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Hello this is Matt on the moon family Said Dan Channel a cryptocurrency hedge Fund run by people who hate xrp it lost 91.4 percent in terms of value of the Assets under their management last year Now look I don't believe in karma Because there's no science behind it so I think it's stupid s-t-o-p-i-d stupid But if I did believe in karma I would Say this is absolutely karma in fact one Of the reasons that I'd say this is Karma even outside of all the nonsense Lies that they've been spewing about xrp For half a decade I kid you not it's a Fact that the guy on your screen right Now The founder of the the Hedge funding Question before this dramatic loss uh Partly having to do with uh what Happened with FTX although I am Sympathetic on that part just to be Clear the rest of it I'm not really Sympathetic but on this part I am Sympathetic Uh only even then only in part because And I'm going to share with you exactly What he said but he before he lost his Money as a result of falling victim to a Ponzi scheme he seemed to be less uh Sympathetic sympathetic to those who Might fall victim to outright fraudsters And he he stated that uh he thinks that People at a very young age it would Actually be better for for effectively
Mankind I'll get to the exact wording Later on but he said effectively be Better if people when their young just Lost the majority of their net worth to Scammers uh so they could learn that They need to do better in terms of due Diligence and then he falls victim to an Actual major one of the biggest Ponzi Schemes in the history of mankind oh my God this is Rich can you taste it how Rich it is it's so rich that like you Don't even need to dunk this in any Houses you don't need additional flavors This is Rich AF my friends but before we Go further Before going further click I do not have A financial background of any kind I am Not offering Financial advice and you Definitely should not buy or sell Anything because of anything I say or Right I'm just an Enthusiast who enjoys Making YouTube videos about crypto Related topics but just as a hobby and Just for fun and so I'm going to get to The article that's on your screen right Now which is the latest news from just The other day from coindesk it was Titled the multi-coin excuse me I don't know where it's coming from I Guess I'm talking to him hold on Probably got to Rona again no big deal Uh multi-coin capitals hedge fund lost 91.4 last year investor letter reveals And let's set the table a little bit
Though so I've covered some of what this Individual stated and his business Partner uh and uh here and there I'll Show them on the screen right here so You've got Kyle samani this is uh the Guy who founded the company he's one of The owners uh another owner to char Jane They've outright been lying about xrp Specifically from a technical Perspective as well as a Ripple's Application of xrp in the real world uh Either that or they are some of the Stupidest people on the damn planet and They just don't know that the things They say with the utmost confidence are Absolutely literally functionally easily Provably not true so tell me which it is It's bad either way are they outright Lying or are they incompetent let's play The game flip a coin I don't know for Sure but it's bad and so here you have Uh Kyle samani he was the the first one The other the other guy at the bottom Here to char Jane but Kyle samani Um here's him wearing a ripple t-shirt You might think wait a minute but he Doesn't like that Rebel well you're Right he sure as hell doesn't like the Ripple rip out his enemy because reasons But here he has a ripple shirt with Their logo but oh if you read right Under that you can see it says hashtag Xrp the security so as everybody you Know all sorts of people holding xrp the
World over wallowing a misery as we're Getting outright attacks people just Losing uh you know they're a substantial Portions of their net worth because the SEC attacking this guy thinks it's a Funny idea to uh have the shirt Ripple Hashtag xrp the security and this Picture was shared by my fellow xrp YouTuber Dai and Um for anybody that's newer you may not Understand why the reference is on the Shirt xrp the security other than Obviously the SEC attacking um that's Because there's a phrase which is still Used today but I I think I'd argue less Used than you know about half a decade Ago there's this phrase xrp the standard Meaning xrp the standard for standard Means for moving money around the planet Xrp the standard still a thing you can See today but half a decade ago It was all over the place xrp the Standard so here here he has a shirt not An xrp the standard but xrp the security Oh Kyle salami whatever the hell your Last name is you're so funny what a Silly goose you oh this is so rich Though because let's dive into why this Is not so good for you let's cover some Of the lies versus because again I want To properly set the table or you're not Going to fully appreciate what exactly Is going on here and so there was even This from December 20th 2017. this is
