00:00.299 --> 00:02.249 Johny Fernandez: $96 billion. That's wild. 00:02.249 --> 00:05.000 Sean Murray: Yeah. Have you ever have you ever used Binance 00:05.000 --> 00:05.450 before? 00:05.480 --> 00:07.370 Johny Fernandez: I've not yet not used Binance before, have 00:07.370 --> 00:07.640 you? 00:08.290 --> 00:12.700 Sean Murray: So I have for a journalistic experiment a few 00:12.700 --> 00:15.730 years ago, probably had to be like, maybe it was 2017. Okay, 00:15.730 --> 00:19.780 that's five years ago now. So they have two different versions 00:19.780 --> 00:23.920 are the one that's offshore? There's Binance US, which is in 00:23.920 --> 00:27.280 the US. And Binance. The offshore one is the one that 00:27.280 --> 00:30.640 everyone's talking about. That's like the major one. If you're in 00:30.640 --> 00:33.640 the US, you're not supposed to be able to use that one. Yeah, 00:33.670 --> 00:36.460 yeah. So the reason we're bringing this up, because 00:36.460 --> 00:39.340 supposedly not including his crypto holdings, he may already 00:39.340 --> 00:43.420 be like the 11th richest person in the in the whole world. And 00:44.080 --> 00:49.480 you know, that to me, that number, it sounds it's great an 00:49.480 --> 00:53.080 entrepreneur can make so much money by being at the forefront 00:53.080 --> 00:55.630 of technology, revolution, all that stuff. But something 00:55.660 --> 00:58.750 something funny, yeah. About that whole thing. Yeah. That 00:58.750 --> 01:01.750 Binance not just the company, because right, the company 01:01.750 --> 01:07.330 certainly has value to Yeah, he and he himself is worth 96 01:07.330 --> 01:11.200 billion, not including his crypto. That's a lot of value to 01:11.200 --> 01:14.920 extract. Yeah. And you have to wonder, you know, I'm just 01:14.920 --> 01:21.070 speculating here. If the users on the site are perhaps 01:21.070 --> 01:25.780 sacrificing more in fees, that is really necessary. Yeah. For 01:26.110 --> 01:29.470 if the CEO has been able, he's only 44. If a CEO has been able 01:29.470 --> 01:32.740 to amass 96 billion not including his crypto holdings, 01:32.740 --> 01:36.280 and just a few years, sure, he's certainly a genius. But that 01:36.280 --> 01:41.020 number, something about that number seems off to me. And I'm 01:41.020 --> 01:44.410 like, is this normal? You know, I mean, like, how can I normal? 01:44.770 --> 01:50.680 Well, it's not normal, but among his peers, right? The two 01:50.680 --> 01:53.350 competitors, the Coinbase CEO, Brian Armstrong is apparently 01:53.350 --> 01:59.020 worth 8.9 billion, and the CEO of FTX, is worth 15.4 billion. 01:59.050 --> 01:59.800 So you take 02:01.150 --> 02:04.390 Johny Fernandez: I'm going to cut off on that, because 96 02:04.420 --> 02:08.140 billion, doesn't even really compare to any of these guys. I 02:08.140 --> 02:08.590 think so. 02:08.620 --> 02:11.110 Sean Murray: Okay, you're right. But we have to consider we have 02:11.110 --> 02:15.820 to consider just the context, that the CEOs of these companies 02:15.910 --> 02:21.820 are worth 10s of billions, right? Then then there's the 02:21.820 --> 02:23.890 company's value, then there's all the people who work for the 02:23.890 --> 02:26.710 company, right? So these companies are making combined 02:26.920 --> 02:29.620 hundreds of billions of dollars creating hundreds of billions of 02:29.620 --> 02:32.290 dollars worth of value, correct? I think that is something's 02:32.290 --> 02:33.460 wrong with these numbers. 02:33.490 --> 02:35.980 Johny Fernandez: Yeah, it's too high. Yeah, it's, 02:36.040 --> 02:39.640 Sean Murray: It's how could they be extracting that much value 02:40.510 --> 02:43.240 from this market? Because you have to wonder who's getting 02:43.240 --> 02:46.180 rich in crypto. Right now it's a bear market in the crypto 02:46.180 --> 02:49.720 market, right, Ethereum dipped below $3,000. Today, Bitcoin 02:49.720 --> 02:54.910 just dipped under 40k. And a lot of people in the crypto 02:55.030 --> 02:58.990 industry, how are they investing in crypto they're holding or, 02:59.110 --> 03:01.420 you know, Bitcoin Aetherium, you know, and all the different 03:01.720 --> 03:02.530 tokens and stuff. 03:02.610 --> 03:04.650 Johny Fernandez: But to backtrack, because a lot of you 03:04.650 --> 03:06.570 know, a lot of people are in crypto and those that are not in 03:06.570 --> 03:10.350 crypto. So when you say that, that it's a bear market now, 03:10.560 --> 03:12.390 quick synopsis. What does that mean? 03:12.780 --> 03:15.690 Sean Murray: It just means that all the values of all the coins 03:15.690 --> 03:18.420 and tokens are going down, right? Bitcoins all time high 03:18.420 --> 03:19.590 was 69,000. 