- GM, GM, thank you for joining us here this morning. A couple of issues with Twitter. I think we've got them fixed. We're gonna give it a few for folks to filter in. We'll get our speakers up on stage while we wait. Here are some tunes.
(upbeat music) (upbeat music)
Welcome to the lucky lead today is Tuesday March 28th Big Show today. It's macro Tuesday quick warning my Twitter has been acting up a bit today the first space robbed a guy knew what going it would be great if those in the room could could retweet the room let's get some more
folks in here. We've got some big speakers and a big show here for today. I see a lot of friendly faces out there. Liz, Buzz, NFT, Shark, big Liz. Thanks for joining us. As a reminder for any new listeners out there, we run the show every weekday, Monday to Friday at 10 a.m. Eastern. It's
30-minute show covering all the major news and crypto web 3 and NFTs to show what's meant for those interested in discovering the space those actively buying and selling in the crypto and NFT markets and those here just doing research. I'm your host Tyler D. I'm drawing by my amazing co-host Emily
Love's crypto a web 3 security expert and co-founder of the foolproof app our typical co-host ghost is out sick today But we've got them covered with a lineup of all-star guests with got these Peter Jennings along with faded alpha joining us to talk some knock amigos of
along with the macro excited for that. Peter, fresh off the birth of his son Oliver. Peter, how you holding up just one and a half weeks in now? It's a big family of four. It's doing great. Just with the baby right now and hanging out, it's a lot of fun. And yeah, a lot to talk about excited for the space.
Well, we're excited to have you and definitely appreciate you taking some time with us with your new son there on the docket for today again. It's macro Tuesday. So we're going to talk the finance lawsuit the banking crisis and who might be next. Dow is potentially in trouble here. Then we're going to talk some yoga news with legends
of the Mara and then Nakamegos with Faded Alpha with our remaining time. It's a big list. Let's dive right in. So our top story today, Binance sued by the CFTC. So the CFTC has officially sued Binance and founder CZ alleging the company knowingly all
offered unregistered crypto products to US citizens and encouraged compliance evasion via VPN. If violence loses the case, they could be out billions and fees and severely limited in their capabilities going forward. Some are saying it could be a potential death blow if they lose this case and those close to the situation.
the CFTC might have a real case here. CZ did respond on Twitter yesterday when the news broke simply with the number four, the number four referencing a previous tweet from January of his, where he laid out his 2023 goals with four do's and don'ts, including number four, ignore, fud, fake news.
So he's calling this fud or fake news. It certainly feels a little stronger than that. So diving into a few details. The primary issues at hand here are that Binance allegedly operated a crypto derivatives trading operation in the US. They solicited customers to spoof their locations through VPNs.
to avoid compliance restrictions. They traded on their own platform with 300 house accounts directly or indirectly tied to CZ and then they failed to implement some controls. There's more in the lawsuit than that, but those are some of the primary items. It really seems like the focus is on that number one and two about the products they are offering and the U.S.
US where they essentially avoiding regulation products that are illegal in the US and then how they've essentially solicited US customers to participate via their marketing, via their advertising. Apparently they've got extensive chat records of CZ talking directly on these matters that's going to be
a critical component of this case. There's a lot to unpack here. Peter, maybe I'll tee you up for this one. What were your reactions to the lawsuit? Maybe how serious of a concern is this here for Binance and maybe the larger crypto space? Yeah, definitely it's a concern for Binance. We're seeing regulators come out
the crypto space more and more and finance certainly seems to be a big target. So I think it's concerning and the market certainly showed that when this is announced Bitcoin and Ethereum went down quite a bit. So it's a concern and I think we'll continue to see regulators come after the space in the short term.
So something I'm monitoring closely and I think broadly, just what we've seen in the last couple of months, you want to have your coins in cold storage. So that's a huge priority of mine and I think everyone out there should be educated on where they're keeping their assets. Yeah, I think that makes a ton of sense.
