Richard Carthon and Steven Miller discuss the Special Report: Crypto Crash! Time to HODL or Time to Panic!?
The following transcript was created using artificial intelligence. There will be some grammatical errors below.
00:01:12:05 – 00:01:34:15
Richard Carthon: Hello, everyone and welcome to another episode of Crypto Current, your host here, Richard Carthon. And today I got a special guest that you all should be pretty familiar with. He is our cryptocurrency. Oh, we have Steven Miller, who is also the host of both Crypto Current Education in the Aftershock show on YouTube. If you have not checked it out, please make sure you go and check that out. Steve, how are you doing today, man?
00:01:35:21 – 00:01:50:06
Steven Miller: You know, Richard, I could be a little bit better. I normally start out my shows a little bit more upbeat, but I think right now I’m going to end up having to go to the comedy relief route because I think everybody is probably feeling a little bit of pain right now. The markets are not looking good.
00:01:51:08 – 00:02:30:28
Richard Carthon: They’re not. And, you know, typically we come on and we bring on guests talk about different projects that are going on, but just because of the current sentiment in the market, we thought it would be very relevant and on topic to kind of talk about what’s going on and whether or not you should be panicking or whether or not you know, just how you should be going through your emotions right now because I’m sure everyone has their own that they’re currently dealing with. So we thought that’d be a really good topic to kind of speak on today. And because we talk about things like this in our Crypto Current Education show and also have some moments and then our aftershocks show, we want to bring that into today’s interview conversation.
00:02:31:00 – 00:03:04:28
Richard Carthon: So I thought I’d bring on Steve. We to have a conversation around this and we’ll see where it leads us. So. So, Steve, like what? Um, let’s first start off in a very important like area where we talk about the Fear and greed index. So a year ago, when crypto, when bitcoin was at roughly forty thousand dollars, we were in extreme greed. Now, to give a precise date, we go back to. January 11th of 2021, when bitcoin hit thousand, there was extreme greed.
00:03:05:07 – 00:03:31:02
Richard Carthon: Now, on January 8th of this year, twenty twenty two when point hit forty thousand, we are in extreme fear. So again, a year ago, extreme greed at like 90 percent, like 90 on the on the Fear and Greed Index. Now, um. We are at it was at a 10 on January 8th, and as of today we are at a 13. What’s going on and why? Why are people so they’re in such fear right now?
00:03:31:29 – 00:04:03:26
Steven Miller: So there’s a couple of things you have to keep in mind. And first of all, there is a saying that we have to lean back on here, and that’s when in doubt zoom out. The only way that you can really learn from what’s going on right now is by actually taking a step back and looking at the bigger picture. It’s not about the short term, it’s not about the last two weeks, it’s not about the last week. It’s about the long term view about what can we learn from last year and apply to now what we use towards the last bitcoin cycle four years ago and apply it to where we are now and what we can see going forward.
00:04:04:09 – 00:04:36:20
Steven Miller: Now, when I think about fear and greed, the biggest thing that I’m always reminded of is that we have this idea that you should be buying into fear and selling into greed. Right now, I don’t know a single person that would be willing to walk by this fear because it’s almost. A PTSD moment, if you look back at what 2017 brought us into twenty eighteen, we saw this massive drop off rate at the beginning of the year. And it’s it’s easy to connect the two because we connect feelings, we connect emotions, oftentimes most in our brains.
00:04:36:28 – 00:05:08:27
Steven Miller: And to sit here and deal with this like it sucks, right? But yeah, the thing that I get caught up in is conviction. You have to be asking yourself, Okay, where do your convictions lie? Are you going to be the type of person that wants to ride this wave? Or are you going to try to reposition everything because you think that we really are in the bear market now? So as I’m looking at fear, I can’t help but sit here and say, OK, if we were in greed last year, your question?
00:05:10:23 – 00:05:26:02
Steven Miller: I think right now, like you don’t want to be buying when the market’s greedy and the market’s all the way up on bitcoin, you want to be buying right now when you have the most people in max pain and in fear. So that you can really play the upside.
00:05:27:09 – 00:06:12:15
Richard Carthon: Yeah. I mean, there are so many angles to address this, but one of the things that I want to give on the sentiment of fear and greed right now, so because there is fear in the market. One of the wealthiest men and one of the greatest wealth managers of all time, Warren Buffett, said when there is fear, when prices are going down, that is your best opportunity to buy. And that’s why if you are keeping up with our shows and we talk about, you know, what is it a good time to potentially take some profits and to be liquid, have some cash available so that when times like this really solid buying opportunities come up, you have an opportunity to be able to get in at a really, really, really discounted price and right now.
00:06:13:21 – 00:06:22:11
Richard Carthon: It’s looking like it, we could see it continue to trend downwards for a while, and it doesn’t mean it’s the end of crypto, doesn’t mean that crypto is dead. It doesn’t mean that
00:06:23:29 – 00:06:59:11
Richard Carthon: it’s time to just absolutely panic sell everything. So again, the people who typically lose a lot of the opportunities that they were in panic sell. And so, uh, right now, as we are looking across the market and we’ve gone below a two trillion dollar market cap, I think we’re sitting around like one point six right now. Let me go ahead and double check that real quick. We are at one point six trillion. Last year, when we saw the top of of of kind of the bull cycle, right when we got really around April and we were starting to peak around like three trillion.
