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FOMO HOUR: MARKETS AND NEWS
Recorded: Feb. 24, 2026 Duration: 0:55:40Space Recording
Full Transcription
The Thank you. Shake, shake, shake, shake, shake. Whoop. Whoop, whoop, whoop, whoop, whoop, whoop, whoop, whoop, whoop, whoop.
Yep.
Bum, bum, bum.
Start it.
Starting.
Okay, let's go.
Everything's ready on our end.
Let's get some more tweets going.
And let's kick it, Charlie.ん
ん Yo, what up, what up, good morning,mg and tuesday every 24 20 cents for that
another beautiful day uh beautiful day i got my co-host in the house
it's g tyler morning how are you doing this I'm good
The sun is shining here
We're warming up a bit
Feels like spring is around the corner
And Anthropic
They have not released their podcaster plug-in yet
So job safe at least another day
So feeling good about that
That was crazy
It really is
I saw that yesterday.
I was seeing the market take a mega shit, and then everybody's freaking out.
And I opened my X and then noticed that it was because of this IBM thing or whatever.
Anyways, I'm sure we'll talk about it.
And it's pretty wild. I think, you know, when it comes to distribution in media,
I feel like AI is going to take a few of those jobs.
For example, like on the writing side, mostly stuff like that, you know.
But there are some things that I don't know if you can really replace
when it comes to content creation.
Same for art, right? It's like authenticity
and the vibe, the energy.
I don't think, even if I were to recreate an AI
and model them after you,
there's some things you just can't replicate.
You're not going to be able to AI an NBA
player and put them on the pitch.
Same for us, baby.
I felt that way for a while.
The AI
writing is improving,
but there's already so much pushback.
People don't want to read with like AI slot.
So even if a new site is good,
even if a new site is good and fast and accurate,
if it's known that all of its writers are just AI,
like people aren't going to,
I don't think people are going to respond well to that.
They still want the human touch. And I get think people are going to respond well to that.
They still want the human touch.
I get told that a lot.
Especially like podcasts.
It kind of feels up there with pro sports.
People don't want to watch robots playing sports.
People don't want to watch fake AI generated people talking about markets.
I could be wrong. We are modern athletes.
How about that?
Gladiators.
Dude, you can bench press more
than Pete Hexeth.
Yeah, we're kind of neck
and neck, even though some folks
claim it's fake. I don't know.
I think that's just hate.
I monitored that situation briefly over the weekend
and there was one person was saying, I think that's just hate. I monitored that situation briefly over the weekend.
And there was… So one person was saying,
so this part of the military he was with training,
those guys would never allow you to fake shit.
Yeah.
That's the TLDR.
And I respect…
I know like…
You know how these military have like those different groups?
And those military guys,
people were saying,
these guys would never
let you fucking fake this shit.
You know what I mean?
Yeah.
I think it's probably real.
Yeah.
It's pretty...
I did 220 yesterday.
Pretty happy.
Getting up there.
I'm not quite tired.
I did it, but
you know,
Farouk's doing it.
But your squat's going up rapidly.
Dude.
130 kilos.
What's that?
285 or something?
285.
Not bad.
For five?
That's solid.
I need to post those videos online.
But then, you know.
Big dog.
I post them on my Instagram.
I post all my workouts on my Instagram because those people that like it.
On X, I feel like I don't need everybody and their mothers to just tell me how my things should be and my legs and my feet and my back things.
It's just, you know.
So we'll stick to shitposting and crypto.
Anyway, so another show.
Markets, that's for sure, as crypto takes another lay down with gold higher.
Let's go.
So we'll talk about that for sure, although there's really not much to talk about, guys.
And then we'll just go to Tyler's topics, and then we'll just go and give you guys some money.
Like we do every single day.
Yeet.com.
Use the code FOMOHOUR to sign up and you'll be able to make some dough.
And with that being said, Tyler, we go straight to you.
For daily NFT and crypto analysis.
Tyler T on FOMOHOUR calls the kid can't miss.
On FOMO, our calls to Kit K.
Yeah, folks.
Bring it back to theirs.
Unfortunately, crypto majors are major red again here today.
Bitcoin down 3.5%, 63,400.
ETH down 3.5%, 18,33.
Solana down 4%, 77.
It's rough out there, folks.
This came after a pretty red day in the stock market as well,
although today looks to be green.
So stocks are rebounding here this morning.
Crypto, not so much, unfortunately.
In headlines, we talked about this one yesterday,
but the ZAC XPT teaser for this major crypto protocol
that he's going to expose for inside trading
went pretty viral yesterday.
And we've got an odds-on favorite now in the prediction markets, Meteora,
now leading the way at 40%.
Though there's also some speculation that someone is perhaps shorting Meteora
and pumping the prediction markets.
So maybe take it with a grain of salt.
But they are the leaders right now.
We also had Terraforms labs. Their bankruptcy administrator has now sued
Jane Street, alleging that Jane Street used a secret insider chat
to help kind of front run that Luna
UST collapse, withdrawing $85 million from Curve
just minutes after Terraform pulled. So pretty serious allegation
there.
We had World Liberty Financial claim a coordinated attack yesterday after the USD1 stablecoin briefly depegged to 98 cents on Binance
that it did recover.
