Crypto Whale Trades: The $100M Secret (FOMO) | Nick Murphy DSH #924

Summary

Digital Social Hour Podcast Summary: Episode #924 - "Crypto Whale Trades: The $100M Secret (FOMO)" Featuring Nick Murphy

Release Date: November 26, 2024

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Introduction to Guest: Nick Murphy and Ace Trading

In this engaging episode of the Digital Social Hour Podcast, host Sean Kelly welcomes Nick Murphy, the founder of Ace Trading, a prominent player in the cryptocurrency trading landscape. Nick brings a wealth of experience from his early involvement in crypto since 2013-2014 and has been operating professionally in the field since 2016-2017. His passion for building a client-focused trading firm shines through as he discusses the intricacies of executing large-scale crypto trades with minimal market impact.

The State of the Cryptocurrency Market

Volatility and Trading Strategies

Nick Murphy delves into the current state of the cryptocurrency market, emphasizing that volatility is the lifeblood of his business. He explains, “With our business, we are solely caring about volatility and trading the volatility. So if the markets are volatile, we're doing well” (02:06). This focus on volatility allows Ace Trading to thrive regardless of market conditions.

Market Making and OTC Trades

Nick elaborates on Ace Trading's role as a market maker, specializing in over-the-counter (OTC) trades. He states, “We execute our OTC trades, which are block trades, big size, minimum trade, $250k. We are the best in the business when it comes to executing large trades with little to no market impact” (02:17). This capability is crucial for clients looking to manage substantial crypto positions without disrupting the market.

Navigating Crypto Banking Challenges

Issues with Crypto Banking in the US

The conversation shifts to the difficulties of crypto banking in the United States. Nick highlights, “The major banks just hate crypto, and a lot of this is tainted by bad actors in the game” (18:54). These challenges are exacerbated by actions from institutions like the SEC, leading to the shutdown of accounts and pushing crypto businesses offshore.

Impact of Bad Actors on Reputation

Nick points out how negative incidents within the crypto space affect the entire industry: “What is it doing? It's just further legitimizing the cryptocurrency industry. More eyes on crypto make it more interesting” (07:24). He also discusses how individuals like Michael Saylor influence perceptions, though he remains cautious about specific trading patterns.

Building a Successful Trading Business

Client-Focused Approach and 100% Retention

Nick attributes Ace Trading’s success to a client-centric approach, boasting a 100% client retention rate. “We're picky with who we work with. I like to just become friends with my clients, get to know them and better understand what they want” (09:00). This strategy ensures long-term relationships and steady growth driven by referrals.

Importance of Mentorship

Highlighting the value of mentorship, Nick shares, “Mentors have been the world to me. I would not be where I'm at without good mentorship” (10:00). He emphasizes the role of mentors in navigating the complexities of the crypto market and personal development, fostering a culture of learning and growth within his team.

Company Growth and Future Plans

With Ace Trading recently hitting its first-year milestone, Nick expresses pride in the company's achievements and outlines plans for future expansion. “The company just hit its year mark back in September. I'm very proud of all that we've achieved this year” (23:44). His vision includes scaling the business, maintaining high service standards, and continually enhancing client satisfaction.

Personal Growth and Entrepreneurial Journey

Overcoming Mental Health Challenges

Nick opens up about the mental health struggles faced on his entrepreneurial journey. “The whole entrepreneurial journey… It’s glorified these days, which I don’t think is good” (12:26). He advocates for a balanced approach, acknowledging that trauma and mental health issues are common among entrepreneurs and emphasizes the importance of addressing them constructively.

Mottos and Life Rules

Sharing his personal mottos, Nick reveals three guiding principles:

1. "Fuck them all." – Letting go of others’ opinions to create meaningful change (15:07).
2. "Does it make a difference?" – Evaluating the impact of actions before reacting (15:27).
3. "Don't overthink." – Balancing introspection with decisive action (16:22).

These mottos serve as foundational elements for both his personal and professional life, helping him navigate challenges with clarity and resilience.

The Role of Dogs in Personal Well-Being

Nick and his co-host discuss the profound impact of dogs on mental health. Nick introduces his two dogs, Ace and Dom, sharing endearing stories about their personalities and how they contribute to his well-being. “[...] They sense your energy. If I’m in a bad mood, they’ll come and slay by me” (23:10). Both agree that dogs are invaluable companions that help alleviate anxiety and provide emotional support.

Closing Thoughts and Future Outlook

As the episode wraps up, Nick reflects on the future of Ace Trading and the broader crypto industry. He mentions exciting developments, such as a DeFi execution platform built by a friend, which could revolutionize high-frequency trading without incurring hefty gas fees. “[...] There’s a lot of things cooking” (27:05).

Nick's commitment to providing high-end, white-glove service continues to drive Ace Trading's mission. He aims to remain a trusted partner in the crypto space, ensuring clients receive the best possible execution and support.

