undefined Speaker A
Dan, I’ve been asking people, what’s the catalyst for things to turn around? But if what you’re saying is follows the last model, it’s almost like it wouldn’t necessarily be a positive catalyst, it might be a negative sort of like that last capitulation catalyst.
undefined Dan
Yeah. Right. We need Correct. Correct.
undefined Speaker A
What are the what what could be that catalyst?
undefined Dan
So, you know, some people thought uh FTX. Uh, maybe there’s another similar type of thing out there.
undefined Speaker A
Like there’s a blow up waiting in the wings somewhere.
undefined Dan
Yeah, like, you know, most people have said that the acceleration down really started after October 10th. You know, October 10th there was a flash crash.
undefined Dan
And we’re we’ve had flash crashes in the traditional markets. I was in the hedge fund business in the old world for 25 years. I saw many flash crashes. They’re normal.
undefined Dan
And in crypto, you’ve have flash crashes all the time. It used to be, I don’t know if you remember but in 2016, 17, 18, Coinbase would go down and people would say, oh, Coinbase is down and you would have a flash crash.
undefined Speaker A
Yes.
undefined Dan
And so we had a very severe moment on October 10th that is yet to be sort of resolved. The person who was maybe forced to liquidate, uh or the entity that was forced to liquidate, uh it seems is still, uh, is still liquidating. Maybe there is an entity, maybe there isn’t. We don’t know, but I think um there has to be sort of a capitulative moment, a moment of realization where people say, oh my goodness,
undefined Dan
it’s over. And we’ve already been seeing that, oh Bitcoin’s going to zero. Someone asked me the other day at dinner whether Bitcoin was going to zero. Um, so it’s sort of unfortunate, but that’s sort of the way markets work. And unfortunately with this specific crypto blockchain market, you have a lot of individuals, a lot of retail of non-professional investor.