00:06:59:13 – 00:07:29:28
Richard Carthon: And then we saw a correction from April to September and it retraced back. It went all the way down to like one point three trillion. So again, if we’re starting to head towards bearish times, we could see a retrace back from an overall market cap standpoint back to like 1.3 trillion. Now that means that we are seeing, you know, a potential really large pullback in both Bitcoin, Etherium and a bunch of others. And again, that isn’t necessarily a bad thing.
00:07:30:07 – 00:08:03:29
Richard Carthon: It means that again, you’re seeing some pretty cool buying opportunities. But for your bags that you already have that you haven’t already sold, unfortunately, it’s one of those times where unless you just need the cash, it’s time to put on some diamond hands and just bear in for some potential grief, some short term grief that could be headed our way. But how long are we going to be here? Of course, this is all speculation. Of course, this is none of this is financial advice. But, but Steve, I’m kind of poses to you. Like, how how long do you think we potentially could be in this bearish or sideways type of momentum?
00:08:07:16 – 00:08:35:13
Steven Miller: Hey, cryptocurrency guru, this is Steve Miller, and I’m the host of CC Light Show that keeps you up to date with what’s poppin off in crypto in every episode of CSI Live brings you. The latest news keeps you updated on the top projects in decrypts everything you need to know to get ahead in the wild world of Web3. So if you really want to stay cryptocurrency, join Richard, Chris and I every Tuesday and Friday at seven p.m. Eastern, only on YouTube Live. So what are you waiting for? Subscribe to cryptocurrency YouTube channel today and as always, stay cryptocurrency.
00:08:39:21 – 00:09:10:27
Richard Carthon: So the way that I look at it, we have three different scenarios that could play out here. The first of which is the total downside. Then I’ll give you the positives. Total downside is this if we go below, in my opinion, 28 five, we’re looking at the bear market game. I don’t think there’s any other way to really spin it. If we’re if we even see, like down to levels like twenty seven five. I’m really just I’m sitting here waiting kind of just.
00:09:12:04 – 00:09:21:21
Richard Carthon: Monitoring it and dealing with it as it comes. But. The other two scenarios are this If we are still in a bear in a bull market, excuse me.
00:09:23:06 – 00:09:57:21
Richard Carthon: We have a very good chance of two different macro patterns playing out when we are talking about here. OK, so we have an ascending triangle that we could currently form on the long term. And that would have to create a bottom for bitcoin right around thirty four or thirty three five. I think it was because that’s still placing a higher low than we had back in. Whenever the last crash was what it was down to 30 or 29, five.
00:09:59:10 – 00:10:00:06
Richard Carthon: It was somewhere in there they
00:10:00:09 – 00:10:02:09
Richard Carthon: were looking around like June, July.
00:10:02:18 – 00:10:36:02
Richard Carthon: Yeah, yeah. So when we’re talking about that crash, so when we saw that happen, we need to we need to form a higher low, which could present an ascending triangle. That would be good and still quite bullish for crypto. The other pattern that is currently possible is a megaphone pattern that would mean that we have a little bit of a margin for error if we were to go below, but still find a spot to bounce rate around the twenty eight to twenty eight five level by placing a lower lower low.
00:10:36:22 – 00:10:38:07
Richard Carthon: It’s still making a bounce.
00:10:39:23 – 00:11:15:06
Richard Carthon: We’re within that pattern right now, and we’ve seen the megaphone play out in the past. It could happen. But. Those two scenarios are going to require at least eight weeks. We’re going to need at least in a week’s AIUI period of recovery here to even let that become a possibility. So for right now, the hardest trade that you can make is no trade at all. I encourage every single listener to this show to make the hard trade right now. It is really, really hard to see where this is going right now.
00:11:15:08 – 00:11:37:05
Richard Carthon: But I think those two scenarios are the most positive and most likely because I don’t think right now rich that we’re in a bear market. I think there’s too much positive been going on in crypto to say that we actually are. I think we’re seeing global financial markets react the way that they normally do in January. And I think that we’re going to find a way out of it, it’s just going to take time.
00:11:38:25 – 00:12:14:24
Richard Carthon: Yeah, and you know, as we kind of talk about that, like whether we’re still in the bullish or a bull market or a bear market, I think we we have moments of of time where there’s either pullbacks or bearish momentum, right? So it could be argued that even last year, when it’s between the time of like April and I think late August going into September that we were in a quote unquote bear market because it was a sustained amount of time, it was over the course of several months. However, it also could be argued that it was just a sideways trading for a higher high of during a bull cycle.
