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FOMO HOUR: GENIUS ACT, BTC, NEWS, MARKETS.
Recorded: May 20, 2025 Duration: 1:00:48Space Recording
Short Summary
In a pivotal discussion, the passing of the Genius Act signals a new era of regulatory clarity for stablecoins, while major players like JPMorgan Chase and Bybit are making significant moves into the crypto space. The conversation also touched on the implications of recent market trends, including Bitcoin's resilience above $100,000 and the evolving landscape of NFTs.
Full Transcription
Thank you. Okay. Okay. Okay. Okay. Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
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Okay.
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Okay.
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Okay.
Okay.
Okay.
Okay. Okay. Okay. Okay. Okay. Okay. Okay. Mr. Can I call you Mr.?
Okay, it works.
D-Mac, McNuff, Jax.
I want to see some retweets.
Let's go, baby cakes.
I want to see some retweets,
my fellow beef tallow enjoyers,
my fellow little steak and shakes.
I want to see some retweets.
I want to see some love.
I want to see some likes.
I want to see some comments.
I want to see some GMs.
I want to see everything.
We're not going to get Bitcoin all-time high until you all retweet this Twitter spaces.
I'm sorry.
I don't make the rules.
This is just how it is, mate.
This is just how it is, mate.
So let's see you guys retweet this And let's cook it Sims Thank you. Yo, yo, yo, yo, yo, what up, what up, good morning, good morning, GM, GM.
Tuesday, May 20th, 2025.
Look at that, another beautiful day to have a beautiful day.
I got my co-host in the house, Tyler.
Tyler, good morning.
How you doing today?
Doing pretty well.
It's weird weather here in Chicago.
We had full summer fucking trash here, dude.
80 degrees.
It's like 26 Celsius.
It was really nice.
And then now we're in the 40s and raining again.
Terrible fake out.
Kind of feels like this market.
It feels like there's a lot of doom and gloom
out there. Even with
Bitcoin near all time highs. It's weird.
Time line's weird.
Yeah.
The weather here is fucking disgusting, honestly.
I can't wait to get the fuck out of here.
It's
just not even fun anymore.
You know, it's like
four degrees Celsius and raining all week long.
It's brutal.
Yeah, you know what?
I make enough money to have to live in a place like that anymore.
That's what I had a mentor once.
I told him it's like negative gets to negative 40.
He's like, see, one day you just got to make money to not have to live in places like that.
I'm so over it.
But you know what?
It'll be done soon.
The pain is going to be relieved very soon.
I can't wait.
You're right.
I mean, the market is interesting, right?
We're still in that little choppy consolidation phase.
Listen, I wake up and we're still above 105.
I'm good.
You know, so it's just a funky little phase, eh?
It is.
Farcoin's drunk.
Very little.
There's very little market action on a day-to-day basis.
There's been some pockets about performance,
but it's kind of just like a chop.
Probably a chop market with Bitcoin decoupled.
Yeah.
It's very interesting, to say the least.
Anyway, so that'll show.
We'll go through market.
Boy Mando's probably going to join at some point.
We are going to go through the market.
We're going to go through a little bit of this and a little bit of that.
With Tyler, given the news that the Genius Act bill passed yesterday,
so obviously big news.
We'll see what happens out of that over the long term of course uh we'll do a giveaway so make sure you sign up
to yeet.com use the code fomor so yeet.com y-e-e-t.com you have to use the code fomor
you have to have a public account and you have to um have placed a bet on the platform in order to be eligible to win.
We gave away another $1,000 yesterday to a lucky coin race winner.
So that was a lot of fun.
And then last but not least, this show is powered by Wallet Connect.
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Tyler, you start today.
Let's see what you got for us.
For daily NFT and crypto analysis.
Tyler, the old FOMO.
Our cause to KitKat.
Ready to bash the bears.
Yeah, folks, we woke up this morning.
Crypto majors were up 2% to 4% in a rapid comeback from Monday's sell-off.
But we are dipping a little bit.
Bitcoin up 1% here, 104.6.
ETH hanging out up 2% at 24.80.
Aave led all alts. It was up 20% on the day. Huge move as its TVL passed 30 billion. I saw Aave as 20% of the DeFi market right now. So just a massive share.
We had the Bitcoin ETFs, 667 million in inflows yesterday, one of its highest recent days. So clear demand on yesterday's dip.
DigiasiaCorp, one of the latest companies to announce the strategy,
raising up to $100 million to acquire.
Bitcoin, Fritz Corporate Treasury, Circle,
reportedly shopping itself around to Coinbase and Ripple.
I think I saw $5 billion as a potential price tag.
Wow.
Potential IPO.
So it might IPO or it might do a private sale.
So that was an interesting twist.
We had JPMorgan Chase CEO Jamie Dimon announce that Chase will allow clients to purchase Bitcoin,
though he still does not approve himself.
So a big development for one of the biggest banks in the world.
The Genius Act, as you alluded to, it passed a closure vote yesterday in the Senate
after 15 or more Dems flipped their votes.
So it will move forward to an official debate,
review, and vote.
So cleared a big hurdle there.
We had the UK Tax Authority announced
that starting January 1st next year,
crypto holders must provide personal data,
including tax ID numbers,
to enhance tax compliance.
So more KYC over there.
We had India's Supreme Court say that crypto should be regulated and not banned.
That's a positive news.
And then the DOJ, Department of Justice, is looking into Coinbase's recent data breach.
So more eyes on that.
In token, airdrop and protocol news, Bybit became the first crypto exchange to offer global stock trading via
USDT, launching with access to
78 equities, including majors
like Apple, Tesla, and Amazon.
Solana, I posted about this yesterday
looking at the weekly numbers.
Solana generated more than 50% of all
blockchain revenue in the past
week. So Solana definitely leading the
way with respect to fees.
