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Crypto Gist brings you insights into the evolving world of cryptocurrency with straightforward and engaging discussions. Hosts Sam and Timi dive into the latest trends, debates, and innovations shaping digital finance—from stablecoins and NFTs to decentralized finance and blockchain technology. Whether you’re a newcomer or a crypto enthusiast, Crypto Gist keeps you informed on the key topics driving the future of finance.
Timi: You've tuned into crypto gist.
This is your go to podcast for everything
happening in the crypto universe.
I'm your host, Timi and here along my
buddy, Sam, who, let's be honest, keeps
me in check when I get too excited
about Bitcoin skyrocketing or you know,
Ethereum actually deciding to behave.
So what's cooking today?
Well, we've got a sizzling lineup of the
big or the biggest stories Bitcoin doing
a new all time high, the mysterious,
federal heat on USDT or Tether, and
also some cool stuffs on the blockchain.
Some other things we also
have on our discussion today
is crypto prediction markets.
So, let's jump right in.
Hi, Sam.
Sam: Hi, Timi, how are you doing?
Timi: I'm excellent.
Sam: Awesome.
I just got a notification.
Bitcoin is at 85,000 now.
Incredible.
Like, how are you feeling about that?
Timi: Well, that's something incredible.
I mean, I'm thinking, this is
not something we were looking
forward to happening very, quickly.
But I guess, a number of
events are shaping up to push
Bitcoin into new high zones.
But I'm feeling very positive.
Sam: Yeah, I mean, it's interesting,
you know, it's three years later, but I
guess it's gonna hit 100k by December.
It was supposed to be 2021, but
I guess it got the news late, so
it's gonna try it in 2024, but
it's doing like the numbers, man.
Like how many all time highs have we
hit in like the last couple of days?
It's really crazy, but
let's see how far it goes.
Timi: Yeah, I mean, , Bitcoin
at 81 and then now at 85, man,
who saw that coming, right.
, because at this point, I feel like Bitcoin
is trying to break into a whole new tax
bracket, like maybe get a VIP status or
something, but seriously, this latest
surge is more than just excitement.
It's about also the
institutional money flowing in.
We have companies like BlackRock pushing
for spot ETF and traditional finance
seems to finally be realizing, oh,
hey, maybe this internet magic money
thing is actually having some value.
And this is what is even
super intriguing about it.
We're seeing this strong correlation
between Bitcoin's rise and global economic
jitters and all of that, and with the
dollar showing some sign of weakening,
especially with the rising inflation
and some questionable policies as well.
Bitcoin is stepping in as an hedge, and
personally I think I would argue that
people are starting to see it, less
as a risky digital asset and more like
a digital gold—A safe haven kind of,
where when things starts looking wobbly.
Yeah, that's what I think of,
what's currently happening
right now with Bitcoin.
Sam: Yeah, cool.
I mean, what do you think is
going to end up stopping at?
Do you think a massive pullback is
coming anytime soon or, you think
they're going to try to push it to a
100K and, before the pullback comes,
what do you think comes first 100K or
massive pullback to like 60 something?
Timi: Yeah.
As with every other thing, right,
whatever goes up definitely
has to come down at some point.
However, the rate at which it's
climbing, I think it would be, it
won't be an overreach or maybe an
overestimation to say Bitcoin is likely
to hit a 100K in a very short time
because personally look at the 85K,
for example, that Bitcoin hit today.
This is an expectation that I personally
was projecting for the weekend, and
that is something that it had to
do just today, which is very huge.
So, definitely at some point there
will be some pullback, you know, maybe
to 60K or thereabouts, or maybe even
lower, depending on how the big guys
in the market decides to play this.
But definitely I think, if I'm to
judge based on what is currently
happening right now, the momentum
really looks like it's going to hit
some more high numbers before we even
see any particular sign of retracement.
Sam: Yeah, definitely.
So you know, it's an interesting
watch because as Bitcoin goes, the
market goes so still watching to
see how it kicks on for the rest
of the week and until December.
But let's get into the next
topic that we had to cover today.
Tether is undergoing
some federal scrutiny.