00:12:15:08 – 00:12:48:27
Richard Carthon: Now. Even if we were to in this moment, turn bearish for the next, like you said, eight weeks to recover, to continue a bullish cycle. Whether or not you want to call that quote unquote a, you know, we’re going into a bear, a true bear market, I think regardless there are bearish momentum timings and I think that we are headed into one. So whether it is a sustained true bear market or whether it is a bearish blip on a continued bull cycle up.
00:12:50:13 – 00:13:26:12
Richard Carthon: Where we’re headed into some bearish times, I think it’s fair to say that now within these bearish times, the difference, the huge difference from the twenty seventeen to twenty eighteen when we saw a tremendous pullback was that there wasn’t a lot of news and large corporations and companies coming in to the market to help bolster it up. Now there are a lot of things that point to and like not having a sustained and a true fallout from beneath us type of scenario that we saw in twenty seventeen thousand eighteen.
00:13:26:14 – 00:13:58:03
Richard Carthon: We have huge news that has been coming out right. We have basically Microsoft doing the biggest acquisition of Activision for what, sixty eight billion dollars and with like true intent to put their stake into the Metaverse. We have Walmart that basically just announced that they are trying to make an NFT play. We have a lot of big companies putting their stamp and saying we are going towards Web three, we are going towards the world of crypto. So my question to you, Steve, is.
00:13:59:16 – 00:14:08:20
Richard Carthon: Because these large corporations are coming in, is this potentially market manipulation to let these large companies come in at a better price point before we see our next leg up?
00:14:09:25 – 00:14:26:22
Richard Carthon: It’s a really easy conclusion to draw. We spoke about this on the Thursday edition of Crypto Current Live Chris and I got a chance to talk about the strong aftershock segment. And I’m really convinced at this point they’d. If you have multiple Fortune five companies coming in.
00:14:28:19 – 00:14:47:10
Richard Carthon: There shouldn’t be a reason we did it the way that we do unless we’re already participating in an overall bearish trend. Now it’s not to say that we’re in a bear market, but bear trends happen, right? So look at the crash that we had in late April, May of last year and when we went down to the very bottom of the market.
00:14:49:11 – 00:15:01:09
Richard Carthon: That time period lasted until about July 15th, if my memory serves me properly. So we’re talking about. Eight to 10 weeks. Some would say 12.
00:15:02:25 – 00:15:35:27
Steven Miller: What you don’t realize until you actually zoom out of this current downtrend is that we’ve been in a downtrend since November 5th. OK, so where we are right now, we could actually be really close to the bottom. People talk about the Death Cross. It just happened. Oftentimes just following the Death Cross is when you actually have a bottom. If you’re still in a bull market, people need to be thinking about these things if you’re looking at the news right now. And you’re seeing all of these companies coming in and you’re seeing institutional mass adoption right now.
00:15:36:27 – 00:15:42:09
Steven Miller: They’re not going to buy when the market’s at a peak, you crazy, like they’re not going to buy back into Dubai.
00:15:42:23 – 00:15:47:29
Richard Carthon: 16 other pools of time. Right. And real quick, Steve, what is the Death Cross?
00:15:49:07 – 00:16:22:13
Steven Miller: So I’m going to botch this because I always mess up what the actual cross is, but it’s a cross of what we refer to as different moving averages. So you have different moving averages based on different time periods of how the market’s performing. So there is a golden cross present as positive situation than you, a death cross, which is the negative situation. So you have one of those moving averages crossing over the other if you’re mapping it on the chart the same way. Do you remember what it what the duration is for a death cross and a golden cross?
00:16:24:17 – 00:16:32:05
Richard Carthon: Yes, I believe it is when the I think 30 day moving average is crosses over the 200 day moving average.
00:16:33:25 – 00:16:39:27
Richard Carthon: And when it’s going up, that is the golden when it’s going down. It is the best. Yeah.
00:16:40:14 – 00:17:11:21
Richard Carthon: So I thought it was the 120, it was the the larger number. But again, in either in either situation, you had that indicator from a tire perspective that occurred, in fact. Right now, there are so many different indicators flagging that it’s the right time to buy crypto, and I’m not even going to go into Plan B’s theory, which is the golden ratio and looking at the the Bitcoin rainbow chart and all that.
00:17:12:28 – 00:17:51:14
Richard Carthon: That’s pretty much disproven at this point. But what I would encourage you to also go back and look at is when you consider this news, you have to listen to people like Benjamin Cowan over at into the crypto verse because he’s been postulating for the last God feels like last year this idea of a long eating cycle theory with diminishing returns. I see it kind of like Ben sees it, because if you look at the last couple of cycles, we see these incremental up down, up, down, up, down, up, down throughout the real parabolic time in the market.
00:17:52:03 – 00:18:23:14
Richard Carthon: It’s not uncommon to see a 30 percent fall off. But if you think about it, we really haven’t been experiencing that much. So to me, if we’re a long gating, it makes more sense for these dips to be more drastic, but take a longer period of time to play out. So I would tell you that if you look at what the big players are doing, if they’re accumulating right now, they’re not dumb. They have tons of analysts tracking this market. They’re watching it really carefully.
