursday or Friday. [00:55:06] Speaker A: I've been in vacation mode for, like, the last week and a half. [00:55:09] Speaker B: So you've been on vacation mode for about six months. Come on. [00:55:12] Speaker A: That is also very true. [00:55:13] Speaker B: Yeah, Janet, my favorite cartoon is going to be gone. I'm still going to be tracking her and following her and seeing if we can talk smack about her, but. Yeah. [00:55:22] Speaker A: Yeah. Really? No, tell me. So tell me more about that. Was there a reason? Is this. I guess that's obviously, first of all. [00:55:30] Speaker B: She'S messed up our entire country. I mean, you know, I talk about the amazing J's. Jared Bernstein, Jerome Powell, Janet Yellen, Joe Biden. I mean, these people, have they. I mean, if they had four more years, I honestly believe we would be in servitude to another. Well, a consortium of nations. I don't think that's exaggerating. So, no, I mean, and, you know, Trump's going to be the president. She's not going to stick around. Not that he would have her. Jerome Powell saying he's going to stay, but he won't. I mean, he'll be. He'll be gone. You know. No, this is. [00:56:05] Speaker A: I mean, has anybody been appointed yet? [00:56:07] Speaker B: I don't think so. [00:56:08] Speaker A: Yeah. I mean, Trump's cabinet picks have been some. Four, not all of them, but some. But I'm very curious on who will end up taking over for. And I guess I get that question, too, a lot from people recently, especially with the election is, you know, is this the turnaround part for the market? One person can't fix all of this. It's at such an insane bubble that it really didn't matter who got elected. We're seconds away from financial devastation. But I think, as you've said before, he can probably do a better job of kicking the can down the line. But I don't think it's a set. I don't think it's a sure thing that it's going to be prosperous over the next four years, because I don't think. [00:56:58] Speaker B: And I think what Trump winning the election did for people, you know, the half of the country that likes. The fact is he bought time. There's going to be less infringement on the Second Amendment. There's going to be less, you know, unsafe. The murder rate in this country is going up. When you hear statistics, if you're not prosecuting somebody that killed somebody, of course it's not going to reflect on the numbers going the wrong way. There's a lot of weirdness in this country, you know, when people say that Trump is, you know, untruthful. I don't know. I mean, the first four years, he said he was going to do a bunch of stuff. And in my lifetime of watching presidents, he's the first one that's done what he said he's going to do. So he said he's going to do a bunch of stuff. He's probably going to do it. You know, I mean, when you, when you go after somebody for four years straight, it's kind of hard to get stuff done when all you're doing is covering your own. You know what? So this time might be a little different, you know, I mean, people that say he didn't close the border, he did a hell of a lot more than anybody before him. I mean, I remember the containers, the, the razor wire, the drones, the cameras. I mean, he did what he said he's going to do and he's going to resume. So I don't know. Can he stave off a default on 35.9, 36 now? I'm sorry, Trillion in debt? I don't know. Can he make it so the brics nations don't replace us as the next world reserve currency? I don't know. I mean, I don't know. We'll see. Can he do the tariff successfully? You know, because right now people are hurting. So if you. And it's going to be 25%. I read. So 25% more on goods coming from China. The middle class are already in deep trouble. They're maxing out their credit cards, they're late on payments. So it could either cripple and topple our financial country or it could be the end game. Could be genius. We could start bringing back manufacturing for real. You know, we could start doing the right things. I, I had a conversation which I haven't had in over four years with somebody about how Trump is so greedy. You know, the guy didn't take his salary and they were like, well, why would he a billionaire? You know, people that have money tend to, to want more money. Usually the people that are more generous, the people that are, in my experience, the people that are more generous, less worried about scrounging. You know, people that are sometimes even better tippers at restaurants, they have less, they're more generous. I mean, people with a lot of money want a lot more money and he didn't take his salary. I can't wait to see the next four years, if he's allowed to get in office and do his thing, what it's going to look like. And I mean, this was an overwhelming victory for him. I've already heard. [00:59:42] Speaker A: Surprising, not necessarily surprising, but this is almost what I expected in 2020 to see it happen now. [00:59:50] Speaker B: Well, and I still think, I know you don't believe me, but I still think there was such heavy cheating. I think the election was stolen. I know I'm a denier. You know, I just spent four years being an extremist. I mean, as a veteran small business owner, family person, it's A little bit. You know, I watched Biden's red demonic State of the Union. Stop. [01:00:14] Speaker A: They cropped that picture and they took it from one angle. It was red, white and blue. [01:00:20] Speaker B: Okay, it was. It was maga looking but they made it look just the red. They photoshopped out the white and the blue for that. [01:00:27] Speaker A: You're. I can't. Can't. [01:00:29] Speaker B: You know what? This show. This show. [01:00:31] Speaker A: Now you're out of my will. Who's our estate planning attorney? [01:00:35] Speaker B: I need back in your will over the weekend. I got to get back in quick. I've seen you drive. Did I mention that? So this show has been different. It's awfully nice to have you run the show. This has been wonderful for me. I. [01:00:47] Speaker A: You notice how many clips I play when it's not. Not you just ranting like if I have to be put in charge of anything, it's like, well, I don't know why anybody would listen to us. So let's listen to these other people that people trust. Sure. [01:00:59] Speaker B: And I don't know any why to people listen to us either. So I read articles which I'm telling you next week when I'm back doing my outline. I'm looking forward to reading a bunch of articles about how we're all going. [01:01:10] Speaker A: To die with that starlight. Bitcoin will be at a billion by then and you're probably listening to this show while I'm behind from. I'm coming from the grave. So anyways, that's it for today's show. If you like what you heard, you have questions on any of the topics today you want to sit down with us to review your personal financial situation, reach us at teamothermoneyshow.com find us on the web anothermoneyshow.com give us a call, 623-523-0444. Remember, there's no minimums, there's no cost for appointments. Just come in, get a second opinion. And I am very serious. If you want to be gambling on the stock market or gambling in a casino or gambling with cryptocurrencies, NFTs, set up a base, set up income streams, get yourself out of debt and we can help plan for that.