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FOMO HOUR: Crypto Rally, $6M Punk and the Bigcoin Ponzi
Recorded: April 11, 2025 Duration: 1:00:31Space Recording
Short Summary
Crypto markets are experiencing a significant rally, with major coins and meme tokens showing strong growth. The discussion highlights key trends, including the impact of economic factors on Bitcoin, the success of new projects, and the ongoing volatility in the NFT space.
Full Transcription
Thank you. Thank you. GM, GM, everyone.
Thank you for joining us here this morning.
We're going to start the show here in just a few minutes.
We're going to get our speakers up on stage while we wait.
Some shout-outs.
Bongo, Carlo. Trader Blue.
Jeeps. GM. GM. Oxy.
Mercedes. B. Frank. Having. GM.
Harry Krishna. Always there. My man.
GM. McNutt. The homie.
GM. GM. A couple grifters out there.
Multiple grifters, dare I say.
We have EZ.
He's rocking his blue grifter. GM.
Usha.
How are you doing?
Oh, there's a third grifter, DMACC, three grifters.
We're going to stop there.
That's enough.
That's enough X copy PFPs here for me for one morning.
Who else we got?
Got Myriad up on stage.
We got FOMO up on stage.
Sims, think whenever you're ready.
Let's kick it. Thank you. Good morning, good morning everyone, GM, GM, and welcome to another episode of FOMO Hour.
Today, today is Friday, April 11th.
And folks, it's a green morning out there.
It is a GM indeed.
Crypto majors, alts, memes are all rallying here.
We've got Grayscale saying, hey, tariffs might be good for Bitcoin.
We're seeing some serious signs of strength.
The question for today is, is this real or will this rally fail like the others?
We're going to break it all down on today's show.
No Farouk. I think he is back next week, but we've got Mando.
We've got Logan, GM guys. How are you doing? Mando.
I'm doing great man probably one of the most busy days i've ever had in the last 24 hours but i'm doing good yeah maybe let's quickly talk about what a first day for you two million volume 1800
signups 200 000 bets yeah it's still going like um we just we just hit 2100 signups um and yeah closing on 250,000
bets so huge huge day in terms of people who came on um yeah like we had some very early on some
performance stuff that we've now dealt with kind of and we're dealing with a couple more things now but like
the problems that we're having is
just so much demand basically which
is I think is a good problem
at the start of a product
yeah not getting a lot of sleep
but life is good
we'll take it so that's a good first
day report we're excited for you
excited to keep following along.
I feel like this weekend is going to be fun.
We're going to be doing a lot for this show.
Of course.
It'll be a lot of fun.
End of every single show, I think we'll find something.
I'm actually trying to optimize the site for this show in some ways
so that this can be done well.
But yeah.
Nice.
We've got Sims.
He's the producer.
He's been streaming for hours.
He might be able to come in there
and help us when Farouk isn't here.
Yeah, so I jumped into Sims' stream yesterday
and he was going through some of the games.
I watched him do the Risky Mint game or Risky Click game.
Risky Click. Risky Click. Yeah, yeah.
It was a fun one.
Sims' stream is basically a guy swearing
about five times a minute.
You'll quickly get a glimpse
into
Sims' life.
You need to tell the dev about that
lamb because he fucked me multiple times on that fucking road yesterday.
Multiple times.
That is devious.
There's a game that basically shows you
what you would have won
if you kept clicking.
And Sims...
Also, we have a game called Coin Race,
which is basically like you bet on different currencies
and everyone bets on Farccoin.
And literally within millimeters
Sims lost one of these.
That's like a 70X. Hopefully we'll get a bunch of them on this
show actually. When I was showing Faroka
how we're going to do it for this show, we're just going to bet
on Fartcoin every single show.
It's the fastest horse.
Although
Buntcoin might have it on the day.
In all seriousness
folks if you
want to see
some of these
games in action
of course go
go check out
yeet
i will have
our referral
code here
on the screen
but also jump
in sims
streams
like they
are awesome
and you'll
get you'll
get a feel
for these
games
so yeah
we're at
the yeet.com
register with
our FOMO
our code
that's what
you'll need
to be eligible for our on-air games starting, we think, next week.
Yeah, as long as we're able to FOMO.
I think it's going to be Monday.
Yeah, when Farouk is back.
And, you know, we'll see how those prizes go.
We'll see.
But we're excited for it.
Logie, Yellow Wall, live from Peru.
GM, how you doing?
Hey, good morning, folks.
Yeah, doing well.
Another beautiful day here.
Got a really great coffee this morning on my walk over.
Feeling good, man.
Prices are green.
Nothing to complain about.
How strong is the Peruvian coffee?
If you're getting espressos, you can get some really strong espressos.
I've had some great espressos.
This morning, I went with a flat white.
It's great. It's good.
So not super strong, of course, but it's doing the trick.
A little too soft for me.
Yeah, I know.
I know. I was just feeling something a little different.
I don't know exactly why.
I'm normally black coffee, Americano, espresso, that type of thing.
Today I opted out. I don't know. Nice Americano, espresso, that type of thing. Today, I opted out.
I don't know.
Nice.
Well, we'll see.
Happy you get to experience that Peruvian coffee.
Folks, what are we talking about on today's show?
The markets are rallying here.
We've got crypto rallying as the dollar sinks.
Gold is soaring.
The 10-year is up.
There's a whole lot of alt-tility.
Hype showing some serious strength in the alt streets.
Fartcoin showing strength in the meme streets.
Memes are pumping kind of across that slot of board right now.