00:18:23:27 – 00:18:57:25
Richard Carthon: If you see another couple of players come out in the next week and I guarantee you one of them’s going to be Michael Saylor saying that they’re buying more bitcoin or they’re acquiring more crypto or they’re doubling down on crypto. It’s just too good of an indicator for you that you should be asking yourself, should I be checking my convictions? Am I highly convicted in this market? Is it time for me to double down despite the pain that my portfolio is currently showing me? I mean, I would have to ask you, are you feeling that sort of way or are you more on the better side of things?
00:19:00:20 – 00:19:45:19
Richard Carthon: So for me, I think it’s all about how, like, what are you as a potential investor if you are liquid? Then I think you’d be patient. You buy your time and see when you think we’re at truly bottom because then you’re getting at optimal pricing. You also, if you are still feeling pretty good, that things could turn around pretty quickly, that you can dollar cost average in to your position before we start to go into that next bullish momentum. However, it’s like you said at the top of this conversation, we’re in a wait and see type of scenario and as a trader, as is anybody that is coming in and like looking at this, sometimes being patient and not doing anything can be the hardest thing you ever do.
00:19:45:26 – 00:19:49:18
Richard Carthon: And we get that. We understand that, but it doesn’t make it.
00:19:51:17 – 00:20:26:21
Richard Carthon: It doesn’t make it bad for you to kind of sit on the sidelines and wait for a while to kind of see how things kind of play out really quickly on the death cross. I do want to update. So it is when the 50 day moving moving average crosses the 200. So just to confirm that information. But all the same as we look at the overall sentiment in the market. For a new person coming into the space again, someone who has liquidity, someone who has some cash on deck, it’s pretty, pretty good timing for you to get in at a at a at a discounted rate compared to different times of the market last year.
00:20:26:29 – 00:20:57:17
Richard Carthon: If you really think about some of the people, what they were predicting in 2021 and as we go into the end of this year are quote unquote supercycle. Some people were predicting a six figure bitcoin and a five to ten thousand dollar Ethereum. So if that scenario had played out, technically, you’d have been spending a tremendous amount of money to get into the space, but now you’re getting out of freakin fire sale. And so it is for again, whoever has liquidity, not a bad time to be entering. So it’s all relative.
00:20:57:19 – 00:21:29:20
Richard Carthon: It’s all timing. It’s all what’s going on in the market. And how are you looking at it through the lens of your long term play in this space? And so more than anything, we want to come in and say, like, it’s fine for all of those who are new to this space and have never been through a bearish sentiment in the market. Are we going through a bear cycle where we have seen legitimately 90 percent corrections? And some altcoins and even for some of the blue chips, we see 60 to 80 percent pullbacks.
00:21:30:14 – 00:22:00:19
Richard Carthon: It happens. It’s not the end of the world. Everything can work out and be OK. We will see some of these alts that actually disappear and don’t work after this, but comes with the territory. But overall, you will start to see some really, really, really good price entry points for some projects that are have a lot of potential, and this could be a solid, solid year to be able to build up a really solid bag of these projects before we see that next true leg up or the next bull cycle.
00:22:00:24 – 00:22:30:23
Richard Carthon: Are bullish sentiment begin to happen this year? So again, the fact that this is happening this early this year, I don’t see it as a bad thing. I see it as healthy. I see it as a healthy correction to a lot of the bullish sentiment that was going on, because that means if as we go through this next bearish moment, this is going to be the new floor. This is going to be the new quote unquote normal, if you will, when things begin to pull back. We are finding new.
00:22:32:13 – 00:22:53:18
Richard Carthon: New levels of support so that as we go into this new leg up, hopefully when bitcoin starts testing 70K and up to a hundred and a theory on start testing anywhere from four thousand all the way up to five or six thousand. You have to be able to consolidate down to find our new floor and hopefully our new floor is being found right around this current area.
00:22:55:08 – 00:22:57:12
Richard Carthon: Yeah, look, I’m with you.
00:22:59:00 – 00:23:22:15
Richard Carthon: Again, I keep looking around, I’m starting to see the writing on the wall. And I would encourage you if this is your first time in this marketing, you’re experiencing a crypto dip like this for really the first time because you bought in it Thanksgiving thinking that you know your grandkid or your cousin was a genius in crypto and was telling you all about it and how you need to be in?
00:23:24:03 – 00:23:58:03
Richard Carthon: It’s not a bad time to be in crypto. Right now, we’re like as of this morning. We are at the lowest that the overall crypto RSI relative strength index has been since March of 2020. That’s exactly what happened in March of 2020. We had a black swan. We had all markets globally. Absolutely. Hank, what happened for the next eight to 10 months? We saw the market explode.
00:23:58:09 – 00:24:20:24
Richard Carthon: We never saw the type of financial growth like that in the history of finance. OK? The history of finance. We never saw more explosive growth in that type of time period than we did in the back half of 2020. So with RSI rate now at its lowest point, it’s indicating that bitcoin is super oversold.
