Full transcript
0:00jack you're still holding right i paper
0:02hands
0:03what what about the pound wait did you
0:06actually
0:07you're joking no i parted me down he's
0:09completely joking he's joking no i
0:10believe jack
0:12this is what you're joking this is one
0:13of the few times where i actually
0:15i'm going to believe you i'm going to go
0:17to a if and if you're joking with me
0:19then
0:19then you got me i paid your hands you
0:22did
0:23yeah i could tell when you were being
0:24serious let me tell you
0:26because i'm ashamed because i'm ashamed
0:28i
0:31okay so explain this how did this happen
0:33right so
0:34obviously i bewildered i know but hey
0:36the the story is not over yet
0:38okay the story is not flabbergasted i
0:40know i know as you should be
0:41you guys were really good friends too i
0:43thought we were homies man yeah
0:44i thought we are homies probably
0:46paper-handed like a little paper head
0:48no but it's not like what do you want me
0:50to say to that it's not like advice
0:53i put more dogecoin in the market for
0:54you to buy that's what i did
0:57you should be thank you i didn't you you
1:00took my point of the dip that i bought
1:01by the way i bought another 30 000 coins
1:03a few nights ago but we'll talk about
1:05that after this right so basically i
1:07paper hands
1:07what happened and uh i'm in awe i know
1:11you should because through this what
1:12whatever right so he was pumping up and
1:14then
1:15it was around 73 cents and this was the
1:17day of
1:18you know the incident with elon musk so
1:21obviously i kind of knew it's going to
1:24crash after snl
1:25i knew it was going to happen obviously
1:28you don't know
1:28but i kind of had an idea it was going
1:30to happen so i sold half okay
1:32and i i sold don't give me that look
1:34don't give me that
1:3773 cents what i'm proud
1:40of what did i say in the in the last
1:44episode
1:45i'm like i would sell it in a low 70
1:47cents
1:48i i cuz i i didn't see it getting more
1:51half at seven i said when it hit 70
1:52anything about 70 sell it what about the
1:54other half
1:55the other half i messed up and i sold
1:58basically at
1:59the lowest point possible no it wasn't
2:0240 cents it was 50.
2:03but like essentially what happened was i
2:05was trying to sell and on robinhood it
2:07wasn't allowing me to sell and it kept
2:08canceling me out and i lost like a
2:10thousand bucks
2:10in a matter of like i don't even know
2:12how long like five minutes 10 15 minutes
2:14because i kept trying to sell but
2:16it wasn't allowing me to do it when was
2:17that this was during snl
2:20like this was so after the big whale
2:23sold off
2:23yeah robin hood didn't allow you to sell
2:26like the servers were crashing
2:28and i'll talk about that right
2:30afterwards right so i had to hold on to
2:32that and then i ended up selling
2:33you know and i lost like a thousand
2:35bucks but in total i turned my initial
2:37i know good i deserve it right oh you do
2:39i i turned that hundred dollars into it
2:41it was like
2:4113 and a half thousand or something like
2:43that isn't jack the same guy that said
2:44he was gonna hold it and drop down to
2:45five cents
2:47i didn't remember this i would have sold
2:49i'm happy that you sold at 70 something
2:51cents i would have sold but here's the
2:52thing here's the thing something sense
2:54i'm not done okay let's go
2:57i'm buying more okay i'm i'm opening up
3:00an account
3:01on binance and i'm buying more let's go
3:04as soon as the dip happens i'm buying
3:06what was the point of you selling
3:08to make money because i turned that's
3:10100
3:11into 13 000 because then you're gonna
3:13pay tax on that so you're right right
3:14off the bat twenty percent's gone wait
3:16wait no
3:16short term you're paying short-term
3:18capital gains on that right right well
3:19we don't have to go into the logistics
3:20yeah we do
3:21because that you're you're looking at 37
3:24percent oh look
3:24no you're not 30 you know what 30
3:28yeah sure 30 that's fine i'm okay with
3:30that as you have probably
3:32recognized dogecoin is very cyclical
3:34like it's low and then it goes high and
3:36then it goes low but the low is a little
3:37higher you can't
3:38time the market jack that's the worst
3:41mistake you can possibly make and that
3:42works both
3:43in the crypto world and the stock world
3:45you can't try to time it
3:46i did time it i sold half it the highest
3:48possible i know and then you saw the
3:50other half at the lowest possible point
3:51okay but yeah that's what i mean okay i
3:53would have sold the entire thing either
3:54you're all in you're all out yeah you're
3:56all in our yard
3:57i wouldn't have sold the second bite
3:58like it's one thing to say okay i sold
4:00half
4:00at 70 and then you hold the rest and you
4:02hold the rest that it would actually
4:04understand
4:05jack i'm actually more against you
4:07selling
4:08the other half i wanted to see what
4:10would happen during snl
4:11maybe a shot up to a dollar and i would
4:13like to exit my other half at a dollar
4:14that was my plan and it didn't do that
4:16so i exited and i was like i need to get
4:18out because it was crashing so i panic
4:19sold
4:20okay you panic sold you paper-handed
4:23pansy
4:24you cannot call me a paper hand after i
4:26held on
4:27for dear life 10 months i told jack to
4:30sell
4:3027 cents he told me to sell so many 35
4:33cents told you this
4:34he sold 40 yeah all the time he told me
4:37and guess what i did
4:38what diamond hands so when are you
4:40buying when you're buying the dip
4:42oh i'm opening i'm opening up an account
4:44like right now so
4:45you're buying today i'm not buying today
4:47but i'm getting ready like i'm going to
4:48load the account
4:49about money i don't know i haven't made
4:52my mind up yet it depends on what the
4:54price action of dogecoin like if it goes
4:55down a lot
4:56then i'll buy in a lot this interview
4:58just got intense so i got i got two
5:00things today one let's talk about
5:01robinhood really quick okay uh so my
5:02understanding with robinhood with no
5:04proof whatsoever is that
5:05at the time uh where it dropped so we
5:07had one big whale
5:09who sold off i don't know how many tens
5:10of millions of dollars they just
5:12dumped at 74 cents that dropped the
5:14price
5:15that panicked a lot of people to then
5:17say this is it
5:18everyone wanted to sell at the same time
5:20and what's unique with with these
5:22exchanges
5:22is that they each trade at like a
5:25slightly different
5:26price because like one exchange might
5:27have more buyers
5:29than let's say another exchange which
5:30has more sellers but what happens with
5:32rob in
5:32my understanding is that it creates its
5:34own ecosystem of like buyers and sellers
5:37and when they can't match all the
5:39sellers with buyers when there aren't
5:40enough buyers out there kind of seizes
5:42the system
5:43so what ended up happening my theory
5:44here is that everyone wanted to sell at
5:46the same time there weren't enough
5:48buyers of dogecoin to match with the
5:50sellers and that caused the price
5:52to temporarily halt until they were able
5:54to reach that equilibrium because
5:55otherwise would happen if everyone
5:57wanted to sell
5:57and there's like one person willing to
5:59buy it like 10 cents that would just
6:01crash the values to 10 cents whatever
6:02someone's willing to pay
6:03and then it would create havoc in
6:05between exchanges because you'll have
6:06like
6:07weeble on one side just trading for like
6:0970 cents but robinhood all of a sudden
6:10everyone's selling there and it's 15
6:12cents
6:12that's true so that's what i think
6:14happened with robinhood