Crypto News: BIGGEST Memecoin CRASH (DOGE & SHIBA DEAD for 2021?)

like it's almost like we've had a mean coin bubble within the larger crypto bubble and it could be that that mean coin bubble that popped it could have had some effect on the overall market bit swap is the hottest new way to trade tokens crawling all the top decentralized exchanges bizwa will get you the very best price and value for your trades bitswap is changing the game try it now at bitswapdex.com welcome to bitboy crypto the largest crypto channel on all the interwebs my name is ben every day on this channel i show you how to make money in crypto if you like money and crypto make sure to hit that subscribe button today as always i sat down with rapt weekly where ellie gonzalez and i talk about the goings on for the week in crypto from a beginner's perspective today we're going to be discussing regulation apple getting into crypto and also meme coins that are out to get everybody wrecked find out how and what they're doing let's get in the interview hey everybody welcome to the show as always i'm joined by ellie for rapt weekly and uh she has gone cowgirl on us uh is there a certain reason why you look like uh an urban cowboy well yes because you went to austin texas to talk about crypto so i thought you know i'm gonna join the party i mean it's not a cowboy hat it's the it's the only hat i had in my wardrobe so i just made it work you know yeah and um so i'm gonna saddle up today for our kangaroo yeah yeah wait where's daisy daisy come here she could get on a kangaroo that's for sure yeah okay so i'm here she comes and look at her there she goes hey daisy well it's time for us to hop to it sorry i was really subtle uh well that's good well i i'm i'm getting caught let me take this off this is it's not but it does it doesn't look good on me it looks great on you but um you know who carmen san diego is um i grew up on calm in san diego are you joking well where in the world is she i think she's right there when you put that hat on i mean i'm getting carmen san diego vibes you know oh okay i'm gonna roll put it back where in the world okay let's talk crypto ellie this is a crystal show this is not uh a play dress-up show even though i do play dress-up quite actually some people can make the argument it is a dress-up show but ellie we want to talk what is going on in crypto this week we do it every single week at this time so i guess let's just like i said hop into it let's run right into it um okay so as usual we're talking about this week's top gainers starting off we have number one helium hnt number two horizon three theta fuel four is it engine coin engine coin enj and then hollow hello hello hey chosen hello yeah hello follow chain so we had helium uh gained 22.81 this week and i know that we've spoken about helium in the past i can't really remember too much about it because it was kind of like down at the bottom when we were talking about it last time so we didn't go dive too much into it but um what are your thoughts on why this has gained such a massive popularity of last seven days yeah i think one thing is when you look at some crypto projects we talked about before how i had actually bought like a bunch of helium at a very low price and now it's like absolutely crushed it was one of token metrics first picks that they ever had um about coins that would you know do really well and i think you see some of these projects that are very low um i'm not i have to look and see exactly where it is right now on the on the top 100 list but they're just undervalued is what it comes down to and when you start looking uh up coin market cap and you start looking at dogecoin you start looking at um internet computer protocol which is a new project bitcoin cash well you just start looking at a lot of these coins ethereum classic these are coins that don't really do much they don't really add a lot to the overall crypto space and then you see a project like helium um that is a good project and has been a gem for quite a while and you see it coming in um right now all the way down at number 56 hasn't even broke into the top uh 50 yet then there's plenty of projects above it that are like way less valuable i think you just see these finely illite elevating like a helium balloon up to where they should be yeah makes sense do these um do these coins like really do something though i know you said helium does but did the do the rest of the top gainers for the week actually do something yeah so basically looking at the list here we've got horizon so horizon is a privacy coin um it used to go by zen cash but there's a privacy call privacy coin called zcash and so they rebranded because it just sounded too similar uh they got a lot of stuff for privacy for enterprise which is different than a lot of stuff than a lot of other privacy coins out there and i i believe there is actually a horizon grayscale trust so i think there's a horizon stock or either it's right on on the horizon if you will wait what what's a what's a grayscale trust if we never talked about grayscale wow yeah for sure uh before i get into explaining what grayscale is let me double check and see if they actually do have one uh yet i think it is live yes it is they do have the grayscale horizon trust so grayskill is a company that actually owns the most bitcoin in the world uh they own i believe almost 400 000 bitcoin and they have a stock on the new york stock exchange called the grayscale bitcoin trust and it's a way for stock investors to invest in bitcoin without having to actually hold any bitcoin and the way the the stock works is there's a premium sometimes it actually goes negative when bitcoin drops a lot but basically like for stock investors to be able to invest traditionally without having to actually download coinbase and own bitcoin itself they pay a little bit of a premium so that's how greyscale makes their money well grayscale's got other trusts they don't have just bitcoin they've got the grayscale ethereum trust great scale litecoin trusts grayscale chain link trust um and they've