00:24:22:10 – 00:25:01:09
Richard Carthon: Hard to not take that as a sign right now may be the absolute moment of max pain. It could very well be. It could also very well not be, you know, there’s a chance of it. What I will tell you is this. If you want to look for a place within crypto right now, it is still absolutely going crazy, look no further than NFTs because right now the NFT market is going berserk. It’s it’s doing exactly what it did when the markets fell back in late April early May.
00:25:02:09 – 00:25:37:16
Richard Carthon: You know, we saw this massive first NFT bull wave and all of a sudden bored apes were taken off, CryptoPunks were taken off. Everything was going up. It seemed like there was no end in sight. Right now, the same thing is happening. You have a great discount rate on Ethereum if you just want to watch the market and try to understand it. Ask those types of questions like, OK, if it’s all doom and gloom, is there any ray of sunshine? There actually is right now. Everybody in NFT land is partying because they see cheap Ethereum and they see they see cheaper JPEGs.
00:25:37:25 – 00:25:41:06
Richard Carthon: It’s exactly what they want to see, and that’s going to be where they’re going to make a lot of money right now.
00:25:42:13 – 00:26:18:12
Richard Carthon: Right. And I really appreciate that sentiment, and again, that the overall peace and I think Steve did a really good job of bringing that back home for everyone that’s listening, especially if you are if this is your first bearish opportunity in crypto and you’ve never had this gut punch feeling before looking at your portfolio and seeing it down anywhere from 20 to 60 percent in a short amount of time. Welcome to crypto. Congrats. You made it. It’s it’s not not the first like, it’s not the last time it’s probably going to happen to you. It’s part of the game, but you don’t have to feel like it’s the sky is falling.
00:26:18:20 – 00:26:57:05
Richard Carthon: It’s the end of crypto. Uh, crypto’s dead. All that stuff. Crypto. Doesn’t necessarily repeat, but it rhymes. And again, there’s a rhythm to it, and right now it’s falling into its rhyme of similarities of what we saw in twenty eighteen before we saw the big pullback. But again, just like we said earlier, there are way too many great things happening in the actual world of crypto of these Fortune 500 companies entering and new money coming in the fact that bitcoin dominance is as low as it is and we’re still seeing as much money flow into this market.
00:26:57:15 – 00:27:20:01
Richard Carthon: Everything points to one. This is healthy and to this is an awesome, awesome, awesome time to be in crypto. Don’t get that twisted. Don’t think like you’re an idiot for being in this space. Like, this is a really solid time to be in crypto and to be building up a bag so that again, before we see this next bullish momentum, eventually take.
00:27:21:26 – 00:27:42:19
Richard Carthon: It’s going to be beneficial, but right now we are probably going to be feeling pain for the foreseeable future. Let’s call the next few weeks potential. Like Steve said, let’s call it four to eight weeks very or longer. We could see some pain. And again, that doesn’t inherently make it bad.
00:27:44:05 – 00:28:17:18
Richard Carthon: The one thing that I would want to ask you, because I think our listeners could get a lot of value out of this. Right now, when everybody is in panic and it seems like the sky is falling. What do you do to build up conviction? Because I think that everybody needs to have that, they need to ask themselves, OK, what do I need to do to reevaluate my own mental position on the market in order to see myself through it? Because again, when we see convictions, it’s the things that you believe most.
00:28:17:20 – 00:28:35:11
Richard Carthon: It’s you know how you’ve evaluated your investment thesis. Is it still holding strong? Can you still hold to it? Do you still believe almost without a shadow of a doubt, that it’s headed in that direction? That’s conviction. So I positives. But what do you do to build up your conviction or to evaluate your conviction?
00:28:36:21 – 00:29:10:18
Richard Carthon: So I think about the projects that I’m in, why I’m in them, and do I believe in the longevity of them? So there’s kind of two ways to look at this, right? So in school, like let’s say you at school and you’re you’re studying to finish your degree in college, just your undergrad, you know, it’s going to take four years, potentially could take you five or six if you’re kind of messing around. But all the same, you have conviction, you will get it done. But all the same, even if you working really hard, you’re really getting good at it and you’re like, Oh my gosh, this is amazing. You still know that even if you finish early, it’s going to take you three, three and a half years before you really see the fruits of your labor and walk away with that degree.
00:29:10:27 – 00:29:42:09
Richard Carthon: Now, if you kind of take that same type of attitude and then you bring it into a startup, let’s say that you were trying to invest in a project. A project is going to take time to build to be actually able to prove itself in the market, have a model that works, or have a product that works and continue to sustain it. Things take time to build. If you look at a lot of the projects that came out in 2007, 2017 and 2018, they survived. They didn’t just disappear. They were just building. They crushed it in 2020 and 2021. Why? Because they just put their head down and they were just working.