We'll take a look at that.
Prompt debut.
We'll have some more reactions now that we're more than 24 hours in.
It's going up here this morning as well.
Logie wrote the story.
Alien Punk sales, $6 million.
Seems good at first glance.
Then you see the seller lost $10 million.
Maybe one of the biggest NFT losses of all time.
And then this Bitcoin Ponzi, we have to talk about it.
It's over $10 million now, closing in on $15 million.
This thing is up only.
And we'll go around the horn on a few other topics as well.
Before we dive in, shout out to our partners, starting with Galaxis.
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We love our partners as always.
Amanda, love to have you back here.
Here, Jim, let's get right into it.
Jim, let's get right into it.
Let's do it.
Who is the man, macro daddy of the man?
Can you dig it?
Well, we're definitely having a stronger day at the moment,
and you kind of hit the nail on the head.
It's mainly just this concept that gold is going absolutely wild. And people looking at Bitcoin and saying,
this is digital gold. Maybe this is the thing that we should be owning a bit more of.
You've seen the situation with China and the US has not really resolved. They've both increased
tariffs again in the last 24 hours, although they've both indicated they're not going to increase them further.
And there was a slight olive branch before we went live,
which was, I think the White House said to,
she, you know, let's start some talks and let's see what happens.
I don't really know.
I don't, as I've said before,
I don't really feel like those two are going to come to any sort of an agreement.
But I think, and I'm not too sure even how good this is for stocks, like still pretty high tariffs.
You have bond yields going higher, which is never really that good.
And people are, I think, just nervous when bond yields start to go back up again because we keep on hoping that they're going to come back lower.
Gold going higher is the main reprieve, I think, for Bitcoin here.
And I think there's a strong feeling that this is the time,
potentially, for Bitcoin, again,
for Bitcoin, again, to really assert itself as a currency
or like a store of value here that is impervious
to kind of what's going on in broader macro
and also may benefit from a slight collapse of dollar power
or any major currency power.
So if there's a time for Bitcoin, it does feel like it could be now.
And that narrative is kind of coming stronger.
Part of that is also just because money printing is starting out again very, very strongly on the back of these tariffs.
A lot of countries moving towards the idea that the only way to deal with it is to pump up liquidity, save domestic companies.
We've spoken about that a few times.
So, you know, I was bullish at the local lows two days ago when we did this show.
I still kind of think that that is a medium-term narrative now.
These tariffs have brought forward a lot of money printing.
And I think you're meant to buy dips in Bitcoin.
Things might get worse in macro before they get better.
But if that macro then spills over and causes Bitcoin to fall,
I think you're meant to buy Bitcoin.
Do you know what I mean?
So let's see how it does.
In terms of what's actually rallying the most,
interestingly, hype has probably been the best performing L1 off the lows.
I think part of that is just the volumes going through,
obviously the buyback.
People kind of kind of forget the recent,
I guess I would call them exploits, but yeah, recent issues they've kind of trying to forget the recent uh i guess i would call them exploits but
yeah recent issues they've kind of had salam has actually had a good 24 hours um i think part of
that is just a oh maybe we with far coin back at 900 million we could we could start to see some
more activity in on those streets avac's got an ETF. It looks like coming from,
I think it's VanEck,
which is pretty good sign.
And,
yeah,
just a kind of a rebound across the board,
across the,
a broad range of,
of L1s here.
But for me,
I'm still really just focusing on,
on Bitcoin here.
I just think it's the most obvious one.
If stocks fall out of bed,
I think the L1s are the ones that probably go down.
Whereas Bitcoin, I think, will continue to outperform.
I haven't looked at Bitcoin dominance,
but I assume it has not gone down over the lot.
It's just going higher again.
Yeah.
I'm just bringing it up now. Up only. 63. just going higher again. Yeah. I'm just bringing it up now.
Up only.
63 and a half percent.
Up only.
Yeah.
So it's up again today.
I just wouldn't short that here.
I think I just don't,
I wouldn't overplay it necessarily.
It's interesting that memes have outperformed everything
kind of on this bounce,
really just one meme to be fair, but like does feel as though people feel like those have
bottomed out slightly, at least the main major ones. And you're seeing some nice recovery across
the board. So that has been interesting to see. I want, I want to dig into all that i think maybe we start with
with bitcoin a couple interesting more ta related posts that i saw um easy you know on the nifty
show does several he's got his trend line here saying basically bitcoin keeps bouncing off of
this trend line but this is these these levels to watch um it's been bouncing off all the way down.
Key level around 83.
I think we're right above the trend line right now in the show,
like 82.5.
As I look at this, so what, if we get to 85,
does that mean we're like really,
is that the sign that we're breaking out if it gets to 85?
And then Bollinger,
John Bollinger himself coming out and and saying there's a W band bottom.
We're bringing out the Bollinger band.
Wow.
Yeah, it does feel like Bitcoin has ranged here enough.
That's what I would say.
So I think that that is a sign now that if we get any sort of stability in macro,
I think there'll be a question about whether we'll follow gold
and general global M2 here going higher.
I think this is quite like a Western-centric show.
Obviously, we have a lot of people in the US, UK,
who look at this sort of stuff.
But I think globally, for a lot of currencies right now,
Bitcoin looks just attractive.
It looks attractive in a trade war.
Yeah.
I think it's not just the dollar.
I think people will look at this for a lot of...
If you're owning a domestic currency into a trade war.
Yeah, I just kind of felt like people want to own Bitcoin potentially.
Yeah, I mean, the dollar's going down.
