FUDDING (once again) - OVEREXPOSED

Recorded: Feb. 19, 2024 Duration: 3:30:34

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All the crazy shit I did
Those will be the best memories
I just want to let it go for the night
That would be the best ever people
All the crazy shit
That would be the best therapy for me
All the crazy shit I did
Those will be the best memories
I just want to let it go for the night
That would be the best therapy for me
All the crazy shit I did tonight
Those will be the best memories
I just want to let it go for the night
That would be the best therapy for me
Okay English
Yeah you did
So for anyone that doesn't know English and I
will have a back and forth before the show
and I'm like alright can we just have a song this time
Just like I don't know
He was actually picky before and then so what I did was
I was like I'm gonna go two or three
Sundays and I'm just gonna fuck up the music
where I can't even play a song
and then I'm gonna break him down so
I actually broke him down and now he's like
Can I just have a song?
And I'm like sure buddy you got it
Yeah it's just like something hype, something fun
Don't care
That was my social engineering of you
It only took two weeks, I broke you pretty quick
It was effective
It was actually 100% effective
How you doing man, good?
Yeah I'm doing good
I did not mean to text that to you
Ignore that text that I just said to you
It links you to our space
Someone's like
When are you doing your next spaces
and I think they met my next
ordinal spaces
but they just asked spaces and I'm like
well actually as a matter of fact in 40 minutes
they're like oh you do the spaces on Sunday
I was like as a matter of fact I do
and they're like oh really what is it? I'm like oh it's with Eddie
and they're like oh is that the Solana guy with
the clay dinosaur and I'm like yeah that's exactly what you're doing
That is so funny
Oh my god that's actually amazing
Dude bless that guy
That guy is awesome by the way
Fast Eddie?
Yeah I know he does spaces too
He didn't say actually clay dinosaur
That was actually my response I was like no no
That's the Solana guy with the clay dinosaur
This is the guy that took
20 eth to 4 eth single handedly
That was literally my response
I'll show you the screenshot and tab revisits Discord
And they're like oh I don't know that Eddie
I'm like okay well jump on the spaces
and you'll get to know him
So that was my pregame interactions
before the show
Well bless
What's up guys welcome
This is overexposed
I'm your host for tonight Eddie AKA
Dancing Eddie not Fast Eddie
That's the other guy
Great dude, lovely dude, not me
I'm the guy with the seal
Formally the moonbird
but that's
Jesus Christ
That was a story
Anyway we run this puppy
every Sunday except for
when there's like a Super Bowl or
a New Year or Christmas
one of the three
those Sundays we tend to ignore
but we generally run this puppy every Sunday
at 8.30 pm Eastern time
We run it for like
two or so hours
give or take depending on the day
Probably not next week
Next week I'm going to be running
but probably not like anything longer than an hour and a half to two hours
because I've got a pretty big thing to do
next Sunday
But anyway that's what we do here
and we just talk kind of generally
This is a TDA space and
you guys can also find of course the TDA
every Tuesday through Saturday
roughly 11 am Eastern
depends, it's like 10.30 am Eastern
in that range to roughly
2 pm Eastern depending on the day
depending on what's going on
And of course the more alpha the more they run
their puppies
That's what we're up to, that's where you can find us
and we're here
So this fine
lovely Sunday evening
we've got kind of a bunch of things
we can talk about
Kind of could just hang out
check in, see how things have been
but also definitely interested
definitely interested
whatever the hell happened with Yuga
I've got some opinions there
none too great
but we have a lot we could talk about
and also we'll say some
basic ground rules
Oh my goodness I'm so excited
Risa is coming up, I'm excited to congratulate her
by the way
and we're going to get to that
I'm going to bring that up in a second
Oh she got on board
a really big one
but we'll get to that
I had no clue what it was
It's one of the most relevant
teams in the industry
It's actually crazy
She's a pretty bad ass person
But we'll get to that
Just some ground rules
for anyone that's listening in
or joining the space
If you're listening in and you enjoy things
if you want to help out the space
the best way to do so
bottom right purple button likes and retweets
they go a long way
thank you if you choose to do so
no stress if you don't
but again thanks if you do
and other than that
hands not a necessity
you can but not a necessity
speaking of hands we'll start with Scoty
what's going on dude
English you ass
Is the move or Kevin Rose
the same Kevin Rose from Dig?
Yes it is
The dude that threw the raccoon down his stairwell
Just wanted to make sure
You know that's funny because that was
like his most bullish moment
when shit was going bad and people were like hey but there's a raccoon
No actually
I'm being serious
I made a raccoon
throwing Kevin Rose down the stairs
I never used Dig
Wait hold on
Mason did you do that?
Yeah yeah
I made that one
Holy shit that is so funny
that was one of the funniest videos
I ever saw
Oh my god
yeah for anyone that doesn't know there's a video of
Kevin Rose the founder of the Moonbirds
where he goes outside to save his dog
and in the process he takes a raccoon
throws it down the stairs it's actually pretty
it does like a helicopter spin
this like perfect beautiful free fall
he follows it like a badass
chases it down the stairs and rips it down the other side
it's like actually one of the funniest videos
I've seen in a while
and Joe Rogan even went so far as to
comment on it and he was like
you know praising the hell out of Kevin Rose for it
because rightfully so
badass video
what's the official term like
if I guess if you were a founder
and you found it and you're always the founder
but it doesn't feel right like
would you say Cole is like the founder of pudgy
pennies I guess he is
but so like who's so then who's like
the new person do they just have
whatever role they have CEO, president
wait was the dog saved?
yeah he did save the dog
he didn't
yeah it's a
it is a great video
and again it actually
I think tangibly impacted the
floor price at times for movers
I'm not joking
it gave a feeling of realness
you know who did
that's what the internet is about
outside of that and making people laugh
or just being entertained
I know your boy Gordon Goner
just putting out that tweet
I bought moonbirds
my bad it won't happen again with the little
kitty that literally saved
a good crash
that's why you don't see pudgy's currently
flipped and you see that two-week disparity
it was literally that one tweet
that's all it takes
it is often times
actually very little
because most of crypto
is actually just moved by the marginal buyer
ultimately
what takes someone who is
on the fence of listing
just a step away
from the proverbial ledge
even though it's not so drastic
you're just listing
what takes someone a step away from the ledge
and that could be very small
so yeah the marginal buyer
often times is what determines the price
that could be a pretty drastic
amount of difference
but anyway
outside of that
which I guess we'll get to that
but like before we get to that
I would be remiss to not
say hello to toast and mason
which by the way
nice to see you both
two of my favorite forward facing
individuals in this space who are building
out among the best NFT5
products and protocols
we've seen to date bar none
for toast
arcade which by the way
if you're a seal prep yourself
among other there's a couple other collections but prep yourself
there's a claim coming up
I think I want to say on like Monday or Tuesday
no not Monday
like Tuesday or Wednesday
Wednesday okay
that's pretty exciting
so there's that
that includes my node monkeys right
I connected it
yes it does
I'm good to go I have node monkeys in separate
like wallets should I connect both of them
is there a way to do that
you would want to connect them
to different ETH wallets you can only claim
once per the address
so you'd want to like set up multiple
you know NFA
but if you wanted multiple opportunities
that's how you would do it
can I still do that or am I too late
now you have till tomorrow at
3pm eastern
I just got back from vacation
we bring the alpha here
so for me like this past week I've done
nothing so
I needed to catch up
yeah that's our homework assignment
exactly I've also been crazy
busy man there's so much going on but it's all good
I'm good and it's exciting and it's fun
and some of it well
working on some of it
but I'll leave it at that
I'm going to also
mention what's up Mason which by the way
if you guys are not paying attention to what Sabi
what Sabi is doing also like these
are straight up two
of the best ETH based
NFT5 protocol actually not even going to say
ETH based two of the best NFT5
protocols bar none just like
actually excellent product
excellent code teams that
are agile and move
to where things are actually going
dude was Sabi has been absolutely freaking crushing
it the past two weeks especially
if anyone's looked at their 404s
and how they're
how you guys are managing trading
of 404s it is
like low key
possibly the future of crypto
or NFT trading specifically
it's like actually one of
the best dashboards I've ever seen
for trading an NFT period
it feels incredibly fluid
it's beautiful and it's
like it's good
obviously some work to be done I'm not saying it's
done by any means but it looks
thank you Mason how are you bro
thanks for having me
always I'm good
much appreciated
yeah you're like actually I suck
no no no I appreciate it
yeah the dashboard's exciting
we spent a lot of time thinking
you know what's the cool
it's interesting because 404 is
like a uni swap
trading experience mixed with an NFT
trading experience so how do you get
the visualization of
NFTs and the liquidity
of the uni swap stuff
yeah it's
I mean like that's a whole
conversation in and of itself
we'll probably touch on it lightly as well
because I'd just like to honestly
my ability to deep dive
into it has been fairly limited
you know like there's just a lot
there's a lot going on
but of course you had people
like PopPunk and that team
basically spit out a
brand new version of it in DN 404
which is also hilarious by the way
the D's nuts
which is not actually
D's nuts but it's
we can support the DN 404s
as well already
that's something Hasan
what's actually the tangible difference there
so like for anyone that doesn't know
oh you're going to ping Hasan
oh holy crap
what's up oh my god
how's it going?
it's like I'm talking to Venom
you pull out Peter Parker
yeah what's up dude
Hasan? Not much you know
just been working like getting this marketplace
even better but it's been
pretty interesting like working with these
standards and stuff and
I'm very excited about it
yeah so just like and I'll just touch on this cause
a lot of people basically have heard about 404
and basically get it right like
an NFT that is natively fractionized
in a sense
but to be more specific
I'd rather hear it from your voice
and also particularly
the differences between
traditional 404
which is weird to say traditional
when the thing's been out for like 3 weeks
but Pandora 404 like original
versus DN and what's
going on there
basically fractionalized NFTs
you can think of it as
a bunch of LEGO pieces
the tokens are LEGO pieces
you can trade them and as soon as you have
like a certain amount
a million just one token
or whatever you have the full
NFT automatically so it's kind of interchangeable
I feel like some people
think as if you have separate
tokens which you can convert to NFTs
but it's actually like the same
thing and
there's two different standards out there right now
which is the original 404
which was in my
opinion pretty revolutionary because
it was the token
and the NFT in the same contract
so when they launched
this and it became popular like
it was breaking Etherscan and stuff so it was
pretty disruptive and I
kind of I really liked that
Saigar and the team
they produced the N404
which is a very
like it's a clean and gas efficient way
of doing it and
they actually separated
the fractions and the NFTs into separate
contracts so
this kind of makes it seem like
there's two different assets out there
but they have the same
interchangeable logic so as soon
as you get a certain amount of tokens
an NFT appears in your wallet
and if you sell the NFT
then the tokens disappear from your wallet
it's like kind of a nice flow
and because they're two separate contracts
all the existing
infrastructure can easily support
that as well so you got
a very disruptive and a very
like conformist two different
standards and it's going to be interesting
to see what happens. Would you say
that one is
like would you say it's necessarily better or worse than the
other or doesn't really
I kind of like the
I like the idea that the
token address and the NFT address is
the same so
I'm enjoying the original
the N 404s are also definitely
like fun to work with
because they also have different
algorithms for
figuring out which
NFT you should receive
when you receive enough tokens
Interesting. What do you mean by that?
pretty much like
with the regular 404s
when you receive
the enough amount of tokens
you actually mint
a new NFT where the ID
is larger than the last minted NFT
and this just keeps growing and growing
anytime you like send tokens
your NFT is burned indefinitely
and then when you receive
tokens you create a new NFT
which could have
the same properties as a
previous one or completely new properties
With the N 404
they actually bound
the ID so let's say you have
10,000 NFTs in the collection
so you start minting the NFTs
from 1, 2, 3
it just keeps going on and after 10,000
it'll find
the NFT that was burned
previously so let's say
you have NFT number 5
and you send the tokens
you sell it on Uniswap
so the NFT is burned
so then other people buy NFTs
the ID goes to 10,000
and the next person who's going to receive
tokens and get an NFT
he's going to receive the NFT number 5
so it's going to like wrap around
Interesting
alright I'll be honest with you man
I'm probably
going to like listen back to this recording
to better understand that
because even still
kind of like decoded all of this
on the marketplace
you can see which NFT you're going to receive next
if you buy it
we're building things like
shuffling NFTs and stuff like that
so there's a lot to unpack
there I feel like
it's like a new way to interact with NFTs
So you know what I thought was fascinating about it?
because for me the one thing
that's been
I guess frustrating if anything
I named this space
at least for now 404 explained
and we're going to talk about 404 for a little bit here
but don't worry if it's not your thing
we're not going to talk about it all night
there's plenty of other stuff to talk about as well
namely Yuga, but dude
specifically
the one thing I was like
whoa this is a crazy unlock
is all of DeFi
infrastructure as it stands today
save for maybe like
20 to 30 protocols
and realistically in terms
of what's actually gaining really any traction
you're talking like five
five or six protocols
for NFT-Fi
it's like a tiny tiny
sector and there's
a lot that's going on
on the traditional coin world
there's a lot built out around that because there's
one generally more liquidity
but also two it's been around for
many more years and the
experience there is just more
established so
effectively
like NFT or
we'll call them 404s just generally
whether that's original or DN
404s have in
bridged the gap where
I'm actually
for current standing NFTs
generally I get it
the protocols as they
stand today still stand today
and will be useful and even
404 will call them like fully
non-fungible 404s
as they stand
existing NFT-Fi infrastructure
applies but now for like the first time
NFTs can access
the greater infrastructure
of crypto
in like an actually meaningful way
find that fascinating like
theoretically your NFTs can
tie into Abe for the first time
Like that's not
been a thing. Yeah I think
like it's always been
the way that I think about
it right I guess in like math
square can be a rectangle
but not every rectangle can be a square
I think is what they say right?
It's always felt like that in crypto
crypto people can be NFT people
but not every NFT person is a crypto
person right? Like there's like
a gap there and it feels like this standard
is something that's like helping to bridge that
big man like I think that's
and I think that's because one of the biggest
issues that we've seen and actually
it's funny like you talk about the pudgies
for example the pudgies
part of their success is derived from this
is like there are very
few if any NFT-
centric communities or projects
whatever that actually tap into
the more native crypto side like
almost none
and it's interesting
because it's like the very few that do
tend to outperform heavily
you see things like for example
the campi pandas
as one and
apparently I don't even know but apparently
those things ripped this weekend actually I think they went up
like pretty significantly
but usually you take a look
right and
a lot of the best collections
or best performing collections in part
do so because they have
they have we'll call it
traditional crypto types actually
happy with them
and part of that stems out of the
culture of the token itself and like the trading
of the token itself
and I mean because I'll just be honest with you
dude like not many
um not many DeFi types
are taking a look at cloneX
and they're like that's my shit man
that's what I want to trade
oh I didn't mean I didn't even
mean that to cute Kiro I was just like
what is a no I totally agree
bro I'm not like
you know that's the thing like
bear market I just
liquidated most of my
artifact holdings right
I stopped trading publicly
a while before that and it's kind of
just because like
a lot of these things
are not good
for active
traders people that are looking
to farm liquidity and stuff like that
we've seen what it did to the clone price
right it went from like
five or six ETH
straight down to one ETH
and it's kind of
wants to trade them like people
want to collect them or people
want to let them go
also one of those things where it's like
as these things gain volume like
volume and the
what's the word accessibility of volume
is what makes people
want to like actually trade these things
in mass and at large so
I don't know man I've just I looked at 404
and I think a lot of people are looking at it
as like okay cool this is
a fun little unlock and we can play with
you can play with some rapidly
price appreciating assets
here but ultimately like
what really is this and I think that's
some of the sentiment I've seen I think some people
are starting to recognize that it's something special
but overall don't
fully get it or think it might be overtly
complicated honestly I think
that's some of the UI and UX like I think
if the UI UX is improved around it that
removes a significant amount of the complication
which by the way is why
I'm really really really harping
on what Wasabi is doing here because
it is actually remarkable
how good it is
like it's amazing
I don't know man like
I guess Hassan
or Mason whoever it is
what's your thought
what's your what's your gut feel
on the UI UX
part or whatever just
like whether that's UI UX
or just generally yeah I mean I
think like like I kind of mentioned
I think the bridging the gap between
NFTs is massive right there's a lot of
liquidity on the DeFi side
and a lot of people that
I don't know they kind of have cult
around different protocols right so like
they have that like want to be part
of a broader community and I think NFTs
like show that in a very
like good way right people
enjoy that like
sense of community around PFVs and stuff
and then I'm also seeing like you're seeing
devs like Kigar and these groups
spending time
um on similar ideas
right I don't think like if it was
just a quick trade
you know on a couple like
coins that like people would stop
take the time build out different standards
try different things like
I think there's a broader movement happening
and I will say like you're seeing it with some of the biggest
and smartest names right like
the guys at Flooring
uh dude honestly
I think that that rebrand was not good
for them uh I keep calling them
Flooring and I think Flooring is cooler than Floor
personally I don't know man
but uh we'll call them
free lunch free lunch capital
those guys they've been experimenting
with they've been talking with it
so those are some massive
massive brains working on it
obviously you guys at Wasabi
it's brilliant and honestly
and I wouldn't be shocked um
I wouldn't be shocked toast if you guys
start taking a look I don't know what you
I don't know what you guys are looking at
with uh with 404s
there's something
you gotta stay out of our slack
I'm not in the slack
hey Eddie
what's going on dude
how's it going on it's going
alright uh if I may
I want to give a little bit of a counter take
just because like yeah I like NFTs
um first off
I haven't had experience with Arcade
but I have with Wasabi really impressed
with uh everything that's going on over there
um they're just
really uh supportive as far as
actually walking their community through
the protocol and uh Aaron was in
my DMs and we were able to go back and forth
for like an hour probably gonna
get a chance to meet them at East Denver
so I'm looking forward to that um
but yeah as far as 404s
at least up to this point
and there is one that I'm looking forward to
I don't know if I'll get a chance to
you know actually like
get it earlier you know be able to afford it
when it pops off you know probably
my challenge with 404s is
I actually care about the NFT
like primarily
is it just that
this is a new way of
exploring you know liquidity and
financialization or do people actually
care about the underlying asset
and what it does
so Palette is the one that I was referring to
because that's you know supposed to be
Gen Art and I feel like that
will be a good kind of barometer
for like are people
really considering the art
underneath or are they
just trying to kind of like
have a new type of
medium you know a new meta
to speculate on
as far as just the
you know the price of the token
yeah I definitely
hear you on that and I like I think
what we've seen up to this point
it's 100% just speculating
on token right
I agree with you I think Palette
will be an interesting one to watch and I think
like as the
standard improves
and there's like different rarities and like
the way that they do the re-roll and that kind of
stuff has changed and like teams
build with like really good art
it would be like to me
it's like what if you bought
MOG at the beginning and you had a lot of MOG and if you
only held a certain amount
like you had a PFP right and like
that would simplify that you're an OG
so like people would care about it
nah I love that concept
it's similar to how like
all of these generic
PFPs came out after Pepe popped
off right like everyone wanted to
you know kind of
nicely grift off of the frog
if there had actually been something within Pepe
coin that was attached to a PFP
you know at the time I said
well it's obviously already too late to
kind of like format it where it was
like a 404 but they could have done like
a burn Pepe you know and received
this because what I like so
much about the
relationship between tokens and
NFTs and this is why I think 404
can be really successful
is not everyone can afford the NFT
and what that does
is it creates this layer of
exclusivity which limits
your reach which limits you know
the scalability of the
you know the community
the brand that they want to develop whatever
it is right whereas
if you have the ability like you just said
to have you know kind of like
the OGs or you know
the ones that are willing to be that
convicted that they want to pay enough
to have an NFT
that's awesome but then you can still have people
that can speculate on you know
the project or the community
based off of you know five ten
dollars if they wanted to
it just feels a lot more inclusive
yeah or like you know
if you never had to sell Bitcoin
to buy Sprottos right you had to sell
Bitcoin get east buy Sprottos like
if you just bought more Bitcoin and
got a Sprotto like that's
much more interesting in my opinion
that math maths to me man
like I it's
it's a fascinating thing
where you can have you know
part we'll call it like
people can people can be
exposed to the price but if you want
to be part of the quote unquote community you have
to buy X amount I think that's kind of cool
like I think that that's
actually the most
or among the most
crypto native
showcasing exposure
which a lot of people love to do
anyway like we like love to talk about how
much of a certain asset we have
like I was just talking with people
earlier today about Pixel which
god bless Pixel that thing is on a hell of a run
by the way damn
wob unreal
but like we'll
talk about Pixel and they're like
oh how much you have oh how much do you have
oh wow like
that's crazy like
that's crazy how much you got for staking your seals
like and we'll just talk about
literally exactly how much
people have so people have this
outward desire to
showcase their holdings
oh it just feels like 404
is our native way of doing so
although one of the issues
is it does
and this is like one of the business
problems with
with NFTs is a lot
of people at least as of late have looked at NFTs
and they're like oh they're a great
they're a great mechanism for then later
distributing coins right so like
for example everyone's looking at the pudgies and they're like
when's the pudgy token so everyone's
bullish on the pudgies themselves but they also think
that this ancillary token is going to come out
but like you're not going to
you're not going to launch another fungible when you already have
a fungible like I mean well
I say that but I've gotten I've
been involved in projects that have done that none
of them have gone well but they did that
all that in the last bull but it's
just something that's on my mind I
I wonder how people will
approach that and and think
about that going forward I don't
know if you had anything you don't have to speak on that
specifically I was just kind of rambling
some of my thought process but dude what's up
what's good bro
I think one thing that's really interesting
about 404s and
on Solano they're called SPL22s
and there's probably some which is that was
crazy how quickly that came about by the way
it was like lightning fast
yeah I yeah
actually I could talk about that part a little bit
too but I think
one thing that potentially could
be really good about this whole thing
uh like 404 specifically
is that like it kind of creates
like one less liability
for holders
I mean for founders because
you know when like right now
all the top like blue chips and like
most NFT collections in general they have a
token right they have the NFT
that they have to worry about the poor price of
and they also have to worry about the poor price
the price of this
of like the fungible token
404 which now
those two directly correlate
but it's like the correlation is even closer
because as you
like burn the NFT
for more tokens
it increases the value
of the NFT
actually maybe I'm
saying that incorrectly but yeah
that's something that I thought was
pretty fascinating
I don't know if Mason or anyone
you had a thought but
it's weird
because we're like three weeks into this
you know like the last time
that there was something that I thought could be
a mega shift now
English is literally going to
crucify me when I say this but
the last time that there was something that happened
that I felt could be a mega shift
in how people appreciate, use, and work with NFTs
it was ordinals
and that was way back
and it took six months
you had zero
conviction my friend
I did have effectively
zero conviction in large part because
ZKShark himself had outwardly
zero conviction
but I didn't
dismiss them entirely and actually
I think my first ordinal was like a
like top hundred thousand mint
or something like that
but just not
entirely out of the loop
this feels
at least similarly
unspoken revolutionary
I mean definitely not
as big as Bitcoin NFTs
that's pretty big but
in terms of how people can work with these things
it's pretty massive
it does feel like that and with ordinals
it takes time for good teams to build up
what they want to build
you don't just
have a project sitting around
and then a new standard comes out
and you're like okay I'm ready to go and it's like an amazing
you're going to have these quick narrative
chases at the start where tokens are going to go
down and then eventually you'll find the good ones
that come through
sorry, got caught
at the end
yeah, that's kind of where I'm at
I don't know if I have many predictions on it
but I think it'll work
I think it'll work but I think it's going to be one of those things
where it's like the reason why it worked
is because someone did something smart with it
or just launched
a quality collection with it
rather than like it just works because it's great
some people expect
the technology to innately be amazing
and that's just never
it's never the case
it's hard for me to explain
but dude when some people
are dog shit it's like yeah 99% of them are dog shit
because most people build things that aren't worth building
but every now and then something
special comes about so
I think the 404s
have something special
at least coming
but we'll see
we'll see
it's hard to tell right now it's fairly early
Don, I don't know if
we can not hear you
I love that you say that
it's perfect
it's perfect
absolutely done
hell yeah brother
hell yeah brother
hell yeah brother
anyway for now I'm just going to hold on that
I'm going to talk, I want to move
into the yuga conversation
but before I do that
I really want to just take a second
and I want to point to my good friend
on stage, she's in blue
with a punk, hello Reesang
congratulations on your
recent position
with Horizon Labs
what's it called exactly?
is it Horizon Labs?
massive by the way
thank you
it's just nice to have a
full time role that
is within the space
professionally
I think that a lot of people kind of have
they work a full time job
and then part time they're doing a million things
in NFTs so
I feel less crazy now
that things are sort of in line
with everything
like it's
sustainable for me at least
and I think that
and it takes less pressure
from my hobbies like art
yeah you're going to undersell the position
that you got, it's one of the
most impactful positions
in crypto
just saying
Jonah you would know
dude you spent money on the
the entity that you were involved with
we'll call it that
spent money on the Pixelmon
I hope that prints
Reesang works with those guys
the guys that help bring that to life
Reesang if it doesn't print I'm going to
I just joined so
you forgot the
number one rule of space is whenever
you work for a company you're the only one on space
you are now the founder of that company
that's true
let's fucking go I just became Udi
I'm sorry you're taking the hit but
I mean I invested in Pixelmon as well it's one of the only
pre-sales I did
I mean I'm biased because I put money on it
which by the way speaking
of fucking pre-sales you guys have seen
the portal numbers
I hope that's the right number
that's a big story
when that came out
I remember
time limed and
there wasn't that much information and I'm super
right curved so I remember asking people for
the investor deck
and the team didn't give it to me and I thought
like this is a scam
but luckily I had another friend who was like a huge
creeps maxi
and his bullishness is the reason why
I put in like 4 ETH and
yeah hopefully
hopefully that the $1
pre-sale number that we see
now on like Wales market or
whatever is right
wait so does that mean that
hold on hold on is she up 20 are you 20X
up on 4 ETH?
like 10-11X
yeah but hold on first of all
that's unrealized
yeah it's unrealized
it could be zero
my only question
what the fuck
my only question because I've
I'm no longer the Fador
decided that who gives
a fuck anymore but my only question
do you think on Wales market
that volume is correct because it looked like
100 something thousand and volume at
$60,000 I think it's
it's not a lot at all
and I think that that's everyone
obviously on the timeline is bullish and I think that
personally I was saying to a friend
I was like some people should sell into this
it's what capturing a
$1 or 15%
yeah I would sell
if I could sell I would be
$10 or Wales market
okay okay well yeah but I don't
I don't have any allocation
Jonah that's what I'm saying
I didn't put any money into this
because I was so thoroughly annoyed
at it and I didn't have you know whatever
but I guess that you know that's like kind of the
it's kind of the lesson
there and I will say
like it's a painful lesson
to just watch that print and your sideline
but I'll be honest with you I think
that there's a lot more like I think
you know from what I've
been looking at and from some of the things I'm hearing
over the course of the last
couple of years I have
personally have had
opportunities at like
two or three rounds
and we'll call it that in a sense and they're not even
like a shadowy cabal thing
it's just like you shoot a message and you get access to it
it's not actually that restricted
outside of that
like they're good stuff
and I've heard of some really good rounds
just starting for some people
like I think that this is going to do great
I wouldn't be shocked if we're looking at like
thirty to fifty of this
accessible for a lot of people
over the course of the next year and a half
two years
like I wouldn't be shocked if just like
numbers start going insane
yeah I think that
just one short thing I think that
there's a lot of deal flow and so
obviously with capital like your capital
you should be very very
comfortable with where you put your money
and kind of step heavy when you have conviction
but from a deal flow perspective
and Jonah will agree like
there's just a lot coming to the market
the next six months
or so and
kind of just play on the sideline
until you see something you really like
yeah I think like
there's a lot of people
who are going to FOMO they're seeing like
several things this week pump like crazy
and I think people
when everyone over FOMO's you think
like takes them off the table
like I just think you should have
your money in Bitcoin and ETH
especially ETH right now it feels
like because there's no ETF yet and now
that you see the amount of inflows on Bitcoin
like remember everyone was like
oh it's not priced in and then
the ETF was going for
like two weeks and it was like well I guess it was
priced in and
now the floodgates have opened
and they were like well I guess it wasn't priced in
and so now ETH
ETH with an ETF before maybe would have gone
to like I don't know maximum
but now that they see how much money is coming into Ethereum
they go hmm
10,000 seems unreasonable
10 to 15 within a few years
sounds right on Facebook
I was like hmm 10k doesn't actually sound that
impossible now and then like
you know so and there's dude there's so many
on the game side dude there's so
I mean you know
now I'm looking at it like the dumber
it is the more interested I am
so we'll see how that goes
Manny also just so you know
we don't do hands on the stage you could just hop in
whenever what's up dude
well dude my bad I forgot
I was in this part of the internet dude
oh yeah welcome to welcome welcome
those are the ground rules
dude what was it there was dude that
blast on lock is going to be pretty nuts
like once all of that happens
yeah I'm just pre-positioning myself
in all the ordinals I want so then I
can sell them to all the people who've got all these
blast games at the top and then
I'm going to dip I think that's
the move and then just
waiting for the halving like
dumping all the R6 right before the halving
I think is something I'm interested
in and then base
had an MMORPG
on there it's called Omni
Kingdom's Gold or
something they have like some
token on base or something and it's like
sub one million market cap and
right now I'm just trying to retweet it
so those are like some pretty early
plays I'm still looking at
yeah I think we're gonna
I think if you are
judicious with your money but
but not too careful
with your money over the course of the
next few years you're going to
do really well like I
I hesitate
to think that some of these opportunities
if like even just marginally
marginally reasonable
are not like
outsized return level
on the game stuff I'll tell you what I think
could happen so I think
come to this realization
it was about a month ago but now I'm just gonna
I'm gonna be in public too
effectively these are all meme coins
like anything that's a gaming coin is also a meme
coin so they actually
act just like meme coins too
where they rise through like
total emotion or they see
a video or they see some whatever shit
most of them will die right after
that so like they're just easy to buy
and buy out of but
if they survive
and they keep going up and up and up like
you know one of your favorite meme coins
what happens is one of those game coins
then becomes a layer 2 token
because that's the only path
upward to grow the value of that
token because you have a game
token game still needs to find users
token keeps going up and up and up
all of a sudden you now have a lot of treasury
to go invest in other games you start investing
in other games you go well I guess we're not just
one game anymore now we have
to start I don't know parallel chain
or prime chain and now all of a sudden
anything that uses prime token
is now in the prime chain
and then the cycle is just going to repeat repeat and repeat
until it collapses because it won't
be good right it's house of cards
but there's a lot of money to be made before
those house of cards fall
dude can you stop airing out the portal
roadmap all right dude leave
more facts out of this
also a lot of that liquidity
on on blast is not
just going to disappear
from oh it's not leaving it's actually
definitely staying for the next four months by the way
did you you've seen
blast snipers and a couple of the other
really interesting projects that are coming up
that's why I gave you that suggestion when you
were asking me because I was like
honestly it
it looks really good like
building on
on blast looks really good
they just have a lot of technical
support and just
capital support for people that are
building there
yeah I had um let me see if he's in the
audience he is actually that's so funny
I've had people start reaching out again
ask for the um asking
for my blast referral
did you send that video in
uh yeah I did
but they actually they actually
they extended the deadline by the way
but now you're an early bird
technically
um also yeah
did Greg respond to you yet?
I'm gonna harass him
yeah full disclosure
um and I'm gonna keep it like fairly
mostly under wraps for now but like full disclosure
um I'm in the
kitchen I suck at cooking
generally but like
here I'm cooking
when whitelist so full
disclosure I don't
know anything about blast and so
I don't know what to invest in so I'm just gonna invest
in Eddie and assume that he does well
that's my entire strategy is that he knows
about blast that I'll just
cook through Eddie that's my plan
but doesn't Gabe have like
the theory that Eddie's never gonna make money
in anything? yeah but that but remember
I just said that my listen
here's my thing
alright I have two invest- alright this is gonna sound really
mean but it's I actually like I like Eddie a lot
as a friend so this is not meant to be mean
I have two theses for Eddie
his lack of like getting women
makes me super bullish
right? no distractions
bro no listen
cause that anger that pent up male
anger is what creates
really successful CEOs
cause that's what they are like look at Mark Zuckerberg
bro like he's just started learning to be
human like two quarters ago
my other belief
is that Eddie
is in law school
and can get like alpha from other
lawyers about what's happening around Wall Street
plus the fact that I know nothing about blast
other than that it has a lot of money
I'm just gonna put my money in Eddie and hopefully it cooks
that's all I care about and then if I don't
then oh well
listen Jonah
Eddie doesn't have a problem
getting women, Eddie has a problem
we don't we don't
okay Kiro we don't have to go down
that road
he needs to move
become a lawyer
all I'm saying is that his ability to
stay focused and to
not give in to
hedonic pleasures
is very bullish for my bags
Jonah I think he has a
pretty good chance of going bald too
I know you're bullish on the whole ball too
oh dude I am so bullish on bald
founders like dude if your founder
if your founder has a lot of hair
like I'm not interested
you don't understand the less
hedonic pleasures a founder
has the more conviction they have because
like it's a survival
thing dude bald founders
automatic 10x
like potential
also English
I'm gonna shoot you a message right now
and I'm gonna I want you
I want you to look at your phone
right now hold on
okay so English
I just texted you something
what is your immediate reaction
what is your immediate reaction to that text
I don't know if that's a good idea
I wouldn't do it
that way I wouldn't do that shit
I don't think so either
I don't think so either
wait Jonah does Sartoshi count as a bald
I don't know
I don't know what Sartoshi
looks like
he looks like a stick figure
oh yeah they're bullish for sure
dude anyone who's
bald and has a start up
dude that's a potential
automatically like maybe don't invest
look at the deck immediately if you know
that it's a bald person
Eddie maybe we should
poll the audience
honestly if I had a crazy
amount of money I would start bald LP
let's just be clear on something
two things one not bald
by the way
okay like my hair
I said you had a good chance
you know man eventually
like my grandpa did eventually
go at least partially bald
but like for a while my dad is
still like it has good hair
okay my dad's like almost
60 so I'm okay
relax relax
with the bald
okay on the other thing
yeah Angela
Jonah no hedonistic pleasures
for a while anyway
I think that's probably
good there I think
personally you guys do not
want to know some of the people that
were requesting during that conversation
I say we vote
I say we vote as a community
that's my theory
I texted that person that was requesting
that was wild
here guys if you want to
do me a favor and just doing some rotation
of the stage and what not
if you guys want to do me a favor
bottom right purple button
you know the deal
hit the like and retweet if you're liking the space
anyway that's just me
you don't have to but thank you
if you choose to do so oh hold on
there's a
Mr. Arabic account that was requesting
please re-request it I wanted to get you back up
I just didn't get a chance to stop
oh 9 times out of 10 you're gonna say it's like fucking genetic
that like their hairline is receding
you know like listen
it's fucking true I'm sorry
to all my Arab Habibys
you have to accept it
it is what it is
there's no way around it
you know she'll love you for you
but you get great beards
like really great beards
oh dude the one thing man like I have to shave
every morning or it's a problem
but you know thing is
imagine being bald and not having
facial hair first off that's 100x founder
but that's not
good genetically
dude basically I'm looking for
I'm looking for the Coinbase guy
I'm looking for him like any
founder that's like him 100%
well you can't have your fucking cake and eat it
okay you either have a good beard
or bald head or fucking amazing hair
dude someone who looks like
a hairless cat it's a print
dude you're so obsessed with that group
yeah because he's like one of the best
oh I know I know but dude you're like
a fangirl it's like you're Leonardo DiCaprio
that is true I do fangirl
sometimes but it's whatever
what else were we getting at we were getting at something
that was useful now I'm blanking
we were talking about well one
oh oh I know
yeah so that's what we were talking about
but what I actually wanted to talk about for a second
because eventually we'll touch on Yuga
but what I wanted to talk about as well
is that there's like a greater point there
so Jonah I'm gonna toss you
in a sec but like effectively
what I've gathered
and some of the stuff that Jonas talked about
was like he is done flooding
right and I think
honestly man
it is hard
it is hard to be negative
on price action in this space
going forward for like the next
two years because things look so
strong things are likely going to
be extremely strong like that's just
very likely to happen and for example
man like I am not bullish on what
happened between Yuga and Moonbirds
I don't love that we'll get to that later
I don't think that that's great
and I don't think it's good for either company
I think the prices of both assets are gonna go up
not even regardless of that
regardless of this mixing
I think that the entire
market is gonna go up
just like I am bearish on Moonbirds
and I am bearish on Yuga
which as companies
I would be wrong about the apes
and I would be wrong about the Moonbirds
I'm fairly confident that those things are also
are gonna go up
I don't think they're necessarily gonna beat the market
I don't think they're necessarily gonna be the best ones going up
but I think they're gonna go up
and all that to say
it's a weird market
where you can be bearish
you can be bearish on everything that they do
you could think that they're stupid
and every action that they've taken has been wrong
if you say that
and you're not also cognizant
of like these things trade
very differently than all the things
that you've just said, like you might be completely right
but you're gonna be like
you're gonna be wrong on the price
there are gonna be days and many days
especially in an overall bullish market
where you're just gonna be wrong
and you're gonna have said like
here's a laundry list of things that they do wrong
and the price will be going right
and like, Jonah, I know that you said
that you want to get away from the flooding phase
or the hall monitor phase
and honestly man
I think it's probably the right move
yeah, let me go
briefly while I get through it
so, even if I'm right
I don't get any award for it
and this is the problem
I really like the stock market
I like reading it, I like reading the reports
you know, like I did very well
on Nvidia, that's something I
not that like, that's some celebration
but I was pretty early to that, right
so for me, I'll read
you know, a document
and everyone thinks like me
they're like, oh, the sales are bad
oh, you know, like, this is not going well
or that's not going well, so it must be going lower
and being rational
is not actually good for this
is not the best play
in this space, long story short
like, being left
curve is I guess where you need to be
because no matter how right curve you are
like, you can be
privately right curve
but being right curve is knowing that everyone else is
left curve, so to be a right curve
you also have to be a fucking left curve
so left curve, like, the dumb people
win either way
and I get nothing for it, so
I just, I'm bored of it
I'll just focus on the making money part
I mean, I was doing that anyway
but I just won't publicly talk about things I hate
I'll just talk about things I think are
more interesting opportunities
honestly man, I think that's how you end up
also just like, you know, philosophically
happier in this space
just to be honest, like, if you
excuse me, if you were consistently focusing
on a bunch of the negatives, like
there are things that are
outwardly and privately negative that happen
with a lot of these companies, like, especially if you're
in a position where you've been around long enough and you
know a bunch of these people, some of the things that go on
in the back end are so absurdly
disgustingly bad, you're like
wow, how do,
how does this industry have legs
in general, but
the reality is like
things work, price
price will go up
people are happy, price
increasing drives more attention
through more attention has like more innovation
and whatever, it's just like, it's a cycle
that feeds itself towards betterment
and I guess it's just like
being a bear
being a shorter
during a bull
market, or even just during like a
neutral market, is one of
the most depressing places
to be, and you don't, like there's nothing
to be gained off of it, so there
I think, I think
even on the things that I don't like, like for example
when I was talking about Yuga
Yuga yesterday or the day before
well actually both days, cause whatever
I kinda, at least
I felt like I personally had to preface things where I was
like yeah, you know what, don't
love this move, don't love
what Yuga's doing, don't love what Moonbirds
are doing, but I would be remiss to
be like, yeah this price is gonna
go down, I don't think so, I think the
price is gonna go up, so
even if it doesn't beat out
the market, at the end of the day, the number's gonna go up
and I would be wrong, and I would be stupid
if I said that the price was gonna go down
I think also
I don't know if people remember
but I was an alpha caller
a year and a half, or two
years ago I think at this point
and the first six months, like I
was a lot of rugs at the time, and
on one side, you get a lot of attention
because you're right, like
at the end of the day you're right, but
the process is pretty hard, because
you're funding a lot of people's bags
and last year I kind of took
a stance of being more peaceful
and also just rep-wise I wasn't
alone, I was at underground, I can't
I can't really talk things
out loud too much
or else it would look bad
from a reputational standpoint
for the group, but
I think that a lot of
projects still have problems, and
you can have that opinion, but
there are better ways to go about it
than to try
to destroy them at first
instant, even though they probably
deserve to die, but
it's still, there just are ways
to go about it that I think that
it's still important to call people out
especially if they're, if
they put certain people
in harm's way, but I think that
in general everyone wants to make money, and as long as
you're not unethical about it, and
things are transparent, there's obviously
a lot of insider trading, right, but
otherwise
I don't know, I've taken sort of a chill pill
last year.
And I mean also I will say, one of the other things
is a lot of people will point at things,
they're like, honestly, so much
I just hope the price goes up, but
I will counterpoint that and be like
look, a lot of the things
that have been
massively, massively helpful
to the planet
had periods where
their initial run was
just stuff that most people
would consider either highly degenerate
or overall societally
distasteful. Like for
example, if you look at Bitcoin,
Bitcoin's first primary use case
was the Silk Road, and that's
kind of where it got its initial
use. It's since transitioned significantly
away from that, but it
probably would not have gotten off the ground
if not for being a primary
mechanism of transaction for drugs and
other illicit services. And then
even other things, like going back to
other things on the internet,
pornography was one of the single biggest
drivers of innovation on the internet,
bar none. A lot of
people might find that distasteful when
you're talking about moving significant amounts of data
over the internet quickly, which is
a necessity for that, right?
It was actually one of the biggest
technological drivers of the internet.
So yes, while you might look at things in
crypto and be like, oh, all this gambling is just speculation,
there's no substance to it,
and you see a lot of people who are
will call it like they've effectively got
PTSD from trading over the past two years
or three years, whatever it is, or more.
They might harbor
those opinions, but those opinions
I feel are short-sighted
and that they don't take into
take into consideration the
greater perspective. We're like, yes,
a lot of this is speculation
effectively gambling
or otherwise, you know, just
like PVP, but
this is the type of activity that
ultimately, at least one would hope,
drives towards something useful.
Sorry, one more thing.
You know one thing that, with what you said
as well, information asymmetry
is so real in this space, and this is
something I realize when I start working
with LiquidX last year from a venture
side, because as an alpha
caller, as a retail investor,
quote-unquote, like all of us here in this space,
when you ask teams for information,
they might have it, they just don't want to give it to you
because you don't matter to them.
So, you're just, you know, the
0.0001% that isn't even on their
cap stack, and they're leveraging
your numbers in terms of mint
to get more funding
from a venture side, just to show them that
hey, we minted this collection, it's at this floor
price, we have all these wheels on board, we have
all these influencers talking to us, and
you don't know that they're doing this. And this
is something that I realized, I was like, damn, like
these projects have the information that
I would make me comfortable
as a retail investor in buying their
NFT, but they're not letting me know, because
you know, to me, they're just, I'm just
a statistic, and so
it's a big VC
money that they're after that ultimately
gives them a valuation, and those are also
the people that are going to have better terms than
you, so in that
context, just be really, really
careful with your money and where you put it, because
people on the VC side
are not, like, everyone's protecting
their bags, and just because it's VC backed
doesn't mean that the project's actually
good, and you need to do a lot
more due diligence for you to
ultimately think that, you know, I'll still
make money when everyone else has left
the room.
And I think, honestly,
what I will say is, like, the only
real applicable FUD,
we'll call it that, is kind of
what you're talking about, Reece, where
it's more leaning towards opportunity
costs, right? Like, I might say,
so, for example, you know, talking
what I was talking about with you,
I think their price is going to go up,
but I think that they're one of the biggest opportunity
cost sinks in this space.
Like, I think buying a Moonbird is one of
the saddest ways that you could spend your money
and have it appreciate in NFTs.
You're going to be getting into something that that's
that, you know. But how high does it actually
appreciate, like, what's the actual return?
Exactly. I think the top
end for Moonbirds might be somewhere around, let's
say, like, four or five-eighths, which you're looking at it
now, and you're like, wow, they're at 1.8-eighths.
If they go to four or five-eighths, that's pretty damn great.
I would be pretty excited about that.
Except for the fact that that's like
a 2.5x in an industry where everything else
is going up, like 30 to 50x, right?
Like, you're talking about massive
waste of time
effectively also false learnings, where you're like
opportunity costs.
It's all about opportunity costs.
It's tremendous. I will say that one part
makes this space pretty exciting.
Not that, like, I think anyone's going to make
the next Yuga, because I think it was just like
people forget, you know what made
Yuga? COVID-19.
Like, I've been around in
this space long enough to remember how they became that.
Which it's back, by the way.
Oh, that's news to me. I did not know that.
What do you mean it's back?
It never existed.
Well, I'll tell you right now.
It's the flu.
It is effectively the flu.
No, no, no. Just really quick.
The reason why I say that is because like
everyone that I know, like five or six people
that have COVID, one of which lives in San
Diego, and they test, this is
going to sound grotesque, but they
test the sewer water
because that's like the one place that you can get
very consistent readings as to how much COVID
is in the water, and it is at its highest
levels ever, right now.
It's fascinating. Anyway.
Sorry, Jonah.
Wait, what? Hold on. Let's just
move on from that part. So, like
I've been around this crypto
well, I've been, here we go,
this fucking resume bullshit. I've been in crypto since 2017
which is not actually like early.
Tops in boys. Let's pack it up.
Right, right. Alright. Anyway.
What I was saying is that
I was there when NFTs
on Clubhouse were just starting.
Nobody left their fucking
house. Okay, like at that
time, if you lived in New York,
who's that guy, the fucking
Italian guy? Anyway, he would have cut
your head off if he saw you outside for more than five
minutes. Do you know how many people he killed
in nursing homes for the sake of
whatever he thought protecting the city?
People forget this.
We're more of a de Blasio.
No, de Blasio's daughter
had coke issues. This is the other one.
Maybe it was de Blasio.
I don't think people realize
how fucked up COVID actually was.
Guys, we were all
sentenced to house arrest
for like two years.
You guys were.
Most of us
were sentenced to house arrest for like
a year and a half. And we got
stimmies. Don't forget the stimmies.
Jonah, you're in Florida with me, dude.
We were on house arrest for three months before.
Whatever. I'm talking about most of the
people that was into NFTs. There weren't that many people
from Florida buying NFTs.
There was the fucking stimmies.
All I'm saying is there were people making
fucking monkey sounds on Clubhouse.
Why? They hadn't
touched grass for like
six months. So their brains
turned to mush. And they're like, well, we need
some sense of social interactions. We're all going to
fucking howl like monkeys on Clubhouse.
And that's what did it.
Do with like anything else other than that,
like literally
an every 100 year event happened
and it was right time, right place.
Nothing else beyond that.
Yeah, I mean,
it's well, Moon Pay is also
an extension.
Right time, right place.
Like it was the perfect storm.
You had all the right people in the right
place at the right time. You know, the
market was still hot. And at the
same time, you had a once in every
century pandemic
lockdown happened where people
started going actually insane.
So, yeah, it all
like, you know, it all happened.
It's where it all happened.
People forget the
timing is often the most critical
part of launching a business.
I mean, when people
are like, what do you mean? Yuka wasn't all that
innovative. I mean, I just, that's my opinion.
I don't find them the most innovative
companies. But that, again, just
my opinion. Don't crucify me.
And I kind of just look at it.
It was innovative, but it was innovative
because of like the world
it existed in at that time
and like, dude,
dude, we all spoke
on like an iPhone, I don't know what it was then,
like a 13. We all spoke
on an iPhone 13 staring at a screen on
Clubhouse, which was like
totally different. And
we were all like, dude,
there were people singing songs together like
choir people, like
on a phone app. Like, I don't think
people realized the amount of black mirror that
happened then. But we couldn't see it because we're
inside of it. But when you look back at it,
it is really like
one of the most interesting social experiments
in the history of like recorded
society. Like,
once everyone had a year
or every thousand year
like experiment. Honestly,
the amount of data that's going to come out of that is probably
a gold mine.
Yeah, I mean, I hope it never happens for
at least another thousand years, but my
I'm a little bit more cynical than that
because of the global warming stuff. Yeah, no,
I think it's going to happen probably every 20 years or
10 years kind of thing now. But anyway,
I hope it happens immediately.
Yeah, dude.
There are traders in this space who are praying for
20. They're like, bro, please bring the vibes
I don't know.
I don't understand
them at a fundamental level. I had
it was like two of the best years of my life.
I love the COVID years.
Yo, I built a house gym and I fucking got like
super jacked while everyone was just getting fatter.
Everyone goes
back to work. Everyone goes back to
work right after remote work ends and they're like,
you know what, COVID?
people will do anything to not go back
to the office. That's by the way, that's a
whole other huge issue is like
corporate real estate right now.
Why does everyone act like that's the natural
state of man? Like skyscrapers have only
been around like a hundred fucking years and we're
just now they're irreplaceable.
Fuck this.
You know what's interesting, Jonah? So, Jonah,
I'll tell you, I have a
I actually won't say my relation, but I
know someone that's in private equity
they were like, yeah, so the
market around buildings has changed
drastically where the market
especially in, for example, San Francisco
where prices are depressed drastically
but the market around significant
and commercial buildings is
massively depressed across the
And if you want to know what that means,
buildings that used to be built in
San Francisco for $40 million, like it
cost $40 million to just put them
up in the ground, like not including
the land cost, just to put in
the girders and the concrete and the glass
$40 million are now
selling today for about
like $10 to $15 million.
Do you want to know something very crazy?
Hold on, I'll let you get to that, but
there's a second part to this. The other
side of things is the part
of real estate that's gone absolutely
bonkers over the course of the last
year and a half, two years, are
these warehouses that house
these, like, house
new age GPU units because
there is simply not enough processing power
on the planet to account
And that is mad, like
the entire real estate investing world
is starting to
look away
they're starting to look
away from residential, not residential
but commercial real estate
and looking more, or commercial
let's say commercial human real estate
and looking more towards commercial
digital real estate, digital
in a sense of like housing computers
because they're buying land in Sandbox
not in Sandbox, definitely
not in Sandbox, of all places
that might be the last. But that's what's happening
The commercial renting space
for offices in the cities
has absolutely fallen through the
law. We are looking
for a new office at Shuffle at the moment
and we went and had a look at one in
Melbourne CBD. They offered
us the first six months for free
just to get in the way
Wow, that's crazy
There's a guy
in crypto named John Ballitzky
and he does commercial real estate in New York
and, like, if you ever want to talk about that
get in touch with him, he really knows, he knows
all this stuff really, really well.
That's what's happening, that's just something that I've heard
So there's this new idea
they must have gotten it from a Black Mirror episode
but for the mega
the mega conglomerates
they've already
they've already sunk in so much cost into building
these headquarters and stuff, right?
I mean, look at Apple Park
I'm sure if you go to Apple Park, whatever you call it
the giant UFO looking thing
there's probably not as many people there
as there was when they built it
they had this idea
and this is, alright, this is like some philosophical
shit, they're calling it
Silicon Valley feudalism
but the idea is like
the Silicon Valley CEO
would be like the shogunate
in this world, in that
you could live on the office
property because they'll renovate
parts of the main HQs
into living quarters
so I think we're going to the Chinese
model, because I think China does
parts of China do that, depending on
where you are at in China
where you eat, live and breathe where you work
because they're going to build residential units
that are basically like below
or on top of the actual office
infrastructure
so it's just one giant
I don't know what you would call it
your entire living space, and then they're going to build
and you'll be happy
and you'll be happy
and they're going to build these Chipotle parks
all around them, like one giant square
and that Jonah, what you just said
is happening at, so I come
from New Jersey, there's a mall
that's very big in
North Jersey, it's called like the
Garden State Plaza
Wait, that's Boston, sorry
Yeah, I do
Yeah man, God bless Jersey
but there's a mall, it's called Garden State Plaza
and it's a pretty massive mall
and it's very uppity as well
and they are building around
the mall a massive living
and working space where you
will not, theoretically, not need
cars to just get around because you will live
so close to work that you could just
walk for five minutes and you're right there
like yes, this is exactly what you're saying
is happening
If you want to know where things are going, play Cyberpunk 2077
because it's actually disturbing
like the path that we're on
actually feels like, it feels
like the game's lore is coming to life
just very early stages
probably be profitable
Listen man, just get a good ripper dock
it's all good
You guys are from the Tri-State area
the real alpha was to own
a hotel in New York City
Right now, you own a hotel in
New York City, you are making
money, Eddie knows why
You gotta fake your immigrants to earn
New York dollars
That's the new NFT project
Guys, we're dropping
500 hotel rooms, we can take
750 immigrants
If we stake the immigrants for one year
we get like
100 New York bucks
Yeah, I'll be clear
I feel like if we go too far down that road
it will become an increasingly political space
It's horrible to say, obviously it's terrible
I'm just saying
Which by the way, it was fascinating
I believe that this year was the single largest increase
in the population of the United States
by like a massive factor
by the way
fascinating, we'll call it fascinating
One part is good, but one part is bad
because all the American kids
are not having sex
so we're actually having a population crisis
That is actually true, by the way
Everyone's all upset about the
immigrants, but quite frankly these immigrants
might actually save our country because in like
30 years we're gonna have a low supply of children
Which I saw that there was a
South Korean company that was paying
their employees to have babies
to the tune of $75,000
Wait, why? They would work less
Dude, I don't know
Wait, what company? I need a job
I don't know
Let's go back to crypto, but there's some crazy
dystopian shit happening outside of crypto
What the fuck are we talking about?
Yeah, yeah, just to be clear
this is like certainly
definitely diverged a little bit
from crypto, but
I will say, understanding
collective, like, understanding
this collective state of the world is actually
pretty pertinent, and I say that because
of things like, I don't know, I'm
gonna talk about it again
Kat, like CL Kat from eGirl Capital
wrote something and I bring it up
and I bring it up again and again because it's
one of the best writings I've ever read
It's called the scam shitcoin supercycle
Brilliant read,
very insightful,
effectively the whole thing was like
the world is getting to a point where
it's harder and harder for more people to
quote unquote make it, especially as
rents are increasing and
people's earning power is not
increasing in turn, so living costs
it's just the whole thing, so everyone
is going to look for more and more
ways to effectively just gamble their way out
of mediocrity, and that
means things like crypto will do well, shitcoins
will do well, gambling will go up, and
all that, so yes
I understand
some of this stuff might feel, but it is
all one ecosystem and man, I mean it's fascinating
Just a disclaimer
the same CL also
signed up for a scam Australian Visa site
today, which was really funny by the way
the cat's gotta do what the cat's gotta
do again, I thought that was
so funny man
oh man, some of his
tweets are just so unhinged, him and his
cough, anyway
what else were we talking about?
Yuga or something?
We should probably talk E-girl, E-girl is probably
more interesting than Yuga
I'm always down to talk with E-girl, those
guys are cool
E-girls or E-girl capital
E-girl capital
I'm okay with both
Jonah, I'm okay with both
Does anyone like
anyone on the inside
have any idea why Loomdart
left? No, but it didn't
look good because it was very like
he's gone, they just
kind of cut ties
If anyone doesn't know by the way, E-girl capital
is probably one of the larger
we'll call it
crypto-native venture firms and they feel
more like a communal type
venture firms
Did they fall you back yet? No, they didn't fall me
back, but they are big
They are big
CL follows me, but just CL
Oh, congrats
It actually might
Are they?
Yeah, dude, there's like a whole cabal of bald people
who are in on this idea
You know there's a cabal of people that are bread
or bread-named, they call themselves the
carb cabal, I swear to God
CL has a full head of hair by the way
Most bald people own hotels too, you know
they're in the right business
Yeah, Golden
I'm sorry, I saw you on muted for a second
Do you have something?
Yeah, I was just going to recommend
Kiro to apply to Arasaka
It's a new company
I think Jonah knows about it
I don't think Kiro would be a good
I don't think Kiro would be a good
I don't know if Arasaka is the right thing
In the game Cyberpunk 2077
there's a megacorp called Arasaka
and they figure out the
the potential key to eternal life
and that's where the story takes off
By the way, we'll know
I am doing some rotation of the stage
No stress one way or another
There are some people I wanted to bring in
because I thought they'd just be hilarious
to bounce off each other
Sup Jesse, nice to meet you man
Oh man, here, let's just do a quick little
reset as we just take a breather for a second
What's up guys, welcome, this is Overexposed
I run this puppy every Sunday
except for Sundays where we're doing things like
I don't know, the Super Bowl or New Year's
or Christmas, at 8.30 pm
Eastern for roughly 2 to 3 hours
depending on the night, so that's what we do on Sundays
This is a TDA space
Oh by the way, sorry, I always host this with English
Legend, take a look at him
If you're on this stage by the way
Cough Cough
I know some of you
aren't following English
Mistake, follow him
I'm waiting for you to get back
I just followed him
I knew it was about me
I knew it was about me
Yeah English, you don't respond to me bro
Well start responding to him, other than that
the TDA also runs spaces
every Tuesday through Saturday talking about
Alpha all day every day basically
Well not every day except for Mondays and Sundays
but we got them covered on Sundays
and they run from roughly
11 am Eastern
to roughly 2 pm Eastern, so if you're interested
check them out, they're goats
Expresso in Chief, Legends, actually been
remarkably consistent
They don't get the appreciation
they deserve for how unbelievably
consistent they've been, it's pretty cool
Anyway, with that
we'll keep things rolling, oh and if you guys are enjoying
this, you know the deal, bottom right, purple button, likes
retweets go a long way, so thank you if you choose
to do so, and as for the stage
we kind of run things fairly loose, we can talk about
whatever, and you don't have to raise your hand
Anand, what's going on? Eddie, I think my DM
was really good bait, especially
to really challenge Jonah's new
meta to not fall, oh you know what
I'm going to ask you, yeah, you know what, let's do that
Jonah, what did you think of the close
The close video game
As someone with a new personality
and I'm really a big fan of
pudgies, and I was
shuffle-com, they've got a really good token coming
so, let's go
Adam, Adam, I'll give you a more animated response
Alright Adam, what did you think of the close?
So for context, the close
one of the collections that the Nakamigos have released
they launched a trailer, and I'll just
be honest with you, at least from my opinion
I was underwhelming to say the least, what's going on Adam
did you have an opinion on close?
by chance?
I'm playing Cyberpunk right now
in Golden Sonarasaka, and I was like
holy shit, and then Jonah got excited
and then I was super excited
Dude, I love that game, it's amazing
Dude, I haven't played it since I came out
Dude, they picked it, it's really good now
I'm totally quiet because I'm downloading it
and I'm going to disappear into it, I know it
It doesn't crash anymore, Adam
Before you guys leave, can you guys download
Helldivers 2, because I'm going to need a squad when they
fix the servers
Adam, the game doesn't crash anymore
I also bought it when it first came out, and it crashed
literally every two hours
and then didn't save anything, it was
I only had fun bugs
when I first played it, my bugs
weren't game changing, so I
really enjoyed it, and now I'm like
replaying it, and I don't even remember
half of this shit, and it's a lot of fun
It's very dense
The DLC is worth buying, by the way
Oh, I bought that shit the day it came out
and that was like months ago
It's fantastic
Helldivers 2
If you have a PC or PlayStation 5
it's only 40 bucks
and it's going
crazy right now, it's going so crazy that I
actually can't play it, because they can't
pay for servers fast enough
There's like 400,000 people
playing concurrently right now
and they have to go, dude, I think it's like
PlayStation's first big
original IP hit, in probably
like 5 or 6 years, it's insane
What is it called?
Helldivers 2
like a week ago
Do you know that, what's that one
movie from the 80's where like, I'm doing my part
What's the...
Starship Troopers
So basically the game is
an homage to Starship Troopers
and everyone's like
basically you play for Super Earth
and you fight for democracy
and by doing that you basically go to other
people's worlds, like these bug worlds
and these robot worlds, and just blow up everything
It's great
With that said, a couple of
other things
Yeah, so there's that
You know, it's funny, the Nakamigos
and ticker Bitcoin were both shilled in the
most recent people every day
Not only like, not
implied, just literally
he wrote ticker Bitcoin
Is there a Nakamigo in every Beeple
or is that... Yeah, I know
Yeah, basically, it's a little weird
It's funny
He's beating
Imagine if Beeple
was sitting there, he's like, I'm gonna make
Fidgetl mad
Oh bro, he definitely is
bro, he definitely is
I don't doubt it for a moment
They let him down a path
to, I don't know
You guys gotta sell those Nakamigos
especially you and on
Speaking of interesting things
those Trump shoes are
interesting
Okay, sorry, sorry, sorry
You're literally destroying
high top culture in a single release
I know, I know
How much did he raise and did it cover his
like, he's probably on
He's trying to cover his... Dude, he lost 400 million
dollars, you need to sell a lot more shoes
before he gets that
How much did he raise?
He's probably gonna do more
Dude, we're getting hats, we're
getting shoes, dude
I'm telling you, he's gonna
look at all of the merchandise and be like, man, those
he's made a lot of money, we need to get more of that
Aren't they ripoffs of Jordan 1's?
Yeah, 100%
So he could open himself up to Nike
suing his ass
Which would make those shoes more valuable
They need to be on the resale market
It's like the mischief of Nike
Yeah, I remember that
He probably is betting on getting sued and then putting them on StockX
He probably bought his own supply
So, what I wanted to ask is
Jesse, I'm just curious
All due respect to you, is there anything
that has you upset today?
Because that's, honestly, I kind of
love it when you're upset about something
I think it's really fun
Personally
I'm gonna take that as like a maybe
Alright, bet
I brought him up, he's a part of the bald VC
Oh, that's what it was
Oh, bless man
Alright, we'll get back to Jesse at some point
because honestly, I just, I wanna
But yeah, dude, the um
Oh my god, the Kanye shoe
Did I just say Kanye shoes? Because I was thinking about
the Kanye commercial
The Kanye commercial was hilarious
by the way, for the Super Bowl
Which we didn't talk about, like one of the
Probably the oldest version
He literally just said
like go to Yeezy.com, that was great
Like I, and then
now we've got other shoes
selling these golden ones
I think they're kind of cool
Like I was wondering what I would wear them with
I think cool and what you made $19 million
the day of that release
Which was really good, it was like
And he sold you guys slippers
sock slippers
Hold on, hold on
Hold on, there's an actual
Twitter video that's gone viral, they're like
look at this poor ass white guy buying Trump shoes
because he's a Trumper
Everyone went to go look up who he was
He's worth like $200 million
He owns like a massive jewelry and watch company
And they're all clowning him like he's some poor guy
who's just a Trump follower
The dude is like a massive
business owner
Anyway, did you just say that
like we criticized moonbirds for socks
but we'll buy Trump shoes?
Sounds like the moonbirds need to make some shoes
How do you have socks without shoes?
Dude, they can't sell out the Gucci necklaces
Honestly man, I am so out on like
I'm so out on the moonbirds
Wait no, but Yuga Labs is the next LVMH
That was an absurd
commentary piece by the way
Yeah, that's not fun
It's not fun on Yuga directly
But why do we think this is the next LVMH
Because I saw that
Because they are buying companies
That is the similarity
Meanwhile the actual
founder of LVMH's son is like
flooring his butt
Which was so funny by the way
Guys, I'm poor
How did he sell that?
Dude, he sold it like above floor price
By double
It came with the Tiffany Pendant as well
for his pun
Guys, we can discuss the Tiffany
It's crazy dude
I'm having a stroke explaining how much
money it has because it's actually hard to calculate
Do you understand, his
family has so much money
that he's like, I don't know what the
market cap of ETH is today
But there was a time where it is
Hold on, Jonah, Jonah, Jonah, not everyone knows what you're talking about
Okay, you know how you talk about it
Explain it, no no, I don't know his
actual relation, so explain his actual relation
what he did
The son of the founder
or the leader of LVMH
Okay, if you don't know that's Louis Vuitton and like
other brands, like any luxury brand
that you thought of, they probably own it
They're the
fashion cabal
and they're the wealthiest family in all of Europe
and most of the world, I think they're
like number two
They're number one
They're worth more than Elon Musk
He has, I think he has several sons
but this son in particular
is beginning his name, by the way
How is it, dude, he won the god lottery
and I'm not even gay, but that's a handsome man
That's bullshit, but anyway, he's
tall and handsome and rich, it's
what it's like crazy rich Asians
but in France or something
but anyway
he runs Tiffany & Co
which is of course another company
owned by LVMH, like the sons usually run
one of the companies
and he did the partnership, he's the one
I think he's the orchestrator of the idea of
punks getting a Tiffany pendant
if you had a punk you could claim one
and over the last few weeks
he's been trying to sell
his punk, and he did a post
which I think was deleted now, I think
it's deleted, I have to go look
but it was basically like, come on guys, it's such a good deal
which is crazy
we can even discuss
throwing a pendant in there
no, but he sold it
he sold it for $164
so he sold it?
he made an ETH out of it
just for context of how
much money this guy has
if he were an investor
in all of Ethereum today
he would own a large
if he took all the wealth
that his family had and put it into ETH
he would have, what would it be
I have to look at the market cap now
wouldn't be shocked if it was like a third
like 20% or something
all of Ethereum
period, that's how much money
this guy has, so it's just crazy
I did hear
some things about why he did it
I don't think I can publicly talk about it
I also was
shocked, to say the least
that that sold for double the floor
people were like, he posted it
and was like, oh yeah, so this thing
is a good deal man, and no
all the comments were, no, that's actually
worth double, you listed a double
what the actual valuation of that NFT is
and yes, part of it is through
a pendant, I personally
feel like someone probably bought it to be like
hey, we should be friends, man
you know what, this narrative kills
this kills one narrative, remember
during the last cycle, everyone was like
do you imagine like, fucking
Barry Bonds owns this NFT
and owns this trade, and because he owned it
now it's going to be worth more
bro, if the son of the richest family
on the face of this earth can only appreciate
an asset by one ETH
that narrative does not matter
I think the guy
who bought it, this is
what is speculated, like
the same wallet has like
a zombie punk, and
I think it's like a venture
capital firm, it's, I don't
think he did it for clout, I think he just
did it because he has
a few money to do it
was it a floor punk, or did it have any like
it was not that far from a floor
3D glasses, 3D glasses
yeah, but that's not that far from a floor, that's probably like a 20-30%
3D glasses are very hard to get
oh, alright, nevermind
and orange beanie
it was a clean
punk, I will say, but I don't know if it's
worth double
not as rare as the VR headset
it also shows that getting rare
NFTs in any collection might not
matter at all, just buy the floor at anything
which is why a 404 is interesting
oh, I always buy
the floor unless I absolutely love something
you like how I tied that all back to your core thing
no, that was beautiful
I think you're right
but I think there's select traits that will
if we look at punks, there's things like
the hoodie, right?
the hoodie just traits
that's something that like cultivates over time
it's very rare that that happens
and I will say it is
actually a mark of a good collection
like spirit dao guys
over on Azuki
across the board, it is
if you could see sub-trait
we'll call them sub-trait groups
form, that is generally
a pretty remarkably bullish
it's rare you see it
on Jonah's side
99% of the traits are
fucking flawed, there's very few
even the seal
on my shoulder was the first rare
NFT that I bought, intentionally buying
it rare just because I liked it
and even that, the
premium wasn't that high, I paid an ETH for it
because it has this goldfish chain
and I just, regardless of whatever you think
I like it, so that was just
made in my decision
it also leads me to believe that some of these earlier
projects that wanted to do
trade swapping marketplaces actually were
probably smart
they were just early
Kanpai was very smart because
if rarity doesn't matter
and it just matters about being in the
club, then just put whatever traits
you wanted at any point in time
I don't know how that's
going to work on price, but if rares don't
matter, then why should they be static?
They kind of do matter
Yeah, bases matter
obviously a
gold versus a normal skin
or a zombie
or an ape versus a normal punk
I think base layers
matter and then traits
often times don't matter
I could agree to that, like base layers can
that's what community on it
the floor on my clone
that's the orange one
the first
kind of floor manipulation that I've heard of
was with the hash masks
and the bow-tied movement
and that was a long time ago
it was like March of 2021 I want to say
and that was like
I think 8 ETH or some shit
well above at the time
the hash masks were actually at the time
maybe 1 or 2 ETH or something
but they put
so what happened is they bought up all the clown masks
and the clown masks were not even rare
so the point is to have more people
buy them, so they didn't choose a rare trait
but they were making fun of banks
so you can name hash masks on chains
so then people would buy them, name them after a bank
and they would go into this website
so this entire bow-tied
anti-bank movement created
trait utility
so you would buy it, it would be part of this custom site
you would be on it with your hash mask
it would be named on chain and then they did a
Times Square like whole exhibit
in March taking over all the screens
with clown masks, so it was like a big
deal to be able to buy
clown hash masks at the time
when the floor was like at least
6 ETH below
and this wasn't even a rare trait, so community
and utility around a trait
is a big thing, not just notoriety
and it's like the knee cubs
on malady and also, you know what's
an interesting one, and actually this is something
I want to make sure that I comment on for today
because it's been absurd and it's
amazing that it's flying under the radar
the mad lads have
they have the female traits and the female
traits consistently trade at like actually
fairly significant premium
I want to say like
I want to say like 30 to 50
before you share this alpha, did you already make a purchase?
I did not, and honestly
you're giving this out for free then, okay
yeah, I know, but
so be it, so the alpha
that I was mentioning and
you know, you guys can act on it or not
it's a pretty expensive move
dude, honestly my thesis on
mad lads has gone so strong
it's unbelievable
like I don't know if anyone's been watching
what is it because of the CX like
yeah, so if anyone's watching
do you think they're going to do a token drop
because they're in Dubai?
yes, 100% they're going to do a token drop
it is one, like it is
definitely
it is almost definitely going to happen
at least in my opinion
so if anyone's watching right, so
Armani who is the guy
who made mad lads and
launched mad lads, brilliant guy
very smart, his history
for anyone that isn't aware
he was supposedly
he worked at FTX
and from what I've seen people say
and what I've heard and read and whatnot
is that of the, like FTX
even today
people are looking at spinning it back up
because the tech was so good
right, yes
and apparently the guy who
built that tech was Armani
okay, Armani
today is building out his own
exchange, backpack
and that's ongoing, that's an ongoing process
they are now in pre-season
so they are now like
beginning to incentivize people to use
their platform by
effectively a point system
if you want to know how
effective that is
they are vastly
outperforming Binance Volume
like now, there is
significantly more volume
running through
backpack on certain pairs
than Binance
what the fuck
are you serious?
I'm dead serious, it's like 3X
it's like 2-3X is happening today
it's not on like, in fairness
Binance has like, you know, dozens if not
hundreds of pairs and this is focusing
on a handful of pairs because it's
like during beta, I think it's like
sole, sole USDC or something like that
I need to go make some calls
right now, it's actually absurd
it's actually insane
the level of performance that they're doing
and it's staying up, the exchange is staying up
it's still running, it's still working
and I'll just be honest with you man
I think this guy might actually deliver
a solid set of CEX
maybe not, I'm not
just to be clear, I'm not saying he's making
the next Binance today, maybe
who knows, not saying that's on the table
not on the table, but
if he delivers an even marginally
decent CEX, which it seems
like is happening, that's massive
and that's among other things they're doing
they also culturally have this massive fit
with the MadLads, where they just are
freaking cool, like Jakey is a cool
dude, I want to talk to him more, like that guy's awesome
a lot of the other creators that they have
there are pretty damn cool, across
the board, the MadLads are freaking awesome
they're awesome looking PFPs
their community is real, they get
airdrops out the Wazoo, like dude
they're getting the wormhole airdrop and that thing is probably
going to be worth, right now estimates have it
at like $7,000 to $8,000 per
MadLad, which I'm getting the
airdrop, thank God, but
man, I am looking at it
this might be
the most singularly
mispriced NFT asset
even at, currently
I think it's like $18,000 or $19,000
even at that price today
I am, I'm like, I'm looking
at what's happening, and if we're
bullish, if we're bullish
on, if we're bullish on
toys with the penguins, which I, by the way
am very bullish with the penguins, I think
they're going to do great, if we're bullish
on that, and we're
not similarly bullish on what appears
to be a remarkably powerful
and capable exchange
with a, like, extreme
like ace tier
crypto level founder and Armani
and Tristan and that team
I don't know, man
I don't know, man, but if you
buy one today
off of that, you know, save
me one, like I
want more, I only have one, I think I want to
try and get like two more
because, I don't know, man
this to me seems like
one of the unspoken gems
my opinion
MTX was a fantastic platform
it was, it was
dude, if they just let that thing cook
it would have done so well, Naveen, sorry
yeah, you know, look
I think, first of all
you know, I, full disclosure
own a mad lad
full disclosure
have a strong relationship with Tristan
over there, so I think they're
definitely doing amazing, amazing things
the one thing I'll say is that
I don't trust volumes
as a real metric
I'll just remind you that like
we have a bad habit
in this industry of
lionizing vanity metrics
and I think everyone
just needs to stop
doing that, you know, so we
lionize things like TVL, we
lionize things like trading
volumes, and it's like
guys, all that is
so trivially
easy to game, like, it's not
real, it's kind of like
it's kind of like saying
oh, this person has a lot of followers
knowing that you can
just like buy followers
you know, like, you know, we
all see these accounts on Twitter where they have
you know, 500,000 followers
and then when they
tweet something they get like 30 likes
and you're like wait, what the fuck is going on
and then something clicks, we're like
oh yeah, they probably bought those followers
it's not real
that's like 95%
of the metrics in this industry
and we just have like a bad
habit of falling into the
same trap over and over and over
and over again, and I'm not saying that like
the volumes and backpack aren't real
I've not done any analysis or anything
I'm just saying that the metric itself
is a bad metric because
it is so easy
to fucking game
and so I think we need to like look at
like, I wish they would say
you know, like, net deposits
on the exchange or
new user registrations
or like, I don't know, something else
like that, all those things are like not
great either, I'm not saying they're
like great, but
you know, you get my point, like
that's a serious problem in our industry
oh, to be clear
like, 100%, Jonah
was yelling about this with Wizard of Soho
in respect to Mavia
just the other week, like, yes
100% vanity metrics are
overplayed to the nth degree in this
industry, almost more than any others
in part because it just, it does a
very good job of tricking
unsuspecting users
into thinking that something is vastly better than it is
I will say
a billion dollars of volume, still
a billion dollars of volume
Eddie, you're falling in the trap again
Eddie, come on dude, come on
I know, you could do a
billion dollars in volume by just like
trading back and forth between the two wallets
you can't leave Naveen, we're all
I mean like, Eddie, you gotta stop
promoting the fucking vanity metrics, bro
so I guess like
in terms of even just
more funds
talk about the buy, talk about the buy
talk about the buy
even performance wise, cause if you looked at their order flows
it was pretty heavy, like pretty heavy
requirements, on just like the back end
I would say at least from that perspective
their tech is
I'm not saying anything, I don't know shit
but I'm just saying like
if you wanted to simulate that
you could literally have like
just like moving the same thing back and forth
and simulate that, and yes
the technology is great, like I'm
all for what they're building
I think those guys are fucking stars to be
very clear, I'm just making the
general point that we keep
falling down the same fucking trap
of looking at these metrics
and just like
lionizing these things
because, you know, and I understand there's
not a lot of metrics to go on otherwise
so in a vacuum
So then if not those, then what?
But I think
it's on us to kind of like
ask founders for
real data
because otherwise, if you
just go on what is presented, obviously
any founder is always going to present
the thing that makes them look the best
that's natural
but we all know in this industry
that this is like a problem, like this is a problem
where people are
promoting metrics that
are not necessarily the best metrics
to use to evaluate
the success of a thing, because the fact
of the matter is that the number of
actual active people
in this industry that are like
actually on these, you know, DEXs
and whatever, it's like a really small number
like it's a super duper duper small number
of actual live humans
and a lot, because people have so many wallets
there's so many bots, there's so much civil
attacking going on, because there's so many fucking
airdrops and so many points
that, you know, it's a no-brainer
to spin up like thousands of bots and
wallets if you know how to do that
just to play the game, right, that's kind of like a no-brainer
to do that, so
as a result of that, we have like this mirage
we have this mirage
we believe there's so much more happening
than there's actually happening
and that's kind of cancerous in a way
because, you know, we kind of just get fooled
it's back to the old scams of
like, you know, someone would launch
an NFT project and what is the number
one thing we used to pay attention to when it was an
NFT drop, it's like, oh well how many
Twitter followers do you have?
Yeah, how many Twitter followers, oh how many Discord?
That's the only thing that's keeping the Ponzi
penguins alive, though
Anyone can look at, anyone can look at data
You've got to be able to evaluate, are the vibes
sub-optimal, mid,
elite, or immaculate, that's where
the real magic happens
Guys are all talking about
the Yuga acquisition, it
pains me, that notice you were talking about
No one said anything about it
That's what you're talking about, whether you know it or not
I'm assuming you're talking about that
I think it's important
Well nobody's talking about the
guess acquisition of
dragon bone, and I think that's
horrifying, and should be
talked about
Yeah, the penguins, they're Ponzi's
Jupa with Kavyats, read my review
Just came in with a machine gun
dude, oh my god
Bro, what do you mean I came in with a machine gun?
You've got a Taproot wizard, Ponzi, Penguin
wannabe, like absolutely
spewing off
I passed the fun baton to all of you, I am done
Jonah stood me up
at Mr. Swindle's circus as well
We're going to take a pause here
I will say, Naveen,
Not even going to contest you
fair, we'll do a better job
of, no no
oh wow, sorry
that was the Lord himself
unmuting you for a moment
We'll do a better job personally
and I get it, I know that you're
not criticizing him, if anyone
the mad guys are incredible
so just to be clear
yes, but also
we'll do a better job of appreciating
when a metric is more of a vanity metric than not
As for the other conversation
we'll just temper that, we'll just
again, don't need to do
hands, but also
thank you, anyway
59, I said adults
I said adults
I said adults
that implies, or at least
requires a level of respect
if we can't do that, we will have to rotate
and or remove people from the stage
all love, anyway
and I meant that not sarcastically
just like, genuinely
Jesse, what's on your mind, and please
don't raise your hand again after that
and let the unmute roll
there we go, I'm
I got caught up here
I assume that's when you came here
I do my regular
bits, you know, play the hits here
of course, that's what we're here for
I mean, we got, first of all
the end cells have been out in rows
I should probably give my
little snowflake alert
if you are a white male
and you have liked more than one Elon tweet
or ever tweeted about cancel culture
you might get butt hurt by whatever
oh my god, here we go
we're three attorneys
we're doing some politics
you missed the lead
I don't know if you heard Yuga
they have a
gaming coalition
and don't tell anybody
they put girls on there
I'm on it too
it was not received well, and I couldn't believe it
because it's such a diverse gender
equal community, I've been told
I couldn't believe it, that people were so mad
not that they weren't unqualified
just that they were girls, I was shocked
it's not why they were mad
they were buying off every single speaker
in web 3, so no one could talk shit
about their stupid games
they haven't bought me yet, so not everyone
they don't want you, bro
you burned that brick so hard and you know it
you didn't just sell your crypto punk
you had to sell your crypto punk
and put out a viral tweet
that was calling the community anti-semitic
of course they're not going to invite you
to the gaming council
I stand by it, what's the problem
he had too much ketamine, have you been macro dosing again, MB?
no, when Jonah sold his AP
you don't macro dose, you micro dose
well at the time they had a
anti-semitic fire at the company
which was not, someone who was not
removed at the time
so Jonah sold his crypto punk
and it was digital blackface, but
mostly because it was anti-semitic
I didn't wear it on twitter 1, 2
that's not a real thing
how do you suggest we do here?
how do you suggest we handle this?
right in the middle of the rider trial too
let's move the transition
pick a topic
hold on one second
I think Outer Lumen, I think I would go to Outer Lumen
that would be my call
we'll go to Outer Lumen, we'll do that
Outer Lumen
thanks English, I actually wanted to respond to this
yeah you can, go
oh that was the mute, sorry
for Outer Lumen
it's all good
I wanted to mention since we were talking
about metrics
one thing that I'm finding interesting in my data
is the relationship between
a project success and the amount of derivatives
it has had, I guess for context
I've been doing some research on
NFT trades for
3 years now and I'm working on a
coffee table look and I see a lot of
different patterns because I'm analyzing all
the data that I scraped and
obviously this is not a correlation
causation kind of thing but it is so fascinating
to pull that metric up
and be like wow, this is really interesting
how that is a fact thesis
yeah right, it's like wait maybe we should
just use that metric, how many derivatives
successful but obviously that's a
past metric rather than a future one
but anyway, when you were talking about
what we use as
metrics for
prediction so different than what we use
to scrape and evaluate
various data because trading volume matters to me for a completely
different level like I don't want
to necessarily include rug projects
in mine right so I look at trading volume
but like the lowest cut off of
trading volume because I want
to know which project came out with the trade first
even if it's a project that didn't do well
so I had to come up with a cut off that
makes sense for trading volume but absolutely meaningless
in the context of like
predicting anything else but yeah
it's been really fascinating so you
saying in coming up here and talking about
metrics made me think about
the derivatives one
I'm not going to tell you
you've got to normalize coffee, not coffee table books
but dining room table but there's so many
other tables in a household
and I feel like we only designate
books to the coffee table
and it's just an idea for it to
stew and a potential
untapped market to explore
hey Jonah, no one asks
your commentary
you know the bitch of it is MB
I don't have a coffee table because I have a 130
pound Newfoundland dog and her tail
swipes everything off of one so there you go
130 pounds bro that dog
goes and you're going with it
that dog is bigger than me and
I fucking love it. Do you wash it?
on the data
you know when you're looking at
a blockchain
that doesn't
have any confidentiality features
the data set
is actually pretty remarkable because
every single token is essentially
a non-fungible token and
every wallet you can see
the provenance
the history
the activity of every single
wallet, you know how early someone
got into something or when they got out of it
I mean it's kind of remarkable actually
but the problem is it takes a lot
of effort to do that
form of data analysis
so if that's some of the work that you're doing
Otterloomin, kudos to you
because that's A, really fun
it's really interesting
and there is good data
out there, the problem is
it's not super easy
for people to really go in and
dig into it
and there's a lot of
I would argue data quality issues too
that make it pretty challenging
that dog's got to be
like 200 pounds when wet too
you're going to kick me off the stage soon
but you know what, I am living for it
I'm making my little
but I want Enby
I am going to bounce you for now
I want you to, hold on just real quick
Enby, I like you, I want you to come
back around more often but for now
a little out of hand
just real quick
because obviously this derivative
as a proxy for
web 3 cultural reach
doesn't even have to be web 3, it could be web 2
anytime people are copying you
or doing what you're doing
but how do you
in the data, how do you
normalize if at all for
projects that are
even if they're not CCO, projects that are
more permissive as opposed to projects
they crack down immediately
are you just kind of fooling around
I'm curious on this as well because
Punks used to be very open about this and
used to be derivative free
Punks and Aids are like, there's just a
there's so far ahead, I don't even know who's third
those two are so far out there because they didn't care
that's not the best question ever, I'm like so excited
might be Malady by the way
okay, so the answer is this
even though there is like
a takedown request
the shit's still on chain, right?
when the contract started
when the trades came out
it's all still there, and I still can see it
and I have the data to it, so for me when I
look at derivatives, I'm including anything
even if it had like a formal takedown request
on like a platform
that's like the web 2 censorship
side of that, right? But because
it was minted, I can still see it unless
they were directly asked to burn it
which I've not yet, at least
somebody tell me if there was a whole project
burned because of a takedown
request, which is like the most amazing
point to all of this, right? Like what does
that even mean? Take down from
from what? From existence?
Like how do you do that? Because even if you send it
to the burn wallet specifically talking about like
ETH, so okay
then it's there, it's all still there
it doesn't disappear
How do you track
things that are more on the
social proof side?
In particular, I'm coming
to like a pepin
like there's not a lot of derivatives
of that project that are actually minted
but there is a
lot of community artwork that
goes up around that project on
on socials. Is that
like a trackable sort of metric that
you're looking at, the social
proof side? No,
so for this volume one, I'm actually just
looking at, like I'm really
interested in our cultural
reflection of digital identity
this is kind of like I guess the
first opener of this entire
thing is I'm talking about like
well when did the first PFP even
happen? Because like a long time
ago you connected IRL
or then maybe you like phoned somebody
but you didn't necessarily need to
like there was an opportunity to be
in on unless it's like a pseudonym or maybe you phoned
a phone line but you still don't have
a digital visual presentation of yourself
and then at some point
when the internet happened maybe it was like
I don't know if I can Myspace or MSN
Messenger or somewhere and I
again this is like I'm still, this chapter
is still in the works like somewhere there
there is the first kind of like inkling
of having a picture represent you
so tracing that forward
I'm really
kind of looking at that identity piece
like what did we choose to
represent ourselves with
and so from that angle
it kind of ties into the punks of course
because Larval Labs
borrowed a lot of the traits from their
Androidify project
I was just going to mention the Androidify project
would be something to look into
that was very very early yeah
and I guess like video gamers as well
have always used the gamertag
as like an online handle
I think that's
nice and early as well
I'm not too sure about the
early internet days when
people were still sort of on chat rooms
they were sort of giving you randomised
names there so I remember being on
like guitar
chat rooms back in the 90s
right, everyone sort of had a randomised
name that you were given to by the chat room
and that sort of
flowed on there but that was kind of tied to that
one specific place, it wasn't something you carried
around like a traditional gamertag
does but yeah
that's really interesting the identity stuff
you will follow and keep track of that
I was about to say
am I the oldest
person here if like
no one else, everyone's just talking about social
media PFPs and like gamertags
I was like dude there was forums
and even reddit chats
and like really dark alleyways
of like 4chan forums
back in like 02
Candy Xbox 360
yeah so I remember
especially in the old chat days
I think you mentioned it Fluke, if you logged in
and you just logged in as a guest and you would
get like a random user number
you know 694, 678, something like that
and then to know who you are people were like
oh ASL, ASL which is like
age sex location or something like that
and then you also
later down the road I think the first time
I set up my actual
little like user name which was
Ruto back in like, I was like on a
Neopets fucking forum
or something like that in like
2002 or something
along those lines, I remember I set up Ruto
on Neopets and that was like
you know I was a webkins
max yeah actually personally
see that's solid too dude, that works out
big, big webkins
those are alphanumeric though right, like I think
is it late 90s where
where was the first MSN messenger was that like
98 or something or 99 cause that's
when you first chose like a visual
strangers cause tying this back to my
book like in terms of
traits that's kind of where it
heads right like it's this idea of like well
when did we first adopt like a visual
anonymous or non-anonymous
identity but like some representation before
all of the like social media hit where it obviously
became like super prominent but that's
it and then like so then the
to me so with like tied back to what
Phuk was asking is like I'm
looking at this through the lens of data
with a lot of visual referencing so
the data grooming part has been the most
like laborious for me
because trait nomenclature like
the naming of traits has been the
most fascinating cause phuking like some
of it is just pure art some of it is like some
person who is like fuck me I'm the traits
naming engineer for this project
okay I'm just gonna make some shit up
and so like that's great
but a lot of it is like okay well
3D glasses love it but they're also
anaglyph glasses and Renga they're 2.5
fucking D that's also 3D glasses
but like so am I gonna be
perfect no but I'm hoping that the database
itself which I'll release after the book
will be able to grow and
and actually like you know get better
and a bit more rigorous
as you know obviously I'm bound to miss some things
and that's fine that's part of it but I have
7700 projects on book of work
it's actually a super cool idea how much is
do you have the price out I'd buy that book
not yet so yeah
it's it's coming it's coming soon I gotta think
about it it's two thousand dollars
Jonah have you committed
to buying the book listen
he's buying
12 and you get a minute if
it's a if it's a PFP
project that gives me a book
so the project is
post book and to me
the reason why I want to do a project
mainly is because I want to create
the most innovative
PFP project from traits
because I'm fucking bored of
traits in a way like things
come out and people are like this is really new
and I'm like no it's not like I'm
totally that person like what's
the line of like according to
my research that's literally me
fucking like so I'm always
I'm aware of it so you're the nerd
you're the nerd that everyone I'm expecting
a good couple of chapters on
certain countries this book is
gonna air drop me money
I'm pre-booked by the way so if you really
want to get in early invest in me I'm pre-booked
what where's the white list on this book
well I mean
I'm not that complicated I'm speaking at NFT NYC
on it again
this year and I'm gonna probably drop
a sign up link
I'll be crazy he's gonna do this
and it's gonna make a ton of money
and Simon & Schuster is gonna be like
what the fuck how the fuck
did she self-publish this and become
a New York Times bestseller
they're gonna find out that she dropped
a PFP for each book
and then there's gonna be a Web 3 division
of Simon & Schuster that Outer Lumen's gonna run
like she's gonna be like head of...
well actually Jonah
and then Gary V will come out and be like
yeah Gary V's like I was early
well this is the funny thing I have a colleague
who offered cause he's a friend
and he's like you know we can go like
MIT Press on this and I'm like
I don't want to go MIT Press
on this like I know it's gonna
go to more people that way and all of that
but like to me I mean
like come on I want it to be
DJEN like I want it to be Web 3
I don't want it to be MIT fucking
Press like it's a you know
maybe later maybe volume 2
the title of the book should be this book will make
you rich and it's like the ultimate
airdrop book
I love it, drone delivery only
is that um
is that selling securities
via books?
she sent you a bookmark in the
mail and the bookmark has a QR code
and you don't know when you're gonna get dropped
it's basically a loot box from like
I don't know, FIFA
oh yeah I love gambling at Barnes
and Noble, hell yeah bro
let's forget
forget the
we have a Starbucks at Sky Casino
yeah exactly dude
kick Jesse he did it again
let's just kick him, I don't want it here
it's okay
so what you're saying is if some of the pages
I should put some
some private keys in there to some secret
shit just to have like a fucking
scavenger hunt you would be
legendary the first book to ever
be like a speculative
asset and people go like
what the hell is this thing
but different from Gary Vee because Gary Vee
his whole thing was about selling a bunch of books
your thing is a limited supply of
books that are so expensive
it's like a college textbook
and everyone at McGraw Hill is like
who is this genius how do we hire her
you know when you put a cipher in it that
turns out to be the discord
code in order to get in
I mean I have a discord
I've had it for years
ever since I started this but I'm like I'm not
about that I don't know I just
this has been such an amazing passion project for me
that I'm just like I can't
wait to get this thing out but I'm also like
I'm like lost in the sauce
and I'm happy as fuck being lost
in all the sauce so like I can't yeah
it's coming
I took like a bit of time off
and so I'm glad to be back and refocusing
on this but I don't know how this
space turned into me talking about the book but thanks
Eddie this is awesome
because we need something to gamble on and it's cool
I love it okay my book perfect
what is this and how do I gamble on it
that's what everyone thinks
that's a great innovation of three is we can turn
any asset into a casino
it's fucking great back to the Dean
right like it's all about the volume
metric of this book
actually true and by the way
it kind of went on to the radar
do you know that Aptos launched a phone this week
dude 120 bucks
I think right it's like 120
120 bucks yeah because
whatever the manufacturer is is like so thankful
for crypto like it was some dying manufacturer
that was losing to Samsung and Apple
so what it is is it's a
it's supposed to be a much more accessible
phone to low
income countries like
across Africa and across
Southeast Asia like that's the idea
that's the best place to get gamblers
that sounds like a cover for a failing
a business that was already failing now we have to rebrand it
or something woke but okay keep going
I'm just telling you that people know
people have been digitally paying in Nigeria with
M-Pesa and like literally a block
phone forever but go ahead continue
that's all I'm saying
is that Aptos launched a phone
that's it's like 120 bucks
not as like a great product
but it's like this is exactly how you start
new technology early
like we need some sort of web free phone
this one's going to be crappy they're going to learn
a bunch of stuff from it and then at some point it'll
be good but
did you go to school at the University of Michigan?
yeah, totally
did you take nuclear physics?
no definitely not, not smart enough
my cousin teaches nuclear physics
the reason I raised my hand is
I had three totally unrelated topics
wait hold on hold on
I'm going to get to you Jesse I just will say
I'm going to go Jesse
I'm going to go to Rare Evo
and then also I definitely at some point
I have to just give some thoughts on the Yuga
situation but
should I do that or should I do what's the
status of Gary Vee's wallet
because I think that's interesting because
what is the status?
no no no, does he have like 40
party degenerate, did he sell
anything to just save money
or is it like no I'll just keep it all so I keep my credibility
party degenerate
no but he bought so many of so many different things
with the idea that he was early and he was
going to like have all these assets
early, did he ever sell people, it's all public
did he ever sell anything?
I don't think he sold
much, no. I think he's still got a bunch
of punks, I don't think he's sold any punks
that doesn't count, yes obviously
yeah no I don't think so
I don't think he has
I thought you were coming in with like some
hot alphas, like here's what he's doing
nah bro, he
asked you if you're pocket watching
another man, that's crazy
that's true, that is exactly
what he asked, what else is on your mind Jesse
alright, you want to talk Yuga and
Moonbird? well first I want to talk
to Rarivo, see what's going on
because I'm sure that they had something that was on their mind
by the way, going to be there
and also, man
we're getting to event season
if you guys are going to ETH Denver, be safe
have fun, go catch some skiing
I will not be at ETH Denver
I will be reading
which, you know, hell yeah baby
although I am actually
going skiing next month, it's going to be
pretty exciting, I'm going to Switzerland, I've never been
so if you are in Switzerland, or know someone, or have some tips
Lugano, Lugano
Switzerland, it's the only McDonald's in the
world that accepts crypto
that's funny, alright, if I can make it
that would be actually really funny, but otherwise
let me know, so if you've got a
Swiss friend, let's say hi
I do, I've been to Zurich
oh, DM me, what's going on
Hey, thanks for the shout out, I appreciate it, I just wanted to
comment on Outer Lumen
first of all, I love the name Outer Lumen
and would love to hear more of how you came up with that
but I love the work you're doing
with the data, and the book
and the traits, and would love to
invite you to speak at Evo, so check your DMs
but, most importantly, I want to
introduce you to Book.io
and their founders, they have investment
from Mark Cuban, they're
they work with a lot of traditional
publishers, as well as publish
NFT books, and they have a rabid
community behind them
dropping on Polygon, as well
as Cardano, and I think you guys would
get together really well, it would help your
sales, and like Eddie and
Jonah wanted to de-gen, then people could
speculate on your books
for you, and you would receive revenue off that
in perpetuity. Or no, Cardano needs
something to speculate on
on Polygon, they're on Polygon
Did you guys see Hoskinson, by the way,
take a nice bath? Dude, he's
pulling a Joe Rogan, he's like, I gotta go
for the only way to get our
bro, he needs to go to the fucking gym
Dude, it doesn't translate if there's
Thank you, Rare Evo, for coming
up, and I'll definitely
check out your DM
and the name Outer Lumen
I guess I'll just tell you, for anyone else
who doesn't know, I parked this
because my partner and I have our own
custom projection mapping software
we used to do a lot of VJing visuals
at festivals
so my life was calculating
projection distances in lumens
to make sure a building will
write up properly versus a gallery
and they're audio responsive, so
we used to do a lot of that, and so I parked Outer Lumen
as the project name for that
but then pandemic happened
and we just stopped
going to outdoor
You are such a nerd, it's crazy
and I mean that as lovingly
as I possibly can
that is awesome
Yeah, so that's why it's Outer Lumen
it's like outward light
but also the
molecular biology nerd in me likes
it because the Lumen is the inside
of tissues for all the bio nerds out there
kind of thought it was an homage to both
became Outer Lumen, which Divine and I
was my partner, we always laugh about that
because I now respond to it, obviously
it's my fucking name
but it was supposed to be a VJ project
name that now became me
As long as you don't put it on
Cardano, you should be good
Sound advice
So, okay, I'm gonna
I'm gonna get into the Yuga thing
because we have to mention it
but before I do that
Toot, you got something for me?
Yeah, really quick, I remember when we were on the
TDA and Chief was like, I just made
a payment to Akuna Matata LLC
which is where we bought the Aptos
phone from, so food for thought
That is funny
Dude, by the end of this fucking bull market
instead of having a hidden folder full of NFTs
we're just gonna have a bunch of shit blockchain phones
I bought five of these fucking things
Speculate on phones
First project to sell a VR headset
with an NFT is gonna be bullish
Bro, you bought five of the phones, you spent
$600 on Aptos phones
Dude, I've spent more on fucking gas fees
If some asshole wants to pay me $300 or $400
above whatever the fucking price is
he could stick it up his ass, I'm not gonna say
you're gonna speculate on fucking airdrops
I love him, I love this guy
I came from Web2, bro, my traditional shit
is flipping IRL shit and
sneakers and stuff, okay, so I'll do the same
thing if it means Web3 will give me that
opportunity, give me all the fucking money
I take all currencies
especially MOG by the way, so
I don't know, yeah, that's just a show
Yeah, this guy right here
If anyone, this guy
Alright, now that I am not
on a stage in which
I need to be respectful
I'll just be straightforward, I think that
this was a disaster of an acquisition
top to bottom, I could not believe
the things that they were saying
I felt like the call and the discord afterwards
Man, I just didn't get it
I don't get it, I don't understand what
they're going for, I think it's
nonsensical, I think in a sense
it gives Kevin Rose a
glorious out where he didn't need one
I don't get it, man
I don't see what at all
the guys over at Yuga could be hoping for
out of this acquisition, I don't
know why you'd want to do this
I don't know why you'd want the headache
I think the community is one of
the most effectively mid-curve that there is
in this space, and I feel like if anything
this kind of solidifies many of the apes
as being mid-curve
So, I just feel like
this is a mistake, I feel like it's a tremendous
I feel like holding Yuga
assets at this point in time
is one of the biggest opportunity costs
or opportunity cost
sinks that you could have
in basically all of NFTs
So, while I do think
that they're going to go up
I think relative to the rest of the market
at best, I feel like you're
going to get market
standard, and you could
pick a whole host
of other projects that look even
relatively reasonable
that will do vastly better
So, yeah, man
I can't believe what I've seen
Do we all agree, though, as a point of
first of all, we should have someone, maybe Jonah, talk about
the nerdy version of
they got some dollar
cost discount in shares versus
blah blah blah, because that obviously is significant
You don't have to do it, but we need at least
a voice to do that, but do we all agree that the
punk's acquisition was
just an absolute steal
like a no-brainer? Oh, yeah
Yeah, the best buy
Because dummies like Beanie that are like, oh, they
they inherited me-bits, I'm like, no one cares about
me-bits, they got fucking punks at like
a 25% on the dollar
So, you're basically saying that was good
but this is bad, so we all agree on that
Yeah, that I agree with
No, I agree, it's like a
I've said this before, it's like if the Lakers bought the Celtics
it would suck for the NBA, but it would still be a
no-brainer, right? Oh, yeah, for sure
I hate it that they're not their own thing
but from a Yuga perspective, they
got a deal
Yeah, so, yes, I agreed
Yeah, I mean, Jonah and I were talking
about this earlier, I think
this is like a straight up
aqua hire, you know, so
usually when companies raise
lots and lots of money
the investors, you know, have
all kinds of like
veto rights on acquisitions and
they may have had some sort of liquidation
preference, or, you know, who knows, like
we don't know what the rights were
that investors and proof had
it smells very much
to me like an aqua hire
where Yuga was like, alright, we
have, you know, ten open roles
and, oh, wow, here's
like people that used to work at Proof
that know a lot about this industry
and we can just like hire them really
fast instead of, you know, spending
billows of money on expensive recruiters
you know, we can, and
wasting a bunch of time, you know, we
can just like hire these people really fast
but, you know, like
the Moonbirds IP is already
CC0, so it's basically worthless
and, you know,
the proof community is
honestly, you know, comatose
you know, like, you know, I'm
one of the poor souls
That's a great word for it
Yeah, I'm one of the poor souls that, you know,
owns a proof pass, you know, rip
and, like, I've not
been to that Discord in like fucking
a year maybe, you know, like
it's pointless, so
look at it honestly as like a straight up
aqua hire, and
you know, the deal
would have to be incredibly sweet
for anyone to want to acquire
I mean, a lot of people don't realize that when
a lot of startups are
acquired, and there's
no, like, conversation about the amount that was
paid, that means that the amount that was paid was zero
like a lot of people don't realize
like, that's like oftentimes
what happens, and it's just, you know, you're
just trying to find like
soft landing for your people
because if you're a founder,
you know, you've got like this weight on your shoulders
you know, you employ a lot of people
you care deeply about them
you don't want to just like put them all out of a job
and if you can like get them all
hired, you know, by a company that's well
financed and, you know, is
doing something, then
that's better than just terminating them
all, you know?
You know, I will
say, and this is even on the
community side for
the Moonbirds, like one of the reasons
why I really disdain this
is I feel like this is just Yuga acquiring
a complete cinder block
it's not even just a dead weight, it's just like
cinder block chain
that's made
of multiple, whatever, lead, I don't care
lost, anyway
point being, I think
Yeah, I got the feeling this was a cleaning, they're going to clean house
Well, none of the like, not only that
dude, one of the markers
right, so one of the markers of what is a good community
consistent ability to self
excise cancers, okay
so, what I mean by that
is if there are people in your community
or people in these like, holdership groups
that are consistent soft
fudders or just people that generally
suck or are a
bad stain
for that community in some sense
that community
will cut them off, just like, rip
them out, this is kind of what certain
people get out when they talk about like
what are they called
nodes in a sense, like
communal nodes, network states
that's effectively what I'm going to be at, so like
network states will self excise
if they're healthy, if they're running well
your body gets rid of cancers, tumors
etc. when it's healthy
but it does a worse job as it gets more
unhealthy, so
when you look at things like proof
I love JJ, I think they're hilarious
from the outside, JJ
the golden bird that posts
like negative stuff about proof all the time
if proof was in a healthy state
if that community was in a consistently
healthy state, JJ would have been excised
you even see this by the way, with people
dgods for example, like
dgods has actually done a decent
job of self excising people that
aren't necessarily aligned with the mission
like they get booted out
pretty heavily, you see that
in the seals, like the seals have self excise
some pretty massive problems, the pudgies
do it, like healthy communities
get rid of problems, the
proof community does not
and that starts at the top
and it starts at
I'll just be straight up with you
I love Stevie, I think she's a lovely human
I think she might be too nice for her role
and I think she like needs
to pick places where she's a little bit more
rude to people
tactfully, right
and I'll just be like
that is not, that is a dead weight community
for me, and Yuga has now
paid money, like not money, but
they've paid assets of some
form and especially the most valuable
one, time and effort
into now managing this dead weight
that they didn't need, is not aligned
with their holdership, they're effectively
a gaming company, Daniel Allegrae
wrote that he doesn't want to be a gaming company
per se, but everything that they're doing
is going towards gaming, and they brought
in one of the least gaming savvy communities
like, what
like, I'm on the
Yuga, I got it, I'm on the Yuga
gaming council, I can help
that's right, that's true
also one of the least art savvy communities
like, bro
like, let's be
serious, most of these people are traders
there's a lot of people there that are very
intelligent, and they cook, and they have
very high net worth, like
Naveen, right, but
it's like, how are you going to re-engage
these people, you have
a bunch of angry monkey JPEGs
yelling at each other
Daniel couldn't even answer
like, some of Troppo's questions
the other night, and that was really weird
that was the most basic one
definitely got yelled at, in like a back channel
what the fuck, that wasn't what you were going to say
that was so basic man
like, that was, he was just like, hey man
I just want this, he was like, hey
I just want the apes to feel cool
stop it, stop
I can't help you with not
yeah, Jonah, Jonah
I need the bases to go to
I'm going to say whatever I have to
I'm looking at really great opportunities
like, Prime, and
thank you Jonah, thank you, thank you
but like, it was wild
because he was like, yeah
Troppo, a long time ape
very respected within the community
he's like, yeah dude, I have very low
expectations, like not in a
bad way, he's just like, it takes very little
to make me happy, I just want the
bases to be cool, that's it
and if they're cool, I'm cool
I don't really care, I don't need you guys to deliver
these crazy things, and it just
like, they felt unsure
about their answering
I don't know
dude, I think it's
it just feels as though there's been a
bit of loss of like,
brand identity, and I think like this acquisition
kind of just
digs that hole a little deeper, in my opinion
and I think Troppo, all he was
trying to say was, dude, I just want to
feel cool by
holding this too, and like, maybe
a lot of board ape holders, like a lot of ape
holders probably just recently haven't
felt that cool, in a
lot of different instances, because
Yuga Labs is going in so many different
directions, I think they're spread
super thin when it comes to like, brand identity
and like, if someone mentions Yuga
I feel as though a lot of people
don't just immediately only
think about the apes now, it's like, okay
now they're doing games, okay, other side
now you have to worry about, and then you
have like, crypto partners. But Yuga's the parent
company bro, like what they need to do
for board ape yacht club
is hire from within the community, there's
people like Phil, that give their
all to this, every single
day, no matter how many
times I say something crazy to
Phil, he has not changed that
PFP, that is another
level of dedication, like if you're
going to hire somebody that understands
the culture, that's going to make your
holders happy, like go for
people like Phil, like
all the solutions are right in
front of them, it's just like, you have
this like, weird top down
corporate structure
like, even the last time they let
people go, I was like, shocked
at the people they let go, because I'm like,
these people are doing phenomenal work
for the business like,
nothing really makes
like, if you're trying to restructure to be a gaming
company, don't include all the
intellectual properties within that
like, restructuring, just like
restructure
the other side, like, it's not that
hard, bro. And now my
expectations are in their
No, there's no way.
I think it makes sense, and it would be interesting
to see how they're going to focus on the
brands that they're acquiring, I'm
going to bounce, because obviously I don't
feel like being a part of the
market. But to say this, because
this shit was funny, I
was out skiing
at a chalet, so I wasn't
like, on Web3
Twitter, and this is how I found
out that this happened, because I can't even make
this up, this is so fucking funny.
driving home, and I'm just scrolling, I'm like,
okay, what did I miss? And on my timeline,
I see Laura,
Miami Ape, and she has a poll out,
and the poll says,
how do you guys feel about
proof, or you go acquiring
proof, and there's like, you know, three
options, and people are responding.
And I'm looking at it, and I'm like,
well, that's interesting, because Laura's
brand isn't usually like a shitpost brand.
But if that's
the direction she's taking things,
like, I'm here for it, this is fucking
funny, so I like, I don't know, I chose some random
answer. And then I go into
we know what answer you picked.
And then I go into the
DJ network
with Steven Coffee with Captain,
my crew there, and I'm just like, haha, look
at this, like, you know, this is a funny shitpost.
And they're like,
Oh my god. It was so fucking
like, I just, I don't think,
I mean, the sentiment for me was
like, I had no idea that that was
serious. I really thought that Laura was shitposting,
so I thought that was so funny. It was the
first thing that hit me on the timeline after like
three days of being away.
I was like, really? So yeah, that was
fucking cool. You know what I will
say, too? Like, love Steven and
love Coffee with Captain.
I think those are cool guys.
I will say, though, like, Coffee,
that one guy is the first guy, the main
guy is good. The other guy, Chris Jordan, whatever, not that
great. Well, when I
bold, that was
you just said you were going to die.
I wouldn't
I said I wouldn't flood companies.
I didn't say I wouldn't flood people.
There's a difference.
He's like, it's free game. It's free game.
All right. What I will
say is like, man,
there was, there were moments that
I was like, can we understand
what's going on here?
Like, dude, I like
Steve, but, man, when he went on stage
with Illa right after
like hundreds of thousands of dollars
of clear insider trading had just
gone on and was like, oh, Illa, I wish
you could have told me about this before it happened.
It's like, oh, my, oh, my
God, that's crazy.
Oh, you missed my pay.
Does that really happen?
I found out on the 7th of February,
I'll pin it up to the top, but
I found out this was happening on the 7th of February
and I was in complete disbelief.
I was like, what in the fuck?
So I'm not the only
one that thought that was like, that was
funny, because I literally was like, that's a funny
shitpost, Laura. Like, I had no
I did not expect that.
Yes, it was funny because it was
ridiculous.
And also, I will say
just unlike the insider trading thing,
dude, when Daniel
Legre in the call afterwards
was like, yeah, you know, this stuff
is par for the course. I like, I lost
my mind. You know, like I
Yeah, I can't believe that was
actually said. That's a bummer.
Yes, it is. At least like, at least
Clemente has that recorded.
a couple other people have it recorded.
If you go on Phil's
page, you'll see it pinned.
He did like a livestream
while it was going on. So when you see
their facial reactions. Yeah, but like
dude, that's that's what like, what kind of
statement is that you run? You run this
mass that you're running basically what is supposed
to be the lead, right? The lead
company of NFT. And they said this
like everyone around them says this, that
we are the number one. We are the best.
Everyone should look up to us. Okay.
So when you're talking about your assets and how
they trade on the back end, you're talking about
like open, clear
insider trading that you then say is
par for the course. Like
I get that you may have had the documents
in place and made that you may have had some
of the structure in place, but for you to not
at least dude, at least just like social
signal and be like, yeah, we don't find
this acceptable and we're conducting an internal
process. Like it's inconclusive and it's
it's difficult to tell who did what fine
like I get it. You know, this is this is a messy
situation, but it'd be like, yeah, this is par
for the course, especially by the way
they had a clear script. So they clearly
thought about what they were going to say going into this and
for them to not have prepared something there to me
was laughable. Like that is a laughable
standard of ethics for
like I came dude when I
was at Z Academy. Yes, much
a small, like a much smaller scale
thing, but we had very, very clear
outward open policies about how we were
conducting trading. And this is just like
man, like
that's embarrassing to me. That was embarrassing
to like extremely high levels to me.
And I know most people don't care about that. And
ultimately, frankly, myself, like
I, you know, I get it.
It's like a nascent space. A lot of
shit happens. And a lot of shit gets
thrown behind, you know, message
walls or whatever. And some things
are out of hand. Even if you have the most
uptight, perfect situation,
you might have some
leaks. I get it.
But like to have such a flippant nature about
it, I thought was total bullshit, especially from
the CEO. Also, just to clarify too,
Illa minted Moonbirds. So
like people posting him
converting one of his things
or one of his mythic
eggs is kind of like out of
pocket. It was out of contact for sure.
If you minted a Moonbird
like I did for two and a half
east and you tried to sell it now, like you're
not winning. Let's just be real
for a minute. Mine's still nested by
the way from day one.
burnt my fanny pack. I said no.
You're not doing this.
Wait, did you actually burn that thing?
Yeah, me and my buddy
he just washed it with his straight face.
we were like, bro,
like, you know, bro, when I got that
shit in the mail, I was like, what in the
fuck is this? Like, they couldn't pick one
solid color. Dude, it's the ugliest
it's the ugliest of fanny packs.
It's not the fact that it's a fanny pack. It is
ugly. They had a little
lemon black one that was actually really
dope. Yeah. And I know that's a fresh
fanny pack. Wait, I didn't get that.
Fanny pack for
All right, before we get to Joe,
there's because Joe obviously has some
I'm dying.
There's a couple
a couple of angles here. A lot of these
speak very much to some very important tension
in web three, which is basically we're
D gen, no nothing,
dumb money, losers, and we hate anybody
with any education or institutional knowledge
or anything like that. That's a very real tension.
Everybody's like a fake pirate. They're really
just, if we really, they're really
just anti-cancer culture
warriors, angry white guys, if we really want to get into it.
But I know you like to steer clear of that.
But if we're just talking about the money,
then we can talk about the fact
when Amazon bought
Whole Foods, they weren't buying
the company. They weren't even buying real estate with
such people. They were buying an extremely
expensive customer that they were then able to
integrate into their thing. So I guess you could
possibly look at this as we're just
getting a bunch of wealthy, smart
insider people. I don't know that I
buy that, but it's at least a worthy thing
to think about. Then there's also
the whole thing of they're kind of now cornering
all the ETH market, which is kind of dead.
So maybe like monopolizing that when
there's no trading volume and
it can't scale. I'll defer to
all the crypto people on that.
clear tension here is
the apes by moonbirds.
Everybody hates Kevin Rose. So Joe,
I've heard Joe say
this guy has a very shady background for 20 years.
I can't speak to this, but that's apparently
maybe a thing. I just viewed this guy
as the most him and
the hatred of them
that they, for God's
sake, they actually
had graduated from a college
and they actually had business experience.
The people are so hostile to
anybody that's had
institutional experience or knowledge
or smart or has a degree. There really
is this obsession with not only
just we're dumb money, we're pirates,
but like hostile. I know you're
not going to like this yet. It's very like
Trumpian. We're
arrogant about our ignorance. That is
very much a theme in Web 3. It just
is. And so the idea
of Yuga, who are the Irish...
That's not just a theme in Web 3 specifically.
That is actually a global
concept. No, no, no. But I'm
saying it's been a course from being an adjective.
This is very much a space that
is very conspiratorial,
very much adopted.
It makes me so bullish because that's
almost all societies. You're saying we have
the right establishment. Any, any,
any, anything. That's definitely a part of Web 3.
It's not the whole thing. You have very much this
horseshoe thing going on with both
there's like liberal and conservative
documentaries that hate
Zuckerberg, hate institutions. That's
fine. But it's definitely a part of Web 3.
It just is. You're not being honest
if you don't see that. And so
the idea that these pirates who really did...
It's a miracle what they've said.
It's a normie thing.
I really think that's the whole...
You can talk about everything else.
I really think it's that culture shock of
for God's sake, why would we incorporate
these normies into our
pirate ship, right? We're the
anti-everything. And I really
think that's literally the
entire thing. And I think...
I don't know if it was Steve or Captain. Someone said
would you have liked this better if they just
branded it as, as
Kevin Rose and he screwed up
and we're taking it. I really think that messaging
might have worked. Obviously that wouldn't have
worked. Kevin Rose wouldn't have bought it.
The deal wouldn't have gone through. But I think if they
would have basically said, fuck it, we're
kicking Kevin Rose to the can.
We're taking over Moonbirds and we're going to
ape-size them or whatever.
Yeah, push a narrative.
They needed to push a narrative, right?
They needed to actually sort of change what
Moonbirds and apes were just sort of feeling and
just squashing them together. This had to
roll out with a proper narrative.
Yeah, this is not a mid-play
game. You had to do that.
Otherwise you're just like, you're getting too
cute with trying to like,
oh yeah, apes love
birds now. Birds love apes. No,
that doesn't really fly.
I think you're right with the audience as well.
They did collect a whole
bunch of birds from Moonbirds and now they have more
inventory for that coming.
It's not that big with Moonbirds.
No, it's definitely not 250 million.
I don't wear clothes.
I would say audience and
inventory for a new product launch
that you're going to push out is actually
pretty big. So you don't just want to launch it.
See, that's my problem.
Yes, it is
if that's what they acquired, but I really
don't think that's what they acquired.
I think failure to
understand crypto communities
that there are.
By holding and participating
in Moonbirds, in my opinion
you are showcasing that you do
not understand NFTs.
That is my strong opinion.
If you're going to
actually do this, you need to construct
a new narrative where both are intertwined
properly, as Jesse
put. I would even
just say you don't really even need to
incorporate Rose in that scenario.
You can just say we're taking Moonbirds back.
He's out.
He's out.
He's not even anywhere close to anything that's
going on. He's out, but he wouldn't have signed on
for a message of fuck Kevin Rose.
First of all,
Kevin Rose is
a famous entrepreneur.
He created
Dig and other
revision 3 and other
cool shit back in the
That's how
the pedigree and credibility
of the whole thing started.
When proof first started
everyone was hyped because
Kevin Rose
was coming in and creating
something in our space.
You mean you meant that, right?
That's a myth.
No, no, no.
I'm not saying it's true.
I'm just giving you
the narrative.
I'm just giving you the narrative.
Then, obviously,
proof exploded.
140th floor, something ridiculous,
just for the thousand proof passes or whatever the fuck it is.
The Moonbirds thing,
it was the right time, the right place,
whatever the fuck it is.
Obviously,
his reputation fell
apart because they didn't execute.
The execution was garbage
across the board on all
fronts at Moonbirds and
arguably at Proof. They did some interesting
things on the art side, but not
anything that was really worth writing home about.
Fast forward today, I think
again, there continues to be this myth that
oh my god, Proof
had all this money.
Dude, the money
really belonged to the investors.
The money
belonged to the investors.
The reality is that, again,
I'll say this again, when investors
invest in a company, especially at
a really high valuation,
they normally get
a lot of rights. They get a lot
of rights. There's rights,
for example, I mentioned this earlier,
something called a liquidation preference.
What a liquidation preference means is
let's pretend the company,
someone invests $10 million
into a startup and they have
a 2x liquidation preference.
That means the investor needs to make
a minimum of $20 million
before anyone else gets
paid. That's what a liquidation preference
don't know the inside baseball
on what the terms were
of the investment that Proof
received from venture capital firms.
We knew that they had a
burn rate. We know that they generated some
revenue from Moonbirds. Who knows
what that actually is. Who knows what they did with the
treasury. Who knows exactly what
happened there. In my
opinion, what this looks
and feels and smells like is
this trade-up aquahire, which again happens
all the fucking time in startup
culture. It's the most
common form of soft landing. It's like,
yo, you got 15 engineers?
I need engineers. Cool.
Let's just call it an acquisition
but I'm really just hiring your people
and you're just going to sail off into the
sunset. Usually
you know that that's what happened
when A, the leader of the
organization doesn't stick around. In this case,
Kevin is not sticking around. You know
that categorically.
There's no terms being discussed.
No one's discussing price paid because
think about the acquiring founder
wants everyone to know that
they're a fucking thunder lizard. If you sold
your company for a cajillion dollars
you want everyone to fucking know
that because it becomes a part of your
legend. If it didn't happen
then you want no one to know about anything.
You want no one to know what the
terms were because it's
negative for your legend.
Technically isn't this a second
fumble though?
It was worth 50 million.
Let's have Joe absolutely annihilate
Cairo before I try to get this thing.
I'm not here
lionizing Kevin Rose. I'm just
making a point of what the narrative
was. Now yes, someone has more
details on many
fumbles in his career. That's fine. Someone
can go into that detail. I'm just letting you
know what the macro narrative
was and then what the likely outcome
was in terms of this quote-unquote
acquisition which is really probably
just a fucking aqua hire.
Joe, Joe. By the way.
Who is trying to step on your corner dude?
Take back your corner Joe. By the way
just to be clear and
I'll toss to Joe in just a second. The word lionize
means to give a lot
of public attention and approval to
someone or treat as a celebrity
and its primary usage came in the
1850s just for anyone
that is unaware.
The word lazy lionize means to
do a crappy shitty art
NFT project.
What's up Joe? Nice to see you again.
What's up buddy? How you doing?
According to the accountants who were
prepping the company in November to
sell it, this was on the
moonbird side because that's what he was first trying
to get rid of. He wanted to keep two thirds of the
treasury and
pay somebody 10 million dollars to take over moonbirds.
I'm looking at you guys pudgies.
That was the offer on the table.
There was 30 million I was
left. A little bit over.
And that's all
that was left after all of it. So do the math.
10 million
pre-raise the week before they
60 million. That's
the moonbirds.
Then you raise 50 in August
then you do about 35 in secondary.
That's what they were working with. I don't know where
this quarter of a billion dollars comes from.
Take 40% off.
You're at 90.
That's going to be your fees, your off-ramp, your
taxes. Kevin
liked to live.
Slow, slow, slow
getting rid of that crypto which was going
down arrow. All of 22.
So you're at about
Investors are going to take a clawback because they're looking
at that when he called high-rise and he said
oh, I'm not going to do that. So
they take a little bit back.
Then you start the spending. Kevin
gets his 30. You're down into the
60's. Dropping to the 50's.
Everybody's on web 3 salaries.
Motherfuckers are asking for $200,000
to be your fucking
oh, I can manage the Discord community.
Pay me $200,000.
He goes to get his office.
They have a fucking big-ass
office. You know how much office space in LA costs?
He's not paying
COVID pricing. Kevin don't pay COVID
This motherfucker ran through money.
Let's not forget about the whole digital
tattoos thing. That's not going to be cheap either.
Did you see the forearms?
The forearms got fat.
Did you watch the interview where you talked about
how he doesn't eat Wagyu beef because it's shit.
He only eats hand-fed acorn
cow beef.
I went to the
LA and they only had
water bottles in class.
The man is
keeping a cow farm
where there's probably a virgin.
When I was over there
I sneezed
and instead of handing me
a tissue, Kevin just handed me a stack
of $100 bills.
I was at that.
going to tell you guys what we used to talk about Kevin
when he was in Silicon Valley.
First of all, my third
company, unless you count my consulting
firm as a separate company, and that's my fourth
company, but whatever. My third company,
business partner in it, worked
at Digg at the very beginning.
Took a big old salary cut, go over there to work with the genius
that is, boy wonder, Kevin Rose,
owner of Fat Forearms.
Kevin took $49,
$49 million in
VC, turned down
Google, a $320 million
offer for Google. No, fuck you
guys. I know what I'm doing.
Goes by StumbleUpon
gets a little bit shitty about it
because somebody said, hey, this is really great.
And so he fucking ruined it.
StumbleUpon was fucking incredible.
Still bitter about that.
And then like 18 months later,
he had to chop the bitch up and sell it for
$16 million. And 12 of that
loaded afterwards.
12 of that was for employees.
So that's a bloated number. That's a bullshit number.
Okay, but whatever. Give him his
fucking $16 million. Somehow he walked out
of there with no shit on him
and a big bag of money and walked right
into fucking Google Ventures where absolutely
nothing was accomplished in 18 months. That couldn't have been accomplished without him.
And then he started a fucking
podcast. Then he comes to Web3
and everybody's like, oh my god, he's
the greatest guy. Look, he's on the cover of magazines.
He's a boy wonder. And then he sells you motherfuckers
fucking digital pixel art.
Okay, can I
give a semi-counter
That was the easiest follow of my life.
Thank you for that. You're welcome.
I obviously, first of all, I'm very interested in.
I'm a little too low for it, but I'm told
that ketamine really is a fantastic drug.
I'm curious. I missed, you know,
I missed that.
I've heard it.
I still get flashbacks from my acid days.
I can't do it, but I'm curious.
Oh yeah, ketamine's great.
I haven't tried it, so I'm going to let other people speak on the ketamine.
Here's my counter.
You can say whatever you want about Kevin Rose.
This is the space where
we laugh off the fact
that someone
pretends to die at their mint
and after. They're chilling villain
who's a fucking nothing burger.
No, no, no.
Hold on one second.
Just real quick, just to correct,
Alex was in the
Air Force. Now he was in the part of the Air Force
that everybody makes fun of.
Don't docs.
First of all, let me just tell you
all on stage, do not
docs in a fucking
group chat
to super spaces
because you want to earn some fake token that they never
fucking put out.
People will send me your address
and I will send you a fucking glitter bomb.
10-11 Bass Street, Ann Arbor, Michigan,
But my point is, writer rips can drop
a token and make back the freaking nine million
dollars that this is a horrible
human being. A horrible human being by any
standard. I'm sorry. He can make it back by
dropping a token. You have a bunch of
other just total shysters. We laugh
all the time about rugs and people
and like, it's a total
dumb money narrative.
But then,
somehow Kevin Rose has a lower
approval rating than all these people. It's like, it's
okay if you're all like, haha, we're all dummies.
But God forbid you have a degree from Stanford
and you try to get in this and you're sort of shady.
It's like, you're the worst human being
in the world. And I just think it's
a little weird. I just think it's a little weird.
I shit on everybody.
Okay, hold on.
Jesse, can I say something to that? Okay, so
I think it's also just the fact that it's like,
uh, like, Kevin, yeah,
like, sure, there are, you could name like, you know,
on fucking one hand,
like, just like the craziest
grifters in the space always like rug or
like do like liquidity grabs. But
I think it's the fact that all of them combined
don't even add up to
like what fucking Kevin Rose has like
fucking raised with
like promises and then just like terrible
delivery and then,
you know, and then the CCO
thing, like he like, he fucking rugged them.
Like people didn't sign up for that.
I would love to. So I want to say to
Joe, I was in the shower just
now and I heard every word you said. I just want to let
you know, this felt like a Viking
send off for me. I, you know,
I was, you ever seen the Viking
movies where they put you on the pyre and like
they send you off on a boat and they're like, you know,
see you in Valhalla or whatever. I was
just like enamored with what
you were saying in the shower. And I was like,
man, if there was ever a day for me to put
up my towel and stop funding
and pass the torch to someone, it would be this
guy. And I'm just, I'm so grateful
that while I can't fund
someone who quite
frankly has more skill than me at it
will continue the fight. So Joe,
my hats off to you and
you know, congrats on.
I'm just going to mention that it feels
like Eddie is just accumulating like
the 92 dream team
of Fudders to come up on stage
which is like a
You can't Fudd anymore. We brought in all your favorite
people. They're like the virtue
workers of this. It's insane
to watch. Just
just for the record, I run on fucking
Petty. I know
God, I know. Stop. I already like
Dude, that's literally me.
I'm literally you
in the past. Like I'm the younger you.
Dude, I admire you, man.
You know what I think is the greater crime? And I'm going to toss
to Finn in a second. My
thought, or at least the reason why I at least
personally am more
Kevin Rose type rather than
let's say like accumulation of
all of these other actual Ruggers
scammers and whatever pieces of garbage
which by the way, Paulie is
in my opinion, definitely also a total piece
of garbage, especially from some of the stuff that
I've seen him do over the past few years.
Which is right.
Right. No, but like my opinion
is at least
at least to a decent extent
when you're buying into the garbage
that Paulie is selling you, you know
what you're buying. Whereas with Kevin
Rose, you are
basically what has basically happened
to many of the Moonbirds holders
is you have poisoned their minds
to levels that are like effectively unfathomable.
That trip though, Paulie would be selling hot dogs at Home Depot.
I know, but like when you look at things
like Moonbirds, you have these
fairly well, because I met a much of these
guys. I spent a lot of time, dude, people call me
the Moonbirds guy for a while, which is
still shedding that.
I'm still shedding those feathers.
I remember that. Right, exactly.
The problem is I know these guys
intimately, and a lot of them
are fairly clever
people. These are not stupid
people. I'm not saying
they're stupid. I like a lot of
these people that were in the Moonbirds community
spoke with the Mad Nauseam, and I think
they at least have a really
good shot of getting it.
What happens is you have this
figurehead of this space that
leads a huge subsect
of people down a
horribly wrong path,
openly wrong,
doesn't really
try to fix it in any meaningful way
and is effectively like
whether or not he wanted to
has left a trail of
corpses of
people that could have been great in crypto
and are now floundering
and probably are
literally there are people, I know
holders, I'm not going to name some of them right now
but I'll name
one that I love. Dave Toronto,
great guy, but he's
he fuds the shit out of certain things
and I'm just like
you have to take a step back
away from how you appreciate
NFTs today
because it is
founded on this horrible, horrible experience
that is Moonbirds, and you win
it to things thinking if Moonbirds
doesn't succeed, no other NFTs
could because look at who's leading
Moonbirds, like this is, this should
be the greatest.
If Moonbirds doesn't succeed, how could
anything else? And then Moonbirds
fails tremendously
and you look at the rest of the space and you're like
oh this is all just a scam, and it's like
no, no that's not
how you should look at things, that's not
how you should try and take in some of this stuff
and that's why, at least me personally
why I harbor ill will
and I go so hard on the Moonbirds, even
though I sold out of them, I want to say like six months ago
and I'm like
because I feel like
it left, in a sense, a trail of
tears that is
going to have at least some
level of echo effects
for at least another year or so
hopefully it gets flushed out over time
and it's water on the bridge
but that's my problem.
That I think is probably the thing that resonates
with most people.
I just wanted to frame the issue, I think it is
worth at least thinking about the fact that
again, if a guy in the corner
like a homeless guy tried to steal a few bucks
for me for three-card bonnet, I'd be like
who gives a shit, like yeah, whereas like
if my friend, college friend tried to scam
me of some security fraud
I'd be like fuck this, like I'd be much more
fucking pissed at the established guy, I get it
but I do think it's worth thinking about
because I do think
this sort of
culture, not even culture, it's
really almost like a class war that
is kind of embedded in Web3.
That is a class war that is
No, no, it's not even that because
it's an interesting tension because everybody's like
oh no, we actually want to bring Web3
to the masses, but then we
really, really struggle with that because
then it's like oh, well then we're back to kind of
deal with that. Or you're going to bring gambling
to the masses, they have it already.
They do have it already. This is just a better
Sky Casino, like Naveen
would say. Sky Casino
Bro, we could turn a book into a
casino, which is what I think is amazing
technology. Naveen, can you? Gary V already
did that. I want Naveen to
launch an actual casino, by the way.
You guys are the best. No, no, no, no.
You don't need to watch one. Just play on shuffle.
A casino in the clouds, perhaps?
Something of that sort.
Here, Finn, I want to hear from you. What's going on, dude?
And you don't have to raise your hands. You can just come and
pop in. What's going on? No, I like raising
my hands. Okay, fine. It's more fun to see
things that are more important than me. He thinks he's so
tall. I'm so tall.
He thinks he's so tall.
Wow. Wow.
I like towering over you
fuckers in person. It's great.
No, I would
almost mute you off of that, by the way.
looking like a praying mantis.
Alright, alright, alright,
Jonah. You're the shortest out of the three of
us in person.
Because I'm closer to God.
We were talking
about fucking grifters, dude.
Who was that fucker who raised like $40 million
off those black dots that you combined?
And that was more than $40 million. He was one of the highest-
if we're going to fucking talk about the gold
standard for grifters, dude,
I'm pretty sure his grand total was close
to $70 million by end of things.
Who the fuck remembers him? I think it was
in the hundreds of millions.
Kevin Rose's name.
follow-up was that Kevin Rose's
alt. Is that
just the second grif?
In the scale
of this shit, it's fucking crazy
how much this ecosystem
has let just happen
and what people have gotten away with.
It's mind-boggling and
I am totally victim
to a person who I fudge
shit, I talk shit,
whatever. I say things, but
in the grand scheme of things, the projects that are
still here and still doing shit
haven't come fucking close to the garbage
that we experience in 2021,
2022. There was some atrocious
shit that happened.
I think when you look at the outflow
of fucking
liquidity from this market, from
some of these people, it's just disgusting.
you know,
I was rightfully, and
I still have my concerns over
the UGA acquisition, because I think
we still have to see if
the upsides outweigh the downsides.
But at least someone's trying
to do something there, and there's
massive credit to taking something that had
potential and taking it out of the hands
of a scammer
and trying to do something productive
with it. Because a lot of these other
grifs, no one did anything productive.
There was no community takeovers.
There was no buyout and
leading to success. They just fucking
continued to suck
liquidity from the market and exit with millions
of dollars. So like,
I don't know.
And the billions, by the way, too.
Fucking billions of dollars have left
this ecosystem from garbage individuals.
And like,
fucking good on UGA for trying to take
a step forward and fucking
pull some of that shit back and do something productive.
That makes me excited.
I mean, Pixelmon's a really good
case in point, right?
Beautiful point.
The reason I really like Pixelmon
The reason me and Jonah put money
into Pixelmon was because of
the takeover. Because it's fucking
bullish than our neutralizing.
I'll tell you exactly why.
Okay, why did you put money in Jonah?
I know why I put it.
Because of the medics. Because of that fucking Kevin
zombie thing.
I didn't read the fucking term sheet.
I didn't ask Kontow about the BVI.
He was like, yo, here's how much it is.
And I just sent it to him. I didn't even think about it.
By the way.
Kevin is blue chip, by the way.
He's the most notable asset during the bear.
That is true.
The first rug NFT I ever purchased was a Kevin
derivative. And it's the only
rug NFT I don't hide on my
wallet. I am fucking trapped.
Just to be clear. Worth shouting out.
The Pixelmon
D rug was orchestrated
by the guys at Project Ajira.
Almost no one knows that.
But that was the case.
That's like extra bullish.
I sold Kevin at .5.
And the next morning
it was at 80th floor.
I was like cutting down my exposure
because I thought he was so ugly.
That's a moral of the story of don't
put your book by its cover.
Yeah. Wow. That's crazy.
Whenever that team goes to
pitch for any more money, they can just wheel
out that 12 year old kid and be like, he's the
creator, man. This is such a great
little narrative. Some zany 12
year old kid. Yeah, that's going to do
down. But yeah, all that to say
and I'm tossing to Joe in a second.
Just a reminder, Shan and the Project Ajira
team are low key legends.
Like big guys. No one talks
about them. They are very smart. Anyway,
Joe. It's about a half
a trillion dollars that's ran through the space.
mostly we just focus
on a handful of really shitty
that have ran through
whether it goes back to like
that fucking L.A. company call
with that asshole, Gavin, what's his face?
I met that fucker in Vegas.
But it's about a half a trillion.
NFT factory.
NFT factory. Thank you, sir.
It's about a half a trillion
because you have to take into account
like Asia is booming.
Cameras don't stop there.
They're pumping out.
If you look at the meme coins
and if you go with
what the CFTC is looking at,
you're looking at
these fake central exchanges
that pop up and they move like 20 billion
dollars in a couple of
you know, maybe six to eight weeks
and then they shut down and then another
one popped up. So
you're looking at really close to somewhere between
500 and 600 billion dollars.
But then the concerning thing
is that if you
talk to people who really dig
deep into this, like
each crypto is basically
leveraged 900 to a thousand times.
You're like
my CIA dad.
I appreciate that.
I was just going to say for everything is leveraged
in this industry, bro. Like literally
everything. We're all
we're all playing with leverage.
900 to a thousand
times. It's my favorite thing when people are
like, I don't believe in Fiat.
Do you know how much Fiat's livers?
It's like, well, it used to be
before COVID 20 to
one, but then it's about 50
to one now post COVID.
But that fucking coin
you're playing with is about a thousand to one.
So yeah, I know how much it's
leveraged. And then they shut the fuck up.
Yeah, but community
dude. Hey, I came
for the fucking fanny packs.
Are you also including
Bitcoin or does that
sound money still? No, Bitcoin's separate.
Bitcoin's separate. Just got to
make sure. Yeah, you should put everything
into Bitcoin. What about how good
is these guns? No, eat this
leverages.
It looks like make sure
you get guns, ammo, canned food
and then a ledger with actually
one of my
electricity collapses.
You'll be able to walk around
with that ledger and try to find
a hamster. When is
when is this going to collapse?
It depends on who
you're talking to. There's a couple of weirdos
in your night time space and they're pretty
sure it's going to happen every day.
I'm going
to try to get my kids to at least
waking up every morning being like
today's the end of the world for like
three years.
If you say it every day,
the freedom that gives
you every day when you wake up and you look up.
That's true. That's true. That's a great mantra.
It's like the it's the parks and rec episode
it's the end of the world every year but they have to schedule
it properly.
Sometimes you can't schedule the end of the world
on the right day because somebody else has the
park reserves.
I'm going to tell you a great
story in my childhood.
I literally believe 2012 was going to happen.
So I literally remember
because whatever I watched the movie
I watched the I think did that not
come out on 2012? I watched the fucking
yeah I watched there's two movies that
scarred me in a childhood 2012
because whatever reason I actually
thought like it could happen. I don't know why
I thought that and then the other movie is this
movie where I think it's Stargate or
something where they go to it turns out
that if you go to deep space it turns out
space is hell. I don't know why
it doesn't matter that last part doesn't matter but
it's a terrifying movie.
good to know Jonah.
But anyway anyway
you know belief is a powerful thing is all
I'm saying.
I was scarred by the Gremlins.
Uh that was my that was my childhood
scarring movie. Yeah does anyone else
have any drama that
likes to talk about her?
Violence of the Lamb.
That dude.
That's a great movie. My step dad's
mother was a crazy
bit. She had me and
my brother dropped off at the
theater. She snuck us in
and this microwave
popcorn left us there.
I think I was ten or
whatever and
it took me two more years
of watching that movie to figure out he
tucks his dick in his standing because
I was a little kid and it didn't make sense to me.
I wouldn't take out the fucking
trash for a year after that shit cause
I was certain I was taking it. It was the little shit in the
basket. It fucked me up.
It was fucking perfect.
In fairness I also had trouble taking
off. I definitely did some running.
You know like how Spongebob would run to the
dumpster. Oh my god.
Yeah it was definitely me.
My step dad was on coke
and he had watched
he had watched the Freddy Krueger
the one where he waves his arms and
they extend and then he comes after you
so he had watched that the night before
and he was in a coke binge and he went to go get
the car out of the garage and he thought he saw
Freddy Krueger so he just took off as
fast as he could and he hit the car across the street
cause there was no fucking Freddy Krueger.
So that was a good explanation to my mother.
So Yuka I think
My story sucks.
It's been a weird week dude.
It's been a weird week.
Crypto's like the breakfast club.
It's been a good week over here Eddie.
Oh yeah I'm sure.
It's been a really good week over here.
Yeah having fun of course you are Mr. Rohn.
Wait why are you saying it like that?
Oh pixels goes live in a couple hours.
Massive staking rewards for Rohn and holders.
Yeah dude Shamdu was right by the way.
Shamdu had a tweet today.
He's like 18.
Can we like get off the fact that the kid
is a kid? Like every time someone mentions
by the way he's 16.
Yeah we should focus on the fact that he
rubbed like 150 E's not that he's a kid.
Well the genius alpha there
when he did it he couldn't be tried as a child.
You guys got fucking bamboozled by a child.
That's Jesus Christ.
Headdow was the future of finance for a little bit.
He would get on space like
sorry guys I gotta go I'm in 4th period
and we're like what the hell he just
he just aimed 50 E's into some like
rug and everyone's like what the fuck
just happened.
He was talking to Goldman Sachs in 2nd period
and on space.
Oh my god.
Yeah that is actually
extremely accurate characterization.
There's so many good movies that could be made from this.
No he actually used to do that dude.
He used to actually. Yes I know.
Yeah it was insane. He would like tweet like
okay just swept 50 E's worth of this
and they'd be like oh champion tell us about it.
He's like I can't I'm in 4th period.
In fairness he's also actually a pretty good trader
by the way. He's actually really good at it.
He's a crass mate and you're like
what are you doing and he's like
I'm leverage trading JPEGs and I'm like
dude that kid Jimmy's a fucking weirdo.
This is so much better than the FTX story
dude like come on.
But like I will say
he said like hey
you guys probably should be looking at
like all of these
upcoming raises and as long as you're not
as long as you're not blowing your load
on the wrong ones and you're being a little
bit careful and a little bit picky but just
watching anything that's raising and by the way
for just like
general people like
you don't need to be a sham dude
to get involved with a lot of these things
you just have to be aware that something's going on
which takes a bit of research
and then just ping some people who may be like
somewhat ancillary to what's going on
it's actually not that
it's really not that hard
and we'll say
like the opportunities are
going to be nuts so as
as much as he may have probably
rubbed with with Headdow
hey like the kid's got a point
we're about to have some pretty crazy shit
so to see Pixl's doing
well is unsurprising and congratulations
to the guys over at Ronin
killing it by the way
I saw Beanie flooding
actually was faster
that made me really happy
he was really
the thing I'm using Beanie
I used to use Beanie as an
indicator of where the
market's heading
I now just counter everything he says
he's actually a great indicator of what's not going to happen
if Beanie's coping
put your money in
and if Beanie's bullish, take your money out
at times he is right
he called say for sure
was definitely right about say
he didn't call say though
so many other people called say and he hopped on the narrative
it's like
you can't give him say
but he was still at least
right even if it was not he himself
who made the call but he was still right
and good on that
I know Shamdu bought
like a crap ton of tea at like
$2 so good on him for that
yeah man I will say
as like an overall thing
I am exceedingly
bullish on a bunch of stuff
that's going on for anyone that's going to
eat Denver if you are heading out
and you're not going to listen to me on this next space
let me just tell you so that you're aware cause like we're
going to host a space next Sunday as well but
if you miss it
just so you know the
SEC commissioner
will be at eat Denver
Hester Pierce she's a legend
very base many lawyers
will be at eat Denver so guys
for like one time just for like
a little bit while you're at eat Denver
just like recognize
that we might want to put on like a little bit
of like a fair just like a
modicum of professionalism so that
we can definitely get that eat
that eat ETF right
like I would prang man like
that eat ETF is going to be glorious
if slash when it comes
later this year and if like if you
guys are out there shooting paintball guns
at each other there might be a little
bad taste in the mouth of some of those guys
dude all I'm saying is that UDI went to
Bitcoin Miami with an army
of people grown adults
dressed as wizards and then the Bitcoin ETF
was approved like a mod player so I don't know dude
that is also true alright guys
I don't just go like fucking ape shit
then I don't
I've heard I've heard the
ETH founder has done some cool
stuff that you should replicate I think if
everyone were to show the amount of
excitement that he has
are you talking about the size of his penis?
I wasn't going to say
it like that but like
if just everyone showed up with you know
dicks out for Harambe
it may have just been a Vaseline
yeah that's what bears want you to think
dude what's a Vaseline camp
you can can like
actually that was the wob
I thought camp like camp you go to it
no I would not want to go
to a Vaseline camp I feel like that would be
terrible I feel like I don't know
I don't really want to know what you guys
are talking about
yeah I don't know either man
I don't know either let's just say
he's running his own node
in his pocket that's all we're
saying over here
I'm just going to let that one sit
for a little bit
please don't please
the ETH ETF
by the way
is really good for price
but disastrous
for the network
I don't think people really understand
it's a proof of stake protocol
so if people just
start dumping ETH into
and they basically give
that ETF is buying boatloads
that basically means that these ETFs
become large enough to
ultimately control the network
and then the ETFs are actually just giving
the ETH to Coinbase
because they're not actually custodying the ETH
they're just buying ETH
but Coinbase actually owns
I don't think people are actually thinking this through
you really shouldn't have
ETFs for proof of stake protocols
it's actually like fucking disastrous
for the security of the network
people are just not thinking
hear me out, wait real quick
he's right on everything
and he's leaving out the worst part
they're going to do
synthetic in about
18 to 24 months
because that's what they're going to do
you're going to have synthetic BTC
and synthetic ETH
and then watch it go have fun
hey but hear me out
hear me out
we rotate into Solana
and if that has the risk
we then rotate
into like
precious rocks or something like that
so Eddie, I'm totally
I'm totally with you on just number go up
theory so like
I'm just letting you know that for anyone who
actually cares about
for anyone who cares about
actually having
permissionless systems
this idea of a value
layer of the internet where it's truly
permissionless and all that shit
if you actually give a fuck about any of that
then you actually really
really don't want an ETF
to happen for a proof of stake protocol
that people actually give a fuck about
because it's truly disastrous
for the security of the
of the network
there's enough validators that it'd be fine though
dude like don't you
no you're wrong
because here's the reality check
ETH is already basically controlled by
two parties and that's Coinbase and Lido
and if you end up having an ETF
and all the ETFs
like all the Bitcoin ETFs are
accosting the Bitcoin with one party
basically and that's Coinbase
so like if you go out and you buy a
ETF it doesn't matter which one it is
it could be the BlackRock one or
you know doesn't matter which one
all that Bitcoin basically lives
at Coinbase but Coinbase owning
a bunch of Bitcoin doesn't actually
have like a security
relationship with the network because
Bitcoin is proof of work
so the problem with a proof of stake protocol
is if all the ETFs
start accosting their ETH
with Coinbase that doesn't
mean that they like have any control
over the network because they're seeding that
to Coinbase. Coinbase basically
just ends up controlling ETH and there's a reason why
Coinbase is pushing
the EVM narrative so hard like there's a reason
why they're doing it because they see this
happening on the horizon and it just
means that Coinbase ultimately controls Ethereum
so you're wrong
like it's a serious fucking problem
this might be a stupid question but like
if we get more and more
exchanges
opening as
this industry grows in other
countries and other jurisdictions and they
themselves pass ETFs
does then that network grow
in that top
layer of exchanges and then that takes
some of that I guess consensus
from coins?
No, the reason why
is because
the US is the
largest market for this kind
of a thing and Coinbase is
the only party that's like
quote unquote accepted
for this kind of a thing and by the way
we are already at a place
like if you go look at the data between Lido
and Coinbase you already
have essentially a scenario with those
two parties control Ethereum
so it just gets worse
like it gets worse and worse and worse
and you may
think in the future like oh wow there's
a random exchange in whatever
insert country here but that country
is like a rounding error compared
to the size of the US
stock market and like
the equities market here so that's why
these ETFs in the US are
so flipping huge
for anything whether it's gold whether it's
Bitcoin now whether it's like whatever it doesn't matter
and so we have this lion
share of the overall
sort of like financial situation
on the planet that's why there's a reason why
the US is a dominant market
and sure if China
decides to do something then you
might have an argument but China's
not a fan of crypto like this is not happening
in China anytime soon so I'm just making
a broad point that like
anytime I see on the timeline someone rooting
for like an Ethereum
ETF they're basically
rooting for Coinbase
to control Ethereum
that's basically like I just in my mind
just translated accordingly
that's really interesting honestly that's really
interesting and as you said like if we do
see more from say China
the UK especially there's a lot
of I don't know how that compares
to the US market though
do we see that growing over time?
The problem is small, it's fucking small
Don't we have issues right now
with I forget which bank it is exactly
owning the RPC access
Ethereum whether it's just being metamask
but like you know most of the
RPCs that like run all the
transactions are
It's called Infura and it's
owned by Consensus which is the same company
which controls metamask
Ethereum is already like wildly centralized
on many dimensions but this
just takes the cake this just means
that like and ultimately what
you got to remember is that Coinbase
is under pressure by the US government
at all times so like the
whole purpose of these systems like the reason
why these systems matter at all is
they're supposed to be permissionless like what
that means is that you don't need to go and say
like mother may I like oh when I
you know the Apple app store you
don't just get to launch an app on the app store
you have to say mother may I you have to go and
get them to fucking bless it and approve
it right so so basically
what it means is that you run the risk
of a world where
to launch a new dapp on Ethereum
now it has to like
subscribe to the US worldview
for example like there's all kinds of
weird effects that come from
this idea of like Ethereum
essentially being controlled by Coinbase
and like again I just
don't think like I understand everyone
in this room and broadly speaking in our
industry just wants to get rich so on
that dimension for a period in time
yes like it will help you get
rich that's cool but
but the problem is is that
it means that Ethereum
stops being Ethereum right it just
means that it becomes like fucking like AWS
or something like something else
that's completely captured and controlled
and you won't have the wild shit that you
have like imagine a world where to launch
a shit coin on Ethereum or even
any L2 because they're all basically
rely upon Ethereum's security
model like you have to get their
permission can you imagine that can you imagine if you have
to like get Coinbase's permission
to launch a new shit coin or something
like that'd be nuts that'd be fucking nuts
like you know so that that's
the kind of the shit that you have to kind of imagine
like oh my god if ETF happened
and we have giant
flows and people start buying
boatloads of the ETFs have to buy
boatloads of ETH and they custody at
Coinbase because that's what they're going to do that's
already what's happening with Bitcoin
and then all of a sudden Coinbase now controls
like an enormous percentage of the fucking
Ethereum which is already a problem
that everyone's talking about in the Ethereum community
but clearly not like enough
and then it ends up becoming the scenario
where like oh I want to launch a DAP or I want to like
do something it's like oh you have to go get
Coinbase's approval to do it
and that's just like a shitty outcome
do you think they put
the TVL of Ethereum under
assets under management because
I'd probably be pretty bullish for their
stock price
well I was going to mention Naveen do you think that
like the the L2 narrative
long term then kind of like
loses its spark
and like people go more
to like you know better L1s
for example things that aren't built on top of
the EVM for you know just for
argument's sake
yeah so look I'm not here
to like FUD
L2s but you're asking really
good questions because it's sort of like okay
well if the L2s are reliant
on Ethereum security
model and Ethereum security
model is like legitimately
then you know what I actually
think happens like my secret belief system
on a lot of the L2s is that
they're essentially just vampire attacking
Ethereum anyway like if you think about it
like why do the L2s even exist
the reason the only reason they exist is
because proto-dink sharding has
taken fucking forever to ship
like Ethereum L1 has its own
scaling plan which
has not like materialized and likely
won't materialize anytime soon
and so if you're an L2
person like say you're Arbitrum
or you're Optimism or whatever it is
which is now basically controlled by
Coinbase like Coinbase is using the OP
stack for base right like Coinbase
has this entire Optimism worldview
then you're cool right because
like you have a layer on Ethereum
that you basically control
and you know Optimism is a
single sequencer anyway so
you know like you're cool you're copacetic
but yeah if you're someone like ZK Sync
or if you're someone like Arbitrum
or you're someone like you know Monad
or something else that doesn't
fall into that you know world
it's a really good question of like what do you
do right and I don't
have an answer for you but then yeah in terms
of the way people should be thinking
about it in terms of our industry it's like look
if you're an Ethereum person cool I'm not here to change your
mind like you know I'm not here to flood anyone's
back I'm just I'm just trying to ask like
like intellectual questions
if you're like what the fuck happens like look what's
happening with Bitcoin right now like the amount of
inflows for the ETFs
is like is
significant and I think it's going to
continue because I think Bitcoin is like a
really interesting thing to own
if you have like a 401k
or you have some sort of advisor or whatever
like compared to all the stocks you own
or gold or whatever the fuck else you have
like owning a Bitcoin ETF
like makes sense but the
problem is you know like the difference between
Bitcoin and Ethereum
Ethereum is the consensus mechanism
right you know Ethereum used to
be proof of work now another option
which is like a wild option which I don't
see in the cards is Ethereum could always
go back to proof of work right like that's where
Ethereum started but that's highly unlikely
for many reasons so
it just it just creates this like very interesting
question of like how greedy
are people they're very greedy I get
that like oh my god ETF number
go up awesome ETH to 5k
you know I see these posts on the timeline of like
ETH to 10k, ETH to 20k
I'm like dude fuck that'd be great
like you know people own boatloads
of ETH I want people to get rich that's fucking
awesome but it's like
man if people are believing
that the way that happens is ETF
I think we're all going to be asking
like questions about the usability
of ETH in the future
and that may not matter to people
like I acknowledge and recognize that it just may
not matter because if everyone's made like
a cajillion dollars and everyone's buying like
fucking private islands and shit people just may
not care but it's sad
to me because it like defeats the
purpose of this entire fucking space
to me no one cares
right now and no
one ever will care
that's my opinion right there
no you gotta think that we created crypto for the
decentralized nature and you know we
hop around from chain to chain because
of issues a lot of people wanted to
bitch about Solana because you know
it was ran by only a couple
large scale computers and it was
easy to take it down but
at what point do we
start asking these questions and start moving
to different layer ones as
a community you know you gotta number go
up but at what point do we just say
you know Ethereum has been
corrupted let's say by
the establishment and we
look for a new place for number to go up
because at the end of the day there's new technology
being built and if we just jump to any one
thing I mean we'll pump
the shit out of it
yeah so I think the way it actually plays out
is you know people
people only care about things
when it really
starts to like hurt them
otherwise you know think about it like
we talk about this stuff all the time
bridges don't get fixed until one of them
somewhere else breaks
yeah so exactly so
I think what ends up happening is
like this all quietly happens
you know Ethereum essentially
becomes a captured thing like I think the ETF
ultimately does probably get approved
you know like there's wild inflows
like everyone's hyped, everyone
who owns a bunch of ETH is like pumping it
you know you see it all over the timeline
all the investment advisors become educated like
oh you can have Bitcoin you know exposure
but you should also have Ethereum exposure
right but then what ends up happening
is like the US government as everyone
knows is like pretty staunchly
anti-crypto right like and the
US government is not stupid like they're
not stupid at all we might think
some aspects of it is dumb but
they're really smart people involved
in government and
they know this kind of thing too like they're
not idiots so they go oh
okay you know we
care and they're going to do it with the guys
of like protection
just like we all make fun of the SEC
you know for quote unquote protecting
us even though like they're preventing Americans
from like having access to generational wealth
like we talk about it all the time
you know and they're going to do it under the guys of protection
they're going to say oh you know it's bad
for terrorism financing or it's bad
for this or it's bad for that and
what you'll start to see is you'll start to see
like more restrictions you're
already going to start to see it on things
like front ends for DEXs like people
you're going to start to see like more KYC stuff
on DEXs you're going to start to see
it's going to be this like emergent
thing and then you'll start to see
like oh you want to launch a new
Ethereum DAP in the US like
oh you got to get it approved by Coinbase
you know you're just going to
and then what's going to happen is
eventually people are going to get frustrated
like people are very frustrated with Apple now
you know with
the whole App Store thing like you have
amazing entrepreneurs like you know Tim
over at Epic Games right
he's like he's pissed
Spotify is pissed like lots of companies
are pissed Amazon is upset like lots of companies
get upset with Apple
because they don't want to pay the Apple tax
and they want to be able to side load onto IOS devices
whatever they want to be able to do
and then those people start to find alternatives
like people start to like do things
in other places because
they go wait this is bullshit I don't
want to operate in a world that's entirely captive
and that's ultimately how I think
like you know but then you
start to see the decline of Ethereum
and the whole Ethereum way of thinking
at that point in time like but that
that takes time like all of that what I just
said takes a while to play
out but that's in my opinion how it kind of plays out
that bombshell in the words
of the great Jeremy Clarkson
by the way one of my
favorite hosts of all time I freaking love that
guy I'm going to wrap this puppy
this has been fun man
this has been fun
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unless there's something crazy going on like the
Super Bowl at 8 30 pm Eastern
here with English and the Daily Alpha
if you want to check out the Daily Alpha they'll be back
on Tuesday at roughly 11 am
English do you have any thoughts or
you're nodding off
he might have totally
I think he's asleep that's fine
alright outside of that
guys thanks again for tuning
I am working on something
is it ordinals Eddie?
it's not ordinals it's not I like
ordinals but it's not ordinals
we'll let you know alright guys
enjoy the rest of your night hopefully you guys stay
safe throughout the rest of this week and
I don't know
I wish I had some better
message but just be safe
and appreciate your health and happiness
talk to you guys soon we'll see you guys next Sunday