Jim, Jim, 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
for folks to get started.
Good morning and welcome to the Lucky Lead.
Today is Tuesday, January 30th.
It is another gray winter morning out here in Chicago, folks.
We're in the 30s today, but we are back in the 40s and near 50 degrees for these next
We are warming up here again in Chicago.
Bitcoin looks to be warming up here as well as these ETFs keep stockpiling coins and Solana
about to catch fire ahead of Jupiter's launch tomorrow.
Those quantum cats, though, not so hot.
We're going to break it all down on today's show.
I see some friendly faces out there, DJ, DaVinci, Meta, thank you for joining us.
As a reminder for any new listeners out there, we do run this show every weekday, Monday
to Friday at 10 a.m. Eastern, covering all the major news in crypto and NFTs.
I'm your host, Tyler D., and I'm joined today by some amazing co-hosts, and it is Tuesday,
and we've got our full house up here for our Macro Tuesday show.
We've got Emily Loves Crypto, a web3 security expert and co-founder of Fullproof Labs, Ghost,
content star over at LuckyTrader, Logan Hitchcock, our editor-in-chief over at LT.
He's been covering the space in-depth for years, and then we've also got our two rotating
co-hosts here for Tuesday.
First up, we've got Deez Arkconnoisseur, our director of Vibes.
Deez, GM, how are you doing?
Yeah, having a great day.
We've got a lot of exciting things to talk about.
We've got a packed stage and crowd, so glad to be here.
Peter Jennings is back after a few weeks here.
We're super excited to have him back on the show.
Deez, our LuckyTrader, co-founder, founder of several companies, and our resident Macro
expert, Peter, GM, how are you doing?
Sorry, I had a couple ski days in a row on Tuesday, which were fantastic and veil, but
Yeah, we have a lot to talk about, a lot of exciting stuff.
I never really got to recap to sell the news that did come to fruition a little bit with
the coins when the ETFs actually launched, and now we're starting to battle back.
So a lot to go through and excited to be with you guys.
Yeah, excited to hear your takes.
Glad you got to spend some time up on the mountains.
Folks, before we dive into it, today is a special show.
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Folks, what are we talking about today?
We're going to start with macro.
It's a huge week ahead, taking a look at the impact of the Bitcoin ETFs, impact of the
Jupiter token launch here coming tomorrow, then in NFTs.
We'll talk about quantum cats, RSIC, the Valhalla disaster, plus a whole lot more.
Before we dive in though, Ghost, any housekeeping for today?
As always, if you enjoy the show, Tyler does a great rundown of the NFT markets every morning
in the Morning Minute newsletter.
We've got that pinned to the top of the spaces.
Make sure you give that a subscribe if you haven't already.
And Peter, I want to get to your Bitcoin takes, but first, perhaps we just kind of start just
So I'm going to tee us up here.
This is set to be just a huge week on the macro front.
So we've got the Federal Reserve meeting that's starting today and goes through tomorrow.
We've got the Treasury's latest quarterly refunding announcement.
It's earnings season, jobs report on Friday, and then perhaps the response from the US
on some of the outstanding war events taking place.
So just a little bit more detail.
So today we've also got the S&P CoreLogic Home Price Index for November coming out,
FOMC and interest rates tomorrow, and jobs Friday.
And then regarding earnings, we've got Microsoft, Alphabet, Meta, Amazon, and Apple all due
Regarding the FOMC meeting, I saw a quote from Bill Adams.
He's the chief economist at Comerica Bank.
And I'm quoting here, he says, Chair Powell will walk into the Fed's headquarters with
a song in its heart and skip in a step after last week's data releases showed both total
and core inflation slowed to meet the central bank's target in the second half of 2023.
Despite this, the Fed will hold the federal funds target unchanged at 5.25 to 5.5% and
likely signal a cautious approach to return rates to a more normal level.
He goes on to say that the Fed got badly burned in late 2021 and early 2022 when they thought
high inflation would be transitory, only to see it rebound and worsen, they are determined
to avoid making the same mistake twice.
So that's just a quick overview of the week ahead.
Peter, maybe just starting again with broader macro, how are you feeling almost one month
Any thoughts on some of these big events here in the week ahead?
Yeah, geopolitics aside, things have gone very well to start the year.
We had really strong GDP numbers come in much higher than expected.
Inflation broadly is cooling, which is tremendous for the Fed.
So yeah, I expect a pretty dovish approach.
I think what you just outlined for Powell, he's going to come in, I think, and do what
So that's what I'm anticipating.
I don't think rates will change.
I think it'll be relatively dovish, but cautious.
And yeah, this sets up extremely well.
We also have big earnings, like you mentioned.
The market was really driven by the Magnificent Seven in 2023.
So I'm curious to see what earnings are for those big companies.
This week, we have five of those seven reporting.
So it's a really big week, it's a big moment in time.
And broadly, all the US data on inflation and GDP has been really, really strong.
So we'll see if they actually can get this soft landing that appears right now that that's
a decent part of the probability curve.
So yeah, there's reason stocks are at all-time highs.
Yeah, and it doesn't seem like they are slowing down.
So some big events to watch clearly.
I know you're chomping at the bit to get into our Bitcoin discussion since it's been a few
Again, just to recap, we were euphoric at the top, thought there's no way it could be
It ended up being sell the news, we saw Bitcoin tumble about 20%.
It's since up about 10% off the bottom.
We saw the data come out yesterday evening and now in spreading more this morning that
the ETFs have already accumulated 3% of the total supply.
So I am curious here for your read on the price action, is it just sell the news temporarily?
How are you feeling about our leading crypto token here?
Well, we talked a ton about it and I didn't have conviction at all, but I certainly thought
that there was a good chance that it could be sell the news and I brought that up.
