GM NFTFY + NounsBR: what’s happening in web3?

Recorded: Jan. 19, 2023 Duration: 0:32:09

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I'm really missing the music. You weren't listening the music? Yeah. The music was today was
was running? Why? The music wasn't running today? No. For me? Well, it was okay. Thanks Elon Musk, as you assume.
We heard things got very, very weird. Yeah, but Twitter's places always, always, always hug people, always got like these bugs and stuff like that.
actually did two spaces at the same time with the same account. Yes, all board.
Yeah, Twitter bugging is not something very unusual, I would say. It's something that we can't expect.
James James could he hurry doing my friend
GM GM everyone. I'm great Actually like woke up late today, so you know have a lot of things to do But yeah, I'm great. I'm announcing that our GM has already started on our discord. So yeah, that's it
No, it's nice It's a bad it's a bad situation that I'm putting you if I if I if I ask what news you can know I did my homework Oh, yeah, I did my homework friend no problem. We know that we know that Jan is this is is having a
a bad time right now. Yeah. Can you tell a little bit about it? Sure, for sure. So yeah, we already cover all these Genesis Gemini and DCG group things, but seems like Genesis trading is not going to get to the next boom market.
like they are at least for now having some problems as far as I read, DCG is preparing for Genesis trading to fire chapter 11 on the United States. Chapter 11 is basically when you go bankruptcy and
I'm not going to get to technical but there's still a chance that they survive but the chance is very minimal and in the end it's not good because it through effect Gemini earned program so not the
That's good, but in the end of the day, at least I was saying on another GM, we need closure on this and it seems like we are going to get the closure. Not the closure that we want, but one way or another, this story is going to get behind us.
So, like right now, we don't have anything for sure, like for certain, but a lot of people that are involved with all these Gemini and Genesis trading drama, especially creditors from Genesis trading.
are arguing that they are going to file for chapter 11. I think it's going to be next week. I don't know why or why next week but yeah seems like this story is going to get some closure and it's not good because I read that Genesis has
$3 billion shortfall according to financial time. So things are not looking good for them and it's funny because of course we'll flag on DCG group and Barry's suburb is already being investigated by prosecutors on the United States. So I don't know how Barry's
going to get out of this but yeah in the end of the day I'm just sad for the proposed brothers but I really I really do expect them to solve this matter with their users and client and clients like they are on the medical system for more than 10 years I do expect them to have a plan B
Yeah, this is kind of interesting because I just been a tweet here from Guazhu Kondasque reporting that Janice may be nearing a bankruptcy party.
So this is kind of weird situation because for those that don't know, Kondasque is from the CG and the CG is an economic group that owns
Kondas on grayscale and Genesis itself. So it's kind of weird situation. It's kind of curious and funny at some point. How do you see this? Good.
Yeah, I don't know man. That's that that only makes me more certain that that's going to happen like I know that I just said that there is not there is no confirmation of all these Genesis chapter following for chapter 11 but if their own media company is already repeating
It's kind of inevitable. I don't know. It's very weird because like Genesis is in this situation like for more than three months right now. I think they started on November and man like I don't know where I don't know like
The Winkofoss brother has posted some open letters on Twitter called pleaded for buried silver to not be the CEO of the CG anymore. And in the end of the day, it seems like they were right, accusing the CG bury for all these messages.
But at the same time it's not good for the market. My humble opinion is not good for the market. Like another company going for a job to a level. But yeah, things like this happen. I just hope that we get some closure on that, such as we
We have to talk about sdx and sbs on today's GM. We have some news from sbs. But I just want this situation to get behind us.
We move on. We've, we've generating or we've found them. Yeah, Queen, that's in a very funny way. Zoe's announcing the chaos, you know. It is the first one to announce like, oh, okay, I have to say, but the market we were explode.
Even when it's a broader company that is exploding. Yes. Yeah. Gabi, how are you doing my friend? Jam Jam. Jam guys, I'm fine you. I'll try to participate here.
I won't promise but then he's freaking out. It's like you're too happy. I always nice to have you here. It's funny for me because like that
Gabi is very shy and I actually never heard her talking in English so I actually expected something very bad and when she started yesterday I was like "Man, she's better than me right now!" I have to do something.
No, no, but I listen to you every day talking about Genesis and Genesis and then oh my god, this is never ends but
But that's okay. I will listen to you guys and I'm here. So I won't talk a lot, but anyway, I'm here for you if you need me.
Nice, nice, thank you, Gabi for being here. Just tapping into Genesis a little bit more. I know that we have been talking about this for a long time and this is very interesting because now people are talking a lot more because of the
rumors of bankrupt sales stuff like that. But I just want to say that things are very curious and the crypto exist because if you remember the markets before FJX imploded, the markets were good. Polygon were
partner with a lot of the big companies and companies that range from Disney to New Bank to I don't know a car motorsport stuff so they re-partner with a lot of companies in this in this
in the before era of FTX exploded and now the markets were good before all this stuff with Genesis getting worse. Okay, the work of us, brothers and Genesis were far
providing, pursuing legal action as well. But they were at the bank ground, the background, they were background noise, the markets were recovering, the markets, if there was jumping 10% in a day. So it's kind of funny this everything
Some markets recovery have a relief. We have this kind of episode. What do you guys think? It is quincidence or it's well timed because people want to liquidate things and cut arms to
survive the real market. They wait for the right time to sell their assets and okay I'm bankrupt. I need a legal protection from people that I need to pay.
What do you guys think it is a strategy or is just coincidence? I actually I'm in a face right now that I don't I don't disbelieve any of my crazy theories but at the same time like
We always saw that coming. In one way or another, we always talked here. We need closure, we need to know what's happening with Genesis trading, etc. So I don't know if it is a coincidence. But in the end of the day, as we talked some gems ago,
I was not sure about the boom market. The boom market is back yet. I actually thought and I still think that we are like we have a we're not looking good on a macro economic phase right now with all these uncertainties.
for me like I'm not saying that boom markets are going to take long to get back but we need to get all this story behind with FTX with Genese, Gemini, etc. That's in the end of the day like that does not affect centralized world but in one way or another it affects
like how big institutions see crypto market. So I'm not saying it is a coin stance, but we all saw that coming in one way or another. Yeah. Hermes, you are a humor friend. We talked a little bit about it. About exactly this.
Yes, yesterday in Daohao. But welcome my friend Jim Jim family great to be here with you guys and First of all, I'm very happy for having a be up here. We fuzz every day now We are all proud of you and thanks
for helping us making this this happen every day Gabi about Genesis man I've been talking about like this conspiracy that I have growing in my mind but I don't believe in freedom for coin desk genre
or anything like that. I think that is exactly what you said. Like these guys are preparing for a long time now. They have been managing their risks and moving stuff here and there. Probably before we
we ever know anything about FTX going down and stuff. So I'm pretty sure that the ones that rules this our world, at least crypto world, they were aware of what was about to happen.
They certainly made their moves before the news were released, you know, before the coin desk report. So I think that nothing serious should happen. I believe that the big dump, the big problem was when
We are only going up, you know. I think people that knows more than us have already getting back on buying. That's how I feel, right?
Yeah, Hermes is the most optimistic guy in the in the wrong this is this is where my friends going going for other news I asked this about like either prices coming up and then things
People like to introduce chapter 11 every time that things go up. Chapter 11. The main thing that doesn't mean anything outside of this bubble, but inside means that things are getting worse.
The thing is, why I came with this theory is because of what I read from UNS. Now, it's your name service. Now, they have a governance proposal passed that
were basically liquidating 10,000 ether in and trading this for USDC. They did all this with the argument of creating secure runaway from 18 to 24 months.
So this is stuff that I'm happening right now. Some institutions, some decentralized institutions, some centralized. Oh, I just got my cellphone to fall.
but some some centralized and some decentralized institutions I liquidating some assets to secure the build market most of them betting that the boom market will come just in the next year or or end of this year
So they are securing runaways of cash to have cash flow and to pay daily things and contributors as well. What do you guys think? You guys think this TV matches when you see this ENS style movement and what you guys see is
the disney as the disney as the down movement. This is a sign of this belief on neither as an asset or is a move that is rational and cautious and this shows maturity from decentralized organizations. What do you guys think?
I think this is really... I think they want to put their hands in dollars. They should not do that. That's how I feel it.
Yeah, that's a good thing. Goody, what do you think? I think it's tough for us to say things like we don't know how this situation right now, how they pay the contributors between the Dow. It's tough to argue about them.
I actually do not know a lot from... I know how they covered things and how they voted, but I don't know who they are inside of INS. But I saw the proposal, I don't know, we are not...
I understand the thesis that we are not going to see a rule run this year. I don't know if I believe in it, but in the end of the day, like DALS have to take care not only of like a financial upside, but they need to take care of paying
their contributors etc. So I don't think we can say anything with auto-analysing, how is there treasure etc. I do not see that as a great movement. I do see them regretting that
But hey, if they need to pay people, when they pay people in the US, they see like, what can they do right? They cannot let these people work with false pay. If that's the need for the dollar, like the best for the dollar, that should happen at least in my opinion.
Then you have any any take on it. No, no, I didn't know about it. So I prefer to listen to you guys No problem. Yeah, I see this is with Yeah, you can criticize because
at an end of the day, ENS is one of the bases of the ecosystem and the ecosystem is run with either not other assets. But at the same time, it's kind of hard to ensure the future.
So I think it's a little bit a show off of maturity from the centralized organizations of okay, we don't we need to diversify some some stuff we need to secure some stuff we need to do this in order to run to not be the pain
They don't know if either in a couple months when they need to liquidate to pay contributors will be evaluated in QK or 800.
know this kind of stuff. So I think it's a kind of, yeah, we need to be more humble and understand what we can do with our treasury to not fall into just not going to be able to pay the contribution
So yeah, I think that this can be a reasonable, we can have a reasonable argument about it. Well, I think that the main reason for it to be a conversation subject is because it's like speeding in the plate you have eating. I mean,
A.N.S have a very consistent liking flux of funds. They don't seem to be threatened or any stuff like that. You are in the mainstream, the core of the
stream and you choose to like sell it for a stable coin in the moment. I also believe in diversify and stuff but I find it very awkward and I believe that's the only reason this is a conversation subject you know that's why people are talking about that it's because it's kind of awkward.
Yes, totally is total is it's not anything normal. Yeah, in exactly you you resumed as um, uh, speaking in the play that you eat and it is it is a spitting the player that I wait. It's like you are you are yeah, it's like
is like your rank shows to find a way out of your home, the place where you leave, you know what I mean? It's awkward for sure. It's an upward decision. I understand that people must have got to be paid and stuff, but I don't know man. You've got to show
some faith. If you from all of the people around there, you, the one who are one of the not the biggest but most celebrated players in the ecosystem, you don't believe in it, who would.
Yeah, because of that I say that this is it's gonna a little reasonable argument because it's a good subject to I think we have arguments from the both sides I'll say and good arguments for the both sides and
Yeah, I believe what kind of most of the Cedar making in Dows, we don't reach like full consensus. We have not divided consensus, most of the times.
Sorry, sorry, there's another important point to consider. And I think it was a controversial point on their discussion. The little Hermes is a bit...
Yeah, he needs help. But meanwhile while helping him, it is pretty low, you know, it's very low right now. So it's probably not the best decision to make a swap like that of a fortune in it or to US
the right now. Most of that there should be a lot of angry there about that because if you there's no way out of it right once you did it and they already did it there's no way back they
can be looking at a huge loss considering the it's like a bet in it going down. That's also a perspective that must be considered right.
Imagine the war that this proposal got inside of INS. The same doubt that most of us have imagined the insanity of this proposal.
So the discussion of this, the partners of this report will be fun to watch. Unfortunately, I wasn't there, but we can be at every time, everywhere, every time.
Good, do you have any other news to bring to us? Of course, my friends, I'm prepared, I'm prepared. So we have a lot of other news to talk. We have some news like regarding to Bits Lav who I don't know if you guys saw the exchange from, I don't know where, but yesterday just to give some context to yesterday.
