Episode 86: New Crypto Laws and HBAR
This episode is lit! We talk about the new crypto laws that are going to get enforced, one of the hottest altcoins—Hedera Hashgraph, the future of bitcoin in the halvening, and cars.
In News Break, we discuss the new crypto laws that will be enforced on May 1st in Japan. The Japanese House of Representatives passed two legislations last year to regulate crypto which was supposed to take effect in April. These laws are the Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA). We weigh in on this development in this segment.
For Token Time, we talk about Hedera Hashgraph or the ticker HBAR which is being used by large companies like Boeing, IBM, and Google. We also talk about the difference between altcoins and utility token. If you want to know our strategy in doing research before investing, we share our best practices in this segment.
In Whatcha Thinkin, we answer Shane’s question: Mr. Kristoff on one of his YouTube videos said that the institutions are going to bet against bitcoin in the halvening, therefore it’s gonna drive the price down. What are your feelings on that?
You too have the opportunity to ask us a question (and become a Beards & Bitcoins Celebrity) by sending us an audio message at ask.beards.live
For Manspreading, we passionately talk about Muscle Cars—Mustang, Fire Bird, Hellcat, Trans Am, Dodge Challenger, and more. We also share our very own picks.
Time Stamps of Segments
07:00 News Break
17:48 Token Time
26:49 Whatcha Thinkin (New Segment!)
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Episode 86: New Crypto Laws and HBAR
JChains: Hey friends, thank you for listening to another episode of Beards and Bitcoins. We are a Crypto Podcast for the man’s man and yes, the ladies that love them. We have got an action-packed show planned for you today. As always, I am joined with my compadre, my amigo, my co-host, Ben Armstrong. Ben, how are you? How are you doing today my brother?
BitBoy: Dude, I’m doing pretty good. I mean this lockdown is getting to be very monotonous. But let’s break out of the monotony, okay? And let’s, let’s give him an interesting show today. So, guys, today we’ve got some super intriguing topics, we’re going to be talking about some for News Break some crypto laws, they’re now going to get enforced and something you definitely got to listen to, you’re going to want to pay attention to that segment. For Token Time, we’re talking about one of the hottest altcoins out there, Hedera Hashgraph, aka HBAR, if you’re a big fan of this coin, or you’re maybe interested investing in it, you’re definitely going to want to listen there. Now, for what you’re thinking. We’re going to have an interesting question from the audience today about our opinion, on the future of Bitcoin during the halvening and then for Manspreading, we’re going to get into what’s a better topic than friggin’ Muscle cars? What’s a better topic? Well, name one, I’d love to hear it.
JChains: Nothing, maybe if you go to a classic muscle car show, and it’s the bikini girls that sit on the hood for the advertisements. That’s it.
BitBoy: That’s it. That’s it. So, guys, that’s going to be our show. Today, we’re going to be covering all those topics. You’re never going to want to pay attention and listen to the whole episode. But first, before we get into all that, let’s talk about what’s going on with sports right now. Because, what sports right?
JChains: Right. I mean people are watching like the craziest things. ESPN had really crazy sport the other day, like it’s not even a sport, it’s just like an activity that people are getting excited about.
BitBoy: Was it rock climbing?
JChains: No, I think it was worse. I don’t even remember it’s–
BitBoy: that’s what I was watching. I was watching speed rock climbing. Well, speed indoor rock climbing on ESPN there. It was the Olympic trials for the Olympics that isn’t happening.
JChains: That could be fun. Now remember, a few months ago or a few weeks I have maybe like two months ago you were watching, was it Tetris on ESPN?
BitBoy: Yeah, in the same day, I watched Tetris on ESPN and also slippery stair climbing, which sounds like it’s from a porno or something but it’s not, okay? It’s actually where they take a bunch of soap, pour it all over a bunch of stairs. They’re soft stairs like something you would see at Chucky Cheese or something, something you can climb on there, this huge staircase and they pour soap down it and people try to climb to the top. They reminded me of that show, Wipeout of years ago, but they’re serious about, this was the college intermural championship, the stair, the slippery step climbing championship. So, I haven’t seen that during the outbreak here. That was during regular sports season.
JChains: That’s amazing. I’d like to try that.
BitBoy: So, one of your favorites sports is baseball. You’re a big Chicago Cubs fan. I’m from Atlanta, big Braves fans here. I actually had some headshots done recently. I went down to the Braves stadium and had them done. I mean, that’s how close I am to it. And but right now there’s no baseball and they’re talking about wanting to start in May, so next month. But they’ve got a really interesting proposal and I want to hear your thoughts on it. So, here’s a proposal, they’re going to take all– wait, how many baseball teams are there? 30, I think? 30 or 32. Yeah, they’re going to take everything baseball team and they are going to move them to Arizona where they do spring training and they’re going to play all the season’s baseball games in Arizona with no fans.