I feel like over and over again, we were still bullish on Bitcoin throughout the end of 23
And I don't want to say I was mocked, but everyone just dismissed it as something that
And it's just been the case.
I mean, that's something I think we all need to be thoughtful about with crypto, not financial
advice, but broadly the same kind of thing plays out over and over again.
It doesn't mean it's a long term thing, but from a short term perspective, you buy the
And that just came to fruition yet again, not in a huge way, but 20% down from the all
And I tend to still have a really bullish outlook for Bitcoin in 2024 with the having
with the ETF inflows long term.
And yeah, I think just the narrative overall sets up really well.
And my bet is that Bitcoin's market cap overall continues to converge with gold's market cap.
And I think both can do pretty well given what's going on with geopolitics and just
financial policy around the world.
Yeah, I mean, certainly that's a bullish take.
I think looking at some of the price action, I've actually seen, I think there's several
charts you could probably point to with similar.
So it's a huge run up ahead of the official announcement and then a sell off because of
course it ran a little bit too far, but then just kind of grinding up only.
I think KY Crypto shared a post on his, on his ex feed yesterday showing that and kind
Will we see something similar for Bitcoin here?
So that will be certainly something to watch period.
Any more insight on the Ethereum ETFs have you been following that narrative much at
all, like increasing likelihood?
What's your take or read there?
Yeah, I have been following it.
I think it's super interesting.
Shout out to Poly Market, a prediction market that I think has a real shot to do some serious
volume this year, more around the election.
But they have a market around when the ETF or when the ETF will launch.
I think that's probably your best gauge of what the probabilities are.
And I think that we'll see that trend continue.
Something we've talked about on these spaces is just, you know, one of the best use cases
for blockchain technology and just in general with decentralized finance is prediction markets.
And I really, really love what they're doing over at Poly Market.
I think there's some really cool things specifically around the election, which I think is going
to be a huge market this year where there was a lot of opportunity in years past.
And they do have markets around the ETF, I'll pull it up and I'll give the probabilities
But I'll pull it up now and then I can let you guys know what they have.
And Peter, I feel bad I'm just grilling you here.
Actually on my call sheet, I had the question, have you started monitoring election futures
Because I figured you probably had.
But then when you said you didn't want to get into geopolitics, I kind of pushed that
But I mean, politics aside, have you been following the election futures?
Is it kind of playing out how you thought it would?
Any surprises in kind of early action?
So just real quick, just to close up the loop, the Will and Your Theory and ETF approved
Yes is a slight dog at $0.44, no at $0.56, $402,000 bet on that specific question, $0.33
So by May 31st, the market is still betting.
So that's interesting to me.
And yeah, I have been following the election stuff really closely.
I mean, Trump is just starting to pull away in a huge way.
And there's a lot of narratives out there.
That's by far the most bet market.
Trump has actually referenced Poly Market over on his social media platform, which I
don't follow too closely.
But right now, presidential election winner, there's 26.5 million bet.
Donald Trump, yes, $0.55, no $0.45, Joe Biden, $0.39, yes, no $0.61, Nikki Haley, yes, $0.01,
no $0.99, Gavin Newsom, who is starting to get a lot of publicity, and I think a lot
of people expect, I wouldn't say a lot of people, but I think there's speculation that
we might have a different Democratic nominee than Biden, given everything that's going
Newsom certainly gaining some steam there.
He's been moving up lately.
So I don't want to get into politics specifically, but those are the numbers, and that's a pretty
I mean, 26.5 million bet already in 2024.
I expect that number to get well into the nine figures, maybe even bigger as we approach
So I didn't realize, I knew that Poly Market had the presidential odds.
I didn't realize they had seen $26 million in action already.
So I mean, that seems like a pretty good gauge of where folks think the election is
going to play out, based with the information we have here in January of 2024.
Certainly, there's a long road ahead, but that's going to become an increasingly important
macro narrative to watch here very soon.
Well, I'm going to give Peter a break.
We also have to talk Solana.
I think it's one of the most exciting topics in the crypto market.
I'll just give a quick read-in from this morning's Morning Minute newsletter, and then
we'll kind of go around the horn a little bit.
So the headline here is Jupiter's Juke token reaching $7 billion FDB in futures trading,
and it feels like Solana might be one day away from a once-in-a-cycle liquidity event
Again, so the leading Solana decks, Jupiter, they've been challenging Uniswap.
It's just that the leading decks across all of crypto, their token launches tomorrow,
has been trading as high as $7 billion in futures markets on Avvo.
As a quick reminder on the tokenomics, 10 billion tokens in total, 50% managed by the
team and 50% to the community.
The community is going to receive 40% of the tokens via four airdrops, that first airdrop
We got an update this morning from Meow.
That's going to be 1.35 billion tokens here going into full circulation tomorrow.
That's 1 billion tokens for the airdrop, 250 million for the launch pool, 50 million
for some sex money, MM loans, and then 50 million for any immediate on-chain LP needs.
And those tokens, again, trading, they hit 70 cents yesterday.
I saw closer to 60 cents this morning.
The airdrop alone, that means the Solana ecosystem is going to see a $600 million to $700 million
cash injection tomorrow just at those prices.
It puts the GEDO airdrop, the Blur airdrops to shame.
And I think one may have to look back to Uniswap's airdrop to really find a comp here.
And I think that the immediate question is like, where is this going to flow?
Is it going to flow to Sol, to a 10 of Ts, to Meme-Konwins, or all of the above?
Or will it leave Solana entirely?
I think OSF commented on his ex-page.
He did a comparison to Ethan Uniswap.
So Uniswap FTV $6 billion, ETH FTV $273 billion.
And then he says JUPE FTV at $7 billion, Sol at $55 billion.
It's a 46x multiple ETH to UNI versus an 11x multiple for Sol to JUPE here.
And he's saying something is undervalued.
So I'm curious, folks, reactions to that.
