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Quick Monday market update
Recorded: June 5, 2023 Duration: 1:00:18Space Recording
Full Transcription
Thank you, of course, and such that wants to chat.
But for those that don't know the hot news, the U.S. Security and Exchange Commission, Gary Geisner, or Gessler or whatever, Geisner, I don't know what to say his name, is suing Binance and CZ, Mr. Zhao, for securities law violations.
This is mostly around not registering the Binance entity.
We'll get into what that means because there's a Binance.us entity that is registered.
I'll go into the complaint a little bit about what's going on there, but that's what's causing some of the immediate FUD right now and some of the dump and dip.
Most specifically, of course, to BNB, but obviously it's cascading somewhat.
This mostly centers around the belief that the entities of Binance and Binance.us are not properly separated.
They were both under the control of CZ and had a similar market maker in a separate company registered in the Cayman Islands controlled by CZ.
There's also allegations of co-mingling of funds and various other things, but the bigger issue likely at hand is the non-separation of Binance.us as claimed.
And the specific attempts to circumvent securities law by separating the entities, but then not actually complying with the necessary workarounds that they publicly stated that they did, which already were, in essence, an avoidance.
Because the complaint says it's, quote, blatant in the framework in the complaint.
We'll see CZ obviously has already issued a public Twitter saying, obviously, funds are fine.
We're going to handle all withdrawals in anticipation of people trying to bail their funds out of Binance.
Once he's just assured all withdrawals are perfectly functional.
He's not suspended anything, which is a strong, smart play by the gentleman.
And, of course, his standard play, four, for people that aren't aware of the culture and what four means.
Four in Binance is him putting up the four fingers, and he talked about the four tenets of moving forward post the FTX collapse.
And it's consistently pointed to four as being ignoring FUD or anticipating that there will be a lot of fake news or attacks or whatever.
Whether that is the case here or not, it's just why four is what the thing is.
For people that aren't aware either, four has a certain connotation in Asian cultures, most specifically Japan and China and Korea as well, I should say, any of the East Asian cultures.
Four is sometimes synonymous with death.
So, it's considered unlucky.
You do not give gifts in sets of four.
Often you'll see teacups, for example, not in sets of four or various other things because it's considered an unlucky number as well.
So, it's not a coincidence that he chose four as the fourth tenet of his four thoughts moving forward.
So, there's the crypto culture of four as well as the ancient culture of four kind of mixed together there with that being his response and various other things.
Anyways, that's the catch-up of what's going on with the current events, CZ being sued, and what's causing a little bit of FUD.
I think this also is playing out what me and Efra had been talking about in the Quantum Collective Market Talk channel about, you know, this relief pop.
You do see, you know, the standard markets move as they did on Friday, but crypto is capped with the dollar strength there.
And because the debt stuff is resolved, you have the release, markets go up, jobs beat.
There's no reason to believe the Fed won't continue to raise, probably not going to pause here.
It's too early.
And then people would conceive of that being bearish to crypto in general because of dollar strength.
And then, no surprise, the government's trying to then put out the PSYOP on at the same time.
They've been very strategic and tactical about when they announced these type of things to do it.
They were not going to announce this when the banks were struggling.
They were not going to announce this when there was still overhang of what will happen with the debt crisis.
It's not a coincidence to me that all of this is announced on a Monday post, the debt crisis, of course.
Of course, here to try and have the other focus be there.
So, you know, the four response is not that inaccurate response by CZ, and he stayed consistent with that response.
I think there are some genuine concerns and issues issued in the complaint.
However, CZ has always been prepared for an adversarial environment in which they will not like the actions of what he or Binance is doing,
and they've been prepared for a survival mode from the beginning.
So I don't think that he's surprised by this by any means.
But it doesn't mean that it's not without challenge.
Let DVL hop in on anything else before we move to other topics.
MGM, of course. Sorry.
GM, GM.
Well, you know, this is kind of news to me.
I woke up and got my kid to school today, and I just noticed a little dip in my doge position.
I was like, what the hell?
So I'm assuming this is the result of, or that's the result of the news that you just shared.
I really appreciate the music intro.
That was very pleasant.
I love listening to you play guitar.
In terms of how this plays out, I'm just eternally bullish.
I'm like, it's either an opportunity or things are moving in the right direction, right?
