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Don here...
Brandon ran to Jimmy John's during his session prep.
The guy in front of him had XRP and XLM stickers on his car. Stellar Lumens and Ripple. Full crypto bro.
Probably late twenties, early thirties. Tesla or new Lexus GX. Big house in Utah where homes run $700,000 to $900,000. Three or four kids. You look at this setup and wonder how he's living.
Brandon called it perfectly. The crypto bro lifestyle is funded by tokens that have zero actual value.
Then he spent two hours proving it.
In today's free session replay, you'll discover:
- Why XRP has a $149 billion valuation despite generating zero revenue. Brandon pulled up their financials. The company reported $285 million in revenue last quarter. That wasn't revenue. That was them selling more XRP tokens. They're issuing their own cryptocurrency to fund operations. The blockchain they built is open source. Anyone can use it. Banks make money from it. XRP doesn't. This is a $149 billion company with no business model.
- The quantum computing company that proves the entire sector is a scam. Rigetti Computing has an $11 billion market cap. Last year they generated $7 million in revenue. Their operating expenses? $80 million. They've been around since 2013 and don't have a product. Last year they issued $548 million in stock just to keep the lights on. Brandon showed their cash flow statement. They're not even spending money on property, plant, and equipment. They're just investing the capital they raise while paying executives.
- What actually qualifies as money versus what's just an investment. Brandon asked the question that changes everything: What is money? Money has no intrinsic value. It's divisible, rare, and nothing more. Gold has no economic value. It's heavy, soft, barely used in anything. But it's money because it's divisible and rare. Bitcoin qualifies. XRP doesn't. They keep issuing tokens. There's no scarcity. Most cryptocurrencies aren't money. They're investments in companies with no revenue.
- Why gold is smoking the S&P 500 despite having zero value. Gold is up 12% more than the market over the last year. It has no economic purpose. You can't build adnything with it. It's not rare enough to be truly scarce. But it's money. That's why it works. Brandon explained why something with no value outperforming stocks tells you everything about what's happening in markets right now.
- The blockchain revolution that eliminates brokers and banks entirely. Brandon explained how decentralized finance actually works. You don't need Schwab to verify you own shares. The blockchain does that. You don't need JP Morgan to confirm you have money. The network verifies it across thousands of nodes. Blockchain technology will replace the current system. But that doesn't make every cryptocurrency valuable. Most are worthless tokens issued by companies with no products.
The Jimmy John's story captured it perfectly.
Brandon saw the crypto bro in front of him and thought: This is exactly what XRP represents. Someone buying into the idea that these tokens have value because they sound innovative.
They don't.
XRP built blockchain technology that's open source. They don't own it. They can't monetize it. Banks use it for free. The only way XRP generates money is by issuing more tokens and selling them to people who think they're buying something valuable.
Rigetti is even worse. They don't have a product. They've been around for over a decade. They generate $7 million in revenue. They have an $11 billion market cap. Their entire business model is issuing shares to fund operations that never produce anything.
Brandon compared this to the guy in his basement back in 2017 who issued cryptocurrency to buy electronic gadgets. That's what these companies are doing. Issuing tokens or shares to fund lifestyles and operations with no product and no revenue.
The question Brandon asked is the one nobody wants to answer: What's the intrinsic value of Rigetti?
Zero. Maybe $126 million in net assets, but that's just unspent cash they raised from issuing shares. They'll burn through it in 18 months.
What's the intrinsic value of XRP?
Zero. They built something valuable. Then they made it open source and gave it away.
The blockchain revolution is real. Decentralized finance eliminates the middleman. You don't need brokers verifying trades. You don't need banks confirming you have money. The network does all of that automatically across thousands of nodes.
But the crypto bubble is also real. Most cryptocurrencies are just capital raises disguised as innovation.
Brandon closed with a warning about the market. Friday's move was different. We broke trend lines. We formed a lower low. Volatility isn't coming back down the way it did in August.
If you're dominated by small cap tech and energy plays, you might need 50% cash. Not 30%. Fifty. The drawdown potential is 30-50% in very short order.
→ Watch Brandon's complete session to understand the crypto valuation expose and why the blockchain revolution doesn't make every token valuable
To your success,
Don Kaufman
Chief Market Strategist, TheoTRADE