got several other ones including ethereum classic actually and horizon is a privacy coin which we usually see a lot of pushback from traditional markets but they have a grayscale trust so um horizon is a very high you know it's a privacy coin that's not up like in a very high esteem as opposed to a lot of kind of the the bottom feeder privacy coins that are seen as kind of like just ways for criminals to hide tracks and things like that yeah that's really interesting so i mean i thought like it just goes to show like what we're talking about this week is these top gainers are all useful they'll do something it's not these meme coins or things like that that are that are up there and popular at the moment so that's really cool that just goes to goes to show again that you just invest in things that do stuff yeah it's a real real quick ellie i'll just go over what the other three do it as well like just very briefly won't go into much detail but since you were asking about those theta fuel is the is the gas token basically the utility token um of theta so theta is a decent july streaming protocol it's been almost in the top ten uh it's kind of supposed to revolutionize the way that even youtube and twitch stream so it's very important uh then you also have engine coin which is a gaming and nft coin which is absolutely huge one of the earliest uh adopters they actually created um a lot of uh different um they created a lot of different uh token standards so nfts basically engine created those uh in holochain or hot as it's known uh that is a project that's actually not even on blockchain it has its own kind of uh of technology of distributed ledger technology under it so it's very innovative project as well so that's all five of those you're right all of the projects today that we have in the top gainers are actually useful and are doing positive things yeah that's awesome love that i love that fast um okay so mr ether bunny we're going to talk about eth so i am hearing that it's being recognized far more and more for being reliable and a more functional crypto platform than what bitcoin is does and provides um can you just enlighten me why it's just it's it's been predicted to be that in the future yeah so bitcoin isn't a platform you know uh b there are ways to integrate smart contracts into bitcoin there's kind of like almost second layer solutions for bitcoin kind of similar to what ethereum has but the technology has passed bitcoin by by a long shot we are not going to see a decentralized internet built on bitcoin now bitcoin could be the underlying financial or payments um you know infrastructure underneath a platform uh but or under underneath a decentralized internet but ethereum is a decentralized internet decentralized finance which is so ironic that's what bitcoin was supposed to basically be was decentralized finance now it's digital gold people don't want to spend it now we have smart contracts that allow for uh you know mechanisms where people can do things quickly automatically automated without having to actually go to the bank which everybody hates the bank let's be honest we talked about it many times so when it comes to ethereum it just has so much more it can do than just money and that is so valuable that one of the biggest hampers to bitcoin in the past or to ethereum in the past has also been its supply because that's bitcoin's biggest strength against ethereum is it has a max supply of 21 million coins ethereum as we talked about before does not have a max supply so in july when this london hard fork comes which is going to basically make transaction fees that meant new ethereum burn is going to take away part of the supply and make it more deflationary than it is now ethereum's going to be able to battle bitcoin a little more head to toe in terms of price and tokenomics we already know its platform blows it away and people are waking up to this yeah absolutely because i get a lot of questions about people who are getting into the crypto market for the first time and they're like should i buy bitcoin should i buy ethereum and from my own personal experience of what i have learned is there's so much more room for growth for ethereum um so getting it at a good price and you're going to get out that will if you get out or hold or whatever you're getting out of it i'm not getting out in this real life i'm in this fight um but yeah i mean there's from my experiences and from what i've learned from you is that there's just far more room for growth on ethereum so bitcoin is great like we we definitely have had bitcoin and we sometimes sell out of bitcoin and and all that kind of stuff but um but yeah like ethereum is kind of like where it's at for me and where i see a lot of the future going towards and a lot of the people who are investing into the crypto market for the first time it's definitely like a save for more affordable kind of um investment not financial advice um based on what you said huh i just bought ethereum based on what you said i'm calling the regulators um so i wanted to talk about apple crypto pay as well i saw that come up this week which is really weird because i i thought that they would really be at the forefront of using um crypto payments because we've got like your ebays we've got xbox paypal's callers we're all accepting crypto payments now and um they're only sort of kind of coming out with hey we're going to explore alternative payment sector and this comes at a very extremely convenient time as you said this week in one of your um videos that it's just come right after the bearish week that we had with bitcoin so um you know i personally think they're going to be very heavily based um pushing crypto based payments um but why do you think that they have not yet implemented that payment scheme instead of you know just they're just i feel like they're holding back and they're like i don't know why but do you know why well i i think it boils down to uh two things and these are actually two things that i said on our around the blockchain the other night i'm just gonna reiterate them