I think for me, a couple of things stand out that JUPE FTV 1 is already valued as high
It's pretty damn interesting.
And then, of course, point two, that it's ratio to Solana far lower than Uniswap's to
What I take away is that Solana looks ready to pop here, and this Jupiter airdrop might
Deez, maybe I'll throw it to you, kind of get you plugged into the conversation here.
How closely have you been following JUPE?
Like, what do you think the impact is here?
Like, am I overhyping it, or is this truly like a once in a cycle type event?
Yeah, I mean, I think you can argue both sides.
I personally am super bullish, but I'm always, I think, a little partial to be bullish.
I put a lot of my net worth in the Solana over the last three months, and I'm super
So I'm going to probably hold my Jupiter airdrop immediately.
I'm not going to dump it and take the free money.
I feel like we can see something stupid happen.
Uniswap being already equal to Jupiter is kind of interesting, but I think just in terms
of narratives and mindshare, the old DeFi tokens don't have nearly that much going
So I wouldn't be surprised to see it trading at multiples of Uniswap at some point.
That wouldn't surprise me.
I'm not saying long term either.
I'm just saying in a temporary hype driven speculative week or two.
Deez, quick tactical question.
Were you active in trading back in the Uniswap airdrop days?
How big of a debt was that?
At the time, it didn't seem like that much money.
But then if you held the token for like three months, then you made a lot of money.
I think I sold all my airdrops for like under $1,000 per airdrop within the first few days
And we didn't really see uni price go into discovery until like, I think it was the January
So the airdrop came out September and then you had a few months and then it went parabolic.
So uni was kind of airdropped a month or two into Uniswap summer where like we already
had yarn and yams and a bunch of these gilt farming derivatives and some of the gas was
leaving the tank at the time.
That was actually right around the time I bought my first punk.
So I think I remember it a little clearly.
Well, thanks for walking us through that.
That was a little bit before my time of being kind of daily active in the space.
Peter, your hand shot up.
I'm curious for your read on kind of on Jupiter, kind of what's happening here on Solana.
So like these, I've been just moving a lot into Solana for a stretch here.
Basically the last two months, not quite three months, so it should have been a little earlier.
But it's really interesting, just the overall UX and the experience has been great.
Was kind of in the Solana ecosystem pretty heavily through 2021, made a lot of mistakes.
That's one of the places I probably got a little bit greedy.
Just messing around with NFTs is really the star Atlas game and some other aspects and
of course sold a lot of the soul at the bottom and then got in.
And so I've made a lot of mistakes, but I'm very, very curious about this airdrop and
I think Jupiter is incredible.
I mean, just the UX and the speed and everything is awesome.
And one question I had for these immediately and one way I'm thinking about it, do you
have any interest in the liquidity pools around Jupiter, Jupus DC specifically, and maybe
Jupiter with Solana as well?
I think that's an interesting way to potentially play this just given how much liquidity we're
going to see and how much trading we're going to see.
So I'm trying to figure out other ways to play it.
I don't plan to just directly sell the airdrop either, but interested to see if there's any
potential ways to kind of play just the massive amount of liquidity and trading.
And I'm also curious to see if the Solana chain will hold up through this.
This is going to be an immense amount of volume and usage.
So very curious to see how that plays out.
I think in general, if you can provide liquidity as soon as possible when you get your airdrop,
it's usually a plus EV thing to do.
The only ways it seems like it would fail is if price goes up or down a lot on low volume.
And I just don't see there being low volume here.
So I definitely think, and I haven't even looked or there, I'm sure there might be in
Are you getting any boosted rewards or are you just getting the base pool fees?
But either way, I think it's probably worth doing.
I think it depends where you go to, because I've certainly seen things around that.
And I think there's a variety of ways that you could play it.
But yeah, it's a fascinating moment in time.
And you just got to give Solana a lot of credit for a lot of things they've done.
There's been quite a bit of good content with their founders and people involved with
the project on different podcasts.
And I just think that that group is really thoughtful.
I know there's been tribalism between ETH Maxis and Sol Maxis.
But there's definitely a world where both can exist.
And yeah, this is definitely a big moment in time, at least from what I can tell.
And I think the tokenomics is kind of an event that happened not too long ago that we can
I think their tokenomics might not be as strong.
But that launched the week of December 4th, I think it was December 7th or something.
And Solana was around $60, $70.
And shortly after, within two weeks, it had ripped to the new local high.
So not saying that's going to happen again or is a for sure thing, but we have kind
of an event in recent memory where there was a big liquidity injection.
And we saw a lot of that flow into Solana NFTs.
I think that was, you know, December was a really good month for a lot of Solana NFTs.
Yeah, I think that will happen.
So you said you're not going to say it.
Of course, I don't want to jinx it.
I feel like, you know, where is this going to flow?
I think there's going to be a lot of flows to the native currency with Solana.
I'm probably going to take the opposite side on the broader NFT index, though.
Maybe we see the leaders pump a bit, MadLads, Tensorians.
I haven't been totally inspired by the Solana NFT price action as of late.
A couple of comments, just kind of thinking back, I was looking at the Uniswap chart.
So it did jump up past 20 billion in May of 2021.
Even in March, it hit 17 billion just a few months after it started running up, as Dee
So that's an interesting data point.
And then Peter, I think one, I'm not, I'm certainly not an expert in LPing and these
But I think one piece that's interesting about Jupiter, about Solana, is that DCA limit
order feature that it has.
And when the wind meme coin launched, we saw what felt like a lot of limit orders, buys
and sells within a very specific range being executed pretty rapidly there on day one,
which to me is to say, no, that perhaps it would stay within a liquidity pool range.
But of course, there's a lot of other factors at play.
But I think that is a variable that doesn't exist on Ethereum.
So another factor to watch.
Keene, I'd love your thoughts here on this Jupiter event.
Yeah, I mean, I feel like it is.
Jupiter is, I mean, when you just think about the size of Jupiter and the meme is, you know,
Jupiter is the front page of Solana, there's a lot of truth to that, like a lot of initial
flows coming to the ecosystem start with Jupiter.
And I think it's important to note that Jupiter is an aggregator and to a large extent, because
of the singular stack that is Solana, there are things you can do in Solana in terms of
executing and optimizing and tapping into all the liquidity pools that exist that make
it the best experience, right?
Which you really couldn't do in Ethereum because of all the costs from hopping from one contract
So from a standpoint of the product, in some ways, Jupiter is a slightly different product
from Uniswap in that it taps across the ecosystem.
And they have these deep linkages across the ecosystem.
I think it's positive for Solana, of course, the base token, right?
I think anyone who's selling is probably just going to sell them to Sol and then try to
figure out what's next, right?
Like you said, perhaps some of the NFTs get some answer your benefit.
But I also do think that there's a use case for holding as opposed to like more so than
any of the drops we've seen, which have been meme coins or even Jiro, right?
There's an argument to make for actually holding and accumulating the token, if you believe
that Jupiter remains a mainstay in the ecosystem, right?
And so there'll be future drops, there's been talk of a launchpad, right?
Which I think is a little bit different, right?
When you think about the stage we are on Solana, relative to when even Uniswap launched,
There's still a whole lot of tokens that haven't been dropped yet.
And if Jupiter is going to be a place where other tokens decide to do drops or to leverage
their protocol and their deep look at pools and access to do that, then it does make Jupiter
as a token to hold interesting.
And I think, as we see sort of governance roll out and what the details are, hopefully
in the shorter term, it'll be a little bit clearer as to what the long term plans are.
But you can argue that a lot of attention is on Jupiter and they command a lot of attention.
I think that's an important point.
Yeah, I'm with you, where I think there's a good chance a lot of folks who receive the
token will indeed hold it, especially if you look back at the Uniswap price action holding
was the play there and it's just the easiest analogy to make.
So I could absolutely see that.
Peter additional thoughts on your SSE rough mute.
Oh, sorry, I must have clicked there.
But yeah, I thought that was really thoughtful and I think there's a lot of reasons.
Gracie's bullish on Jupiter.
I think there's a lot of reasons to hold the token.
Just the experience overall is just, it's so good on Jupiter.
I mean, just seeing the evolution of kind of some of these DeFi products and swapping.
I mean, actually, it's a horrible, it was a bad outcome.
But the Terra ecosystem, when they launched their DEX, I felt some of the similarities
Obviously, that whole thing was a big debacle, Luna.
But I do think that continued improvements in UX is super important for onboarding people
into crypto and I do think Solana's ecosystem and specifically Jupiter has done a great
job and I think that's bullish for the price action.
I've been curious, Peter, you've been on Solana.
So you've clearly been using Jupiter.
What have you been using it for if you care to share?
Have you dabbled in any NFTs?
Have you looked primarily at its ecosystem tokens?
Like what are you doing over on Solana?
Yeah, I've just been messing around with some of the tokens, gambling a little bit
I was looking at MadLads and some of the NFTs.
I haven't been as enthusiastic about the NFT ecosystem.
I do think MadLads in particular are pretty interesting, but I've been messing around
with some of these things.
I had a buddy touting Flux and it was early on Bonk and some of these other things.
Of course, I'm having FOMO, just watching these tokens rip and then I get in and then
some good outcomes, some bad outcomes, but mostly just playing around and I was inspired
too by some of the content that I listened to specifically.
I really like Yanno and those guys over there and they've had some really cool podcasts
with the founders that I thought were really inspiring.
So I just wanted to play around more with the ecosystem and I'm staking Sol now and
I've been asking Deez a couple of questions.
So I'm just trying to familiarize myself and yeah, of course, ahead of this Jupiter
airdrop, I wanted to have some additional movement.
Of course, well that makes sense.
How have you been positioning ahead of the Jupiter airdrop here?
Are you still dabbling in the Solana meme coin ecosystem?
Any changes to NFT exposure?
How are you thinking about this?
No, I mean, I haven't had the largest Solana NFT bags.
I have a couple of Tensorians.
I think most people know that I have a bunch of Bodagas, still have like 50 of those.
And then everything else I have is like five or less of something.
So no really big bets outside of the dogs, which I got for what felt like free.
But I have thought about maybe selling a Tensorian and moving that to other things.
I was trading some more of the mid-range NFTs in December.
And when node monkeys and Bitcoin puppets started taking off, I kind of took my attention
away from Solana NFTs and put it into nodes and puppets, which worked out really well.
But in terms of like liquid bags on Solana, I just have a bunch of Sol and then it is
parked in a bunch of different places.
Some of it is supplied on Camino.
Some of it is supplied on MarginFi.
Some of it is just staked through Phantom.
I think I used Maranade to do that so I'd get boosted rewards.
And then obviously anything that I have on MarginFi or Camino is either JITO Sol or
MSol or BSol or whatever fucking liquid staking derivative token that you can get for boosted
And then I have to check MarginFi, but I did put a little bit of USDT in the MarginFi
just to supply it because the yield when I looked at it, okay, it's down a little bit.
It's 6.7% now, but at one point that was closer to 10%.
So I just took some dollars that are going to, you know, go to tax and living anyway
And yeah, other than that, just trying to farm points while getting the underlying,
you know, 7% you should get for holding stake, Sol.
I mean, clearly you are playing around in the ecosystem.
So again, I appreciate you sharing that.
Peter, maybe one last macro question and then we'll move on in the discussion.
And I do want to talk about Bitcoin and T's here in a bit.
But we actually, we got an interesting quote from Mark Cuban yesterday.
So he did an AMA on Twitter.
He was asked about his favorite crypto projects.
And he mentioned that Polygon and Injective are, that he's an investor in both and that
those are his two current favorite crypto projects.
So I was just curious, Peter, if you have any reactions to that or any other alt L1s
that you are paying any attention to here as we, you know, get into 2024.
Yeah, not surprised to hear.
I mean, he's going to always, you know, support the founders that he backs.
He's some back and forth that one of the one of the daily fantasy guys is trying to
And he actually responded.
Actually, this is a good place to put it here, but Drachi asked how often does Peter Jennings
And he said whenever he wants.
And truth be told, we do email quite a bit and he's responded to everything.
And I've heard that same kind of response from other other people who work with Mark
that he's just incredible on email.
And so shout out to him, even kind of at his stature and how much success he's had and
how many things he's involved in.
He does an incredible job communicating.
So shout out to Mark, but yeah, not surprising at all.
And I just I got something just now and it's from a pretty reliable source.
I just want to put it out there.
But basically what he just posted is in contrast to initial communications of one point seven
billion, the initial circulating supply will now be one point three five billion, including
one billion for the airdrop, two hundred fifty for the launch pool, fifty million for the
sex me and the loans and fifty million for any immediate on chain LP needs.
So that could be good for the price action to given there's going to be a lower supply
than initially communicated if indeed that's true.
So just wanted to put that out there relative to the Jupiter airdrop.
Yeah, I saw similar numbers.
So I would agree with you that that does seem like a bullish update to the tokenomics.
Well, it's good to hear about Mark Cuban.
He does seem like a good guy.
So it's interesting to see his favorite bags there.
Well, folks, that's 30 minutes on macro.
I want to talk about Bitcoin and a few other topics.
But before we do that, let's read the news today's top headlines powered by Lucky Trader.
Heath trading volume fell to seventeen point eight million dollars on Monday, becoming
the lowest volume day of January.
NFT leaders were mixed, though, with pudgy payments back up five percent to sixteen point
All their badges and Zocchia led top movers on jumping fifty eight percent and forty nine
Those Sotheby's Grail auctions will be closing at two p.m. Eastern today with X copies citizens
piece leading at one hundred ten thousand dollar bed people's timepiece with one hundred
thousand and ACK's till death to us.
Part one on one at forty eight thousand dollars.
Other on Bitcoin, RSIC did lead action with twenty Bitcoin in trading volume and jumping
thirty five percent to zero point zero four eight Bitcoin overnight.
No monkeys holding at point one seven three and puppets up to point oh four five.
Back on RSIC, part of the reason for that pump is that holders can now check their runes
balances over on Ortee Skin after a recent update from the team.
So go check out go check out how many runes you've been mining quantum cats all over the
They made their whitelist meant until twelve p.m. Eastern on Thursday after their minting
website failed yesterday.
That public sale will be at five p.m. Eastern Thursday allowing for a longer minting window
NFTs didn't mostly chop again for again as leading volume there at eight point seven
mad last one eighty four tensorians at eighty one and crypto undeads down six percent at
eight point five after their first town hall and then Brian Johnson.
You may know him for his longevity tips and as the founder of blueprint he is sponsoring
a free drip house collectible NFT over on Solana.
So go check that out if you're a Brian Johnson fan and brought our web three crypto news
crypto majors are green this morning Bitcoin up three percent forty three thousand four
fifty eight up two percent at twenty three fifteen Sol up six percent at one of two fifty
towel led all L1 surging twenty one percent to four hundred and thirty dollars say up
twelve percent and suey up eleven percent the wind token did fall nearly fifty percent
from high though to a ninety seven million dollar market cap even after burning twenty
seven percent of the supply which many thought would be a bullish event it was not dimension
has redistributed their airdrop token allotments after the claim period ended leading to a
major boost for certain collections.
I think pudgy tokens jumped from like six forty to around thirteen hundred the numbers
have been changing here this morning and then animoca their subsidiary darewise is collaborating
with dead fellows and DSZ labs to integrate dead fellas into life beyonds web three ecosystem.
Well that was a rundown of the news.
I want to talk Bitcoin entities but before we do that I'm curious these maybe I'll throw
this one to you have you been following the towel action do you have towel exposure are
you familiar with that narrative just kind of curious.
