YouSaid · the spoken record

Joe Carlasare

lines on the record: 62
first: 2023-12-06
most recent: 2023-12-06
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I mean, where you've got markets at, where you've got litigation, keep in mind, you've got these major pieces of litigation, Coinbase and Binance that are still pending with the SEC. The SEC came out and said that FTX style fraud was committed at Binance. And that's to be determined once you get that monitor in there is going to be providing government documents out to the public. So stay tuned. And also, like Haddle said, you have to survive until 2025. That should be your slogan, right? Like, because we're in for some craziness next year.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I always have to plug here if you want to my help in any litigated dispute. I'm always happy to have a conversation with you, talk about anything I can. Obviously, if you've been around in Bitcoin or the larger crypto space, you're aware that as we talked about tonight, the space is rife with fraud. And there are plenty of good people that have been taken advantage of and also people that are facing very onerous suits at this point unfairly because of the idea that whenever there's a bear market, whenever assets decline, people bring out the litigation. And I'm very busy, but I'm always willing to talk to new clients. So you can Google my name and you'll find my law firm. Happy to talk, Joe Carlosari at Amundsen Davis. And I'll just say, I think next year is going to be absolutely crazy. I mean, I honestly get excited just thinking about all that's coming down the pipe.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, free and open markets require transparency for one, but they also require personal responsibility. And the problem we have is that people don't want to have personal responsibility. They may say it. Until their stock portfolio falls 50%. You're right.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Equities were sold. They sold off 10% into the end of October. Bitcoin didn't budge. It actually just kept on its train going because of all the things you're talking about, all the coins locked up by the diehards. Unless you get some systemic risk, I don't expect a hard down on Bitcoin.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It can be one of those slow grinding bear markets where things go down further. And in that environment, I'm not as convinced as perhaps some others that you Bitcoin's going to really struggle. What Bitcoin tends to very much freak out about in my research is volatility. When volatility goes off the cliff and basically explodes higher, you got a VIX bearing down on 60s, 50s, that range, Bitcoin really takes it and it gets hit. But you can have plenty of sell-offs and plenty of bear markets and equities and bonds where you don't have some explosive thing. And I think that's what everybody keeps expecting, which tells me that I don't think it's coming where you basically just get this real hard down. And to your point, like, you know, you could have a recession, could have unemployment rise, could have equity sell off 10, 15, 20% or more. And depending on the rate of the decline, it doesn't necessarily mean there needs to be this huge shock to Bitcoin. We have had just this year, right, periods where you had”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, I'll just say that it depends on what the contagion is, right? I mean, in the COVID circumstance, which I think is a unique set of factors where you had a very uncertain situation where there was a mad dash to get cash and you had disorder in the treasury market, which primarily cascaded through every other asset class. Yes, I would agree with you. I think Bitcoin takes a hit. I don't think that's really likely given some of the measures that have been put in place, both before and after COVID to absorb those types of shocks. Things, for example, like, you know, the BTFP, those measures that have been put in place, they keep trying to perfect and come up with new tools to prevent these sudden quick shocks. I think the far more likely scenario is this slow grind for a lot of traditional assets, kind of like you've seen with the bond market. You could have a sell off in equities. It doesn't have to be a sharp vicious decline.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Thing depends on where you sit. But to me, like that's huge. I mean, and you really want to try to time that and like try to figure out, you know, what who's going to win the White House and decide whether you're going to buy Bitcoin? To me, like, I think all roads are going to lead to Bitcoin. Like they say, because at the end of the day, okay, we know that debt can only be solved with more debt. That's their only solution to everything. And as the system is constructed now, you can bank and they're being more and more debt, which eventually finds its way, that liquidity finds its way into Bitcoin. So yeah, I'm pretty bullish.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That I think is very bullish is that if you have the structurally higher rates moving forward combined with the government spending, and Lynn Ollen talks about this with fiscal dominance, right? That is effectively liquidity built in to push to the push forward. You've got a constant flow of cash from the governments continuing to borrow more and more money and pumping that through for the entitlement program. So all of those things show you're in a very different environment than I think pre-COVID. And, you know, you've got a potential new administration coming in. And if you remember, Hodl, we talk about this all the time. What did the last administration do? I have these tweets. I think they're funny. Sometimes I go back and review them and you had the former president who looks to be the front runner of this time saying we need negative rates. We need rates incredibly low. The Fed should be doing more QE. You've got sort of the political appetite out there to just to the moon, right? Whether that's a good thing, bad.