Crypto.com has received conditional OCC approval
for a national trust bank charter.
They are now the sixth crypto institution
to get that approval for a bank charter.
So pretty significant movement there.
Patel, like he keeps selling.
He sold 3,100 ETH via cow swap over the last few days to help to continue
funding Ethereum Foundation initiatives.
So it's for a good reason, I suppose.
But yeah, the ETH selling continues.
Missouri lawmakers, they've revived a Bitcoin strategic reserve bill
with updated language, effectively killing the prior version. And then we had two pieces of pretty big breaking news this morning.
So Coinbase leaning into stock trading. They announced 24-5 trading around the clock, zero
commissions and fractional share trading alongside crypto trading. So they're leaning into that
everything app, kind of following the Robinhood playbook. And then we also got breaking news right before the show, meta Facebook,
they're going to revisit a stable coin launch ahead of 2028.
So more stable coins in coming rounding this out in treasury and the ETS.
We talked about strategy and bit mine yesterday.
I think that the latest news is Anthony Pompliano's Bitcoin treasury firm
pro cap,
their dad, their, their nav is so low, their MNAV,
they're now selling, they're rebuying their shares
with their market cap well below Bitcoin holdings.
And they plan to keep buying at this discount.
So somewhat notable there.
In token airdroping protocol news,
the Backpack Exchange plans to introduce a token
allowing users to earn equity through staking
with 20% of their equity up for grabs.
One of the first times we've seen this model.
So let's talk about this one.
Based one announced $11.5 million raise led by Pantera.
They're building a crypto super app.
The USDAI chip ICO token sales officially lied.
That's priced at $300 million FDV.
And then memes.
Meme leaders are red, kind of in line with majors.
Not a whole lot of action in the trenches. White whale is line with majors. Not a whole lot of action in the trenches.
White whale is up 27%, but not a whole lot of action on the day.
And then that's our roundup.
That's a good one.
Let's start with the ZachXBT stuff.
This is like the one thing all of CT is monitoring.
I mean, the whole world is stopping now until February 26th.
He didn't tell us when, though.
Like, are we going to wake up to it?
Are we going to sleep to it?
When are we getting it?
I mean, I don't know what's going on.
I'm sweating, not because it's us,
because we're definitely not profitable enough
to make the list.
So, you know, that's a good way to know
it's not going to be about you.
However, because I want to know,
let's discuss this.
You have been covering this.
Well, $5.8 million of volume.
It was 600K yesterday when I checked.
Meteora jumping to the top of the list.
Unsurprisingly, given Ben Chow during the meme corn mania,
stole about $1.4 billion, although he doesn't run it anymore.
Maxine now.
I think that was because of a comment.
Pump and Jupiter.
And I see what they're being.
These were the nose.
That's why I told you guys I think I was like,
the nose on this is like such a steal.
Yesterday, Axiom pumped for a little bit, not dumped.
These markets are quite illiquid, so tread likely.
But what do we think, brother?
What are we thinking?
Hey, I'm happy the market exists because, hey, you can push back against people making outlandish claims uh that that aren't backed up
and like i had folks saying like they're gonna eat their own shit if it's not world liberty
fi i'm like okay i mean you can go get 12 to 1 on world liberty fi right now um so it is it is fun
seeing this early on it was harder to trust and like we've seen a huge a lot of volatility in
this market but but now it's starting to level off a bit with higher volumes.
Most of the ones that you can be pretty confident,
the ones that are below five probably aren't going to be named.
We also got a little bit more info from Zach this morning.
I hope it does not.
He's writing this on Twitter.
I hope it does not end up underwhelming.
No way I can anticipate a simple teaser would receive five million views.
So the fact that he says he hopes it's not underwhelming,
it can't be like a big dog, right?
Like it's not finance.
It's not Coinbase.
You can scratch those off your list.
I don't think it,
even like a hyper liquid or pump fund,
like I'm not even saying those weren't folks that I really thought could be
in this necessarily.
But like that wouldn't be underwhelming either.
So I think it has to be one down the list.
Is it Meteora?
I mean, Meteora at 40% favorite.
It probably is.
Like if I had to bet on this market right now,
I would probably bet that.
But also personally,
I feel like that's the most underwhelming result because we kind of already knew this, right?
Like we all knew like the tie-ins with the Hayden Adams
and the Meteora group.
And maybe it wasn't like officially exposed,
but it was pretty much unofficially exposed at a minimum a year ago.
So I don't know that this is going to be a huge surprise.
I also saw the take that we had some wallets who were driving up
meteor on the prediction markets and then perhaps we're also short uh so like you do have to you
got to be careful in so many levels here like yeah there's a lot that could happen like i'm
looking at the book now let's see i mean you know what's funny is that lately a lot of people
and that's one thing i actually cannot out to be funny and fun about prediction markets.
You could buy a ton of a market and then people will see you as an insider and you could just
be some fucking dude in your mom's basement driving the price up.
And people will think that.
I think that is so funny.
We have a friend that was buying just because he thought Starmer would be out by April or
something, the prime of UK.
