The Hidden Truth About Crypto Trading: Market Maker Reveals All | Nick Murphy DSH #915

Summary

Digital Social Hour Podcast Episode Summary

Title: The Hidden Truth About Crypto Trading: Market Maker Reveals All | Nick Murphy DSH #915
Host: Sean Kelly
Guest: Nick Murphy
Release Date: November 23, 2024

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Introduction

In episode #915 of the Digital Social Hour, host Sean Kelly engages in a deep and insightful conversation with Nick Murphy, a seasoned expert in cryptocurrency trading and market making. The episode delves into the intricacies of crypto trading, the role of market makers, the impact of regulatory changes, and the personal and professional challenges faced by entrepreneurs in the digital financial landscape.

Key Discussions

1. Understanding Market Making in Crypto Trading

Nick Murphy provides an in-depth explanation of his role as a market maker in the cryptocurrency space. He elaborates on how market makers facilitate large-scale trades without causing significant market volatility.

Nick Murphy [03:07]: "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 are over-the-counter trades—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."

2. Navigating Market Volatility

The conversation highlights how market volatility directly affects Nick's business. He emphasizes that increased volatility leads to more trading activity, which benefits his operations.

Nick Murphy [02:20]: "With our business, we are solely caring about volatility and trading the volatility. So if the markets are volatile, we're doing well."

3. Regulatory Challenges and the SEC's Stance

Nick discusses the ongoing regulatory challenges faced by the cryptocurrency industry, particularly the stringent actions taken by the SEC against crypto companies. He speculates on potential shifts in regulatory approaches under new leadership.

Nick Murphy [07:33]: "I think the SEC, with new leadership, is going to change their stance on crypto. They've gone after every US Crypto company, all the big ones."

4. The Importance of Mentorship and Personal Growth

Both Nick and Ryan Reynolds (the guest) share their experiences with mentorship, emphasizing its critical role in navigating the entrepreneurial journey and overcoming personal challenges.

Nick Murphy [11:10]: "Mentors have been the world to me. I would not be where I'm at without good mentorship."

5. Balancing Entrepreneurship and Mental Health

The duo candidly discusses the mental health struggles that often accompany the entrepreneurial path. They advocate for open conversations and support systems to address these issues.

Ryan Reynolds [18:15]: "I've been thinking about maybe doing a nonprofit or something specifically geared towards high-level and high-achieving people. Mental health."

6. Personal Anecdotes: The Role of Pets in Managing Anxiety

Nick and Ryan share heartwarming stories about their dogs, Ace and Dom, highlighting how pets can significantly alleviate anxiety and improve mental well-being.

Nick Murphy [24:38]: "If you guys are dealing with anxiety, get a dog. Game changer."

7. Future Plans and Business Expansion

Looking ahead, Nick outlines his vision for expanding his company, Ace Trading, into Asian and Indian markets. He discusses the potential and challenges of entering these regions, particularly regarding regulatory environments.

Nick Murphy [25:35]: "Asia is tough to penetrate. It's more about regulatory banking and previous relationships they have."

8. Ethical Practices and Client Relationships

Nick emphasizes his commitment to ethical trading practices and maintaining long-term relationships with clients. He contrasts his approach with prevalent scams in the crypto space, stressing the importance of trust and reliability.

Nick Murphy [26:13]: "I want to have them as a client for life. Provide everybody the same level of just top-notch service."

Notable Quotes

• Nick Murphy [03:07]: "At heart, we are what's called a market maker. So, you know, I've got the market maker mentality."

• Ryan Reynolds [18:15]: "I've been thinking about maybe doing a nonprofit or something specifically geared towards high-level and high-achieving people. Mental health."

• Nick Murphy [24:38]: "If you guys are dealing with anxiety, get a dog. Game changer."

Conclusions and Takeaways

This episode of the Digital Social Hour offers a comprehensive look into the world of cryptocurrency market making through the lens of Nick Murphy's experiences. Listeners gain valuable insights into:

• The strategic operations of market makers in maintaining market stability.
• The direct correlation between market volatility and trading business success.
• The significant impact of regulatory bodies like the SEC on the crypto industry.
• The indispensable role of mentorship in personal and professional development.
• The importance of addressing mental health within the entrepreneurial journey.
• Ethical business practices as a cornerstone for long-term client relationships.
• Future prospects and challenges in expanding crypto trading services globally.