JChains: What? Are you serious?
BitBoy: Yeah, that’s what they’re talking about doing? They’re basically going to quarantine all the teams for the whole summer.
JChains: That’s insanity.
JChains: I mean, hey, if I think at this point, anything to get the season going would be great. I mean, I don’t know. Now, are there going to be more doubleheaders? Are they going to shorten the season? I mean, you can’t really take baseball past April. It gets a little– I mean, excuse me, October gets a little too cold.
BitBoy: They’re talking about playing seven days a week.
JChains: Holy smokes. How many injuries is this going to create?
BitBoy: Well, you know, you would think that but the same time they’re going to be playing in Arizona where it’s, you know, the weather is going to be good, okay. And well maybe not in the middle of the summer might be super hot, but you know, they’re going to be played in Arizona, and they’re not going to have to do any traveling. So, that travel really wears and tears on people, you know. So, but I don’t know and we were talking a little bit when we came on air, like they’re talking about making big changes to college football as well, right?
JChains: Yeah, I mean, it’s, you know, it’s obviously all in the discussion phases, because you never really know what’s going to happen. But, I mean, if they move the college football season to the springtime, and they would have to do so only because obviously, a lot of these athletes, but you need to make sure that you’re in shape so that you don’t just get injured, right? So, you know, they need a few months to start camp, do all training and then you know, get into simulation before they get into actual games. So, with that being said, you can’t really do that stuff during the winter in most places. So, they’d be like indoor training throughout the winter and then start the season in the spring, which, dude, that would be nutty.
BitBoy: I mean, it’s just so hard to comprehend what we’re, what we’re looking at. I’ve got to this point where I don’t even watch the news anymore, like I’m just so drowned out with, you know, everything that’s happening. Now. I’m still reporting on it on my other channel, my FactsCEO channel and doing stuff on TikTok but yeah, it’s definitely crazy what’s happening but let’s go ahead talking about crazy things. Let’s go ahead and check out the crazy Monarch Wallet. Okay, not my best segue, it was okay though.
JChains: You’re getting better, you are getting better.
BitBoy: Getting a little better. Beards and Bitcoins Crypto Podcast is brought to you by Monarch Wallet rule your own financial kingdom from the palm of your hand.
JChains: That is right sir. The team at Monarch they are working hard to bring you the one app to access all of the best crypto services. These guys believe in delivering tech, not hype.
BitBoy: With the Universal Decentralized Monarch Wallet, you can buy, store, spend and earn crypto with Monarch Pay, you can set up and accept recurring crypto payments.
JChains: Absolutely. If you need more information, check out monarchwallet.com, you can also look at monarchtoken.io and get some more information. Download the app. It’s on both Google and Apple App Stores.
BitBoy: Perfect. Well, let’s check out News Break.
07:00 NEWS BREAK
BitBoy: For News Break today guys, we got an interesting story coming out from Japan. Now if you didn’t know, the eastern world, Japan, Korea, China, they are hugely important to the entire ecosystem of cryptocurrency. They’re much more bullish on crypto over there than we are even here if you even think America is bullish on crypto. But we got a crazy story coming out from Japan about some laws and regulations they’re enacting. Why don’t you tell them about it, JChains.
JChains: Absolutely. So, the laws will go into effect. May 1. Again, this is in Japan, the Payment Services Act and the Financial Instruments and Exchange Act. Those are two pieces of legislation that the Japanese House of Representatives passed last year to regulate crypto. It was actually scheduled to come into effect starting this April. But with kind of unexpected delays they haven’t enforced anything up until last week. So, starting May 1st, Japan will start to enforce their cryptocurrency laws.
BitBoy: Yeah, now Japan has had a lot of really tough stances on cryptocurrency ever since Mt Gox occurred, which was obviously a huge hack, whether it was actually a hack or it was some fraudulent activity is a different question but that almost killed crypto, kind of near the beginning but you know, Bitcoin was shown to be resilient. You know, what I find very interesting about this though J, is that right now, May 1st is a pretty bad time in Japan for them to be announcing this because they just or enacting it. They just declared a national state of emergency in Japan from the virus, so-
JChains: I could see them probably pushing this back. Another delay, I mean, they’ve had delays, they’ll probably have another delay because they’ve probably got more important things to worry about.
BitBoy: Yeah, it seems like kind of this is almost in danger. Like they’re going to do it, they’re going to say they’re going to enact it, but how can they really enforce it if they’re dealing with the virus like they are right now? Let me pull up the numbers on Japan.
