there's a lot of wind where you are
All right, let me get some music on while we're waiting for people to join up
There's an incredibly dramatic intro to today's faces
Just get started that most arts move likes an asset
Apologies, but it's mood lights another yeah
Yeah, I'm still working on reaching out to to the people that were supposed to come
Welcome rock to episode 8 say
Hey guys, good morning. What was the drama? What did I miss? Oh?
No, the drama was the musical intro
Yes, sorry. Yes, but it was Beethoven I go wrong. Yeah, I mean like so that's a very
very dramatic introduction
but then we have some very dramatic news on today's faces because those of you that haven't been following the doge news of the
Week, I'm base was followed as bio. Sorry for a
Doge futures ETF. So last week if you're on the spaces
Wait, so last week if you're on the spaces you'll have heard that
Me essentially saying that although I'm very enthusiastic about doge in the doge community
I think the likelihood of getting an ETF is very small and then literally five days later
Find base files for a bunch of futures ETFs and doges amongst them
So pretty incredible stuff
Points I get points on that one
That it should be one of the first ETFs because it's actually decentralized, you know, this industry is
Yeah, so it's slightly different it's not the same as a Bitcoin ETF, but still I think this industry has a very funny way of
proving people wrong very quickly
I'm happy to be wrong in this case in the same way that where I first heard about
Bitcoin many many many years ago very early on and I dismissed it and continued to stack silver which was
Thing at the time I was very happy to be wrong about that in the long run as well
Because now we end up working in the industry. So yeah, this is another thing that happens to be wrong about
You know the thing is it isn't like the whole point of you know, the SEC and these these regulatory
Organizations is not to choose what is good or bad assets
It's to choose it's to give a safe place for people who desire to trade certain assets
so like you might think that you know Ruth the 40 or
Pneumonium or Flavoreum these these unused very low used like
Elements on the periodic table like these are these are weak
But if people want to trade them people can trade them
It's not it's not up to the regulators to choose that doge is silly. So we don't want to trade it
It's but if it's you know
If it checks the right boxes and I think being decentralized makes it a commodity
I think doge is completely a commodity like
Unquestionably a commodity in at least in the if you want to categorize it in the eyes of the current system
So yeah, why wouldn't it?
What one of the categories of what makes something a commodity or securities like
You know expectation of profit from the work of others and
There's not many people from the doge like original doge
Billy Marcus and Jackson Palmer, they're not around anymore
The foundation kind of does stuff that's adjacent to doge sometimes help sometimes doesn't but it's very difficult for somebody to say
That they want profit from the work of others because there's not really
People working on doge directly. And so that's that's an interesting thing
and also, you know, it's kind of more similar to a commodity than it is to say stop because you know, when you
when you drive a Tesla car
you don't pay for mileage in Tesla stock, but when you
Drive the doge blockchain when you make a transaction you have to pay in doge
So it's more similar to fuel than it is to a stock in that sense
I mean dogecoin derivatives have been
I mean present on many other exchanges previously. I mean some smaller exchanges
Very high volatile exchanges like Kucoin maxi, etc. They did even give you leverage and futures on on meme coins
You're saying leverage on meme coins is a bad idea
Yeah, yeah, especially new ones like maxi usually can can usually list a meme coin and
These these can like go 90 100% up 100% down in a matter of minutes
with low liquidity and it's
It's it's very high risk. It's high reward as well. If you manage to do a
Imagine if you and I'm not saying you should do this
But imagine if you just put let's use a hundred dollars, right? Like something people waste on like a uber eats
You put a hundred dollars on some meme coin that you for whatever feeling you have or whatever level of knowledge you have in the industry
You think is a good risk to reward you put a hundred dollars and you do a hundred X
And you do a hundred you put a hundred dollars
You leverage it 100 times and it does a hundred X
Let's do the math on that and I'm not this sounds like I'm promoting people to like leverage chain trade shit coins
I'm not I'm just saying that I don't know if it's fair to say it's a bad idea
It's you just need to know the risks involved. You're most likely gonna lose. Oh, it's mostly
Yeah, yeah, it's very risky. It's it's very akin to gambling more than tree
That's um, I think it's a million dollars. So you put
100 times leverage and it does a hundred X which is like happening recently
You just made a million dollars from a hundred dollars now
I'm not saying people should do that actually I'm saying you should not probably not do that
But if people want to do that instead of ordering uber eats for on the Friday night or spending money on shots
Whatever. Well, remember as well. It's actually quite difficult to realize the hundred X
So you might be exactly right on that
But because a hundred times leverage is so volatile
It's very easy to get liquidated price move down one percent
So if you if you price moves one percent down and then it hundred X is which is likely to be
Yeah, yeah, you're gone, but you were still correct
So you can be right just wrong on the time frame and that's really difficult, you know
Which is the reason why generally speaking spot is best for most people
But it's fun as well. There's an element of like, you know, people like to do slot machines
People like to do 100x leverage is kind of fun to sit there and watch the little blocks form and stuff. So
Maybe I'm just feeling frisky today. But is it uh, is it crazy to think that because I actually don't ever trade with leverage
I mean I have but very rarely just more for fun to play and to try out new products and stuff
But I mean almost like if you're gonna use leverage
It's almost like better to do it on some crazy volatile
Actual strong technologies because actual strong technologies don't move like that. But you know on a meme coin
You know, you could just play this total gamble game
And if you're if you're right, I mean it could be some big returns
I don't maybe I'm thinking of that wrong and I'm by the way
I don't even like trading and I don't I don't recommend people trade and I think leverage is like, you know
Financial weapons of mass destruction like I agree with Warren Buffett on that one
I could see people doing it just for fun and you know, you throw you do ten of those
$100 hundred X or 20 X or whatever risk you want to take trades on on some meme coins that are popping off
I mean, yeah, you might lose it all so be real clear on that but you might make something who knows it's more just gambling
Right. I'm not a gambler either. I kind of hate it
Well, another thing to address with this is the idea of scamwix
So this is something that happens on the smaller centralized exchanges because the liquidity is lower
It also happens with smaller market cap points because again, the liquid is lower even on the biggest until I as it changes
You know the idea that a big seller comes into the market
And sells a lot and because the liquidity depth is not deep enough and the price scams down to light
You know, whatever 50% drop even though the actual chart
Never really does a 50% drop because it's immediately bought back up
But if you're in that position you get liquidated at that moment
Even though and this can happen even a lower leverage because scamwix can be like huge drops
So for example on bit mets this week
Bitcoin scamwix down to 8k
Which is awesome if you had a buy order at 10k like a lot of people did at the start of the
Start of the bull market last year because they thought it would get that low
Do those even get filled? I mean, I know I've seen we had some LDA team members who were you know
they there was some exchange where the something weird was happening and it was this in like 2017 18 and
stuff was wicking like really wildly up and down and
Like a bunch of members on the team on paper made I don't know of millions of dollars
But the exchange like didn't let them actually withdraw it and that they tried to sue the exchange
Because the exchange just like told everyone to f off basically
Like an 80 K cell order and they just done 8k and just went for it
Well, it could be that like I remember actually I forgot where I read the article but FDX when they were actually trying to sell
They've done that a couple times when I had Bitcoin scam with deadly 12k
Basically, they just jumped a bunch of Bitcoin in at 12k. Okay, just like fat from that
Yeah, I mean it can happen and it's human error is always an element of this
But I think that the feature of scam works on some exchanges is a feature rather than a bug
So I think some so there's some exchanges that
for one of the better reason
That you trade against them
So I'm not gonna name any exchanges here
But not all exchanges like this by the way, just for a regular story reasons
but some exchanges when you win they lose and so scam wits are sometimes a
Feature of an exchange because they want
They see a massive, you know
Liquidation of whatever buys or sells and this happens in a lot of markets and not just on exchanges
I mean, there's ways like on an exchange
They have more control because they could just if they can just manipulate the numbers or put a fake sell or they just have
You know, it's a smaller liquidity and they just put a lot of liquidity into selling and they just basically
You know whatever way the market is going they go the opposite way and then they push it the opposite way
So that all those people get liquidated that I mean, that's fraud, right?