Of course, everybody is always
concerned about tether because you
know, it's clouded in some secrecy.
It's such a weird, weird company,
you know, making billions of dollars
in revenue, but nobody really
knows if it's backed one to one.
So, it's under federal scrutiny?
What do you think about that?
Timi: Yeah, I mean, you would say,
it's no shocker that Tether is in hot
water again, you know, because this
is something that has happened, over
time, just that this time around is
just under federal investigation.
I have to say it was only a matter of time
actually before someone put their foot
down because tether has been the topic of
controversy for a while because of that
whole, is it really backed by one to one
by the dollar question, or if regulators
will find any funny businesses around it.
So Tether is going to definitely at
some point have to answer to some tough
questions, but here's the thing, right?
Tether is the most widely
used stable coin, if I'm being
honest, in the crypto ecosystem.
So if there is a serious hiccup, it
is not just Tether that will feel it.
You know, you have DeFi protocols, that
use Tether as collateral, exchanges
where USDT is a key trading pair, let's
also be very realistic here, a lot of
trust that's tied up in the system, has
some link to tether, and this could have
ripple effect all over the entire space.
So if we have a crash on tether, uh, it's
going to affect a whole lot of things.
But my thought here is this, if
Tether crumbles, you know, we could
actually see a massive migration to
decentralized finance or decentralized
stable coins like, DAI, or maybe even
the algorithmic models, which are
like inherently more transparent.
But I think the market might actually
benefit from the shift in long term.
At the end of the day, it
clears the way, for new growth.
But, you know, tough times,
but the resilient one
definitely comes out stronger.
But yeah, Tether has been under
scrutiny for more than just one time.
I believe with, as with other times that
we are expecting that, uh, Tether would
come out stronger out of this as well.
Sam: Yeah, the concern is always
whether it's FUD or whether, it's real.
Yes, if Tether ever crumbles, I think
It's really going to be something like,
very terrible for cryptocurrency on a
whole because it props up so many things.
You know, how many people use Tether
as like a hedge against inflation?
Like you think about what happened with
the Naira, like if you had bought in,
um, even just like $500 of USDT earlier
this year, and then you decided you
wanted to exchange it for Naira right
now, you'd have made some money on
that because of what happened with the
Naira over the last couple of months.
So, you know, so many people are using it
for like a hedge against inflation, people
are using it just for a method of saving.
So, um, it's highly dependent on, and I
don't think USDC or, DAI comes anywhere
close in the transactional volume of USDT.
So it's really concerning whenever you
hear some FUD about Tether you really hope
that they are actually backed one to one.
You know, I read some time ago
that they are one of the highest
owners of treasury bills in the U.
S, U.
S.
Treasury bills.
So I'm hoping that they are on
their game, but why they refuse to
be transparent is something that
I kind of find quite annoying.
Like it doesn't take much for them
to, show us the books, um, exchanges
are showing us their reserves.
So why is it Tether that can't up
to today, you've been in business
so long and still you are unable to
tell us exactly how you are backed.
Um, you just give us, just a little
bit of information and kind of hope
that we accept it and move on because
we all are so dependent on Tether.
So I'm really, really interested,
in seeing what happens.
If there's going to be any case
file, especially with the change
in the political wind in the U.
S.
Let's see if anyone will pursue them, but
I think Tether could do a little bit more.
Having maybe 10 Staff members,
a billion dollar company that
has like 10 people working for
it is concerning, it's strange.
Yeah, but yeah, you know Let's see, we
can only wait and see what's gonna happen.
But, you know, let's go back to
some of the fun news, some of these
cryptocurrencies that have been going
up like crazy, you know, Cardano, SUI,
uh, EOS, Floki, all of these coins have
been like gaining serious traction.
I saw Doge today.
Um, Doge was doing numbers and I think a
lot of it has to do with like some of the
meme coins that are connected to, the U.
S.
election.
With people connected like
Cardano, you know, Doge and such.
But I mean, I held Cardano for like three
years and it wasn't in profit, and I was
finally able to get rid of it yesterday.
You know, the market is pumping when
Cardano is actually doing something.