JChains: So, while you’re doing that really quick. I think one of the things that they’re really looking at with kind of these acts that they put into place, is that it’s really for custodial services. You know, it’s not for the everyday crypto user. It’s more for you know, how is say an exchange going to deal with holding the funds of someone? You know, if you want to keep it in a hot wallet, the exchange or the financial institution that’s holding this crypto for you, has to match that they have to actually have that in their reserves. So that if you need it, if you need it liquid, you can get it. If that makes sense.
BitBoy: Yeah and so in a lot of ways that’s actually kind of designed to help the average crypto user, wouldn’t you say so?
JChains: 100%. I mean, if you’ve got access to your funds, that’s kind of the whole point of all of this is that you can’t get locked out. You know, like traditional bank if they put a freeze on assets, you’re done. But with crypto, the whole point is so that you can’t get your assets frozen.
BitBoy: Yeah. Well, Japan right now, the numbers on Japan, it’s coming in with about 4,257 cases, which is basically nothing my state has way more than that. You know, yours does too. So, new cases, they just had 351. So, it’s grown at about a 10% rate over there right now. So, a little bit less than that. So, I’m not sure why they– well, I can tell you probably why they enacted the state of emergency. I think they probably were holding off until they officially postponed the Olympics, to save time.
JChains: Oh, that’s a good point. So, when they push them to the 2021 right, will just be next summer?
BitBoy: Yeah. It’ll be next summer. It’s crazy. Who would ever thought?
JChains: I mean, yeah, whatever. Yeah, that’s just nuts.
BitBoy: Yeah, and they’re losing $24 billion. So you know what it also makes me wonder it also makes me wonder if Japan has been lying about their numbers to try to make their numbers look better since they had so much– I mean, if you had $24 billion writing on the line, don’t you think you would try to make things appear better than they are?
JChains: Oh, absolutely. I mean– absolutely, you would try to do that and so I wonder if you took a look at the numbers now, if you look at the cases, before they announced the postponing the Olympics versus after–if there was a huge spike where it’s like, you’re like what you just said, okay, the gig’s up like we’re canceling the Olympics for this year. Now, all of a sudden, you see, the number of confirmed cases just skyrocket.
BitBoy: Well, yeah, I mean, you kind of are seeing that if you look over in Japan, if you look at the numbers in Japan, it’s very interesting because, it was rising so slow and what day was that announced? I wonder, let me see if I can look that up really quick. While I’m looking that up, J, why don’t you tell them about our website?
JChains: Sounds good, man.
BitBoy: I think that’s what I’m trying to say there.
JChains: While Ben is looking that up. You know, again with News Break and kind of the show if you want information on news, show information, make sure you visit our website beardsandbitcoins.com super easy to navigate, you can get all the episodes again, news information. Well, Ben and I –and make sure while you’re there that you sign up for the 21 Bitcoin Best Practices Guide. It’s just a PDF guide. It’s got 21 Bitcoin Best Practices that noobs to advanced crypto users could appreciate kind of a little guide to live by so that you’re always doing the right thing. Again, visit our website beardsandbitcoins.com and that guide is absolutely free. All you got to do is give us an email address. We promise we will not spam you. It is also to email you the shows every week. So, you get a copy delivered right into your email inbox. Pretty cool.
BitBoy: Nice. Now you guys make sure you sign up for that. Very interesting guys. If you look at when Japan cancelled or postponed the Olympics, their cases started going up about— Okay, so if you remember guys, there was an announcement where it was leaked that they were probably going to postpone and then like a few days later, we got the official postponement. Right in that window is when their cases started going up, after was already known that they were going to postpone. So I would say definitely China, if you look at this chart, or Japan, I mean, not China. If you look at this chart, Japan’s numbers definitely have jumped up since they announced they’re postponing the Olympics. No question about it.
JChains: Very interesting.
BitBoy: Yeah. That is definitely really crazy. But back to the back of the crypto laws. I mean, I think I’m just always surprised by how people– I’m always surprised, by the way that people keep their money on exchanges. I heard it from a guy the other day, he said, he already knew about IDEX and I was like, ‘What is IDEX? I think I’d heard of it.’ You know, it’s a little crappy exchange from China, whatever. And, I mean, it might be a bigger, crappier exchange. I mean, it’s not, you know, it’s not a no name exchange. But he said they had gotten maybe seized by the government or maybe somebody had exit scammed and he was like, man I had, he had Apollo of all things. And he was like, I had all my Apollo on IDEX. And I don’t know what to do. I can’t get it off. I can’t get access to it. I was like, you know, I hate to tell you this. But I’m sorry that this is why we tell you cannot keep your money on exchanges.
JChains: Yeah, absolutely. Absolutely. Now, let me ask you a question and this is something that I do if I’ve got any crypto on an exchange that I want to have there so that if I need to sell, flip, scoop, do any of that kind of stuff. I do keep some crypto on exchanges. It’s not a lot but some but what I do and tell me if you think this is a good practice or a bad practice, but what I do as I set a very high sell order, so that my crypto is efficient queue to be sold, obviously, exchange gets shut down, or if they, you know, get seized or whatever, then you’re screwed either way, but you can’t get hacked out of that right if it’s in a sell order?
