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Recorded: July 16, 2025 Duration: 1:16:19Space Recording
Short Summary
In a lively discussion among crypto enthusiasts, key topics included the volatility and long-term potential of Bitcoin, the growth of meme coins like Bonk and Pepe, and the strategic fundraising and partnerships surrounding the upcoming X1 project. Participants shared insights on market trends, investment strategies, and the evolving landscape of blockchain technology.
Full Transcription
Music I'm going to go to the next video. Thank you. I'm going to go to the next video. Thank you. Hey guys, how are you guys doing tonight cloud cox execute crypto brazen girl everyone else
welcome to the spaces what's up uh if you need a co-host i'm always here repost the room jack's
hosting a space let's see if we can get some people in here and have some fun.
Yep.
I think where was hosting spaces before the fell asleep,
I guess mass fell asleep.
Yeah.
He rugged right in the middle of some good conversation. You were talking about a bonk and your massive position
and how up you are.
Dude, I've been up and I've been down
way too many times.
So when's the time to sell?
If it's Bitcoin, I would say never.
No, Bonk.
Bonk?
Above all-time high, I would assume.
So, an all-time high in Bonk is 4 zeros and 6.
But I would actually consider selling for two reasons.
One, you have something else to buy, which I hope you'll be right in buying it.
Secondly, when you see NFTs pump, that's the sign of topiness on the market.
Potentially, you should trim your positions, go into something more conservative.
Back to Bitcoin or when Pepe goes on CNBC that was literally the
top so Pepe on CNBC people were saying hey Pepe is a good investment and Pepe
was like hitting the I think it was hitting let's see four zeros and 16 that
was um now that was earlier than that but anyway it was hitting, let's see, 4 zeros and 16. That was, um, no, that was earlier than that.
But anyway, it was like the Trump rally when Trump got elected.
Pepe was just moving to, like, I don't know.
I think that's the healthiest price chart in crypto right now.
Pepe right now?
Yeah.
Pepe is my second largest position. So position so like maybe half a mil or so
it pumped yesterday on uh in the brc 20s too it pumped like 300 and something
yeah so pepe is currently for zeros and 12 its top was twice from here so for zeros and 25 there was right right at christmas
time when cnbc was talking about it and it had an absolutely giant giant candle um people are just
scooping it up and i think pepe is um is the proxy for ETH.
Like a lot of people choose not to buy ETH because ETH is inflationary
and Vitalik speaks for ETH and people don't like him.
And so they buy Pepe instead.
And even though Pepe is on ETH,
is actually traded by pretty much every exchange so it's an og og coin meme coin that has no
it's actually traded by pretty much every exchange.
utility it's very pure um and the chart does look good i mean if you like zoom out and look at the
double bottom there you can see there's a major double bottom last year in
like end of summer,
like July. July 5th
was like the absolute best
time to buy that hit the bottom. And then
we hit the bottom in
March of 20, well
a couple of months ago, I guess, March
of 25. And we have
recovered since then
relatively well and continue to recover so i think
we're going to have a next leg up uh the problem with pepe is it's already 5 billion
so people will be looking at it and like comparing it to the bonk or whiff so with dog with hat
with hat is a billion and I think bonk is a little bit more it's also on Solana
and so what I'm thinking is that potentially Pepe will get them somewhat
diluted the words other movers on other chains that's I think yeah so
bonk is 2.4 billion
I think it can go to 5 or 6
easy
much faster than Pepe
well Pepe was already at that level so why can't bonk
get there I think it will
how long do these little
meme cycles last after
or what are the
meme seasons or whatever
after bitcoin pumps and money comes out how long do they historically kind of jump around
until the next leg up well we're in the new we're in the new kind of world because of um
the uh the interest rate is going to come down. Trump's going to keep talking about crypto
and stable coins will get more engagement
and so on and so forth.
So I would say definitely,
so like, let me tell you a story.
So I was in Turbo
and Turbo is like this stupid toad frog,
whatever thing that's kind of cute.
But, and I was there from the beginning.
I really liked the story of the founder, how he had no idea how to code, and he went to
ChatGPT, and ChatGPT helped him to launch a coin.
And he launched it, and the community formed, and he was so thankful.
He made like $10 million.
He was crying on camera.
And so I just bought a bunch when I was early, and I had like maybe $7,000 in it.
And then it started to pump and it pumped to $300,000.
And when it hit $300,000, I just started selling.
And then it hit a million.
I didn't have any coins left.
And I could have just rode 7,000 to a million
simply just by holding onto it.
So I'd say in the conditions we're in today,
it's very difficult to time the top.
What I would do is I would sell something
if I see something else that's juicy.
Like, for example, I sold a little bit of, like,
you know, whiff to get into pump
because I think pump is new
and, like, who the hell knows what's going to happen.
It's still, like, you know,
I cannot believe that I will say
that the billion dollars in the Mune coin
is actually low.
Because a lot of them are like 3 billion, 5 billion, 10 billion.
And I feel safer getting into higher market cap coins because they have larger communities and they're more established.
coins because they have larger communities and they're more established than like something that
could be like a complete gamble like could go to zero for like no apparent reason so that's kind
of like how i do it hey jack can i ask you a quick question yes you can which will be the
the peak the peak of the market cap on this cycle? Just give me a number, come on.
You can do it.
How many trillions will we have on the crypto market cap?
At the moment, it's 3.8.
Dude, I have no idea.
I think, like I said, if you think we're at the top, you're probably wrong.
Just like anytime you think we're approaching the top, just think we can go higher.
I'm not saying like put all your money into like, you know, all the coins that you like possibly see.
But I think the mistakes people will be making are selling too early.
So you can sell like, I don't know, maybe 10, 20 percent.
But let the coin ride if it's riding.
Do not rotate out of the coin that's a clear winner.
I think the momentum is going to be absolutely massive
in terms of the coins moving higher.
Besides memes, I like hype.
I think hype has a solid story.
I think it's going to move really well.