Excuse me.
Kaido founder Yuhu said that from June onwards, it will also be the BNB for capital formation.
So that was an interesting little tease.
And then Huma Finance announced a Kaido Rewards campaign, the latest protocol to join that wave.
In AI memes and NFTs, it was a lighter day.
The AI market up 3%, 10.3 billion.
We had distributed AI announced its TGE will happen tomorrow.
That was an airdrop plus a pre-sale.
So there'll be some attention on that tomorrow.
In memes, meme coin leaders were green up about 1%, 2%.
Trump actually led the way up 6%.
The Believe app ecosystem jumped 20% to $440 million in size.
Launched coin hanging out around $250 million.
And notably, 24 of the top Believe App tokens were all green on the day.
So big green day for the LaunchCoin ecosystem.
We had Collat up 40%.
That's an RWA tokenization platform on Solana.
That was one of the top movers on the day.
And then the Solana-based meme Ponky,
Ponky, Ponky,
they're going to launch collectibles and apparel
through a new partnership with J Corp.
So that was somewhat interesting.
NFTs, I think the headline was out of SEC chair Hester Pierce.
She went on to say that many NFTs are not securities,
including those that will pay the creators over time.
So there's a lot of eyes on that.
But overall, it was a big day in macro news including those that will pay the creators over time. So there's a lot of eyes on that.
But overall, it was a big day in macro news and then a lighter day in the trenches protocol side.
Wow. It's a lot.
Holy shit.
We should start with this Genus Act bill.
I mean, yesterday, you know, it's, I mean,
it's another historical day in the crypto streets, that's for sure.
We have about, what, 15, 16 Democrats that ended up flipping the votes from no to yes.
Elizabeth Warren, an absolute shambles.
You love to see that.
She can take her crypto army right back where she found it.
That's for sure, for sure.
So why don't you take us through that first and the implications of it.
I saw Eleanor Territ's post yesterday.
She was following that closely.
So 16 Dems ended up flipping.
At first, word on the street was that it was going to be like a very tight race
that could have perhaps not even passed.
And then after the initial pre-vote,
Then after the initial pre-vote, because D.C. is the only place where you have to vote about a vote.
because D.C. is the only place where you have to vote about a vote.
And then once that happened, 16 people ended up flipping to allow this bill to pass.
It takes through that.
Yeah, it's a big flip.
So for quick background, the Genius Act is the bill aimed at regulating stablecoins here in the U.S.
stablecoins here in the U.S. This bill failed its first Senate closure vote last week ahead of the
vote that happened last night, which it passed for the first time, 66-32. As you mentioned, 16
Dems ended up flipping their vote. The reason that they flipped was there was a few key notable
changes to this version of the bill compared to last week. So one, there's a restriction
on non-financial public companies being able to issue stablecoins. So this is aimed at big tech.
Large tech companies will have to go through extra approval processes to be able to launch
stablecoins. So this is a provision that DEMS wanted. There's going to be limitations on data
sharing by stablecoin issuers looking to enhance consumer privacy protections, and of course, even bigger after the recent Coinbase data exploit, and then ethical safeguards for public officials.
So this is coming after folks like Elon Musk, senior executive branch officials, making it that they are not able to launch their own stablecoins.
It notably exempts the president and vice president
from this restriction though. So Trump's stable coin is still possible via this version of the
bill. So those are the three big changes. That was enough to flip this cohort of DINs. I think
the reason it matters is people are expecting the votes to stay the same. Yeah.
So if the vote stays the same in the official vote,
then this will indeed pass the Senate and move on to that. Apparently it's a walk in the park after this first part.
Obviously, you don't want to jinx it,
but apparently it's like first you have this,
and then the rest is much easier.
So big progress.
You know, I think it's up for debate on like how big of an impact this actually has.
I think staff's kind of brought this up on the timeline.
He had a little bit of debate with folks in his replies of like, what is the net impact here?
of like, what is the net impact here?
And maybe I'm naive.
I always lean into camp that this is the type of thing
that it's not like an immediate impact day one
that it's in the books,
but it's just another hurdle that's removed.
It makes it easier for companies to operate.
It makes it easier to invest
in building a stablecoin-related product,
stablecoin integration.
And it just kind of opens up
to a larger group of companies and builders and then just allows you a little bit more peace of mind that these will continue to be around and allowed in the US.
So still think it's positive.
stuff yeah i mean it's just like i i don't even know why we're thinking about like why would it
be positive or like why it matters like yo this it just helps it's just another layer of protection
right um it's a layer of protection for american companies that's issues table coins so you have
protection for american companies that adopt stable coins uh It's probably a layer of protection for the consumer itself.
And at the end of the day, like, it's just like, I see Carlos tweet, you know,
he's talking about his thread.
He tagged me in this thread about his thoughts here.
You know, I like, I think his, this is all it needs.
He says the genius act aims to bring clarity and safety to the stable market,
ensuring only trusted issuers operate well,
foster innovation.
It prioritizes consumer protection,
financial stability,
and AML compliance,
but its strict rules may challenge smaller or foreign players.
The bill's progress through a cloture vote suggests it's nearing a Senate
vote.
Stay tuned.
Like that's all it is,
right?
I think like these things like i i see
stats's point but i just don't think it's the time to be like tinfoil hat like oh what if like is that
could that be bad or or why does it matter like does it matter for my nft bag no but i also don't
care right um i think overall like you said it's like more of a long-term play and, you know,
maybe it helps protect from the future Luna with like these weird stable
coins.
Remember,
what was it called?
Algorithmic stable coin.
So back then when Luna happened,
like,
where's,
where's the SEC?
Where's the American,
you know,
government to protect us from,
from,
from Luna.
And now that we have a law, it's like, oh, why do we have that?
You know what I mean?