Yeah, I think it's, again, continues by overarching thesis that crypto is relearning crypto.
Crypto is relearning what decentralization means, what adversarial means, and what the original aspects of Satoshi, cyberpunks, and trustless and insensible mean.
I think we had gotten, as a community, a very broader community, I mean, crypto and Bitcoin and everything, a little too complacent with a financial system's going to lay down and let us win.
That was silly.
They were not taking us seriously, is what it was before.
Now, there's no mistaking them, taking us seriously, if they're willing to attack.
So, that is re-demonstrating some of the original old school folks that said you need to be prepared for adversarialness.
You should always be in a survival mindset.
There's some things like CZ, to his credit, and to other folks like the Ethereum Foundation, which said, you know, we're going to secure our bag, and we're going to be very judicious in our expenses.
And, you know, we're not going to try and match venture capital, people that are splashing around, trying to build competitors.
And we will get outspent, but, you know, we are going to tie ourselves in a way for survival.
Maybe Ventilic has taken a lot of hate for that as well, too.
But, again, it's somewhat prudent and wise when you expect that at any moment you could be under severe attack, or you are under constant attack if you are more of a realist.
So, you know, it's powerful.
Obviously, the tornado cash issue, the freeze issue, the USDC banking issue with centralization and stablecoins being re-challenged.
It's all good to remind people of what Satoshi was talking about.
Anyway, well, anything else you want to go on and see these stuff before we talk about other stuff real quick, or anybody else?
Yeah, go for it.
Yeah, I mean, well, what you were just talking about kind of makes me jump to two things.
Well, they're kind of both related, and mostly it's the political filters that are starting to get put onto crypto that I didn't really see initially.
And now to start to see prominent Democrats come out so strongly against it and Republicans kind of for it is interesting.
And it makes me wonder about the political landscape going forward and, like, the filters of who's going to buy crypto and want to be involved in it.
You know, I'm kind of a socially liberal guy and kind of more of a libertarian in general, and that's how I ended up in this position.
And I just wonder if it's only going to attract people from a certain political party.
Beyond that, I also wonder about the politics of interest rates.
I feel like they're more susceptible to – people are more aware of them now, and that they're more susceptible to political opinion and democracy kind of having their influence than they ever have been in the past.
I feel like our government was set up to really insulate interest rates decisions and monetary decisions from the masses for a lot of reasons.
Democracy is not always the best at finding the long-term solutions that are most beneficial, oftentimes it's short-sighted.
And I just wonder if going into this upcoming cycle of politics, if it's going to be something that influences elections and kind of drives people's voting now that we've seen the impact that it's having on people's paychecks and ability to pay rents and buy houses.
And if that kind of pushes us back into lower interest rates sooner than perhaps economists would have normally taken us there, and what that does to Bitcoin maybe over the next four to five years with the next halving and whatnot.
So I'm just curious about your perspectives on that.
I think that's a strong point.
I will go back to the very first point about, I think, the political aspect of things coming in with it.
I think that we should take note, obviously, of Robert Kennedy, the Democratic presidential candidate overall, granted, going versus an incumbent.
Strange and on, but obviously, you know, he's having the space later on today, literally, with Elon and stuff.
So I do think that there's, you know, pockets on both sides of the fence from a U.S. political perspective that are supportive of the crypto industry in general, with caveats, of course.
I think the anti-CBDC bent is certainly more politically skewed to one side, but I think that the other side has pockets as well that will understand that.
I do think that you have a hijack on both sides of the house in crackdown on both sides of the fence.
Obviously, the most prevalent being Elizabeth Warren, who's a complete nut job in all kinds of ways.
Outside of her absurd and offensive identity politics, which I take, obviously, drastic issue with for our First Nation individuals.
That aside, her economic policies are completely illiterate.
Her changing of political parties in her history shows that she's a complete insider, willing to play the ball with whatever.
And her track record of accepting money and rejecting not doing PACs when challenged by Bernie just shows her complete lack of ingenuity.
Ingenuity.
Excuse me.
She's ingenuine.
Anyways.
She's obviously extremely crypto because she's a nanny state, state maximalist is what you know.
So that's the extreme side.
I think going to what's going to move with interest rates.
It's very clear that interest rates have always been a political tool that can affect elections.
And I think that Trump more explicitly brought that to people's intentions and current minds.