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Try to slow this down. We can't, we can't, we can't, we don't have the option. We did everything within our power, including QT and fastest rate hiking cycle in 30 years. And we still couldn't slow the darn thing down. But for a variety of reasons, structurally, we can't have the government run these high deficits. So we have to cut in the face of very hot inflation, still far above trend inflation. That is going to be massive for Bitcoin, right? I don't think it was a coincidence that we had this aggressive sell-off when the Fed began its rate hiking campaign really in the early part of 2022, right? That was in Bitcoin took a hit. I mean, it affected some of the weaker players in the industry. So that cascaded on. Well, if you have the opposite happening right now, if you have, we avoid a recession and we have the Fed is easing proactively because they just throw up their hands and say we can't do it in the government tax burden. It's just too much with these high rates. That's going to be massive. The other possibility, okay.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Think that the possibility for Bitcoin going exponentially higher this cycle than the prior one is very high. And I'll tell you why. And let's just step into it just a little bit of a macro conversation here. The Fed has been explicitly targeting a recession. They've almost said that explicitly. When they want labor, the labor market to become more into balance, they want it to rise, their targets all show unemployment going up. They've talked about specifically how there's going to be softening in the real estate market. And much to their dismay, I think, we've not gotten one. And I think that when you have government spending running currently at about 7% of GDP, providing a ton of cash, basically running wartime deficits into the economy right now, and you cannot trigger recession despite very high rates, you have two potentials that could come from that. Number one, the Fed is forced to just throw up its hands and say, we tried to.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“He's going to be upset that you didn't promote the Valkyrie ETF and you went with Fidel. Oh, yeah, you're right. He's not going to come back on the show anymore. He's very good.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And you know, when one of them does it, they're all going to do it, right? If you get one of the ETFs to be transparent about what they're holding, I think it would be, it's like fees, right? It's like anything else. Once one of them does it, they kind of all have to follow suit to not give a competitive advantage.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“My point, like, right? Like, when I ask the question about what's the Bitcoiner's ETF, the entity that does that will have me publicly say, don't buy from an ETF, hold Bitcoin natively. But if you're going to buy Bitcoin on an ETF, Go with the Franklin Templeton Transparency ETF. I don't know. I'm just, you know, go”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The way you would prevent them from doing that rehypothecation is open transparency about what Bitcoin they hold and when they hold it and have that number published every day. That's how you do it. If not, your point is a valid one, right? You definitely have Windows there where there's less transparency between audits where you could kind of slip through and not have all the Bitcoin you purport to have. But this should be something if you recognize that an ETF on balance is a positive thing, even if it's not the preferred way of holding Bitcoin, you should push for transparency and you should say, okay, fine. If the ETS is going to come and we can't get around it, have it come, but also have there be very clear accounting and use the latest technology. The whole point of Bitcoin is that you can see in real time who holds what. Identify your addresses. Make it clear what you hold.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You're just talking about how are the shares created, right? How are the shares created? Can they create shares through just someone turning over their Bitcoin? And by the way, this is what GBDC does, right? This is how they were extracting the premium. People were tending over their tendering over Bitcoin, right? Descending over their Bitcoin. They would get shares that would go subject to a lockout period, thereby extracting the premium, then selling those shares. So imagine an open door sort of where you could get Bitcoin in, shares, use your shares if you want liquidity or margin, and then if you want your Bitcoin out. Theoretically, you should be able to withdraw the Bitcoin. From the exchange”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And that could be a huge thing. I mean, unlike things like the GLD, right, in terms of the ETF, where you can't really redeem the gold very easily, Bitcoin could present a novel product that could potentially be very interesting for us where we're, okay, you want to get a margin loan. Okay, you can do that through your Fidelity account. You can put a small portion of your stake of Bitcoin in exchange for shares, potentially not even incurring a taxable event, and then get access to margin and liquidity through the traditional financial system because that's marginal. That's huge, right? That is a massive windfall. And you don't have to sell your Bitcoin, right? Because there's a way structurally to do it without average actually having a taxable event. It's difficult. You're going to have to get the SE to go along with it, but that would be a game changer in my view.