BitBoy: So, I would say, if someone could get access to your account, they could just cancel the sell order.
JChains: That’s a good point. One of my safety measures is flawed, I have to rethink this..
BitBoy: I mean, guys, if you have your money on Binance, if you have your money on CoinBase, and I think we maybe we’ve talked about this on the show before, guys, the truth is, if you have your money on Binance or CoinBase, it’s probably almost just the same as keeping in your own wallet. And what I mean by that is that they have plenty of measures in place to make sure that if you know people do get hacked, they can restore their funds. You know, that’s what CZ calls this ‘Safu Fund’ whatever the case may be. Do you own your own crypto in that case? No, you really don’t. But the argument has been made by a lot of people, that many, many more people have probably been hacked, lost their keys, lost their password lost their seed phrase, the longest short of it, lost access to their funds and a wallet. Then they do— I think CZ actually brought this up on our show when we had him on for an interview. Probably more people have lost their funds that way, then off of exchanges like CoinBase or Binance.
JChains: That makes sense. I mean, if you’re talking to about a reputable, you know, top three exchange, you’re probably safe.
BitBoy: I would say CoinBase and Binance. Those are the only two I think I would say. I mean, I try to think of a third like COOCoin. I don’t know.
JChains: Now, do you consider Cypto.com the app, do you consider that an exchange or do you just consider that a wallet?
BitBoy: I see it as a wallet.
JChains: Even though you can even though you can flip you can buy things with different cryptos
BitBoy: Yeah, I still consider a wallet. I think that Crypto.com got a lot of security, Crypto.com to me is the new Binance in a lot of ways, and what I mean by that is kind of an all-encompassing company that that’s trying to do a lot of different things. There, you know, staking, earning, exchanging spending, storing the whole nine yards, I mean, similar to what Monarch does as well. In the same way, you would trust Monarch Wallet, I think you can trust Crypto.com as well. So Crypto.com to me is like on that second tier right now. And they’re trying to get up to the top tier and that’s the way I kind of I kind of look at what they’re doing. But speaking of exchanges and cool altcoins, you guys always like how I do the segue with ‘speaking of’ I need to come up with something new. Well, let’s move on to talk about a hot altcoin.
17:48 TOKEN TIME
JChains: All right, friends, for Token Time, today we are talking about Hedera Hashgraph or the ticker HBAR. Now, this is what they say about it on their website. The trust layer of the internet is here. Hedera is a decentralized public network for you to make your digital world exactly as it should be yours. Whether you’re a startup, an enterprise, a creator, or consumer, Hedera goes beyond blockchain for developers to create the next era of fast, fair, and secure applications. The Hedera Proof of Stake Network, powered by Hashgraph consensus achieves the highest rate of security possible with blazing fast transaction speeds and incredibly low bandwidth consumption. So, by combining high throughput, low fees and finality in seconds, Hedera leads the way for the future of public ledgers. Now, I don’t know if you knew this, I didn’t know this until I did a bit of research, Ben, but there are some big-name companies using HBAR. You got Boeing, IBM, Google. I mean, there’s pretty big names throughout the world using this. So-
BitBoy: Yeah, I think I think one thing we’re seeing a lot of enterprise adoption from different companies, and there are some cryptocurrencies right now that are reaping the rewards from that. Obviously, we know Ethereum is very business based, decentralized finance and its core is also business based. But you have a company like Hedera Hashgraph, who-when it launched, there was a lot of hype about it and then didn’t really seem to live up to the hype right out the gate. It was just launched last year, in either September or October. And it didn’t really do anything until February and then it really started pumping hard, I think really starting based on the Google News, which we can talk a little bit more in a second. But let’s check out some of the numbers on Hedera Hashgraph. Right now it’s coming in at number 43 on Coinmarketcap and it is a coin which if you guys didn’t know the difference between a coin a token, basically a coin has its own mainnet, it has its own chain. A utility token has to run on another platform like ERC20s and things like that. So, it is a coin. Right now, it’s coming in at about three and a half cents, almost three and a half cents. Almost three cents between three and three and a half cents. But right now, the market cap is $129 million. The volume for the last 24 hours to give you an idea, that’s about 6 million. This is what’s really interesting, though about Hedera Hashgraph, the circulating supply is almost 4 billion, but their total supply is 50 billion. So, they only have what is that like? Four out of 50? So, like 1/12, almost 1/13 of their supplies out? What do you think about that?