And there was rumors that he was going to be
taking like out on x at least and he was just buying a ton of shares of yes and then like there
was threads being written about his wallet saying oh he's an insider he's like no he's just a
degenerate that's so good there's that there's also going to be incentives where like even more
sophisticated actors can like compose as insiders or Or Jane Street is going to love this.
With an opposite trade-on, right?
So you could buy...
Yesterday, when it was still pretty illiquid,
10K shot the pump-fun odds up to 20%.
The Axiom one was crazy, right?
It jumped 42.
Oh, my God.
Yeah.
Axiom went up to 40%, remember?
Yeah, Axiom was briefly in the lead
Until the Meteora money came in
Here
45% Axiom yesterday at some point
Yeah so we got multiple lead changes
So Pump Fun was the leader at a point
Then Axiom now seems like Meteora
Crazy
Mando with Bando
How are you nuts?
We're doing fantastic, brother.
We're doing absolutely fantastic
on this wonderful Tuesday.
So are you still thinking more of a pump?
What are your thoughts here?
We've got to keep monitoring this.
D-Day is coming.
I love how this is the number one story in crypto.
Everyone's just so fucking down.
We need to find the boogeyman
that we can all blame.
Is there anything else going on yet, though?
Is there anything else going on?
I don't get to play this often, but...
Not necessarily, just like
everyone getting a little bit worried about AI, like destroying value, I would say.
But Satrini piece really sent some shockwaves, it felt like, which surprised me, but it did.
And you've seen the stock market actually move on the back of it, it looks like.
You've seen the stock market actually move on the back of it, it looks like.
We've been very associated with SaaS stocks.
In terms of correlation, Bitcoin's been very, very tied to that for a while now.
So not great to see them fall because Bitcoin kind of fell with it.
Annoyingly, the only coin that's up is the fucking coin I got stopped out on,
which is Monero, which is back up to 328.
But I still like that fucking coin.
I might get back into it soon.
I was going to text you this morning.
I was like, it's back to 320.
I wonder if Mandel's looking at it here.
This is annoying.
Like, I closed when a four-hour breaks below my level, and it did.
And then it went, I think, all the way down to 300-ish.
Yeah.
I put 320.
It definitely did.
320.
One of those classics.
But, you know, that's why you have a stop-loss.
It's actually against really bad scenarios.
Well, yeah.
The other than that, gold, higher.
They're on my gold.
And everything in crypto looks like garbage right now
I don't really know
it's
luckily we're still in this range, this 2024
range, right
which is this
55 to
is kind of the range, 73
so I think
this will take a lot to get us out of there i reckon we're
going to chop here i don't think we're going to hit lower than what we hit interesting like i'm
seeing calls for like the 55 55 59 is such i mean there's always calls for i just think that that
you i just think we'll break it through on the second try. Do you know what I mean?
Yeah.
It's pretty defined.
Even when we broke through at, what, 85?
Every time we hit 80, around that's a level.
One, two, three, four, five, six times.
I don't know.
We're extreme fear.
We're the longest period of extreme fear ever.
Is it?
Oh, I didn't know that Longest ever?
The idea that we would just
Smash through 58 feels lonely
We've been
Oh wow look at this
Let's say one
The month, this is a one month chart
Yeah max
Whoa
Similar than here I would say.
This is the longest period ever, apparently, in extreme fear.
I guess we came out of extreme fear to just fear before, but...
Yeah.
I see.
Let's put the three months...
No, three months.
So the one month.
Extreme fear starts at how much?
At like 10, 20, or...
I think 25.
I don't know.
Extreme fear is 25.
Yeah, look at that.
So I guess 25 was around.
Yeah, let's say here.
So pretty much all of Feb.
All of Feb.
And then some days of Jan.
So it's been, yeah, it's been about 26-ish days in extreme fear.
This is comparable, I feel like,
to the 2021 period,
or 2023 period where it was,
or 2022 period, sorry,
where it was 11 weeks down, right?
June.
11 weeks.
Yeah, it was horrific.
It feels a little bit like that.
We're going to look back on this and be like,
do you remember that time
where it was like Extreme Fear?
Honestly,
two months.
This show feels like Yumi and Ovi hosting
during that period.
It does, right?
I was going to say this yesterday.
We have nothing to say about the market.
It's not like we have any crazy input to say.
We come in every day.
It's the same price.
I'm at a point where,
and I did the same thing back then, Mando.
I stopped looking at the price
because I told myself,
I'll just look when it's relevant again.
I don't even open Hyperliquid right now.
I don't give a fuck.
I'm just like busy with my life.
There's like nothing going on.
And we're at one, two, three, four, five, six weeks trade on Bitcoin.
So perhaps five more weeks, lads.
You know?
Five more weeks.
Ethan, the other hand, is at
1, 2, 3,
4, 5, 6 as well.
Although even the green weeks weren't great.
But I think ETH is at six months
of red straight, right?
I'm seeing some nasty
calls. A thousand.
What's the nicest call you've seen?
Talk to me. Like 980.
That was the...
I guess it hit 890, didn't it?
In the peak?
It was 860, yeah.
2022, 860.
Yeah, it's called 900 bucks, yeah.
That'd be rough.
It's really $1,000, the level.
Yeah, what are...
KBM's numbers are, what, 40 and 1,000 roughly?