That's clearly fraud and that does happen. I think we're the industry's cleaned up a lot since those days
I don't know what happened, you know this week that you were talking about but that was happening and people they got caught a lot of
These exchanges were you know, they were taking the other side. I think in the United States. You're not even allowed to
An exchange isn't even allowed to take the other side of the trade
Yeah, I mean the problem is like the majority of exchanges are not based in the US
They're just not like if you if you name like 10 exchanges most of them are offshore
Which you know, I'm not I'm not saying anything against that generally speaking because the US has proven to be a hostile environment
Say the least crypto, but you know, so offshoring not a bad idea for some companies
well, I think even if you are offshore you still got integrity users and
Scamwits the problem is the way they'll justify it if they'll say like
if these don't get liquidated, they could jeopardize the
financial help of the exchange because the users are too far in profit and
So that you know that they can justify that because they're protecting
The long-term life of the exchange, but it's not it's not good at all
So doge futures application who did you say you said coinbase applied for this
Yeah, coinbase. The norm is the norm is we'll have access to a few
Doge derivatives, which is big. I mean that's where the
Considering doge is like a gateway crypto for people are entering the market and the first inflows
Of the the mainstream consumers and the mainstream traders will be on these exchanges
Coinbase this is a this is an important milestone in my opinion
We predict a lot of things on these shows that you know, sometimes we're wrong and sometimes we're right
Sounds like on this one Jack was a little wrong and I was a little right like, you know
It's funny the other day. We were on an exact call for lunar digital assets
And you know, I mentioned that I that morning that I thought you know Brix Nations would start adopting
Bitcoin in the near future and then it was later that day that
Brix like news came out that they were gonna start building their own current cryptocurrency, which isn't what I predicted exactly
But it's a step in that direction
I think they're just gonna figure out that that's not the way to go that they should just use
You know stuff like Bitcoin mainly Bitcoin really is the best for this
But also maybe aetherium or doge or will be acceptable forms, too
I think don't the theory of actually then another thing that actually Jack
Maybe you predicted on a on an exec call also our maybe we talked about on spaces was that the aetherium ETFs
There would be some that would include yields
The the aetherium yields and that totally changed my opinion because I was I thought the ETFs were gonna be
Like not as big of a deal as the Bitcoin ETFs
But when you said that to me that totally made me change my opinion and I was like, wow
Actually, these ETFs could be really big if they include you. Yeah, that's right. Yeah
So this that was only makes that call we've discussed in that and then I think this week or last week
I think it was maybe fidelity
And came out and amended their application to include staking yield
I just thought was just incredible, you know, that's exactly how I thought that would play out
and it's also exactly how it should play out because one of the main arguments at the moment against and
Crucifix is from like a bit coming for example from trash by was that like it's cool and everything the price appreciation
But there's no business behind it. It's no long-term yield
But you get with a stock that was produced in income
But in aetherium case there is there's a you know, there is a massive entity that accrues
hundreds of millions or billions of dollars a year in fees and so for it to give some of that to its
ETF applicants makes total sense
Yeah, there's there's so many especially that when we look back
I mean even Jack you said you thought we would hit an all-time high by the end of last year
Now you were wrong on that part, but I mean it was pretty damn close. What it what was it two months later?
You were off by three three months
Look, it just felt like momentum was building and I think the longer you're in this industry
You can just kind of see the signs shift a little bit and the way things are going and it gives you a good read-on
But you know, you're not always right and like I'm somebody that
Maybe that's just right. I'll throw out a bunch of predictions and like maybe 30% of them. I'm wrong or 40% of them
You know, that's just the nature of working in the industry, right?
Yeah, that's right, I think that the the ethereum is yes that there's a lot of interesting dynamics that could
With spotted yes, because currently like it is held
Digens that like defy, you know
Institutional traders that are not in web 3 are not very much into it yet
So there's a lot of opportunity there for new new capital flowing into the market
Into the industry why by having this one thing I would love to see data on from ease that I've not seen anywhere is
The percentage of ease that's locked inside. That's locked as liquidity inside LPs. So not
Not necessarily use the state liquidity, but like, you know projects X releases a token they get you know
100 even start LP, you know many of those LPs end up locked forever or for a very long time
but I'd be an interesting metric to see like that, but it's I
Would venture to say it's high single-digit percentage of supply at some points maybe even higher than that
I would I would venture to say that if you I don't know that specific one
But if you combine each staking through Lido and all these
Etc and then you combine all of the eat that's on quick swap Uniswap of a
Would guess it's well over 50% and I think I've seen some stats on that actually but I'm I'll try to find that
yeah, and that that makes a big difference right because
like when we talk about you know, if as a much larger supply than Bitcoin and there's
Have a more dynamic supply like you can see on ultrasound money.com. For example, like sometimes we're in deflation and stuff depending on fees
And I just think that's interesting like how that'll affect these here because it's a little more complicated than this very simple supply-and-demand
Market forces that are a play with Bitcoin. It's like kind of a 3d version
When you're trying to gain it out, you know a lot more variables
It's it's difficult to get that metric for ease because liquid staking yeah
You can you can easily find it because it's one one simple smart contract for liquid staking
which is like 45 billion dollars currently of
Bit more than 10% I think of the entire market cap of ETH
Which is great. I mean that's that's great
but that doesn't give us insight into how much of of the ETH is actually locked in DeFi and
Yeah, it's it's an interesting metric that that could actually help
Understand better the entire dynamics of of the ecosystem entirely
It's in a lot so like I'm seeing here this is just by blockworks, I don't know if it's accurate but
A hundred and seven billion are staked as part of the consensus now
Some of that is staked natively people could do that on their own or they could be using lido or rocket pool or frac
Celsius had their CE, but that's you know, no good anymore
100 billion out of what's the market cap 500 billion or some 400 billion
So that's 25% alone is just staked for the consensus at security of aetherium
And now let's take all the stuff in centralized exchanges and think you know all this stuff in DeFi
I mean a lot of the ETH is being used
So we're talking about this in relation to ETH and how the supply and demand will affect the ETH
But I wonder if there's a way like maybe there is I might have missed it, but like
You know like Glassnode has those really incredible insights into Bitcoin
And like, you know the percentage of coins that haven't moved in so long
It's a really good tool you can use to kind of game out sentiment in the market
I wonder if there's a way where you can get those same insights for Doge because I would guess that a
lot of Doge have been locked up or lost
For a long time. Sorry guys
There's a lot of traffic. Yeah, like I would guess that there's a lot of the old Doge from
The early early days the first two three years has now been lost in old wallets
So, you know, it's locked into some protocol that doesn't exist anymore and so on and so it's like interesting to see how
the supply and demand dynamics of Doge will kind of change over the next few years as retail comes back into the market
I would love to get those insights
I'm sure a lot has been lost
It's any of the early proof-of-work stuff. A lot of it was lost just because nobody like a lot of people didn't really
For many reasons people didn't believe in it at the beginning. They didn't think it would be worth anything
You know, maybe they lost a hundred dollars on a hard drive or they just yeah the wallet
I'm one of those people. I don't know these people. I
Yeah, I lost 10 Bitcoin like that
I had the private key on a text file on a computer and that computer ended up in a dump
So yeah, I'm I didn't even know what I had I got them I actually
Gave some money to charity and they were giving away some Bitcoin
To people that were giving away so I get I got 10 Bitcoin for free
I gave I gave money to for charity for cancer
And I got back some Bitcoin
as a token of appreciation at the time, I think it was worth like 10 bucks or something like that
If I'm not mistaken, so I I didn't really think much of it
I mean, I researched it a little bit at the time
Understood what I needed to do to access it eventually
But it didn't mean anything at that point to me and I forgot about it and
Computer ended up in the dump somewhere and that's the story but there's a lot of stories like this
We had rock dropped off actually back up
It's not like it would be I
Mean, yeah, it's life-changing 10 Bitcoin
Especially if you hold them another five years extra
Until they're like a million dollar each but yeah
It is what it is having hindsight regret in this industries is not if it
if it becomes worth 10 million a coin and and you know, you lost 10 Bitcoin are you are you gonna
You're gonna be okay. Are we gonna have to
I'm gonna be fine. Imagine the guy that bought like pizzas with 10,000 Bitcoin it
He's I mean it is what it is, you know, it was
I'm sorry. I didn't spend
There was a loss forever. I think that there was some analytics
Took out like the big initial mining wallets from the Bitcoin
Genesis etc and took like in the first couple of years the initial small amounts of Bitcoin that have never moved and
Considered that a lot of that
Supply was was lost forever that people mostly lost their keys or
Have them locked somewhere and forgot about them or something
Would you have actually held that Bitcoin or if it went up to like a hundred bucks at all? Yeah, that's that's that's the other
Of course, of course, that's the other thing that everybody's saying is oh my god
If you already have that 10 Bitcoin, it would be now worth
$700,000, but yeah, I might have needed that money and I
Certainly would have needed that money at one point when it was worth like a thousand dollars of Bitcoin
I might have sold it then, you know, it would have changed a lot
at that time for me, so I
It's not like you're saying paperhanded, but you know
$1,000 per Bitcoin was a lot people who were
Doing crazy about that then it went to 20,000 and went to 70 etc. And now we're we're back at this
but yeah paper handing Bitcoin is
Is something that a lot of people had done have done?
Because they needed the money they bought cars. They bought they paid off loans. They sometimes they bought a house
They got rich or whatever
But my lesson from all of this is that I'm never selling Bitcoin ever again
I haven't ever since I've been active in this industry for
And I've been buying Bitcoin regularly since I haven't sold a single
Yeah, Bitcoin's one that I generally just don't sell either. I don't try time
Think my doe's I probably will never sell but I I can't say for sure
If it got really really frothy, I might try to take some profits off the top
I generally just don't because it's just not my style
I just hold for a long time
But I could see if doe's got super frothy again
And there were like a ton of rappers coming out talking about it, you know, and it was like, you know
Would consider taking a little profit and then maybe buy 20x is what two dollars. Yeah, three dollars something like that
Yeah, yeah, that would be a good I think level to think about making profits
The problem is you just never know what will happen though, man, because even if it's up that much and
You try to time it and it's like the timing of things is so hard because you have to really actually
Make it better than huddling. You have to time the top right and then re-time the bottom, right?