From his hedge funds website the hedge Fund again being multi-coin Capital this Is there's blatant lies in this not been Retracted it's been up since 2017 it's Titled the bear case for xrp Bitcoin Futures Edition and I just want to cover Just a few parts of this In August we published an analysis of Xrp the Native token of the Ripple Network It's such great school stuff like I Don't even want to break down why that Sentence is wrong but I I feel like this Strong desire to do so you know what I'm Saying man The native token of the Ripple network Xrp is the native token of The xrp Ledger which is decentralized if you're Saying the Ripple Network you probably Mean Ripple net but that and that would Be proprietary software having nothing To do with you know any sort of Decentralized blockchain that's for sure But he likes to at times intentionally Conflate Ripple with xrp as though They're the same but at other times Inexplicably he'll he'll use Ripple or X Or xrp appropriately it's Crazy stuff and then he wrote Ripple ink The company that builds and maintains The Ripple Network Ah this is why we cannot have those Things this is why we cannot have nice Things
Has built a blockchain based system that Banks use to issue ious and settle debts Xrp has two uses two can you imagine This can you imagine especially I mean Fine we have additional benefit of Hindsight but holy freaking hell it's Decentralized meaning any developer Developer can build on top of the Blockchain The xrp Ledger for any use Case they want they have been and they Continue to I don't know what the total Number of current use cases is but it's Gigantic I mean you can look at the Amicus briefs filed to prove that and The SEC replicates all these third Parties have nothing to do with ripple Independently building all these Projects on top it's very cool obvious And very cool that there are tons of Projects but he says there's just two And he says the following the two are to Pay fees on the Ripple Network as a Bridge currency for Value transfers Between any two institutions that don't Have a trusted relationship however its Native token xrp is simply not necessary For the network to function of course as You know no on-demand liquidity requires That usage and then he also said since The Ripple network is permissioned as a Direct result of its unique node list UNL system the risk of rational actors Spamming the network is folks he Literally said that you need permission
From an entity to participate within the Xrp Ledger that's an outright lie you Can spin up a node yourself and you know What by the way you did to choose uh who Who you trust your unique know this you Get to set that you can use there's more Than one template out there if you just Want to just slap something down go Ahead that's fine because you get to Choose that or you can set up your Exacto Requiring no one's permission he's Literally lying about this stuff Uh And And uh as a result you get all sorts of Nonsense stuff and by the way this is Another thing I wanted to point out I don't know for sure and I'm not going To pretend you but He has said some things with such Confidence and has certain connections With people who it seems probably knew Some things that he just had this absurd Confidence That xrp was going to be deemed a Security by the SEC that they would Argue that this is before the lawsuit Dropped by a good bit and so there is This shared by John Deaton's crypto law Organization and this is titled Kyle Samani fortunes balancing The Ledger and Then the crypto law wrote Kyle samani of Multi-coin capital of which Chris Dixon
Of Dixon of Anderson Horowitz was a Limited partner Says he is shorting xrp based on the Sec's guidance about ether not being a Security it's quite clear to us that Ripple is a security He adds that multi-coin has very high Conviction That it being Ripple is a security but They quote do not know when that news Will drop end quote and so that's a Strange way to word that and given the People that we know for sure he knows There is it's reasonable speculation That perhaps he actually knew that there Was ultimately likely going to be some Sort of news dropping about the SEC Going after uh Ripple making the claims That they're making uh just wasn't clear When the investigation would necessarily Be complete and when that would happen Here and of course he conflated Ripple With xrp again even there in stating That and that's complete and utter Nonsense but check this out in addition To that Um there is also tashard Jane again his Business partner who made a claim Directly against it so again from the Top levels and he's at the top the Official multi Multi-chain Capital position multi-coin Capital position rather is that Extra piece of security but here you