I think that was one of the louder cries in the timeline last night
was just how rapidly the dollar index was dropping
against other currencies.
I'm with you.
I feel like there's kind of a growing sentiment that now is the time for
Bitcoin.
Like the U S is coming out and kind of overtly saying that they're ready to
move away from the U S dollar as a global reserve currency.
We've got physical gold rocketing up.
Like if not now,
when right there,
there's,
there's more global volatility and chaos than we've had
in what feels like a fairly long time. Grayscale came out, they released a report. There wasn't a
whole lot of meat behind this, but they were talking about how tariffs could be a boom for
Bitcoin and effectively just pointing to how it has been holding up relatively strongly compared with stocks and other indices over the last months and during this decline.
So I think we're seeing more of that. Yeah, I actually, I wrote an article about this report
as well. One of the interesting points to me was, you know, they pointed to stagflation
potentially coming as a result of the higher tariffs and how scarce commodities outperform in those periods of time.
They showcased gold appreciating 30% annualized in the 70s and sort of leading itself to say that even though Bitcoin hasn't had a period of stagflation in its history, it would seemingly fall, potentially fall in line just like, you know, gold did.
So we'll see. We'll see.
But you're right, Tyler.
I mean, it's time to shine.
I feel like I saw a tweet from Bob Lucas maybe today or yesterday
that said, though, that he thinks it's failing its opportunity right now to shine.
Because we sold out?
Or was it the same post shine. Because we sold out?
Or was it the same post where he said Bitcoin sold out its ethos?
It was a different one.
But I'm not sure if I was viewing my feed chronologically or not. So it could have been from days ago at this time.
But yeah.
I mean, it's lagging gold in this rally for sure.
But then I think I've seen other posts,
other people saying that's typically how it has been.
Gold rallies first, then Bitcoin runs further.
I think Arthur Hayes was saying that.
So I don't have the data to back that up,
but I did see that take.
It's so hard to predict on a day-to-day basis, right?
And so much of this is just at the whims of Trump-China rhetoric
and any other surprises that may come out.
But it does feel like it's held up really damn strong.
And the double bounce now off 75,
I think it's a comfier hold now than it's,
and I think it has been for a while.
So I like it at these levels.
You kind of know your downside.
Right.
And,
and there's a lot going for it right now.
I think that the main worry is still the U S 10 year,
you know,
like if that continues to go,
that's nice.
It's just going up.
If that continues to go higher, then people will just get worried about like a global
meltdown because there's a lot of debt around.
And that for me is bullish for Bitcoin, but some people might be like, that initial move, if you start to see,
if you start to see like things start to break,
then we kind of already saw what happened to Bitcoin in that time.
So yeah, I obviously don't know,
but I also think people might reach for it even more in that time.
That's what I'm kind of like saying.
It's very difficult to judge like how quick the secondary reaction will be.
Right.
I know you've been busy and neck deep in the Yeet launch.
Is it the Chinese selling their U.S. treasuries that's driving this massive move?
Have we had any more details? treasuries that's driving this massive move? Are we having
any more details?
Yeah, look, it's something I think
that
maybe people in the US aren't really aware of,
but like
the biggest holders
or most of the
biggest holders of
US debt, as in like
who funds your budget deficits,
is other countries.
China owns 750 billion.
Japan reportedly owns like 2, 3 trillion.
Right?
And there's tons of countries that own U S treasuries, like just tons.
So like when you like, when people say,
Oh, how do we get this money from it? It's from other countries,
but like saying, Hey, it's okay. We're like, we're okay.
We think you're a good lender. Like get your money back.
The comment was it was Japan potentially because they were trying to defend their own
currency but it's if you're going to start a trade war just know that the budget deficits in
the u.s are essentially funded by other countries right and uh that's that's why the bluff was
called let's put it that way it is a very interconnected uh yeah world order right now
i think this other this flashing headline here on CNBC,
consumer sentiment tumbles in April as inflation fears spike.
I think that does match the reality.
Like on yesterday's show,
we had Sam stats come on and he said,
he's already starting to make like some soft changes.
They go out to dinner and like,
let's go somewhere a little bit cheaper today.
And Logan,
we were chatting after the show.
You said that caught you off guard a little bit. Yeah, it did. It did catch me off guard. And some of that is perhaps my
own ignorance in just the way that I'm going about things. But those are the very real anecdotes
that I think it's difficult to receive sometimes because we're so enveloped and isolated in CT.
sometimes because we're so enveloped and isolated in CT.
Right.
And it's,
it's really difficult to get outside kind of our own little chamber of
individuals,
but there is a very real world out there in which people have to be
cognizant of how much they're spending each and every day on food at
restaurants,
on groceries.
And those things,
those things definitely matter.
So don't, you know, despite
my own ignorance, don't want to downplay the importance of those things. So yeah, that,
that type of stuff. And that, that feels like I'm not an economist in any way, but that's,
that's the type of stuff that feels lagging, right? In, in a way, right? Like,
I don't know how I'm trying to say it, but like the, we, the numbers
themselves will, will catch up in the future as less people buy things because of it. Right.
Yeah. So people are tightening up now. That's not maybe necessarily shown that'll be in the next
round of earnings reports, all that. So I am looking at the details now on this consumer sentiment there that the
consumers who were surveyed here are projecting expectations for inflation to
be up to 7% next year.
So clearly there's like a lot of concern over the tariffs that, I mean,
that, that is a massive job,
especially when the actual true inflation numbers like right in front of us are going to new lows.
I think I actually tweeted this yesterday.