Timi: Yeah, that's very true.
I mean, this tokens, Cardano,
Floki, EOS, and, SUI and even Doge.
They are quite the variety pack, you know,
almost like the new kids on the block.
And, uh, not to like say I have a
favorite, but then, Cardano has a lot
going for it , they are really focused on
scalability, sustainability and actually
they are delivering on some pretty
ambitious goals, if we're being realistic.
Plus, they are also tackling a
number of real world issues, like
maybe improving, identity solutions
in developing regions and such.
But it's more than just, another
blockchain, you know, they also
want to be the smart contract
platform that makes a difference.
So, and like you said, uh, when you see,
Cardano, you know, making very significant
move, you know, something really, really
remarkable is happening in the market.
So I think it goes first to show the
relevance of what's the ecosystem
itself, truly represent, you know, their
significance in the overall, concept
of what crypto ecosystem is about.
Now for Floki, right.
Uh, on the other hand, this is what
I would like to call, like, maybe
the class clown, you know, it's all
about the fun and the hype, basically,
they are the memes that you look at,
and then you want to just ride in.
They're just the fun part
of the entire system.
But the thing there is that
there's a value in the hype,
at least in the short term.
I mean, meme coins have a
way of like surprising us.
Earlier today, I think I
saw, no, it wasn't today.
It was recently I came across a token, it
was meme, I was supposed to partake in.
You know, and, uh, this meme went from
about 200 and something market cap in a
matter of minutes to over 11 million, so
those are like the fun, you know, the
surprising thing about meme coins, they
just give you this kind of surprise.
Plus, they are mostly community driven
project, and community driven project like
this, they build momentum where it matters
.
They help with grassroot adoption, and we
saw that also with the like of Dogecoin.
And honestly, it's a narrative
that actually never gets old.
But, on the technical side, you know,
where we have, tokens like EOS and, or
should I call them solutions now, like
EOS and SUI, with EOS making a comeback.
And I think people are finally noticing
its commitment to low fees and, high
speed and fast transactions, SUI
on, on the other side, it's, uh,
it has a fresh approach, you know,
to it focusing on mostly developer
experience and scalability from day one.
If SUI can deliver, I think we could
see it capturing a big chunk of the DAPP
market, you know, and a fun fact would
be recent data shows that SUI has gained
more developer interest in the past three
months than any layer one blockchain,
which is a very interesting thing.
You know, personally for me, it tells
me that if you are a developer looking
for the next big playground, SUI might
just be that particular place for you.
Sam: Yeah I noticed that, Sui kept
popping up on our news so I guess
it's doing the business, but you know,
who hasn't, caught on the news that
crypto is supposed to be pumping XRP
don't know what's going on with that
crypto, it does its own thing, man.
Uh, there are People like bought
it at three dollars are still
praying and hoping, dear sweet
baby Jesus, when am I going to make
some profit from this damn thing?
Uh, so God, he knows what's
going to go on with XRP.
Um, but yeah, there are so
many, tokens, that are really,
really going up right now.
But the company or the project
that's really doing the business
is poly market, uh, you know, they
were dead on about the U S election.
Like so many people got it right.
I was really concerned that, if they had
gotten it wrong, because at one point
they had like Trump at like 60 percent
and I was like, you know, if they've
gotten this wrong, then most likely
people will stop using Polymarket and
actually start, looking into, other
places to get their degen on, but
dead on Trump had a massive lead and
Polymarket, got it dead on, you know?
Poly market was actually being talked
about on like CNN and MSNBC, like imagine.
Like these are mainstream news channels.
So to get your company on these
platforms, it's really, really something
important and something interesting.
So let me know what you
think about Polymarket.
Like you think it has, um, staying power?
Timi: I do believe so because if you
look at, what the election, recently
introduced, definitely, you would
notice that it has ushered in a number
of new variations of, uh, we're seeing
different things that we haven't seen
before, you know, and as he regards,
Polymarket, I do think PolyMarket,
they have what it actually takes to
actually make a name for themselves.