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Notable Quotes

• Nick Murphy (02:06): "With our business, we are solely caring about volatility and trading the volatility. So if the markets are volatile, we're doing well."

• Nick Murphy (09:00): "We're picky with who we work with. I like to just become friends with my clients, get to know them and better understand what they want."

• Nick Murphy (15:07): "Model one, fuck them all. The second that you stop caring about what other people think is when your life really changes."

• Nick Murphy (23:44): "The company just hit its year mark back in September. I'm very proud of all that we've achieved this year."

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Conclusion

This episode of Digital Social Hour offers a deep dive into the world of crypto trading through the lens of Nick Murphy’s expertise. Listeners gain valuable insights into market strategies, the challenges of crypto banking, and the importance of mentorship and personal growth. Nick's candid discussion about mental health and the role of pets adds a relatable and human touch to the conversation, making it a must-listen for aspiring entrepreneurs and crypto enthusiasts alike.

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Timestamps:

• 02:06 - Volatility and Trading Strategies
• 02:17 - Market Making and OTC Trades
• 07:24 - Legitimizing Cryptocurrency
• 09:00 - Client-Focused Approach
• 10:00 - Importance of Mentorship
• 15:07 - Personal Mottos
• 16:22 - "Don't Overthink" Motto
• 23:44 - Company Growth
• 27:05 - Future Developments

Note: The URLs for the timestamps are placeholders and can be linked to specific sections if hosted on a platform that supports timestamped summaries.

Transcript

[Nick Murphy]

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[Nick Murphy]

Like the cryptocurrency industry. Yeah, and that just makes more eyes on crypto more interesting. Crypto? I mean, hell, there's a chance that, you know, the US treasury ends up converting over to more of a digital system. We'll see.

[Co-host]

That'd be nuts. There has been rumors of them having a digital coin though, right?

[Nick Murphy]

Yeah, that.

[Co-host]

For years.

[Nick Murphy]

I mean, well, and Trump has said a lot of things about. He wants, you know, the US to be the biggest crypto holder in the world. Yeah, let's see what happens.

[Co-host]

All right, guys, Nick Murphy here from Ace Trading. It's the earliest he's been awake in a while, right?

[Nick Murphy]

That's what we do. Come on. All right, we got the Vegas time, though, you know, let's go. Two hours behind the ace of spades too. Hey, you know, you got a rep.

[Co-host]

Starting the day off right. You've been, you've been busy these days, I'm sure.

[Nick Murphy]

Very busy, man. Very busy trading.

[Co-host]

And with crypto at an all time high, I'm sure business is booming.

[Nick Murphy]

Business is booming. It's, you know, with our business a little different. You know, we, we are on the execution side. So, you know, price being up just means more people are trading, which is good. Yeah, it's definitely busy.

[Co-host]

But during the bear market, you were still doing well.

[Nick Murphy]

Still doing well, man. You know, the difference was people were kind of getting out of positions or getting on the sidelines and just waiting to see what happened. So it was just kind of chill. It was weird. We kind of had the same effect back about two months ago when markets kind of pumped up and then stopped. Everybody's waiting to see which way it broke, Right? Interesting times for sure, man.

[Co-host]

Yeah. You think this time will stick around?

[Nick Murphy]

I couldn't tell you, man. With our business, we are solely Caring about volatility and trading the volatility. So if the markets are volatile, we're doing well.

[Co-host]

Yeah. So the more volatile, the better.

[Nick Murphy]

That's. That's how we see it, man. I mean, at heart we are what's called a market maker. So, you know, I've got the market maker mentality. We execute our OTC trades, which is over the counter trades. So block trades, big size, minimum trade, 250k. But we are the best in the business when it comes to executing large trades, large size, with little to no market impact. So if you were to come to me with a thousand bitcoin and say, nick, let's sell all thousand, or if you were to do it yourself, you would just sell it all one time and you'd fuck up the market. The market would go down. Your average execution price, if you will, would go down if you came to me. We're very client objective based, so I would say, hey, you know, what are you looking to do? What's your timeline look like? I've got a thousand btc. Then let's run an algo that slowly unwinds this position over 3 days, 5 days, 7 days, 10 days. And we would do that based upon your objectives.

[Co-host]

I like that. Has someone actually approached you with that many bitcoins?

[Nick Murphy]

We've had much bigger.

[Co-host]

Really?

[Nick Murphy]

Yes.

[Co-host]

And a thousand.

[Nick Murphy]

Yes.

[Co-host]

A thousand is like, I can't even do the equation on that.

[Nick Murphy]

I mean, those trades take a little bit longer. I mean, if you really want to not affect the market, you know, not push the price around, you got to be very careful.

[Co-host]

Yeah.