I'll see if I can pull this up.
Kyle over from Milk Road, I guess he's been tracking the trueflation numbers compared to CPI.
compared to CPI and effectively 11 months in a row,
Truflation has predicted the CPI number exactly with a 45 day lead.
And if you look at it right now, Truflation is showing at 1.75%.
So the next CPI he's, he's projecting will be right there if this trend holds.
So as of right now, Truflation is going down rapidly,
but that's also to be noted that the tariffs haven't really started hitting us
yet,
at least that I've seen.
So a lot of uncertainty,
but maybe consumers being overly afraid as well could be mixed in.
But we'll certainly see how that continues to impact a lot of other stories
on the day.
I think that was a pretty good macro roundup.
We got to talk about the hype strength here.
Hype, absolutely one of the top alts out there.
It was over $15 this morning.
Since that local bottom that we hit, what, Sunday night?
It's up about 50%.
So other than Fartcoin and maybe a handful of other memes,
this was one of the better tokens to trade off that recent rally.
So it's becoming – it's hard to ignore that, I think,
if you're in here looking for day-to-day trades at this point.
And then Moon Overlord, who I actually haven't even seen him tweet about hype all that much,
if I'm being honest,
says it's the only coin that would survive stock market evaluations
and that we're going towards that route,
which it does feel like we are going a little bit that route,
like at least anecdotally.
When I read the timeline,
there's a little bit more focus on revenue,
buybacks, things of that nature.
Logi, any reactions here to this?
I know we've been talking about hype a lot.
Yeah.
I don't know the best way to characterize it.
Not necessarily shocked.
I think the narrative has shifted.
Maybe sentiment has shifted around hype a little bit.
sentiment has shifted around hype a little bit. No pun intended, but my timeline seems to be a
No pun intended.
bit less hyped about it than it was at one point in time. But in terms of the mechanics here,
aside from what Mando was mentioning in the beginning, those few little blips of
exploiting or taking advantage of HLP in the vaults. It's still operating as it was previously, right?
There's tons of trading activity.
They're still buying back tons of hype,
which is what Moon is alluding to.
I mean, until people stop utilizing it and trading it
and they stop buying hype,
it's going to remain pretty strong, I'd imagine.
Yeah, I agree.
And I've – so I talked about on the show,
I closed my position during the exploit.
I was eyeing it on the dip.
I did not get back in, and now the FOMO is starting to build a little bit.
So this is one I'll continue to watch out for on dips.
I think the other story here, we've been dancing around it.
We've been talking about it a ton on this show.
I don't think we need to spend a whole lot of time on it.
860? Oh my god.
Far coin. The cup and handle breakout
looking picture perfect
there.
It was like 370
I feel like when we were on the show.
Eight days ago?
Yeah, when I was on the show last week
I feel like it was like 370 million
and you could have gotten it way lower than that like days before that too i think it was very
viable at 400 for basically all several days last week i mean it chopped it chopped at 300 for
three weeks with lows it hit 200 million at the bottom so now a full four and a half x almost
it hit 920 this morning briefly um this is the the fastest horse and it continues to be
and it does like the parallels to pepe from the 2023 2024 era i think are are striking where pepe was the was the the meme coin brought up the most
it was usually the fastest runner off the bottom and now you don't really see as much pepe talk
and you see a lot of a lot of far coin talk i mean it's the mind share winner every single day
like i look at this cookie board even on prompt Prompt's debut, which was heavily FUDDED, Farcoin's still number one.
Yeah, I think Farcoin might be the number one
coin for mind sharing crypto.
That's what I see, right?
Like, it's wild.
People just
love this thing.
Wait, did Farcoin ever get a listing
from anywhere? Any tier one?
I was just,
I was trying to find the Gordon Goner tweet,
the very, very first one from like November
in which he outlined the thesis about like,
you know,
how everybody's going to make fun of this
and it would be the biggest Mindshare winner,
which is largely played out thus far.
But yeah,
I was reading back in January in my attempt to find that he said,
this is a once in a cycle onboarding opportunity. Man, he's been spot on about this basically the
entire way. That is crazy that it hasn't gotten a listing. I feel like I'm going to really,
I own like a hundred fart coin on a ledger that I sent there as a test to get my ledger set up and everything like that.
So I have 80.
Yeah, I've got like, what, $86 or something like that in Fartcoin.
But I feel like I'm going to really, really be kicking myself for not adding in that 300 range the first time it started to showcase like even a blip of of strength in the
face of everything else should have been like over here signal or should have been a signal yeah
exactly but of course that's when you know i didn't have the balls to be to be greedy when
others were fearful i mean this cliche as it is the bottom about a month ago march 10th was when
i wasn't even opening my phantom wallet on a day to day
basis.
Cause I didn't want to see what the numbers were going to tell me.
And historically, at least for me personally,
that has been a bottom signal.
What's also interesting at this level is now,
if you remember that the fall from two 70,
that the peak Trump weekend back to a dollar happened in,
it happened in eight days.
It was rapid and we were euphoric and not that many people took profits in
that range.
So where a lot of the first group of whales really started to capitulate
their bags is now lower than we're at right now.
So I think like Taiki,
you know,
who tried to become the face of Fartcoin there for a bit sold a lot.
I think he capitulated at 600.
So now we're 40, 40% above that level.
So if you waited, if you didn't catch this move,
now you're buying higher.
So I think there are still marginal buyers for this.
I think there will continue to be.
And Pepe went to $11 billion.