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so you clarify if any of this is not clear. Okay, Hodle. So basically the debate is this. When you're going to create shares, can you create the shares by using in-kind, right? In other words, I have Bitcoin. I give my Bitcoin to BlackRock. BlackRock issues me shares. And BlackRock has reportedly pushed for the in crime creation as opposed to cash creation, which is different, right? Where cash creation is I have a million bucks, I want a million bucks worth of shares. I give you my million bucks. You go out and you source the Bitcoin from the private market. That is a huge issue, in my view, not because I think the price is going to be manipulated or anything like that, but it's really important to create as much flexibility from the standpoint of being able to move Bitcoin into the shares and move the shares back into Bitcoin.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, you guys have followed the debate or sort of the push and pull between BlackRock and some of the others in the S&C about the use of in-kind creation for shares. You guys know about this.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's my view. I think that's what they should do. I think that should be the strategy because you're going to be vying for market share. But what do you guys think? What will be in your view the Bitcoiners ETF? Is it really going to be BlackRock?”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I got another one for you both real quick because I've been dying to hear this. So you're going to have multiple ETFs launch right in January just going back to that for a second as Bitcoiners, right? We love to sort of say this is the Bitcoiners hardware wallet. This is the Bitcoiners exchange, right? I want to know what you both think coming here, assuming all the ones that have applied, you know, eight or ten of them that are in market have come to market, similarly at the same time. What becomes the Bitcoiners ETF? And I'll just say full disclosure. I have said publicly that to me, if you're going to try and cater to Bitcoiners that really are passionate about transparency, openness, that sort of thing, free advice again, not advice to any of the ETF issuers. If they want to cater the Bitcoin community, they should absolutely be transparent about the Bitcoin they hold, give on-chain addresses, be as open and honest about that, and not do the whole, we're going to keep the on-chain Bitcoin hidden and secreted.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This is not my view, but I want to bring this out Because I had a tweet about this and I was kind of surprised because one of the folks on there that I had a similar view, right? You want to pay the money. You want to use up the block space. That's your right. You're burning cash, you know, go to it by all means. Luke Dash Jr. commented and he wrote, and I'm just going to quote him verbatim. He wrote, forcing every Bitcoin user to do something without their consent isn't okay. Bitcoin doesn't support JPEGs. Then Ari Paul responded, clearly it does. I think you mean you want to censor them because literally we can all see it does. So you must be talking about social consensus. And then he wrote, no, it doesn't. You're just lying to people. We need to fix a policy bug. There's no software needed. And he actually tweets out a GitHub, basically saying we can fix this. And this was never intended. It was never part of Taproot. It's a glitch, right? And just like when there was issues with the supply glitch that was out there, the, you know, the inflation bug that was fixed, we can fix glitches.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, I mean, some of it's coming to Bitcoin, right? With these ordinals and inscriptions thing, I keep seeing people on Twitter all the time talking about how they're purposely going to try and drive up the cost of transactions with, you know, these things put on chain and that that's where the money's going to be and that they can give use cases for Bitcoin beyond just a store of value. What do you guys think about that? That's going to be a weird cycle, right? If you've got a lot of this stuff on Bitcoin.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Money on, but that's it, right? That's the end of, I think people were under the misapprehension that Ripple executives were going to end up behind bars or something. That's not what the SEC does. The suit is a civil enforcement agency trying to recover sums of money. So to me, if you equip the plaintiff's bar with thousands and tens of thousands of potential litigants in their file class actions over anyone who's issuing these types of things, in many ways, that's going to be transformative because you're really going to have to be on guard for the variety of different suits that are going to come.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“People who have lost huge pots of money betting on all these different assets that, you know, aren't Bitcoin. And you can haul them into cord, make them answer for why they did what they did and why they made representations about things. And even if the cases don't all stick, enough of them settle because of the extreme defense costs that are involved in some of these things, that that is in some ways difficult for folks. So it's not the DOJ. It's not criminal, right? In many ways, it is on par with what the SEC can do because this is a big thing. I think Halo and I have had a lot of discussions on Clubhouse and elsewhere about this. Like at the end of the day, what the SEC can do is they can go in there and do really two things. They can get an injunction, which is a corridor that says you cannot do this in the future, or they can effectively issue a speeding ticket that you have to pay X amount of fines. You have to pay such a disgorgement that you of your profits that you made.