[Nick Murphy]

Even as far as like, you know, the crypto whale alerts, you're familiar with those.

[Co-host]

Yeah, I've seen that.

[Nick Murphy]

If people just see you move a thousand BTC on the blockchain, people are not like, oh, what's gonna happen? Exactly.

[Co-host]

Yeah, I saw one the other day where the guy had like 2,000.

[Nick Murphy]

Exactly. And what did everybody do? They sold like, well, yeah, everybody's like, what's gonna happen? Like somebody moves just at 2,000 and. Or 3,000 with thousand Bitcoin.

[Co-host]

Yeah.

[Nick Murphy]

Any of those. It's gonna make alerts in the blockchain. People like, oh, shit.

[Co-host]

Crazy. I wonder how Michael Saylor buys this because he buys huge TR buying is different.

[Nick Murphy]

That's dollars to crypto. You know, you can't track the dollars going into the market.

[Co-host]

Yeah, but I think he announces when he buys.

[Nick Murphy]

I mean, I couldn't tell you, man. I don't know if, if that's the smartest move or not. I don't know the guy, so I can't tell you. I've not watched his trading patterns.

[Co-host]

Do you do every coin or just the top ones?

[Nick Murphy]

So it depends what's niche about our business is? Yes, mainly. And I'll say, you know, market color wise, we've really only been seeing BTC eth Solana in stablecoin trades as of late for the majority. But our trading strategies don't just, you know, they're not just effective in the majors, they're also very effective in illiquid markets. So for example, let's say you're a crypto PR firm or a crypto law firm, right?

[Co-host]

Yeah.

[Nick Murphy]

That over the past couple of years you've had clients that you brought on and they've paid you partially in crypto, partially in cash, the crypto being their crypto coin on paper as that crypto PR firm or crypto law firm on paper, you might have a $2 million position of Shitcoin XYZ right now. If you look at the daily volume of trades, it might be trading $45,000. So how are you going to unwind that position? You can't. They can't. Your other desks out here, which are some of the greatest desks in the world that I've learned a lot from, you know, Cumberland, Falcon X, you know, Winter Mute, all these other desks that do amazing. I mean, these are the guys that have inspired me to do what I do, but they don't focus on that stuff, to my knowledge at least. But you know, these are trades that we will take because, you know, if it's something trading $100,000 in daily volume and you need to unwind a 2 million dollar position, if you were going to do it, you know, you would be paying a shitload in execution fees on the exchange. You would have to sit there and just click, click, click for hours.

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[Nick Murphy]

And it just the chances of it working the way it would with you doing it versus us doing it would be very different, you know, with us. You know, I could unwind that trade. It might take a month, might take even more than a month, but we can do it.

[Co-host]

I think the sec, with new leadership is going to change their stance on crypto.

[Nick Murphy]

Hey, we'll see, man. We'll see. I think they will too.

[Co-host]

I think they will.

[Nick Murphy]

It's been hell the last five years.

[Co-host]

Oh, man, they've gone after every US crypto company. All the big ones.

[Nick Murphy]

Yep, yep.

[Co-host]

All the exchanges.

[Nick Murphy]

And thank God some of them are fighting back.

[Co-host]

Yeah, I mean, they don't have any other choice.

[Nick Murphy]

I mean, that's the thing. Well, I mean, I don't think it's been the smartest thing for the, for the, for the SEC to do. They're pushing everybody offshore.

[Co-host]

Yep. And Trump just announced he wants no capital gains tax on US Cryptos.

[Nick Murphy]

Yep.

[Co-host]

Which is huge for you, right?

[Nick Murphy]

Yeah, Well, I mean, it's huge for everybody. Everybody, dude. Because my clients are not just us, they're global.

[Co-host]

Right.

[Nick Murphy]

But it's huge for everybody because what is it doing? It's just further legitimizing the, like the cryptocurrency industry.

[Co-host]

Yeah.

[Nick Murphy]

And that just makes more eyes on crypto more interesting. Crypto. I mean, hell, there's a chance that, you know, the US treasury ends up converting over to more of a digital system. We'll see.

[Co-host]

That'd be nuts. There has been rumors of them having a digital coin though, right? Yeah, that for years.

[Nick Murphy]

I mean, well, and Trump has said a lot of things about. He wants, you know, the US to be the biggest crypto holder in the world. Yeah, let's see what happens. I think that'd be good for everybody.

[Co-host]

That'd be major. When did you first get into crypto?

[Nick Murphy]

Oh, man, about 2013, 2014. Yeah, very early. Those. A lot of that, let's be very real. A lot of that's long gone, but full time professionally doing crypto since about 2016, 2017.

[Co-host]

And was this the first crypto company you pursued?