I'm curious do you have any reactions or takes on the commodities aspect of this suit? So for one of the finer details essentially the CFTC is calling Bitcoin, Ether Litecoin, USDC as commodities in this lawsuit.
which is different than the stance of the SEC is taking going after crypto as potential securities here. So any thoughts or reactions to that aspect, Peter, is this good if these are potentially called commodities or is this more of kind of a regulator?
fight at this point? Well, one thing that's consistent is that Bitcoin keeps, you know, it's a commodity by both the SEC and the CFDC. So that's good news. I think that that's been consistent and to me, Bitcoin's clearly a commodity and hopefully it's regulated as such. I
I do think that the inconsistency between the SEC and CFTC is worth noting, especially on ETH. So yeah, I think the SEC isn't even worse actor. I think Gary Gensler has been hypocritical throughout this whole process. So it'll be interesting to see how that plays out.
Certainly something monitoring a lot of appid people in the community and just big players in the crypto community have been going after Gary Gensler So I'll be interesting to see kind of what transpires in the couple months, but it's definitely noteworthy and curious. Deez's perspective Yeah, same. Deez
If you change your you know your crypto stance or how you've been reacting to some of this I don't know I probably should be reacting more than I am I'm already probably holding too many dollars in nominated assets anyway or I mean assets that are like stable coins. Sorry not assets that are nominated dollars the the right answer
And it doesn't seem like they had any time to live or deletion of these messages that are years old, just wild to see how lacking they were in their own data management. But for me, you know, I haven't used by NAMF in a few years of no money on their
intention to use the platform. So I'm not too stressed, but it just, you know, goes to show that even when you're breaking laws, you know, years before it'll catch up to you and then you shouldn't do super dumb shit out in public in writing. So yeah, that's kind of where I'm not good.
You think that would be obvious, but clearly it is not. And when folks think of the crypto space as bad actors, as the Wild West, and then you see messages like this, you know, with very little concern, it's hard to defend or fight back against that. Emily, I'm curious for your thoughts on this.
Yeah, the part that I can't quite get past is this is a really common practice in Wall Street and that's just
That's just the expectation between brokers on Wall Street and the retail trader and that's exactly where this practice is learned from. So it's just, I don't know, the difference there to me is not super apparent.
It's kind of conflicting, right, as far as regulatory strategy goes, where it's saying, "Oh, you know, this market is meant to be transparent, and you're creating an on-transparent layer, but to even get close to the level of information that we have through blockchain in general, if something is happening on a deck, you need like a Bloomberg."
terminal and like the decentralized exchanges we know have this ability to front run and that's how they make money largely so like I guess I'm just like kind of confused by it. Interesting yeah now you make a good point another aspect of this
And like your thoughts on is the VPN aspect of this. So the the CFC lawsuit, it there's certainly going after how finance, you know, tried to, to, I don't know the right word, but solicit US customers to use their products that are essentially against US compliance.
And it feels like that the VPN aspect of this is going to become under more scrutiny. I saw yesterday I'm trying to pull up the details here as we speak, but there's now a new bill going in front of Congress. It's called the Restrict Act.
There's a component of this which would call for $250,000 fines for the use of technology like VPN to try to go around US compliance. And certainly that is something relevant to the NFT space. When we have major air drops like the blur air drops,
which require, which are outlawed in the United States. And we have seen instances of VPN usage for those. So I'm curious how big of a deal is this for the, for VPN? Yeah. I don't know if anyone in the room has friends in
China, but I recommend asking them how effective the Chinese government is at preventing their citizens from using VPNs to get outside information. The answer is not at all. And that's China. So it's, it's really like, I don't know, it's just kind of like an
aggressive in bad faith effort. The thing about the internet, just like blockchain, is that you ultimately can't control it. You can control ISPs, but not really the content that gets on the
there. And by controlling ISPs and then creating a fine for VPN users, you're effectively trying to legislate against freedom of information, which is like
a big irony coming from America, I think it's a very miscalculated direction for the US government to go in. I tend to agree there. And certainly to be clear, the bill has
not passed yet. So don't want to overreact to this just now. But it does seem like an area of increasing interest for this current US government regime. So we want to watch this closely. Before we move on past macro Tuesday, I think last topic here, Peter, I'd love to
get your thoughts on the banking crisis. On Friday, we saw those Schwab credit default swap futures skyrocketing. You tweeted out fuck. Certainly it was a bit of some concern if we were going to see some some big name.
uh, banks failing, uh, adding to the list we already have. I haven't heard anything else since Friday on this. So I'm curious if you have any read on the Schwab situation or if any other banks are in turmoil or things may have calmed a little bit.
Yeah, I was really concerned when I first saw that our family keeps the majority of our money at Charles Schwab and I used to work there, my mom works there, my brother worked there. So it was concerning to say the least. I'm just kind of seeing that action, but it's really important to distinguish that that Charles Schwab is
multiple businesses and the main business is a brokerage firm which is a lot different than a bank. So, you know, if you're holding your assets in stocks or in treasuries or different assets in the brokerage side, it's much different than having deposits at the bank. So, I did a lot of research over the weekend and feel
much better anyone who keeps their assets a try to do their own research, but yeah, there's just a huge distinction between the broker side and the bank side. So I still think there's a lot of stress on banks. It'll be really interesting to kind of see what policymakers do because
because it's really easy for policymakers to fix, not easy, I should say, but there's policy that would make the banks in a much better situation, which is lowering interest rates, because that would make their launderation bonds worth more. That being said, they're also trying to fight in
So it's really, it's a tough tightrope to kind of walk down for policymakers in terms of whether to really worry more about the stability of the banks and kind of, you know, the impacts of, you know, interest rates where they are now versus fighting inflation. So we'll
definitely be monitoring that and yeah it's definitely something that is impacting society in many different areas so we'll see what happened with interest rates. The two-year is kind of state putt recently but the 10-year has really come down trading it around 3.5% this morning. Yeah
I mean, I definitely appreciate your perspective. It feels a little bit more like a damn if you do, damn if you don't, situation with some of these rate choices, but we will continue to see how this situation unfolds. I want to keep our conversation going and maybe get into more of the NFT side of the news before we do that.
Let's read the headlines. Today's top news powered by Lucky Trader. Trading volume came in just over 23,000 a month down about 10% from the weekend. Yutes have officially begun the migration to polygon with over 6,000 moves so far the floor is one
$2.83 when I checked this morning with about 80 ETH and volume, most of which occurring on the Magic Eden Polygon marketplace. Nakamego's continued to surge Monday and lead trading conversations currently holding a 0.184 and seeing a new all-time high sale of $16 ETH. That is 80X before.
or a rare ghost. Ticketmaster has successfully piloted token gated concert ticket sales with a vinged 7fold, allowing NFT holders first access for preferred seats in what is a major use case for NFT technology. Mochaverse announced the launch of Mochaana Odyssey featuring partner experiences with companies
across anomocus portfolio.
breaking news this morning, a US judge has ruled that BCX Dow token holders may be held liable in a class action lawsuit following a $55 million hack in November 21. So certainly an important case to follow there for anyone holding Dow governance
tokens. All right. Well, I had Yuga on the list next, but we've got faded alpha here today. Nakamegos are the talk of NFT Twitter besides Yuga and Legends of the Mara. So why don't we just jump straight to there? These things won't stop.
They were the chatter of NFC Twitter all weekend. They continued so yesterday. We just saw a new all-time high. Faded, I know you've been in several spaces talking about things. I'm not as close to it. So give us the quick story on Nakamegos, how they run this far and what your current stance is.
Are you with us? I can't hear you.
All right, it looks like we lost. Faded there. We'll see if we can get them back up on stage here.
All right, Faden, are you back with us here, Faden? Now we can. - I apologize, I don't know what just happened, but yeah, no, not gonna be, this has been a lot of fun. Yeah, yeah, it's just been a great project. I think you, I guess I'll say what you wanna know.
What drew you to the project? What are you seeing in the community rally around it? Is this tied to the MFR community basis getting bigger than MFR? Just give us all your thoughts.