It's already moved from $25 low to almost $50. And I think it's gonna move really well it's already moved from like 25
like it's low to like to almost 50 and i think it's gonna do better even that maybe like i can't
not sell my on my cryptos i have nfts for the next year and a half so i can't sell anything
and i will keep a lot yeah i i used to have nft NFTs, but I sold them off because I feel that coins have more opportunity.
They are more approachable by new people that are coming.
I got NFTs from day one and it was extremely cheap to do 128 accounts in the last three months.
I did for 15 bucks, man. That was a crazy opportunity. I took it.
I took it. Okay. Okay. Congrats.
Bonkius, uh, what do you think about Ordinals? Do you see them getting their time in the
in the sunshine or do you think we miss them? Do you think they get mid-curved this uh this cycle?
they get mid-curved this uh this cycle so ordinals uh i think ordi ordi is is the brc20 that actually
could move i think ordinals will come much later like they're i don't think they're going to be the
first ones to participate in the rally i think it's going to be it's going to be all the bonks and trumps and boboes and peanuts and SPX 6900 and PopCats.
All of those things will move first.
Like Jelly Jelly, whatever the hell that is.
I think it was launched by some
Facebook
person or whatever.
I saw it six months
ago and I saw
some little YouTuber promoting
I don't hold it. I made some
money on it at launch because it just went nuts.
But I don't hold it.
I don't like... When interest rates't hold it i don't like so like when when
interest rates come down i don't like holding anything that you need to be thinking about
like either hold very clear narrative uh coins like uh if you like ethereum hold ethereum because
it has a stable coin story if you like solana because of performance, like hold Solana. If you like just Bitcoin because it's an OG of everything, hold Bitcoin.
And then like get into like a collection of memes that like resonate with you and you study the chart and the chart looks bullish.
I wouldn't get into like those stupid AI coins or anything that has like a story where the team is like promising utility and like and this
and that that would be retarded and not not that those people are actually not gonna deliver or
anything but the thing is the community will be waiting for for some sort of a delivery
where you're gonna miss the the meme coin cycle waiting for that utility with everyone else.
That's just not
good investment advice.
BitTensor? I keep hearing
about BitTensor. Would that apply to BitTensor?
Yeah, that's the
Tau coin.
I heard good things
about it, but
I'm not a holder because, again, I have no idea if they're lying to people or not as far as what they're doing.
When something has no utility and pure love of the community it's just a
better story like overall it's just better so yeah that's why i don't i don't do and if you look at
the ai sector you can see like this ai 16z or whatever that thing is i keep shorting and keep making money, it's crazy. Jack, how is ADA at 28 billion market cap?
Well, it's because of Hoskinson, right?
Like he's in OG and regional Ethereum dev, you know, he talks, he wears the suit, you know, he appears older than he is and he's a little chubby and, you know, he dogs the dogs, he wears the suit, you know,
he appears older than he is, and, you know, he's a little chubby,
and, you know, he's like a mascot.
I tried to do a chain analysis on the ICO of that.
His initial raise was $4.1 billion, right?
I have no idea.
I've never followed, but it's interesting that it would be.
It was something like that. And that was back then. And the majority of it was in BTC and
Summon ETH. And then he rode it pretty much to whatever went to that cycle or the next cycle.
the next cycle and then he used around 2.1 billion to pump up ada from whatever price it was the
previous cycle to around a dollar in the following cycle yes so knowing him he's gonna be like uh
you know putting the double suit on and going to white house and talking about crypto because he
can the guy talks
nonstop. He's like, he has a verbal diarrhea. I met him in person. I was sitting in front of him
and he was talking at me nonstop for 30 minutes about everything. Literally every single thought
that entered his mind, he verbalized it. Kind of like Jim Ratt. He reminds me of Jim Ratt. Like he reminds me of like Jim Ratt, except, you know, with a PhD.
And so if you put that person in front of like somebody in the White House,
they're going to think he's like a fucking genius,
even though it's going to be gibberish,
like literally gibberish.
Because he was talking to me about like,
like throwing acronyms at me.
And I know all those acronyms
because I like, I actually have computer science training. And I know all those acronyms because I actually have
computer science training.
And none of that actually,
like I could see that
he's getting off of
listening to himself
and really not having
a conversation with a person
because he was just talking nonstop.
I didn't even have to say a word.
I was just like sitting there
looking at him.
But anyway, point is,
I don't know if you guys remember
the like Zuckerberg that came to Congress defending Facebook.
Those people in there, they have no idea what Internet is or how Facebook works.
They have even less of an idea how crypto works.
And Hoskinson is a prime, I guess, spokesperson for himself to talk ADA up, to be included in all kinds of like congressional hearings and, you know, bills and like and this and that.
So I totally see ADA like potentially doing a rally just on the fact that like he will be taking picture with trump or something
yeah he's like a modern lobbyist for like his crypto chain it's kind of weird i am i had some
capital in the chain and i went on a space with him pretty much not the cycle but the one before it
and it was right when he was about to launch the utility of smart contracts or something, he called it.
And he was on the space talking shit about smart contracts.
And I was just like, bro, none of this stuff makes sense.
He was saying all these other chains are offering smart contracts.
It's so easy to build.
I'm like, if it's so easy, why isn't it on your network yet?
To this day, they don't even have like
proper structure on the network.
Yeah, I don't know how to get it.
Yeah, so the thing is, he's a language guy.
Like he understands how computer languages work
and how they get the language text
into like actionable bytecode.
But he doesn't understand how networks work, actually.
Seems like he likes his buzzwords.
He certainly does.
I mean, he's definitely...
That's his legacy and that's his life,
is to talk about all things computer science.
But if you look at the architectural design of Cardano, you can tell that Ethereum is actually better, faster and more modern than Cardano is.