40k Bitcoin, 1k youth?
Well, you take KBMs numbers
and just add like 20% and then you're there, right?
Or 10%.
Six weeks.
We never had this though, six months in a row.
Even the last bear man though,
it was just over three months. Bang.
Yeah, that's the thing.
That's why this one's been so painful.
There's just been no relief.
It's just 1010.
It's basically just been pured down
only for what we're going on five months.
It's going to be five months here
in a couple weeks.
Let's see what Solana is.
About Solana is at 71.
77, Jesus Christ
oh my god
it's at 7 weeks
on the soul
1, 2, 3, 4, 5 months
damn
that's painful boys
I'm not even seeing any bare targets for Sol
people are just like it's down too much
we don't need to beat him up anymore.
Yeah.
There's nothing more to it, really.
Like, is there even anything tradable?
I mean, Mando's talking about XMR.
Sure, like maybe that, but...
It's not even like,
it's just,
I think XMR will be one of the fastest moves
off this. Yeah. When we bounce, I think it will be one of the fastest moves off this.
When we bounce, I think it will be
one of the strongest moves. This is my cut.
Do your charts even
show anything right now?
I feel like even your...
Should I bring them up? Should we have a look?
It is a leak out there, brothers.
I mean, I have a feeling all your charts
look the same right now. It's just all
below their bull market indicators.
Go for it.
Let's start with BNB.
We'll go high.
We even just got low time frame to see if
anything...
One hour?
One hour, yeah. No. Bitcoin, no.
These are all just breaking below
again.
Copper?
That looks cheeky. That looks tiki.
That looks nice.
I could revisit the copper trade.
I could revisit the copper trade as well.
I feel like buying something.
I'm home now.
Copper looks a little bit nice.
Perfect little bounce.
Okay.
The boys are buying copper.
Let's go.
This is the exact same level.
Oh, God. Firing up the hyperlink right now. I'm fucking euphoric. Let's go. This is the exact same level. Oh, God.
I'm firing up the hyperliquid right now.
I'm fucking euphoric.
Let's go.
I'm buying something.
Gold, obviously, still looks strong.
I'm buying copper right now, lads.
Fuck it.
I need to buy something.
I need it.
I need it.
Tyler's firing up right now.
I can tell.
We're about to see some copper charts on Tyler did it's Instagram.
It's X page for the next couple of days.
Copper and copper are new, baby.
I'm buying.
Oh, to be fair.
Maybe not.
The arrow is breaking back up again on the one hour.
The boys are back.
It kind of sucks.
But I saw Arthur Hayes' piece yesterday saying that he's all in gold, copper, silver,
uranium miners, and then ETHPTC hype, Monero, Zeke, and I forgot what else.
Oh, and LATAM stuff and then defense companies.
Monero is annoying me, but I'm going to buy some copper, I think. Oh, and stuff and then defense companies.
I'm going to buy some copper, I think.
Are we going to move the global copper market here on this show?
Are you pumping, dumping copper on your show?
We're going to get a second.
Yeah, exactly.
Threads like, you know,
Mando and Tyler did it at a pump and dumping copper on the crypt media.
You see your OpenSea wallet, bro.
You see your sidewallets dumping copper.
Better days, bro.
Better days.
Yeah.
Tyler let it. Not a lot out there that looks.
Well, check out.
Actually, while you're at it.
Apple looks okay, but everything else
is really in tech.
Forget tech,
because I think it's going to be...
European stocks look okay?
Weirdly. Well, you can't buy these on Happy Liquids,
so it don't matter. Can you take silver,
please?
Where's silver?
I lost so much more than silver the other day.
I need to revenge trade it.
Yeah, it's broken back up.
I don't...
Remember I told you,
I think gold hits an all-time high
before silver does.
That looks like a better chart to me.
Jesus, that is gorgeous.
Beautiful.
What's Al Jim saying?
ASML is cooking. That's pretty much it i think what's asml
as well as a is a chip manufacturer someone's saying copper pa is annoying it is really annoying
i have to say like even if we run it up like we always stop it's just flat it does feel like that
doesn't it it feels like you're about to get chopped here doesn't it fucking mean coin it is
fun fact this is the exact same price when i put my first copper long on there, doesn't it? It feels like you're about to get chopped here, doesn't it? Fucking meme coin it is.
Fun fact, this is the exact same price when I put my first Copper
Long on. That is the first,
but you know what, though? Technically speaking,
that was a cook because it went to 660.
Just didn't sell it for me, right?
What about Copper Inu,
Tyler?
Is that...
Is him still promoting it
or has he given up? Oh, yeah.
He's stuck with it.
I am no longer a whole...
It's a million dollars.
Yeah.
I mean, if you think Copper is going to pump,
then you've got to be Long Copperino.
It's the number one beta.
This is such a bad market show
This is a bad market show
There's nothing to talk about
You know what
That cop doesn't look too bad Tyler
Doesn't
I don't own any
Memes are rough though
It is rough out there
We had a little bit of action this past weekend
I guess Punch had some decent action.
But even that,
it's already down 50%
from highs.
Oh, man.
No one's having fun.
You know what's...
You know what?
Where's the money? That's prediction markets.
You know? Just go predict.
There you go.
