The Crypto Collapse No One Wants to Talk About

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Billions wiped out. Lives ruined. And Wall Street shrugs. In this powerful episode:

• Why the latest crypto crash wasn’t an accident—it was inevitable
• The heartbreaking truth behind the suicides and bankruptcies no one’s covering
• “Portfolio” or casino chips? The brutal difference between investing and gambling
• How fake wealth, leverage, and “blue chip” coins exposed a generation’s delusion
• The timeless financial truth: real wealth is built, not bet

It’s time to stop pretending digital air has value—and start learning how to build something real.

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Can't help myself, but I keep thinking, keep thinking about
Quinn and Jaws telling Hoopa, you know, singing the song
Farewell and a Do you know Hooper wants to put
the cage in the water shock and the water cage
in the water, you know, Farewell and ad I I

(00:37):
warned everybody, warned everybody about what was going to happen here,
and again I'm getting a lot of messages, a lot
of emails from people, Oh, you wanted to go on
and do this program here? You were right again? And
I'm like, I don't think you fully realize. Yeah, I

(00:58):
was right again. I knew it was going to happen.
But again, you think it gives me any pleasure to
watch people committing suicide, because that's what's happening. A lot
of these stories are being covered up. Quite frankly, the
amount of people that are I'm finding out committing suicide
because they lost their portfolio in what they thought was

(01:23):
wealth and these bullshit crypto coins billions billion, that cats
that they keep telling people. And this is again, I
want everybody to play close attention here, okay, and some
this is it's going to be upsetting, okay, but you
need to hear some things you're involved with this, because

(01:45):
again I get ridiculed all the time by the crypto
bros and the young people that I'm just an old
fuddyduddy and I don't know what the hell I'm talking about. Right. Sure,
I've seen this movie before because I was criticized, been
ridiculed back in the nineteen nineties when we were warning
everybody about, you know, ridiculous dot com companies. But at

(02:08):
least there was more there than there was here. Anyway,
a couple things. I brought a couple of things up here.
There's some passage from the Bible Ecclesiastes, what has been
will be again, and what has been done will be
done again. There is nothing new under the sun. Yeah,

(02:33):
same thing, same thing. People go into E Trade and
Ameritrade and all those firms. Back in the nineteen nineties,
E Trade Center open in Midtown Manhattan. I used to
call it a casino so to walk by it. So
it's basically a casino in midtown Manhattan. That's exactly what

(02:54):
it is. What do you think these crypto exchanges are?
You think you're you're investing more in that In a minute, Sorry,
I gotta bring another one up. Proverbs thirteen eleven. Dishonest
money dwindles away, But whoever gathers money little by little
makes it grow. Proverbs twenty one to five. The plans

(03:18):
of the diligent lead to profit as surely as hase
leads to poverty. I know, Oh boy, Markowski for old
fuddy Duddy. We can week out in our program. Again,
it's our motto. Everything in life that has meaning, value
and worth involves work, time, and effort. That's how we
do things. That's how we avoid situations like this looking

(03:44):
for shortcuts. Some of the estimates that I'm getting right now,
you're talking millions of traders that saw there, and again
they're calling them portfolios. They're not portfolios to me. They
never were a portfolio to me. Portfolio to me is
like actual assets. What they were essentially doing was was gambling.

(04:09):
Billion billions of dollars were wiped out were they were there,
Billions of dollars. Actually there, I'm getting messages from all
over the place. My account was worth four million. This
is worth five million. I said, no, it wasn't. It

(04:31):
wasn't worth four million. It was all a fake, It
was all a fugacy. It wasn't real. Do you understand
these things have no liquidity. Everyone is levering themselves up.
What what did Charlie Munger from Berkshire Hathaway smart? What

(04:57):
do you say about smart people ways of going poor?
He said, uh, what was it? Ladies? Liquor and leverage?
Levering yourselves up in something that is completely illiquid not real. Here,
monopoly money has more value than what you are doing.