All right, it looks like we're having trouble hearing faded. I thought the issue was just on my end, but it looks like it might be on his. That's unfortunate. I really wanted to hear from one of the Nakamego whispers himself. So we might just have to tape
that for another time. Maybe we'll give it another shot here in a minute. But with a few more minutes left in the show, maybe we'll pivot back to Yuga and Legends of the Mara. So this was a blockbuster
Hey, are we still can't hear you, man? I'm sorry.
I had to meet faded apologies. We'll try to get them back.
All right, we'll get you another time. Let's switch to Yuga and hopefully we can rally with the other speakers here on stage. So this was a blockbuster announcement. Other deep prices had been tumbling after the second trip. Traders were exiting with the popular thought that there would be nothing to look forward to for some time.
with the second trip completed. Well, they were wrong and sellers paid the price. So you got in the other side account, came with two major announcements yesterday. One, a multi-year partnership with Gucci and then two, that the launch of a new game called Legends of the MARA exclusively for other de-tolders. A quick
TLDR on this one. It's a 2D strategy game exploring origins and the lore of the other side of its characters. The game is fueled by 8 coin. Each other deed holder gets one free vessel in a tea to claim. Vessels serve as shelters for shades. They have different functions like hunting, farming or enchanting and they grow into marbles.
or even rare or Kodomaras. Kodas are involved. They will decouple from Deeds during this and they will essentially have all those powers, the hunting farming and enchanting at higher levels than the vessels. The claim is starting soon and the game begins in May. Deeds, maybe I'll tee you up for this one.
You've been plugged into the ECO system at times. You had a board ape at one point. You famously sold it and flipped it into an X-copy piece in a legendary trade. I'm curious, are you tracking or invested in the ECO in any way? Maybe your reactions to this new surprise game launch?
I'm not that deep with Kota, so I'm excited to get around and play with it. But yeah, I didn't expect that at ounce of last night. We really get a great adieu to our space and I saw that the pleasant surprise though. Yeah, you know, cautiously optimistic that I'll be able to do something cool with this thing. I've been back holding for almost a year.
Are you going to be diving deep into this game and playing it maybe an hour or two? Game or you mean more passive? What's your initial thought knowing me? I'll probably try it like a half hour If it's fun, I'll keep playing it if it's not fun I'll probably try to sell my coat at a someone who thinks it's fun
That makes a lot of sense. Emily, I'm curious for your reaction. I think you we've talked about your bear stance on metaverse land in general has that this new twist of bringing in a new game for the the metaverse plot holders with the other deeds.
change your opinion on this in any way. No, I don't think it really changes the the tokenomics of how it's meant to work versus what a metaverse is. It's just one more way to funnel resources to the top. So I mean I think it creates an
incentive. I don't think it corrects the inherent problem though with selling plots in a metaverse. That makes sense. I've seen this kind of teed up in a different light as you know this is now the the new way to get you get
PFPs into more mass scale into more hands. So essentially these vessels are going to be a new NFT. We can expect 100,000 of them tied to the other deeds. So we're essentially going to get another 100,000 NFT
into this yoga ecosystem. And that's not counting the, essentially the quotas, the 10,000 of those which are now decoupling. So that's effectively 10,000 more as their plots will remain behind and separate. You know, I'm really curious. Do we, do we feel like
their support for another 100,000 NFTs in this current market. Granted, it's you guys, and if anyone can pull it off, it would be then. But that's quite a large supply. So, you know, D's, maybe I'll tell you up for this one, you've got
pretty solid read on the market. How do you think this decision to launch 100,000 new NFTs will go? Do you think there will be support from a price perspective? It's hard to imagine the price being more than indeed, right?
I don't think there's going to be a ton of demand on the jump please. But I'm curious to see all the bees. I wouldn't be buying people's air drops.
Yeah, that's an interesting take and I tend to agree I feel like are we going to see a situation where the net price is the other deed plus the vessel will kind of match where the floor is so the other deeds will fall after this the vessel air drop effectively by
the value of the new NFT. I think if I had to bet on what will happen, that would be my bet. But man, can't argue that the market liked the news yesterday. The other deeds rallied 26% to 1.73. So quite a big uptick there.
saved the the following price action. So this is going to be a big one to watch clear you guys firing on all cylinders with the heavy metal reveal. I want to say coming later this week. So there's a lot going on. It looks like we've got faded. He's going to try to get back up on stage one more time faded. Are you here?