I know. I need to be a buyer, and well, I mean, Pepe went to 11 billion. And, um, I need to, I need to be
a buyer here at some point. Um, I just, I feel bad, you know, it just feels so bad. I'm so bad
at the buying the winners thing. I've said that a lot before, but I'm, uh, it stinks to buy the
300% gain in the month, especially when I was here every single day, you know, I was here every
damn day. It's not like I wasn't around. it's hard to buy these candles i i can understand that i i think you'll
have another entry like i'm not telling everyone to go race out and buy the the 100 move we just
saw in three days um but some clear clear strength another token that's showing some nice strength this morning was
prompt. Went all the way up to 28 cents. So back at 250 million FTV.
Logi, I mean, we talked about this at length yesterday. I don't know that we
need to go in super detail. I think one development was Kalos. We had him on the
show a week ago as we talked about Wayfinder and all the different AI agents.
And then there was a lot of flood on the timeline yesterday.
We talked about the flood.
He came out and responded to it head on.
Curious for your thoughts or reactions.
I really appreciate that.
And I know I have a little bit of bag bias here because I have a prompt
airdrop to claim,
but I just appreciate founders who are willing to be transparent.
You know,
he says right full well,
right in the very beginning,
we could have communicated better.
Of course, things didn't go to plan or, you know,
as smoothly as they could have been,
but just the willingness to kind of face this in the same day,
basically, as everything is falling apart.
We know how infrequently that type of stuff occurs in this industry.
So huge props to Kalos for that.
I still don't know what the future holds for this token,
but I am convicted in a product like it succeeding,
whether it's Wayfinder or not,
something that is going to allow you to participate in crypto in that way with the, you know, very easy chatting with a agent to accommodate all of your needs on chain,
without the difficulties that in the current technological barriers for many, something like that is going to be necessary if on chain activity is going to persist, in my opinion.
So definitely bullish on something like it, uh,
succeeding.
And right now the only bet you can make is on prompt.
And so,
you know,
not financial advice,
but that's why,
that's why I'm participating in holding this token.
I think you nailed the bull case.
I said that,
a commenter asked for my three K three takeaways from our interview with
Kalos and the team.
And like my very first one was they're in pole position for on-chain AI
co-pilot. And I do believe that is a need
that a lot of folks will want. And they may not even know
they want it yet, right? It's just like chat GPT. A lot of us didn't know
we needed it. But then once you actually start integrating it into your daily life,
you get to a turning point where it becomes harder to do your daily tasks
without it.
Yeah.
Like once you start becoming more reliant on it,
and I'm finding myself kind of getting to that point.
I'm there.
Yes.
I'm there too.
People aren't there yet for their day-to-day crypto transactions,
even power users, right?
But as you become more and more comfortable to these tools
and the trust builds over time,
I do think we'll cross that chasm.
Yeah, I think one of the potential really big unlocks,
and maybe this is a segue to some other topics as well.
For example, I was out this weekend doing stuff,
and I saw you talking about Bitcoin and some other things like that.
It was just too difficult for me to do all those things in where I was at the time.
I would have had to bridge some more money to abstract. I would have had to do all this shit.
Consider I had the opportunity, and I don't believe Wayfinder Prompt has abstract connections at this point in time,
but consider in a future where I could have just said, hey, I want to participate in this. Can you help me? Right. And it's conceivable that it would have been able to and I would have had exposure to that. But instead, I didn't take all the steps necessary, of which I believe there would have been many for me. And I missed. And then I just sat out.
me and i missed and then i just sat out so and i think there's always an open question of what do
you need the token for i actually think this is one that has one of the more clear use cases
for the token like they they've said as much as collateralizing these paths paths here being
transaction paths so how does logan use the midas agent to bridge usdc from eth to abstracts to enable him to buy the bitcoin token
so that's what it'll be used for among other things and man should he have bought that bitcoin
token he is he is more poor today than he would have been if he was to figure that out uh because
folks this is this tokens off the chart i last night. It looks like a honeypot chart more than it does a Ponzi game.
Maybe those two things are usually similar.
I don't think we've seen a successful Ponzi game like this
in quite some time.
What's even the last one you could remember that had –
I mean, granted, it's still pretty new.
The Fire Kingdoms?
What was that one that was on blast
Crypto Valleys
but did anyone even
did people win on Crypto Valleys I feel like that one
like shot so high so fast and then it was
down only
someone had to have won
yeah I mean Crypto Valleys was the last one
that had a lot of money pumped into it
and like Orders of Manitou more capital
than has been pumped into this.
But yeah, the tokens at 15.
What is it?
It's just a Ponzi.
Yeah, so basically it is a mining game.
Bitcoin mirrors the tokenomics of Bitcoin.
And everyone had the chance to start out
and basically mine for free.
So you could get this potato,
which would allow you to mine
like a very low amount of big coins every day.
But then if you wanted to invest,
you could actually buy like higher end.
Like this is a Nvidia GPU, which mines.
So I put in a decent bit of capital the first day
reinvested profits upgraded on the second day um and then i've been kind of selling and taking
profits and choosing not to upgrade since then right now i'm i don't know no one text me about
this thing i only found out about it at like five or ten million was this was this going on
well i said another check i put the referral link in the
formal chat will mail michael you didn't click it that's why really yeah i put my referral link in
there at 1 million as well and i don't think anyone anyone clicked it like shit i will say
in hindsight a potential mistake i think you have two routes you can play if you think these games
are going to make it you can buy into the game and the assets and try to do the mining and play the game
early on and try to recoup your investment or you just play the token I bought the token for at a
dollar 30 I should just held the damn token instead of buying all this equipment and then mining it
over time of course I didn't think that it would have this kind of a run.