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh, yeah. No, I'm breaking news here. It's not breaking news. No, there's a class action lawsuit over his promotion of Binance. $1 billion is what's being sought. Okay. And, you know, he was, I think he was on social media ads talking about a partnership and how they're going to change the NFT game. And there's other suits that have been filed recently about, I think, one's against the MLB for their role with FTX. And they're folks that associate this is what finally, finally, you're getting what I think is far more equipped to deal with the altcoin market. The private litigants, the private plaintiffs bar, which has a lot of resources, think of how many lawyers are in the private sector versus the SEC's few hundred that can take care of this industry. And by the way, they also have to police TradFi. The plaintiff's bar finally is realizing you can file class action lawsuits against these entities. You can group a ton of...”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like, what's the next big mountain that Bitcoin has to conquer? Because there always is one, right? Like on this progression, what comes next in terms of a big thing we need for the industry looking forward after the approval of an ETF?”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Right. So if they go in there and find the bodies that are buried, effectively, they're not going to be able to do much if they've already done the plea. I got a question here for Haudel, if I can go. Yeah, yes. Or actually both of you. I really want to know. So I think this is coming. I think it's a done deal with respect to the ETF. I think it comes early part of January, if not January, then at the latest, you're getting it by March. I think you're going to get a host of them. I think this is going to come in and it's going to, you know, I read something today that close to 60, 70% of FAs said it would be they would be more likely to put some money into Bitcoin, some allocation with an ETF product that they can offer to customers as opposed to the products that currently exist. So let's assume this is all happening. Let's assume we're talking next year before Christmas. And I always like to think like, okay, we've got that there. We've got the ETF taken care of. That was a huge thing for years, you know, five, six year battle. What's next?”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, how many people would take that trade? And by the way, by the way, in making that plea, right, he's basically gotten protected against future criminal prosecutions. So, like, if the monitor gets in there, which we haven't talked about, but you guys, that's the biggest thing about the Binance plea, right? There will be a government independent monitor in there that will have access to all the books and records for a period of three years following February.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Honestly, you have to look at the finance deal, look at CZ and what will eventually, I think will come down on this, is that he's getting away with controlling his ownership in finance, number one. He's getting away with something where he'll be a free man at some point, you know, not too long from now. And he's getting away with how much he's worth bottled billion, couple billion.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“By the way, one little nugget from the AG suit she alleges in New York that Barry and Gemini, both of them, both of them knew that Genesis' loans were unsecured and at one point concentrated as much as 90% with Alameda, obviously SPF's operation. 90%. So those folks, you know, if you're blaming Sam and everything, rightfully so, blame him, right? But there were many actors that knew of the extreme concentration at Alameda. And they look the other way.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“He's also got a suit against him by the Winkle Vibe, right? The Winkle Vibe is suing him directly saying he personally misled them about the Genesis and DCG and committed fraud on them.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Suggesting it take a long time. Yeah, it could take years. I mean, you know, that's why you want people, that's why the feds always go for we want you to plea. We want you to plea. We bring the hammer because we can get justice and we can make headlines and we can get money and we can do it instead of years. We can do it really quickly. I mean, look, they ran this SBF case. That was like rocket docket, right? That was filed last year and they just got a conviction. When did the conviction come? Last month, who's convicted like in two hours or something. His sensing will not be until March. Ironically, CZ will be sentenced in February before SBF.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Why wouldn't he if, okay, let's put on our thinking caps here for what we would do if we were. If we were him, okay, the most important thing he can do right now, free advice, right? Not giving advice, but you know what I mean? The most important thing you can do is do whatever is necessary to ensure when the ETFs launch in January that he is right there, right in the mix of things, that he gets his conversion done day one. If he does that, you number one get a bunch of new inflow, which means your fees are going to be coming through. You can string the litigation along for as long as possible. And again, this New York AG suit was filed just in October, and you guys know how slow litigation moves. It can take years, potentially. There haven't even been charges abroad from the feds, right? So that answer might come from the...”