unclear Speaker A
Dan, I ask people all the time, what was the catalyst for things to turn around? But if what you’re talking about is following that last model, then it’s almost not necessarily a positive catalyst, it could be a negative catalyst, like the final capitulation catalyst.
unclear bear
Yes. Correct. We need to be right. Correct.
unclear Speaker A
What might be the catalyst?
unclear bear
So, you know, some people think uh FTX. Uh, maybe there are other things like that.
unclear Speaker A
It was as if there was an explosion waiting somewhere.
unclear bear
Yeah, like, you know, most people have said that the acceleration really started after October 10th. You know, there was a flash crash on October 10th.
unclear bear
We had a flash crash in traditional markets. I worked in the old world hedge fund industry for 25 years. I see a lot of flash crashes. They are normal.
unclear bear
In the crypto world, flash crashes are common. In the past, I don’t know if you remember, but in 2016, ’17, ’18, Coinbase would go down, and people would say, oh, Coinbase goes down, you’re going to have a flash crash.
unclear Speaker A
Yes.
unclear bear
So we went through a very serious moment on October 10th that has not yet been resolved. People who may have been forced to liquidate, uh, or entities that were forced to liquidate, uh, seem to still be, uh, still being liquidated. .Maybe there is an entity, maybe there isn’t. We don’t know, but I think there must have been a moment of surrender, a moment of recognition, where people were like, oh, my God,
unclear bear
it’s over. We’ve seen, oh, Bitcoin is going to zero. Someone asked me at dinner one day if Bitcoin would ever go to zero. Well, that’s a little unfortunate, but that’s how the market works. Unfortunately, there are a lot of individuals, a lot of non-professional investors in this particular cryptocurrency blockchain market.