So now it's up a clear 12X.
It was buyable at a dollar for most of the day on the 8th.
Yeah.
It was just sitting around there.
I think this is loudest on my timeline right now.
And yeah, you guys were participating days ago.
I mean, I think it's still going to have,
based on my limited frame of reference for successful Ponzi's
or whatever you'd like to equate this to,
this definitely still has some juice in it, I would imagine,
based on the sentiment and the stuff I'm seeing on my timeline.
Yeah.
That's the question.
I mean,
for everyone who's out there,
it's,
it's riskier to get into this game now than it was yesterday and the day
before that.
So just be totally aware of what you're getting into because it is very
likely to end up being a zero as most of these are what part of the reason I sold yesterday is because for me to upgrade,
it was going to cost me like $5,000.
And that felt like to me,
that was a lot to me.
And also I was like,
is that what,
if that's what the new,
the next marginal player is going to have to do.
I feel like the appetite for that type of investment isn't huge right now,
given these market conditions.
But then we had whiz of Soho,
Pranksy mean all like show up basically for the first time yesterday. And then we had Wiz of Soho, Pranksy, Mean,
all show up basically for the first time yesterday,
and then they're touting it.
So I think that's what's driven this last run.
It's going to be even more expensive today.
I think these miners are going to cost you something like $5,000 to $10,000 each.
So we're on a limited timer here.
But it's been a fun game.
I think it's been a nice boost for Abstract.
Abstract, clearly a winner here.
Some other tokens starting to see some green on the day.
The NFT board in green, OCH Heroes.
That's one to watch.
So I think everyone knows the Bitcoin Ponzi game,
it's not going to last forever.
Maybe it'll last another week.
Maybe it'll last a month.
I don't know.
OCH Genesis season two is around the corner.
And now there's a little bit of a wealth effect,
a small wealth effect,
not huge by any means,
but people made some money on Bitcoin.
And now maybe more folks are farming abstracts.
And they're like,
hell,
maybe I'm just going to stick around here for a bit.
And the capital got a little stickier. All the East famous are farming abstracts. And they're like, hell, maybe I'm just going to stick around here for a bit. And the capital got a little stickier.
All the yeast streamers are an abstract.
They're all,
they're all going there.
There is like a,
just have a beautiful friendship.
There is a yeast streamer group slash meta forming.
I'm not seeing it.
We've got a Wizard of Soho,
Kook,
Sims, obviously,
us, Wrecked Radio.
We've got a bunch of people.
Nice.
Well, I think there was
some early FUD
on the streaming of Abstract,
but now we're starting to see it, the plan is
starting to come a little bit more to fruition, so you've got to
let these guys cook a little bit. Everyone just
loves to race to judge.
Luke is an investor, so
he's keen to make this also
work.
I've been one of those folks, Tyler,
and we've talked about
I've been quick to judge.
Perhaps unfairly, or maybe definitely unfairly, but I just haven't seen or experienced, you know, too much on this that really deviates. And it's tough to deviate too much from other chains, right? I mean, there's a limited amount of things and applications you can realistically put on chain.
There's a limited amount of things and applications you can realistically put on chain.
So that's not an explicit knock at abstract versus others.
But I just wasn't seeing much of a reason to participate daily level here.
And so I really haven't too much.
It might bite me in the ass in the future, though.
That's for sure.
And I understand that and hope uh
hope people do really really well bitcoin being a really nice catalyst hopefully for the future of
it but i don't know i don't know what i want to do on chain right now anyway i mean i think that's
a big problem for everybody with the current state of things like what are you gonna do on
chain right now wait is this right bitcoin is the sixth highest volume token across all chains.
Is that right?
It feels wild.
Let me...
Maybe.
I mean, it's right up there with the Solana board,
and if the other ecos are quiet,
then yeah, maybe that's right.
I mean, that's...
I'm from the E era, Logan.
You know?
You're in Peru.
Yeah, for a while longer.
Maybe I need to turn up the volume, unplug my headphones
so the rest of the folks in this complex can get a little bit of Eater advertising.
Yeah, I mean, I think...
Are you still...
Where are you in Peru?
Are you still up in the north?
Yeah, I'm still in Trujillo.
I'm here the entire time.
So another three weeks.
Wow, so you're staying there the whole time.
Yeah, my fiancé's rotation is here.
So this is where she's based for that time.
Yeah.
That's about to say.
That's – you must really like it there.
Yeah, it's not so bad. Man, it's tough to beat the weather, the cheap prices. I was about to say, you must really like it there.
It's not so bad.
Man, it's tough to beat the weather, the cheap prices.
We're going to do Machu Picchu next week.
We'll see.
It's a good time.
Get the train up.
I did the train.
You can fake it.
Are you going to hike, Logie?
Yeah, we're doing the short Inca trail, but just one day of hiking.
So it's like an eight-hour hike.
That means he's taking the train.
And then the second day, I believe they take you up in a bus or something.
So we don't have as much time as we wish to do.
But, yeah, we're going to do one day of hiking.
Yeah, I feel like I'd have to train for that right now. Take some coca leaves.
Yeah.
Yeah.
They sell the,
I think it's called the Alcita Zolomide or something.
The altitude sickness thing,
over the counter.
So we've got those two,
but it's everywhere.
The altitude sickness pills are everywhere.
Yeah.
Yeah.
Well,
that is fun.
I think coming back to your comments,
I think very fair. I think what back to your comments, I think very fair.