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The brand. Yeah, yeah. Yeah. Okay. Because he can't sell the trust. I just don't want anybody who's holding GBDC to think that he can reach into the trust and get the...”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“When you say charge, that there's an active suit right now by Leticia James of New York, right? She's suing that $1.1 billion in losses related to fraud committed by Gemini, Genesis, and DCG.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Going in, but ongoing interviews with the Southern District, Eastern District of New York. Potential prosecutors looking at this as well. The New York AG is suing him for making false statements. They're also suing Gemini for that matter. And they're suing Gemini. They're suing Genesis. And they're suing grayscale for them knowingly making false statements about the ERN program and their lending activities. So you've got a whole host of allegations. And with all of that, the SEC is still meeting with them to talk about potential conversions to the ETF”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah. So the notion that they're going to be somehow sidelined from this process when they're meeting with the SEC Where they have effectively, and this is a public document that's become available where they've effectively talked about an uplisting, that's the term they're using, uplisting date for the exchange-traded product. That is massive, right? That just shows you from my perspective that this is going to get green light with all the others. And, okay, so if you're going to give them the same treatment as everyone else, plus they've got a massive multi billion dollar advantage structurally because they have all these customers and they have this huge pot of money and they're going to be lowering their fees. Why would anybody move and incur a taxable event potentially when you've already closed the discount? What advantage does BlackRock have? I mean, BlackRock has the name, right? But if assuming this is correct, right? Obviously, we're just making predictions here, and that's always dangerous. But assuming they all launch at the same time, I hope you guys will admit then that there was no secret sauce or preferred entry for BlackRock because whatever entry do they get? What advantage will they have?”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, grayscale is probably most responsible for the ETF that's going to come in January. And you have to start with that position because Grayscale defeated the SEC under a very high standard that was difficult to meet proving that their treatment of the spot product was arbitrary and capricious. Grayscale met just a few weeks ago, actually, just at the, I think it's the later part of October and into November maybe. They actually met with the SEC. And they pointed out to the SEC that they had something called the transfer agent agreement with BY Mellon, which will allow them to convert to the spot ETF. And there have been other, well, I gotta be careful what I'm saying, but there are other indications that grayscale will be launching its conversion at or near or potentially even before some of the other players in the market. So the notion.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Top line, I talk about this UBI once we get there, which I think we will, at least many countries will. That's incredibly bullish for Bitcoin, right? Because you're putting money right into people's hands directly and they can then transfer it into Bitcoin, which is harder than the asset they're being given.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's just like the Bitcoin mining debate. You can make all these analogies about how little as a percentage of the global energy consumption Bitcoin uses and how it's positive for the grid and all these things, but you're talking to someone who thinks this activity shouldn't exist, period. That is a wasted activity. And so it's not going to be, in my view, it's not going to be effective when you make the argument. Well, Christmas lights use up more energy, electricity than Bitcoin because they would say, well, we like Christmas lights. They have a purpose, right? Like we like to dress up our houses. Bitcoin mining is just wasteful. Nobody needs an open distributed ledger that can't be corrupted and has no single point of failure. That argument doesn't hold water with that.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Rule. It could be, you know, your argument's fought on about how it's such a tiny amount in reality that Elizabeth Warren and others are focused on. But it could be a dollar. It doesn't matter. They're going to go after because it's a very easy target and it doesn't have the support of other industries.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is that when you start from the position of what the government is trying to do, you have to sort of confront that head on. And I think right here, what is the primary goal? I don't think you should ascribe to them that they're really just, even if they are, right, from a persuasion standpoint, whether they're trying to crush the technology, they're trying to inhibit Bitcoin adoption. I think you should approach it. Listen, you want to make sure bad actors aren't avoiding money laundering requirements and avoiding KYC, aren't committing horrible bad acts. Well, here's how you do it, right? Here's how I would propose a framework that would prevent that from happening. And you try to have a softer touch. Okay. So the advice or recommendation I would give to folks from a policy standpoint of doing this and trying to engage with regulators and say, here's the alternative. Preston that you would recommend because the idea that they're just going to stay hands off when at least, you know, if there's $40 million that's going to terrorists, I think they still propose a”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“No, no, not Nalia. Thank you. I appreciate that. But the best recommendation I can give you just from a policy standpoint, and this goes at every level, okay? And this will be a continual battle we have over the years, both with state and local and federal lawmakers.