Go make some predictions.
Go on Yeet.
Play a little bit.
It's probably more fun.
Copper looks amazing, Mando.
It looks...
It looks on life's...
It could have a run.
It could also rug you. This, I agree.
This PA is fucking grim.
With gold, you're like,
you get one shot,
and then it just fucking continues.
You have this one shot,
and then bam,
and you just got to fucking hope you get in
on one of these small dips.
Look at this.
Pull up the fuck.
Look at this gold run, lad.
Look at this fucking thing.
I don't want to. It's depressing.
This is 2020.
2020 gold is being at 1,280.
It's fucking disgusting.
You get your one shot to get in
and it just keeps going.
Pull up the Farcorn chart.
Let's go while we're at it
you know I don't
even have far
caught
chat's asking
chat's asking
chat's asking
it's dropped off
after
what's his face
start chilling
out of coins
yeah
zip wheeler
not the same
not only that
he went like
all in on the
testicle coin
you know he's down
yeah
that was a really big turnoff for me.
I have to say, as someone who's been a fan forever,
I don't mind a token called testicle for what it's worth.
And that's probably a problem because you're in it because of Dip Wheeler.
And I think that's...
Farcoin is not Dip Wheeler coin.
But once he started shilling another coin, it's like,
hey, he's low and low now,
which is just fucking horrific
um worst part is and i the grand the market like the 2023 era market was kind of like a longer
term bowl but like with even after the whiff sell-offs like it never went that low like even
like the meme lulls it's still like hung around like a billion. It's just 140 million.
White Whale was above
this.
I got a question
coming from the audience. Can we check it on
pups?
We did that yesterday.
We checked it on
Bitcoin puppets.
You guys.
Let it go. Let it guys. Let it go.
Let it go.
Let it go.
Let it go.
I had a million dollar position.
Who is that person who's coming in to buy Pups?
Like the syncopated, like you have got to be retarded.
Are you kidding me?
When Bitcoin goes back to like 180k,
and there's going to be a rotation from Bitcoin to Bitcoin store value.
Do you know what a rare set is? Do you know what a rare set is?
Do you know what a rare set is?
So it's these Bitcoin little fucking pieces
on the blockchain
and they're like super rare.
You've got to hope for an influx
of IQ 50 people into the space.
Actually.
To where are you finding them?
Where are you finding them?
Maybe AI dulls the senses Of Zoomers so much
That actually
We are able to sell
Like us, our generation
And maybe the generation after us
Are able to sell
The new generation
Our bags
I'm telling you
We can train the AIs
To like the Bitcoin puppet meme.
Yeah.
And close ups.
You know?
We need to target idiot heirs and heiresses of fortunes.
No, we need to target fucking idiots that are creating cloud bots
because they're so dumb that they're going to trade their cloud bots
to be just as dumb as them.
Yes, we need AI agents.
That's it.
So we're tricking AI agents.
And what is the new generation called?
Gen Z?
Not Gen...
Alpha.
Gen Alpha.
Gen Alpha.
Gen Alpha.
And you can't read and write.
And AI agents. No, that's the wrong person here
Gen Alpha is going to be smart
it's Gen Z who is the lost generation
that's Gavin Newsom
he's just like Gen Alpha
can't read
we like astroturf the web
with
pups and Bitcoin puppets
propaganda
it's all the agents are going going to find this but they're
going to be trained on um it's our only exit strategy at this point i have to say boys
could you imagine getting married during a bear market
imagine having a bear market wedding in guadalajara fuck me i mean i'm close enough
imagine having a bear market wedding in guadalajara
that you just had to call off you know every day i get reminded hey farok you haven't paid
for the av pa lighting dude did you know it costs like fifteen thousand dollars for av and lighting
i don't know like i must be like fucking gary in the fucking White House or Mar-a-Lago, I found out.
Jesus Christ, man.
Every day.
Yo, you got to put 50% down payment on this shit.
Dude, have you seen the market?
Sometimes I want to tell my wedding planner,
have you seen the price of Bitcoin?
I don't think she cares.
Yeah, I went through the wedding process in 2017.
It was not cheap then.
I wouldn't be surprised if it's a little higher now.
Imagine with inflation now.
Yeah.
Yeah.
So it's, you know, what a time.
Anyways, so gold and copper.
All right, we'll be monitoring those two.
These could be the two buys.
I mean, I like gold at 5100.
I think it hit 52 earlier, right, Bendo?
It just dipped a little bit below that.
Now, 5,140.
It did go.
It went to 5,240.
Wow, I didn't know that.
At 1,900 yesterday.
So 7 p.m.
Interesting.
Very interesting.
Ty, anything interesting?
Jane Street used a private insider channel that had a former Terra intern in it to front run the May 22 UST collapse.
And they're saying specifically that 10 minutes after the Terraform team quietly withdrew $150 million UST from Curve, Jane Street pulled $85 million.
And effectively, the only way they would have been able to know that is because they got tipped off by this intern.
It names their co-founders, Robert Granary,
and two employees as defendants.
This actually follows.
This is not the only Terra lawsuit.
So they actually have another one out,
a $4 billion lawsuit against jump trading
for allegedly propping up the peg before quietly dumping Luna. So going after a couple of players who they feel like were kind of helped
facilitate the crash.