I think what abstract needed was more winners, right?
There hadn't really been a whole lot of like meme coin action.
Like I've seen the screenshots and the folks who've been,
who are really grinding it every day have hit some, hit some runners,
but there haven't really been any more like larger scale breaking out of the
abstract bubble into broader CT winners
out there. I think OCH maybe
got there. OCH
was pretty big when it was at its peak.
But now
Bitcoin has gotten there.
Yeah, and that's what you need for
onboarding. That's what you need for more people to be like,
okay, yeah, I'll put some money there.
this is a pretty notable
event in that case.
Nice win for Abstract.
Let's move on to a story
that on the surface felt
like a win,
but maybe that was not the case.
am I looking at the right? Yeah, here it is.
So Alien Crypto Punk,
3,100,
sells for
4,000 ETH, $6 million.
The problem is the last time it sold, just over a year ago, 4,500 ETH.
So a 500 ETH loss, $16 million.
It was a $10 million loss on NFT in a year.
That's a tough one.
Yeah.
Logie, you wrote up the story. Tell us a little bit more about this. Yeah, year that's a tough one yeah logey you wrote the story tell us tell us a little
bit more about this yeah it's a really tough one so uh punk 3100 this is now the third time that
it's it's in the that leaderboard you were just on tether the top sales uh it's listed there three
times one of them being of course the third largest being that 16 million dollar sale no one wants
this thing yeah and then it sold in 2021 for seven and a half million.
Yeah.
It was broker allegedly brokered by fountain,
which I know Noah from crypto punks and Christie's formerly of crypto
punks and Christie's,
I think works and,
or maybe runs.
I tried to reach out for the story I was writing to get some additional
commentary about who initiated this,
whether it be buyer or seller.
But unfortunately didn't get a response back. But I don't know, man, this is wild, but you can
understand a little bit, right? I mean, if someone who has committed to Ethereum in some way by
committing a $16 million sale or purchase of a CryptoP punk is just capitulating on eth and wants to
lower a tax bill you'd imagine they are a a pretty active crypto participant i would i would guess
right so probably some some gains to potentially offset um it doesn't feel too bad i guess in that
way if you're gonna if you're gonna wipe away, but it was a newly funded wallet,
private offer to that address in particular, which speaks to the,
the brokering. Yeah. Otherwise we don't, we don't know too much more.
I saw some, some tweets about 3,100 had a small rider rips drama back in 2021.
Wasn't worth including in the story,
but there is a little bit of history with this particular punk as well.
I mean,
this has arguably one of the most interesting histories,
I'd say most of the punks out there.
It's probably that it has to have the highest volume traded.
It's probably one of the,
the highest cumulative volume traded digital assets in existence.
Probably.
Yeah.
Cause it's trade.
I think on that top leaderboard,
maybe only one other punk is listed there twice.
Yeah.
So yeah,
it's done like $30 million and this single NFT is done $30 million in volume.
The timing is interesting here so i i'd say there's a chance this person
wants to offset some gains clearly they've got a lot of capital to work with if they're
slamming 16 million dollars into a a punk maybe they're an eth well so they were thinking about
it more in eth terms i think the way you look at this is very heavily skewed. If you're looking at an ETH terms versus USD terms and USD,
this is a huge loss and ETH is like,
not,
I mean,
it was a 10% loss basically.
Yeah.
Not really that bad.
Not that bad.
If you're bullish on ETH rebounding,
it's actually a very sharp time to sell if you're bullish in ETH,
right?
Cause you're,
you're,
you're,
you're getting the tax loss and then you're getting ETH at $1,500.
So great time to sell if you're an ETH bull.
Also, it's right around tax time.
Was this a sale to help fund the tax bill?
A lot of potential scenarios on the table.
I like the headband.
I like the simplicity of this one.
I think the top sale is the one with the pipe.
No, I'm sorry.
It was.
That's the second top.
Yeah.
Then the one CEO, I'm blanking on his name,
came out and did this splashy $24 million 8,000 each sale,
which I think he levered up to buy that one.
The Perugia one does feel like the best alien to me.
really?
I like the bandana with the glasses personally.
number six there.
It's a nice one.
Yeah.
The pipe.
I don't know.
I love the pipes,
the cowboy ape and the hoodie apron,
or they might be better than some of the aliens. I don't know. They're, they're, they The cowboy ape and the hoodie ape, they might be better than some of the aliens.
I don't know.
They're pretty damn good.
Let's check in on the punk Bitcoin spread here.
Not much movement from yesterday.
66K, 82K.
So we're still down.
20%.
Not great.
But Loki likes the headbands.
Let's see if there's any headbands out there.
I think that the one headband female that Farouk likes,
yeah,
it's dancing around.
He's not that serious about it or else he would have bought it.
Cause it's 75 K.
I paid significantly more than that for,
for the punk that I bought.
and I know,
I know he's got it.
So you must not want it that bad.
Sorry,
but that,
that is a nice one. That's actually one of the nicer punks under 50 K. I that bad. Sorry, V. But that is a nice one.
That's actually one of the nicer punks under 50K.
I like that second row, second from the left,
the female with the shades.
I kind of like that.
Kind of aesthetic for the squiggly hair on the females
looks a little better.
Yeah, I want something sort of minimal-ish.
I'm a pretty basic guy
pretty plain guy so yeah it could fit you though they're low i'm gonna see i think we went around
the horn there's not a whole lot else did you have a chance to look into the no one interesting
story here let's i don't know if i've got the tweet pulled up for this, but Binance listed virtuals before Coinbase did.