You know, you almost have to time like
Like three points like you have to have bought it early, you know earlier
Then time the top right and then rebuy back in and buy the bottom, right?
It's almost like three points you have to well, and then you're never gonna have to then so
Perfect, you know minus is from the the chance that it actually beats on link. Go ahead Jack
Well, and this is the problem and then and then the cycle just starts again because then so you bought you've managed to buy the bottom
Right, so you're like really happy but then it's gonna top again in the future
So do you sell that and if you do then you've got by the bottom again?
And this is like you can't like so really smart people do this with my bitcoins example
And they're able to increase the stock for the ball and bear markets, but honestly
It's just it's super hard. I know like, you know sort of smart people that were calling for
10k Bitcoin 12k Bitcoin during the SCS collapse basically the worst series of events, you know, Luna
Celsius that's yet has ever happened in the industry and people
Waiting those during like yet like during the despair where people thought like it's all just die
And that you know, it's had always going down or so people were still waiting for lower Bitcoin
But with hindsight that was like an incredible time to have been part this industry for it because you know
Some people join that type, but you know what? It's not 10k. It's not 11k. Whatever, but that's good enough and they started by it and
I placed and buy orders during that time. I've been been in stables for a long time before that cuz I was really worried about everything
You can do it. But the problem is then on the other side when you're like, okay, I think the market's top it
You kind of you're in this infinite loop. I'm happy to be right all the time. Whereas if you just hold
There it's not an infinite loop to be right. Instead
It's like you just have to be generally right on the trend like that bitcoins
Adoption is going to increase and then that's it
And then when the time comes where you feel like you need some money
Something then, you know in the future there might be loan options against Bitcoin because it might be like a tier one capital asset
Or if there isn't and you can just sell what you need
Rather than thinking like I'm gonna have to time the top here
This is super hard and many people end up with less Bitcoin than they would have started with
Just from trying to time top to bottom. I
Want to find this strategy where you know, I want to think more on this
I've been thinking a lot about it and trying to figure out and I want to figure out with like my my CPAs and stuff
But just literally never selling but benefiting so you just borrow against it and then you know
borrow at a low rate or close to zero because you're just borrowing with super over collateral ization now the problem with that is
Right now you have to do that on centralized
Exchanges, which I just would never trust my Bitcoin on a centralized exchange to like borrow
You know once we have Bitcoin is defy kind of like we've already built doge defy right now
You could take doge and you could lend it, you know trustlessly
And that's gonna get even better over time and when we move to CDK, it'll get even more trustless like
Once we have better options for this, that's what you'll do. You'll just you'll just never sell
I mean, that's what a lot of you know rich people do, you know
You got to figure out what are the rich people doing? Why do they pay so little taxes, but we pay so much
It's because they know the loopholes and they have the lawyers and they got it
You got to figure it out. You got to care enough to figure it out, too
But yeah, that's one thing you could do is you just literally never sell your doge or Bitcoin
And or your theorem polygon whatever you and you just borrow enough to live
And you get a super low interest rate because it's super over collateral ized
I mean there is like it's almost you know, it's such a low risk for the for the
The borrower if you're lending and they're borrowing you're lending your Bitcoin to borrow
USD or stablecoins or whatever to spend and then you're they're borrowing
They're borrowing the Bitcoin for whatever other reason maybe they want to leverage it or whatever they're doing with it
But for both sides, it's minimal risk because if you do it through smart contracts
It just liquidates before any problem happens before it becomes bad debt
lending protocols etc that they're very risky, especially if you you start using the
The borrowed assets in in different, you know, like liquidity mining you get a PY from the lending protocol like incentives
And then you get some let's say some
Volatile token that you put into
But then you get there you get
Impermanent loss risk for example on the DEX if the token or the the pair pumps and the you you lose on one or the
Or the other then you need to reimburse and do you actually is it actually worth it or not?
A lot of people, you know like to juggle with with DeFi stuff
But it's very risky and you really need to know what you're doing before you start getting into these
protocols but borrowing against you said what Bitcoin and doge for example
At a low rate is it possible though? Well, we have DeFi more prominent
I mean right now the only DeFi built on doge is doe's chain and you know
It's somewhat battle-tested, but it's only a year and a half old. So to be fair, you know, we're not even who we haven't really
Broken the the barrier yet, right? But and there's you know, there are still risks
I think once we go to CDK, it's gonna be like, you know, the risk will be much much lowered
But there's and there's still other like there's other things that we could do to make it better
You know the native doge bridge can be at some time using something like bit VM
Or Babylon or some of these newer technologies being built will have like fully
Trustless, you know roll ups to doge and to Bitcoin and we're not quite there yet
There are still technical risks and other risks, but you know, we're gonna get there like it's still early guys
We're I'm not saying right now
There's an easy way to to like go lend a million dollars of doge to take a you know
50k loan just for living expenses or 100k or 200k or through it or whatever your risk profile is
but this is all gonna come in and eventually this will be completely simple commoditized and very cheap to do and
We're the ones on the forefront building this stuff with things like I mean
Owens new doge backed stable coin usdo wouldn't wouldn't you consider?
That's actually a way to lend your doge and borrow against it
You mint you put your doge in and then you mint
You know usdo and now you can go spend that usdo or you know, if Amazon doesn't take usdo
You can swap your usdo for usd tea or usdc and then go cash out on coinbase or whatever and go spend your money on
Amazon, I mean I did this I actually did this to buy my tesla
So I just put eth up as collateral so I wouldn't have to sell it
I didn't want to sell it because I believed it was gonna go up and this was around
I want to say this was around when the eth was like $80 and I I didn't want to sell my eth because I knew
It would go up. So I just staked my eth took a loan out and bought my tesla and
You know, I didn't have to touch my eth and the interest rate was very low
But did you need to repay eth right it actually just automatically debits it for you
The interest is automatically taken out. You don't even have to think about it
It just takes the interest out of your your eth that you staked
Very simple if I forget to make a payment
It doesn't hurt my credit score because it's just taking whatever's very small amount, you know on a hundred thousand of eth
You're probably only looking at you know, I I don't know what the lending rate is right now on it
But when I was doing it, it was very low because it was so over collateralized, you know to take a hundred thousand
Or let's say to take a ten thousand dollar loan, you know
You're gonna want to put up say, you know
Thirty thousand or forty thousand or fifty thousand is collateral because so you don't get liquidated
And the cool thing is even if he starts going down you could just top it up
I actually did do that. I if I remember correctly when eth was at one point with the loan
I I don't remember the whole what I do the whole like
Path I took but basically when eth was going down a lot
I don't want to have to watch this and be worried that it could get liquidated
So I just added a bunch more eth just like to make them to make it super healthy the loan
So I don't have to worry about it. But yeah to increase your health. Yeah, you can top it up, you know
So that yeah, because your health factor always depends usually on the amount that you're supplying versus the amount that you're borrowing
plus the the LTV ratio that's
Set up by the protocol on that asset. So
LTV ratio is the loan to value. So for example, if the LTV
max ratio is 80% for example for eth that means that if you
Provide 100 eth you can borrow 80 eth worth of assets whatever
eth again, rap eth, rap BTC, whatever
But yeah, that's the LTV and I think that it plays a role in the calculation of the
Yeah, the health factor of your account. Maybe people may want to know
I don't know fully how USDO works, but I think it a lot of ways
It's similar to DAI and MakerDAO. So the way MakerDAO works is you put up eth
You you mint DAI you can mint your own stable coin by just putting eth or now there's a lot more you can put USDC
Eth I think they even have like Treasury bonds and stuff
I haven't been following it completely but the concept the basic concept is put some eth, you know state collateralize your eth
Mint DAI you're minting your own DAI right there on the spot
You nobody does it for you
you're minting your own DAI and then the the mechanism that keeps it pegged and keeps the whole system working is that if
For example, let's say I go put a hundred thousand collateral
I borrowed 30,000 of DAI and then now if DAI starts to lose its peg because you know
Too much is being minted or it's being sold too much or whatever reason. Let's say DAI goes down to 99 cents
Well, guess what? There's people out there that are gonna go. I'm gonna go pay back my loan
Because I could buy DAI right now for a discount so I could now pay back my whatever
You know $10,000 loan for nine thousand nine hundred because I could buy I could go convert some other eth or Bitcoin or whatever else
I can go or US dollars and I could buy DAI and then go pay back my loan at a cheaper rate
So that keeps the peg from ever dropping because you know people will pay it. They can pay back their loans cheaper
So and then on the other side, I think what happens if the peg goes too high
I forget what the mechanism is there. Let's see. I might have to do with lending rates, but
Let me see if they're ETH or if the DAI amount is too heavy
Maybe people will put oh, maybe people will put more ETH to mint more DAI because the DAI is worth more than $1 at that point
Yeah, that's that's what happens. Usually and that's the mint and burn function with over collateralized assets that
Stable asset is starting to debug on the upside people
Quickly balances itself out because people have bots on it
Etc. So they they meant more and
They get a little bit more for their
For their value. There's arbitrage urs that just basically keep the price steady by benefiting from the volatility and then eventually
Because it's stays so stable over time
It just stabilizes itself because now now people don't even need to do necessarily the minting and burning function because they're just they're just buying it
Whenever it dips because they know it'll go back up even without the mint burn function. There's that there becomes this like belief system in it
But I think we're still at just like early stages of stablecoins, I think we're gonna find better ways to do stable coins
I don't know what they'll be. Yeah reserves reserves are dangerous, you know
like USDT even USDC there's always governments working and
Wherever you're situated. There's something something can happen
Tangible guys that on polygon they
Had a stable coin back by like 50% die 50% actual real world assets like
Real estate etc. And that someone basically just pointed out one day
So if they actually be pegged they didn't have enough liquid assets to just simply
Keep the peg if everyone started redeeming their assets. They only had 50% of that died. It was just good to go
So you got a bank run situation, yeah, yeah immediately got a bank run and yeah, they're being oh that's what happened. Yeah
But I think what they're doing I should try to get them on yeah
You know, it's silly about that though, is that there will shouldn't it still even if the assets aren't completely liquid
Even if a bank run happens
There should still be people that are like if the other assets are liquid enough that they could at least sell them in the next
Week or month or whatever
Wouldn't there be people who would buy the asset at the discount because they know that that all do exist back it