I think the other aspect of it, too, is it enables,
the proliferation of stablecoins allows more folks,
probably more crypto natives, to operate on a crypto standard, right?
Where you actually are somewhat debanked and you're using Bitcoin and you're using stablecoins
as your primary way of living and funding your lifestyle.
We're still not there yet, right?
We're getting closer.
But with stablecoins regulated,
with Stripe implementing them at millions of businesses,
the more progress you get there,
you can actually pay for everyday goods.
When you can start pay for everyday goods.
When you can start paying for your groceries with stable coins,
that's the type of thing where folks can actually be totally on the crypto standard. So it's a big,
it increases the chance of us going in that direction,
which is again more for crypto natives.
I think part of Stats' point is like,
is this going to get new participants into the stablecoin game?
That was one part of his point.
And the other thing, I think, is,
so what does it mean for our bags?
Part of me still thinks, though,
that if stablecoins increase by 2 to 3x,
if we get to half a trillion, a trillion in stablecoins,
there's going to be some trickle effect
into other crypto native assets.
This is such a big move.
But it's one of those things we don't know yet, right?
We've got to let this play out a bit.
Exactly.
Just like, you know, sometimes you've got to let room
for the industry to grow and to figure itself out.
And I think that stuff like that is important.
You know, like I said, it's like before,
like why don't we have rules?
And now we're like, why do we have them?
So it's always going to be like that.
Anyways, Tyler, on the market side, look, brother, we're at this weird place, right?
Like, you know, we're in Bitcoin still.
And actually, right above that range, right?
It's just right above the range, the infamous, you know, 90 to 104 range.
But it's trading above it.
You see it here?
It's like just…
So where's your line?
So it's here.
This is the range, right?
We set it back then, back in December.
So this is the Darth Maul candle here that set the infamous range that was like deadly, which was between 90.5 and 104.
Okay. that set the infamous range that was deadly, which was between 90.5 and 104. Obviously, there was a two-month year where we traded under it,
where people were wishing that Kamala was president.
And then so we broke above.
This is essentially the range that people have been talking about.
I never changed this line.
I just have had it since December at this stage.
And we're above it.
We're above it.
We keep closing above it. We keep above it. We keep closing above it.
We keep, you know, kind of dumping back to retest it.
The question is, Tyler, are we going to go back again to 100K?
Let's say 97 to 100K like a lot of people are asking for.
Or are we just going to like, you know, blow it out of the water and finally break through?
I mean, last night again, I don't know if you were awake because I think you sleep a little earlier than me.
Around like 10.30 p.m. 11, we were coiling.
We were 106 something.
Bitcoin all-time high waiting room in the boys chat.
And obviously that didn't happen.
But you can tell the market's just wanting it, dude.
The market's wanting it.
I didn't realize that we were well above your line there.
So that seems significant to me.
I think my view is we're out of the range.
I mean, we're trading above it for sure yet here since that day,
since 18th of May, two days.
My gut is that we're going to see new all-time highs soon.
I think as soon as this week.
My gut is Thursday.
I'm calling Thursday for new new point on time high.
I'll be very specific with it.
I didn't realize last night these moves. So you're right.
I wasn't bad. I missed. It looks like we
went up to 106. Yeah, dude. Again,
I was talking to Benny Redbeard
and we're like, fuck, is this going to happen?
And then we're just chatting and I'm
just like, come on, man. Go. You got this.
And as soon as it went to like
106.5, I think, boom.
It went under 106.
Like, bruh.
So I went to bed.
Not going to lie.
I was trigger happy last night.
I was ready to like just go long in case BTC breaks up.
Because, you know, once it breaks, it's probably going to have a sharp move to like a few thousand dollars.
Then obviously sometimes it gets smacked back down.
So I was ready.
I was waiting for that.
And it didn't happen.
But it was just funny.
It's just,
I'm just here like coiling.
We went to 106.8 last night.
Right there.
I have a few other thoughts.
I think one,
it really feels like they're going after leverage traders.
Like look at these huge violent moves.
This is insane.
Back to 103. I think maybe 102.
102, I think yesterday
we went to
102, 18th of May,
and then after this, 19th went to 102.
Yeah, twice.
People are coming in, they're putting on their 40, 50x
longs. Oh yeah, they're cleaning
the longs. The late longs and the late
shorts are just getting wiped both ways.
So I think be very careful with that.
This is insane PA, right?
This whole range here.
It's just absurd.
I mean, look at this.
And I always remember Mando saying that you get like kind of one final shakeout before the big leg up.
So that's kind of stuck with me.
A part of me thinks like, are we going to see a wick down to 100 before we go to all time? Or was this it, right? That might've been it. And you got it
twice. You got it here. You got it here. You got it three times. What was that? May 12th, 106th to,
whoa, to 100. Holy shit. I didn't realize that. I forgot about this one. I must've been away.
I was traveling. That was the day after I was traveling
and then here
so guys when do we think
all time high for Bitcoin chat
let us know in the comments
I'm very curious what you guys think
so you're calling Thursday
I like your Thursday call
unless they push on the low liquidity weekend
yeah I don't know what I smell this I like your Thursday call. Unless they push on the low liquidity weekend.
Yeah.
Like Sunday.
There are a lot of possibilities here.
Yeah.
I don't know.
It's such a funny one.
I would not want to be a day trader here.
This is just nuts.
Let's just say the all-time high waiting room is officially open.
Oh, yeah.
The all-time high waiting room is open. I mean, look at this.
I just love the Bitcoin chart. It's so
beautiful. Looks good.
It's just like...
I mean, look at this.
It looks like it's going to go a lot higher here.
The fact that we haven't broken down here,
a lot of people are thinking we probably break back down to
the range here
in the 90s. The fact that we haven't
is pretty bullish.