Nick Murphy's transparent discussion provides aspiring entrepreneurs and crypto enthusiasts with actionable knowledge and motivation to navigate the complex and ever-evolving digital financial landscape.

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Connect with Nick Murphy:

• Website: Ace Trading
• Instagram: @NickMurphyCrypto

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Disclaimer: This summary is based on the provided transcript and is intended for informational purposes only.

Transcript

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[Nick Murphy]

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40 gigabyte CT detail using the 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.

[Nick Murphy]

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

[Ryan Reynolds]

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.

[Nick Murphy]

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

[Ryan Reynolds]

That's what we do. Come on. All right, we got the Vegas time.

[Nick Murphy]

Though, you know, let's go.

[Ryan Reynolds]

Two hours behind, so I.

[Nick Murphy]

Ace of spades too.

[Ryan Reynolds]

Hey, you know, you got a rep.

[Nick Murphy]

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

[Ryan Reynolds]

Very busy, man. Very busy trading.

[Nick Murphy]

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

[Ryan Reynolds]

Business is booming, it says, 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.

[Nick Murphy]

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

[Ryan Reynolds]

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.

[Nick Murphy]

Right.

[Ryan Reynolds]

Um. Interesting times for sure, man.

[Nick Murphy]

Yeah, yeah. You think this time will stick around?

[Ryan Reynolds]

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.

[Nick Murphy]

Yeah. So the more volatile, the better.

[Ryan Reynolds]

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.

[Nick Murphy]

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

[Ryan Reynolds]

We've had much bigger.

[Nick Murphy]

Really?

[Ryan Reynolds]

Yes.

[Nick Murphy]

And a thousand.

[Ryan Reynolds]

Yes.

[Nick Murphy]

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

[Ryan Reynolds]

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.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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

[Nick Murphy]

Yeah, I've seen that.

[Ryan Reynolds]

If people just see you move a thousand BTC on the blockchain, people are now like, oh shit, what's gonna happen? Exactly.

[Nick Murphy]

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

[Ryan Reynolds]

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

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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

[Nick Murphy]

I wonder how Michael Saylor buys this. Because he buys huge tranches, right?

[Ryan Reynolds]

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

[Nick Murphy]

Yeah, but I think he announces when he buys.

[Ryan Reynolds]

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

[Nick Murphy]

Do you do every coin or just the top ones?

[Ryan Reynolds]

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 and 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?

[Nick Murphy]

Yeah.

[Ryan Reynolds]

That over the past couple years you've had clients that you brought on and they've paid you partially in crypto, partially in cash. Their 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 shit coin 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 now, I don't know how you trade, maybe you would do it the right way but you know, you would be paying a shitload in execution fees on the exchange. You would have to sit there and just want to Shop Walmart Black Friday deals first. Walmart plus members get early access to our hottest deals. Join now and get 50% off a one year annual membership. Shop Black Friday deals first with Walmart.

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[Ryan Reynolds]

Click, click, click for hours. 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. And if we can't do it, there are times when we can. I mean, everything has to be approved by legal. You know, the last thing that I want to do is get in trouble with the sec.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

It's just not fun. And they're clearly got an eye out for crypto. But no, I mean, we can definitely do, you know, coins like that. Wouldn't say we do every coin because again, it has to be approved by our legal team and everything's above board. You know, I've got one of the people on our legal team that advises us is ex US District Attorney this Southern District of New York. Like, that's on our team. So if we can touch it, we can. If we can't, we can't.

[Nick Murphy]

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

[Ryan Reynolds]

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

[Nick Murphy]

I think they will.

[Ryan Reynolds]

It's been hell the last five years. Oh, man.

[Nick Murphy]

They've gone after every US Crypto company, all the big ones.

[Ryan Reynolds]

Yep. Yep. All the exchanges, and thank God, some of them are fighting back.