Have to charging State something Um because he thought it sounded like a Negative in the moment he thought it He thought it was a negative so he's Arguing it but it actually makes the Case that xrp clearly is not a security He wrote in part in this thread he wrote Ripple ink is not a fiduciary to xrp Holders Holding xrp does not give you any claim On Ripple Ink's profits or success well Thank you then it sounds like multi-coin Capital's top business partner actually Gets it there Ripple Inc is not a Fiduciary to xrp exactly there's no Monetary fiscal financial responsibility To anybody that holds xrp period there's Literally nothing enough for something To be a security it would be the exact Opposite of that if something is a Security then all of those things would Apply it's just coming and this is it's So hilarious like the hypocrisy here It's like the left hand doesn't know What the rights do and the other top Partner here is arguing that But you and here's an article from Yahoo And this is from July 6 2018 right after The Hitman speech uh and I'm just Highlighting sharing what's the Highlighter on the screen here it's it Writes they write as follows according To the co-founder of multi-coin Kyle Samani investors should not trade xrp as
It is certainly a security and so this Is coming from the top of multi-coin Except for the other top guy is making Arguments that make it very clear that Xrp is not and they both say a bunch of Nonsense lies about all this stuff and They're also really bad at investing I Don't know how they got to the level They did before uh hope like Disastrously crumbling on down but these Folks are not the Wizards of smart they Do not know what in the other loving Hell they're doing they are not special Their decisions have been absolutely Disastrous and look I understand that Last year was a terrible year in terms Of market performance for crypto in General yet somehow they performed even Worse than the asset class as a whole Uh There was this Um and this is actually from February 11 2020. they wrote the file uh in this uh This daily article a crypto investment Firm That's a returned 143 on its clients Money in the past two years is shorting Both Z cash and xrp Kyle samani into charging multi-coin Capitals co-founders tell Forbes they Think Z cash will be worth nothing in Two years folks Just a minute excuse again February 2020 Is when they wrote this or uh that got
That right didn't I let me double check That yeah February of to February 11 2020 they said that in two years Z cash Would be worth zero well at the time They said that Z cash was worth uh about 60 bucks and it ran up as the rest of Crypto did and uh ended up being worth About 300 something there about Um and it's right it's that so that was An install time high but it did run up Substantially from about 60 to about 300 And then it it has gone down since along With broader crypto Market but it's Still worth 41 and we're now three years Later didn't go to zero these folks are Not the Wizards of smart they lie about Xrp they don't know in the ever living Hell they're doing yet somehow they met Connections they say BS with such Confidence and they sufficiently Articulate their BS positions that I Guess they just trick some people so Happy to call this out Um and then going a little bit further Here peace continues Um yeah Kyle samani into charging Multi-coin capitals co-founders tell Forbes they think Z cash will be worth Nothing in two years citing the fact That other companies are copying its Tech and only a slim percentage of the Company's users actually take advantage Of its privacy features they also think Xrp ripples native currency obviously
That's nonsense is too volatile for Banks and large financial institutions To use which they say limits its utility Although they believe Ripple's payment Messaging system beats a status quo they Say there is no incentive for companies To move money using xrp now again we Have the benefit of hindsight it's been A few years and we know that last Ripple Reported on-demand liquidity usage Requiring xrp it was up something like 800 percent year over year these guys oh My God the level of incompetency it's Truly impressive here Um but you're gonna have even less Sympathy for for these folks after I Share with you this part there's this uh This uh video clip shared by autism Capital which has been reported on a lot Of the SPF FTX related stuff 209 000 Followers and they share this clip Uh and I just want to note here and I'll Get into the specifics in a minute Um Multi-coin Capital did fall victim to What happened with FTX and I'm Sympathetic to the fact that that Happened that's not fair I actually Still don't wish that on this guy just To be super duper clear I don't wish for Anybody to be scanned by an awful Cucumber loving son of a I do not Desire that but still this is so super Duper Rich tasting because he wished for