Jesus.
I mean, for any of us,
I don't necessarily know huge impacts to us here a few years later,
unless you just feel like these firms are,
you know, perhaps bad actors and facilitating other crashes as well.
But this was a big headline and we'll see what the, what the courts have to say.
So that was a big one. We have crypto.com receiving an OCC charter.
This is one of those headlines.
It's kind of a little bit of a yawn,
but the bigger takeaway is like a lot of these crypto companies have OCC
national trust bank charters now.
Circle, Ripple, Paxos, Bitco, Bridge,
and now crypto.com all approved in the last three months.
Coinbase apparently is still pending and so is World Liberty Phi.
So the OCC has been busy giving out these federal bank charters.
And it's kind of more blurring the lines of, you know,
traditional banks and historical crypto firms protocols now kind of able to
operate in the same
space.
And then I think this backpack equity token is,
is arguably another one of the more interesting stories of the day.
So crypto exchange backpack,
they announced plans to introduce this token that will also be an equity
token.
The token has not been released yet,
but effectively what's going to happen is
upon airdrop,
they're going to do like a normal airdrop
to users who use the protocol.
They will have the option to stake the token
for like a year or more.
And those stake tokens will have a claim
on 20% of Backpack's equity in the company.
And notably, Backpack is reportedly raising at $1 billion.
They're raising $50 billion at a $1 billion valuation.
So this is a pretty significant equity chunk if that raise goes through.
And I think this is one of the first models like this that we've seen kind of blurring.
I thought it was fascinating.
I sent it to logs a second.
I saw it.
Man kind of talked about this.
Remember a few months ago,
we were trying to figure it out and it looks like they did.
And it turns out it's actually,
and kudos to them.
It's not as complex as we thought,
but you kind of need someone to move the needle first for others to kind of follow.
I think
this is the literal greatest
utility you can give to a ton older.
Stake for equity.
That's it.
It's almost like you don't even need to offer anything else after that.
You know what I mean?
20% of backpack equity
given to users who stake for a year.
Do you need any better utility than this, guys?
It would be interesting.
I feel as though...
I just wonder, like, where...
Why do you need a token?
Let me put it that way.
I think the interesting thing around that is like if
you can make it interchangeable somewhat like constantly but this
i just don't even know like maybe i need to know a little bit more detail i think it's
interesting a lot of teams are exploring this obviously the idea of like how do you make them
work at the same time but i had the same thought in my mind this morning.
Like, does this like create like double value,
so to speak?
So like, what is the math on all this?
Because like, so let's play this out a little bit.
So they're circulating token supply.
Let's say it's 30%.
Or what's this for easy math?
Let's say it's 20%.
Then it should basically trade at a billion.
FDV, right?
Because that's what the, assuming the raise goes through at a billion.
Like you would be somewhat pegged to that.
And granted, I'm just using rough numbers here.
But then if the token's trading at a billion and the company's trading in
a billion did you just like create a billion out of thin air kind of well not necessarily because
you have um for example stocks can be listed on multiple exchanges and they can just have a free flow on each exchange, right? So the FD, it would still say, like, I don't know,
you can trade Facebook stock on the NASDAQ
and also on listed exchanges in Europe, for example.
And it would still say what the deluded value is.
So it would almost be like,
there would still be the same almost be like it just,
there would still be the same almost like fully diluted value,
but like,
yeah,
there would be different circulating
for each group.
I mean,
as for like,
why would you do this?
I mean,
it's in,
it is a little bit duplicative.
You're effectively giving
perhaps like just more, I guess more global exposure to your stock. It is a little bit duplicative. You're effectively giving perhaps
more global exposure
to your stock.
It's basically
a tokenized
stock share.
It's kind of how I'm viewing it.
I agree with you.
I feel like this is the max utility
that you could ask for. Giving people alignment and And I agree with you. I mean, Prog, I feel like this is the max utility.
Like what's better than that? You can ask for.
Giving people alignment rather than the other.
I mean, they are a wallet.
So I wonder how, I guess, fees, buybacks,
and burn from that because the more you use the wallet.
But what does a wallet do with a token?
Well, that's why Phantom Metamask and stuff
have never lost your token either. wallet but what does a wallet do with a token well that's why phantom metamask and stuff have
never lost your token either right um so i wonder what else a wallet could do nothing right
what i i guess where this gets a little messy for me is like the
like if there's 100 of a token supply and only like 20 equity and i guess maybe you're just
doing like the max at that point,
but it almost feels like it needs to be purely equal or not.
The first team kind of going through,
and I guess Rekt kind of did a version of this with the NFTs, right?
With the NFT, exactly.
It's a little bit different.
Yeah. Mostly how it works out. with the NFT exactly it's a little bit different um yeah
we'll see how it works out
someone's gonna try shit you know
yeah I think you gotta be rooting for them to try this
especially like if you were a team who hasn't launched
a token yet and you're kind of thinking about different routes
like let's see how it goes
do we know where Backpack is based are they
they're in Japan
Dubai
these guys all're in Japan really?
these guys all live in Japan
all of them
Armani and Co
no they're not Dubai
I don't believe they're Dubai based
unless they moved but I know they were like big Japan guys
so people are asking
a token is not needed why do
you need the token so i guess you promise the token up front to help incentivize users right
and that's kind of one of the general use cases for tokens then the problem comes that you launch
the token and there it's not there's nothing propping up its value.