JChains: That’s interesting. Now when you do your research into projects, and kind of if you have something you want to invest in, one of the things you got to look at is that, right? Your circulating supply versus your total supply because now you got to see alright, where are these other 45 billion tokens at, right? Are they locked up for founders? You know, where are these going? And I have no idea. I have not looked that up. So-
BitBoy: Yeah, you do have to you have to check all that stuff out. And when we’re talking about doing your own research, these are the types of things you need to be doing. If you’re going to really invest in. Now I invest frivolously, I’m just going to tell you, I just see names. I just throw money in, okay?
JChains: Oh, that’s a pretty logo. Oh, give me a grand of them.
BitBoy: Yeah and that’s how I feel. And that’s what I do. I mean, I’m in crypto every single day. So, I when I do project reviews, I mean, I’m looking into deep into all these details. But for me, like, I’m just throwing money around, I’m going to be honest with you. But when we’re telling you like, okay, if you only have $1,000 to invest, like, that’s literally all you have to invest. And you want to invest that in two projects, let’s say. Well, in that case, you can’t be really being lackadaisical when it comes to doing your research. Like, you would want to know where every single one of these coins is, where they’re all going. Because you have a very limited amount of funds to throw in a project or two. Now, what you don’t want to do is have $1,000 and invest it into 30 different projects. You’re not going to really make money that way, even if something pumps huge, and you’ve only got $50 into it, I mean, yeah, maybe you can make 1000 bucks, maybe you can make a few thousand bucks, but it’s not going to change your life. So, when you really have a limited amount of resources to invest, you really got to make sure you’re putting your money into something that is going to have a real potential to grow. And you’re going to want to understand every single detail of the way these projects happen. But what we see occur is what happened here with HBAR where in the middle of February, it gets announced that they’re working with Google and the price moves and everybody just goes start throwing money into it at that point. So, what’s kind of your strategy J, when you’re when you’re doing research?
JChains: Obviously, the first thing you look at is you look at the numbers on Coingecko, CoinMarketCap, Coinpaprika 360, whatever. Whatever site you use to do your initial research, and then you get into the website, alright? Look, take a look at the white paper, take a look at the team, try to do some research into the team to make sure that– I mean, anybody can throw up a website with pictures that could be fake profiles, whatever. What you’d want to do is make sure you’re looking at the team look at like LinkedIn, try to find any past information. Whereas, maybe this person’s a notorious scammer, and you know, they just got off a different scheme. And now they’re in here trying to do it. So I mean, you’re checking, you’re checking the project, you’re checking the company, you’re checking the team, founders. And then really, you want to look at, again, what we’re just talking about now is, you know, where all the coins you know, or the tokens depending on the project? Where are they keeping this stuff? Is it set up to get the founders rich or are they set up to really make a service? Now, like what they’re saying with HBAR is that this partnership should be able to generate about $2 billion in the next three, four years, something like that. I mean,
BitBoy: That’s cash money. That’s good.
JChains: Now, that’s cash money. Now, that’s a pretty good promise. Now, when you’re talking with Google, and you’re talking about, you know, a partnership like this, that’s a good sign, you know, if they’re partnering up with Jimmy’s electronic shop, you know, down the way, that might be a little suspect, if they’re saying they’re going to generate $2 billion for that guy. But that’s a good article. And there are plenty of good articles like that you’ll find about projects. Just make sure you’re looking, you know, if you’re looking for a specific token, coin, whatever, type that name, and then scam in there, just to see what comes up, right?
BitBoy: Yeah, sure. I mean, you definitely want to do that. I mean, a lot of times when projects reach out to me and they want me to work with them, or do a sponsor review or whatever, that’s what I do. I get on the trail to find out if there’s any information out there about them being a scam, and if there’s not, and I’ve given money back. I mean, I’ve agreed to do a review for a project and they paid me and I’ve gotten deep into it and been like, I don’t think I could can do this, you know? So, you know, I have done that before I did that probably about two months ago, there was a big exchange that reached out to me. I mean, they said they were big, if you go their website, it looks big. But then I really dug deep into it. And I was like, oh my gosh, I think this is the Russian mafia. And this is a big scam a big con. And then after that, as all other people reviewing it, I was like, ”Uhhh’ you know, so if I ever do a review on anything, when I do it, when I do the review, there’s nothing out about it being a scam because I’m researching it hard. Now, of course, sometimes you work with projects, you do stuff and then stuff comes out later. And then that’s kind of a different story. Like take BitConnect, for example. Obviously, the structure of BitConnect was that of a Ponzi scheme. What happened is, at some point, people started realizing like, ‘Hey, I think this is a scam and people are going to lose their money’. And then at that point, people have the decision whether to continue talking about it or not, and then we know the ones who did after everybody knew it was a scam, and they still encourage people to lose money after that. So, you guys got to make sure you’re doing your own research and making sure that these projects are legit. HBAR is definitely one that is. But let’s move on. If you’re interested in us talking about your project, all you guys got to do is come join our Telegram group Beards and Bitcoins, it’s t.me/beardsandbitcoins. Come on in the chat, talk it up, tell us what coins you want us to look at. If you’re a fan of a project, come in there and tell us why you’re a fan. And we might possibly do that on a future episode and if you want to ask us a question, then all you got to do is go to ask.beards.live. We got a question this week, for our Whatcha Thinkin’ section. Let’s go ahead and jump into it.