You know, in this current, market
system, because as a decentralized
platform whose key features are
basically decentralization, I mean,
operating without central authorities
and then providing users with control
over their funds and predictions.
And then with also transparency, which
is making all, transactions public
records, ensuring data integrity and,
trust from users and also, prices of
share, ranging from about 0.01 to about
a dollar, just to reflect the market's
collective sentiments, it allows for
dynamic and real time adjustment based
on, the activity and in light of recent
development, like you've mentioned,
in the lead up to the 2024 U.S.
presidential election, Polymarkets
has gained some significant attention,
which also like you've mentioned,
they were featured in the CNN news.
So the, the platforms betting cause
have shown quite a notable tilt,
towards the pro Trump predictions and
which did work out in their favor.
And additionally, Polymarket, in time past
they faced some regulatory challenges.
I think in early 2022, if
I'm not mistaken, you know,
having to settle with, CFTC.
And then with the payment,
they also have to make.
But here's something that I consider,
while Polymarket offers a unique and
decentralized approach to prediction
markets, users also, need to be
aware of the risks that are involved.
So, the key insights now here
would be that PolyMarket has data,
that has been integrated into like
Bloomberg's terminal services.
Which is like highlighting the
platforms growing influence
in financial forecasting.
The integration basically is a
suggestion that traditional finance
institutions are beginning to
recognize the value of decentralized
prediction markets in providing
real time insight, into the market.
But in summary, I think PolyMarket
represents an innovation, kind
of intersection of blockchain
technology and prediction markets,
where it offers users a platform to
engage in speculative forecasting.
But however, potential users
still needs to remain cognizant
of the associated risks and the
evolving regulatory environment.
Sam: Yeah, definitely.
So I'm really interested in seeing
where PolyMarket goes from here
because of course the US election
was like a Waterloo moment.
And I want to see if they can still
have people interested in what they
have to offer in their services
after the election, like what is
it that's going to drive millions
of dollars in betting on whatever.
So I don't know if they will
expand to maybe sport betting.
I don't know if they've already
done it because I've not really
looked into Polymarket fully.
But I'm interested to see if they stay
in the news or it's just like, they kind
of had this moment of time where everybody
was interested in betting on the election.
And, if it's a company that will
still be around a year from now.
So yeah, Polymarket is interesting, but
let's move on to another topic that's,
you know, our final topic for today.
Something that interests me.
FTX is suing everybody.
And I mean, everybody,
everybody, they sued Bybit.
They're now suing Binance and CZ,
they sued Scaramucci, so they've
been suing almost everybody that
they can get their hands on.
You know, personally, when I look at
it, CZ, he looked at, FTX's books,
saw that, the company was about to go
under and sold off his FTT tokens,
that is textbook insider trading.
You made money from news
that the public did not have.
So of course I don't have an issue with
FTX going after him trying to recoup
that fund because he did not make
it fair and square so with Bybit,
so with Kraken, all of them, they
were able to use their relationship
with FTX to get their money out.
It's just typical insider trading stuff.
So let me know what you think, you
know, what I think, fine, go after them.
They tried to benefit from, um, being
in the industry and being in the know
while the rest of us got dumped on.
Timi: First of all, I think it's
coming up as a surprise with FTX,
just basically suing everybody.
But you know one thing you would also
have to look at here is that the recent
legal actions, against various entities,
which includes Bybit, Binance, former CEO
Changpeng Zhao and I believe is they are
just part of FTX strategy to recover asset
for creditors following it's collapse.
You know, this lawsuit basically, they aim
to to reclaim funds that FTX, improperly,
transferred before it's bankruptcy
for the bybit, settlement part where
FTX is filing a lawsuit against bybit
allegedly that, bybit is using their VIP
access to withdraw a significant amount
of money, it's actually, a very crazy
thing, but I do think it's actually
wrong, this so called, entities, used,
or should I say leveraged on their
relationship, with the exchange to get
their funds out, which like affected an
overall large number, of the community.
It makes sense, or should I say, I get it.
Why FTX is trying to claw back,
funds to help pay back creditors
after the big collapse and
legally, it makes total sense.