And now you can,
you found a mechanism to prop up its value by tying it to the equity in the company.
And if the company's making money and generating revenue,
then that's,
that's a real value.
So it would be most,
one of the most valid tokens on the market.
Like it would be the opposite of vaporware.
Yeah.
So you're using the token incentives to help bootstrap
and drive an early user-based community, I guess,
is the reason why.
I'm just kind of thinking through this live show. Yeah it looks like anthropic just stole even more jobs boys i saw a headline
that they were going after like hr did you have do you have a breaking
post it says tropic links ai agent with tools for investment banking
it's over half the analyst seats will be gone in five years. We're just in this new paradigm
where every morning
we're going to check
every day's morning
is their job.
The Anthropic tweet.
We're going to go look at the stocks
that lead that sector
and everyone's just going to go short.
Let's talk about the Satrini stuff
a little bit.
And Amanda kind of went there.
I have some serious questions.
So the headline is
the stocks named in this attorney piece all fell
like four to eight percent yesterday and granted it was kind of a red day in markets so so perhaps
you don't totally attribute it to this attorney piece but there's a lot of folks kind of attributing
it yeah to that piece and like my first level question is like are you telling me like these
hedge funds haven't thought that scenario
through in advance that AI could come, what would impact these sectors? And then my second level
thinking is like, oh, are they just playing on the momentum and fear? So are they shorting it
because mainstream is going to see it? Like I'm very, my mind's like spinning about how this blog post actually impacted markets so heavily.
I think it just points to the sentiment right now more than anything.
They wrote an article on the back of this happening last week anyway, right?
And they've basically just identified new sectors which they think should be affected or could be affected.
So I think it's actually just like,
it's more just kicking somebody while they're down.
It's just an incremental push down the hill,
which was maybe already happening. So I think we've already spoken about it on this show.
I think it's not bad analysis, but I don't think it's new analysis.
And I also think it doesn't go through the iterative chess moves
of what would happen in response.
You don't just wake up one day with the S&P down 40% unemployment.
That just doesn't happen.
So, yeah, that's not my point.
That was my point yesterday.
That is a world where there is no response.
And I think we hashed out the media discussion yesterday,
but the difference is now we actually see the market data points
and DoorDash knocks down 6% on the back of this.
And I guess I don't know any HR software companies off the back of my head.
We'll see who's impacted on today's headlines.
But it feels like this is going to be
like the new daily meta.
Who's Anthropik going after today?
The investment makers are shaking, I'm sure.
We also saw the headline yesterday
that they're going to unlock COBOL.
They're going to make an easier version of COBOL with Claude Code.
I actually didn't dig into the meat of this.
If folks aren't familiar with COBOL, a lot of financial institutions run on COBOL.
Back in my consulting days, we we did a three and a half year
product with the bank in the southeast to in to install uh cobalt software so i've programmed in
cobalt before um so is that a big deal is it like really bad for ibm like what's that what's the and
they'll be all here and so ibm's stock fell on the back of this i guess they're probably one of the consulting companies who does a lot of cobalt um felt like an over reaction
to me i mean if anything isn't ibm just going to likely team up with anthropic just like we saw the
other headline where like open ai is teaming up with accenture and mckenzie and these other big
consulting firms to be like their implementation arm.
I imagine we would probably see something similar.
I think you can even paint a bull case.
This is going to help support these legacy institutions to the future more.
They'll have some, some codes,
some coding support with their, their legacy dinosaur software.
And then the other aspect of this is like the, the, the timeline compression,
right? So a core piece of the Citrini doomer post was that this is going to
happen in two years.
I don't think these dinosaur financial institutions are turning over their
financial code bases to Claude when the head of Meta's AI safety turned almost
at all of our emails deleted from a claude bot
yesterday um this is a pretty technically or supposedly ai savvy person her ai agents run
running wild deleting all of her emails yeah and then apologizing afterwards and like it's a joke
but like that was crazy like you're the head of safety or whatever the fuck for AI
meta, and you're just like giving open
AI, and so I clawed your entire life.
And like,
we all, like, anyone who's deep in, like, you see
how it does still make mistakes.
Like, you can't, like, when you're one of these institutions,
like, you can't afford these mistakes.
Right? So...
Yeah.
It's interesting, though. Like, there's a lot of stuff going on i mean i know
for a fact you line on our team is experimenting on a like we're going pretty big on that stuff
behind the scenes like we're trying to see how like um the agent could okay so decrypt writes
an article agent picks up an article reads it creates a market that's relevant to the timeline, finds a resolution source, and then goes into our system, creates the actual market, and then you stop there.
And then the human reviews it and then pushes it live because you can't just like, we're talking about people's money.
So we're like experimenting with that right now.
I'm very excited to see where it can go.
So it's very good to see how much we can do with that right now. I'm very excited to see where it can go. So it's very good to see
how much we can do with that.
The new AI agent headline
that you're going to see
out of more crypto products
and protocols
is the MCP server launch.