(05:22):
What this has done. And again this is you know,
look at all binance and coinbase and all these firms
out there. They're casinos. They're casinos that are are dressed
up as some sort of like some sort of financial
company you're making yourself. And again this is maybe a

(05:46):
bit of a come to Jesus moment for many people
out there. You think you're in finance because you've got
a desk with maybe six screens on it and you're
you're trading these things, you're gambling. Do you understand, you're
not building anything, you're not creating anything. You are participating

(06:13):
in a game of demonic musical chairs where you've got
people going online, going online, they've got their podcasts, they've
got their YouTube pumping up their ridiculous coins, and you
are taking money and you're putting it into these things,

(06:36):
levering it up. You're looking at your account and you
think that you are rich. There's nothing you're not involved
in finance. You're a degenerate gambler. Now. I know this
is a it might be a jagged pill, might be
difficult for us, but you are a degenerate gambler. And

(07:00):
I'm gonna be honest. Okay, I want you to take
a good hard look in the mirror, real good hard
look at the mirror. What you do is bullshit, and
you know it deep down inside. What you do, what
you do, and you are you're on my side, cheer,

(07:21):
We got you. You're these bullshit coins that are nothing,
made up out of thin air, your trading air. What
you do is bullsh You are kidding yourself. You're kidding yourself.
You didn't have what you thought you had. Here's a

(07:43):
bit of a lesson in finance. For you. Okay, here's
a bit of a lesson finance for you. Okay, you
didn't have. Well, my my crypto portfolio was worth five million.
It went to zero. Okay, it was worth five million.
How do you figure because your your little computer program

(08:05):
said it was if it had any value at all,
how does it go from five million to zero? Explain
that to me, because it's worthless. I've tried to explain
this to people. Everything has an intrinsic value. Everything has

(08:32):
an intrinsic value. Okay, real things have an intrinsic value.
You have not even real. Okay, it means nothing you air. Okay,
what you have is manipulated bullshit and it just went
to its intrinsic value.

Speaker 1 (08:51):
Yeah you have.

Speaker 2 (08:51):
But you know, Trump put out that tweet crassy entire thing.
It wasn't a matter of if, it was a matter
of when it was going to happen.

Speaker 1 (09:05):
Yeah.

Speaker 2 (09:05):
But the fens print money and yours is alternative. Are
you kidding me? Are you kidding me? I don't even
know these are some of the the I mean, these
were they called these blue chip crypto coins. Adam went
from four dollars to one penny. Suy I don't even

(09:27):
know what that stands for. Went from three dollars and
forty cents to fifty six cents. APT went from five
dollars to seventy five cents. SEI went from twenty eight
cents to seven cents. Link went from twenty two dollars
to eight dollars EIGHTYA went from what eight cents to
three cents? Top one hundred Blue Chips nuked eighty percent

(09:47):
in a few minutes. Blue Chips, it's all bullshit. You're
wasting your life. Do you underst then what you're doing.
You're wasting your life. What do we talk about? Go
out there, build, create, protect, and teach. Take your stupid

(10:12):
computer screens, take your entire system, throw it in the
garbage and go out and get a job. Go build
actual wealth, because deep down inside what you do, what
you do is bullshit. Yeah, it's funny. It's funny. Today

(10:32):
I got to kick out of this today. How was it?
After what happened? I saw JP Morgan makes an announcement
that they're going to allow crypto trading on all their platforms.
They're like, shit, we missed out, we missed out on
this one. There's no liquidity in what any of the

(10:53):
things that you're doing. What do you think is gonna happen?
Market makers say they're going to walk the hell away,
The thing is gonna go to zero again. This could
be the best thing that ever happened to you in
your life, realizing at a young age all you kids
out there doing this nonsense, that what you do is
bs and figure something out. But it was worth just

(11:16):
amount of dollars, No, it wasn't. This is the same argument.
This is the same thing that I try to explain
to people when they talk about the richest people in
the world. Oh well, this one is the richest, and
Bezos is the richest, and Musk and oh yes, Elon
Musk is worth a half a trillion dollars. Okay, his

(11:38):
Tesla stock, based upon the price of where Tesla is trading,
is worth x. Okay, he cannot take He cannot take
his half a trillion dollars and turn it in. Okay,
just put a cell order in and expect some sort
of market maker to fill that order and he's going