26:49 WHATCHA THINKIN’
JChains: Alright, today for What You Thinking. We got a question from Shane asking about the halvening and how it relates to price whether it goes down or up. So, here’s the question from Shane.
Shane: Okay, my question is this, Mr. Kristof on one of his videos said that the institutions are going to bet against bitcoin on halving, therefore it’s going to drive the price down is what he felt like, what’s your feelings on that? If so, kind of what price range are you looking at that if that happens? So, just curious what you guys thought.
BitBoy: Okay, so Shane wants to know what do we believe is going to happen with bitcoin? Do we think that bitcoins going to get a traditional pump and the price is going to go up leading to that halvening? Or do we believe that institutional investors, the institutions themselves, companies, like hedge funds and things like that are going to intentionally try to push the price of bitcoin down. What do you think is going to happen, J?
JChains: So, my initial reaction and thoughts about the halvening and about financial investing as a whole, history repeats itself. We know that, we’ve learned it, we’ve seen it time and time again, with traditional financial systems. With crypto, obviously, we’re, you know, 11 years and 10-11 years in so it’s a little bit different. We’ve got a kind of a history to build. But again, history does repeat itself. I personally feel like the halvening price is going to go up, big time. My price range, if it goes up, I’m going to say 20 to 25, somewhere around there. That’s my thought. If it goes down, I’m going to see it probably in the 5000 range, but I don’t think it’s going to go down. That’s me personally, what do you think?
BitBoy: Well, I think after that halvening, of course, it’s going to go down immediately, kind of what most people expect is the price is going to go up, then when the halvening occurs, the price is going to drop down. Some people are saying a lot of people are going to turn off their miners after that halvening, which we actually saw with bitcoin cash they had their halvening, I think yesterday or this week? And a lot of their miners turned off right after it. So that could be something definitely to monitor. But once we get that drop, the price of bitcoin will slowly rise up eventually to all-time highs, that’s what people expect to happen. Now, what Shane is asking here is based off of another YouTuber, Mr. Kristof, he’s a very knowledgeable guy when it comes to investing in mining and all kinds of things. He believes that institutional investors are going to push the price down and I would say, why? Like at some point, the price has to go up, right? If you’re investing unless there’s a difference between pushing the price down to short the market and make money and then pushing the price down, to scoop up more and accumulate for the price to eventually go up. I would argue that if we don’t get a big increase in the price over the next six weeks, a lot of people are just going to give up, I think, which may be what they want, but at some point accumulating does, you no good unless the price goes up.
JChains: That’s very true. That’s very true and we’ve already seen a lot of people capitulate and leave. I mean, big names.
BitBoy: Yeah. Left and Right. And I’ll tell you this. I know a lot more big names that are in the space that are talking about leaving a lot. You would be surprised.
JChains: Well, you know who’s going to be here when all the dust settles? You and me, sir.
BitBoy: That’s right. It ain’t going anywhere. I ain’t got nowhere to go. Actually, I do. I got plenty places to go. I just can’t live the house. I can’t leave the house. But yeah, I think, look, guys, here’s what it boils down to. What it boils down to is this cycle looked like it was going to be totally normal. And we had all the signs that things were going to be normal, the price was rising, we were over 10k, we dropped back down, you know, to 8-9k, whatever it might be. But some people could argue that would be because the current world’s pandemic was already blowing up in Asia. And that’s really when the price started dropping. So, I think obviously, what everyone is dealing with in the world right now is having some effect on the halvening. But ultimately, we were on the same track. And right now, it looks like we’ve regained our footing. And we’re heading back up I mean, we’re over 7k, hopefully will be to 8-9k in the next few weeks. And things will just play out the same way. They’ve pretty much always played out. I mean, the last halvening cycle would you guys have to remember is people were freaking out then too. Think about this in 2016. What’s that?
JChains: I said, people are always freaking out.
BitBoy: Yeah, people were freaking out in 2016 saying that. This bitcoin halvening, now everybody knows about the havening which is so crazy because nobody even knew what crypto was. You literally go from And articles from CoinDesk and Coin Telegraph from that time saying ‘Well, obviously, we’re probably not going to get the same home we got in the last halving because now everybody knows and it’s priced in.’ Kou know, the exact same language last time. So, I think when you say history repeats itself, I think it’s going to repeat itself. All coin market’s a little bit different. It may not take as big of a hit, as it took during the last halvening in the beginning of it. What do you think?