[Nick Murphy]

No, it wasn't. I launched a fund very early on right at the peak of the first market push, up and down. Learned a lot, but ended up switching things up, going to a couple other avenues, venues, different things, and finally found, you know, the niche of what I do now. And I've just built a big team around it and not a big team, let me say, let me take it back. Not a big team, but a very, very good team. Dedicated, hungry people. Smart, smart, brilliant people. I wanted to create the all star team for execution.

[Co-host]

I love that.

[Nick Murphy]

Yeah.

[Co-host]

And you're one of the top, if not the top in the world right now.

[Nick Murphy]

I mean, I'll say, you know, in terms of size wise, no, we're actually very, you know, very small in the grand scheme of things. But in terms of how we operate and the things that we do and the way we operate, I would, I would say confidently, we're one of the, you know, one of the best in the world of what we do.

[Co-host]

I mean, numbers don't lie.

[Nick Murphy]

I mean, that's the thing is, I mean, numbers online, like, how about this? How about a client retention rate of 100?

[Co-host]

Whoa.

[Nick Murphy]

That's what I like.

[Co-host]

In crypto, that's unheard of.

[Nick Murphy]

I mean, it's. We're picky with who we work with. And, you know, I like to just become friends with my clients, get to know them and better understand what they want.

[Co-host]

So you mix friendship and business.

[Nick Murphy]

You know, business becomes friendship if you do it the right way.

[Co-host]

Interesting. Yeah. That's a tricky thing to balance sometimes.

[Nick Murphy]

It definitely is, Definitely is.

[Co-host]

But I think you're right. If you do the business first, it's easier.

[Nick Murphy]

Of course. I mean, always, like, for us, we always just want to keep the clients best interest at heart. Like, I'm not greedy. I'm probably the least greedy person in this entire industry. Wow. I've built the entire business off referrals and we don't market anything. Send me people, Bob.

[Co-host]

I'm gonna send you some people for sure.

[Nick Murphy]

That's what we got.

[Co-host]

You. Do you have mentors showing you how to do this stuff? Sounds complicated.

[Nick Murphy]

Mentors have been the world to me. I would not be where I'm at without good mentorship. Chicago is like the heart of a good, you know, trading. I mean, it's, it's got the background with the futures industries. Everything that Chicago has done for the trading world. I have a list of mentors that, you know, without them, I would not be here. And, you know, there's maybe top five that really stick out that I talk to almost daily.

[Co-host]

Okay.

[Nick Murphy]

Just get guidance. You know, sometimes we'll just get our beers, shoot the shit. Just talk about markets, talk about, you know, problems that I'm going through or difficulties that I'm dealing with in terms of running the company or the business or certain just market, you know, situations. But the mentors have helped me learn so much, and so then I like to really give back and, like, pay that forward. So I try to, like, teach. And. And my favorite part of my job, honestly, is, like, bringing new people on and, like, helping them grow and succeed.

[Co-host]

Yeah.

[Nick Murphy]

Yeah.

[Co-host]

They've saved me a ton of time, money, and stress, man.

[Nick Murphy]

Oh, dude. Without a doubt, man.

[Co-host]

My first lawsuit, I was tripping without a mentor.

[Nick Murphy]

Same, same. Yes, yes.

[Co-host]

The world was ending.

[Nick Murphy]

So did I. And now it's like. It's like, as. I think you can say. You can agree, though, like, as you get older, problems that you thought were, like, huge at age 23 at the time, they were.

[Co-host]

Yeah.

[Nick Murphy]

But as you get older, you know, you get smarter as the problems get harder.

[Co-host]

Yeah.

[Nick Murphy]

So, yeah, shit's still tough now, but if you're going to be real when you're mentoring somebody, got to tell them, like, shit doesn't get easier.

[Co-host]

Yeah, 100%. They say money makes it easier, but I don't know.

[Nick Murphy]

Yeah, I mean, it makes it more enjoyable, but. Yeah, but. No, but it does not make it easier. I mean, it's all about just learning. I try to go into any scenario and learn. So I'm actually curious of how you got to where you're at. Okay. I have to tell you, I was just looking on ebay, where I go for all kinds of things I love. And there it was, that hologram trading card. One of the rarest. The last one I needed for my set. Shiny, like the designer handbag of my dreams. One of a kind.

[Co-host]

Ebay had it.

[Nick Murphy]

And now everyone's asking, ooh, where'd you get your windshield wiper? Ebay has all the parts that fit my car. No more annoying, just beautiful.

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[Nick Murphy]

EBay.

[Activia Representative]

Things people love.

[Co-host]

A lot of failure, honestly. Lost. Lost all my money twice.

[Nick Murphy]

Been there.

[Co-host]

Had mental health issues.

[Nick Murphy]

Yeah.

[Co-host]

The whole entrepreneurial journey.

[Nick Murphy]

I mean, it's not easy.

[Co-host]

No, it's glorified these days, which I don't think is. Is good.