But it's not anything new with people claiming that Carter was sacked by raising interest rates by Paul Valker.
People don't remember any of that nowadays and they're too young.
But it's not new that you constantly recall Trump saying, oh, if the Fed would just stop raising interest rates, you know, this economy would blow up or whatever.
The various other things.
It politicized that it would really be raising rates faster.
But, you know, now I think that there is a very clear desire to not let the economy do too good.
And if you are of the belief that that will damage the incumbent party into the next election cycle, which is unfortunate and damaging because it does mean that people will chop off their foot to, you know, to move forward or, you know, cut their nose in spite of their face or various other things, which is silly.
So we do see a very ugly two-year period, I think, in terms of progress or helpful growth strategies.
The Fed actually is happy about that because other people are doing their dirty work for them.
The Fed having the student loans come back in, the spending caps in place, but at the same time, not any calamity of further debt crisis all the way out through 2025 lets them play their game and be further in control.
So really, they won in this because their jobs got easier.
It's a known game and set now, especially from a numbers and perspective of number of treasury issuance game.
They can run out their models with a very known set game and then control rates, which to your point then that you'd made initially upon interest rates being extremely politicized now.
So, yeah, their ability to negotiate a recession before, during, or after the 2024 election, which they are trying to essentially negotiate and create a very soft, quote, landing soft recession to buttress inflation.
Now that becomes the timing of choosing when to do that becomes obviously incredibly impactful to the vote if we look at history.
So I think all your points are well taken.
I just expand on all of those points.
Hopefully they just, you know, time it well with all the investigations to where we get like a nice little double tsunami going on right there during the political season.
It just leads us into a full blown fucking civil war.
Yeah, this is very true because obviously the other known set is again, the known trial schedules of the potential challenger if Trump would have win.
The candidacy for the Republican Party.
So, yeah, this becomes an incredibly difficult and intriguing time.
I think that also somewhat speaks to the intriguing issues because you have a situation where the Fed is going to want to look, even though they are actually manipulating, to be not manipulating as much as possible.
So they're not going to want to have a severe recession that they cause because then they'll say, oh, you're picking it.
And at the same time, if they don't like act tough, they'll be like, oh, you're caving.
So they're very hamstrung into trying to work the middle path here, which likely means that they'll talk real tough on inflation, but they're not going to do a whole lot until after the election cycle to really crank down on it.
Besides kind of stay the course and be like, we're not going to pause.
We're not going to drop.
We're not going to cut all this until after.
In reality, they will.
But they'll say they won't.
They say they won't until the absolute last second that they have to cave because they don't want that narrative that they're giving it to the incumbent by putting the punch bowl out too early.
And how much of their decision making process could potentially be based off of their predictions of who could win the election?
And if they see an incoming president that's going to just fucking chop all their heads off and replace them, might they say what we need to do for the economy is raise even faster and get this over with?
Well, simultaneously, Biden will be sitting there saying, well, let's just push the fucking recession into Trump's term and put all that on him.
And so he's going to be trying to pump all the money he can into the system just to end on a high note.
And we might have two competing interests there at the same time if they kind of see an incoming Trump being the most likely scenario.
Yeah, I mean, this is true.
If it becomes more known, I don't know that we'll have that known of a set that early.
The Fed won't get that much clarity.
I think it won't be as clear that he will win a nomination, let alone that he would have a chance or is going to win in general.
Then it would be known flagged early enough for the Fed to do a whole lot with certainty, unless, you know, stuff drastically changes, like, you know, rush into something nuts.
But, you know, I think that what we're going to see is the Fed try and tolerate inflation running a bit hotter if it lets them hold rates at about five.
They do want to pause and they want to pause soon.
They're probably not going to pause yet, but they want to pause.
But what they want to do is stay not cutting as long as possible once they pause.
Because as soon as they pause, people are going to call them to cut, like, the very next month and just be ridiculous.
And they'll be like, we're going to pause for two years or something ridiculous, which there's no fudging way either.
Now I'm being hyperbolistic on both sides.
But, you know, I think that an extended pause where they get chastised for inflation still not coming down is exactly what they want.
They want inflation to run at, like, 3% and not the 2% target where they can hold rates at 5% into the 2024 election.
There's that, like, rosy path.
And I think that won't happen because I just don't think that at 5% on the short in an inverted curve that we can really run out 18 more months in that environment.