They're saying, Hey, you guys pulled
out money before we went, down, we
need it back to pay the people we owe.
I mean, it's classic
bankruptcy maneuvering.
You always see the liquidators trying
to recover as much as possible.
But I think that this is the question, is
if this is the right move morally or even
strategically for FTX, and personally, I
think they are walking a pretty fine line
here, because on one hand, Uh, yeah, they
need to maximize returns to creditors that
that's their number one duty right now.
But on the other hand, they are
dragging pretty big names through the
mud, Bybit, CZ, Kraken and the likes.
It's, poking a hornet's
nest of the crypto industry.
And these are, some of the
most influential people
and entities in the space.
If they end up alienating the very player
that they may need on their side in the
long run, It could backfire badly, but
I mean, if you think about it, Binance
had a huge hand in shaping the space
and Kraken has also been pretty much
the gold standard when it comes to
transparency and, regulatory compliance.
So if FTX goes after them and ends
up losing this suit, not only would
they be out of bunch of legal fees,
they would also look weak and honestly
no one respects a player that can't
win on the field or in court.
But this is an insight that I have.
Um, this is what it looks extra
spicy about this whole thing.
Did you know that the FTX legal team
is currently, , they're looking at
trying to recoup some funds from, pre
collapse, uh, sponsorship deals as well.
Like there are some of that.
Yeah.
Yeah.
They are not just going after exchanges.
They also trying to get money back
from the Miami Heat naming right.
And, F1, which is Formula One, so
it's like they, they have a shopping
list and everything has to, you
know, as a return policy apparently.
So, Sam, this is just, the way I see,
FTX going, I think, this move is a bold
move, and, it's a very tin walk, it's like
walking, at the edge of, a sharp knife
if you're not very careful about this.
You might just end up
cutting yourself in half.
But I do hope, whatever they have
planned on this, it's, really planned.
Sam: Yeah.
So the way I see it is, This is
just textbook insider trading.
It's unfortunate that people
took advantage of a situation
that was going badly wrong.
It's not right if you have insider
information to take trades and benefit
from it, make millions of dollars and
then nothing should happen to you.
There are cases in the U.
S., um, that happens like this
and people go to jail for, ten
years, eleven years, however long,
because this is an actual crime.
So, they will probably just settle
a suit, um, you know, CZ, Binance,
they'll probably just settle it for
a couple of millions of dollars.
And, that will be the end of it,
that's probably the goal of FTX
anyway, um, just to get them to settle.
So Scaramucci will
probably settle as well.
Kraken will probably settle.
All of them will probably
settle because Bybit settled
for 50 million, I think it was.
The people that mainly benefit from this
are the lawyers, just like when it was
the Bernie Madoff case, the person that
made the most money were the lawyers.
Um, so, I'm sure that they're eating good
at the moment, but I think, you know,
this was an interesting week in crypto.
It's a really fascinating week
and I'm looking forward to
our conversation next week.
Maybe we'll look at, um,
Bitcoin ending up at a 100K.
Maybe we'll come back
here and Bitcoin's a 100K.
And then, so many of
the other bags going up.
So, you know, thank
you guys for listening.
You can find us anywhere
you listen to podcasts.
Just subscribe if you're
listening on YouTube, like
and subscribe, to our channel.
Timi: Yeah.
I mean, thanks guys for hanging out
with us today on Crypto Gist, we
basically have covered some crazy topic.
You know, today with Bitcoin
breaking new ground, which by the
way, Bitcoin just hit 86K right now.
And, uh, you know, we also have, yeah,
we also have taken on the roles with,
you know, with the government and that
we've also covered quite a number of
other things around emerging cryptos,
ready to take on the spotlight.
The whole thing with FTX, you know,
suing basically, everyone you can't
make this stuff up, you know, and this
is the reason why we love, this space.
So, it's always a good idea, to stay
informed, to think critically, and keep
your sense of humor when things get wild.
So trust me, it helps.
Be sure to also subscribe, share us
with your fellow crypto enthusiasts,
and keep those questions coming in.
Sam and I love hearing from you all.
And until next time, stay
curious and stay decentralized.