Because like Cardano does not have any sort of multi-level execution where you can do several things at the
same time. They don't have it. So they have this new thing called Hydra, which is basically
kind of like a roll-up system with L2s inside L1, and that's how they're solving their 5TPS
throughput or something like that. But like definitely like in terms of uh
being user friendly or even having a wallet that makes sense like ethereum is better but of course
phantom on solana is even better though you can use phantom for ethereum
sonic so technically x1 is going to be capable of running on all the SVM
also.
Yeah, I mean, like, so we just did a load test
and we, at 400 validators,
we're easily doing
15,000 TPS.
Like, the chain does not even break the sweats.
We're fully compatible.
Basically, Solana SVM identical system.
Very easy to move anything you like.
Use all the tooling, none of the tooling we need to do.
Basically, just change one URL and you're good to go.
Yeah, 400 nodes.
So we're pretty close to being half the size of Solana.
Kudos to the guys that run validators.
Those guys are animals.
And a lot of those guys,
this is the first time they're running validators.
And there's this guy that runs 10 of them
in his apartment or something.
And somehow he has a gigabit connection
and he set everything up
and he's running like 10 nodes,
which is just incredible.
Like incredible that we're able to achieve it
with just literally enthusiasts
that's getting either at home servers or cloud servers
and they're running them.
So it's just insane.
I've been meaning to start one up but i just
i don't like burning money in the thin air until i see the product
yeah well i mean like i think um i mean like i definitely get that point
those guys approach it from a perspective of learning.
They feel like they're part of this sort of like a lab that's actively being used.
And they get a lot of feedback and knowledge
of like how to operate the blockchain
without needing to buy a coin.
And there are service providers out there.
They charge you like a dollar an hour or 30 cents an hour.
And you can run it for a week and then shut it down
and understand everything about it
without actually committing to a monthly charge.
And so I kind of see it as a proof of work
because it is work to run a node. And when you run a node,
like you're, you're definitely like taking care of your hard
drive. And there's like enough memory and you're installing
monitoring tools and you're sharing your stats. Yeah, it's
it's just fun. That's that's why people do it.
Have you tried using any decentralized cloud computing
to run like a validator or anything on X1?
Or is there anything that can compete out there?
No, it can't compete because you need bare bones, bare metal, bare bones,
like server, like literally you need like full hardware acceleration.
Anything that's virtual is just not going to have performance.
So it's just not going to work.
And we are so tuned to run as fast as we can.
We need every little, like every CPU cycle and every byte of memory is being used.
It's that intense.
And so, like, if you virtualize anything, it's just going to be, like, slow as fuck.
Bearish cloud computing decentralized coins.
Yeah.
I mean, like, dude, if you're getting into coins get your bitcoin leverage it to x uh
it's probably safe enough to do it at this point again i'm only giving fragnation advice here not
financial advice so do not do not listen to me in terms of like what to do but if you want to get
into memes definitely get into good ones if you want to have into memes, definitely get into good ones. If you want to have a meme-like return from Bitcoin,
just 2x leverage Bitcoin on Hyperliquid.
Hyperliquid.
What do you think of liquidity webs?
Do you think that is a good narrative?
What's your thoughts on it?
Liquidity web.
I never heard that term.
What is it?
You're talking like PCGC?
Yeah, it's a bunch of jargon that started on Paul Schoen.
They think they're like some Rube Goldberg, Einstein,
never-ending money recycle. some like rube goldberg einstein never ending amazing structure but really it's just one whale
buying up the price until he's out of coins they just web and yeah they just went now he
he owns so much of the supply he's just buying it to himself. Right. And then, like, he's getting the coins back from himself.
Right.
Heart's Law.
Heart's Law type shit.
You know, like, there's this concept of Dante's several levels of hell.
And, like, people are, like, on a level or whatever, get into a level.
So I think P chain is like one
of those levels of hell people are stuck there they can't stop talking about it
they keep dreaming up some sort of like bullshit that's like completely unreal
and they have those like stories and the mythology that's like surrounds this
sort of like unreal things that happened.
Like this P-Dite thing, it's completely insane.
Yeah.
Then Richard's going to reverse handjob the train,
he giving him a massage and we're all going to get rich.
Yeah, I'm telling you,
this is like if you, well,
I'm clearly you this is like if you well I mean like I'm clearly judging
judging here but like I I would judge a theorem to be like a theorem axis
they're on their level of hell as well like today I got an email from Bankless
and I posted about it and they're saying a theorem is still money is still money
and and this was actually sad to me because
they have to say still as if i mean like it clearly ethereum is being like completely demolished by
l2s and solana is winning like super hard and like in those maxis they're they're like in their
on their own level of hell where they're waiting for vitalik to like to wake up or something anyway uh and like and obviously so like bitcoin max is similar
right they they're like the original gold bugs you know those people with gold like gold is
everything and like in silver or whatever um and then it's be a bitcoiner is kind of similar though with bitcoin
the world's waking up to bitcoin as like as the new digital gold and it has a very strong narrative
um and so those maxis will be obviously vindicated i mean if you held bitcoin from a dollar all the
way up i mean of course you you love it but it doesn't mean that you're still not in hell because you're you're
like still locked into the sort of like a narrative of uh of a thing and and perhaps we're all in hell
i mean i don't know maybe i'm building this uh level of hell with X1 right now. Who knows?
Some could say that.
Finish it.
I mean, it's literally ready.
It isn't hard to launch a chain.
We could have launched it in a week just because you take the code,
you run it in the validator.
It's not going to be decentralized.
But you can say that none of the L2s are decentralized.
And so, of course, X1 would be centralized too.
But it would be a blockchain.
It will have all the properties of blockchain.
it may even have like few nodes that's cool you know you could like run smart contracts the
And it may even have a few nodes.
That's cool. You could run smart contracts.
difficulty is not in the technology or the operation of technology the difficulty is
in packaging the offer to the world that makes sense and actually creates value so that is the
ultimate ultimate uh complexity that must be must be overcome
not the tech
so it's really
like I would say
getting the right representation
getting like registered with
SEC talking to the right lawyers
defending your trademarks
and doing
all kinds of crazy crazy stuff
like forming partnerships with
you know the guys in solana and like in paypal and everything else and so a lot of that sort of
like grind work is true in true business sense is what builds a successful platform like x1 not the
platform like X1, not the tech, because the tech has been tested on Solana.