There's some strong support at 104 104 let's just put it that way
Friday, Friday, Sunday
Saturday, Friday
28th of May, what's the 28th?
so if someone's calling for next week
for Wednesday, I'm just reading
the comments right now, no one's calling
Thursday, so Tyler, you're the most optimistic
in the chat right now, I like it
I get to claim the whole
prize if we hit it on Thursday right. I get to claim the whole prize if we hit it on Thursday.
Exactly.
You get to claim the prize.
Oh, man.
One thing is, man, this Bitcoin range is deadly to the alts.
The alts are just suffering the most.
I feel like they're just waiting and waiting and waiting and waiting.
It's so brutal.
I wanted to have this conversation on Underexposed.
We could have a little bit now.
But it's like, does this feel to have this conversation on Underexposed. We could have a little bit now, but it's like,
does this feel like a bull market to you?
Like,
how are we classifying this 2025 crypto market?
Are we still coming out of the short bear?
Was it like an extended,
like an accelerated bear we just went through and now we're about to have
another bull run?
I don't know.
I stopped thinking about that,
but yeah.
And I say that because I mean,
Bitcoin and everyone's saying this like,
everyone's depressed and Bitcoin's at all time.
But Solana ran from $8,
you know,
like Solana had a 3000% run.
So you think the bull ended, then we had an accelerated bear,
and then we go into a second leg?
Well, that's the part of the golden bull thesis too, right?
Is that we have shorter mini cycles as a part of a longer grind up.
I think Q4 2024 has to have been considered a bull market.
Yeah. I mean, how insane is this?
New meta. We had AI meta come and
explode, right? Solana went to 280.
We had the Trump coin, which facilitated
the bear pullback.
But since then,
since January,
there's maybe been a handful of trades.
Launchcoin was a trade
if you got in decently early. The ecosystem itself has even been a handful of trades. Like LaunchCoin was a trade. If you got in decently early,
the ecosystem itself has even been a tricky one, right?
Because like there's a handful of runners.
There's been a lot of bloodbaths too.
The Salon meme market has been pretty messy.
Like we had HouseCoin,
really the only decent runner.
I guess maybe there was a handful like RFC, I guess.
You've had a handful of memes go on decent runs
and then they immediately sold off.
So there really hasn't been much.
I mean, virtuals has come back.
We've seen a little bit of a revival in some of the AI majors.
And then, I mean, fart coin grinding up, right?
That's been a big win off the bottom.
But basically my point is if you haven't been in those three or four trades,
you really haven't
had much success.
I mean, other than just holding Bitcoin and watching it go up.
I mean, the total three
is at the same price it was at
1,500 days ago.
Yeah.
Which is wild.
I mean, you think about it.
It's actually insane.
And then the only thing that ran in that quarter were stuff like Fartcoin that ran it back from 250.
Some memes.
Where are the memes?
You know, we were talking about PopCats and all this stuff.
Are they...
A lot of memes squeezed and went back up here,
and went back up here,
but they're back down from that.
Where's the Mirad memes?
Like, we saw a resurgence of memes somehow
last week and the week before
because we covered it.
Mock came back up.
Popcat, SPX, all these came back.
Housecoin probably is the only one.
Latest runner.
Which, by the way, never owned it.
But if I were to take a punt,
I'd take a punt here.
If you think it's going to survive.
This is what you buy
because it just went to 25 mil.
But again,
it depends on this guy here.
How's it all?
What happens if we hit
all-time high on Thursday?
Is everyone going to slam into risk?
Slam into the meat?
Yeah.
Risk in general, I think.
Oh, Sui?
Yeah, Sui was another one.
There's been a handful of good alt trades.
I mean, Hype, Hyperliquid is up 3x.
Hype.
Hyperliquid.
So there's been pockets.
And that's like a fairly, I'd call that a fairly public trade.
Public trade?
It sees a lot of people not in it. Here, let me show you this.
I'm not in it anymore.
I should grin.
Let me vote on this, actually.
Yeah, I think he said 60%.
So I voted zero
because I'm not in it. And I definitely wish I was
vocally a fan of it.
When I think about it, I'm pretty stupid about that,
actually.
$1,800. 1,800 votes.
That's a pretty good sample size.
It's not a bad sample size
and we're going to have a much bigger sample.
We can revisit it tomorrow, right?
So first of all,
it's not a consensus trade.
For sure, right?
This to me means not consensus.
Like 70% of the people have under 10%,
60% at zero.
What about his Farcoin one?
Because he just did another one with Farcoin and just voted 25%.
Oh, wow.
Even less public.
Even less public than hype.
You see this?
Yeah, I'll retweet that.
Let's get some votes going on that one.
That surprises me.
But see, me doesn't.
I'll tell you why.
D-Train, very known, famous vocal Farcoin.
I see he just said the same thing.
He just said something.
Someone asked on a timeline yesterday,
what do you think are the biggest 5X trades out there?
Easiest.
And not a single person voted Farcoin.
So you know how Mando and us,
we were talking like,
hey, it's like Farcoin consensus.
While I do agree that maybe narrative-wise
had become consensus when it pumped Forex,
it's not.
Like all the homies that I talked to,
they don't have Farcoin.
Like I'm talking about my homies
are like big and bunch of coins.
You're probably one of my only close friends
that I know is in with me.
I think that's fair.
I think in my group chats,
not that many of the,
of the folks are in.
And see,
they chase launch coin,
right?
I'm sure group chats are on the launch belief ecosystem,
right?
I don't know.
It's interesting.
I think hype.
Does that mean that hype and far coin are not consensus trades?
Hey, the only thing is like, I've seen seen, I mean, I see OB said the top comment
that he thinks hype is the only obvious 5X trade.
And I feel like that take, even if it's not a consensus trade,
I feel like that take is somewhat consensus,
which is actually one of the only things that worries me about hype,
that it's like this easy 5X.
