GM, GM, thank you for joining us here this morning. We're going to start the show here in just a few minutes. We'll give it a few for folks to filter in. Get our speakers up on stage. While we wait here are some turns.
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Good morning and welcome to the Lucky Lead. Today is Tuesday, May 16th.
It's Tuesday. That means it's macro Tuesday here on the show. That means we bring in the heavy hitters. We've got these on stage with us. We're going to have Peter Jennings on with us this morning as well. We're going to talk about one of the biggest topics and controversies in the crypto space in WorldCoin. There's also
a breaking controversy with the ledger and their new ledger recovery product. So we're going to hit that here this morning and of course all the NFT news. I see some friendly faces out there, Hunter, Bill, Tyler. Thanks for joining us. As a reminder for any new listeners out there, we do run the show every weekday Monday
Friday at 10 a.m. Eastern. It's a 30 minute show covering all the major news and crypto, web three and entities. This show, it's meant for those interested in discovering the space, those actively buying and selling in the crypto and in a tea markets. And those here just doing research. I'm your host Tyler D. I'm joined by my amazing co-host
We've got Emily loves crypto a web 3 security expert and co-founder of the foolproof app and I cannot wait to hear her thoughts on this ledger update We've got Logan Hitchcock enter and chief over at Lucky Trader Reppin the Lucky Trader account up on stage We've got ghost content star quiet whale dipping his toes and
I'm still hanging with the NFT crowd still rocking that knock Amigo PFP, but maybe not for long And then today we've also got D's he's a director of bottle Previously director of buys for tesera and Esher at one point directing buys for the entire NFT space we're excited to have hand D's GM. How you doing?
GMGF shoveling down some scrambled eggs got a day full of car repairs and housework to do now that I'm no longer the director of I have a special on the out of having a good day.
to be here. Thanks for having me. Well, glad you're keeping busy. And today we've also got Peter Ginny's on with us, Lucky Trader Co. founder, founder of several companies. And he is our resident macro expert, Peter. Good morning. How are you doing?
All right. Well, he's got some technical difficulties. We'll get him back on stage here in a minute. Well, what's on the docket for today? We've got World Coin raising $100 million amidst some controversy. We've got this new ledger recovery brewing controversy.
We've got Jack butchered going to Christie's today. We've got Blair blend leading to a dump on the Sunuga assets. Beeple creating nightmare fuel along with Gary Ve plus a quick preview of the upcoming Vcon before we get into it. Ghost any house keeping diamonds for today?
Yeah, as always Tyler does a great recap of the NFT market every morning in the morning minute is there so we've got that pin to the top Make sure you subscribe to get all the latest news in the space and he's always sharing the alpha So make sure you give that a subscribe and yes that Gary V picture I think I saw that in my nightmares last night Tyler. Yeah, we'll have to get that that Tendon the space
here. Other people need to experience the nightmare that I've been dealing with for the last 12 to 16 hours. And who approved this? But we'll cover that later in the show. Well, I want to start with a world coin. This is a pretty interesting topic. I'm curious if folks have been following this. So I'll provide
So WorldCoin is the crypto project co-founded by OpenAI, CDO, Sam Altman, of course the creator of chat GPT. It has a pretty lofty goal. So from their website, WorldCoin is building the world's largest identity and financial network.
as a public utility, giving ownership to everyone. And while it's been in development for more than three years, it's back in the news this week for reportedly nearing a new $100 million financing round, though that raise is surrounded by some controversy. So here's the quick TLDR, the situation they've got new funding.
$3 billion valuation from new and previous investors, including some big names like A16Z coin-based ventures. They've got 1.6 million sign-ups already in their beta products and 500,000 monthly active users on their world app. Their project plans include a launch of their
own blockchain here within the next six weeks migrating from polygon to optimism. But the main part of the controversy or scandal has been on the use of biometric data. So before we get into that, just some quick background on what it is. So again, the main goal of role-clone is
to create a global digital currency distributed fairly and equitably to everyone around the globe. Repart mission to create a global ID, a global currency, and an app that enables payment purchases and transfers. So it's not a far bridge to kind of see a primary use case for this would be universal basic income.
a minimum level of wealth for citizens across the world. But a problem here that they have to solve is how do you verify real humans versus boss or fake identities in a digital world? So enter their most controversial aspect called their proof of personhood.