explain them both number one steve jobs is dead number two um it blows down the fact that apple is the system now okay so when apple first really began it was very slow to gain ground and it really didn't take off uh until uh you know the iphone really is when it really blasted off i mean people were using iphone or were using you know apple products before that um and it was kind of trendy and hip to use apple products but the iphone is really what crushed you know microsoft and all of the other competitors to them and this was a direct result actually of the uh trial of microsoft for anti-trust laws bill gates said that if they had not been you know hit by the government that they would have made the iphone and they would have basically crushed apple and it never would have had a chance so apple you can think bill gates according to bill gates um but steve jobs was very innovative and he was kind of ahead of his time when it came to create creating new products well what we've seen is since steve jobs has died apple is slower to do things the air pods would be the one exception that have really blown up and been a great you know innovation but apple is just not moving at the same speed that it was before he died and so i think it's natural that we have people that are like tim cook that are kind of he's the ceo in the old system in the traditional system apple set out to change things and innovate but it doesn't really do that anymore so they're more they're the number one company in the world well i guess maybe amazon is now i'd have to look at the actual rankings but a couple years ago apple was the number one company in the entire world so why would they want to change anything you know it's kind of like you see people that get very successful and then they get lazy uh whereas you see other people who get successful and they just keep on you know pressing and pressing and pressing like athletes like kobe bryant or michael jordan you're like why did they keep pushing they're already number one or tom brady it's because they understand like winning and they're going to keep winning that change in leadership and the fact that now apple is the traditional system i think has led to them being slow i don't think this is some kind of master plan by them to surprise us with crypto at some point they'll have to jump on board because if not they'll get left behind and i do think eventually they will get left behind yeah absolutely and like i think that complacency that you were talking about it makes a lot of sense um because they are they are apple they can do whatever they want but um but yeah it would be cool to start seeing them implement um crypto based payments because i personally just don't leave a house with a wallet i just leave with my phone so it would be extremely convenient for me i mean don't get me wrong i i use apple products i mean i'm on a mac computer i'm on a mac imac pro right now i have an iphone i i mean we're chained to the system at this point but i think they are holding crypto back yeah well it'll be really interesting to see where they actually do come out about it and yeah but anyway uh today i wanted to talk a little bit about coins and the declining market yeah um so it's been a really interesting two to three weeks i've had so many dms from people saying are we in a bearish market but i like i personally don't believe we are from you know all of the things that i've seen and the way that the market's sort of been lately but it's definitely been volatile and um i think it's just giving more credit to the coins that are actually useful and do something when i say do something i don't mean donate to a charity not a big fan of that stuff it's literally like it's so crazy i think it's uh really leveling out and showing that the coins that are just pump dumps are completely not worth best investing in and it's just a load of crap but um you know having a large social media following as we both do i have had a lot of people come out of woodwork with these coins lately and you know to to either promote via a straight up payment or um get involved in being given a certain amount of coins which you know i don't think they're really grasping um my crypto knowledge and where i learned it from you the best and you know sort of once we start looking into it it does look extremely shady they're ex they're very very vague about the charities that are attached and where the money's going whether it's being held there and it's going to several charities or whatever it is but you know on mine like i just really want to clarify and i think you sort of stand in the same same place um but i'm not someone who will rip people off for a paycheck and i think that's you know you know that's why why i'm here because i believe in crypto education and i think that's why you and i vibe so well um but because we are very transparent and you know we're not here pushing coins and cashing out leaving the people who follow us holding the bag but um do you think this has been the cause of the declining market like there's lots of general uneducated consumers being pushed these coins from people that they follow when they believe in um and they've been heard and burned like you they've put money in and they're cashing out far less than they than they cashed in and they're scarred and they've got this like really negative view on crypto because they had that experience or a friend has had that same experience but do you think that that is the cause of the declining market well i i think it's definitely possible and you know it's almost i was explaining this to someone yesterday uh we were talking about like dogecoin for instance so dogecoin it got as high as i believe for a moment it got to number three it's moved now down to number seven it's all-time high was about 77 cents i think it's all the way back down to 30 cents uh you know numbers people didn't say you know didn't think that they would see again for dogecoin we have sheba in you um another one that we've talked about quite frequently it has slid all the way down to number 33.