And where is hype's's FTV, right?
Hype's FTV is 25.
It would put it above Solana.
It would make it like a top five.
Solana's 100 billion.
5X and Hype would put it at 125.
That doesn't really feel realistic to me.
Now, if Solana doubles,
Solana goes to 200. Hyper go to 100 maybe makes a little
bit more sense yeah but with those with that with this current picture i i kind of struggle
uh unless hyper evm can really come out and start picking up real traction which we haven't really
seen yet far coin was my i didn't reply on that thread.
I don't really like to be the guy who's just like pushing like Farcoin as a reply guy.
But that was the, that's what I would say.
Someone wanted to know what the crypto 5X is.
I would still say Farcoin.
And my dark horse, people may not like this.
I think LaunchCoin is a potential 5X.
It's not as safe. Where is it at? Where do I see? Where do I think LaunchCoin is a potential 5X. It's not as safe.
Where is it at? Where do I see it?
Does that have its own little website?
I mean, you can see the coin
and I can send you the ecosystem.
LaunchCoin.
Was that $243 million? Yeah yeah it's at 15 i think more notably is like it had its big run
parabolic run last week right hit 360 maybe went to a little higher and then immediately went back
to 180 and that's when everyone's already grave dancing on it and saying this is dumb it's over
but it survived and it survived in the period where Pasternak, the founder, said,
hey, we're going to slow down the pace.
We need to put some controls in.
I believe yesterday they may have come out with a fix for some of the snipers.
The bull case is that it survived a slower period.
It's kind of grinding back up.
And then if he announces something with how they would introduce some kind of a flywheel, like how to
integrate this launch coin token, perhaps like how virtuals did
either via LP pools or via a reward system
or some kind of using fees for a buyback
system, maybe both. I think an announcement
like that
sends this thing out.
That's my personal view.
In disclosure, I have a decent bag.
I think that LaunchCoin is one of those
where you could probably make a 3-5x in size.
I have none, so I can say that without a bias.
It's the type of coin where
if you're still thinking there's gonna be an altcoin run
it's probably not gonna be on the alts
that you think like the usual ones
launch coin at this stage is kind of an alt
I mean it is an alt right
it's a utility coin
it's not really a meme coin anymore right
it's a utility coin
yeah
so it's uh
the other big aspect of this past day is,
like I reported on 24 of the top 25 coins were in green.
So what's a goon coin?
I get tagged in that a lot.
It's funny.
The number one...
So Believe app is supposed to be for...
Yeah, and then the number one coin on there is a meme coin.
Yes.
I love that.
Yesterday I posted something like,
oh, Elizabeth Warren and her goons are bad,
are like criminal or something.
And then everybody started tagging me on this
because they use the word goon,
but it never meant gooning.
But I guess that's the one.
That's hilarious, by the way.
I mean, if launch going goes to like a billion plus,
you got to think this goes to a hundred mil.
It seems like it's a meme.
Is this hymns? No, that's 100 mil. It seems like it's a meme. Is this HIMSS?
No, that's another one.
Startup.
What's that?
I think startup is also a meme.
Interesting.
Is this?
So the top two ones are memes.
See, we're never going to change.
That's what I love about this space.
It's like... The next three or four, we're actually... That's the I love about this space. The next three or four
were actual problems.
That's the thing, right?
Nobody buys a third or fourth, right?
I'm going to buy the top one,
like LaunchCoin,
and I'm going to buy the top meme coin,
and I'm not going to look again.
That's me.
Part of the rationale there is
if you think that Pass, Necknak and team are going to continue to be
new founders,
it's riskier to hold the top current product.
Exactly.
It could be a better one.
Because it's not Pasternak's product.
I'm buying Pasternak's product,
not a derivative of Pasternak.
And I don't mean it's a derivative,
but it's like,
it derivates,
it comes out of its platform.
Right, right.
Like I'm not buying the virtuals coin, virtual protocol. it's derivative, but it's like, it's, it, it derivates, it comes out of its platform. Right, right, yeah. Like,
I'm not buying the virtuals coin,
virtual protocol.
I'm not buying the 10th fucking AI slot launch virtuals.
I'm buying virtuals.
Yeah,
I mean,
the best,
I mean,
AI equity was technically the best trade in virtuals,
but it was safer just to play virtuals than to play any of the AI agents. And this run run up again we forgot to mention virtuals has been one of the top gainers in the in this last run up it flipped
far coin it's back number one absolutely absolutely we can't even but so there's been quite a few
trades dude like i know you mentioned house coin and stuff this has been launch coin there's been
virtuals and far coin there's been hype obviously bitcoin um there's
been a few like good uh i mean pepe 2x that's big because that's like it put on like it went from
three bill to like six bill uh so that's a and by the way we're talking about 2x with like science
you could have infinite money into pepe and you could you could t-wop it out without fucking it up
um so yeah it's an interesting conversation.
I think cycles did change maybe.
But compared to November,
December where you had like the entire AI board
going up.
You could buy,
you could close your eyes
and buy a coin.
The whole Maraud list
went five to 10 X.
So it was much easier.
So we're not,
we're not there yet
by any stretch.
Yeah.
The question is,
is that,
are we going to unlock that
at Bitcoin all the time?
Yeah. Yeah, you're right.
You got me hyped up with this launch coin shit.
It feels like I missed a dip.
We'll see.
I should have some liquidity in case we get another
smack down.
Because you know if Bitcoin
goes down to even just 99k
or like 100k, people are going to like freak out.
You know that.
And the worst thing is that 100K Bitcoin to me sounds like a dream.
Like, wow.
And to most people, it'll sound like the end of the world.
Anyways, in other news, Tyler, I know you got some serious news that we can go to.
We do have breaking news that I want to go through.