[Nick Murphy]

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

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

Yep.

[Nick Murphy]

Which is huge for you, right? Yeah.

[Ryan Reynolds]

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

[Nick Murphy]

Right.

[Ryan Reynolds]

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

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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.

[Nick Murphy]

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

[Ryan Reynolds]

Yeah, that.

[Nick Murphy]

For years.

[Ryan Reynolds]

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.

[Nick Murphy]

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

[Ryan Reynolds]

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.

[Nick Murphy]

And was this the first crypto company you pursued?

[Ryan Reynolds]

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 that 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.

[Nick Murphy]

I love that.

[Ryan Reynolds]

Yeah.

[Nick Murphy]

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

[Ryan Reynolds]

I mean, I'll say what, 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 at what we do.

[Nick Murphy]

I mean, numbers don't lie.

[Ryan Reynolds]

I mean, that's the thing is, I mean, numbers don't lie. And like, how about this? How about a client retention rate of 100%?

[Nick Murphy]

Whoa.

[Ryan Reynolds]

That's what I like in crypto.

[Nick Murphy]

That's unheard of.

[Ryan Reynolds]

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.

[Nick Murphy]

So you mix friendship and business.

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

It definitely Is definitely is.

[Nick Murphy]

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

[Ryan Reynolds]

Of course, I mean, always, like, for us, we always just want to keep the client's best interest at heart. Like, I'm not greedy. I'm probably the least greedy person in this entire industry.

[Nick Murphy]

Wow.

[Ryan Reynolds]

I've built the entire business off referrals, and we don't market anything, so. Yeah, we'll get you on a referral agreement. Send me people, Bob.

[Nick Murphy]

I'm gonna send you some people for sure.

[Ryan Reynolds]

That's what we got.

[Nick Murphy]

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

[Ryan Reynolds]

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.

[Nick Murphy]

Okay.

[Ryan Reynolds]

Just get guidance. You know, sometimes we'll just care about beers. Shoot. The 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 my favorite part of my job, honestly, is, like, bringing new people on and, like, helping them grow and succeed.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

Yeah.

[Nick Murphy]

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

[Ryan Reynolds]

Oh, dude.

[Nick Murphy]

Without a doubt, my first lawsuit. I was tripping without a mentor.

[Ryan Reynolds]

Same. Same.

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[Ryan Reynolds]

Yes. Yes.

[Nick Murphy]

The world was ending.

[Ryan Reynolds]

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.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

Yeah, I mean, it makes it more enjoyable, but. But, no, but it does not make it easier. I mean, it's, It's. It's all about, like, just learning. It's like, I try to go into any scenario and learn. So I'm actually curious of how you got to where you're at.

[Nick Murphy]

A lot of failure, honestly.

[Ryan Reynolds]

Lost.

[Nick Murphy]

Lost all my money twice.

[Ryan Reynolds]

Been there.

[Nick Murphy]

Had mental health issues.

[Ryan Reynolds]

Yeah.

[Nick Murphy]

The whole entrepreneurial journey.

[Ryan Reynolds]

I mean, it's. It's not easy.

[Nick Murphy]

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

[Ryan Reynolds]

It's. 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?

[Nick Murphy]

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

[Ryan Reynolds]

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

[Nick Murphy]

Yeah. And the lifestyle posts. And that's how people get drawn into entrepreneurship, which is a terrible.

[Ryan Reynolds]

No, but 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 fucking leap of faith. And that's like the hardest part at the start.

[Nick Murphy]

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

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

Okay.

[Nick Murphy]

Then I started an apparel.

[Ryan Reynolds]

So you went straight into entrepreneurship?

[Nick Murphy]

Yeah, I never had a job.

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

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.

[Nick Murphy]

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.

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

Yeah, exactly.

[Nick Murphy]

College debt and six figures, which, what.

[Ryan Reynolds]

Are your thoughts on college?

[Nick Murphy]

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

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

I don't know, man.

[Nick Murphy]

Did you go to college?

[Ryan Reynolds]

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

[Nick Murphy]

Okay. Was it worth it?