[Nick Murphy]

Yeah.

[Co-host]

Social media, it's.

[Nick Murphy]

I mean, that's why I really. I don't even have notifications for Instagram anymore. I'm just like, I don't. Don't want to see this shit. Yeah, it's a distraction, and it's like so glorified of the positives. Like, I've thought about just doing like, you know, an Instagram page of real shit. Like here's Tuesday. I'm kind of pissed off today. What do we got?

[Co-host]

But I thought about it too. It just, let's be honest, doesn't get the views as the materialistic posts.

[Nick Murphy]

I mean, it's like, why the fuck should we be posting anyway?

[Co-host]

Yeah. And the lifestyle posts. And that's how people get drawn into entrepreneurship, which is a terrible no.

[Nick Murphy]

But I'm, I'm all for that. I love, I'm always like, say, say some. I'm going to use an example. Somebody that I went to college with, you know, or high school with, starts a clothing brand, right. That I can 99.9% guarantee is going to fail. I will still be the first person to buy that shit because I'm proud of them for taking the leap of faith. You know what I mean? The leap of faith to get out of corporate, to do their own thing. Because even if you fail, which I failed. You failed. We've all failed. You still took the leap of faith. And that's like the hardest part at the start.

[Co-host]

Yeah, that's a big step. I remember my first business was in the clothing space. I thought it'd be a huge company.

[Nick Murphy]

I mean, but that's. It could have been, but like the. What were you doing before that?

[Co-host]

I was doing. I was just a college student. I was broke.

[Nick Murphy]

Okay.

[Co-host]

Then I started an apparel.

[Nick Murphy]

So you went straight into entrepreneurship?

[Co-host]

Yeah. I never had a job.

[Nick Murphy]

That's crazy. I did corporate for like a year and I'm like, nope, I'm giving on this.

[Co-host]

I knew it wasn't for me. Yeah, it's working for someone else.

[Nick Murphy]

No, I mean it's just like the freedom to do what you want, but also like. So okay, so you had the leap of faith but you did it on your own. That was just very cool.

[Co-host]

Well, I had a safety net, you know, my mom's upper middle class, so if it failed, I knew I could just live in her basement or whatever. So that.

[Nick Murphy]

And I tell you what, if everything went to today, I would rather go back and live in my parents basement for two years if I had to rebuild something.

[Co-host]

Yeah, I'd rather do that than, you know, not try at all.

[Nick Murphy]

Yeah, exactly.

[Co-host]

College debt and six figures.

[Nick Murphy]

Which one are your thoughts on college?

[Co-host]

It's terrible. I mean, we just paid off my fiances and it was just like years of interest and. Yeah, it's terrible.

[Nick Murphy]

It's Crazy. I just don't know. Is it going to stay? Is going to go away? Who the fuck knows?

[Co-host]

I know I thought it was going to go away that one time, but someone vetoed it or something.

[Nick Murphy]

I don't know.

[Co-host]

Did you go to college?

[Nick Murphy]

I did, I did. I went to University of Missouri.

[Co-host]

Okay. Was it worth it?

[Nick Murphy]

I mean, was it worth it? Yes. I'm not going to regret going. I made a lot of good friends, but I had a lot of fun.

[Co-host]

Okay. That's where the partying started for you.

[Nick Murphy]

We had a good time, but still, you know, it's. I definitely learned a lot about people and interacting with people. In terms of the coursework, there's been many times I'm like, yeah, I would much more appreciate some of those business classes now.

[Co-host]

Yeah.

[Nick Murphy]

But even then, like, why would I go back now? I mean, I graduated. I have a degree.

[Co-host]

What's your degree?

[Nick Murphy]

It's business marketing and finance.

[Co-host]

Okay.

[Nick Murphy]

Yeah.

[Co-host]

So you're actually using that?

[Nick Murphy]

I mean, I am, but like, you know, realistically, did I actually learn the stuff there that I do here? I don't know, man. I'm sure the principles are there.

[Co-host]

Yeah.

[Nick Murphy]

But I think for me at least, hands on and being in the, you know, in the grind, doing this stuff is where you really learn it all.

[Co-host]

We got to talk about your mottos.

[Nick Murphy]

No, the mottos got three mottos. I do. I have three models of life that I highly encourage other people to put. No, I have it. I had it on my phone's over there, but I had it as the wallpaper of my phone. And I still do, but I would send it to other people and I got to the point where I had to put my fucking signature on it because everybody else was using it. Model one, fuck them all. I'll explain that. Because the second that you stop caring about what other people think is when your life really changes. In my opinion, we can come back to that. Rule 2, motto 2 is a question that you can ask yourself and it applies to almost any situation. Rule two, does it make a difference? Because most of the time it doesn't actually make a difference. Like, you know, you'd be like pissed off, you're stuck in traffic, you know this. That doesn't actually make a difference. No, it really doesn't. You know, in a deal setting or this or that or whatever. Ask yourself the question. Doesn't make a difference. Probably doesn't. Rule 3 is the toughest one of them all. Don't overthink. Very difficult.