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That this is all part of the big process. So, aside from the guys saying, oh, everybody should just self custody Bitcoin, I get it. I understand that. I'm sympathetic to that. But having big entities being willing to put legal firepower and spokesmen firepower behind these talking points, that's going to be huge.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, yeah, I mean, listen, this is the biggest, you know, I'll just go in one digression, okay? The idea that we're going to be able to become the backbone of the global financial system and you won't have Bitcoiners stand up and won't have them fight for it, I think is just naive, right? You're going to have, and by the way, by the way, the ETFs are a big part of that process, right? You have an ETF coming to market, you now have more firepower from a legal and regulatory standpoint. Those folks that are going to go in there and advocate because guess what? We have clients now that have this money and it's part of our assets under management. We have to go fight for it”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Facts, then you have something to literally point to when you're in a legal challenge saying not only were they warned of this, Their response to the comments was insufficient. They basically glossed over it and ignored it, which to me, if I'm looking at something, depending on the type of challenges being brought, if you're a judge and you see that they not only, it's not just like an unintentional consequence. This is something you overlooked as a regulator. I would hold their feet to the fire. I would apply more scrutiny to them and their process if they purposefully ignored legitimate comments made by good actors trying to be comprehensive.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It helps everyone's case because here's what happens when you make a regulation and there's numerous different regulatory bodies that have a tremendous amount of power, you know, the sort of shadow government, as people say, like the regulatory state, when they're doing a rule change. And this goes for all levels of government. And you have public comment, you're soliciting public comment, that becomes part of the official record. And what ideally occurs, and this is not always the case, but what ideally occurs if there are legitimate high quality comments like you're saying, the regulator should respond to those concerns. They should say, well, this isn't a concern. You know, these types of legitimate activities shouldn't be affected because of X, Y, Z. So then what happens is when you're actually as a legal challenge and you have a plaintiff who has standing and can say, no, no, you were wrong. Your response to the comments was wrong. It was misguided. You didn't understand the technology. You didn't understand the second and third order of.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Active judiciary that will hold the feet to the fire. And this Supreme Court has displayed consistently a tendency to err on the side of liberty and freedom. That's one thing that the United States has going for is the United States Supreme Court is currently constituted is very much focused on individual rights and liberty. So that's one thing from your perspective you might want to consider.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Just to think about this, okay, I don't mean to get all political on this, but people should be aware of it in their mental models when it comes to Bitcoin. There was numerous mask mandates that were put in place by local authorities, by the CDC. Those things were put in place by lawmakers and regulators who thought that this is essential for health and human safety. This is essential for the country to operate. And the judiciary eventually looked at these things, just case law in Florida and many other states where they basically struck them down. They said these things violate and exceed your authority. So the reason I bring that up, not to go down dangerous path, that's controversial is because if they're going to do that with health and human safety with a national epidemic or a pandemic, if they're going to do that with that, what do you expect for Bitcoin? You should expect in your mental model draconian overbroad legislation regulation that you need to challenge through the legal process. And thank God we live in the United States where there's an”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Truly believe and two might disagree with this is the court system. The court system is very willing to strike down laws that are void, that avoid for vagueness, that are overbroad, that basically capture innocent activity. And the court system has sort of a hacksaw where they can cut away at some of these provisions to clean them up. And I think from the regulator's perspective, they'll say, that's fine. We'll take the legitimate challenges. And if the courts want to pair back our authority, so be it. But that's the way I think this goes. I think it goes with overbroad, vague statutes that are passed. So there's no doubt they have something to use to go after these folks. And then at the end, they say, yeah, all the legitimate folks, they're going to have to bring legal challenges to cut this thing up and make exceptions from a judicial perspective, have a judge basically make the exceptions to protect the innocent activity.”
2023-12-06 · We Study Billionaires · BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT