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FOMO HOUR: MARKETS NUKE, DAILY NEWS AND MORE
Recorded: March 19, 2026 Duration: 1:01:18Space Recording
Full Transcription
Thank you. okay
okay you check check one two check all right right let's let it rip charlie 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 아 Yo, yo, yo, yo, yo, what up, what up? Good morning. Good morning. GM. GM. I don't even
know what day it is. Thursday. March 19th, 2025. Sixth. Look at that. Another beautiful day.
A beautiful day.
I got my co-host in the house.
Tyler, good morning.
How are you doing today?
I'm good.
March Madness kicks off today here in the U.S.
Always a fun few weeks.
Had a nice little underdog bet last night on this Miami of Ohio team.
On an electric game that was.
So I woke up feeling good.
Check prices.
Bad prices.
But not letting it get me down on this nice sunny Thursday.
I know.
It is beautiful.
I mean, it is really fucking cold.
That's for sure.
And red.
That's what it's looking like on this Thursday.
Hopefully,
a turnaround Thursday.
I haven't really looked
at the markets yet.
It kind of tapped out yesterday,
but going to be catching up to that.
So there's the show.
We don't have Nomeando.
He's coming out tomorrow.
So we have markets,
of course,
not great for the markets.
Daily news,
as usual,
that will be joined by our friends over at Walrus.
You know, Walrus, our show beloved partners
will be joining us to chit-chat
about some of the stuff that they have been up to.
And then we have two winners.
One of the winners from the giveaway
was given yesterday.
And then the other one we're going to spin today.
So it should be double day of action.
And this is powered by Walrus, a verifiable data platform for bearers in AI and on-chain
platforms and on-chain finance.
I'm sorry.
As these systems handle more money and decisions, the more mission critical this data foundation
becomes.
To learn more, visit walrus.xyz.
Tyler, I'll go to you directly.
Where's my media asset?
I have a way to put this music on behind the scenes here without even being home.
Oh, yeah, look at that.
But daily NFT and crypto analysis.
Tyler, it's on FOMO hour calls the kids can't miss.
More hour calls to kick campus.
Great bad competitors.
Great, bad competitors.
Yeah, folks, crypto majors are very red here this morning
amidst Iran war escalation and growing inflation concerns.
But perhaps a small silver lining,
we are rebounding a bit here on the market opens.
We've got Bitcoin down 3% on the day, 69,800.
It did tap like 69K just a few minutes ago.
So it is rebounding a bit.
ETH down 4%, 2135.
Slaw down 2% at 88.
So giving back a lot of those recent gains, unfortunately.
I mean, the story, I believe, it really is oil and energy prices.
So oil spiked to 98 after escalations in the war yesterday, multiple energy
infrastructure sites hit across the Middle East and concerns over a growing energy crisis, probably
the highest they've been since the war began. We're also starting to see huge spreads in oil
across geographies now with the U.S. having the cheapest oil, Europe and Asia having higher
prices.
So that's impacting those markets as well.
Bitcoin largely outperforming gold.
So gold is down significantly, down 5%, 4630, well below that 5K level at this point, seemingly
as big sovereign nations are selling gold for cash right now.
The dollar is up.
The dollar basically at one-year highs right now.
So metals are down.
Stocks are down.
Crypto is down.
So yeah, performing the dollar is up.
Oil is up.
It's kind of the summer here for today.
We had PPI yesterday.
It came in hot.
We talked about it on the show.
Since the show, we did have a pal give his commentary at FOMC yesterday.
No rate cuts as expected.
I think one of his biggest lines was basically, we're not going to cut rates anytime soon
until inflation starts coming down.
With oil prices going up, seems very unlikely that's going to happen anytime soon, unfortunately.
So folks no longer really expecting cuts this year.
I think 18% chance of one cut in 2026 now.
And also a 4% chance of a hike.
So folks are actually starting to look at rate hikes here in the U.S.
I'll share more thoughts on FOMC later on in the show.
Going through some of the other macro headlines.
TradeXYZ secures their license from the Dow Jones for the S&P 500 index.
Hype briefly soared to 43, though sold off along with the rest of the crypto market.
Hype trading at 3930 here this morning.
The SEC approved NASDAQ's rule change.
Now they're going to be allowed to trade tokenized securities
on the exchange through a DTC pilot program.
So that's a big one to watch.
Congressmen are now saying Clarity Act has to pass by mid-May or it won't get done.
So that deal, the clock is ticking on that deal.
The market still has a 63% chance.
So still very live.
Kraken has formally delayed their IPO plans,
while Citibank did downgrade Gemini to a sell.
That stock has not been performing well, down about 80% since IPO.
And then $2.2 billion in FTX payouts coming March 31st.
So perhaps a nice little stimmy there.
ETFs saw the first day outflows, breaking a seven-day inflow streak there.
Unfortunately, ETH also had outflows on the day.
In token airdrop and protocol news, it was a lighter day.
Zcash's hash rate hit a new all-time high,
showing more signs of growing adoption.
Venice AI announced end-to-end encryption for customer conversations.
Rekt Drinks, shout to Rekt.
That Burbs collab sold out in less than an hour yesterday.
So nice action there.
Polymarket shared a new IRL bar in Washington, D.C.
for monitoring the situation.
Fundamental gimmick there.
Meme majors, very red, no surprise.
Pretty much red in line with crypto majors.
A few aliens was the mover.
They've really not a whole lot of action on it.
If you didn't see that, the U.S. government registered aliens.gov yesterday for some reason.
So that's back to the aliens token. And yeah, that's our roundup for the day.
All right. Well, that's quite a roundup. Let's go to the markets.
I mean, I have to say I'm not used to morning shows anymore. So I haven't really
looked at the markets coming out here. It looks like we kind of heart rejected.
But if we go by
the charts that I saw a clip
made out of the other day
when we were talking about Zoran,
he kind of said 68, 69K
before 80K.
I'm hoping.
I mean, our Femquan
said 71, 72.
That was tagged.
Looks like we went a little lower.
Yeah. But Zoran, the most hated
man on CT
unfortunately he called it
you know
it's tricky, so yeah, LH, our female quant
says we need to hold 71
and we spend too much time
below 71
we've lost the level and we're probably going to go lower
sweep 60s um that was her view and zora and others kind of calling for this lower dip before
we grind up higher to 80 i don't have a strong read super hyper near term on this it does seem
like broader markets
are probably going to continue grinding lower,
especially if there's any more escalations
in the war.
If there's any other energy infrastructure sites hit,
I think we're going to see a broader sell-off
if that continues to happen.
I think we saw Besant coming out.
He's now exploring, taking sanctions off Iranian oil
that's already on the water.
So they're trying to do some measures
to stop the bleeding, it seems.
But the bears are euphoric.
I mean, they feel like this is their setup
to get a much broader correction.
It does seem like there's many more calling for a broader correction, at least in equities
right now.
S&P selling off.
I think folks are expecting it to go significantly lower.
But the gold sell-off is probably the most interesting aspect of this to me.
And I've seen the theses that this is effectively like Middle East sovereign wealth funds selling gold to have like cash reserves effectively because their income streams are in large jeopardy with the energy infrastructure sites now perhaps unable to produce nearly as much revenue as they had planned for.
And that's perhaps driving a good part of this gold sell-off.
So gold does not look good by any means. It is interesting to me that Bitcoin is outperforming
it so much. Of course, it's weird to say that on a day where Bitcoin's down 3% and it's down 8%, almost 10% from local highs.
But it does feel relatively, relatively strong here. I think what else is, another way to
potentially look at this is when Bitcoin was underperforming, we were talking about how
Bitcoin's aligned with Trump and the US, gold aligned with China. China was pouring all their capital into gold.
The dollar was going down.
U.S. seemed weaker.
It was tied to Bitcoin and all that.
Well, now the dollar is stronger.
The U.S. is in a stronger place.
If you look at these oil spreads,
and it's the fact that the U.S. is a net exporter of energy,
largely U.S. is a net exporter of energy. Largely, U.S. is positioned the best.
Europe is in kind of a world of trouble importing gas and oil.
And I've seen the spreads in Asia don't look great as well.
I don't know if this was necessarily like some master plan for the U S to put themselves in,
in this position to, to solve this global energy crisis and to be positioned the best.
I did see this fairly tinfoil hat theory here.
I'm just going to read this.
This is from dirty Texas hedge.
hedge. If you genuinely seriously believe we're about to start the final sprint to AGI,
If you genuinely seriously believe we're about to start the final sprint to AGI,
then a war which starves the entire world for energy except the U.S. becomes cold-blooded
real politic. So there's perhaps a dark thesis that this is done on purpose as a part of
AGI.
On Solano.
I don't know that I'm quite there yet for that.
But I mean, everyone's thrown out their theories, right?
There's a whole spectrum.
There's folks that say the U.S. has no plan and is just totally reactionary.
I don't buy that either.
I think the first few days of the war were far too orchestrated to say they didn't have some kind of a plan.
But I don't love where things are headed
by any means. And
it's a lot of uncertainty.
Things were priced
at perfection across the board for the most part,
at least in equities, definitely not as much in crypto.
Gold and equities
effectively at all-time highs and now they're starting to
retrace.
Let's take a look at equities.
Yeah, that's a big dip there.
Let's pull up the daily charts better.
I mean, hopefully you could see if this is a double bottom and we bounce here.
That'd be nice.
I mean, Trump's definitely going to try and bounce the market.
Because, you know, he kind of needs that while the war is going on.
I mean, this is just what, again,
we were just talking about this this week, right?
Like, I kind of was saying this war is far from being done.
I know a lot of the, you know,
there's propaganda on both sides, obviously,
but they're each saying that they're winning the war,
which is funny or not.
But it's definitely the home run that is kind of being shown in the US, right?
And so I think yesterday's gas.
I actually saw this yesterday.
I was like, fuck, this is really bad.
Maybe I should cut some stuff.
I didn't.
But again, holding spot, I don't really mind as much.
But the hit on the gas, the fine reason stuff is not good.
There's no other way to put it.
I'll show you a thread actually that shows you just how bad it is, Tyler.
I don't know if I sent it to us, but I found it.
So there you go.
It's this one.
This guy was putting a thread together.
I'll send it again.
But basically, the LNG supply, right?
So this one, Qatar Energy just announced that it was hit
was responsible for like 25 percent of the world's gas or something yeah pretty substantial it took
70 billion dollars in 10 years to build yeah those were the were the growing concerns that
this is going to cause a larger longer crisis or stemming from right so you can't just taco you can't get to a ceasefire
the ceasefire isn't going to turn the facility back on correct so that we could stop tomorrow
morning this facility's facility is hit and it's bad right and so this is the game iran's playing
too it's like hey you hit our gas we'll hit your gas and then can you blame him not really because they're like fucking it's war right right no matter what side you're on it's like, hey, you hit our gas, we'll hit your gas. And then can you blame them? Not really, because they're like, fuck it, it's war, right?
No matter what side you're on, it's like, it doesn't matter, right?
People know I'm definitely not a fan of the regime.
I've been quite vocal about it.
But if you're going to hit the gas from a country, then you should expect them to hit the gas back across.
And that was actually shocking to everyone because, and again, it shows that Iran is playing a war that people weren't expecting because they're hitting Qatar.
Qatar has been an ally of Iran and the regime.
Al Jazeera has arguably had the worst coverage of this war because they refused to acknowledge that the regime is bad.
They barely covered the 40,000 people that Iran killed in January, by the way, because they've been state-owned Qatar news that is, you know, as I said, to Iran.
And now Iran's hitting its friends.
it's the whole... Yesterday was great. I don't want to
be the doomer, because I don't know what it means for markets, but
nine countries got hit.
Iran's hitting more missiles
with more accuracy.
So, we don't want that,
guys. You know?
That explains to these markets, I guess, Tyler.
We did see Trump did come out and basically condemn.
He put the blame on Israel.
Condemned the energy side, said they're not going to do that anymore.
Unless Iran effectively gets them to do it in some way.
So he did have an out, unfortunately.
But yeah, there was some condemnation of it.
Hopefully that pauses it.
But yeah, it was a very rough day.
The other macro event we had yesterday was FOMC.
So I did watch this one.
I didn't, like I said on yesterday's show, I didn't really think it was going to be that impactful of an FOMC. So I did watch this one. I didn't,
I kind of said on the air state show,
I didn't really think it was going to be that impactful of an FOMC.
And I would say it was largely neutral.
Like we weren't expecting a cut by any means.
Folks were just kind of looking to see, like,
would Powell say anything meaningful?
I think the few meaningful things he said effectively is that they're not
going to cut rates anytime soon until inflation starts coming down.
And unfortunately I don't think we're going to have any signs of inflation
coming down anytime soon with oil and gas soaring right now.
So it looks like no cuts are coming.
I was looking at the CME board this morning.
I mean,
one cut in 2026 is now 19% chance.
And there's a 3% chance of a net hike.
So highly favored scenario here is we just hold steady
and zero cuts the rest of the year.
So that's quite different from the outlook we had
headed into the year back in Q4 in January.
So some movement in the rate cut odds.
I think the 10-year treasury is up to 4.3%.
So that's continuing to spike.
That's bad for mortgage rates in the U.S.
So there definitely are some downstream consequences.
But on the other hand,
so people were worried about stagflation.
And someone asked him,
and Powell basically said,
I don't think we're anywhere close to stagflation.
He compared effectively the metrics,
where the economy was at in the 70s,
the last time we had real stagflation,
said the numbers don't look like we're anything there.
He was actually fairly bullish on the job market.
I think that their dot plots showed unemployment decreasing
across the rest of the year.
He was fairly bullish on the economy.
So basically he said,
not worried about stagflation at all.
Unemployment's in line with normal inflation is barely above.
So he had plenty of what I thought was positive commentary.
But I think the damage has already been done just on the,
on the inflation side and the fact that it's not coming down anytime soon.
And I think the broader energy crisis from the Iran wars
is outweighing what Powell said at FOMC, unfortunately.
So that's where we're at.
Tough for the hype bulls.
And we talked about on the other day show that the major headline,
Trade XYZ got the S and P 500 license.
So that's going to start trading.
Hype briefly jumped all the way to 43.
It was green while everything else was red,
but I think just the market too weak,
finally impacting hype as well.
It came down a bit back at 39.
Yeah. It's not bad.
Yeah, I mean, still
on an incredible run.
Are we thinking bear trap?
That's what our quant said. He's traveling
today. He's not going to be able to be on the show.
That's what he said.
Wait, did he say it on the show yesterday?
That's what I'm talking about this morning in chat.
No, no, just on Twitter. He tweeted out.
He tweeted out? Yeah.
Okay, yeah, because he was talking to the boys
this morning, and he was saying
Scott says Bear Trap.
Now I'm not
saying it. I swear I saw it this morning.
He must have said it.
I have him on noties, but now I'm not saying it.
Let's just search Bear Trap
from Mando.
Oh, no.
Maybe he deleted it.
I swear I saw him tweet out Bear Trap, but I don't want to put more to his name.
Oh, no.
And then we got Jim Cramer saying Bear Oversault.
Oh, no.
Things you don't want to see.
Okay, where is his Bear Trap comment here?
God, we got to find it.
We got to find it. We got to find it.
It was right before he pushed his minutes.
Okay, so it was before the minutes.
Maybe it was a reply.
Guys, we're hunting for the Mando bear trap comment.
It's no longer there.
Oh, no.
That's a bad sign, folks.
Oh, no.
Oh, no.
It's a lot of retweets, Mando.
Things you'd hate to see. Oh, no. Oh, no. It's a lot of sweet, Mando.
Things you'd hate to see on a Thursday morning.
I think one of the most interesting charts for me, I was looking at Bitcoin gold.
And that does look like it's bottoms.
BTC, GLD.
What's the, how do you, it's...
XAU.
BTC XAU, you're right.
Sorry. I always, I don't know why I always look for GLD.
That gold chart is nasty, by the way.
Jesus, what a rejection.
This is, this is giving me a bit of opium, but...
Oh, God, it sure does.
It does, right?
Yeah.
Oh, my God.
It's like, look at this.
Ready?
Everybody look at the screen and boom.
Does that mean ETH is going to 5K?
Hmm. Hmm.
Hmm.
It's at least the same chart.
This is hilarious.
Look at this.
Bang.
You wouldn't say I just changed the chart.
Interesting.
I've seen this a lot, Tyler.
I mean, if you find a bottom, that's where you find one usually, right?
Or else you're really going to zero.
So you could be right.
I agree, actually.
I think this looks like a bottom.
Next few days will be pretty telling about basically where we're going to go in the near term.
If we have another shot to get up to 80, or are we going to revisit, sweep the lows?
Yeah, this looks like 20.
Yeah, lows, 20.
Yeah, it makes sense.
I see it.
Yeah.
Let's see where this one goes.
I don't know.
I mean, obviously biased, but I don't know.
We were doing really good
it's not like the crypto market
was kind of a battered way before the rest
I still think
that we could have that little run in us
it's not a big one
I think it's going to be hard with
stocks are going down 1.5% per day
I think it's hard
I think we're gonna be hard with stocks are going down one one and a half percent per day I think it's hard I think we're really gonna rally but it is somewhat promising to me to
see gold selling off even even harder it does make me think that we we front ran a good good
amount of it yeah see somewhat of a relief rally on the market over the end of the week and where it takes us.
I mean,
they need to keep their economy high
over in the U.S.
I mean,
that's wrong.
Yeah.
Market is spook
thinking oil will go to 200.
Yeah.
I mean,
the whole world,
what's oil trading?
I mean,
that's definitely not.
Well,
it's got the spreads.
like,
the WTI
Cruz in 97,
Brent's 106.
Here,
I've had a, found this fairly well.
Why is there such a spread in oil?
I'm not like an oil expert.
Neither am I.
I think it's just basically who's the most dependent on Middle Eastern oil.
So the straight-up reviews, it's only like 20% of oil.
So this whole crisis is foundationally on this small chunk of oil.
The U.S. is a net exporter.
So we are not reliant on oil from the Middle East.
But it's a global economy.
So our economy does,
or the stock market takes a hit because of all this,
but it does seem like Europe and Eastern Asia,
which is more reliant,
is going to get impacted much, much more.
At least that's my, again,
this is a little bit above my pay grade. I'm wearing my oil expert hat along with ThreadGuy
these past
few weeks. That's funny.
But yeah, it's pretty wild to see
these spreads.
So it seems like, because they're trading
fairly, you can see, historically,
they've been fairly tight
over the last
few months.
This is a very zoomed-in chart
and pretty big spreads.
So clearly something.
So this says China and India most pressured.
Interesting. Okay, I hadn't seen that.
So there's going to be more and more
fallout from this the longer it goes on.
I think it's one of the clear
takeaways.
This is very interesting.
I guess we'll see where
this one takes us, but it's definitely
not great. I mean, it's all because of yesterday.
Again, it's all war-related, right?
we're going to have to wait, everyone.
yeah, we're going to have to fucking wait on this one for uh for quite
a bit if you want to get into some of the other headlines so the same day that hype and trade xyz
got the s&p 500 we did get the headline that the sec approved nasdaq change so they're going to be
allowed to tokenize to trade tokenized securities on their exchange.
So I am curious.
I got the number one question on that headline.
Is it bearish hyperliquid, bullish, or is it neutral?
And I saw Frank Shapiro commenting on this yesterday.
Basically, he said NASDAQ is not going to offer 20x leverage.
So it was a little bit of a tongue-in tongue in cheek, but that is an aspect of it.
So Hyperliquid is still going to have the leverage.
But like if you look at all the coverage that they've been getting,
the mainstream coverage over the last month,
it has largely been just about 24-7 trading.
You can trade oil.
You can trade gold on the weekends on Hyperliquid.
Does it lose a little
bit of that narrative
if you can trade it on
NASDAQ
24-7?
I think so.
It's hard for me not to think it does lose a little
bit of the shine.
But NASDAQ's not coming on
not on chain, right?
These markets?
Or are they?
These would be tokenized.
Yeah.
it would be on...
My interpretation is on chain.
I haven't had a chance to really dig into that one.
I read that take.
I saw the same thing as you.
I don't see it. I don't see... Take, I saw the same thing as you.
I don't see it.
I don't see.
Obviously, I don't want to be the one to say, oh, Hyperliquid is too big to fail, right?
You never want to say that about anything.
I don't see it, dude.
Just the Hyperliquid becoming this home of all finance, which is also the tagline of the stage.
Yeah.
You could go from, it's funny, but ways of wanting a comment saying Nasdaq don't got big balls like Crypto Bros, 70X, 100X, Bitcoin.
But like funny and not funny, like it's kind of like the thing, right?
It's like I open Hyperliquid now, okay?
And I go to the top, whatever, top, most volume away.
And I go to the top, whatever, top, the top most volume away.
And I can bounce from Bitcoin to W2iCrew to Silver to Hype
and to Farcoin to Zcat.
There's something about that, I think.
And they're going to keep growing and iterating.
And if this is what the product that we have today,
can you imagine what product we're going to have tomorrow, right?
As NASDAQ and stuff roll out, let's see how it rolls out 24-7.
So I don't know.
I don't think it takes it out.
Yeah, I'm not bearish.
And I think it's very bullish as the crypto everything exchange.
And I think it will continue to grow from that angle i think the question is the
nasdaq question raises are you going to get the mainstream growth from a more trad fi user base
or are you just going to grow your crypto native user base that's the open question for me if you're
talking about hype at 150 you need some pretty significant growth to get there.
And does the NASDAQ alternative stymie that growth a bit?
I think that's the open question.
Hard to answer.
Right now, we will see.
It's hard to argue with their momentum right now.
I mean, everything is up and to the right.
Yeah. It's looking good though also you know how like in crypto bull runs also there's always an asset that go like yeah or where things trade yeah yeah so it's kind of like where are we going with
you know we're trading these tokens with their buybacks effectively as securities.
So we're taking that revenue into account.
Are we going to trade on revenue multiples?
Or are we going to trade on historic crypto multiples where it doesn't really matter?
And you just trade momentum.
If we ever get a bull market again, we're going to find out.
Let's hope we do.
Yeah.
So that was a big one from yesterday.
There's a little bit of movement on the Clarity Act, it seems.
So Decrypt had an article about this.
So covered it in the morning newsletter.
I guess Senator Loomis was at the DC Blockchain Summit.
Oh, it's right now.
Said they've got a rescheduled markup for the second half of April.
And then this other Senator Moreno basically said,
if we don't get the clarity act passed by May,
digital asset legislation will not pass for the foreseeable future.
Congress basically goes home from Memorial Day on May 21st.
So assuming you need like a month to have the initial discussion to get the
deal done, that is your timeline.
You're working against May 21st that's two months away so basically like they got to get working on this i did see uh prediction markets have it at 63 yeah i said i mean slow it used
to be 70s right but during the summit but 63 is not bad it feels high to me still, honestly. I mean, if you ask Sander, you know, who's boots on the ground.
He's at the conference, actually.
He was on the panel yesterday with Eleanor Tourette.
You just mentioned him.
And it was like the boots on the ground journalist kind of panel.
So we were there on the Crypt side.
I think that's a really good one.
I mean, she's still moving at least,
you know, from that perspective.
But did you see also,
it's related to what you're talking about.
Duda's, he's meant, you know,
because Matt Wong was,
yes, it was a Paradigm was on TBPN.
Oh, nice. I missed that.
And can you actually hear?
It's our environment right now.
Yeah.
I'd say we're in the top 1% of universes that we could have hoped for.
So things are going well.
That's amazing.
Like the Genius Act passed.
That's been huge for stablecoin adoption.
Obviously, stablecoins were growing even before that.
But a lot of the enterprises we talked to,
they weren't really comfortable participating in stablecoins
until the regulatory clarity.
The next stage, hopefully we get market structure, the clarity bill passed as well.
There's some kind of last details to work through between the banking industry and crypto.
But I'm feeling optimistic that we can hopefully sort through that.
So I know it's not Clarity Act, but you know,
and then Duda's brought it up and said,
Genesact past July 2025, stable core market cap has doubled since.
Everything we said about regulatory clarity is manifesting.
SEC, CFTC token guidance, plus Clarity Act is next great unlock.
Golden age of crypto-enabled apps and businesses loading.
And Duda's tends to have a pretty good read on,
on, you know, what's coming in the market.
So here's your hope, Yom.
Yeah.
And I think seeing the guidance from the SEC, I think maybe that kind of sparked, okay, maybe we actually will get a deal done.
I think the reason it's important is the Clarity Act is going to put a lot of what's in the SEC guidance into law.
into law.
The SEC guidance is just that.
And I think the problem with it is if we get a different SEC chair in 2028,
I think there's concern, like,
would they just walk that guidance back or reverse it?
But if it's into law, via the Clarity Act,
that's a whole different ballgame.
So I think that's why you want to root for it to go through.
Although seeing the SEC guidance was incredible to see
in another major step forward.
So yeah, I'm aligned to do this on this.
Another thing from the, from the CLA,
I see Mark and Rebecca in the studio,
so we'll go to you in a minute.
Don't trust your group chats.
How did you see that?
Bring it up. I feel like I saw saw it but i'm not remembering the the reference
so this was great oh god yeah there you go that was my favorite one uh that was my favorite thing
i saw the timeline yesterday or the day before the u.s securities commission exchange exchange
commission investor alert investors should never rely solely on information from group chats and U.S. Securities Commission Exchange Commission. Investor alert.
Investors should never rely solely on information from group chats and making investment decisions.
Be wary of any group chats where you receive investment advice from someone you don't know.
This is often how scams begin.
So group chats as a gateway to investment scam. Let me tell you something.
We're batting like zero for 500 right now in the chat. as a gateway to investment scam. Let me tell you something. You know,
we're batting like zero for 500 right now in the chat.
So maybe this is true.
I'm so cooked. I only take investment advice from group chats.
100% of my investments are coming from group chats.
So this warning was directed at me specifically.
We could have used this advice a couple of years ago.
SEC, what have you been doing?
So Gary was coming at us from left, front, right, and center.
He was attacked.
Instead of sending a fucking Wales notice to Yuga Labs,
maybe you should have warned us, Gary, about our group chats.
Man, oh, man.
Better late than never. I gary about a group chat man oh man better late than never i need the mando group chat
the people say they are wrong yeah you guys are so funny if you i mean if you if you read the
comments and see the comments you figure everybody's group chat sucks. It's not just us. It looks like everybody
seems to agree here
on the group chats.
So anyways, I thought
this one was really funny, Tyler.
Had to bring it up.
Anyways,
should we bring
our guests on?
Yeah.
We got the homie.
We've had Rebecca on before. What's's up rebecca nice to see you guys how are you good how are you doing good i get a lot of
my investment advice from group chat so i don't i don't see a problem with this at all you must be
in the good you must be in the good group chats in the very good ones where's the love for your
fellow you know partners you know yes you can't the very good ones. Where's the love for your fellow, you know, partners?
You know, yes, you can't sponsor a show.
You know, there's the war is better at the bottom and everything.
Where's our invite?
Where's our invite to the chat?
Oh, that's another level of partnership that you guys have to work towards.
Tyler, we got to work harder, dude.
All right.
I'll let the team know. I'll let the team know.
I'll let the team know that we need in on the show.
I love the chat.
You guys are so funny.
Anyways, so look, Rebecca, it's been a couple months since we've had you.
I don't remember.
It's been a few months at least.
Yeah.
Was it like November or something?
Was it October, November?
Something like that.
Yeah.
It was around when we announced the British market stuff with Walrus, et cetera.
Right.
You know, and we've done a lot.
But maybe we could give us, before we get to the questions,
maybe we can give us maybe like an update, you know,
for people who may not be familiar.
I mean, the show's growing all the time.
So about, you know, who you are, what you do,
but also maybe give us a tell you on how it's been at Walrus lately
and in the depth of this bear market. Yeah, so we are Walrus. We are a verifiable data platform.
And what that means is all of the data that is stored on Walrus, you know where it came from,
you know whether it's been tampered with, it's always available, it's programmable. So it's data storage plus for this new AI era. Since we last spoke,
we've broken, I think, 450 stored terabytes of unencoded data on Walrus, which is pretty huge. We're about to,
we're coming up to our one year anniversary. So all of that data is pretty high quality data
that we're happy with. We've launched some new AI partners and some sort of big infrastructure
partners as well. So Allium being the one I think that launched last week, they've put 65 terabytes
of data onto Walrus, which is a pretty massive milestone actually for the whole industry to
have access to that data. So that's pretty exciting. Wow, that's a lot of data. Yeah.
I don't think it's all up there yet. So I think it's continuing to be uploaded as we speak.
But really exciting for us is we've proved that the software
can totally handle large throughputs of data, you know, big amounts.
The node system's working really well.
Everything is working as expected.
We have managed to get the costs down on small files and optimize a lot of performance.
So it's been a good year at Walrus.
I can tell.
I mean, you guys are honestly just killing it.
You're partnering with...
Also, you have a wide range of partners.
It's kind of fun.
Like every time it's like whether it's prediction markets or news or stuff like you just mentioned,
it's very cool to see like a lot of different kind of companies partnering with you guys.
All right.
So I'm going to take it back to something else.
You know, we got a few questions for you, Rebecca.
We saw in the last, when was it, Ty?
Like a couple of weeks ago, Magic Eden kind of like take their
role of operations back when it comes to NFTs.
We've seen Foundation also in the last year.
We've seen NFTs take kind of a little beating in that front.
A lot of the NFTs that we thought were sort of decentralized chains,
blockchains were actually held on IPFS. I mean, heck, in 2021, every time an IWS server would be
down, our NFTs would be gone and fully wiped out. So, you know, we've seen NFTs literally disappear.
And I'm not talking about the price, guys. I'm talking about like the actual JPEG over here.
And the image would just break right this is nothing
behind the scenes um is this the kind of problem you know that you guys built to solve or is there
like something like bigger in play here yeah luckily enough um you know we have all been
there with the broken nft image um and walrus was absolutely created to put data,
big unstructured data files, being able to use them on-chain.
Storing data on-chain is super expensive,
which is why a lot of these NFTs are actually not on-chain
and why the link actually breaks.
So Walrus definitely solves those problems.
It probably wasn't the number one reason that we built it.
The big picture is all around data verifiability.
So what that means is being able to cryptographically prove
where the data has come from, that it hasn't been tampered with, and that with the NFT problem,
that it is available when you need it. So that is really important for NFTs, but also
very, very important for high-stakes systems like AI, like on-chain finance. And as we are seeing,
as these systems are maturing,
they're making more of the decisions for us.
We're starting to move into agentic payments.
And once these stakes get higher and higher,
the cost and risk of having that underlying data unverified
just becomes stronger and stronger.
And so that's why we built Walrus.
Yeah, no, it's great. So basically, if you store your NFTs on there, just becomes stronger and stronger. And so that's why we built Walrus.
Yeah, no, it's great.
So basically, if you store your NFTs on there,
there's no chance of them disappearing.
None at all.
None at all.
And it's pretty affordable.
So get yourself to get your NFTs to Walrus.
Well, that's a good question.
We kind of never went there with you.
Like when you said pretty affordable,
like how much is it?
Can you talk about that?
Like the cost of storing? The cost um is determined by the market makers i can't actually remember
what it is at the moment but it's it's pretty low i think it's actually lower than aws at the moment
but don't quote me on that but you know i just i just went off here just because i was curious
because you mentioned that and i was just curious see. So you could store all your stuff.
This is fun.
I mean, it's more like, obviously, there's way less NFT speculators now than before.
But it's like for the people who are more long tail, NFTs, art, et cetera, like they really believe in the power of the blockchain for this.
It's a great place to, I mean, if I had a huge art collection, NFTs is probably what I would do.
Store them and keep them tucked away for live.
The other one, something you guys are really involved with,
I mean, you just kind of went there on the AI front, right?
So you guys talk a lot about AI lately on the feed,
obviously, follow, so I can see quite a bit about it.
And, you know, where does AI fit in for you?
I mean, we have to talk about AI a lot on the show.
I think Tyler was talking about AGI again this morning.
So we talk about AI a lot.
We are integrating AI quite a lot as well when it comes to Myriad,
but also on the crypt side actually recently.
Why does AI matter for data storage?
And why is this something people should be thinking about?
So AI is something we are all extraordinarily excited about at Walrus
because we see the place for us as a very integral part of the stack.
Obviously, we all know we're all moving at this incredible space towards using AI.
And with OpenClaw, you know, the revolution has just started.
And I don't know about you guys, but I'm finding myself putting quite a lot of personal data into these systems. And then I wake
up and I think, oh, my God, what happens? Like, if everybody gets to see this, I wouldn't, I wouldn't
want to see this. So I'm giving, you know, a huge amount of data to these systems, and I'm giving
them more and more autonomy and control
over my life. And then if you, everyone's doing that, but think enterprise businesses are also
doing that. That's a huge amount of power these systems have. And the problem at the moment is
they are all operating in a black box. We don't quite understand what's going on behind. So verifiable data brings you a few
things. Firstly, you get training. You can prove what data a model has been trained on. You then
get inference. You can prove what model ran, what hardware it ran on. And then for us, probably most importantly, is memory.
You can store the agent's context and the memory
over a long period of time.
It's speed and performance with privacy.
So this is a first in the decentralized world.
And what we're, you know, you probably all got mac minis you
know everyone's buying them up because it's on-prem storage because i don't trust the cloud
anymore you have a flood or a break-in or you drop it in the bath whatever that memory is then gone
and what walrus is actually bringing you is all of the security of like physical on-prem hardware with the availability of like a cloud storage system.
On top of that, you actually have privacy built in with something called SEAL that we bought.
So it's kind of this hybrid model that is the best of both worlds.
And that's why we think we are absolutely squarely placed
to be a really important part of this stack.
That's interesting.
So there's quite a lot of use.
I didn't think of the agent's memory part.
Yeah.
I mean, everybody is now talking about how this is a big problem.
You know, agents are forgetting or I'm having to reload things up
or I'm having to take additional steps to create docs,
to put an LM in, to like, you know, keep somewhere else.
put an LM in to like, you know, keep somewhere else.
So this is the,
this kind of long-term persistent memory is something that we're all
doubling down on. And in fact, I wish it was next week.
We were talking because next week we've got quite an exciting product or a
SDK coming out, which is quite fun.
It's my biggest personal problem.
Is it?
Is memory.
I'm finding myself every other day,
like, did you forget what we talked about yesterday?
The new rules for how we do this process.
And it's reverting back.
You hit your chat limits.
So you start a new chat,
even if it's in the same project,
seemingly doesn't have any of the memory.
It is a growing problem for those who,
like once you get used to these processes and you build them and you spend all this time to set them up.
And then you lose that work and this friction, we don't need this.
We can build that out. You know, we, we can solve this problem.
We have this technology. It's rock and roll.
So it's really exciting to have found something that is so zeitgeist and in the minute and solves the problem.
And so we're very much enjoying the conversations we're having with agent makers at the moment about this.
Interesting.
So, like, sorry to reiterate here, but if Tyler's having a problem right now with this, can you just go on and use Walrus right away?
Like, is that the rule?
Yeah, you could.
And, in fact, I was speaking to George Denizas yesterday.
I had asked him to go and vibe code Walrus into OpenClaw,
and he found a whole lot of problems in the docs.
So he's just got them to – all the docs have now been updated
so that your agent can actually do it for you.
So, yeah, you can go pack together walrus and open claw.
Let's check it out.
Jeff, for all the open claw bros out there and sisters,
then a lot of people like to use it.
You know, definitely check this out.
And lastly, another good narrative.
That's why I would say you guys are kind of like potatoes.
You've got so much range, you know.
You can make vodka out of potatoes.
You can make fries.
You can make all these different things, you know.
I always compare us to flour, but it's definitely a cooking analogy.
Yeah, cooking analogy.
I would say potatoes are like the biggest reach in all.
But, yeah, maybe flour too.
I don't know.
I take you head to head with flour, I think.
Well, you can't make vodka out of flour, can you?
Unless you can make tequila out of flour.
I'm not giving you that one.
Oh, wait.
Okay, you got me.
I don't know.
I'm going to have to go chat GBT that one.
Fire up the bot.
But the last thing is where you guys obviously work with us on that.
It's prediction markets, right?
They're one of the hottest narratives in crypto. you know, one of the largest, fastest growing,
you know, I think it's really prediction markets and stablecoins, right?
They're two biggest things right now.
When it comes to crypto, especially in the depth of the spare market,
and one of the things that people don't think about much with prediction markets
with prediction markets is all the data that goes behind them. They're massive data companies when
is all the data that goes behind them.
They're massive data companies when you think about it.
you think about it. And so with Myriad, we obviously work with you guys over at Walrus
for that. Could you maybe explain why that is so important from a data? Because a lot of people
could explain, okay, for real, why are you partnering with Walrus on the data side? I know,
but I kind of want you to go there. You're testing me. So all of the prediction market data from Myriad,
it lives on Walrus.
What do you get from this?
The number one reason you do this
is so you don't have to trust Myriad, right?
Like you've got a fully auditable trail
of what was decided,
what was paid out,
data that it was based on. So that's extraordinarily
important when you're in the prediction market space. You can also prove that it has not been
tampered with. This is not something you're doing yet, but it's something I'd love to see,
is that at some point another body could use that data, such as policymakers, you know,
they could actually use it as historical
data to understand what people thought and what really happened. But that's my own little
secondary personal use case for that one. You guys are in this huge growth area. I think
prediction markets are likely to hit, the's the forecast to hit like a trillion
dollars a year or something by 30-30. Like that's a gigantic amount of money. And in order to grow
like that, you need to have regulators who feel very confident that what you are doing is above
board and that they can be confident with the audit trails that exist.
And it's this confidence that Walrus gives you
and gives them to allow you to grow.
Yeah.
No, that makes perfect sense.
And then, you know, once we have the whole, like,
Oracle solution system in place over at our place, et cetera,
like, you know, I think Resolu is the most important part
of all prediction markets.
And so it's important to keep trail of that forever, right?
Absolutely.
You need to prove that the resolution was correct and as per the Oracle.
Exactly.
So that's extremely important.
Well, that's exciting.
Anything else you want to share with us while you're here?
Anything you're excited about?
Rebecca, kind of open mic here.
I am just really excited about the work that we are doing
with long-term memory in the agentic space.
And so next week, look out on the Walrus Twitter
because I think people will be very interested to see what we're launching
it is it's impressive i i mean you'd figure that for like a data storage company every time you
come on here you speak about the same thing but you manage to always think of something different
so it's impressive you know it's you know you think like oh like what does it do what is that
doing you know whether it's for the ai's memory or prediction market, Oracle, resolution data or the NFT stuff.
Like, there's always something.
So it's really cool.
Congrats on everything, Rebecca.
And thank you for coming.
Thank you for coming.
See you.
See you.
Have a good one.
Bye.
All right.
That's impressive.
It's pretty cool.
Yeah.
I didn't realize they were going into the agentic space.
It makes a ton of sense.
I didn't know because I don't really use those
things that you guys have this memory problem.
I have no idea.
When you run
these daily processes and then
you get used to them and then
one day they're just not
giving you the output you want.
What are you doing?
We talked about this.
And it's a growing problem.
And also, like Rebecca, I don't trust the whole cloud shit.
So it's definitely not good.
But anyways, all right.
Charlie, do a spin.
So we have yesterday's winner.
We do one spin now, right?
And then we play for the two of them, right?
Yep.
All right.
Let's do that. Yep. All right. Let's do that.
Charlie, let's get the wheel up.
Charlie, let's get that wheel spinning.
Yeah, so we had a long-term, long-time listener.
Really?
Win yesterday.
Yeah, so hopefully he is.
It's Mark.
There he is, digital native.
Oh, he's here, he's ready
Mark, be thinking of what you want to play
Mark's won three times now, but like over the last two years
Mark won back then
Before we were supposed to eat
He won, what, a couple months ago
Three months, four months ago
I remember, Marky Mark
He's like one of our top volume guys
I think on our referral
Yeah, we can't let M, I think, on our referral.
Yeah, we can't let Mando.
I think Mando's on the plane, guys.
Yeah, this is your window to win.
Mando can't have his finger on the desk. We don't say the M word around here.
Wow.
Let's go. Two OGs to talk about long time listeners another one huge we're talking too i'm pretty sure mark and brian's been listening to four more hour when it was gm nfts
few few very few um what do you guys want to play?
Barn run.
All right.
Dude,
can you believe the other day
the person fumbled a barn run?
Yeah,
that was a tough one.
Yeah.
All right.
I really want to play lamb chop
because we just,
we just had a barn run.
Like you kind of want to let the,
well,
there's been a lot of games since.
Hasn't there?
What are we thinking, Mark?
Yeah, Mark, you're up first.
You want to play Omaha?
We could play anything, right?
We could play Plinko.
Yeah, it has to be.
It has to be an original.
As long as it's an original, exactly.
It has to be an original.
So it has to be one of these.
Then I don't have a problem with that.
Mark, you got to let us know.
We're going to have to pick one from you.
Oh, Omaha.
All right.
Let's play.
Let's do it.
Let's get Mark some winners here.
Oops.
No, wrong one.
We're going to play Lamp Chop for the next one.
Omaha Flip.
I like Omaha because we've been on the cold run on Omaha,
so we're due for a hot.
I don't know if you remember, but the last two winners were pretty bad.
Oh, yeah.
All right.
Two-fifty.
Two-fifty.
Let's go.
There are sixes and nines.
Oh, that's beatable.
What do we need here?
We need an ace or a 10.
Or a queen, right?
Yeah, yeah. Or even a seven. Or a queen, right? Yeah, yeah.
Or even a 7.
Yeah, we have a lot of outs.
Come on.
Queen, 7, ace.
Oh, no.
Come on.
Why?
How is it so cold on Omaha?
It was like the show's biggest gainer.
Yeah.
All right, let's ride it back.
Come on.
Come on, we do a little bit of this.
Oh, boy.
King high? Oh, pair of sixes. Okay, Come on. Come on, we do a little bit of this. Oh, boy. King high?
Oh, pair of sixes.
Okay, come on, we got to win this one.
And there's a flush on the board.
Dude, are you?
No way.
Hold on, let me stretch.
I haven't stretched this morning, that's why.
I'm going to lose my mind.
Oh, my God.
Okay, I'm doing this from behind my back.
Oh my God.
Mark, I'm sorry.
I'm so sorry.
This was as bad as it gets.
Lost to sixes.
Mando?
Really?
At least you got 500 bucks congratulations yeah i mean yeah you
still make 500 bucks so by all means bad luck should we run it back for the next person now i'm
like you can't lose four in a row it's brian and so do where is he it's wrecked rug djans guy i
think on here where you at brian We know he's in the chat.
What do you want to do?
What do you want to play?
You got an ice-cold Omaha board.
Due to revert to the mean.
Omaha, go for it.
All right, let's go.
Can't lose four in a row.
Well, I think we're like eight in a row losses, by the way, Todd.
I'm not even kidding. Let's change our juju.
Let's get it away. Let's refresh the
screen. Let me
stretch because
I didn't do my morning stretches.
I didn't work out this morning. That's why
I didn't work out after this.
Alright.
Alright.
Can you see the screen? Yeah.'s start again one two let's do it here boom boom
all right let's go oh oh boy all right k6 we can win this jack jack Jack? Jack?
Ice cold.
Ice cold, Mando.
This might be our last time playing Omaha for a while if we lose this next one.
I may load it up and then play my own Omaha
if we're so cold.
Surely I'm due to be hot.
Bro is stretching for gambling.
I had a long session, like a three, four hour session.
And I've got all these weird jujus.
And I'm telling you.
Oh, brutal.
Kings and aces.
Oh, no.
That's not looking good.
All right.
All right.
We fucking did it.
Okay, let's go full house.
We did it.
Fuck you, Mando. We did it. All right, we finally got to win. All right, you got 940. That's not bad. That fucking did it. Okay. Let's go full house. We did it. Fuck you, Mando.
We did it.
All right.
We finally got to win.
All right.
You got 940.
That's not bad.
That's not bad.
We got one.
We did it, lads.
We're back.
We're so back.
All right.
940.
So we still give away $1,500 today.
You know, it could be much worse.
So congratulations to our winners of the day.
Well, with that being said, Tyler, we'll see you tomorrow morning.
10 a.m. Eastern Standard Time.
Peace out.んんん
んんんん
ん Thank you.