Solana is great, and it has some problems, but majority of those problems have been resolved
last year.
We added a few things here and there that we like makes a lot of sense um like dynamic uh pricing
of blocks so that spam is reduced like that's definitely going to be there and it's working fine
uh but again like i i would say like the actual the actual hard work of creating value is going
to be a multi-year process because you can't just like release tokens and flood the market and
expect those tokens to have any value and like with a meme coin you can because you can't just like release tokens and flood the market and expect those tokens to have any value.
With a meme coin, you can't because you don't need to do any work.
You're just like, hey, here's the coin and here's like an animal and like come up with
a color scheme and create this sort of like a story.
That's pretty easy.
But when it comes to this sort of thing like a platform that's supposed to store people's money and people
should be able to trade it and use the tools.
It's a lot more complicated on a human business level than the actual tech itself.
And I say that obviously now because when Solana started, they had nothing.
And they have everything to prove both from the technological side as well
as the business side. And so they had it double hard, if not like quadruple hard than what we have.
So what we have is not really that hard. We still need to learn how to get everything done properly,
but like Solana guys, they literally performed a miracle. And when FTX collapsed and Solana went down to $8,
you would imagine that they would not actually ever be more than $15 a token.
And now they're at $160.
I think just a few months ago when Trump launched his thing, the Trump coin,
Solana went to $290.
I was selling it at $2 it was insane so i was taking profits
and i was able to just like get into stables right there during the trump launch which is like
completely insane but anyway like it's a miracle that it went from eight dollars to
to 290 just in like 18 months it was pretty crazy how chamath and David both sold like that Pico top of Solana
that's the reason why I think it's it's having its second cycle I think those guys are just
rehypothecating those funds yeah I mean those those guys they so Chamath sold his Bitcoin like
way too early like he keeps crying about how he like made a multi-billion
dollar mistake so yeah i mean like ultimately people that uh well like when when people sell
bitcoin they think that they're smarter than the markets and and they truly do not understand the world's adoption of crypto.
They're not true, I guess I should say true believers.
But if you feel like you need to be selling your Bitcoin, that actually means that you're
not here for crypto.
You're here to make money, which is fine.
I trade on Hyperli on hyper liquid i take profit
it's cool but like i go with 100x leverage or whatever so i have to take profit but if somebody
like you know of their level taking profit that just basically means that uh and especially like
selling everything that means that they are really uh they just don't know what they're doing.
So, yeah.
They just want to twerk, Jack.
Yeah.
Well, he would have twerked so much better
if he just held on to it
and just kept talking about it
every time they had an all-in podcast.
They could compare charts and say,
hey, look, another billion dollars.
We're great. We're the best.
All they had to do is just hold.
When are you going to be on the all-in podcast, Jack?
I don't like those guys.
I think they're weird.
But you have to listen to them
because that's how you get the,
what do they call it, the left...
Never even heard of it.
You get the left curve.
Yeah, well, left curve?
You mean the left side of the curve, right?
Yeah.
Jack, we need to make friends, Jack.
You're our lobbyist, man.
You wouldn't partner with Chamath?
Dude, I'm having a lot.
I think David's a good guy.
His war story is pretty good.
Yeah, Jason.
So I know Jason.
And he's been talking shit about Solana and the whole crypto culture for forever.
And I keep making fun of him.
Just telling him that he's retarded.
Every time I see his old post about crypto being Ponzi. of him like you know just telling him that he's like retarded you know every time he every time
like i see his like old post about like crypto being ponzi uh i just donk on him you know for
the hell of it um but like my uh like the person that i actually really like interacting with uh
is anatoly from solomon i, he's a funny guy and humble,
and we both come from Soviet Union,
so we can actually relate to each other.
And yeah, he's definitely not a suit,
so he's like a hacker like me.
And I think he saw it in the X1 project,
and that's why they've been supporting us.
Nice, nice.
How many times do you think X1's going to go offline?
All right, so we've been spanking the testnet pretty hard.
Currently, if you look at the number of validators,
our Nakamoto coefficient is actually higher than Solana.
Basically, what that means is that
Solana is ran by 100 validators so majority of transactions is handled by those 100 validators
we're actually fairly distributed among 400 so you could actually imagine that it should be
harder for us to maintain the cohesiveness of the chain and be less stable just because we have more moving parts.
Solana has more validators in general, about a thousand, but majority of them are just sitting idle, like they really don't do anything.
They're just like taking space.
In our case, all of them are functional, making blocks, proposing blocks, voting, and doing all kinds of things.
And we've been running load tests nonstop for months, and it's not going down.
It's literally super stable.
All transactions are being executed.
There's no errors, no issues.
There have been issues before and we discovered
a bunch of bugs the chain would go down we would have to reinitialize it restart it and learn this
emergency recovery procedures and i can all that and which like super important and so far
we haven't had uh you know knock on wood major issues with going down i think the the difficult part is going to be
is at the time when x and t is going to be relatively inexpensive to acquire there may be
some bad actors that are buying a bunch of it and like then just like trying to spam the chain
because when you when you have the coins,
you can actually run transactions.
And we think that the dynamic block pricing
will not allow the spam to be too cheap
like it is in Salon today.
And so the spam issue is really not going to be an issue.
However, if the coin is very inexpensive
and we screw up a formula in
terms of the block pricing then the chain could be spammed to hell and then it's still going to be up
it's just going to be like barely functional for normal transactions so but yeah i mean like
i am pretty happy with its stability and if you look at x1 val.online, you can see that thing has no errors.
There's no skipping.
Every block is made under 400 milliseconds.
It's running super smooth.
Has any major validator had some slashing?
There's no functional slashing on Solana or on x1
at this point.
There will be slashing introduced,
it's a pretty complex way to do it.