[Co-host]

Yeah.

[Nick Murphy]

I'm an Overthinker. But if you combine all three of these and take a deep breath every now and then, not too bad. Yeah. Yeah.

[Co-host]

I love all those. Yeah. The overthinking man. I used to be the biggest overthinker.

[Nick Murphy]

I still am.

[Co-host]

I would lay in bed at night and think about.

[Nick Murphy]

I mean, I was just telling you, I was texting, I was texting my team this morning at 2 in the morning, like, what do you think of this? What do you think of this? Yeah, but I mean, it's just taking a step back sometimes is not. Not the worst thing.

[Co-host]

Yeah. You got to be in the present. Yeah. The first one though, that, that was a game changer. I grew up a massive people pleaser and I would put other people before me for like, probably 20 years.

[Nick Murphy]

That's. How do you do now?

[Co-host]

I don't do it now. I mean, I'm still pretty giving, I think, but in the right setting. But now I really got to put me and my family first.

[Nick Murphy]

You have to. I mean, it's. At the end of the day, the only thing you could like actually control is yourself.

[Co-host]

Yeah.

[Nick Murphy]

And that's hard to realize, hard to understand. And I'm still the same way too. Like, I'm a people pleaser still, but I'm learning every day that I need to focus on me too.

[Co-host]

Yeah. Yeah. It was from, for me at least, is from childhood trauma. Not fitting in, trying to like, please everyone.

[Nick Murphy]

Yeah. No, I've. I've also got childhood trauma as well. Man, it's tough. I think everybody's got some sort of trauma in their life.

[Co-host]

Yeah.

[Nick Murphy]

And it's just how you kind of fuel that energy into like something positive. Yeah.

[Co-host]

Well, I noticed a lot of entrepreneurs have some deep trauma, actually.

[Nick Murphy]

Yeah, that's like. Actually it's funny you mentioned that. And this was not at all planned, by the way, but it's pretty much that. Because I think that there should be some sort of. I've been thinking about maybe doing a nonprofit or something specifically geared towards like high level and high achieving people, mental health. Because I've found, like, I'm more likely to talk to you as another successful entrepreneur about difficult scenarios or like problems that I'm going through, because you've probably been through very similar ones.

[Co-host]

Right.

[Nick Murphy]

So it's like, you know, being able to like, talk to that stuff. Not more like mentor to mentee, but like just friend to friend and like, I don't know, it's interesting.

[Co-host]

Yeah. Like aa, but just entrepreneurial trauma.

[Nick Murphy]

Yeah. Yeah, exactly. We can think of A fun name for it, but I mean, we'll see. But. Yeah, but I mean, it's just like. It's just. There's a lot of trauma, dude. Half the days we go through a traumatic, like, you know, there's days where we have great days. There's days. We have days.

[Co-host]

And that's something you got to realize. It's not going to be up and up the whole time.

[Nick Murphy]

No. I mean, nothing moves up in a straight line.

[Co-host]

Yeah. So now when I. I've had bad days, I'm like, all right, that was needed.

[Nick Murphy]

Yeah.

[Co-host]

Things have been too good.

[Nick Murphy]

I mean, the timing is always right on point where it should be. I mean, you don't realize it in the moment, but maybe a year from now you do.

[Co-host]

Yeah, absolutely. What's been some. Some of the highs for you and some of the lows.

[Nick Murphy]

Highs and lows in general or what?

[Co-host]

Yeah. Be more specific with your business stuff.

[Nick Murphy]

I guess with business, man. The last. The last year and a half, two years, banking has been tough in the United States. Yeah, it's been a really tough problem to do anything. Crypto banking, you got shut down. Oh, yeah, man. I mean, but like, different accounts. You know, the major banks, they just hate crypto. And I think a lot of this is tainted by the bad actors in the game. Like, we were just talking about the kid who did the massive rug yesterday.

[Co-host]

I mean, there's fucking massive.

[Nick Murphy]

I mean, for him, it was like, you know, like, that's the kind of thing that makes crypto look bad. And then it's like, you know. You know, I think a lot of people screw up with their banking and have screwed people like you and I on our banking. I tell my banking people, I'm like, this is exactly what I do. Here's how my business is going to work. Here's how the flow of funds is going to work. This is what I do. Boom. And they're okay with it. Until they're not. Then all of a sudden, boom, accounts are shut.

[Co-host]

Yep. I got banned because someone that was in crypto just sent me money.

[Nick Murphy]

Just was somebody random.

[Co-host]

Like, he got banned. So, like, I guess everyone he sent money to got banned, too.