Can you hear us? Yes, can you hear me now? Now we can. I was picking someone up from the airport so I think I got a blackout period when I was driving right through the airport when we went to us. So I apologize for that. Yeah, we have time. I can quickly talk about Nakamego's and get back to that conversation.
If you got a wrap it up that's cool to I can come back a different time. It's up to you guys Give us the the correct you know two minutes feel on knock amigos from what we're seeing this weekend I think why everybody's driving to it It's the ethos that people want it's community driven. There's no road map. There's no team that's you know awesome
people are pump people's bags and you know that's kind of been the MF's ethos. You know I think that other people and other projects are just kind of recognizing that ethos now as well and to breath the fresh air. You know we've seen a lot of other bigger projects you know kind of take a tumble you know you know floor and get the heck out
You know what we're talking about and I think people want a new flavor and this is kind of just a retro fresh air and the genesis of it was it was open to everybody, you know, it was claimed from an EOS pass that was an open edition available at everybody not just MFers, you know, and obviously
MFRS had more conviction at the time than other people and rightfully so but you know it wasn't you know preferential treatment it wasn't air drop to us now we just kind of had conviction and this is what it is and I think people are now finding out what that ethos is about and we're carrying it over to this one in sub-brother fresh air
That's a lot of sense. Do you feel like this is the MF or community who's primarily the driving force behind the action, the volume that we've seen? Do you feel like it now has expanded beyond that? What's your current take of who is involved in not going to go to this point?
that's a good question. You know, and every project is, you know, has its own flavor. So I don't want to definitely put the MF for a spin on it or anything like that. But, you know, every new project has a bigger holder base. I would say that MF has a hold, probably have a larger holder base than this, you know, but I think it's with a 20,000 collection.
There's enough for everyone. The reason that I think it is 20,000 is because the initial plan was to give one to every EOS pass. There is 16,997 EOS passes, so he couldn't make it during the day, whoever created it, couldn't make it 10,000. They had to make it at least 17,000.
You probably figured, you know, if it sold out, let's leave three for the public as well. So that's how it came to the number that it came to and that's how it came to be. Makes tons of sense. I think my last question for you and then we'll likely close out the show here. Is do you think that from a price standpoint, are these capped by the
MF is floor meaning point nine is potentially that the ceiling or even less maybe if you're doing market cat math or do you think they are totally disconnected? No, I think they're totally disconnected. Every project doesn't depend on one another and there's a different life forms as it goes through the timeline of
a project, you know, and in the beginning there's obviously a higher concentration of area but as the any project grows it expands and more people come in and it gets more diverse and this is just following those same that same timeline so I think it's you know the healthy growth of any you know very strong what's just called the chip project.
Well, definitely appreciate your take. It sounds like you're still bullish on the knock as you're rocking a new I will say one other thing which I really do appreciate sorry to cut your off dollar, but uh, you know, I showed my buddy this there I do have a 3d hoodie. There are only
There is only two 3D hoodies in the collection that are smoking on a little something a ones an honorary and I have the second one so I think it was kind of apropos that I actually just ended up with that one. Matching two of the hooded 3D punk
we have up on stage with us as well. Well, congrats on on snagging that rare. We will see how this continues to play out. And if it dominates the conversation here for the remainder of this week, like it has these past few days, all right, we are we are over time here. But
Before we drop what's dropping today we've got just two on the radar glitches army dark energy to open a tissue from lazy lions and an APM Easter and an anabarbarra digital pop packs coming on the wax blockchain.
a lower expectations for these two drops. I think the one to watch, likely the open additions from the lazy Lions team we've seen struggling projects pull this off like Danny Cole and creatures with his open addition. Well the lazy Lions team be able to pull this off as well. We
are about to see. But folks, that is it. Thank you for joining us today. Thanks to my speakers, Deez Peter, Faden. Thanks to my calls, Emily for jumping on here today. Thanks for fighting through our Twitter issues. We appreciate you all. Have a great Tuesday. Let's make it a great day.
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