If it's real estate, it's not liquid if it's stuff like that, you know, yeah, there's just like a long time zone on that
I mean, they've been deep egg for a while, but what they've actually started doing they
Deployed they're making an L2 chain
Which I don't know why they're doing that
but and they are and they're basically
fractionalizing the NFTs and then
Letting people buy parts of the NFTs and then essentially like, you know, they're the ERC 404
I guess where they have the you can basically
Put tokens into an NFT and midnight NFT. They're using that to try maintain the peg
so they're basically trying to make the
The unlikrid parts liquid through just tokenization
Don't know why eat like or why maker Dow
Started using USDC because now it's a to me dies
I hate to say cuz I you know used it so early and I'm such a big fan of it, but to me it's
It's too dirty now. It's it's got USDC which could be
Have a problem if government does something to USDC there's a problem
I don't know why they just something to fully on chain the someone blacklist the USDC in that contract that is game over
Maybe yeah, I don't know why did they do that just to have more access to more stability and more access to liquidity
I mean, why would you make a stable point that's backed by another stable point? I don't understand what the logic is there
Well, it's technically backed by tea, but sorry tea bills and that treasury bonds. So
USDC is so I guess it was a way of including that in the basket to die but remaining relatively decentralized
But you don't even get the yields anyways of the the treasure no, but it makes die
So the basket slightly like it's not just even and defibrillated things. It's like
You know like treasury of those like the world's best collateral right also this day
One thing I wanted to mention I was talking about USDC and what let's spin is I don't know if anybody caught that
Blackrock launched a hundred million
Dollar like basically tokenization fund on a theory and this week and some smart person sent
Sanctioned a theory and from tornado cash to that wallet
Do it to Blackrock. Yeah. Yeah, it's the one. Yeah, so
You imagine Blackrock getting blacklisted because of tornado cash. That's not gonna happen
Right, but it's but it forces a conversation about like I think that the whole part of it wasn't a blacklist blackrock
It was to force the conversation about like is
Sanctioning people that handle aetherium that may or may not have gone through tornado cash at some point
Is that the right way to proceed? I think probably not just from things like this
Exactly because anybody can send anybody
Tumbled coins that come from from a tumbler or
you know something like like tornado and
What do you do then and you blacklist everybody from from participating in the market?
You charge them with the current prison time. I don't know
I guarantee you that every single centralized exchange of the world has had tornado cash to eat at some point
So it's like it's just a silly thing that you're gonna block this finance and coinbase their main wallet
It's the the eternal discussion that
The anti crypto narrative that crypto is always used for
Criminal activities and money wandering etc, etc. So
Do you know I think that I
Have the pleasure of speaking to somebody who's really who's I don't really want Korean investment banking recently
you know, it's a very big property owner and he worked for it and invest my four years and
Incredibly intelligent guy, right? This is guy with a PhD in economics and
And I asked him about Chris. Oh my thought and he just he said that exact response
It's useful money laundering and that kind of thing. I was just like no, man. You're a really smart, dude
You're like an incredibly smart person. It's like a PhD
You know what you're talking about just sit down and do some research like just ten hours
And that'll be enough to show you that that's that's kind of a paper thin narrative at this point
I mean, what are we gonna say that like, you know, is all the blackrock ETF
You know Bitcoin is that all just money laundering too, you know, it's like the
People are gonna not be able to make these points soon
It's just silly at this point
it I think for me like it was kind of a bit hurtful because I thought like it was very intellectually lazy from somebody that
Is an incredibly intelligent person?
It's like just to spend a bit of time before you make a judgment or repeat something that Jamie Diamond said five years ago
Just sit down to a little recent
Noah don't spend you know your entire life looking at this stuff like we did with just a little while and you'll come to a different conclusion
But to be fair to them and why this this idea still persists
and I know people that are like very wealthy that feel this way or at least felt this way until I
It's fair to see why they would feel this way right because as an investor as just a human in the world
You only have so much time to research so many things and looking to so many investments
So oftentimes in the smart thing to do actually is to not waste your time
digging ten hours into some you know thing that you know may be shitty if you just listen to people you trust and
Jamie Diamond and you know a button and Charles Munger and all these people
Say this is a scam and you know, it's it's for money laundering or whatever
Then maybe you don't need to get to that point
Maybe you just are gonna trust them and go hey, I'm not gonna waste my time on this
This is just I it's like not the type of thing
I want to get involved with and if there's this many people saying that so this this will persist and like fair to them
I mean, you know fair on them, right? I mean, you know, you can't look into everything now
It just takes them now hearing from some other smart people. Maybe us maybe you know
Politicians may be seeing BlackRock that then they start opening their eyes, right? Like I have a family friend
he's worth in the hundreds of millions and
You know, he was very like skeptical about Bitcoin when I first told him about it, you know, almost ten years ago
And then, you know a couple of years later, I think 2017 he saw it going up and you know
He started asking me more questions about it. He never got into it, but he started to become a little interested still didn't trust it
I talked to him again a few years later and he was definitely more interested in it
But still hadn't got in but you know, he was like on the fence at that point
I probably should give him a call and see how he's doing but I get it get him in but you know
Some of these people it takes a long time to get them to venture into this kind of stuff, right? I
Think that conversation will be a lot easier now that you've got the large institutions that are releasing products related to it because
That they are it's very well known that they are very strict regulations that govern them
And so that they'll feel I think a lot of these people kind of feel more comfortable
Outsourcing the decision on whether or not it's safe to somebody like black frog fidelity Vanguard, you know
A lot of the time when you when you speak it to people about this stuff
You kind of you're not really dealing with an actual opinion. What you're dealing with is somebody that
Doesn't like you mentioned they don't have the time to research it. So what they do instead is they
abdicate responsibility and say like well
Very smart person says this about and it's negative therefore. I'm not gonna waste my time looking into it
but then that that reduces their opportunity because they
Have to figure out at some point as the adoption curve grows like a few skeptical of the internet for example in
The night in early night night is by the early 2000s. You were probably a regular internet user
So you have to learn to live with this stuff at some point
Yeah, and remember guys that the day that everybody agrees that blockchain is great is the day the alpha is gone
So in a lot of ways you should be happy that you know, you have these this dichotomy of opinions on it
It's this is where the upside but the volatility in general, but including the upside volatility comes from
Yeah, it's a speculation and being early is is
Is that that's what where where it comes from as rock says you're still early because of these
discussions that you know Bitcoin or crypto is a scam and
If you look at comments on on social media like Instagram or tick-tock or stuff like that anything that's related to
Crypto like the vast majority of people are still considering this like a huge scam
And and don't understand any of it or the technology behind it or even it's its narrative of decentralization
Just like a way gambling for for most of them where you can get scammed
But until there's there's a lot of people thinking about this that way
It's funny though. The characterization is gambling because on the one hand people deem eyes this industry by using the gambling analogy
But on the other hand, they'll glamorize go into Vegas on holiday
It's kind of funny right like when you see if you ever go to a casino and you see like, you know
Basically old people endlessly using the one-arm bandits are putting coins in the spot machine for like hours and hours and hours at a time
You think wow, that's that's pretty terrible. They don't want they don't look like they're having a good time
It's very different from the vibe you get from this
Press every one of those people look depressed. They're all smoking cigarettes. No and they're sitting there hitting their slot machine
They look lonely. It's sad
Gambling is really a sad sad premise to be honest
Well, well, I don't condone it and this is a country where I am
We're gambling is like legal and you can see casinos on almost
every corner like small ones like with slot machines, etc and
You know, it's it's a real problem a social problem with the youth
Do you think gambling should be legal or illegal and then continue on your point there? I
Think it should be legal but more regulated than than it and then it is here because
Like like it is in Vegas, you know, when you go to Vegas, you know why you're going to Vegas well same
Atlantic City same thing. You're not going to find like a casino it
In LA Center or in the center of New York, etc, etc. That's what I mean
Like I have no problem with it being legal. I have a problem with it being too accessible to everybody
Yeah, I struggled with this one is like someone who doesn't I'm not a fan of gambling and I see it
It really hurts a lot of people
But I'm a libertarian so I just I lean towards it should be completely legal
And I think other things like even prostitution should be legal
Maybe with some fair regulations
But um, but it I don't know maybe it should the government not allow us to do things that they think are bad for us
I don't think that should be the government's place really but I could see the reason for banning it because it is
Particularly when the government has a bad grasp on what is bad for us
That's the problem like the father they're trying to bankrupt so but they allow GMO food and don't forget the lottery
System in America, for example, it's like
Massive like it's crazy how much people money people spend on the lottery. Yeah, you guys have like a billion dollar lottery
It's about right. I'm thinking about that. It just keeps going up. It's probably I don't know
It's I remember when I was a kid
It was like, you know a million and then it went to like 10 million people would all celebrate and like you'd see it
All over the news Wow the lotteries at 10 million and now it's yeah, it's probably a billion
I don't know. It just keeps going that so so like people are celebrating that I've a lottery kiss it's a million but then
But then if you when you look at the coverage of Bitcoin gains to 70k
Risky risky thing to do don't you'll get scammed and I'll still like come on guys
Literally attacks on people that don't
statistics or they're just depressed and they it's their only form of like, you know, guys entertainment or something
But whenever I don't go to gas stations much, I don't drive much anymore. But when I do drive
You know the Tesla I don't really need to go to gas stations
But I go maybe I'm going for a water or something once in a while
And I always see people buying lottery tickets and they are never like it's never like us a wealthy person in a fucking suit
Buying him. It's always like the saddest people and I always try to not always, you know
Maybe but a lot of time I tell them hey, you know, maybe you should look into Bitcoin
It's it's probably a better gamble than that
And I you know who knows if they they listen I've had some conversations with the people like I'll sit there and talk to
them if they if they bite but
Yeah, I go put your money in a random shit meme coin over a lottery ticket cuz you're not gonna win the lottery
It's like you probably got better odds to get one dollar
Yeah, you definitely got better odds
Gambling on random calls when you have on
Especially what what irks me the most is that people compare it directly, you know
And in a country like like like mine where casinos are everywhere and people don't get like average salary is what?