[Ryan Reynolds]

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.

[Nick Murphy]

Okay, that's where the partying started for you.

[Ryan Reynolds]

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.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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

[Nick Murphy]

What's your degree?

[Ryan Reynolds]

It's business marketing and finance.

[Nick Murphy]

Okay.

[Ryan Reynolds]

Yeah.

[Nick Murphy]

So you're actually using that?

[Ryan Reynolds]

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.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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.

[Nick Murphy]

We got to talk about your mottos.

[Ryan Reynolds]

No, the mottos.

[Nick Murphy]

You got three mottos.

[Ryan Reynolds]

I, I do. I have three Mottos of life that I highly encourage other people to put it. 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 signature on it because everybody else was using it. Model one, 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. Does it actually make a difference? No, really doesn't. You know, in a deal setting or this or that or whatever. Ask yourself the question. Does it make a difference? Probably doesn't. Rule 3 is the toughest one of them all. Don't overthink shit. Very difficult. Yeah, 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.

[Nick Murphy]

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

[Ryan Reynolds]

I still am.

[Nick Murphy]

I would lay in bed at night and think about.

[Ryan Reynolds]

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. Taking a step back sometimes is not. Not the worst thing.

[Nick Murphy]

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.

[Ryan Reynolds]

That's. How do you do now?

[Nick Murphy]

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.

[Ryan Reynolds]

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

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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.

[Nick Murphy]

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

[Ryan Reynolds]

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.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

Yeah, that's like. Actually, it's funny you mentioned that, and this was not at all planned, by the way, but it's funny you mentioned that because I think that there should be some sort of a. 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.

[Nick Murphy]

Right.

[Ryan Reynolds]

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.

[Nick Murphy]

Yeah. Like aa, but just entrepreneurial trauma.

[Ryan Reynolds]

Yeah. I don't know. We could. Yeah, exactly. We can think of a fun name for it. But I mean, we'll see. But. But I mean, it's just like. It's just there's a lot of trauma in. 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.

[Nick Murphy]

And that's something you got to realize. It's not going to be up and up the whole time. No.

[Ryan Reynolds]

I mean, nothing moves up in a straight line.

[Nick Murphy]

Yeah. So now when I. I have bad days, I'm like, all right, that. That was needed. Yeah, things have been too good.

[Ryan Reynolds]

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.

[Nick Murphy]

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

[Ryan Reynolds]

Highs and lows in general or what?

[Nick Murphy]

Yeah. Be more specific with your business stuff.

[Ryan Reynolds]

I guess with business, man. Shit, 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.

[Nick Murphy]

I mean, there's fucking massive.

[Ryan Reynolds]

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 shit.

[Nick Murphy]

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

[Ryan Reynolds]

Just somebody random.

[Nick Murphy]

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

[Ryan Reynolds]

What do you do?

[Nick Murphy]

I don't know.

[Ryan Reynolds]

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

[Nick Murphy]

Probably, yeah.

[Ryan Reynolds]

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

[Nick Murphy]

It's nuts.

[Ryan Reynolds]

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.

[Nick Murphy]

You're losing money daily, leaving it there.

[Ryan Reynolds]

I mean, you're not losing it. You're just missing out on money.

[Nick Murphy]

I mean, with inflation and stuff, you know, it's crazy.

[Ryan Reynolds]

But now we finally, after months and months of, like, hard work and trying to find a good banking partner, I think we finally found it. We just partnered up with Metropolitan Capital in Chicago. Great bank. Everything's been working great so far.

[Nick Murphy]

Nice. You got to keep a million in it, though.

[Ryan Reynolds]

Nope. Okay, take that part out.

[Nick Murphy]

Yeah, we're gonna ruin it for everyone.

[Ryan Reynolds]

Yeah, exactly.

[Nick Murphy]

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

[Ryan Reynolds]

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

[Nick Murphy]

Keep that secret. We gotta talk about your dog, man.

[Ryan Reynolds]

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

[Nick Murphy]

You painted your Labradoodle.

[Ryan Reynolds]

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.

[Nick Murphy]

Clean.