Protocol. So this is where they use a biometric scan of the recipients irises their eyes verified against a government issued ID According to tech crunch. This is how it will work basically users have to download the world app and they'll have their iris scanned using these orbs the house of custom on
system. Once the scan is complete, the individual is added to a database of verified humans. Rollcoin creates a crypto hash tied to that person along with a private key and a shareable public key. Rollcoin is said that the iris scan is not saved, but the hash is enabling future transactions, but there are
some vocal opponents saying basically, "World Coin is Lying," and they are saving that biometric data and are simply farming across the world's poorest demographics. So, Ari Paul, notable crypto lead tech tweeted yesterday that the core business model is stealing data from the poorest people
globally and monetizing it in violation of copious laws, DCs often invest in disruptive regulation to find tech, but in this case, it's back in criminals hurting them the most vulnerable. And he goes on and points to some prior media questioning the world coins handling of the iris data. Certainly a company with a
as large as launching a global UBI will have some critics, but these critics seem to have some very valid points. So, you know, I want to open it up to our speakers and get just, you know, reactions to the news, to this mission, do we think it's achievable? Emily, I'll let you go first.
I do think it's achievable and one of the biggest reasons I personally really believe in crypto is that I think it can solve a lot of the problems for unbanked and underbanked populations that traditionally
I'm not a professional banking just does not have the capacity to do. I, you know, we're yet to see people really develop crypto in that way, which I think is an interesting, an interesting point on the evolutionary course of the technology, but
I think the concept of universal basic income has so much controversy around it. Enough people are going to kind of use that alone to stand in the way of that being accepted.
It's, uh, God, I don't, I don't even know like already, already is the founder of XRP, right? Uh, I'm not at the date on his background. I'm at the church. Okay. Maybe I've got that one wrong. But like, you know, I, I would think that the, the security concerns and like, especially collecting things like biometric data.
is where you really want to draw the line. You could very easily argue that you don't want any sort of KYC anything on a wallet that actually has money in it. You want to use a KYC wallet to pair with a wallet that has money in it to prove for specific transactions.
seems like it's like a bit misguided. I would be shocked if it got popular acceptance and I think that's something that like VCs broadly try to force but don't necessarily understand that it has a lot to do with social involvement where they say oh you know like
This is product market fit because we've injected it into you know all hundred and thirty seven of our pork co's but like without actually having natural adoption and People's like genuine feedback on whether or not this is a tool that they want to use I think is like something that's frequently missed so I don't I'm very curious to see where it goes
I just put my hand up though to say that normally I don't like people, but I'm really into this of course. I mean it's this biometric data capture tied to you know crypto wall tied to a global currency feels like a bridge that if we cross it there might be no coming back.
What it feels like? What it feels like is that movie with Justin Timberlake, Justin Time, and that is the direction that this is going. I don't know, it doesn't give me the warm fuzzies. There's definitely some dystopian outcomes that you could project stemming from this. Go to your hand up, curious for your thoughts on this.
I'm a fan of UBI and I think that if AI is going to disrupt things as much as we think and a lot of job losses are going to happen that something like this is a great idea. I know the biometric data is a little problematic and like Emily mentioned, UBI is always controversial and crypto is also controversial.
combined the two. I'm looking through some of the headlines right now and here's one that says Sam Altman raises 100 million for Creepy Crypto project that uses Orbs to scan eyeballs. Those are not great headlines. I think it's going to be an uphill battle for him from the beginning there. I do think it's something that is going to be necessary in the future. I think that people in developing countries would probably
If you ask them, I think they would rather have stable income and money than worry about their biometric data. I feel like a lot of the stuff that we give on our phones and give access to, like we're already being tracked everywhere through different apps and stuff. So I don't know, maybe it's the Irish scanning that is the real catch here, but it doesn't
feel as big of a leap as it as it should for me when it comes to possibly like helping people with you be it seems to be the the Irish scan that that folks are really grabbing on. I mean, all men in one of these interviews says that he feels like folks are already giving away more information on Facebook than they
then they would be with WorldCloin. So it was interesting to see that defense. Peter, I think you're back with us. You know, I'd love to get your thoughts on how you're in and out. If you've been following what WorldCloin is doing with its pursuit of global, global UBI, do you think it makes sense? Do you think they're potentially going too far? I would love
I think there's some good missions up there, there's a good mission about it. Yeah, the interesting thing to see if it tastes off my, I think the big thing here is it's just really hard to get it's option. I think that's going to be the challenge for Worldquake specifically.