It is likely
we will not do slashing
in lieu of
just locking. So if you
fuck shit up, we're just going to lock
up your stake. You won't be able to remove it for like a year, and you will not be making any fees up we're just going to lock up your stake you won't be able to remove
it for like a year and you will not be making any fees so you're going to be like in jail
so it's still going to be your money we're not going to like take your money away
but we'll lock we'll lock you up and we'll just kind of like make you sitting i sit idle and wait
for your you can go offline if you want that's fine um and but your your XNT will be in jail
for the word slashing
people like me that don't know what that means
maybe we should
talk about what that means
well slashing is when
so like in Ethereum when you put 32 ETH
into a validator
if that validator is not performing
they can run like a command that takes you ETH and burns it.
So it literally disappears.
Oh, so if you're a bad validator, they spank you?
Yeah, if you're censoring transactions
or if you're going offline all the time
or you're doing something malicious,
like some sort of toxic MAV,
the chain can vote to take your stake away.
Got it.
Mo, did you have something?
You had your hand up, Mo?
Hey, hi, Jack.
Yeah, just I think you might have already covered this.
I've just come late into this little segment with Jack Levin.
I was minting up from day one so I have quite a number of bags with Zen on multiple blockchains including Ethereum and Zen and bmb so with me i i guess my question is uh when do you think x1 will be ready
and is there any projects that you're gonna launch on there that you're that are promising
so that's a very loaded question so like i, I guess the real question is, is when will
the chain have any value? That's, that's what people are looking for. Not like when the chain
specifically coming online, because it may come online, but if it doesn't have the value that
you're looking for, then like, what's the point? So we have a lot of work to do. Ultimately, it's
going to be about relationships with builders, not necessarily us building stuff.
I don't plan to build pump.fund on X1.
I just want somebody else to build pump.fund.
So a token launcher from XDAX would be amazing.
Yeah, so our goal and our mandate is to support the growth of the ecosystem and to bring value by using the foundation to fund amazing projects
on chain. So that would be the answer. In terms of when, it's going to be an ongoing multi-year
process. But we're coming to a chapter where, and you guys have seen this, like you have seen me like filing with SEC,
you know, establishing companies here and there,
doing the Cayman Foundation,
and raising money.
Ultimately, like this money raise is really not the money raise.
It's like a way for people to get an allocation
that is basically a third of what we think XNT should be
in value with
some lockups. It's really
not about raising money. It's more
like giving people
access to the company's shares
so that they can participate
in this early
acquiring of tokens as well as the shares.
So this is
I wouldn't say it's a pre-sale
but definitely if I were to
look from
outside I would see that
it's definitely
engaging investors
who want to make more money on their investments.
That is the truth.
And since there's no token trading,
then that's how we do it.
So I just want to get a reach to you
because I'm a portrait artist.
I'm recently doing a big Pulse Chain art exhibition.
I had a BBC interview yesterday
and I want to include something from Zen,
like a portrait.
And I wanted to connect with you to give you more idea what i'm doing so i just followed you just dm me and uh we'll talk
okay then thanks bye yeah mr joe blau how are we doing
Mr. Joe, how are you?
What's up, Joe?
I don't think his mic's working.
All right, I'll put you down as a listener and bring you back up, Joe.
What about now?
Yeah, you're good.
Okay.
I have two microphones, and one of them doesn't work, apparently.
Sorry, I was just, I got distracted.
I was complaining to my friend about how his sister stole my website um but um i was gonna ask how fast are the uh block times on uh x1
uh well let's take a look x1val.online if you bring up the page x1val.online
uh it's x1 v as in victor a as in Alpha, L as in Lima, dot online.
On the left-hand side, we see the blocks appearing under 400 milliseconds per block.
So a little bit less than half a second.
Awesome.
I'm building something, and I might test it over there.
Yeah, that would be cool.
Yeah, tell us what you think um the the system is running
really well it's coming along no issues and obviously like hopping into the validator chats
like those guys are uh always like testing new things and they're testing new providers
okay cool stuff what i'm i don't even know what I'm doing on Solana yet,
so I don't think I need to hop into a validator chat yet,
but I'm working on this program right now.
I'm testing some stuff out on DevNet.
That's cool.
Well, if you're using DevNet,
just switch the URL to X1 test x1 test nets like literally just like
and you will see how much faster it is than devnet so i'm i'm running uh i'm running a transaction
load test right now and my transactions are coming through at 336 milliseconds which is like one third
of a second which is crazy good if i just call the regular solana command line to basically call the faucet it'll just
basically do the same thing like give me two so or x1 so so our our faucet is getting raped by like
some asian dudes they're like visually they're farming it's like for some like weird reason
they like they love free stuff and so the faucet yeah the faucet is getting raped like every time
and and so so just dm me for coins and I'll send them to you.
But use the same Solana command line commands.
Yeah.
Just change the URL RPC to us and it will do the same thing.
Okay, I'll try that out on maybe either tomorrow or Thursday.
Yeah, just DM me and we'll do an experiment.
Okay, cool.
We do have a faucet and it gives you like one XNT per hour.
Okay.
It's on the web.
So like get your wallet.
You can use the same wallet as Solana.
Just plug it in there and it to a web form,
just click Submit and it will give you one coin.
Okay, cool. All all right let's be straightforward
yeah
that was it
thanks joe i saw your uh project you've been building it's pretty cool
yeah i'm trying to i'm like block swap 30 probably 65 70 percent of the way through right now
i'm just trying to get the um the uh sessions working so that you don't have to approve a transaction every single time you click a button
yeah hey uh hey joe so so do this um go to like go right now type in into a browser
faucet.testnet.x1.xyyz just like type it in faucet dot testnet dot x1 dot xyz
so I just
gave the faucet like a thousand coins
and so
before it gets raped again
once the faucet loads
put your public key
I think I'm spelling this incorrect
faucet dot testnet dot x1 dot xyz okay and i will dm you
i got it all okay you got it i got it all i just stole it no i'm joking let me let me send you a
direct message so that you actually get there yeah i'm on here okay let me go okay yeah pull
your public key and click uh get one into you and it will be a turn
I'm not a robot
Yeah, did you make this up? No, you didn't do recapture those guys in
Hey, it takes i'm a robot well don't be a robot then like click on the tractors and
bicycles and bridges and whatever that you need to do just do it says claim limit reach try again
in one hour we got it but those guys are good whoever those guys are they are good yeah
i'm trying to do it myself.