[Ryan Reynolds]

It's clean. So, yeah, so Ace training my second dog, my younger dog. So he's actually named after Dom Perion. So he's Dom. So I have Ace and Dom, Ace of Spades, Dom Peron. So one of my offenses is called Dom Cap. So I'm either going to 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.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

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 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.

[Nick Murphy]

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

[Ryan Reynolds]

What kind of.

[Nick Murphy]

You have Australian shepherd and Golden Mountain dog.

[Ryan Reynolds]

Golden Mountain, you heard about.

[Nick Murphy]

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

[Ryan Reynolds]

Okay, so, yeah, we got the Golden Doodle Ace and then the Aussie Doodle D. Nice. So the energy of the Aussies, man.

[Nick Murphy]

Crazy, man. He's run Bouncing off the walls all day. That's, that's.

[Ryan Reynolds]

How old is he?

[Nick Murphy]

He's just turned six.

[Ryan Reynolds]

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

[Nick Murphy]

Yeah.

[Ryan Reynolds]

Dom is nuts.

[Nick Murphy]

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

[Ryan Reynolds]

Same. Same.

[Nick Murphy]

I had terrible anxiety before.

[Ryan Reynolds]

Same, bro.

[Nick Murphy]

It went away as soon as I got one.

[Ryan Reynolds]

Yep.

[Nick Murphy]

Isn't that crazy?

[Ryan Reynolds]

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 chill. Yeah. But I agree, man though. Ace and Dom saved my life.

[Nick Murphy]

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

[Ryan Reynolds]

Thousand.

[Nick Murphy]

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

[Ryan Reynolds]

Just building, building, building. I mean now the banking is, you know, for what I can tell. Knock on what Solved. We can actually scale the business.

[Nick Murphy]

Nice.

[Ryan Reynolds]

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

[Nick Murphy]

Year old.

[Ryan Reynolds]

Yeah. This company. Yeah, 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.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

So just continuing to grow and scale. I really want to break into the Asian markets. Those are very like, you know, they're not untouched. But it's difficult. But there's a lot of flow over there. And then India markets too.

[Nick Murphy]

Really?

[Ryan Reynolds]

You know, there's been talks about India getting like more regulated with this. I would love to have India. But even if also, I mean if the United States goes and the government does anything like they've rumored to do with digital. Would love to help with that.

[Nick Murphy]

It's going to be major. I wonder why Asia is tough to penetrate. Is there a language barrier thing?

[Ryan Reynolds]

No, it's more of like, from what I've noticed, it's regulatory banking and then just previous relationships they have.

[Nick Murphy]

Okay.

[Ryan Reynolds]

It's like I have, you know, different, different entities set up globally, but Asia is just one. I'll honestly, I'll be honest, I haven't had time to really dive into it. You know, the team is still small.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

And there's not enough Hours in the day. So, you know, it's something that's on the list. But 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.

[Nick Murphy]

Right.

[Ryan Reynolds]

I think that's why even moving company to company, from 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.

[Nick Murphy]

I love it.

[Ryan Reynolds]

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 are, 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 want their friends. Everybody has clients. And to provide everybody the same level of just top notch service, that's the.

[Nick Murphy]

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

[Ryan Reynolds]

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.

[Nick Murphy]

Yeah.

[Ryan Reynolds]

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 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, 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 fucked off? Yeah, Or Chatty Betty. I was going to 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.

[Nick Murphy]

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.

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

Easily, if not more.

[Nick Murphy]

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

[Ryan Reynolds]

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.

[Nick Murphy]

Wow.

[Ryan Reynolds]

Without incurring all those fees of gas. Sometimes, sometimes we have positive slippage.

[Nick Murphy]

What?

[Ryan Reynolds]

Yeah.

[Nick Murphy]

How is that possible?

[Ryan Reynolds]

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

[Nick Murphy]

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

[Ryan Reynolds]

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

[Nick Murphy]

Thank you. Great meeting you, man.

[Ryan Reynolds]

You as well.

[Nick Murphy]

Yep. Thanks for watching, guys.

[Ryan Reynolds]

Peace.