[Nick Murphy]

What do you do?

[Co-host]

I don't know.

[Nick Murphy]

That's the problem, though. Is he bad actors in the space?

[Co-host]

Probably, yeah.

[Nick Murphy]

I mean, but now you can breathe and they'll kill your account. Like, it's ridiculous.

[Co-host]

It's nuts, dude.

[Nick Murphy]

I mean, there. There's probably, I don't know, five, six different crypto banks in the US that I think Do a fantastic job. But they want you to keep a million on reserve. It's like, why the fuck are we not trading that? Like, I should be trading that money, not leaving it in the account.

[Co-host]

Yeah, Banking. I'm on my third one, man, so hopefully they figure that out.

[Nick Murphy]

Which one are you using? Got to keep a million in there.

[Co-host]

Keep that secret. Got to talk about your dog, man.

[Nick Murphy]

Yeah, the dog. Wait, wait, wait. Which part?

[Co-host]

You painted your Labradoodle.

[Nick Murphy]

So. So, okay, so long story short, the name of the company, Ace Trading is actually. Because my dog, his name is Ace. He's about. He actually. Dude, today's his birthday. He turns five today. He turns five today? Yeah. So you gotta go. Go home, get him a cake and whatnot. But no. So whenever I made this company, created this company, I'm like, what the hell should I name this thing? And somebody jokingly said, just name it after your dog. And I was like, fuck it, we'll just name it Ace. And afterwards I was like, actually, this is a great idea because it's a three letter word and it starts with A, so it's at the top of every list of every, like, directory. A, Ace. Boom. Easy. And I like the way, like, if you think about how like two of my counterparties are talking, like, oh, who'd you execute that trade through? Like, oh, I did it through Ace. It just sounds good.

[Co-host]

Clean.

[Nick Murphy]

It's clean. So, yeah. So Ace Trading, my second dog, my younger dog. So he's actually named after Dom Perignon. So he's Dom. So I have Ace and Dom. Ace of spades, Dom Perignon. So one of my offshore entities is called Dom Cap. So I'm either gonna have to find more alcohol brands or more, I don't know. But definitely. So. So yes, to. Back to your point. Yeah, for Halloween a couple years ago, the groomer, he was like, yeah, we should. We should paint him. Like, do some like, dog dye. And this is before everybody was doing it.

[Co-host]

Yeah.

[Nick Murphy]

Because now it's pretty common. It's all over the Internet. But no, he looked like a Bengal tiger. For a year. It lasted a year. Damn. Yeah. Cars would pull over on the side of the road.

[Co-host]

Holy crap. Yeah, we'll throw up the image on the. On the pod.

[Nick Murphy]

Yeah, no, there's some good ones. There's a lot of good ones. He looked straight up. And people. I like to fuck with people. It's like I'd be walking the dog and people be like, oh, like, what kind of dog is that? Like, is it? And I like it. Got to the point where it got asked so frequently that I have like a full tale of the story. Like, oh, yeah, it's a tiger doodle. Like, like, no way. I'm like, yeah, I think he's like the second or third one in Chicago. And like, you know, like, no way. I'm like, yeah, yeah, look him up on Google. Blah, blah, blah. Yeah, people loved it, but I didn't because I didn't realize the walks would take 10 times as long.

[Co-host]

Ah, that's funny, dude. I love dogs, though. I got two dogs.

[Nick Murphy]

What kind of.

[Co-host]

You have Australian shepherd and golden mountain dog.

[Nick Murphy]

Golden mountain, you heard about.

[Co-host]

No, it's a golden retriever and Bernie's mountain dog.

[Nick Murphy]

Okay, so yeah, we got the golden doodle Ace and then the Aussie doodle Dom.

[Co-host]

Nice.

[Nick Murphy]

So the energy of the Aussies, man, Crazy.

[Co-host]

Oh, man, he's run bouncing off the walls all day.

[Nick Murphy]

That's.

[Co-host]

That's.

[Nick Murphy]

How old is he?

[Co-host]

He's just turned six.

[Nick Murphy]

Okay. Yeah, yeah. So yeah, man, there's aces five today. Dom is one. Yeah, Dom is nuts.

[Co-host]

I bet that young puppy energy. Dogs changed my life, though.

[Nick Murphy]

Same, same.

[Co-host]

I had terrible anxiety before.

[Nick Murphy]

Same, bro.

[Co-host]

It went away as soon as I got one.

[Nick Murphy]

Yep.

[Co-host]

Isn't that crazy?

[Nick Murphy]

And they, like, they sense your energy. Like if I'm like in one of those moods and I just sit down on the couch or anybody, anybody that's at my house, they will both go to slay by them. Crazy and just chilling. Yeah, I agree, man. Though Ace and Dom saved my life.