JChains: Yeah, I mean, I’m right there with you. I mean, it’s, like I said, history repeats itself. So, I think we’re going to see very similar to what we’ve seen in halvening past. That’s, yeah. But again, no one knows. Nobody knows TA. This is all just new. And we’re just now discovering that. It may or may not correlate with traditional markets, especially if you’re experiencing a global pandemic.
BitBoy: I mean, think about this, bitcoins up for the year.
JChains: Is it?
BitBoy: Yeah, go check out Goldin stock market well, which one of those are up? I don’t think either one, I could be wrong. The stock market may have gotten a huge bump today who knows that the thing just they just keep printing money. But okay, well cool. Well, don’t forget guys if you’re going to ask a question just head on over to ask.beards.live you can get your question played live on the air you will become a beards and bitcoins celebrity and we know that’s what you’re all after.
JChains: Everyone’s after that, you’re in the family now, Shane.
BitBoy: you’re in the family. Thanks Shane, you’re in the fam. Alright guys, let’s check out everyone’s favorite segment.
BitBoy: Alright guys, for Manspreading today we are talking about muscle cars. I got to know what Muscle cars do you guys love. You got all this time? If you had a nice muscle car sitting in the garage. What would you want to restore? What would you want to finish? What do you think? Which one are you pick him?
JChains: Oh man. There are a number of them. I mean, you got things like Mustang, the Shelby GT. You’ve got things like a Chevelle SS. What else Chargers? Firebirds, Trans Ams. But if I have to pick one, and I’m only going to ever pick one. I am getting a 79 Trans Am black with a Goldberg. You heard it here.
BitBoy: You guys heard it first. J is going Trans. Nice man.
JChains: You son of a–
BitBoy: No, I do not want to assume your gender from this point forward. Okay, so J is going Trans on this. Very manly who started out as a woman
JChains: Trans Am. God, such a dick.
BitBoy: I didn’t even plan that. I mean, it just played itself out. I’m trying to think of what we used to call those Trans Am. We used to call them something I can’t remember what it was. Some of they do is redneck, I mean it’s a great Redneck car. The Trans Am.
JChains: Absolutely. You got to have that and you got to have the T tops too, 100%.
BitBoy: Yeah, you have to. The Redneck Roadster.
JChains: Sounds great. That would probably be my license plate, I’d find a way to vanity plate.
BitBoy: Well, you are from Texas and we’re both from the south. I mean we got some redneck in us, for short. Well, you live in Texas, you’re actually from up north, but you have truly adopted Southern culture and that’s one thing I love about you.
JChains: I embraced it. I have embraced it. 100% it’s my favorite thing. Y’all didn’t take very long for me to put that into my brain. I prefer that over some things. Pecan pie.
BitBoy: I love Pecan Pie.
JChains: I still can’t do sweet tea. I’m unsweet tea kind of guy. I don’t do sugar though. I just don’t like sugar.
BitBoy: I don’t– I can’t get down with that. I can’t get down on that, sweet tea for life over here. I can’t imagine drinking unsweet tea, can’t imagine.
JChains: So good and bitter and not sugary. Alright, anyhow. Alright, so were talk in classic Muscle cars. What are you?
BitBoy: Sweet tea classic Muscle cars.
JChains: Yeah. What are you going to roll up the sleeves and get cranking on the engine on?
BitBoy: Well, I’m going to one up you on the Redneck level. Okay, I’m going to one up you here on the Redneck level. I’m going with the 69 Dodge Charger, which if you didn’t know, I drive a Dodge Challenger RT. And this car actually even though it’s a charger, technically, it really is what the challenger was based off of. And this is
JChains: Ring. Ring Oh, that’s the Duke–
BitBoy: The Duke calling, that’s right. I’m with the ‘Dukes of Hazzard’ car. I’m going with the 69 Dodge Charger from the show ‘Dukes of Hazzard’, like it didn’t have to be that exact same one. But the orange ones were absolutely beautiful back then. I mean, I just think if we were living back in the 70s, you pop that car open like that thing was slick.