500 bucks a month or something like that
but like people on minimum wage, they
get their pay and they go to the casino and blow it off in the first day and
Crypto where you can actually research a project where you can actually invest in a project that
It has some significant upside. I mean just it just annoys me so much. By the way, we have a
How you guys doing man? Happy Friday. Happy Friday. Happy Friday, man
Did you see the news that doge?
May get futures through Coinbase. I thought I thought it was guaranteed
I thought it was a confirmed or that's what some of the headlines I just heard about it right now in this space
I didn't even know until now. Yeah, some of the headlines I was reading look like it is actually gonna happen
Is it that easy on Coinbase? It's gonna be uh, I think in April
I don't know if it's April 1st or it's it's coming right up man the next week or two
Futures those coin crazy, right? What?
We were just debating recently on this space about like could doge get and my argument was that doge like should get an ETF
Because it's way more decentralized and 99% of the tokens out there. It's like a true commodity in my opinion and
You know Jack thought that seems crazy and then and it's not happening
But you know, this is this is a step in that direction
So kind of cool to see for sure for sure and I like I feel like a dogecoin ETF could could happen
Also in the future like, you know that they're there. They're flirting with the ethereum ETF
You know, obviously we got the Bitcoin ETF those 20 TF could come like in a year or two
I wouldn't be surprised man if if a dogecoin ETF
Was to pop up here in the near future. I
Mean you couldn't you can make a good argument for
Doge being more decentralized in in in some aspects than even aetherium and aetherium is very decentralized
Now I'm not saying in all aspects like I think maybe token ownership and the ways
It is used in defying things and and all this
There's a lot of ways that like eat is more decentralized
I think and maybe has more validators than then doge nodes
I'm pretty sure it does but the fact that it had, you know, no team tokens
No money raised etc. That make it to me a little more valid as a even maybe in some ways as an ETF
Better for an ETF than eat and eat will definitely come first
But in many ways you could argue that it is totally like a perfect valid thing for ya know
I completely agreement and I also feel like you know, there there there's so many wallets that are lost
You know forgotten about seed phrases and we're just talking about that, bro
Yeah, I was trying to find the numbers some people say it's like maybe a third of doge's is lost. It's hard to say though
Right. No, it's just incredible to think about, you know
We hear stories about people losing, you know wallets with Bitcoin from 2011 all the time those quick those coins came out in 2013
You know, there's gonna be so many similar situations like that
Well people just you know had paper wallets misplaced them
Whatever the case may be and I feel like if if you were one of those people that didn't do that
Like let's let's say you were just super responsible, right?
You bought those coin back in 2014 and and you had the passwords, you know exactly where it was. You know what I mean?
A hundred percent of those people in my opinion
Took sold everything to profit sold it all last time, right? So the last cycle that went to 75 cents
I promise you half of those people sold when those coin was that like five cents ten cents twenty cents
Because these are people that have been around
Seeing those coin under a penny their entire lives, right?
So like the we were talking about that that as well because I've been here was talking about how he lost
Ten Bitcoin and then Jack was saying yeah, but would you have even held them even if you didn't lose them till now, you know
Oh exactly like the talent came out unless unless you're pro the doge who's never sold any of his doge
Unless you're me. Wait, wait, he's around since 2021. There. So that's only three years there. I
So 2010 actually, yeah, dude is diamond hands the right I mean, yeah
so Vitalik right he came out and
He said he bought twenty thousand dollars worth of those coin just for for whatever shits and giggles
I guess in like 2017 right something like that
And so he had been watching, you know the charts like everybody else those coin doesn't really go above above a penny ever, right?
And uh, and and during the bull run in 2021
Vitalik sold. I don't know if you sold all of it or half of it or what but when those coin hit eight cents
I don't know if you guys remember that for the first time ever
The those come in from a penny, um to eight cents overnight, right?
And then Vitalik sold either everything or some or most of it at seven cents
And then he thought he was a genius right because those couldn't crash right back down
And I think it went to like two cents or something and it never went under two cents
But that would that technically speaking was a smart play right Vitalik had seen those coin do nothing for five years
You know what I mean? So it makes sense I get it
No, but here's the thing it took two months for that to happen
So those coin goes from a penny to eight cents, right then Mia Khalifa talks about it
And it drops from eight cents back down to
So so at this time is when I discovered crypto, right?
And I just couldn't believe what I had seen Mia Khalifa talked about doge. Yeah at eight cents
Yeah, when I went up to eight cents, so did uh, who's a famous rock star from kiss?
Yeah, Jim Simmons Jim Simmons pogo of dogecoin
Early and of course afterwards it was yeah, then it was Elon
Yeah, all those people were talking about those kind of eight cents
Um, so anyways at that point I was so I was so like I don't know
I was so like excited about those coin. I was like, what is this just watching it go from a penny to eight cents
I'm watching the dogecoin charts religiously 24-7 face glue to the charts on the screen and
So I go from eight cents down to seven down to six down to five down to four down to three
And then when it hit two cents, I remember this because I stayed up all night looking at it. It went to two point seven cents and
Then it never dropped under that and I and I watched it for like eight hours straight
And it would just bounce between two point six and two point seven and I was like I cracked the cold
This is the bottom and it was the bottom but like I didn't fucking at the time, right?
I was like, this is the bottom and then and then I made a post on my Instagram to my
100 followers back then and I was like, hey guys
It's two point six cents is the bottom it will never go under this ever again
right, and I'm telling people to buy in and
The people that did buy made a killing but uh, but even me like I was still looking at it
I saw it go to three so I go to four crash back down to three and that's when I went all in right but uh
But it was crazy. It was crazy to see that experience that at the time
So that was before that was before everybody funny you
So yeah, this was two months before it blew up right so this was at the end of January
This was right after GameStop, right the GameStop thing happened. Everybody got infuriated
Retail investors were frustrated. I went back to the Wall Street Bets. Everybody went back there. Like what are we gonna do huddle up?
Robin Hood is fucking us all right now
What are we gonna do the majority of people I want to say 80 to 90 percent of the people in the in the reddits
And the reddit threads were saying I'm leaving the stock market
I'm pulling all my money out of the stock market fuck the stock market the whole shit's rigged
I don't want to have anything to do with that and I was one of those people
I was like fuck the stock market if they can do that to GameStop
They can do that to any other stock at any other point in time
So we can't win no matter what right?