Uh it was as high i believe is number 18. so we're seeing these projects that really don't have value outside of you know people putting money into them and once again i do want to draw a distinction between dogecoin and she menu dogecoin does have some use case there is a little bit of utility it still is probably no matter what a top 40 type projects it's been around in crypto for a long time it's got a big community a lot of support things like shiba inu are just garbage um they don't do anything they don't have anything positive and all of these other clones shiba inu is only the most popular out of all the memecoin clones that have come out um that you know have wrecked people left and right um including safe moon and this you know was recovered you know discovered to have all these vulnerabilities this week all that money is probably going to be gone at some point if i were in safe mood i would be running for the hills after that report that came out about it this week but the thing is is what we're seeing so so i've explained right here like we've seen these prices drop for these coins we know they don't have any value with as much as everything has dropped these have managed to outperform their peers in dropping which should give you a little clue shiba in you much higher percentage-wise drop than uh than dogecoin still a gigantic drop uh yeah that's what we saw last week in our call well you know yeshiva was like a top gainer and then it was a the biggest top loser absolutely so the way i explained it yesterday was like it's almost like we've had a meme coin bubble within the larger crypto bubble and it could be that that mean coin bubble that popped it could have had some effect on the overall market but i kind of look at the meme coin market and the crypto market separately i think you know we've seen the meme coins pump and it all goes back to bitcoin we've seen the mean coins pump when nothing else was really pumping um but once bitcoin popped you saw the mean coins get crushed they don't have a leg to stand on which is funny because their dog their dog coins but they don't have they should have four legs okay they don't have a leg stand on when bitcoin is going down when bitcoin's going sideways or bitcoins going up they can way outperform the market but i just keep going back to the fact you got to know what you're investing in and and they're so you're right like i'm so glad that you have become so educated on crypto because you would be a prime target to push one of these coins you just wouldn't know you'd be like oh crypto it's popular look at this mean coin like wow people are making money on this and you wouldn't have the proper education to be able to understand and immediately see like whoa there's something not right here we're seeing people left and right soulja boy had a tweet about some kind of crappy coin that was just a copy and paste from a marketing email so we're seeing these people left and right you can really figure out the people who know crypto from the ones that are just making a buck by the coins that these people are promoting yeah absolutely and it is actually really disgusting to see people doing this and it's not something that i would ever do like that's something that i've always believed in you've just got to do the right thing like you have a social responsibility if you have a following as large as you know what you and i do like you have over one million followers now on on youtube and that's insane but you know that responsibility of not just taking a paycheck like here push this out and you or here's here's this many coins and i will let you know when to sell it out at the top and you know it all just goes you know a massive scam but do it anyway and people do it and it's i think it's becoming more and more clear to see um those people who that like they've never spoken about crypto in their entire lives on their social media and then they're like oh i'm invested in this coin everybody invests like it's it's pretty awesome it's so obvious yeah yeah i mean sometimes people like i feel like a very very mislead because they love these people and they follow them because they look like they love them and they believe in them and what they and what they say which is it's so dangerous and um but that's not something that you're ever gonna see from me because i learnt from the best and um i feel like just being really transparent and doing your education like educating yourself on these things before you put your money in is so so important like i can't even tell you like the amount of coins that we've had pushed to us that are just such a lot of like literally that you know they're like oh we've got this charity attached and you know once we start questioning okay how much money have you sent to the charity what is the charity and they're like oh blah blah blah well well it's being held and like just that's like they're trying what they're trying to do and this is and trust me because we get hundreds of requests per week and we have for six months now on coins uh we have partners that we work with long term on this channel um and we work with very significant projects we turned down over 99 at this point of all projects to reach out so we don't even most of them don't even see a conversation with us because we know what they are when we see them we've been around in this long enough to know the ones that are trying to do underhanded business i would tell people number one if a coin outside of bitcoin is anonymous if the team's anonymous that is a big runaway sign right there in almost every case 90 excuse me 98 plus percent of those anon projects are going to turn out to be scams they're going to rug pool you're going to take all your money but the thing is is that you know these coins that are trying to do the stuff like and this is where we actually kind of got in some trouble over the summer where when we were learning like so some of these red flags and we learned them because we worked with projects we thought things were good and then all of a sudden they would change something or somebody would tell us something we didn't know and it's like well we didn't know this when we agreed to work with these people and then we distanced ourselves from and there were some of those that people got hurt in and