JChains: Man, it’d be so nice to drive a just an antique muscle, rip it up on the track, rip it up on the highway car. Let me find
BitBoy: No, I’m not I’m not going confederate flag on the top if anyone’s asking. I’m not taking the model has got the Confederate flag on top because that’s too taboo. But I do love that car. I think it’s really sweet. That’s why I drive. You know, I drive a Dodge Challenger. And it’s funny, because so, I had a decision to buy a Camaro or a Dodge Challenger. This was about eight years ago, somewhere around there. I had a business it was going good. I was like, man, I want to get a nice sports car, you know? So, I went, and I was like, Honey, what do you think I should get? You should get the Camaro or you actually get the Challenger? In my heart of hearts. I wanted a challenger. But the wife said, this is so funny. She said, ‘I don’t really like that Challenger because it looks like an old car.’ And I was like, yeah, that’s kind of the point Hon and she doesn’t really seem understand that. So, the long of the short of it is I ended up going with a Camaro. So, I had a Camaro for a few years and I love the Camaro, it was a nice car. But I just got a six cylinder, I got the six-cylinder Camaro. It was a stick shift
JChains: Nerd alert.
BitBoy: It was a nerd alert and it looked nice It was really cool it was pretty fast but after about you know a couple months, I really started thinking like man I wish I would have got that eight cylinder that big V8, big boy. So, when I went to when I went to go get my latest new car made about four years ago, I said you know what? Let me go cop that challenger so I went I got the RT, it’s got 400 horsepower in that puppy fastest crap and I love driving it. It has been fantastic car
JChains: That’s fast as crap with the squatty potty body, you know what I mean?
BitBoy: Amen, brother. Amen. So, I actually just yesterday I got to say this quiet, so the wife doesn’t hear, just yesterday started floating the idea of getting a new car.
JChainz: What you’re looking at?
BitBoy: Maybe that Lamborghini Gallardo. I’m just kidding. I’m not really looking at the Lambo guys, but maybe a Hellcat. What if I went with the Hellcat? What would you think about that?
JChains: Dude those things are slick?
BitBoy: And they also got the new Dodge Barracudas out.
JChains: Oh yeah, we talked about that yesterday and I did I did some looking into that, that thing looks that thing looks prime prime prime prime. Alright, but what we want to know so now you’ve heard the cars that we would be souping up, fixing up and souping up. We want to know what about you? Say it’s spring cleaning time you get your garage cleaned out? Bitcoin moons you’re sitting on a pretty stack of cash and you’re like, you know what? I’m going to get myself a muscle car, fix it up. What are you going to do? What are the four options you want to go with? Obviously the two that we did so the Trans-am and the charger.
BitBoy: Yeah, you got to throw the Mustang Shelby GT on there, don’t you?
JChains: What was the movie with Nicolas Cage, Eleanor?
BitBoy: Gone in 60 Seconds.
JChains: That’s right. That’s right, Eleanor’s. Got to throw Eleanor in there and then the Super Sport man the Chevelle Super Sport. I mean, I think that that’s pretty classic.
BitBoy: Yeah, those are four good picks. So, we want to know which one would you guys soup up, we’ll put the poll out this week.
JChains: and if you got one that you don’t want to pick out of our list, just add it in the comments.
BitBoy: Drop a comment, nerd.
JChains: That’s what you got to do
BitBoy: Come on nerds. Drop a comment. Don’t be shy. Don’t be shy.
JChains: Don’t be afraid to vote like it’s okay. Like, it’s just okay. If you vote like don’t be afraid.
BitBoy: Yeah. Don’t be afraid. Don’t be shy. Don’t be shy. But guys, that’s going to wrap up the show today. Thank you guys so much for watching, or listening to the Beards in Bitcoins, Crypto Podcast. Each week, we bring you guys news information and stories to spread awareness about cryptocurrency.
JChains: That is right. And if you enjoyed this episode or any other episode, please make sure you leave us a rating and review whether it’s on iTunes, SoundCloud, Spotify, whatever, wherever you get your podcast, we’d appreciate it and you can also have help us spread the word of the show by sharing your favorite episodes of the Beards and Bitcoins crypto podcast on your social media tag us will retweet you will interact with you. We love you.
BitBoy: That’s right and don’t forget to visit our website beardsandbitcoins.com maybe by the time you guys are listening to this we may have the new website up we’ve got a new version coming you guys are going to want to check out that it is pretty sleek. Make sure you guys also join our Telegram group t.me/beardsandbitcoins. It’s all we got–
JChains: One more thing.
BitBoy: Oh, one more thing.
JChains: When you go to check out the new website there is Merch. We got Merch now. There is team JChains and team BitBoy. We got Merch, we got show Merch and then we got individual Merch. Check it out.
BitBoy: That’s right you guys make sure that you check out my collection. The team BitBoy collection, okay? Because we are going team BitBoy here not team JChains. You know I bought a team BitBoys here and my wife was like, ‘Why didn’t you buy a team JChains shirt?’ Come on, honey why you do this?
JChains: That’s right.
BitBoy: But anyways guys, we can’t wait to see you guys in pictures, share that stuff on social media when you guys caught the Merch and things like that and we will see you guys next week.
JChains: See you.
Episode 86: New Crypto Laws and HBAR