having some success, perhaps in poor demographics, they'll be curious to see how they'll do in more developed nations. Deez, I'm curious. Are you signing up to get an orb and get your iris at scans? You know me well enough to know that's a no for me. I don't even have clear. I won't let them scan my eye. I'll just go
through TSA pre-check. So probably going to skip out on WorldCoin as well. Certainly I understand that it will be very interesting to see how this continues to develop. I feel like I just heard about WorldCoin for the first time just a few weeks ago, but clearly they are accelerating with a rollout here in the next six weeks and of course raising 100 millions
So we'll be following this one closely. I want to get into our second controversial headline of the morning here and this is out of ledger. So hopefully Emily are a resident security expert has had time to kind of dig in on this, but just this morning, an hour ago, they announced their new product ledger.
Recover. And here is the posted on Twitter maybe we get the tweet pin in the space. Briefly I'll read the thread subcustody of the core of our offering. You're seeking recovery phrase securely generated on your device. We have no access. This will never change. Legend recover is an optional subscription for users who want a backup of
their secret recovery phrase. So I'm going to scroll down a little bit. If you choose to subscribe, let's recover and crypts a version of your private key and splits it into three fragments. All this happens on the secure element sheet on your secure element chip. So your phrase is not at risk. These encrypted fragments are stored by three different parties
on cryptographically secure hardware security modules and so forth. They're saying individually that fragments are completely useless when you want to restore your keys to these three parties will send back their fragments which will be able to reconstitute your secret recovery phrase. So this
is effectively a way it's a recovery mechanism in case you have lost your your seed phrase is how I'm interpreting this, but it does open up some security concerns. So food
are tweeted already this morning, stop using ledger hardware wallets migrate away from them immediately. They've shown nothing but gross incompetence and wild misunderstanding of their own purpose. And now they publicly admit it to intentionally backdoring their own proprietary hardware. So the concern that he's raising is ledgers already had
a data leak if they open up this API that they'll have to have to connect to these companies for the sharding process, which, immediately, I don't have a full comprehension of that it would open them up. It's a new risk vector that they're opening up, essentially anyone tied into this program. So this seems like a huge deal.
And I mean on the surface a huge mistake. I don't know how to sugarcoat it. I've got some thoughts but Emily I'd love to hear from you. Okay, like have you ever dated somebody who just can't stop throwing up red flags like they are kinfetti and you're like, "What's their fun?"
And like everybody else says I should like like I feel like this is the path that ledgers been going down for quite a while at this point and like I get in trouble with my team when I talk about them like this But like they have normalized blind signing dude like most people don't understand what that means but basically it It prevents you from being
able to look at the actual contracts that you're getting into, which is like, "Okay, you're using it through an interface, something like Ledger Live or MetaMask, and you can review things there." But at the same time, normalizing blind signing is not something we want. Then they had an entire advertising campaign about wearing your Ledger jewelry
Like what the hell are they doing and now now they have jolt every single every single like black hat hacker in the world Hey, we're opening a backdoor for people that subscribe all you have to do is get into the database of people that have paid money for this and now you have a list
of targets and then you can just focus on them and breaking into it and let your has had breaches in the past and they've had more than one breach. So like I just can't wrap my fucking head around it. I don't know what the hell they're doing. It blows my mind. They completely rule the
security section of cryptocurrency. Most transactions don't even happen at the hardware level or at the seed phrase level or sorry most loss. Loss happens at the transaction level. So like I just cannot figure out why they are making it easier to lose from your seed phrase and why they think that's a good
idea. The entire reason that you want to store your seed phrase offline in like a traditionally paper format, right? Or like most people have like a metal plate or something, is because that is something that you know you can physically protect that someone can't get to without breaking into your house and laying
I mean, it's kind of hard to defend that. I'll be curious if Ledger runs a spaces or a press door or something to defend this. I'm really curious for their rationale. I understand that you
case that they're going after. And I do think there is a portion of the market, other users who would want functionality like this. But I feel like it simply just has to be a different product that the data would have to be stored separately. I feel like it would have to just be done via a totally different vertical
because eventually what they've done is just compromise the security of their entire product platform. As I'm understanding this, but Emily, can you say here some more? - Okay, the part that gets to me the most now that I'm thinking about it, and like you guys saw me about this, this is the first time for it, I live in California, I've not had time to read this.
But like the thing that gets to me is that like this is they're not saying you need new hardware. They're saying they're doing this with your existing hardware and that's a problem. Yeah, that's a problem. New ones here, right? Even if they walk back this functionality, this door has been opened and publicized.
Right. And I think that's what the main gripe is here. I'll throw this over to you. I'm curious.
A, for your reactions B, so are there alternatives? Have you used other security products other than ledger like Trezzor? Just maybe general reactions to this news.
Yeah, I've been using a grid plus lattice for like two years now and have used that to set up most of my stuff. So I'm about to expose to the ledger stuff. I don't think I, you know, I've always had a problem with ledger since they leaked customer information like address and name and
and all that stuff in Little Wary about using their products since that week. And I guess this is just another sign to be a little wary if using their products. I'm still sure that using the ledger is probably better than using a raw dogging at what MetaMask, but I don't know.
I mean, is that still better than a hot wallet? Like let's at least give them some credit. But like on this line of conversation Emily, I guess what? What would be your advice or what are the good alternatives now for someone who's been a ledger user? You know that they feel like they've been doing everything the right way by creating a cold wallet.
they've lost confidence in that cold wallet. Yeah. What should they do? Many people don't use ledgers in the right way to begin with. Like I am a very big proponent of just having a wallet strategy in general and that's going to save you infinitely more times than just using a ledger wheel because most people don't
understand how it should fit into their personal strategy. And the main concept that is super important is having at least three wallets. You have a burner wallet, a vault wallet, and a sales wallet. And anything that you buy, you're going to buy for your burner wallet. You transfer it to your vault and anytime you're ready to sell something, you transfer it to your sales wallet. If you're shit-quite
have a completely separate wallet for that entirely. But like just having this concept of oh I'm gonna you know I'm gonna throw up these literal walls in between my assets and spread them out in this way like that's gonna create a lot more protection and especially if you're
storing your seed phrases securely, like do not put your seed phrase on any sort of a device that could, in any circumstance, be connected to the internet or connected to a device that can be connected to the internet. Like store it on one of those stamping plates, not the kind that the little
You know individual movable plates can fall out of and then you have no idea what it is like that's bad You know store it on one of those things that's like heat resistant and like put one copy You know buried under the mattress that you're in laws and like one copy at home and like that's gonna be good if you're super paranoid like split it into three or four freckles
and put one here and there and wherever else that you know you can get to in the future. But that is so much more effective than just having a ledger in calling yourself secure as a result. Makes sense. So definitely some good security advice.
And we'll see how ledger responds to some of this immediate backlash. And it has been immediate. Well, I want to keep our conversation moving this morning, get into a quick round table before we do that. Let's read the news. Today's top headlines powered by Lucky Trader. Trader boy and bounce back to
12,000 aeth on Monday with NFT seeing a mix of red and green on the board. Blur named BAYC and MAYC as the two newest blend collections on Monday leading to a quick mild spike in both collections and then a brief retrace, though we did see 10 board apes get dumped into bid just an hour ago.
