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Kim K, Floyd Mayweather Allegedly Involved In Crypto Scam - YouTube
Channel: The Young Turks
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there's a new class-action lawsuit that
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names several big-name celebrities and
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accuses them of engaging in a
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cryptocurrency pump and dump scheme this
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is where they attempt to manipulate the
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value of uh various cryptocurrencies and
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then as soon as they manipulate it to a
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high you know value they cash out before
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the dip now this again is based on
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allegations uh in this lawsuit so we
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don't know for sure if the celebrities
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will be found guilty of engaging in this
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kind of behavior but i'll give you the
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details then you can judge for
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yourselves so the claimants are accusing
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the defendants of perpetrating a pump
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and dump scheme in which investors sell
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off their shares to make a lot of money
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after orchestrating a rise in its value
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the lawsuit states that the coin rose
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632 percent in value after mayweather
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floyd mayweather
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and paul pierce promoted it the boxing
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star wore shorts with the
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ethereum max url during his uh
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exhibition match with logan paul while
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pierce tweeted about it and guess what
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this is not the first time that
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mayweather has uh found himself in hot
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water over cryptocurrency related
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matters mayweather was charged by the
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securities and exchange commission in
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2018 for failing to disclose that he was
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paid a hundred thousand dollars to
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promote centra tech's 2017 initial coin
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offering two of centra tech's founders
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were arrested for securities fraud and
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wire fraud with the sec accusing them of
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touting non-existent relationships
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between centra and well-known financial
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institutions in an effort to entice
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people to invest in the ico
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and we're not done in terms of the
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celebrities involved in this latest
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lawsuit kim kardashian is also involved
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she apparently had posted about ethereum
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max on instagram stories telling
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followers that she heard about it from
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her friends and linking to its website
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according to morning consult a whopping
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19
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of the survey respondents who said they
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heard about kardashian's post invested
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in ethereum max as a result
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and so
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this
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is
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look we don't know if it's i'm going to
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cover my legal basis here
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i i i would like to speculate
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that it appears to be a pump and dump
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scheme
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it has not been proven yet however with
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that said
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i just want you guys to be careful okay
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listen
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let's just be clear about one thing in
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america especially uh there are no
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shortcuts
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for normal people like us
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okay there's no overnight wow all of a
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sudden i'm a millionaire and if
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miraculously uh you do find yourself to
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be a millionaire after investing in
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cryptocurrency cash out don't be stupid
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just don't be stupid
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like it's just so obvious that it's a
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scam to me i i like i get it i know i
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know the crypto bros get really mad when
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i say this
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but come on
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just be careful that's all i'm saying
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was what do you think
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[Music]
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yeah i would i would just generally tell
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people like if you do want to invest and
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i'm not look i don't i'm not paid by
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bitcoin and nothing but like
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bitcoin like actually has a utility
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right like it actually performs a
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function
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um a lot of this stuff like dogecoin
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where they named this
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cryptocurrency
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after a dog
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dogecoin
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this is so obviously
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not legitimate right and you know again
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like people used to say that
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the reason why bitcoin had a utility is
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that you could give money to people
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exchange money
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without leaving a trace right like when
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you do a bank transaction or why or
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whatever there's a record cap of you
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sending money somewhere and somebody
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receiving it somewhere else with bitcoin
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and eliminated that however
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i i still haven't been able to get this
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confirmed or debunked like allegedly the
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fbi has the back door to um to
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bitcoin now so you can't even do that
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anymore so it doesn't even serve that
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utility um look the general rule of
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thumb should be this
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kim kardashian will not get you rich
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like just just know that just she'll get
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herself rich
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yes she's not going to put money in your
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pocket that will never be the case you
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know and i don't want to you know i
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don't want to be cruel and be like all
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these people got what they deserved but
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i mean look let me let me tell you what
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they got let me tell you what the
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website of floyd mayweather's trunks i
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mean
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jeez louise
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the lawsuit states that the day after
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kardashian's post
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the token's value did it shoot up no of
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course it didn't shoot up the value
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plummeted 98
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further the coins creators allegedly
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sold off their shares before the price
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drop
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as shown by their wallets activities
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i don't know
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i think
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i think this is not a declarative
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statement it is my thought
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that this was in fact a pump and dump
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scheme
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that is my opinion
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just based on the facts that we have
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available just saying
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just saying
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yeah and you know i'll give these guys
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this like the investment it takes to pay
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a kim kardashian um
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she like she makes a lot of money
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to promote stuff on her instagram like
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per post or whatever and you know paul
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appears to a way lesser extent at floyd
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mayweather but they invested in that
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knowing like yeah this is about to go up
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and we're going to be able to make a lot
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of money off of this
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so
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yeah
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someone wrote in uh jonathan wrote in
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our super chat section and says it's
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definitely important to do your own
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research in crypto
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this is an emerging market and a
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complete shift in the dynamic of privacy
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finance gaming and equality as we know
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it please don't use the equality
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argument okay
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like i love you jonathan i really do and
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thank you for writing in i really
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appreciate your perspective but i just
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want you to think a little more
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critically and not because look i i
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remember when silicon valley was really
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in its heyday and everyone was buying
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the argument that their behavior was
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democratizing everything and we saw how
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that turned out
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if you look at the
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individuals who benefit from
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cryptocurrency
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it is not there's no equality here okay
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there's actually more inequality in
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cryptocurrency than there is in the
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entirety of the u.s economy
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like just let that sink in for a second
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so i just i don't work in chases already
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in there like this idea that like it's
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just democratic you know the little guys
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are gonna be able to get off like
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they're there already and we know what
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happens whenever they show up somewhere
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they take it over
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yep that's exactly right uh but jonathan
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does give some advice he says don't get
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scammed stick to blue chips uh ethereum
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max could have uh could anyone have
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asked and that got deleted okay um so
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thank you for your comment really
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appreciate it but yeah i mean look just
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be careful and especially when you see
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celebrities
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promoting something like that ask
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yourselves
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why
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are they really looking out for me
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are these uh multi-millionaires really
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looking out for me just be a little more
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suspicious um and
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don't be naive that's all i'm saying
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and uh
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one final thing i'll say was
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i can't even get myself
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to do cameos
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right like it's easy money it's super
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easy money you just like do a greeting
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for people on video like happy birthday
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joe i hope you enjoy your day like 200
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bucks
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i can't i don't have the shamelessness
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necessary to sell myself like that
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but these celebrities by the way i'm not
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i'm not anywhere near rich guys like i
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live in a condo like i in in the san
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fernando valley like i'm good it's a
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nice condo though i like that condo
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two-bedroom condo i'm happy i'm happy
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but like what i'm trying to say here is
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like
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most people would want more than what i
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have i i
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can't even do the cameos the fact that
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kim kardashian of all people and floyd
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mayweather evolved what are you guys
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doing
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like you really do have to have this
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characteristic of shamelessness to be
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stupid rich in this country really
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it's amazing
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anyway um
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and again no hate for anyone who does
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cameos i think ben mankowitz might be on
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there
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but again great that's awesome uh
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and i wonder if anybody is close enough
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to jimmy dore or ben shapiro in their
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life be smart enough to get them an
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anakasparian cameo for their birthday
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wouldn't that be amazing
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[Laughter]
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oh my god all right i'm gonna leave it
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there thanks for watching the young
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