(12:00):
to get a half a trillion dollars. You have to
find a buyer for a half a trillion dollars worth
of Tesla stock. Meaning what he starts selling it, what's
going to happen. It's going to drop the price of
the stock selling it. He gets more selling, more selling
is going to come in. It's going to drop like
a rock. Word is going to get out. There's a difference. Okay,

(12:28):
something is worth what somebody else is willing to pay
for it, and all of you guys with your leverage
borrowing money again, it's a whole And I'll be honest
with you, Okay, I'm not. I don't know much about
that whole little crypto world except that it's bullshit, So

(12:50):
I don't waste a lot of time on it. I'll
be honest. I had no idea the amount of leverage
that was packed in I think is conference. I don't
pay attention to it to waste my freaking time because
I knew it was gonna blow up. What the hell
am I gonna do about try again, I'm gonna do more.
I've done them before in the past. Young people don't

(13:10):
like to listen because they know everything for crying out
loud and what did you think was gonna I saw
one today, Coinbase. I'm not making this up. Coinbase came out.
Everybody's wiped out. They are now they are now going
to elect people to go fifty times. They were at

(13:33):
twenty times. Now they're gonna let them go fifty times
on leverage. And again, to be honest, I feel bad. Okay,
you don't think I feel compassion for all of you
people that got absolutely destroyed. I do. Just stop trying

(13:59):
to get rich quick this ruve we live in. And again,
I get it. You're you know, you're young, you're dumb.
You see stuff on social media. You see oh, look
at the restaurants they're hanging out at South Beach, and
look at this guy's Ferrari, Look at this guy's thing,
Look at this guy's car. I mean, I'm telling you

(14:22):
right now. And I cracked a joke. I said, now
is a really good time to start looking for a
used Italian sports car because all the crypto bros out
there that got wiped out, they're gonna have to sell them.
They're gonna be, they're gonna be. There's gonna be a
lot of very very expensive cars on the market very

(14:44):
soon because people got wiped out. You didn't have anything,
you haven't built anything. I don't again, and I keep
getting eye, keep seeing the stories. And again the mainstream
media is not covering this. You know that the people

(15:06):
that are killing themselves killing themselves, you're spending years of
their life trading air, sitting in front of a computer,
trading air. What do you actually do? What are you
contributing at all? At all? You're doing anything at all? No, nothing,

(15:30):
Here's an opportunity, this is what I'm telling you. Okay, again,
I noticed a jagged pill to swallow. Okay, here's an opportunity.
Change directions. Go out there. I guess that build, create,
then protect, then teach on this friaking nonsense trading made

(15:50):
up money out of thin air, and then boasting about
it and posting videos and all of this crap. That's
not high you build wealth people, That's not what we
teach here by any stretch of the imagineat It's just
not Again. I know, I know, I'm an old fuddy duddy,
but I've always been when it comes to this. They're

(16:12):
just one way of doing things. And until you get
that through your thick head, you know what you're gonna Like,
I said nothing new under the sun. I didn't say it.
Ecclesiastes accurate, sacurate. You know a lot of this news
came out this weekend. Again it's getting turned away. Okay,

(16:37):
these uh, this entire bullshit industry, this entire bullshit crypto
crap industry, coinbased by its all this crap there again,
you're gonna try to allure you back in. Oh this
is a big thing. Oh no, yeah, I get back
in there. You know, why don't you Why don't you
go out and you know, borrow money for mom and
dad and get started. We're gonna give you fifty times leverage.

(16:57):
You can make your money back. Let's go. You're a
degenerate at gambler. Don't walk away, walk away from this nonsense. This,
this is this is not how things are done. Away

(17:20):
Watchdog on Wallstreet dot Com. Again, I have anything left
you want? You want to start saying the right way
to building wealth. I know, Oh, not sexy, the Markowski
investments way, but it works. Works. Sign up for our
personal CFO program. Hell, we have our account repair kits

(17:43):
that we've had since the nineteen nineties. But but don't
do the same thing over and over again and expect
a different result. Okay, that is that is the definition
of stupid insanity. Watchdog on Wall Street dot Com.