Looks like it's working.
For me, at least, it's working.
Okay, let me try one more time.
It probably...
Use a different public key.
Okay.
And if it doesn't work still,
switch to a VPN and use VPN because it captures your IP
address.
Okay.
Oh, yeah, yeah.
If you're continuously hitting it with the same IP address, it will stop you.
But everything we did with this faucet, it still is completely bought it.
People are just raping it non-stop like for some weird reason
like those coins are just like test coins they're meant for development they're not meant to have
any value and it's just like so strange but it happens yeah yeah that's crazy because I was testing out.
Obviously, Circle has test coins.
Okay, here, bicycle.
Bicycle.
Obviously, Circle upstairs.
Sometimes these are very hard.
Okay, there we go.
Yeah, I got one coin for myself,
so it definitely works.
I think I'm good.
Okay. Yeah.
And also, if you DM me your whatever address i'll
just like transfer the the coins to you okay cool and yeah it'll be a day or two i'm still trying to
figure some stuff out but um yeah i was testing out circles circle as a faucet so i was using it
and they gave you 10 usdc but i don't know if anybody's just running a script to pull 10 usdc
on testnet but then they also say if you email them they'll just give you as much as you want
all right cool thanks what are the metrics on the chain being you said you wanted it to be like a stablecoin chain. What is the, like, what's the main benefits of structuring the entire chain like that?
Well, it's really not that hard.
So what you do is you just tag certain transactions as being gasless.
And, like, stablecoin transfers, or pretty much any coin transfers, really should not charge you any fees.
And if you're running
a stable coin, you could be
you can still pay the chain
but you'll pay it from
your paymaster address
for all the transactions
that people do.
I mean, of course, it needs to be done
such as that if somebody can literally write a bot and have transactions just spam the chain and suck in the balance of the paymaster into the chain and like literally burn it up so it has to be thought
very carefully how it should be done so there should be like specific sdks and apis used
exclusively with appropriate keys for those guys to actually be able to run gasless transactions.
Because otherwise if you just release a gasless transaction for anything, then immediately
somebody will write a bot farm that will attack the chain.
Do you have any oracles that are online yet?
There are no oracles, but we're working with some oracle guys to get the Solana hooked up and all of the feeds to be sent to X1. simple on his bongos
simple waters is
you really pissed off
with those bongos man
annoying person
I've ever met.
Jim Ratt was losing it yesterday.
But he's losing it every day.
I checked in with him today.
He was in execute space.
I'm like, yo, man.
He's like, oh, I got to get out of here.
I got to get out of here.
I'm like, bro, no.
Just chill for a second, man.
I just want to make sure you're good, man.
Yeah, I'm good.
I'm fine.
I can do whatever I want.
I'm like, bro, whatever, man. I just want to make sure you're good man it's like yeah i'm good i'm fine i can do whatever i want i'm like bro like whatever man just wanted just check in man so i think he's well well he's
he has this other person messaging him like freaking him out so you mean richard wait what
no not cleo cleo's messaging him and saying the r goons came to my fucking house, bro. Don't fuck with this guy
Did they really though?
You think Jack could comment on this shit, bro?
No, but I'm you know
Well, well, they might have you know how like
London is really not that far from Russia like compared to America
Yeah, that was such a weird space man cleo comes up
yeah yeah tell him what you did jack
i was like what the fuck dude i mean i i figured that was powerful i just didn't know i was that
powerful and then jim rad's all like i don't i don't know what to do. Like, I just, I just was
in one space. Like, I don't, I'm not sure. Like, I'm just not trying to be fucked, fucked with or
anything. I'm like, dude, like, I think you're good, but like, I don't know. But like, yeah,
you get real paranoid when you have your net worth in crypto and you get scammed all the time,
you know, like I know where he's coming from i i feel like i feel like i've i've experienced
trauma like gym rat crypto but yeah he's he's on a psychic paranoia uh kanye thing and we just need
to be there for him okay okay let's let's be there for for Jim rat for sure.
Hey, Jack, did you see I posted I was trying to post in the NASA post in the comments, I watched like a recent interview
with totally it was probably like a month or two ago is called
when shift happens or something like that. And he was kind of
like, it was interesting because it was like, only two months
ago. So obviously he knows he knows at the time he
knows like x1 is is gonna be a thing but he the way he talks he's like you know no one's ever
tried to like fork solana and like compete with us and just kind of like you know trolling a bit
and it's like wait a second what um yeah well that like, well, clearly, I think what he means to say that Solana is so complicated, you have to be a special kind of degenerate to actually to be able to do it.
That sounds great. Yeah. And that's the thing. It's like, yeah, like what other, what other, yeah, who else is going to be crazy enough to to do that well here's the thing like
solana is very much hated hated for like all all all the i guess the reasons right and that
used to be the shield that protected their intellectual property like people wouldn't
want to like uh copy solana or fork solana and then say like oh let's just double
down on like on the most hated blockchain or something like that right so i think that's what
this is all about and they're kind of hated just because they like no one's really been able to i
mean i'm sure there's a bunch of reasons but no one's really been able to crack their code as far
as like how to fork it or like how to how to upgrade it it's not even that they hate it because they're retarded
so uh and and and tolly is like this big troll you know somebody called tolly trolley
trolley and uh he was like arguing with somebody just recently somebody says ethereum has
one million validators and told he's like well ethereum like barely like has an akamoto
coefficient higher than solana like what does it matter how many validators you got
and uh the person's like you know can't even like answer Intoli is like, yeah, brain worms are starving.