So the Coinbase angles of FUD are going to continue.
Yeah.
The results of their second pass of vote to list on though,
big time and in virtuals were the,
were the winners.
So virtual going live for trading here today at 11 a.m.
So I think it's coming up.
It's, I think it popped a bit on the news and it's up 13%.
Still hanging out 340 million, 53 cents.
I mean, not the best looking chart.
But I think you, you wrote a coinbase article that um with arc the the arc like kathy
wood made a big coin right before the turnaround any insights there yeah so um arc and kathy wood
the managed the actively managed etfs they bought um around 200 000 shares which was around i don't
know if it was like $31 million worth or something
like that. This was literally the day, well, the days preceding Trump's tariff announcement.
They bought that. So they are up, yeah, quite a bit on that. They're one of the largest
institutional holders of coin. They're like a top top eight holder they have about three million shares
of coinbase which is like probably over 500 million dollars now i'm not doing the math
in my head right now but 480 510 million dollars something so um yeah uh there wasn't any commentary
attached to that i'm sure kathy wood has provided in the past but they they of course have a pretty
strong tie to crypto they have a they have their own bitcoin, but they, of course, have a pretty strong tie to crypto.
They have their own Bitcoin ETF.
They have, of course, those ETFs themselves, the ones that hold coin are like the next
generation of the internet, fintech innovation.
So they're very much committed to the cause right now.
So it makes sense for them to be holding something like coin.
But yeah.
That was interesting.
Also interesting that Coinbase hates to list some of the
base native tokens for
whatever reason. So
maybe they'll get out of their way on that.
They listed prompt day one.
Yeah, I think which
makes you even madder if you're
in the virtual
ecosystem, right? For sure.
I mean, kudos
to them for listing prompt. That's a great token
to list day one, but
we can have a longer conversation about that.
Kudos to listing my bags.
Yes, always.
Did you have a chance to look into the
subs.fun last story before we wrap things up?
Yeah, I did. So subs.fun
more or less is
forums. I mean, forums. You could consider it
something similar or akin to Reddit
in terms of
the actual mechanics of posting
and the topics, the niches.
Each one gets its
own token. The
AI agents manage
reward
based on upvotes and stuff like Reddit would provide, right?
Basically reward those who are participating and providing quality content.
So it's something that I think, you know, hasn't really been done here all that often.
I think you could sort of think of Kaido in the same vein, right?
Sort of like this info- creator fi um type platform where they just want to be
able to better align creators and quality content that's that's what i'm taking away from this and
actually very similarly and this is maybe uh a close tie i don't know if you saw the the dig
stuff from yesterday but dig is using privy did you see that i missed that i that. Maybe that screenshot was fake. I have not had a chance to investigate that.
So sorry if that's fake news, but Dig is the Kevin Rose platform that he and Alexis Ohanian
are re-spinning up to do something, in my mind, very similar to this, which is use AI
agents to moderate and create sort of these community sub-forums for consumption and
creation as well.
So maybe this is the next
trend, these tokenized
Reddit forums, effectively.
Reddit did have this, right? They had that moon
token?
And the brick token?
They had a few.
I could be wrong here,
but I think like the way the moderators
basically had to reward that token, is that right?
I'm sure there's some slight differences, yeah.
Yeah, there was a level of involvement
that was like maybe unfair or whatever.
This is being, you know, you're being rewarded
based on the community and then the agents
that are sort of running the platform
if i'm explaining that correctly it's i so i haven't had a chance to use this it's in invite
only uh so there are maybe some things in there that i'm you know misconstruing uh apologize if
so but that's the way that i was interpreting things just on reading it's an interesting
concept so insert world event takes place you launch a sub people talk about it community grows
you tokenize the community contributors get rewarded i get that but who's what's the incentive
to buy that token and that's always the question for tokens um but i don't have so like crypto ai
like this is the first token that launched from subsack Fund. So this is the token for the crypto AI sub-community.
One of the highest growth areas of sub-communities,
I think, in crypto right now, in general.
I don't know about this specific forum,
but at a conceptual level.
It's trading at 5 million.
Yeah.
So I don't know.
I don't know.
I don't have the bull case for why you would purchase this.
But in terms of what could make something go up or why you would maybe want to be tied to it, it's just general demand around a particular topic.
So think about the Reddit subforums that generate the most posts every single day um those to me would be in a perfect world in a world where sub.fund does really really well
those to me would be the ones that would have the highest market cap tokens right
did reddit ever try to monetize their sub forums by like via ads like that's a way that you could
potentially i think there are ads on them aren't there i? I don't know. I'm not a Reddit user.
I should probably know before I just blindly say things like this.
Where's Emily loves crypto?
She was our Reddit expert.
How else is Reddit making money?
I mean, they make tons of money, right?
They have to be doing ads somewhere, I'd imagine.
Sure.
Well, we'll continue to follow up on this interesting new product
that launched here this week.
Some success, $5 million.
Not easy to get a token to that level, certainly as we have seen.
But, folks, I think that is going to be it.
We went around the horn.
Fun conversation here today.
It looks like how are our coins doing?
It looks like we're still hanging out in green.
Hopefully we have a green weekend.
We will break it all down for you on
Monday morning. As for today, that's
it. I want to thank our listeners. Thank our
partners. Thank my co-hosts, as always,
Mando, Logie. Folks, we'll be back
Monday, 10 a.m. Eastern. Until
then, go make it a great day.
Goodbye. Thank you. Thank you. you