we were very apologetic about that and we changed things going forward so that type of stuff would never happen again what happens over time is where these treasures get really sneaky is they learn all the boxes that they have to check off oh if we say we're giving to charity it doesn't matter that we don't have a use case or we don't have utility people feel like the utility is there doing something good by supporting this project and they learn you know different things they can do to kind of get around basically influencers filters but the people that are not in crypto like they're going to have the lowest filter because they're not going to know any of this stuff all they see is because crypto money is silly the amount of money that we get on sponsored videos in crypto compared to any other industry in the world it's it's silly with the amount of money that gets thrown around this space so when you have an influencer who's used to making four or five thousand dollars for a promotion and that's a pretty high level influencer and they come in and tell you they're gonna give you twenty thousand dollars for the person that's not educated they're gonna have a harder time saying no no to that i mean we've been offered six figures for stuff before and turned it down because money it's not we would do it for much cheaper than that if it was a legit project but if something's not legit i mean we were even offered seven figures one time to do something that was like that's a big red flag if you're willing to give me a million dollars to promote something then i'm running for the hills on that so i think it just boils down to where is your moral compass what are you comfortable with what what do you know what's your education level and learning to say no to things that don't have use case yeah absolutely and just doing your doing your do do do do do do do wick about a week away wake up due diligence yeah that's good before you you do buy any of these things like that i feel like that's so important and just and keeping those ears open when you hear people talk about this stuff is just so important but um moving on to while we're still on that topic crypto regulation yeah um but i like i do believe the tech is here to stay the blockchain is changing the world and the way consumers interact and buy um and if we simply focus on that aspect it's clear to see that crypto is the future it really is it's not gonna i really don't feel like that is going to change um and you know this leads to the discussion of regulation which it's it's hard because it's decentralized but how can crypto be regulated in a way that protects the general consumer from this scammy that's going on that we're seeing from influencers and and singers and all these kinds of things without losing the core attributes of what crypto is being decentralized um but how do you think that that is going to be achieved over over time without you know affecting that yeah so that is a great question and i don't think there's a single person out there who has an answer to that question because i think the only way that this works because you like i go i went to texas last week i talked to the texas state house of reps i t caucus um that's right get em carmen get em but the fact is is that they were very receptive to what i was saying but they had a lot of these same questions too and it feels like a little weird like i'm for decentralization but i'm talking about centralized regulation how does that work well i think the thing is we got the cftc we got the sec we got the treasury the irs we got all these people talking about crypto regulation and none of them know even the white house and we have no idea who is in charge of crypto the obvious solution to this is that we have to have an independent commission not independent that's probably not the right word but we need to have a con a commission that is led by people who know blockchain who know crypto who know social media who know the entire thing in and out and there i could i could give 10 people that could be on that commission right now it would have to be a mix of those people and probably regular politicians because they probably got to be on it too for oversight um but you've got to get some of these smartest people in the room together and bounce these ideas off and work a framework for regulation because this is a very complicated subject and there's no you know one size fits all answer but we've got to start protecting investors and protecting people from uh you know scams rug pulls the whole nine yards it's a very complicated process though but i think that's the way to do it yeah absolutely and i do see some kind of like regulation coming in for social media users like i i can't see people keep pushing these coins on on like instagram and stuff without someone being like hey like there's got to be some kind of like standard of you know advertising here or whatever because people still don't even say this is sponsored or this is an ad or anything like that it's like very very shady with the way it all works but yeah i mean that totally makes sense and i do feel like that that's something that that should kind of happen because it does need to just protect those people out there who really have no idea like that just oh i put my money in that and then they lose everything and then they go into debt and you know it's it's just a bit it's a bit crazy and i do feel like daisy does need to sit on that commission of people daisy's on for sure we definitely need that they need a mascot we need an australian dog on the united states commission there's no question about it obviously so well yeah this has been a great conversation i think i think there was some real meat and depth in this video uh for people to understand always love when you come on every single week uh you know we're gonna do this as long as you'll do it because i know people are getting so much out of this series so thanks for coming on today to everybody else make sure you drop your comments down below i want to know what you think the solution is uh to two questions number one what do we need to do about crypto regulation number two where in the world is carmen san diego that's all i got be blessed good boy out [Music] you

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