They can't come up with a good answer on that.
Because somebody chooses to zoom in on the metric,
that's supposed to make sense,
but it doesn't because if you change block production,
it's done by two companies,
which is Beaver and and titan builder that's
that's ethereum your local motor coefficient and and essentially resistance is actually lower than
solana so and like what is the point of having a million validators is like completely just vanity
metrics okay so i have a raspberry pi validator but like? I'm useless. So it's like it doesn't do anything for censorship resistance in any way.
It's just like a number.
So, like, I guess in alignment with that, like, so obviously there's a pretty high validator
set right now with X1, right?
Or like we're in the 400s or close to it.
What do you think the nakamoto coefficient will
be for x1 well it's gonna be we think it will be higher because like first of all like we don't we
don't plan to run uh institutional validators like we don't want like we don't care about um
institutional validators like we don't want like we don't care about um uh coinbase running a
validator like i really don't give a fuck and i think uh there's more strength in having community
ran chain that actually secures the chain and amplifies you know cryptography's um strengths
um i mean like certainly like coinbase can say hey can we run a validator i'm gonna say like And it amplifies cryptography's strengths.
I mean, certainly Coinbase can say, hey, can we run a validator?
I'm going to say, yeah, sure, run a validator if you want.
But it doesn't matter how much you stake. You're not going to be making all the transactions because of the protocol design.
So that'll be fine anyway.
anyway so was it true that SPF was technically pausing the chain while he when he was around to
run like liquidations on their uh on their decks
uh possibly yeah could be though back then solana was like really did not have that much
money velocity of money i think if anything
it would have been like some other market makers like like winter mute and stuff like that and
those guys they're like chain agnostic i guess so i i want to try and back into the um
coefficient so i guess that's why the bitcoiners like bitcoin because you could set
up your own node and mine to your own node right yeah but running a node does not mean you're
actually uh keeping the network strong because you're not a miner on bitcoin you need to be a
miner to defend the the blockchain but you can't be a miner because you have to spend like $100 million
to run a mining rig to be like part of anything significant.
And so, yeah, I mean, you can run a valid,
you can run a full node on Bitcoin that will download the ledger.
But like, so what? You're still useless.
You're like, you're not doing anything for
to run transactions.
You're not executing blocks.
You're not like checking them.
So, yeah.
Yeah. So unless you're like 1% of the network
mining and validating, you're pretty much nothing.
Yeah. I mean, like you, you're not going to be, I mean like you you're not gonna be I mean like
Bitcoin is like literally Bitcoin architecture is like banks architecture you know like you come to
a bank and they have like those like pre pre pre windows green screen letters like you know, Lotus 1-2-3 type of BS.
That's Bitcoin, basically.
That's nostalgic, man.
I mean, it is.
It is.
And some people love that shit.
Like, I grew up in 80s.
Like, I love 80s stuff.
So I love Depeche Mode, right?
But I also love new stuff, too.
Like, maybe a little bit more than the old stuff.
Jack, do you subscribe to the, like, the internet theory?
With, like, data rot?
Do you think Bitcoin's gonna be Yahoo?
And we're gonna get Google Next or something?
I'm not familiar with that theory.
I heard dead internet theory. Like, you guys are not real. And I'm like, I'm talking familiar with the theory. I heard dead internet theory. Like you guys are not real and I'm talking to bots. No, not that. Just like Bitcoin is going to get outdated. It's going to go like it'll be the sidechain in the future and there's going to be something that outperforms it pretty much.
Well, outperforms how? Money-wise? performance how like money wise or not yeah not like old performance i mean like it just uh
it's not the the gold standard anymore like there'll be a newer a newer one uh it's gonna
be hard to do because like it hasn't been uh hasn't really been attacked in a way that, I mean, like, its simplicity and its design being, like, so archaic
is actually what protects it from being displaced by, like, anything else as a store of value.
I mean, like, ultimately, like, the reason why Bitcoin has any value, I mean, remember how you
said, like, by the way, you know, like, all bitcoin settles off chain it's true right so it is about other systems being built on top of it and bitcoin is just a
ledger that's all there is to it you do not trade assets on bitcoin blockchain i mean you can trade
in ordinal or brc 20 but it's not, but it's not the same as Bitcoin.
You can only transmit money, so it's a money transmission medium.
So it's very, very simple.
Other systems try to come up and replace it with something better, but they failed.
So I think Bitcoin is going to be sort of like a backbone of value.
It's going to move to a million dollars a coin and it's gonna split and just
keep splitting and there will be more companies that's holding it in their treasuries uh i
mean like we're holding it bitcoin in our treasury which was like an excellent decision
i have to say because we raised like almost three million and like half of it is in bitcoin
and it's just that added 20 of value since we started which is incredible so
um it makes our company more valuable share wise and all of the shareholders that uh
um decided to invest well i mean technically they have 20 more value since the time they invested
they have 20 more value since the time they invested and that's even without x1 running yet
so that's awesome so i see a lot more companies starting to do that bitcoin investment um play
and i'm guessing so it's like let me rewind so i wasn, I wasn't old enough to invest in like the SMP when it first came out, came online. So I feel like this is that coming online for a whole new generation of us that wasn't privy to like the stock markets when that came online and
then all of everything else that was built on the stock markets.
Right.
Well, I mean, this is actually a very interesting,
very interesting concept in terms of treasury companies coming up and holding Bitcoin on their balance sheets.
What's happening is Bitcoin is being tokenized.
So it's not the world assets being tokenized in Bitcoin.
It's in reverse.
is taking bitcoin putting it on their balance sheet and then releasing shares into a threat
five system trading system like nasdaq splitting the value among the shareholders which is actually
fragmentation of bitcoin which makes bitcoin more accessible which is actually pretty great
like overall it's a good idea because they become proxy buyers of crypto and the shareholders on nasdaq that's
using e-trade or robin hood don't have to think about what exactly they're doing uh there's more
money in chatify like clearly there's like trillion dollars there or more like four trillion i think
and so that money hitting those companies uh making them extremely wealthy because they can take fees and all kind of
like other things from that transaction.