03:19.650 --> 03:21.690 Johny Fernandez: So you're you're questioning how are they 03:21.690 --> 03:23.970 being so much money if the market isn't? 03:24.050 --> 03:26.120 Sean Murray: No, no, I'm not questioning that. I'm saying 03:26.240 --> 03:28.910 that the average person investing in crypto is just 03:28.910 --> 03:32.270 holding the coins. Yeah, right. And some people have lost a lot 03:32.270 --> 03:35.840 of money. But the CEOs of exchanges, yeah, are making 03:35.870 --> 03:40.700 collectively more than $100 billion. So it sounds like you 03:40.700 --> 03:44.480 take all the people who are losing money in crypto. And then 03:44.480 --> 03:47.720 where did where did it all go? Well, it's pretty easy to see 03:48.320 --> 03:50.750 history. See just the CEOs forget about all the other 03:50.750 --> 03:54.110 executives, surely they made a lot of money to the CEOs of 03:54.110 --> 03:57.230 these three crypto exchanges that made more than $100 billion 03:57.650 --> 04:01.430 in personal wealth for themselves. But this is this, 04:01.640 --> 04:04.580 this is what it tells me. Go ahead holding crypto is not the 04:04.580 --> 04:07.220 way to make money. If you hold a crypto and hope it goes up, 04:07.310 --> 04:10.130 you're doing it wrong. The way to do it is to run a crypto 04:10.130 --> 04:12.920 company. These guys have made hundreds of billions of dollars 04:12.920 --> 04:16.820 combined. And all they're doing is extracting the value from the 04:16.820 --> 04:18.080 people who are holding the coins. 04:18.000 --> 04:21.870 Johny Fernandez: So my question is what I've never, I've never 04:21.870 --> 04:26.250 even seen a billion dollars in my bank account. So 96 or 15 or 04:26.250 --> 04:29.730 20 billion, like what do you even do with that much money? 04:30.300 --> 04:31.710 Sean Murray: I mean, I don't know what you do with the money, 04:31.710 --> 04:33.660 but I'm just saying in general, and people are like, Oh, well, 04:33.660 --> 04:36.990 it sounds great. You know, what crypto should I buy? Don't buy 04:36.990 --> 04:38.880 any of them because the only people making money are the 04:38.880 --> 04:41.640 people who are selling you the cryptos. Yeah. So you want to be 04:41.640 --> 04:43.620 the guy selling the crypto you don't want to be the one buying 04:43.620 --> 04:47.040 into? Yeah, no, I mean, like the exchange, not like buying crypto 04:47.040 --> 04:49.500 to sell to someone for more. I mean, you want to run the 04:49.500 --> 04:51.960 exchange. You want to be the crypto company, not the guy 04:51.960 --> 04:55.200 holding the token hope hoping it goes up because that guy had to 04:55.200 --> 04:58.500 make $100 billion. The guy running a crypto exchange made 04:58.500 --> 05:02.220 $100 billion Yeah, He doesn't care if it goes up or down. 05:02.430 --> 05:04.770 Bitcoin could be worth $1. He doesn't care still worth 100 05:04.770 --> 05:08.670 million. He doesn't care about all your losses. Yeah, well, I'm 05:08.670 --> 05:11.550 just speculating, maybe he does. I don't want to assign any type 05:11.550 --> 05:14.100 of, you know, emotions to him. But I'm just saying, in general, 05:14.310 --> 05:16.170 this is what people should be thinking about in the crypto 05:16.170 --> 05:19.650 market. These numbers don't make sense to me, that's too much 05:19.650 --> 05:23.820 value extracted. It means that there's a major inefficiency in 05:23.820 --> 05:28.380 the market that is being exploited. And the person the 05:28.380 --> 05:31.530 people holding the tokens hoping they go up are the weakest link 05:31.530 --> 05:34.800 in the entire chain. While the people who run the exchanges are 05:34.800 --> 05:38.010 literally making hundreds of billions of dollars. 05:39.440 --> 05:41.360 Johny Fernandez: I'm not, I'm not going to say much because 05:41.360 --> 05:45.530 I'll be very frank with you. I am not buying into crypto at the 05:45.530 --> 05:49.760 moment. I was I never bought into crypto but I have seen 05:49.760 --> 05:57.080 like, you know, the obsession with it. And I've seen that, you 05:57.080 --> 06:00.890 know, people are holding on to a lot of people dump their life 06:00.890 --> 06:03.020 savings. It's just a very interesting 06:03.020 --> 06:05.690 Sean Murray: Where do they go we know where it is. Yeah. 06:06.050 --> 06:08.750 Johny Fernandez: And literally like, I'm like, hey, I'm gonna 06:08.750 --> 06:10.850 be a millionaire. Cause I have all my money 06:10.880 --> 06:13.550 Sean Murray: No these guys are gonna be millionaires the person 06:13.550 --> 06:15.500 holding the token is not gonna be the millionaire. Yeah. 06:15.690 --> 06:19.710 Johny Fernandez: So it's, it's true. So that's how I'm not 06:19.710 --> 06:23.790 saying much. I'm letting you speak because I my area of 06:23.790 --> 06:26.640 expertise is not in cryptocurrency. But it's very 06:26.640 --> 06:28.500 interesting because numbers never lie. That's it. 06:28.980 --> 06:30.960 Sean Murray: I would want to be the guy if I would, I would 06:31.020 --> 06:34.110 create a crypto exchange. Don't buy a token. Yeah, that's good 06:34.110 --> 06:36.390 to know. Save your money and start a crypto exchange make 06:36.390 --> 06:39.600 hundreds of billions and sell tokens to other people. Yeah, 06:39.630 --> 06:40.590 that's how it works. Yeah.