[Co-host]

Yeah. If you guys are dealing with anxiety, get a dog.

[Nick Murphy]

Thousand.

[Co-host]

Game changer. What's next for you, man? What are you working on?

[Nick Murphy]

Just building, building, building. I mean, now the banking is, you know, for what I can tell, knock on what's solved. We can actually scale the business.

[Co-host]

Nice.

[Nick Murphy]

Oh, yeah. The company just hit its ear mark back in September. So very proud of all that we've achieved this.

[Co-host]

Year old.

[Nick Murphy]

Yeah. This company. Yeah, damn. This company is a year old. Well, a little bit over, but I was doing similar stuff before and ended up just kind of spinning this company out of the last company I'd founded with just, you know, bigger goals and I really want to push this thing. You know, it's a very niche service. The way we do things, the way we trade and like service our clients. Very like hot, like high end white glove service. It's all objective based. Like I said, my goal is to keep expanding, growing, building, teaching the team, you know, the right attitude, the mental, you know, the morals of the company just doing the right thing, not fucking people over. And that's another thing in this business I feel like happens way too often is people just, they're all for like one rip off somebody and then one and done like I don't want to just make a rip off somebody and audios by. I want to have them as a client for life.

[Co-host]

Right.

[Nick Murphy]

I think that's why even moving company to company for my leaving my last firm to this, I have 100% client retention rate. I've got the best clients ever. Like, without them in my network, none of this would have been possible.

[Co-host]

I love it.

[Nick Murphy]

But, but I want to get, you know, if, if, if somebody new comes in as a client, I want to service them so well that they, they are always thinking about me. They're thinking about my business. They hear crypto, they think Nick Murphy, they think ace trading. Because I want them, I want their cousins, I want their brother, I'm with their friends, everybody. And to provide everybody the same level of just top notch service.

[Co-host]

That's the way to do it, man. Yeah. Because crypto space, man, there's a lot of scams.

[Nick Murphy]

There's a lot of scams. There's a lot of like, you know, there's a lot of really good people, a lot of not scams, let's be real. But there's a lot of bullshit too.

[Co-host]

Yeah.

[Nick Murphy]

And it's like, you know, a friend and another mentor of mine once told me, I won't, I won't get into business what he does. But, but he once told me, you shouldn't worry about that. That's what I'm here for. I'm here to worry about that for you. So it's like if, if, if we're, you know, involved in anything crypto execution wise, it's like, don't worry about it. I don't want my people to worry about it. Like, let us deal with it and handle it for you. It's like if you're sick, what do you do? Do you go to the doctor or do you go to your buddy that went to med school for a semester? I go to the doctor. If you get le. If you need legal help, what do you do? Do you go to an attorney or do you go to like a fraternity brother that maybe went to like half a semester and off?

[Co-host]

Yeah.

[Nick Murphy]

Or chatgpt. I was gonna say no. It's like, so when it comes to trading, like if you want to do, if you want to execute large scale trades with little to no market impact, come to me. Come to us. Come to Ace.

[Co-host]

It's a great service because people don't realize when you have that much and you sell, you don't get all of that in cash.

[Nick Murphy]

Buy, sell whatever it is. I mean, crypto to crypto, fiat to crypto. Like, if you don't do it the smart way, you know, like, and execute it, you know, we. We are 100% algorithmic. Like, we'll chip away positions and not impact the market. That's the whole goal.

[Co-host]

That's the key. Because when you sell a big position, you could tank a coin, like, easily 5, 10%.

[Nick Murphy]

Easily, if not more.

[Co-host]

Yeah, yeah. I've seen some wild slippage, actually.

[Nick Murphy]

I mean, and that's. Especially with some of the defi coins now. Yeah, yeah. We actually have been able to. I've got a good friend that built out a defi execution platform, like a defi execution layer that's. I think he's going to be releasing soon. But like I said, good friend of mine, we've been using it some here and there, but it actually allows us to trade high frequency in defi.

[Co-host]

Wow.

[Nick Murphy]

Without incurring all those fees of gas.

[Co-host]

Sometimes.

[Nick Murphy]

Sometimes we have positive slippage.

[Co-host]

What?

[Nick Murphy]

Yeah.

[Co-host]

How is that possible?

[Nick Murphy]

That's more technical than I. But, yeah, I mean, keep an eye out for that. I mean, it's. There's a lot of things cooking.

[Co-host]

Hell yeah. We'll link your site below and your Instagram. Anything else, my man.

[Nick Murphy]

You know, I really just want to appreciate, you know, bringing us on and. Yeah, man, just keep doing what you're doing. I'm proud of you as an entrepreneur.

[Co-host]

Thank you. Great meeting you, man.

[Nick Murphy]

You as well.

[Co-host]

Y. Thanks for watching, guys.

[Nick Murphy]

Peace.