So those companies becoming this sort of like onboarding gateway for investors that want
to hold Bitcoin without holding Bitcoin, which is why X1 is holding Bitcoin, because I actually do plan to follow the same model where on one side we're running X1 with XNT hopefully growing in value because of the chain's operations and all that.
And at the same time, having shares of the company be linked to XNT value as well as the Bitcoin value.
be linked to X and T value as well as the Bitcoin value the BTC you're gonna have on the balance
seat are you gonna put that on chain under like a wrapped version it's on chain now it's on chain
now basically so it's like literally on Bitcoin in Bitcoin on chain no I mean on X1 That's I mean like sure why not I mean like ultimately I don't think
Well, I see what you're saying should we should we put in the release tokens backed by Bitcoin that the company is holding on the Bitcoin blockchain
Is that what you're asking? Yeah
Okay, so your own version of wrapped Bitcoin
But yeah, I don't I cd wrap bitcoin for coin yes so like
xbtc or whatever so like yeah i mean like it is it is possible because if you i mean like technically
what will happen is this if we have a treasury with like 100 million dollars or whatever a
billion dollars worth of bitcoin, like who knows,
we can take 10 to 20% of it and release it as a token on X1
backed by the company itself.
So that would be a sale of an asset
where people will bring in USDC, for example,
which is backed by Circle and Treasuries,
and they want to acquire Bitcoin
that's on the balance sheet of the company,
which is disclosed and transparent.
And yeah, you get exposure to, I guess, XBTC,
which is a wrapped representation in a SPL token,
which is the token standard in Salon world.
But it's basically linked to the bitcoin vault that the company operates
yeah so i don't see why that would be a bad idea
uh so i i had a question just um um you know how all these companies are basically just uh
you know how all these companies are basically just loaning against the Bitcoin like I'm guessing
that this is gonna probably be more around with banks right but like right now there's not too
many companies that I know of offhand they're like really mainstream where you can do that
do you know any offhand I mean I'm sure aRock is going to get into it.
So, yeah.
I think they already do.
I think you can actually get lending done from whatever's that they're holding.
I have a question. I know you mentioned before about Zen blocks being an SPL token. There's probably going to be three tokens. There's probably going to be a super block, there'll be a regular block and a Nizuni, or is it just going to be one token?
one token i so it's really up to the community what the community wants so the the zem blocks
is a ledger and then this ledger can be fractionalized however you guys want it to be
um i wanted it to be first and foremost x on amazon spl that's uh the xdx guys we're gonna launch
SPL that's the XDEX guys we're gonna launch. So yeah, we'll see how it goes and we'll see if
there's demand and go from there. How would we vote on that? Like as a community, how do you
think we'd vote on that? Well, somebody should like propose an idea and then like they need to
find a developer, I guess, to do it. And everybody agrees that it's a good idea and let's fucking do it and we do it.
So it's not that complicated.
Sounds good.
Sounds good.
Yeah.
Jack, I don't know if you saw, but I recently, in my engagement with LLMs, like I was kind of braced with this idea of packaging all kinds of data and then kind of putting it onto this ZemBlock x1 and having this be like this uh sovereign identity
on chain uh basically there was this there's this like in in the state of pennsylvania there is this
huge stalmate in legislation towards these uh digital wallets and these like digital driving licenses,
some sort of photo ID and stuff like that.
So I was trying to figure out how I can help expedite the legislation
and push it forth.
And this was one of the things that Gemini suggested
to kind of use Zemblox to create this sovereign identity on chain
Sovereign identity on chain using some blocks
Well, yeah
It needs to be explored. I
Don't know how we would do it the top of the heads
But it's probably because it's
it's getting late and i'm getting sleepy but i actually have a question also has anyone tried
this uh um grok playmate thing that x is buzzing about what the hell is this and how they use it
dude so you gotta up you gotta update your app if you don't have the standalone grok
and uh yeah there's a couple there's a couple different figures in there.
I think you have, what's her name off the top of my head?
I was playing with her earlier.
Andy, and then there's Rudy.
And then coming soon, there's another guy.
He's kind of like a Matrix guy.
But Rudy's cool because he's kind of like a, I don't know,
he's kind of like a bear or like a, what is he?
I don't know what he is.
He's like a nice little animal.
So what can you do with it?
Is it like a screen that talks to you?
Yeah, it's like a little companion.
So just fill in the blank.
People are getting her pregnant already.
You would execute.
You would.
People are what?
She's my baby mama.
Yep.
Just check out Rudy, too.
I don't know.
Don't get weird with Rudy, because Rudy's an animal, and he's...
Let's keep it that way.
Dude, you aren't into furries?
Bro, that's like the weirdest thing I started liking.
Well, that's because that's the Bitcoin stuff.
You're in a whole new world with a Casey Rodimer guy.
I know. I'm walking around with fucking ears and shit, and I'm like well that's because that's the bitcoin stuff you're in a whole in asia with fucking ears and shit and i'm like that's weird and like three weeks later i'm like
all right you got a pair of ears on then did you bring your ears uh it's uh yeah so it's a lifestyle
like yeah but it's cool that elon's doing that He's kind of, he's playing with it. So you should check it out.
Yeah.
I'm going to try it tomorrow.
Once I, once I wake up.
Jack, shut the space down, man.
It sounds like you need to get some rest.
Yeah, definitely my bedtime.
Thanks guys for coming in.
I feel like I should get the spaces up more often.
Rather than like jumping in sporadically.
But I've just been so busy with... Yeah, thanks.
I've been busy with all that corporate stuff that I have to do.
But I'll be finding more time to do it.
So thanks.
Thanks, guys.
Come again.
Talk to you soon. Good thanks. Thanks guys. Come again. Talk to you soon.
Good night.
Thanks, Jack.
Have a good one.