The day after that you know and and I saw it cuz the Wall Street Bets chairman
Posted has those could never gone to a dollar that sweet and viral on Twitter
But it also went viral on reddit cuz somebody screenshotted it and put it in the Wall Street Bets on reddit
And so I saw that I was like what the fuck is dogecoin. I look it up. It's had a penny
I'm like, oh, that's funny. I put $40 in a dogecoin at a penny the next day. It goes to 8 cents
I'm like, what the fuck is this? I see $40 go to 50 60 100 150 250 350 and right in front of my face
And I'm like, what the fuck is this?
And then it like I said, I start watching it it crashes all the way back down to two cents
Then it flirts with three cents four cents back down to three and then two months
It does nothing after that it goes up to five cents, right?
And then it sits around five cents for two months straight and I'm over here telling people to buy they're telling me it's over
It's gonna crash back down to a penny at any point and and nothing happens until April
April rolls around and then Elon starts tweeting about it in a fucking ghost crazy
And that's when I hit a million dollars on dogecoin and that's when I made the reddit post
Hey guys, this became a dogecoin millionaire that shit goes on the front page of reddit
Contact me msnbc the New York Times and and yeah, all that should happen two months after bro
It was like two months of nothing nothing
What do you think about the fact that like doge has been not performing super well for what I'd expect in this like meme coin
Degeneracy market and even like, you know
We see like Steve has been performing pretty well
And we see all these other meme coins and does been like it's okay
But what do you think about this like even you on talking about it might be used as you know for Tesla's
Right Tesla's and stuff and it just hasn't been like this. I mean look at this news about this coinbase thing
I mean it rarely crossed right. No, I feel like personally
I feel like dogecoin right now is just kind of on autopilot, right? It's like it's it's
relative to whatever Bitcoin is doing
It's that you know sitting around 15 cents of support right now
When it went up to 20 cents, I want to say a week and a half ago
And then it came back down
But it's not it's not doing anything crazy because there's no real I guess there's no like
Third party hype happening right now, right? It's just doing what it does is doing with the money
He's on talked about it in coinbase and it barely I mean it moved but didn't move as
Talked about it at the at the thing saying that he
Those Clinton used to buy Tesla cars here in the near future
And I think it pumped up to like 18 19 cents or whatever
Um, I feel like one for one the market cap is so big now. It takes a lot to move it
For two, I feel like we're still in the beginning stages of the bull run
So I mean I could see like let's say Bitcoin goes back to 70
Right and then let's say it doubles to 140 150 here in the next six to six to eight months and maybe the next ten months
Those ones gonna see that rise as well because it rises all times, right?
So I can see those going out like 30 cents 40 cents, but it's gonna take some
Some like some either more hype from Elon. Maybe he does accept it for for Tesla
Maybe he incorporates it in the payment system on the X platform
Those are big catalysts that we're still waiting to see and I feel like the Dogecoin run-up really happens
When there's a major catalyst like that and then it becomes FOMO, right?
And then FOMO takes wind and we can see does gonna hit a dollar here. Um, maybe even this year still I
Agree with you and I think that the dynamics of Dogecoin they follow their own little
Unlike other you know coins and altcoins Dogecoin is something completely separate from from if you look at
How it has performed in bull markets. It's usually very slow to get started
Currently usually we have you know in previous
Bullish cycles we had Bitcoin driving the the market then the capital
Gains flow into altcoins, but now we have this
Weird Solana meme coins people sending money to random addresses for mints and
Pre-sales and stuff like that. I mean, I
Would never do that. This is like I CEO
10 I don't know. How did Jen can you get just to send?
$10,000 to a wallet that somebody posts on crypto Twitter and there have been so many rugs already
I mean, I'm not going to go
Like we've seen it all here in the last I want to say in the last two three weeks, right? It's been it's been pretty
Yeah, at least you know in 2017 when it was the ICO will moment
At least these projects need to needed to do some sort of you know effort create a website
Some white paper explain their narrative or something even even if there were scammers they had to do some effort now
It's like hey, look, this is like my
These political coins. They're racist coins as well. Now, I mean it's it's it's it's gone completely
Out of control, but anyway now I was talking about the dynamics this dynamics has changed a little bit
Instead of altcoins. We're seeing gains in these what a point. What are race will coins. I've never seen this
Took over Twitter a crypto Twitter yesterday is when it really started. I'm on here 24-7, right?
so I'm seeing it as that as it's happening, but uh, it started with
Inward coin and then it went from that hard hard and word
No, no, and with hat coin not and with bike
It was it started stolen by coin word butt coin
And then that blew up and then all of a sudden all of these racist slurs like scenarios like like
Like all of these like tropes all of these like
Stereotypes like all these coins started popping up and then it went from and went from like
About black people to Jews to Nazis to like it started taking over a life of its own and and just being
Ridiculous, right and so like it got to the point where at first I was like, this is stupid. This is a funny
That's not cute. It's not cool or anything, but there's only gonna be a few so I'm gonna ignore it
I won't talk about it. I want to bring I don't want to bring more attention to it, right?
But then something happened on spaces with uh, with some influencers
I think came money said something about it's okay to be racist. He said it was joking
Um, but he said it's okay to be racist in 2024 because they're talking about these racist meme coins
And the host of the spaces was saying oh, I wish I had a milady
PFP so I can say racist stuff and not get in trouble. I'll just I'll just
Be part of this group, right? It was milady racist group or whatever and so came when he was like, oh, you know
It's okay to be racist 2024. He said he was joking whatever but that well, I don't understand
Why are my ladies have to do with racism? Oh
There's a whole it's a four. Yeah, it's a whole for chanting man. You got to look for that
Yeah, and just to be clear. We're like we're obviously big on decentralization, right? And people can go by anyone but also don't build up, right? Exactly
My lady has a lot of like, you know racism sexism
Like like just a bunch of things in the 4chan networks in the past Nazi stuff
So so it's like that's why um, she was saying that in the space is like, oh if I had a milady
Pfe I could get away with saying all these things right and then and then like I said, okay money said it's okay to be racist
He was joking but that happened and so it just kind of amplified the racist coins on Solana
And there was even more that was coming out
There was all these other things coming out
And so then I started posting about it and I was like, hey guys, like just ignore these coins
Like they'll go away like this is ridiculous. We shouldn't be talking about this type of stuff
This shouldn't be happening
But there was a whole racism meta on on Solana meme coins here in the last 24 hours
I want to say so, I mean, hopefully it's dying down here
But yeah, they're talking about Jews
Black people are Nazis a bunch of stuff man. It was it was pretty pretty disgusting
Iraq by the way, I think you're semi-rugged and Jack can't hear you anymore
I'm pretty sure it's me. I'm pretty sure it's me. That's wrong. Can you guys can you guys hear me? No, I think it's true
I can hear I can hear me. Okay, cool. Yeah, I can hear everybody's home. Actually
Jack can't hear Rock Jack. You can't hear me
Rock rock that's been happening here in the last 24 hours and people are speaking out about it, right?
But I feel like they're not doing a good enough job
About speaking out about it a lot of times stuff happens in spaces like these where somebody will say something as a joke or whatever
And it shouldn't be tolerated. I feel like we should call it out as soon as it happens and
Part of the do not think that though that if we talk about these things and and and call it out more that those
People are just gonna do it more because exactly but they want that reaction, right?
So that was my whole point initially, right?
So when I saw it popping up, I was like, let me ignore this
Let me not talk about it or else it brings more attention
Now I that was the plan at first what ended up happening was it got way too big
Like I said because of that spaces that that whole conversation went viral on that spaces all over crypto Twitter
And I was like, all right at this point
It's just too big to ignore and so let me take my stand. Let me speak my mind
Let me stand up for what's right and make these posts completely like
Obliterating that entire meta. We shouldn't be doing that and and speaking about it
Just because it needs people need people need to speak up for this kind of stuff
You know what I mean? Like we can't sit around and just and just let you know
Fucking developers do what they want. Say what they want these these these profiles these PF fees on crypto Twitter
Some of them literally come from a cod playing video games for the last five years of their lives
Talking shit on there calling people, you know, all types of slurs thinking. It's okay thinking
It's cool and saying it here on crypto Twitter and complaining about people being too sensitive
Oh, everyone's just being too sensitive. Like no, there's no place. There's no place on crypto Twitter for racism
Racism or anything of that nature and we need to call it out as soon as we see it or else people could think it's
Okay, and let it slide and then just keep talking about it on the side, you know
Yeah, man, I agree I agree completely that was just my take on it man
I feel like when stuff like this pops up you need to like denounce it immediately and just and just cut it, you know
I worry that the more you do that though that that it'll just strengthen them
Then that's what that's what they want. They want that I try to ignore it, man
It just got to the point where it was just on everybody was talking about it
It was just it was too big already, you know
It was just amplified already at that point and I felt like if I don't speak on it
Then you know, if I don't if I don't denounce it and just then it's just gonna keep going
Yeah, but it is a fine line though
It isn't like I completely agree with you rock like like the more you talk about it the more attention you bring to it
I totally with that, but I think that's a something
I agree with having to say something because I think that
Tolerance is good and ignorance ignoring these people but they might mistake it for tolerance and excessive tolerance is
Creates a lack of boundaries for these people and they think that everything is allowed and they can say and do anything
They want without any consequences
I'd like them to go to the to
To ghetto and take out their wallet and show this to you to some bangers to see how that works for them, right?