00:29:42:11 – 00:30:12:12
Richard Carthon: They were building, they were building, they were building, and they were the people who stuck with it had the diamond hands and solid the conviction of, Hey, this is a solid project. It’s just going to take time for this to build in for time, to catch up in and kind of have its aha moment. Those things take time. So the benefit of what’s going on right now is timing and through investments. Again, understanding your time horizons, whether you were trying to make a quick buck or whether you were just in it for the long run.
00:30:13:00 – 00:30:52:20
Richard Carthon: Things take time to develop. So for me, the conviction is, is that crypto’s right is the right place to be in what products you get into. Like, do you really believe that they will be here for the next couple of months, couple of years, next decade, et cetera? And then if that’s the case, if they’re going to be here, then regardless of where you buy right now, it’s cheap compared to what it’s going to be. Whenever you are at a point where you’re like, OK, I think it’s matured, I’m now ready to sell or whatever that is. So the conviction for me is that understanding things take time to develop and that even like the greatest things that come to fruition, you have to be patient with them and you have to let them be able to mature.
00:30:52:27 – 00:31:23:11
Richard Carthon: So if you’re able to keep putting little bids in right, the dollar cost averaging for your investments or developing a skill, whatever it is, you kind of chip away until you know that that end result is coming. So for me, as it relates to investing, it’s if I find a solid project, I’m a dollar cost average down on a dollar cost averaging. If if it’s a product that I really want to be in, or if it’s a if it’s a product that I just want to play for a long run, like especially as things go down, I might not put like everything I have into it, but I’m a dollar cost average down.
00:31:23:16 – 00:31:36:03
Richard Carthon: So that then whenever it recovers, my cost basis is lower. So when it appreciates I’ve made even a better ROI return on my investment when I got in. So that’s kind of how I approach it. But Steve, how do you look at it?
00:31:37:00 – 00:32:24:22
Richard Carthon: I think what you just said is actually really funny and like, we need to take a second for it. People don’t acknowledge it enough, but it’s way, way more fun to dollar cost average down than it is to dollar cost averaging. So if you’re going to if you’re going to play this time right, you should be looking at the plays that you got into when we were really bullish. And ask yourself, OK, like which of these that my thesis? And which of them do I believe really are going to continue to grow? One of my investment theses since I would say probably April, maybe actually just before April, I think I’d probably start to get into it a lot more in March was they’d NFTs and the Metaverse were going to be the narrative that drove mass adoption.
00:32:25:13 – 00:33:01:27
Richard Carthon: And the best thing that you can be in in that time is like the idea of a pick and shovel play somebody that’s going to provide a lot of infrastructure for the metaverse and gaming to take off. And that, to me, was engine, it was all it was going to be the engine ecosystem. And if you look at where Infiniti was after its launch and it started to take its initial run up, Infiniti is the is the. Basically, the interoperable play of engine allowing engines assets to play across multiple chains so it can go between the theater and Cosmos Polkadot
00:33:03:14 – 00:33:33:19
Richard Carthon: Avalanche, name one. Right. Infinity got crushed in the last like three weeks. I mean, it is just it is absolutely down. I think I checked it. It’s down something to the tune of like 66 or 80 percent from its all time high. That’s really going to be dollar cost averaging down. You want to take that opportunity. But again, that was my investment thesis. I was looking at it from the perspective of I personally believe that after looking at the entirety of the market.
00:33:34:18 – 00:34:09:28
Richard Carthon: This is where we’re headed, but we have to understand we are not headed there in the short term, folks. It ain’t going to happen in six months. It’s not going to happen in 12. If you want to be playing the short term market smarter, ask yourselves what projects not only have current hype but actually have a piece of what they’re trying to accomplish? Live what part of their software is actually live and out there usable? Great example is audience audience trades under the audio token, and they have a working platform.
00:34:10:14 – 00:34:44:08
Richard Carthon: They have a platform where you can go and you can stream music right now. Only decentralized Spotify, practically. I hope you’re not listening to this podcast or Spotify, and that’d be ridiculous. But you have. A huge opportunity in platforms like that, because if they have a working product, you can see that it’s materializing, you can see that their vision is actually coming into fruition. A lot of these products right now, they don’t have that. One of the projects that I loved back in 2017, I was all about it.
00:34:44:10 – 00:34:51:25
Richard Carthon: I had all sorts of conviction about it was you trust you. Trust was at that time pitching itself as the decentralized eBay.
00:34:53:21 – 00:35:31:21
Richard Carthon: Well, guess what? We saw it for five years later. Literally two weeks ago. Elrond acquired You Trust, Elrond is going to be one of the biggest protocols out there. It’s one of the most underrated right now. To be thinking that you have a program like that that has a really great basis and a great use case, taking five years to actually get acquired and see this type of massive upswing, it’s not unheard of here. So ask yourself, where do you actually have the most belief in this market? If you think that defies you, absolutely blocked by regulation.
00:35:32:26 – 00:36:10:13
Richard Carthon: There’s something else out there for you if you think that NFTs are just garbage in the current trend. There’s something out there for you. If you think that the metaverse is never going to really materialize, you’re out of your mind. But there’s something out there for you. You just have to ask yourself, What do you believe in? Where do you personally have within your foresight? Opportunity in the market, if you can address that from a conceptual standpoint, you can find projects that align with it, and you should be asking yourself then OK, is right now the right time to be buying into this project? So that’s that’s the way that I would be looking at it.