What's that?
So we just got that
from Abstract here today.
Sygar posted,
they're introducing their abstract MCP server. And MCP server is effectively like the layer that lets AI here today. Sygar posted, they're introducing their abstract MCP server.
And MCP server is effectively like the layer that lets AI agents interact with software.
And you saw Moonpay, right? Moonpay had some news this morning. Let me share it while I'm at it.
Your AI agent needs crypto. Now they have it. Introducing Moonpay agents and non-custodial
infrastructure for autonomous transactions. On-ramp trade off chain so this is basically the same thing right like it's just
like this facade for your agent to be able to trade on your behalf is that what i'm getting from
it my understanding and i'm not super technical is like you kind of need like a second version
like we have the the human internet that we all are used to interacting with and you need like a
different version of that effectively effectively for AI agents.
So that's extra too,
Remember that?
I think that's specifically for payments.
But like for more broader interaction.
Super interesting.
I want to see.
Yeah.
So expect to see a whole lot more of this.
It's like Phantom had launched their MCP server last week.
Moonpay just did their integration,
you know, abstract.
So I think you can expect to see a lot more of that.
I love that stuff.
I really, really, really love that stuff.
Came from Myriad Agents.
You know, just let it predict for you.
People want to.
I mean, there's a lot of chatter.
I'm assuming a lot of it is kind of larp but there's some smart people out there who said that they've had they have friends who spun
up very profitable prediction market bots yeah and i'm sure there's gonna be yeah
i think a lot of people probably got wrecked trying to do it poorly i mean most volume across
like whether it's prediction markets creating platforms, is going to end up being agents.
100%.
Yeah.
That's for sure.
We saw the first versions of those recently when we had a few agents
trading on Myriad, for example.
I think now we're going to see like the next level of that.
I mean, there's going to be a point in time where, well, I hope this,
I'm not saying this is what we're working on.
I'm just saying, or maybe the guys are, I don't know.
I'm not aware of, but it would be awesome if like you make an account
and we can also make an account for your agent. And within Myriad, you tell your agent,
what's your risk profile? What's your risk appetite? How much you want to predict per
thing? What politics, culture, sports, what you prefer? And count and let the agent go.
I think that would be super cool. And that's something that should be integrated within
the website directly. I would love to see that. And I think that reality is coming very fast.
It's not something that's going to
take a year to launch, right?
Anyways, I see the time.
I do have a call in seven minutes,
so shall we?
Let's do it.
Let's go.
No way.
Rando, we had an insane run yesterday.
Oh, we did.
We really did that.
It was one of the craziest runs
we've ever had.
That shit was insane.
So he had three times.
He went twice to the tracks,
and he wanted to play with another $100,
but the rule was that he had to go all the way to the barn,
and he died on the last tile.
But two of his three runs were to the last tile,
which was insane.
We've never had three passer tracks in a row.
All right.
Mister,
I bought some gold, lad, so let's hope.
So are we buying copper or no?
I didn't see what we decided
in the end.
I'm going to monitor the situation.
All right, you monitor and let me know.
All right, let's pick a winner Atani
Atani
Atani
Oh wait, Atani
That's like someone who's here a lot
Yeah
Yeah
Atani is someone who That's like Someone who's here a lot Yeah Oh yeah Yeah What's up
Yeah
That's
Atani is someone who
Who's like always here
I'm pretty sure like
Atani correct me if I'm wrong
Haven't you been listening to this show
For like five years now
I think so
First win
Long time listener
First time winner
Let's go
Correct me if I'm wrong Atani
You've been here for,
yeah,
seven-month subscriber,
but, like,
beyond the kick stuff.
Which,
that means he's been subscribed
since the day we started kick.
I feel like he's been listening
to the show since, like,
we started the show,
man, though.
Since we won.
Yes.
We won a red guy, yeah.
All right, Itani.
What game do you want to play?
You've already made 500 bucks, so congratulations on that.
I was thinking Omaha.
It's your first win.
Let's see what you want to do.
What are you saying, Tyler?
I was thinking Omaha.
This is more likely a nice little win, but let's see what they want to play.
What are you feeling like?
What are you feeling like?
Mando, hands up.
Sorry, that's
locked in right now.
I trust Tyler.
Okay, cool.
You said Omaha, Tyler? That's what you wanted to...
Let's play some Omaha.
Let's play some Omaha.
You know what we're doing here.
We ran way too hot on Lamb Chop yesterday.
We're not going to run that.
We got to let that curl a little bit.
Two runs.
Place bet.
Let's fucking go.
Oh, wow.
We need an ace.
Two aces, yeah.
So that's a tough one.
Or quads.
Quads will do.
Or it.
That was exciting.
All right, we bet?
That's a tough beat That's a nice hand
Full house, Jacksonville or Queens
Alright, let's go
Okay, two pairs beatable
Sixth and fours
Oh no
We had two pairs as well
we never had a double loss on Omaha
oh god
we always win something in Omaha
yeah
alright
well Tony thank you for being a long time listener
we appreciate you
send me $500
and with that being said
Tyler Meadow we will see you tomorrow morning.
10 a.m.
Eastern Standard Time.
Peace out.んんん
ん Thank you.