Because doing it with without any consequences behind in your mom's, you know basement and
Racist or mean coins and finding it super funny. I don't think it's going to work in the real world
These but that's what I'm saying. These people come from like video games
They come from playing Grand Theft Auto online with their friends and playing Call of Duty and and and you know
Calling each other the f-word and and the n-word and all these things and they think it's hilarious
Because there's no consequences. They're playing video games, right?
But in the real world that shit has no place
Like if you work a real job, even if you're in crypto, right?
A lot of these guys are unemployed so you can't fire them
But if you work in the real world at real jobs with real companies
And you get caught buying all these racist mean coins and and showing your profile and showing your wallet and finding it funny
You will get fired immediately. There's no there's not even a conversation there, you know
But these guys like I said, they don't come from that world
They come from their mom's basement playing video games all day talking shit to their friends
So it's hard to like give them a reality check, you know in the real world
Like a lot of these guys would be canceled man and like, you know jobs all that stuff would just completely fire them
Yavin is for sure that's a I mean doge chain is not the place for this type of things
While we we abide by the doge ethos, which means do good
Do only good every day and I don't see anything good coming out of these
Stupid dream coins whether they're political or racist slurs or what it'll be really funny about it
And the good that'll come out of it is when when people catch the people that are doing this stuff
we think they're being sly and funny and anonymous and then people actually
Expose who those wallets are which happens all the time in this industry. That'll be the funny moment
Right, right exactly. And I hope that starts happening so people can see, you know consequences in the real world for this type of behavior, man
Also one one day there will be also consequences for creating these like pre-sales on
Coins from whatever for whatever coin just by posting your address. I mean these are I
Don't know man. If there's something that resembles more than a more of a security than this. I don't know man. This is like
On the billboard up here I've been the
Bitlords post he made about you know about everything we're talking about right now
There's actually a way to report these people to the Solana Foundation
You know and side defamation for hate crimes because that's essentially what these things are, right? Um, you're literally
You know do profiting off of minority groups here and just racist tropes means and stereotypes
So yeah, you guys check it out if you if you want
What do you think rock you as a libertarian, what do you think where do we draw the line?
I don't know you kick their asses. I
Think on a blockchain like I don't I think
If people are gonna do it and and hopefully they face some consequences
I don't know. I don't know how you
Just expose their wallets and then it'll be funny to just
Show all these people for who they are
Wonder what will happen with all the ruggers that was created like fake pre-sells on crypto Twitter
CT was like filled with send me Solana here and I'll send you coins and it's been like the
in the last two weeks the the main driver of volume on that chain and
Has some people have made
Some insane rugs like millions of dollars worth just by posting your address on crypto Twitter
It's it's it's incredible. I
Just cannot find from sending money to a random address on crypto Twitter
I just don't don't know I don't understand
It's where the degeneracy becomes too too much for them
and if anybody's curious, so I just
Posted this on a jumbotron. Um, this is where everything sparked it, right? So like I said, these are mean coins were around
I was ignoring it. Hope me hoping it just you know went away on its own
I didn't even hear about this say in the comments guys. Did other people hear about this?
Maybe I'm not in those crowds and I'm not trying to on Solana, but I didn't even hear about this tonight. Yeah, check it out
It's right here. I just put it on the jumbotron. This is this is this is what sparked the outrage on on all this
And just amplified it even more
On Solana people were like telling Solana to like, you know, if there's a time to shut down your blockchain. That's right now
Cuz all this crazy stuff man
Well, I guess that's one benefit of Solana being able to shut things down for them, you know
Yeah, see this was a quote just be racist. It's okay to be racist
2024 you know what ethnic group I hate. Um, that's what sparked this whole crazy shit
Okay, well said that yeah came on he said that Wow, okay
Jk jk jk guys jk. I'm not worried if you say jk after it's okay
Well, but I also like I feel like you know, like I said, hopefully this dies down today
You know, um and and we should get back to funny
Innocent, you know meme coins
That that uplift do only good every day as always
You know stuff like this it happens, right?
But but the best we can do is just announce it and move forward
Well, yeah, I mean, you know meta meta. I don't know what you guys think about
This is just the modern version of kids riding racial slurs in in like bathroom stalls, right?
It's just it's just that exposed on a bigger level
Exactly exactly and it'll happen for a thousand more years to some extent, right?
But uh, what do you guys up here on stage? What do you guys think about Beijing?
I've been hearing a lot of a lot of murmurs a lot of you know hype about it. I
Mean bass has been doing great
Haven't done anything on it myself. But yeah, I like bass
Are there anything does anything stay stand out to you about it or anything that you're excited about as far as the chain
They look I mean, it's an L2 thing is that it was a smart thing that they chose to be an L2 of each
It's the same exact thing. We're doing
Think Coinbase has a huge retail audience. I think they got a great name
I think it's like kind of now a bit saturated
But I think the one to look at next the next bass play to me
and I'm pretty bullish on this and
There I have some hesitancy, but I'm overall
I'm pretty bullish and kind of betting on it is the new
Which you'll see a rebrand coming out about that actually that's not public yet, but
Which is on ZKVM right? That's polygon CDK. Yeah
Think that's gonna be huge because okay X is I mean
That was there those finances chain and then you have
bass which is coin basis chain and now you're gonna have okay X which actually has actually has more daily spot volume oftentimes then
Then coinbase and yeah, I think this is gonna be massive
Quick follow. Did you see the block or the black rock thing? Look, we're excited to announce
that coinbase has been chosen as a key infrastructure provider for black rock and
tokenized investment fund
To be honest, I'm it is bullish, but I'm not super excited of coinbase being responsible for too many things
Platform that doesn't really scale well with
They've proven it time and time again that they can
They can drop in crucial times. I guess they're trying to improve their shit
Coin base as the the centralized entity. I'm not talking your base chain here coin base as the centralized entity is a bit iffy to
Opportunity for for people. I don't know
I'm I'm I'm on I'm on on two sides here
I like it because it reaches a lot of retail
It pushes crypto into mainstream, but it's a lot of risk as well because one centralized entity
Which has proven to not have the perfect
scalable platform for these types of things to
To be in control of that much money is is a is very risky
Well, they're also the back end for all these ETFs and a lot of stuff. So I
Like they're getting a lot of power. It is a little little worrisome
But at least they're like kind of I would argue good actors
so I would rather have them be having that power than like Citadel, you know, but
Yeah, it is interesting to see they're getting they're really occurring a lot of power in this industry. Even BlackRock is custody by them. I
I like base chain. We recently added it to the tip bot like a week or two ago
as a user, there's so many rugs over there, but but it is easy to tip with and
there's a lot of people heading over there like a big wave so like they're gas spiked recently, but
As a user, it's pretty cool. Yeah, I mean as with any, you know new hype on any new chain
I'm sure that comes with the with the territory, but I do like what they're doing
I like how coinbase is integrating it within their coinbase wallet now
Which makes it even easier than ever to buy tokens and coins on there
The gas fees and here's another thing too with coinbase
Kind of pushing pushing for people to use base chain on their on their actual exchange on the app
At least that's I've seen this when you go to send a theory, right? So I buy some aetherium
I go to send aetherium it will say what network do you want to send aetherium in right?