This type of thing to happen to other People because he thought he was Basically God when it came to investing And then it happened to him because he's Nothing of this sort he's a bumbling Fumbling buffoon when it comes to Investing So here's the quote from this guy check This out before he fell victim to an Outright Ponzi scheme he said quote I would actually argue it's probably Good for most 18 to 25 year olds to get Scammed and lose the substantial Majority of their life savings Like I actually think society would be Better off in the long run if that Happened to most 18 to 25 year olds Because that will teach them a lesson About risk and about trust and due Diligence that like they are never going To forget oh my God you little baby back What just happened to you son you Thought you were so damn brilliant and And wishing for people to be scammed is Freaking gross that is disgusting I Don't wish that on you and I think You're just Well the opinion I have of this man is Obviously not high perhaps I should just Leave it right there But to state that you wish people lose The majority of their of their their Entire net worth Because they were able to be tricked by
Somebody where was your due diligence With FTX what about that if you really Want because look at what you did again Not that I want this to happen you That's certainly not reasonable or fair That it happened to you But had you had you insisted on Additional data you would have found That FTX actually couldn't provide proof That would have shown that they weren't A Ponzi if you engaged in further due Diligence style Kyle samani If you did that did you learn your Lesson do you like being talked to like That because I don't think it's Reasonable or fair or nice to be talking To people like that that are actual Victims but here the hypothetical Victims like you want them to be real It's just gross and disgusting they have To push back against this like you Absolutely repulsive and so you even had Tony Edward who runs the uh thinking you Uh thinking crypto YouTube channel Uh he shared this story and he wrote Good News two clowns to char and Kyle Lose money Now Attorney John Deaton retweeted that And said when the nicest guy in crypto Calls you a clown it could be accurate Yeah and so look again don't want Anybody to get scammed I just I have Very low levels of of sympathy just in General for the scam part yeah I still
Don't want that to happen But my gosh Doesn't strike me as a particularly good Person you know what I'm saying and here You have by the way he's wearing his or He's got his Solana sunglasses right Here uh down like 76 percent uh you know Compared to within the last 12 months And again I understand all of crypto is Down But my gosh don't pretend like you're Some sort of damn wizard here with your Little Salon again glasses it was saying That xrp's permission so there's some Central Authority control all this BS Misleading people and you've got people That you've tripped who are giving you Real money don't give me this nonsense And so here we have the coindesk article From the other day multi-coin capitals Hedge fund lost 91.4 percent last year Investor letter reveals Multi-coin capital's hedge fund lost 91.4 percent in 2022 according to a copy Of the firm's annual investor letter Viewed by coindesk The letter attributed last year's Decline to a turbulent year for Cryptocurrencies as well as direct and Indirect impact from the collapse of Crypto exchange FTX quote while the fund Successfully dodged the catastrophic Implosions of Luna and three arrows Capital earlier in the year we didn't
Avoid the explosive Revelations about FTX nor the subsequent contagion that Spread across the market after a Remarkable year in 2021 our performance In 2022 was the worst since Inception End quote well it looks like you are not Exactly the wizard that you'd like to Think that you are saying nonsense BS About xrp wishing people would get Scammed so they learn a harsh lesson Lesson and here you get scammed and We're supposed to have sympathy for it Look The only part where I can have any Sympathy fun it's for the FTX portion But it's still hard because this guy is Just a complete piece of crap as far From what I've seen from him publicly It's just is not good stuff here You know in a best case scenario he's Just an outright clown that is tricking People like it's not good though and Then check out this in a separate letter To investors last November multi-coin Detailed the financial condition of its Hedge fund Revealing that the fund had 10 percent Of its assets stuck on FTX as well as a As a significant exposure to ftt Solana And SRM all tokens that saw steep Sell-offs last November Oh you know it's just I hope you learned Your lesson though Kyle samani uh you Know you lost a bunch because of this
You know you got scammed and that's Supposed to be a good thing right so I'm Glad that it happened for me glad that Happened to you and uh now you know You'll learn that you need to engage in Better due diligence moving forward it's A net plus for society right that's what I believe right you said so This is this is too rich it's too rich And creamy can you take that my gosh so I said you don't need any damn sources To dunk up on this not on this It's too rich and creamy man you just You don't even need it so there you go Kyle samani on your screen right now With his Solana glasses tucked into his Shirt and he is a wizard of geniusness And all things crypto I'm not a financial advisor you should Not buy yourself anything because of Anything I say it right that would be a Very very very bad idea until next time To the Moon family sedan