Very familiar with it sadly don't own any of it and he has been telling me to buy it
for a couple months now and you know I mid curved it and was like I'm just gonna buy
more Solana so yeah it's cool to see I think the AI narrative is super strong I think you
can sixty IQ it and be like AI good towel good new chain good and just simply send
it but I am not like diving into their eco I don't have a towel wallet so you know super
ignorant of actually what's going on outside of the big narratives we see thrown at us
Yeah that's kind of the camp I meant so I actually did buy into towel a few months back
but sadly paper handed it just a few weeks later partially because of some of the things
you mentioned I wasn't deep in the ecosystem I didn't really totally understand the narrative
to be honest so I just chose to move funds elsewhere but clearly it's moving is up about
50% you know here over the last few weeks so that's an interesting narrative to watch
curious for reactions to quantum cats here these maybe I'll throw this to you I don't
know if you are on the white list or if you tried to get on the white list and this was
this meant kind of took over the timeline yesterday turned into a bit of a debacle were
you following did you have any reactions to this yeah I mean I'm a dumbass I'm into one
we'll see what happens I just like to gamble on stuff I was able to get through after refreshing
the page for an hour on mushrooms and then I went for a walk and didn't think too much
else of it I think we've seen you know more than enough projects have an incredibly shit
meant and it just doesn't matter in the long run like it really doesn't people will make
a big deal about it for a week and then they forget and people move on and yeah so anytime
there's a mint fud I'm always down to take a gamble yeah it almost feels more bullish
at this point I mean it's like it's just hilarious that it feels like in so many ways just a
flashback to 2021 we had this super hyped meant the sites not working the discord is just utter
chaos the team is running a spaces at the time they're not really addressing the issues there's
no comms talking about it luckily I got I just got kind of fed up with it and this went and worked
out about 15 minutes into the the mint window and when I came back it still wasn't working so
luckily I didn't really miss anything congrats to you for getting through hopefully they've got the
site fixed by by Thursday Logan curious for your reaction you know you covered the space
in depth reactions to this quantum cats debacle do you think it's going to impact secondary action
at all I don't expect it to I think what D shared is you know pretty spot-on there'll be a stink for
a couple days you know the typical fud that surrounds anybody not launching flawlessly which
never happens anyway and then it'll it'll go away so every you know almost every project has
dropped the ball in some way on something and if you're you know communicating effectively which
just seems oody has done you know these these types of things just go away yeah they likely do
I did comment on twitter yesterday that this didn't make me partially more bullish on node
monkeys as they they had a also a very highly anticipated mint which I believe went off pretty
pretty smoothly um and there was a bunch of fun around it though yes people were it was supposed
to be free then they made it 0.03 bitcoin then people were saying oh this is bullshit you're a
grifter you know the the discord got hacked there was zero communication I think in their their
bio it still says discord hacked go fuck yourself like this just happened last month and we already
forget about it because node monkeys went from 0.03 to 0.3 within three weeks that solves all the
issues right there if the price goes up people don't care and if price goes down people will
make threads about it that's a fact and I think most most are thinking the quantum cats uh will
likely go up I don't know it's it's torn I can I've been saying this for a few weeks now on the
show but I think part in 2024 I almost think the goal as a founder if you want hype for your project
is to split the the timeline into 50 bullish 50 bearish because that's how you get max
attention uh at least in the near term of course that's not like a longer term
strategy but that seems to be the projects that are doing well it's the ones that attract a lot
of haters I keen I'm curious for your your thoughts reactions to the quantum cats man
yeah I mean I think yeah I mean huge demand clearly broke the site I mean it happens all the
time I don't think it's a big deal for the long term what I would say is that I mean for folks
who are on the spaces that's being held um there are some interesting conversations and that's
particularly when Dan Held kind of took over the space for a little bit and I think what people
like the way I approach Bitcoin I think people should it should be it's the same way I approach
Solana right you have to figure out what the natives are doing and I think sometimes it's
a little bit harder because a lot of people don't know who the Bitcoin natives are or who
the who the people necessarily are in Bitcoin that have a lot of long-term social status
and you know it's important to kind of see what some of those more progressive
Bitcoiners are saying and so many of them are corralling around this project
right and so many of them are talking about you know the dawn of defi on Bitcoin and why it's
significant and I think when you sort of dig beneath the surface and you also just listen
to what Udi has been saying and things have been telegraphing it just feels like it's worthwhile
if you're going to bet on a team or an ecosystem of Bitcoin like this is one of the all-star teams
right and for me it's it's definitely worth the risk if you're on a whitelist or have a whitelist
to mint it and you have the means right because to me like the successful products on Bitcoin
over the long term are going to be massively bigger than what we've seen anywhere else
just because of the size of the crypto economy that is Bitcoin right and I think it's worthwhile
just really trying to figure out you know what are the one or two or three teams you think are
really worth backing who not who have the the chops in terms of the dev chops but also who are
kind of capturing mindshare and corralling a lot of the best minds in the space and it just feels
to me that quantum cats is one of those and it should not be faded in the short term yeah I tried
my hardest to mid-curve this one I was thinking about you know oh it's 300 Bitcoin raised 12
million dollars blah blah blah but I think that the reality is that the right curve left curve play
is Tapert Wizards one of the best teams on Bitcoin bet on the best teams and it's just
going to come down to that and it's just it just doesn't need to be overthought but it is
interesting how keen that you talked about kind of the the dawn of DeFi on Bitcoin which is tied
into another project the RSIC meta protocol these I am curious so you are a puppet owner I think
you've been public about that did you get air dropped any of the RSIC tokens have you been
following this this runes project here yeah I got air dropped to the RSICs I still have both of them
I self-transferred them to myself eight days ago so that I can get whatever output and then I
honestly have not thought about them in eight days since I self-transferred them to myself I see that
they're normally on top of the Magic Eden leaderboard when I check the 24-hour volume
but I mean I'm just I don't know what it is and it's provocative and I'm just gonna hold it and
see what the fuck happens because like I don't really need to sell it to buy another puppet I'm
pretty good on on puppets and I don't really just want to hold Bitcoin like put I put this Bitcoin
into this wallet to take gamble to try to make more Bitcoin so yeah I'm still holding both of
mine and I maybe I should be following a little more closely along as they do I say you don't I
feel like of any NFT this is one that is easy just to kind of hold and forget about it as long
as you've turned it on if you tell me I can like do do one thing and then start accumulating some
type of reward that has no fundamental value right now and maybe in the future make more
money like I'm all in I'm down that's mining baby you are a miner already whether you know it or
not as soon as you activated that thing I've been following this project very closely disclosure I
do have several of the RSIC tokens I like the potential upside at current prices for what I
think that the runes protocol will mean for Bitcoin of course it's hard to predict which tokens will
have success but I do think an RSIC backed token will have a good chance for success I knew that
as soon as they launched the dashboards it would be a bullish event and I unfortunately didn't have
liquidity to make a move they launched the dashboard last night that the RSIC was trading
at 0.03 and then it jumped 50 percent overnight so that was just an obvious indicator it's been a
little bit volatile here this morning but I'm feeling pretty comfy in the RSIC bags like D's
mentioned you can once you've got them activated you can just set and forget I think one aspect
of this project I think people see the 21,000 tokens and it feels high 2,000 are for the team
and 4,500 plus haven't been turned on yet so that the true supply closer to 15,000 right now so
that's another factor to consider I'm curious if you've been following RSIC and how it may tie into
D5 Bitcoin yeah I've been following I mean I got I got like D's I got two I think I got two for
holding a node monkey because the wallet in which I got dropped is not that new and so I got two
right like everyone else was wondering what it was you know I think the dynamics are really
interesting the fact that you activate it and then you're basically mining this future token drop
that supposedly is going to be tied to the ruins protocol and there's all this social arguments as
to who's going to min first and the one thing I'd say is just looking at how this drop was done
it's not just a fly by night team they seem to know what they're doing like it seems like the
approach they've taken is complex enough to say okay this is a team that really understands Bitcoin
but I think the other thing that I thought was really important was it was almost like a little
bit of a front run to kind of be the first potentially on rune and you can only be the
first person to front run something and I do think that there is value in the fact that
rune like I mean RSIC basically has captured that a little bit of the meta right around
thinking around you know tokens on rune and and all that conversation and discussion
and so for me it made sense to not only like keep the two I bought but also buy a few more
especially when like you said you look at the fact that you know at least 20 some percent haven't
been activated and so anyone who's activated for now like you're just sort of minting this future
thing and it actually pays to hold all right because if you're trying to like flip back and
forth you're basically missing mining time so I don't know it's one of those things too that just
seemed like okay this team seems like they know what they're doing there's a lot more information
to come right they seem like they're strategically building out something and it'll have some
relevancy either way and and in the broad scope of what is on bitcoin there's just not much period so
anything that's early that seems interesting again to me it's worth just sort of tracking
and and retaining your exposure especially if it was just like a free drop for most people
like why fade it if it's potentially it could be a lot bigger as the story plays out.
Akia and I clearly outlined on this one I'd love to hear your thoughts as always Peter I'd love
to throw it to you if you're still with us you know you shared your thoughts on bitcoin itself
as a token clearly you are bullish I'm curious if you've been following the NFT ecosystem on
bitcoin very much is it an ecosystem that you have any desire to to play in or are you just
kind of comfortable holding the tokens? Yeah I followed it and I still just don't understand
why bitcoin is a good chain or good protocol to do NFTs on. To me bitcoin has solidified its
narrative it's digital gold it's a story value it's great for big transactions when you want to
move money to people why is it a good place to do NFTs that that part doesn't really make sense to
me but I get the culture I get into all this change so I would love to hear people's perspective
on why it is a good place for NFTs because it just doesn't make sense to me given how expensive
it is to transact and everything else but I'm probably missing something maybe that's a mid-curve
take but that's been my general thesis so I would love to hear the counter to that. Yeah that's
certainly where I was early on and I struggled with it for a while and just does this kind of
change the bitcoin is digital gold narrative and I don't have a great answer I'm gonna go to
Joaquin here in a second I almost feel like that the broader consensus I've seen has been more
around like why not and this is where all the money is but Joaquin curious if you have any more
eloquent insight than I do. Yeah I mean I think there are a few things right so I think natively
for bitcoin devs in the way the NFTs are the best ones or the good ones are done
like they're on chain so you're not you're not referencing IPFS or third-party database right
you are actually etching these things on the hardest chain that exists so there's some sense
of like permanence and the fact that right these NFTs relative to even on ethereum where most NFTs
are really not on chain that's a distinction point I think the second point is kind of broader
value to bitcoin is a lot of these activities as they grow on scale they create fees for miners
right and there's been the ongoing conversation on bitcoin as to what happens after the last
bitcoin is mined will fees be enough to sustain miners right and I think that this is relevant
in that if you build like this new economy of activity on top of bitcoin that creates fees
it actually like makes the chain more secure over the long term potentially because these new
economies might just basically build themselves into high fee paying economies on bitcoin and
essentially solve that problem or that long-term problem of you know whether the fees come from
that sustained mining on bitcoin so I think that's also notable but the third piece for me which is
the way I kind of think about it you know for me like I think that you know the hardest I kind of
see bitcoin as a place where luxury goods would exist and the hardest luxury goods and what I
mean by that is that bitcoin in of itself is a collectible right because the original meta meme
for bitcoin was stacking sats right and you just basically collected bitcoin and I don't think
there's a far stretch to see some of what's happening as an evolution of that right so whether
you're collecting r6 or collecting even art on the chain it's just another form of a collectible
and I think the more new people come in people come from east that don't have this sort of maxi
bias that you just buy and hold bitcoin I think interesting economies can kind of ensue
and to the point you made around just the cost I actually think that actually is part of it right
to me it kind of solidifies the narrative that bitcoin is the place you go where you want to etch
or inscribe the hardest assets and I think things like collectibles art and even some some form of
defi like whatever sort of emerges I think will be notable on the chain and you just you're going
to have fewer things so it's almost sort of like bitcoin will be hard assets ethereum will be
right hardish less hard and salana will be like the free-for-all where you can just kind of
experiment at the margin and I think those three have very distinctive values to add and the
outcomes might be a little bit different the things you see might be different but I think having like
new economies emerge on bitcoin is extremely notable and I think actually supports the long-term
longevity of the chain very well said I can I couldn't put it better myself but also thanks
for chiming in hopefully that kind of helps answer Peter's question I'm sure it's that's a it's a
type of question you have to think about for a while and grapple with and certainly it's okay
not to participate I think it is interesting I think we did have this picture of NFTs on bitcoin
as being just like that the highest value collectibles that's not exactly what we're
seeing right we're also seeing kind of lower end NFT collections like a meme derivative
collections spinning up they're not really having much staying power and I think for the the higher
value collectibles I think that the barrier to entry with respect to the cost of inscribing on
on more premier sats that that narrative holds on I think that is something that will help propel
that narrative so I think it is that's certainly another interesting factor to watch as this new
ecosystem evolves well Danny charts I want to welcome you to the stage I want to say this is
your first time with us bio says you're a macro guy you're rocking the bitcoin puppet pfp here
so clearly you are in the uh looks like we lost Danny charts I'm sad I really wanted to hear uh
the the puppet take on this well we've got about five minutes left in the show
d's I'm curious have you been following the Sotheby's grails auctions here they expire
or they're going to end here starting at 2 p.m eastern that's just in four hours now
um have some of the bid levels been surprising to you do you think we're going to see any fireworks
today do you have any thoughts to share yeah I I mean right now the bid level is on a few pieces
are surprisingly low and I don't think any of them are surprisingly high I think that's one
way to say it at least right now Sotheby's and Christie's I believe they both have auctions going
on um and I haven't seen outside of Roger Dickerman 9 0 5 9 and you maybe like people really
mentioning them I don't really see anybody in collector channels really mentioning them
uh so I'm not sure you know I'm probably not optimistic we're going to see things sell for
a lot of money I think we'll be more likely to be disappointed than excited um with the outcome
going on right now but yeah I think there's some great pieces in the the starry night countdown
or the starry night collection in particular and I'm you know personally out of principle I will
never bid on a Christie's or Sotheby's auction ever um if you're trying to sell digital art and
I need to KYC and do all that shit like I'm just not gonna do it um I will find other opportunities
to buy art from artists I love where I don't need to buy it through Christie's or Sotheby's
um that being said I have co-collected pieces where people in our group buy it and then I send
them a portion of whatever it is um so maybe you know you could say that I have bought some things
from Christie's and Sotheby's even though I've never done the KYC part um but I'll be watching
this auction closely here too and just just for the fun of it um probably hop on Roger's space
later and see what's going on yeah I mean certainly a very fair take on not wanting to KYC uh you
know and taking that standpoint I think the only really reason to violate that is if it's just
like a specific piece that you really can't get elsewhere I have a couple thoughts on this auction
one you talked about not a whole lot of coverage these seven day auction cycles make it a little
bit more difficult to cover so like you announce it when it launches and then price action just
lulls for five to six days so there's not really anything to talk about and then it all just
heats up in the last you know six to 24 hours I almost wonder if there'd be more hype on these
auctions if they were like 24 to 48 hours which still feels like enough time uh to to get your
to get your bids in um I think the other piece that stands out to me is that they launch too
much here at the same time and clearly we know this is not the most liquid digital art market
for for high-end one-of-ones and there's there's a lot of nice pieces here uh and it just doesn't
feel like there's enough uh liquidity from the whales to to really meet to fetch high bits and
like I'm looking so this grant union piece is is at $30,000 here that's less than 15 ETH
uh for for his bedtime one-of-ones it's a nice piece we have an x copy edition sitting at 28k
people's time is at 100,000 still ack's piece is moving up it's at 65,000 I think that is ack's
single best one-of-one it's an ever-evolving piece the piece is on fire right now interestingly as
this auction goes on I'll be very curious what his twist is uh when that one is set to close I
know Logan's one of his favorites uh Otherworld has a piece here at 28,000 so again that's less
than 14 ETH um just not a whole lot of exciting bids you know the x copy piece is leading 110k
uh this hack-a-tow she's kind of showing the state of the market the estimate for the hack-a-tow piece
was only at 10 to 15,000 us dollars it's being currently bid at 13,000 I mean that's like 5 ETH
for a hack-a-tow one-of-one which I mean these were going for 100 plus triple digits back in 2021
as I remember I think a similar story for seerlight uh so I think the market's somewhat
showing the artists who perhaps have kind of fallen out of favor versus those who are still
in favor um Logan any thoughts on your side before we close the show we're going to be covering now
this other piece auctions over at lucky trader what can folks expect yeah certainly we'll update
with uh you know any notable sales of course they're all notable but any high us dollar sales
you mentioned that the two over 100,000 at present time people and x copy citizens um yeah I think I
share a similar sentiment I think these are just a little too drawn out and of course there's lots
of hoops to jump through and they have tons of experience in hosting auctions of course so know
what they're doing um but for the attention economy that web 3 presents which is where
I think probably 100 percent of the buyers are coming up come for these lots just so so often
or sorry it's just far too long a time people are switching with the hotballs of money far too often
in this space and a week you know meta has come and go much much sooner uh than a week so um we'll
see what happens I thought when they when it first launched and you talked about it a week ago or two
weeks ago at this point in time um the initial rush of bids felt pretty warm to me actually and
I think I might have said that here on this show and it's just like some of these I don't even know
if they've gotten a single bid since that time um so we'll see what happens as the buzzer approaches
yeah you're spot on it started out very strong and then just the momentum stalled uh hopefully
we get some fireworks here in the next four hours uh we will be watching closely but folks
uh that is going to be it that is going to be our show for today before we go
what's minting we've got the counterfeit ekka lestian majesty mint that just started
happening at 10 a.m eastern stefano cantiero uh disconnected comes at 1 p.m eastern rupay
renisto smile at 2 p.m um and then p1a and shiller their season 2 burn uh 6 p.m eastern
tonight today's slower day of drops especially with the quantum cat smith now postponed
that sotheby's auction results that'll be a highlight also rupay renisto smile launching
on salah if you don't know rupay artist behind life in west america ai art style
that's only 4.39 eight floor this is his first solo project five thousand pieces so high supply
but 0.2 soul so 20 bucks a piece given the recent success of low priced entry art on salah
i'm expecting this one to fly but there might be enough for everyone to grasp so take a look
at that if you are interested but that's going to be it that's our show we'll be back tomorrow
at 10 a.m eastern next to our listeners thanks to our sponsor wasabi thanks to d's peter and
our key for coming on up everyone enjoy your tuesday let's make it a great day