The SEC or the CIA, I don't know, the United States, I'm releasing a note saying that they were going to release a huge operation regarding international crypto exchange players. The crypto Twitter went crazy, we expected it was like
something huge like by no sorry or etc. But in the end of the day like when they released the name of the player it was some like unknown exchange it's called the bitz lavo. I never heard about it until yesterday and like it was crazy because we had some
So much anticipation about that, everyone was saying like, "Nid, come on, that's going to be huge, that's not going to be good for a pretty too." But he knew that they like, it did not affect a single thing. And I know that our time here is short, so I'm already going to bring up some other news here. I don't know if you guys
but Australia Bank reported that they are going to launch a stable coin on a serial, blockchain serial and on Algorand. I saw some people tweeting about it. I don't know how that's going to work. If it is a CBDC or not,
didn't get the time to check out everything about the news. But hey, they're going to launch on a public block chain. So that's in the end of the day, that's one way or another, better than the real CPDC that we are going to expect here. So I don't know, do you guys have any takes on stable coins being launched by
like governments and nations around the world. It's a very curious about how this will happen and very happy to see that. Personally Australia is a
country that is not the head of the government, but they have a good economy and they have a stable economy at least. They are not some central America country unstable like elsewhere. Also, I have my doubts on how sustainable they are in
how their economy or their social system is really stable or just not Australia is way more reliable country to do stuff like that and doing this in a tier in the now-run
is pretty interesting. First of all, Ethereum, it's a validation. And man, why aren't I know that I would a lot of good people put a lot of their bats in our hands, but it's very, very specific, I'll say.
It's funny because I saw Sasawa talking about it from Australia and he just said like a theory and then I searched for the news Sasawa said it's an ethereal maxi and I thought like man come on this is cool like the theorems are huge walk chain etc.
I started researching for the news and then I saw that they are going to launch an award. I personally like Augurant as everybody that talked to me probably have heard at least one time I'm talking about Augurant but I think it's very cool. I know that their team is building a lot of great
things and in the end of the day it's cool to see it in my perspective that from someone that likes Ethereum and likes very much Augurant. It's cool to see this blockchain getting, especially Augurant getting the recognition that they deserve. The team is awesome, they have been doing a lot of great stuff.
person on a humble opinion. And yeah, but it's even crazier to see like the Australian government creating some stable point on public blockchains for me. It's very, very, very weird. I'm going to definitely try to understand if this is a
CBDC or not, but I'm going to have to read like the Australian government report and he didn't have the time for that yet. Man, basically we have 1.5 trillion USD dollars economy.
just tapping into actually as not in a private way but in the theory and our words. You see the beauty of that. It's more than an evaluation. It's a whole economy going to theory and then
the end algorithms. Yeah, it's not something that we need to underestimate. Definitely not. But thank you guys for being here. Just say Jim, to us, for those that are here for the first time, we do this from 10, 30 AM.
President time or 9.30am EST time and we do this for half an hour just to say Jim to you guys to say news to say well NFT collections we are into stuff that will result as an
things that we got bullish on in the market and just vibe together. Thank you for being here. Goody. Good guys. Danny Herbos, your be. Today we have spaces with Isis Samba tonight at 9 p.m. Jim 3 - 3
Oh, Nelsby's overfile. So let's go. Let's go. I'm very bullish on this summer as well. Thank you guys for being here. See you tomorrow. Yeah, tomorrow, the same place at the same time. Have a good day guys. Bye guys.

FAQ on GM NFTFY + NounsBR: what’s happening in web3? | Twitter Space Recording

What is the topic of the podcast recording?
The podcast recording is about the current situation of Genesis Trading and its implications for the cryptocurrency market.
What is chapter 11?
Chapter 11 is a provision of the United States bankruptcy code which allows businesses to reorganize and continue operations while still repaying creditors.
What is the estimated shortfall of Genesis Trading according to Financial Times?
According to Financial Times, Genesis Trading has a $3 billion shortfall.
Who is Barry Silbert?
Barry Silbert is the CEO of the Digital Currency Group, which owns Grayscale and Genesis Trading.
What is the CG?
The CG is the Digital Currency Group, an economic group that owns Grayscale and Genesis Trading.
What is Kondas?
Kondas is a cryptocurrency investment vehicle owned by the Digital Currency Group.
Who are the Winklevoss brothers?
The Winklevoss brothers are cryptocurrency entrepreneurs and investors.
What is the current state of the cryptocurrency market?
The speaker believes that the cryptocurrency market is not looking good due to macroeconomic uncertainties and the current issues with Genesis Trading and FTX.
What was the market like before FTX imploded?
The markets were good, with Polygon partnering with a lot of big companies like Disney and new bank.
What is the speaker's opinion on the current situation with Genesis Trading?
The speaker believes that the situation needs closure and hopes that Genesis Trading will come up with a plan B.