Just in.
This just in.
This just in.
Rub Radio.
Breaking news.
Malay shuts down Argentina unit investigating crypto scandal Libra.
What?
Yeah, this just in.
1032 a.m.
Fresh off the press seven minutes ago.
Tyler, I was going to ask you your thoughts, but I kind of just got your live reaction.
Wow.
And I mean, his sister was involved, right?
So like there was both dude.
Fuck his sister and fuck him.
That's bad.
Shuts down the unit.
I mean, that doesn't mean that the DOJ is not going to keep going at it.
Right.
And America is going
to go at this. But in Argentina,
in Argentina,
that crime stays legal.
That's very messy.
Is that
pun intended?
Indeed.
That was a good one. That was a good one that was a that was that was a good one i like that um wow
we investigated ourselves and found we did nothing wrong i let's just say
i've heard some crazy shit about this case
and uh and i think the news is going to come out
and I think a lot of people are in trouble.
I do invite people to not lose hope in that
because I think some people are about to be taken
through the fucking meat grinder here legally.
I think so too.
I think it's hard to know when.
These cases take forever.
Right. Like the NFTs prosecuted in two to three years afterwards. Right.
So it may not be this year, but I agree that it's coming.
There is some people that are in trouble.
And by the way, I invite people to not forget the people involved in this.
Meteora, enemy public number one.
If you still use Meteora, just know that there's some of the people that sent us into this accelerated bear market.
And they're to blame.
Ben Chow's a criminal.
Hayden Davis and his goons, criminals.
I'm not even saying criminals as a hyperbole.
They are criminals.
They stole from you, from me, from us.
So don't forget the people that push this
when every time something like this happens.
But yeah, this is pretty disappointing.
But hey, what do we expect, right?
It's his country, his rules, I guess.
I just really hope that the US, the DOJ doesn't let this one go.
And I don't think they will.
It's just another black guy, right?
It's just like, you know, people already had this view
that crypto is all a scam. And now you've got the the leader of argentina shutting down an investigation
into what was a real scam that impacted a lot of people and it's just it's just a really bad look
but i think that the doj as you mentioned they're gonna go after this so they still have
oh they will they will they will they will they mentioned, they're going to go after this. Oh, they will. Oh, they will.
They will.
They will.
They will.
They will.
They're definitely going to be taken to court here.
But I thought that was really fucked up.
Like, I just read that and it kind of pissed me off.
You know?
No, it's not a worry.
Someone asking, is it a worry that believes you this media?
No, it's just, it's the biggest at the end of the day.
It's just, don't forget that, you know, the founder was involved in Trump, Melania.
I mean, the guy's probably made over a billion dollars, you know,
probably extracted a billion dollars from the trenches.
But, you know, it would be great to see all these people, you know,
being taken accountable.
And that doesn't mean that crime season is on, y'all.
That's in Argentina.
Y'all are going to go to prison in USA
or in El Salvador.
Be careful.
They're not fucking around. Anyways, Tyler,
what else was big here? Feels like there was a few things
that we... Oh, I just sent you another
someone breaking news from... I saw that.
Dude, I saw that one before the show.
Right. This is the show started.
Wow. I didn't see this.
Just like we need another kick in the teeth.
Arkham alert.
Ethereum co-founder Jeffrey Wilkie
just sent $262 million of ETH to Kraken.
I mean, can these guys just stop?
Like, do you have to send...
Like, can't you send like $10 million chunks?
That's a lot.
Like, do you have to press send on $262 million transaction?
Like, do you just have to do that to alert all the Arkham stuff?
Like, can you set a bot?
I don't know.
Like, what is he doing?
You think he's going to stake it?
Yeah.
I mean, why would... He's either staking it on Kraken
because we know they have good staking services
he's gonna
dump it on our faces
do we know how much he has
is he out
are these people ever running
out of ETH bro
it seems like it's a lot
I'm trying to search this live Ever running out of ETH, bro? It seems like it's a lot.
I'm trying to search this live.
I mean, if this is like 20% of his portfolio and he's moving some off.
Oh, don't worry.
He's just taking them on Kraken.
I have the same hopium here for me, right?
ChatGBT is telling me as of May 20th,
he holds approximately 106,000 ETH.
What's that?
Which is basically how much he sent here.
105K.
Yeah, so that's all his ETH.
He sent all of his ETH to Kraken?
So hold on.
So maybe, just maybe, this is just taken.
It doesn't mean it's not solid. Or that person is not feeling safe anymore maybe this is to stake it.
It doesn't make sense.
Or that person is not feeling safe anymore given the latest slew
of attacks
on crypto founders with
known wallets and wants
to custody it safely.
Right?
Right?
That makes sense.
I mean, you really don't want a public
wallet with that much capital in it in 2025 the the amount of of like
of mental like gymnastics you're not going through right now it's crazy bro
like it's just just one clip sending it all in one transaction
is wild.
I guess that's the power of
the crypto and the blockchain
is you're going to send $262 million
for... What was his fees on that?
He paid three
guay.
He paid 16 cents to send
$262 million.
This is you and I right now.
This is one of my favorite
bests, so kudos.
Oh, my God.
Live look at us.
Yeah.
Not going to lie,
I've been wanting to enter
East Long finally.
Yeah.
And maybe I'm going to get a chance, Tyler.
You know?
Oh, you know how to be bulled up.
I entered a small one and I already got liquidated on it.
I was like 40X.
I'm talking about a 3X long with like large size.
I'm obviously looking pretty
safe, I think. Oh yeah, I wouldn't do it
more. Like I'm talking 3 to 4X, like
4X puts your liquidation on the 2K.
3X puts it like
1730, something like that, 1700.
Like that's what I'm talking about.
Yeah.
But we like your little DJ
plays here, Tyler. We like your
DJ plays.