UGA also teased that it's heavy metal collection will reveal this week with the floor jumping 10% to 1.26 ETH on that news. And then last rounding out the UGA ECO, we saw a gold for board APE, self or 530 ETH yesterday, $970,000 in one of the biggest NFT sales in
in months. In the Jack butcher eco we saw Opepins hit a new all-time high sale of 11.2 weath yesterday for a release one type three along with several other sales in the five to eight ETH range. The floor on Opepins jumped 35% to 0.23 ETH as well. Jack is also lying
watching checks elements, the auctions are going live at Christie's today with bidders able to receive that free bidders edition if they hold a checks oral pep and other headlines. Let me protocol NFT five, launched this earned season one rewards program, people and B friends teamed up for that slightly
Terrifying gifts for the gift go and bebook collectors eligible for the drop titled gift go just take a look at that if you don't want to sleep well tonight in Web 3 and crypto news crypto down slightly on the day Bitcoin minus 1.5% at 27,000 20 eat down 1% at 18 10 we saw Nike our fourth
There was one's debut yesterday in pre-sale, though the team acknowledged some technical issues with the launch. And then, hey, Matt, is co-braining its empty launch pad product with Zinnaka and curious Addy's in an effort to improve onboarding in Web 3. That was a handful of headlines there, Ghosts, or Logan, any of those that caught your eye.
Yeah, I mean the the O Peppin's craziness has been has been awesome to see I'm I'm furious right now because I had a five-eat offer out on the collection for the the series one collection yesterday morning and I think the floor was six at the time I should have just pulled the trigger because now I think the floor is over nine and it's looking thin so
my dream of getting a series one Opep and might be out the window here. But feeling bad about that one this morning, but I love to see Jack butchers ecosystem bouncing back here and checks seems to bounce. I saw D's just posted during the show a chart that was looking pretty healthy for for checks. So Jack has done a really good job of keeping
keeping the eye on the ball and keeping everyone focused on what's going on in his ecosystem. It's really cool to see. I'm looking at the release one Opeppin floor right now. It's 9.690. This thing could get nutty if a few more whales jump
then I didn't really understand how the supply aspect of this and how it could lead to this price action. So, you know, I saw that there's 200 packs, 80 NFTs in each. There's addition sizes of 40, 20, 10, 5.4 and 1. You know, I saw addition of 40 and I just kind of
out. I said, "No one's going to want these, but I just didn't tie the overall scarcity that that would entail." And clearly some of the whales have figured that out. And with the supply this small for this release one pack, I mean, this thing could go high. And my
my predictions. I think we'll see that one of one, the only one of one in release one, it's listed at 49.8. I think we'll see that. So that a that floor one that's at 9.69. Eath has a 9.3. Eath off around it too. So I would assume that that one goes goes here pretty soon. Just if you really want one,
maybe just pony up the extra 0.39 at this point given the price arc of this collection, but we'll see. Logan, you had your hand out, but any headlines that caught your attention? Yeah, caught my eye, unfortunately, the Gary the H and B poll collaboration from yesterday.
Fantastic if you have not already checked it out. It's actually from a previous every day which I must have this from early May of 2022 And the floor is actually rising. We were talking about this yesterday Tyler Why would anybody want this? Perhaps given its astonishing look
But it's up to 1.15 E right now. I was just looking at the floor price. So certainly like V friends keeps doing stuff and we got Vcon later this week. It's just an interesting collection to keep your eye on. Giff goats are at 7.99 or something like that when I wrote the post last night. I know
Gary Vee has gotten a lot of shit. The project itself has gotten a lot of flack. I mean, most every project is down tremendously. I'm not a V friends holder in any way. I have no access to, I may have a book game left, but so not chilling for that purpose. But just interesting given all the announcements, like I don't even think people know that as soon as V friends V
is over. Gary V's kickstarting phase two of the Snoop Dogg collab and he's giving way aboard eight. Like actual things are happening there and it feels like just no one is really paying attention to the announcements coming from that ecosystem. So yeah, interesting. I feel like it's just totally falling off most of people's radar. You know, back in the
2021 cycle, anything that Gary V. did was headline news. If he bought a project or project bumped, now he's kind of falling behind the scenes a little bit. But I wonder if that changes with VCon, which is a great sake, into our next topic and our last one for today. I want to just quickly talk about.
I guess before we do that, do you have any other headlines that you want to react to? I was just going to say, as you mentioned that last note, I can't tell you how many not rug but like projects that have basically gone to zero as a result of Gary V. Pumps in my wallet when I was like new at NFTs.
I don't know. His persona and his role in a notes is just kind of baffling to me and I can't wrap my head around how many people are super indigary be. He clearly has a cult following and he built it before NFTs and web 3.
clearly it's carried forward. I want to talk about the conference. I know you've been in the past. I think I've seen some pretty glowing and positive reviews. I'd love you just to hear it quickly. What's the Vcon vibe like? Maybe what are you expecting for this year?
Yeah, I mean, I spoke last year of Econ. It was really good vibes. They took care of the speakers. They flew us out with our family, like a plus one, and put us in the same hotel. And we had a speaker-only area to vibe and meet each other. And it was just a lot of fun this year. I'll be back.
But yeah, I mean, I just if it is as good as last year, I'll be happy. But I'm just thankful that, you know, they're still flying people out and comping them and putting on an event. So are you on the speaker or a panelist or what's kind of on your head? Yeah, I think I speak Saturday at like two o'clock or something. Okay.
But yeah, what's your take on his selection of Smaller tighter Midwestern city? So last year it was in Minneapolis. I want to say this year it's an Indianapolis. You know, is that pro or con? For me, it's a pro because I live in the Midwest for the average person.
I don't know, maybe it's a con. I feel like it's obviously cheaper to throw events in Minnesota or Indianapolis than LA or New York. So I mean, I'm sure that has something to do with it. And also maybe his connections with the people who have stadiums. I I love the Midwest. I'm super biased. I grew up here.
I've spent like 30 years here. So for me, it's a pro, but if it's a con for anybody else, you know, you can go back to your coastal city and enjoy your hustle and bustle of your giant densely packed urban environment filled with the dredges of humanity. And I'll take them at West cornfields and quiet any day. Yes. And your
45 minute Uber rides to go a couple miles. So as a fellow Midwestner, I actually was born and raised in Indianapolis. So I will be returning to my hometown tomorrow evening to prepare for the Vcon and the best city he's chosen to date. But in all seriousness, one advantage
of these smaller cities is the events the parties are all going to be in a very compact space and I think one thing I'm looking forward to is it's going to be much easier to meet up with people and it's going to be much easier to traverse and get around downtown in Annapolis versus trying to you know Uber taxi all across
Manhat to go to five NFT and YC parties in one day or even down in Miami and South Beach. I think some of the feedback I've heard is just people spending all day in Ubers. So I think that is going to be an advantage. It feels like he's
He's bringing some heat with the entertainment. So just quick preview and we'll get something up on the Lucky Trader site previewing this event as well. Typically kind of field days with speakers here during the day, more of your 10 to 8 p.m. Then entertainment each night, eight in the eight to
10 frame, I believe they are releasing the names of the entertainers tomorrow. So be on the lookout for that. And hey, if you're going to V-con, send me a note, would love to meet up. But all right, folks, that is our show for today. Fill with controversy.
But before we go, let's drop in today. There's a handful of drops. We've got shredders at 1 p.m. Eastern. That's going to be a free mint. We've got creatures from Patrick Orpeman coming at 1.30 p.m. A couple of draft Kings rain makers, PGA packs, the approach Stinger Pack, the high priced one coming.
at 3pm for $14.99 that's $1499 and then another pack drop 30 minutes later at 3.30 for 250. Then there is an addition drop from Ben Hopper called dancers on rooftops coming this evening at 6.30pm for $25. Definitely a slower day I think the higher
for you golf fans with that draft teams rain makers drop. We'll have Jason Rossler or resident golf expert on our show quickly tomorrow morning to talk about this week's tournament and then he'll have his own spaces tomorrow afternoon for you hardcore fans. But folks that is it. That's our show for today. We'll be back tomorrow at 10 a.m. Eastern. Thanks to our listeners. Thanks to my
Go House, thanks to D's, Peter, everyone, enjoy your Tuesday. Let's make it a great day. (upbeat music) Bye everybody. (upbeat music)