You have polygon avalanche you have base chain you have
You know all these different ways to send it and it's got the prices right next to it
of how much it will cost and gas and then how fast it would be right and they always
Obviously prioritize base change
So when you when you look at that list of chains, the very first one on the top will will be base chain
It will be the fastest and it will be the cheapest so it kind of makes you know
It's relatively free actually
so so so they'll make it so it's the go-to kind of chain if you're if you're sending aetherium back and forth and kind of like
You know kind of pushing you towards towards selecting that option. I
Think yeah, yeah, yeah, I think like I couldn't yeah go on go on thing. Yeah
Sorry, I couldn't agree more with with Ivan
To do with like I'm a little bit concerned with respect to coinbase having
Almost you know that all of the custody of Bitcoin and all these institutional players and being the custodian
It's a little bit concerning but you know given the other
Centralized exchanges out there. I still think that you know, they're one of the best if not the top to go with
You know, like that's still we we can't have that in the future too much centralization
And yeah, I'm super bullish on the fact that
Yeah, I'm super bullish on the fact still that they
They're largely going to be responsible for a lot of retail onboarding into the DeFi space because
They do have a centralized exchange and they are one of the largest
They are working with regulators and the government so they are more trusted
And then furthermore because they're using
Optimism as their roll-up
I think part of the reason why they went with optimism in the first place is so that they could be more compliant
with institutional investors and the government
Because of the contest station period of seven days
So I see the strategy like I see the direction they're going in the approach that they're taking and their strategy
Wait, that's a period you're saying that can be used for censorship
She and it's mainly to catch people cheating on a transaction that shouldn't have gone through but you're saying I mean
I never even thought of that. That's actually incredibly dangerous
But I guess maybe for institutions may may like that, but that's uh, that's not good
Like I don't see the government really backing away from any other type of solutions
Not at least without a massive fight because the way the government and institutional investors work
Because they're so heavily scrutinized, especially when it comes to like capital flow
They want to ensure that there's no possibility. Let's say for
Funds linked to terrorism or otherwise or being
Used in any manner through these these platforms or protocols, right? So that's why I think they're taking the approach that they're taking and
Yeah, like so I could see like the direction that they're going but I'm super like as you said rock
I'm super bullish on okay acts because they're taking the opposite. They're taking the opposite approach there
They're going with zk evm as their infrastructure and their roll-up tech
And so I see the two those are gonna be like two of the major and correct me if I'm wrong
Okay acts as the second largest exchange
By volume. So these are gonna be like two Titans in the arena that are gonna hopefully usher in because they have the grid
They have the onboarding and bridges from Fiat to do so
So, yeah, that's where I see like as a point of
introduction for retail into the DeFi space, but yeah, I
I think I mean your thought that you know having a way to censor which is like
Well this or to look into
But then ultimately if something's wrong censor possibly right, so I don't know
Um, I don't even know if that's possible. Maybe it is with off. I mean I assume really
The way optimism is built now
I assume actually that may be possible because it's it's all like they don't have like true fault proofs
I don't think yet. It's more like these training wheels, but that's interesting to think about that's that's kind of a danger
That's something I'd like to look into
But I don't think that the government is gonna stop people from building on things that can't be censored because Bitcoin is the first thing
To get an ETF and it cannot be censored and has never been censored at theory
Um, you've had a little bit of maybe what you could argue censorship in the Dow reversal and then
You know after that big hack maybe they fork the chain and and and change that then you had even after that you had
Tornado cash, you know was not compliant. So a lot of ETH nodes started censoring
But I don't think that mattered because I think as long as there's like some nodes that will put those transactions through tornado cash
Transactions from my understanding are still going through
So ETH is very anyways, but the point is what I'm saying is ETH is relatively basically almost completely censorship resistant and
You know BlackRock launched on there
So I don't think we need these censorship chains or like things like that
I think I think I hope the world doesn't move in that direction because that's kind of what happened with the internet is we thought
It would be decentralized and then it wasn't we need a fight for decentralization here in web 3i
We've got to fight hard because if we don't if we don't no one will and then big people will just take control of all
Yeah, for sure. Totally agree
Well, I actually have to run for a call soon guys, but um, let's do some updates on on those chain
Ivan do you wanna you want to start some updates on those chain and the things where we're at and things
We're pretty much at the same point as last week we have advanced with the dogecoin bridge indexation so that would take
Maybe a couple of weeks additional to have the bridge ready. We're still once we have the
The indexation of the the entire dogecoin blockchain we need to start working on the API
Test it etc. So it's it's not I can't give you really a precise timeline because we don't know
How much time it will take for to to actually build this this thing
But we are getting close to having the initial tool for this. I don't know pro. Are you familiar with dojinos?
What we're doing actually on those changes since we're providing utility for those
We want to include order dojo ordinals as well there. So we're building this bridge to
For people to to be able to bridge their dojinos on to doge chain and access defile with them
Which means that they can access decentralized exchanges with the with dojinos because as it stands now people have to
Whether these are like pictures
NFTs and stuff like that or even tokens they need to trade them on limited orders
But once we have this bridge up and running they will be able to pour them into doj chain and trade them as as
Doge 20 tokens. So EVM and create pools make make some revenue out of
fees and APR etc. So yeah, that's
That's one thing that that we're working on and it's it's progressing much slower than we expected initially, but
It's a fresh premise. It's a fresh narrative. Nobody has built this before
So we are doing this as a first
Cover in the in the market and it will be
It's it's soon. I can give you a right timeline on it, but it's it's it's coming as it's as for the
Polyhedral bridge for stables from other EVM's ethereum op see
What was it ethereum polygon?
B and B and the optimism no arbitrum. Sorry an arbitrum. So four chains
Finished the implementation of the multi-sync. We're doing audits on it and testing so that everything is working correctly
Once we have everything confirmed with polyhedra that everything is hunky-dory
everything should be ready and
Up and running as soon as as the audit passes. So that's that's the
Getting a lot of hype lately, too. That's that's the partner. We chose to build a lot of hype lately, man
They got huge investments a lot of hype so gives us a little more confidence in in this bridge that
Would say this is technically still gonna be a third-party bridge. This is not like I mean, it's it's kind of it's a hybrid it's like
We're building it with them. There's multi-sigs and things involved in protections in place
So it's kind of a hybrid between a third party and a native bridge actually
Can I do a quick doge tools update yes always oh sorry I was muted I was
Sorry, sorry, I was muted just just two minutes so when you
Rock is saying hybrid why because
for example when you use like centralized bridges that
You for EVMs your tokens usually go into a smart contract and then somebody
Has keys to that smart contract to release the tokens on the other side. Usually it's automatic, but it does have some, you know
To to to stop like huge transactions stuff like that in multi chains
apparently completely manual and it was done by
By the the CEO of the of the company which which was pretty awful and it resulted in the entire collapse
In the case of polyhedra is it doesn't work like that. It's
zk proof actually that sent from the sender chain to the receiver chain and
It releases the tokens on the receiver chain and it does the same thing in the other way around so it's completely decentralized in that in that
In that regard however those pools that are created on on each side of the chain
Chains receiver and sender chains those are controlled by the
Provided liquidity, etc, etc, but nobody can take away
Assets from those pools, it's just not possible
It needs to have the zk proof to release the assets on either side. So it's kind of as rock side
It's kind of a hybrid mode
It's not completely decentralized, but it's a step forward towards the centralization
Thank you, it's really quick. So those tools we recently added
Like I said based on the tip bot. It's been going really well
Yesterday, we've released our brand new website. Take a look. It looks really clean easier to read more professional
So, thank you. Nick big shout out to you about that. And then one I'm really excited about is we were reached out
some quick swap team about adding
W BTC on polygon on the tip bot and we did that it's working perfectly. It's so exciting to have
BTC on the Bitcoin on the tip bot and so we hope everyone like takes a look at it gives it a try check out the
Telegram because you will probably be seeing it tipped in there pretty soon
Yeah, nice website by the way, the first one was was funny, but it did give me
So he's been working on that we've been
Testing it and changing things and tweaking things and you know
He'll keep we'll keep adding to it
But I think it looks way more professional and just more user-friendly
Yeah, it showcases your product much better than before I like it
Penny you have your hand up. Thanks, man
Yeah, I I thought the old website was really creative though
Like I kind of I kind of liked it
But yeah, like Ivan said though it definitely showcases the product a lot better and the services
But yeah, so I wanted to also make an announcement for
So we're currently working on just throwing together a little bit of a giveaway
So a little bit of alpha that I want to give you guys ahead of time
We'll be releasing a post tomorrow
outlining everything but essentially we'll be giving away three RDPs and
The giveaway will be set for a day after Easter. So it'll be an Easter themed
Giveaway or event and yeah guys look forward to it either check the real labs one
Twitter profile page or my page and it should be posted there all the details once they get released tomorrow
special collection with Easter stuff coming out like new new
Limited collection like 10 or
RDPs with Easter eggs or something like that. It would be awesome. We haven't really
Discussed that but Mary Mary's always got things planned
She might have something up her sleeve. We don't know
But definitely I can inquire about that or even like new trades or something like that
Yeah, bunny ears or something even like it to the birth of you know
New RDPs a special limited edition something like that something to do that effect
Yeah, that's an awesome idea maybe we'll I'll definitely I'll see if we can push something out
I'm not sure if we can do it in time, but
Yeah, definitely. It would be it would be something fun and interesting to do no doubt
Well, yeah, that's that's about it for today guys
thanks everybody for joining and
Thanks, pro for joining us today and when you're inside on the the meme coin degeneracy that has been
Sweeping crypto Twitter in the last couple of weeks
Of course, thanks to penny
Molly from those tools rock always a pleasure and Jack on the on the account
And let me give some shout outs to some people in the
In the audience here today
Have Lawrence always at the forefront canine. Thanks for coming man
Mr. Cezanne ran son a lot of
Dodgen of dogs here Levi the crypto Canuck one of the investors of dutch chain in Pepe we trust
Mason the rain god DC who always rains a lot of lot of tokens creates a lot of
tokens and meme points on on those chain and
Alpine Phoenix Esther Montano Edward Nehart
David there drop millionaire billionaires here as well. Thanks for joining David
Yeah, love to have you as a speaker next time
Crypto for live exit is here guy saw matrix dog. I do there they'll
Green whale smart dabs early I can Sunwoo Kevin see always in the
Spaces, thanks for always attending guys
We we're happy to have you every week here listening to us blabber about the market about the doe chain updates and people building on
hopefully you will be here next week as well and
Trying to to gather some more doe channels people to discuss the upcoming bridge as well with them and
yeah, thanks everybody for joining today and
We'll see you next week same time
1800 UTC I think it's yeah one hour earlier than before but that's daylight savings for you
Thanks, everybody. See you next week
Congrats on the doe's futures ever