Anyway, so these were two back-to-back breaking news on that front.
What did you have that you already had here, Tyler?
Whatever happened yesterday?
A couple other macro stories.
Jamie Dimon.
So he notoriously hates Bitcoin, hates crypto.
He finally announced yesterday that Chase is going to offer its clients access to Bitcoin purchases,
despite his skepticism.
This came at the JP Morgan Annual Investor Day.
He said, we're going to allow you to buy it.
They will facilitate Bitcoin purchases and include them in client statements.
They will not provide custody services.
So I'm a little confused on exactly what this means. So you're
going to be able to buy it, but not custody. Maybe that's going to be via ETFs, I guess.
So we need to unpack exactly what that means. He said that his personal views have not changed.
He's still very concerned over illicit activities, but he likes it too. He doesn't approve of smoking, but he agrees with your right to smoke.
And that's how he's comparing your right to buy Bitcoin.
So, I mean, it's a little bit funny.
The rhetoric is a little bit out there for this one.
But I do think this is one of the biggest new trends happening is banks,
banks allowing their customers to buy and hold crypto.
So I'm very curious how this is going to be operationalized.
He's like me personally,
like I bank at chase,
like I'm very interested in this,
but I want to know exactly what it means.
And like,
if they're not going to custody it,
so that means you're not going to get real Bitcoin.
You're going to have to get some other version of it, I'm guessing.
So I'm interested to learn more.
And then the other one is out of Bybit.
So on the opposite side, so in the crypto world,
Bybit became the first exchange to offer global stock trading, the first major crypto exchange, rather.
So now 78 global stocks are included in this.
It's going to be used with the base of USDT, Apple, Tesla, Amazon, Meta.
All the big ones are going to be in there.
It looks like it utilizes this trading model called contracts for difference.
It's going to allow users to speculate on stock price movements without owning the underlying assets.
So they're basically synthetic stocks.
It's going to be a part of their Bybit Golden FX suite on their MetaTrader 5 platform,
where you can also have access to gold, oil, indices, and forex.
Looks like the fees are fairly low.
0.04 USDT.
0.04 USDT per share.
That's a little higher.
Minimum of $5 USDT fees per transaction.
This guy's face in the studio, dude.
I'm late.
I'm sorry. I'm sorry.
This guy's face.
This guy's face.
I just saw you pop into the studio
where Tyler was talking.
This is the face of that guy
that's about to dump 106,000 ETH.
That's the face he's making.
The co-founder of Ethereum
just moved 106,000 ETH to Kraken, Mando.
Wow.
That's the face.
He's like this too.
He's like.
Here we go again.
We were just talking about that and we were trying to make bullish cases for it.
How much is 106,000 ETH?
262 million United States dollarinos.
I mean, here's what itinos. I mean,
here's what it is.
He dies, he dies.
Hey,
our bullish case is that one, he may be staking it using
Kraken services and two, he's
scared of getting kidnapped so
he's just custodying it with somebody else.
You're muted.
But that's our bullets case.
Yeah, that's probably what happened.
And also, by the way, Amanda, in other breaking news,
Millay shut down the crypto unit of investigation in Argentina.
Oh, really?
Yes, really.
So that was the other breaking news.
Did the Jupiter internal investigation get anywhere?
Can we get to the bottom of that?
The Jupiter Meteora units, I think, have been shut down way longer than the...
I'm really waiting for the results of that internal investigation.
I'll get on head to hooks.
The investigation has no crime.
Yeah.
So it seems like there's only $20 million of daily volume for ETH on Kraken.
So it's going to take him a while to
tee you up out of that one.
Just quickly, the code today,
rafflebot.xyz.
We put it on the screen a few times.
Another reason to watch this show on video.
What's the code?
I know Sam's wrote it to us.
DeFi.
The code is DeFi.
D-E-F-I. D-E-F-I.
D-E-F-I is the code. No, the code is not
Malay.
The code is DeFi.
you can win some money. So
yeet.com.
Use our code FOMO, our place to bet, make sure your account
is public and then you're going to have a chance
to make some money. So anyways,
DeFi is the code, D-E-F-I.
Tyler, you were taking us through the news for Bybit.
So another institution being able to buy stocks like we talked about, right?
This is going to be one of the biggest applications of crypto, buy stocks.
I'm interested what comes out of it.
It looks like there's Solana Accelerate this week, but also AVAX is a big event in London
at the moment.
Two big L1s having
events. Usually people
tend to keep the news for those moments.
I'm excited to see.
I think it's going to be a good week for crypto.
It would be nice if we had
all-time highs. Mendo, what do you think Bitcoin
hits all-time highs? We were playing that game earlier
and people were giving their guesses.
Tyler has Thursday. Most of the chat had friday and saturday
yeah i mean i thought it would happen yesterday if i'm honest yes i'm surprised it didn't yeah
we've kind of gone back down again today we're going to be flirting with this level for a little
bit longer it feels like um wow the market doesn't look that great.
What happened to all our coins?
It's over?
Well, that's what we were saying.
It's like, it's very weird.
You have Bitcoin making this huge run and like nothing else.
Yeah, everything's waiting.
It has really happened.
There's been a few pockets.
Yeah, I think there's a bit of worry about Japan at the moment,
like broadly, since like risk appetite.
But yeah, it does surprise me.
Like market, market not looking so great.
Damn.
So it's over?
I'm not saying it's over. I'm just saying
altcoins
don't look so good. I guess
Solana had that. Sorry, this is the
first time I've looked at the market.
Solana got
its ETS rejected, didn't it?
Delayed, right?
Yeah.
It didn't read so well, though. Did you read it?
I missed that headline. I didn't see it.
I saw it in your minutes, but I didn't see it anywhere else.
Yeah, they were
delayed five ETFs,
and they said they talked about
market manipulation.