00:36:10:25 – 00:36:24:06
Richard Carthon: But before we wrap this one up, Richard, I know that you like to keep this one around 30 minutes. I want to ask you two additional questions to kind of take over your show for a second here. If you were in the position of an investor right now.
00:36:26:10 – 00:36:32:03
Richard Carthon: Just looking at ERC 20 tokens and coins. No NFT is in play. None of that.
00:36:33:25 – 00:36:51:10
Richard Carthon: Based on your convictions, what has gotten hit the hardest, that you see an absolute bounce back opportunity in? Not in the short term because we’re not traders here, we’re looking at this from long term investment. Where do you see the biggest and best opportunity for bounce back investment right now?
00:36:52:18 – 00:37:01:18
Richard Carthon: Oh, man. Uh, Bitcoin, Etherium, let’s just start there. Solana is back below one hundred dollars. Um,
00:37:03:06 – 00:37:19:00
Richard Carthon: and the final one that I really think is going to have its breakout year is Cosmos, which is Atom. So those are those are ones that I’m spotting. I’m trying to see if they’re going to test lower. But I I’m looking at those for some solid entry points. How about you?
00:37:20:17 – 00:37:23:01
Richard Carthon: It’s really easy for me to say ecosystem players
00:37:24:28 – 00:37:59:08
Richard Carthon: to think for a second right now that like we have an opportunity to stack up a theorem at twenty four hundred is just it’s the dumbest thing in the world because there’s a lot of people out there that would tell you did if in this cycle could have easily made it to 10k or 12 five? Yeah, I’m I’m one of them to happen to agree with you. I think that there’s too much of a supply shock impending for Ethereum. The it only makes sense, but I think that to the rest of the market’s point, if the room is broken, there’s a lot that’s wrong with it right now.
00:37:59:26 – 00:38:30:00
Richard Carthon: So I would be looking to stack up Ethereum, but I would also be looking at a lot of the ETH layer two scaling solutions. I’d be looking at immutable x. I’d be looking at Matic. Beyond that, I think that you’re right. I think the interoperability is a massive narrative that is. Honestly, it’s approaching a lot faster than I thought it would. I thought interoperability was going to be next cycle thing. I think we’re seeing it become much more of a reality right now because people are starting to recognize exactly what you just said. The cosmos is a legitimate player.
00:38:30:11 – 00:39:03:21
Richard Carthon: They have the Cosmos hub. There’s too much opportunity. There is asymmetric. No question about it. But I’ll tell you this. I was talking with some insiders last night, and they are one hundred percent of the mind they’d oh, god has a ridiculous amount of support at 16. And I think that if that’s the case, I wouldn’t even think twice about entering coked out right now at around 16 because their ecosystem is right now. Like at the launch pad, it’s just waiting.
00:39:04:03 – 00:39:43:05
Richard Carthon: You have chains that literally just went live. You have the next phase of auctions starting right now. I would be looking at Polkadot really hard and that’s just like within the ERC 20 and coin space. But you and I are both pretty involved in NFTs. I know that you have different convictions than me and NAFTA. But if you were to share your thesis around NAFTA is at least just in the in the smallest small scale. And then tell me one or two that you have really high conviction about. Just to give our audience a little bit of perspective on where they should be looking within NFT space, you know, to just identify opportunity, what is your current thoughts on the NFT space and where your convictions there?
00:39:44:24 – 00:40:14:27
Steven Miller: So the NFT space is not going anywhere. I mean, the fact that on Twitter, they really just made a option where you can make your profile picture an official NFT and you’re probably going to start see that happening on Facebook and Instagram other places. In a teaser here, y’all. And it’s still pretty early. It’s still very early. And the fact that NFT is about to be rolled out to Coinbase, which is one of the largest unwrapping places like an NFT, is are probably about to having a sensational year. So a couple that I’m looking at, it’s all about for me.
00:40:14:29 – 00:40:17:10
Steven Miller: I look at ecosystem plays, I’m looking at ones that have
00:40:19:00 – 00:40:53:08
Steven Miller: not just all about like the cool profile picture, but trying to create an ecosystem for the people who are within it. The exclusivity, the the perks of being a part of their their organizations or their owning one of their their cryptocurrencies rights, or whether that’s to help you find or when their NFTs, whether that’s to help you find Alpha for some cryptos or help you find alpha on some other NFTs, I think it is all about what is the value that ultimately they’re trying to drive for owning one of the NFTs. So two of them, I’m kind of looking at, I still think that, of course, people like to gamble.
00:40:53:10 – 00:41:27:21
Steven Miller: People like doing online gambling. So gambling is one that I think we’re going to see a lot of people start to gravitate to, especially because they do in-person events where you’re able to go and do like poker events and blackjack, et cetera. So that’s one, and they’re trying to enter the metaverse, which is pretty cool. And then the other one I’m looking at is the syndicate. So S-VHS, where they have a lot of things in drops where they’re trying to create some exclusive plays for both their community, but also having some cross collaborations with some other platforms as well.
00:41:27:23 – 00:41:30:10
Steven Miller: So those are two that I’m looking at. How about you, Steve?
00:41:31:21 – 00:41:45:11
Steven Miller: To me, I think the biggest thing right now is for people in NAFTA to recognize that number one, the trend. It isn’t going away. What is your purpose? Profile pictures? You were talking about it with what Twitter just enabled.
00:41:46:17 – 00:41:48:29
I just want to do so.
00:41:49:01 – 00:41:53:15
Sidebar on Twitter real quick. I would have mine active right now.
00:41:55:03 – 00:42:28:16
If it weren’t so damn hard to get it to work, this is right now we beat a feature within Twitter Blue, which is the Twitter premium offering just important to understand. But I would tell you that you have to be evaluating these fees from the perspective of four things. Number one is an innovative A-plus art. Does it stand out and is it different from everything else too? Who is following that project? Three. Ignore all of the buzz words like roadmap. Nobody cares about road maps, they care about execution and the team behind it.
00:42:28:27 – 00:43:02:00
Last piece is a dedicated, a dedicated and doxed team. If that team is anonymous, I’m not touching it right now. But bigger than that, I’m looking for what you actually said at the very end alpha groups. A lot of these NFT products that have come to market in the last couple of months, like Illuminati and the Burrows and Neo Tokyo, they’re all and even S-VHS to a degree. They’re all right now, basically promoting the internal value of having alpha leaders, people that can give you advanced intelligence to stay in front of the market.
00:43:02:10 – 00:43:33:18
I love those projects. I absolutely love them. And there’s a lot of value in them so you can get out of them like different plays. Like right now, there’s a huge opportunity in flow blockchain because they have a big set of announcements coming. You have a huge opportunity in nights of June. These are I’m not going to leak the entire alpha on both of those, but take that for what it is you need to be doing. More research in these types of plays are going to give you advanced alpha on the market on what could be moving here shortly.
00:43:34:10 – 00:44:05:16
So that would be my immediate is telling you to go after some of those alpha plays. And right now the most undervalued of them is the burrows. You’ll look up the burrows online. Look for that. Make sure you’ve got the right product before you buy anything. But basically, it’s a project that is leaking all of the information out of Neo Tokyo, which has become one of the most elite and exclusive alpha groups within all of NFT gaming. So worth keeping an eye on there, for sure. But rich, I know we’re over time here a little bit. I appreciate you letting me riff on those two questions, though real quick.
00:44:05:18 – 00:44:07:24
I think our our audience is going to find a lot of value in it.
00:44:08:27 – 00:44:44:24
For sure and hope you all enjoyed that and hope you all enjoyed everything that we discussed today. If you have any questions, of course, reach out to us. There’s a lot of different ways you can connect with us. Of course, we have all our social channels and always want to encourage all to keep joining us on both our YouTube or Twitter or Instagram and our Crypto Current Education and aftershock shows that we do. If you really like this type of content, let us know. We want to just keep giving you the content that you want to hear. And so hopefully this the switch up for interview style, just for the purposes of what’s going on right now was really informative to also.
00:44:44:29 – 00:45:15:00
Hope you enjoyed Steve. I really appreciate you joining, as always and for everyone listening. Stay, cryptocurrency. Hey, cryptocurrency crew, we want to give a quick shout out to all of our faithful listeners out there. It’s been an amazing journey and we really appreciate your support throughout the years as we’ve been growing as a community. Each episode, we decided that we would start sharing some of the reviews that you were leaving for us. For today, we would like to share this review. Today’s review comes from Kassius Octavia’s 15. I had an awesome experience as a guest on the show, and Richard is a wonderful guy. Well-organized, great content.
00:45:15:06 – 00:45:46:20
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00:45:47:14 – 00:46:21:14
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00:46:21:23 – 00:46:31:07
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00:46:37:00 – 00:46:45:26
Thanks for tuning into another episode of cryptocurrency with Richard Condon. We’ll be back with more exciting developments from the world of blockchain and cryptocurrency next.
00:46:46:27 – 00:46:49:29
But until then, stay cryptocurrency.
00:46:59:11 – 00:47:01:25
Three U.S. senators now.
00:47:06:16 – 00:47:41:06
Thank you for joining us for another episode of cryptocurrency. Just one quick reminder cryptocurrency is a cryptocurrency and blockchain education platform that’s bridging the gap between the curious newcomers who are just discovering the space and the thought leaders who are shaping its future. All opinions expressed by Richard Cawthorne, the cryptocurrency team, and their guests on this show are exclusively their own opinions. You should not treat any opinion expressed by Richard. The team and their guests as a specific inducement to make a particular investment or to follow US financial advice. This show and any other cryptocurrency production is exclusively for informational purposes.
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