Damn. They gave specific reasons
for why no
for Solana, which I thought was
strange.
Interesting. reasons for like why no for solana which i thought was strange interesting so um and then now he's one of the co-founders about to rug it um
one last dip this is the dip y'all this is the dip, y'all.
This is the dip.
There's going to be one more.
All dips are for buying.
Code is DeFi.
Raffleball.xyz.
My vaporous dog shit is losing value relation to Bitcoin.
It must be over.
It's so funny.
It definitely is.
Hey,
Bitcoin's still above the range, man, though.
we're vibing.
Yeah,
I'm fine with Bitcoin.
Study fart coin
relative strength
and brand coins.
Together,
Ovi invented
a new meta.
Did you guys see that?
I'm just saying this.
Yeah, the first ever brand coin.
The first ever brand coin.
Brand coins are looking strong today.
Yeah, brand coins looking good here.
Brand coin cup and handle.
Yeah, brand coin cup and handle.
A trillion wreck to the dream.
Anyways, should we do the giveaway? I feel like we kind of went over everything right tyler unless i missed something but we had a good conversation
you covered it about genius act and all that good stuff so let's give away some money
all right good luck diego diego wants me to wish him good luck i'll wish you good luck diego
all right let's give away some mula can. Can Jeffrey just like one clip it or something?
What happened yesterday?
Did you guys win?
Yeah.
$1,000 in 65,
1065.
He hit Bitcoin and Ethereum and CoinRace and Bitcoin hit.
Mesito Carl.
There we go.
Nakamigos.
Mesito Carl.
Congratulations.
Get your ass on stage.
If you want to make some money.
Let's go, baby.
Nakamigos.
This is like a simpler time. Dude, remember Nakamigos? That was a simpler time
Dude, remember Nakamigos?
That was a simpler time
Did they go to like 2 ETH?
I think they went to 1
I think it was 2 ETH
Oh no, it was 1 ETH, sorry
They never went to 1 ETH
Because someone said they would eat their own poop if they hit
Or something like that
And then they went to 0.92 or something.
What up, Mesito?
What's up, Carlitos?
Yo, yo, yo, yo, yo.
How you doing?
What's up?
I'm feeling great, man.
Nakamigo is looking good here.
Yeah, of course.
Carlitos, are you watching us on video or you're on audio?
I will turn it on.
Wait a second.
Okay, so we should do lamb chop today, right?
It's been a while.
Yeah, I can see.
You know the rules or do you want me to take you through them?
I know, I know.
Oh, you know the rules.
All right, so we're going to play some lamb chop.
So first of all, congratulations.
You already made $500.
So one thing is for sure, you just made $500.
Congratulations on that
you're gonna get two runs here of $250 each and you're just gonna have to tell
me when to stop every single you know little circle I press is a different
multiplier where you make some money first and foremost Carl what difficulty
you want this on easy medium hard very, hard, very hard, or death wish.
Go easy.
Okay, we're gonna go easy first. So here's your first run.
$268. Do you want to cash that or go to $297?
$297 or $332?
Let's go. Let's go.
Oh, dude. Killing it. Killing it.
$332 or $374?
Yeah, that's right. Fuck, let's go 372 or 424
I'm gonna cash it out for you, but I'm just saying
I'm gonna catch it out cuz that's why you requested but I'm just saying I feel you're gonna regret that one let's see oh I knew it I called it you would have made five thousand dollars
no way no way wow oh no that is brutal crazy holy shit man let's run it back
It was hard to go all the way I mean it was just like it was too good
Miss Carlitos I'm sure you take a
feeling you had a coin
There wasn't even a ruffle in the bushes.
I'm sure this motherfucker takes bigger risks.
He's about to go like $8,000, the most random shit coin right now.
All right.
Well, look, it's okay.
Oh, man.
All right.
Well, listen, you just made $375 from that at least.
So that means you already made $875.
So that's for sure.
You have another run.
Which difficulty do you want it on?
Easy, medium, hard, very hard, or Death Wish?
Go one more easy.
One more easy.
By the way, for the people listening,
this is proof that you can make
that 5K coming on the show.
All right, let's go.
You can make a lot more on hard.
And what about Death weight? Okay.
Two in a row. I have a good feeling
this guy is about to be blessed. Let's see.
Alright, 268. Do you wanna keep going?
Go. 297.
332.
Go. 370. Okay, let's go.
Go. Okay. Yes! Dude!
Dude, this man is blessed. Okay 45
Go one more you got it. You got to keep brother. You've already made
75 bucks. Do you want to keep okay? Let's go. Let's go. See you're killing it
Yes, yes
Are we going?
Man, I don't feel this one.
To be honest.
No, I'll cash it.
No! Are you sure? Are you sure you want to cash it?
Man, I feel like this one is going to be dead.
I'm going to give you three more seconds to think.
Like, we have to play the game.
Hold on.
Do you remember who wants to be a millionaire?
Is that your final decision?
Carlitos, is this your final decision?
Yeah, I'm catching Cal.
I'm sorry.
All right.
Again!
Again! Twice in a row!
Oh my god!
He could have won
8,000.
What?
Mando wins again.
It would have been hard to go.
Losing on the last one is diabolical Carlitos
regardless of that
I mean it's 1500 for free
regardless of this
this is one of our better wins
regardless of that
you do go away today
with 1500 dollars
so congratulations
yeah
thank you
on the flip side
you could have died on the first, like that one time.
The guy died twice on easy.
First run.
Yeah.
Oh, wow.
Mando wins again.
No regrets, though.
No regrets.
Congratulations.
You made $1,500.
And with that, with that, with that, we will see you all tomorrow morning.
10 a.m. Eastern Standard Time for another episode of FOMO Hour on RUG Radio.
Let's go. Thank you. Oh, my God.