That's just too precarious.
You know, any shock to the system blows it up.
But I just, I just, I'm not betting on smooth sailing for 18 months in the current geopolitical environment.
I'm sorry.
Why hasn't Biden undone the Trump tariff shit?
Oh, that's an easy question.
That's a simple, easy question.
Okay, so.
Biden does not want to appear to be all, you know, anti-global.
or this, that, like Trump.
But he certainly is not stupid or at least has political advisors around him that aren't stupid that realizes that you have a mercantile adversarial opponent in the Chinese Communist Party.
And given the balloons, he has all political capital in the world to not be nice in that regard.
So, he's got cover there, first of all.
Second of all, the pressures that say that if you reduce the tariffs that you would get inflation recovery and inflation protection is probably overstated, to be honest.
And it is exclusively in the low-end product.
So, while it actually would be decent for the working masses, it doesn't help the people that donate to political campaigns.
And if he is going to take any political heat or try and make any moves that would help inflation, while, you know, tariff reduction is a possibility, China, because it's such a large trading partner, because we're decoupling, it's less.
And if he's going to take any heat about it, he could do better with getting oil prices down, which is why he took the shot with the Saudis and took the political heat for trying to play the game there and then didn't even win.
And the Saudis now are going to do, yet today, announce further voluntary production cuts.
So, he took an L there, which I think many people predicted, even including himself.
But he said, well, I had to give it a dice roll, I guess.
But, yeah, so, and then the last thing is, you know, with jobs still running hot and stuff, there's no reason to rock the boat on the China trade issue and dissuade manufacturers or other people from continuing to put jobs in the market.
Because he's, again, has an economy that defines job expectations into the high short-end rates, which is good for him politically, of course.
So, but my issue is, for one, you could argue that unemployment's too low.
I've heard that around, like, 4% is kind of ideal in order to have a competitive job market.
So, it might not be bad to push that more towards that number.
Also, from my perspective and my opinion is that most of our inflation isn't due to having people having way too much money.
It's due to supply line constraints on basic goods.
That's kind of driving that up.
Now, obviously, housing inflation is more interest rates and gas is more geopolitical.
But in terms of just, like, cell phones, food, you know, clothing, stuff like that, the basic necessities that most people are buying just to get their kids, you know, through school and stuff like that, that the tariffs would kind of help inflation on that aspect or on that end of things and probably would have a dragging effect.
And so, I just see it as, I thought it was something he was going to go, he was going to do into the election cycle, basically.
That was kind of my prediction, that it would be something that he would do then for two reasons.
For one, to improve the economy right as we're voting and kind of give him that boost that we need.
And then, second, to do it at the end of his term to where it would be really politically damaging if Trump were to come in and try to immediately put them back in.
And even though he's insane, he might even understand the political damage of what that would do to our standing in the world.
And he might be a little bit more tempered in terms of doing that.
So, that was my prediction or my hope, I guess.
And I was just wondering if you felt like there was any possibility of that happening.
I think if Biden thinks he's going to lose, he would do it.
I think you're right.
But I don't know that he will think he's going to lose.
And I don't think he's going to think he's going to lose early enough to do it.
But I do think, yeah, maybe if the economy does sour for some reason and he needs a juice in the arm and it's his ace in the hole of the bit to try and get some inflation reduction and economy boost, it would only also do it if China announces stimulus.
So, if China announces stimulus and then in response he reduces the tariff to be sympathetic to how the stimulus flow into us as well, that could be a play for him.
But I think that you'd have to be pretty desperate.
And then I also think that it's – I still feel like it's largely political theater because, again, the core stuff I could talk about about food that is driving a lot of inflation and wage growth to some extent, because, like you said, potentially some arguing the unemployment rate's too low, is driven somewhat by supply chain constraints from COVID lockdowns and just supply chains being gummed up.
But I also think that a decent amount of inflation, but I also think that a decent amount of it is material driven by fuel prices.
So, there's – so there's – you know, we could see – I don't think that we're going to see the push that clearly Europe and the U.S. want, which is to, as much as they talk hard game about climate change, which they should, but they don't live up to, they actually want oil at $60 because that's the cap that they propose to
Russia, and that's what they really want to market at, which would, you know, obviously dampen inflation and then potentially, you know, damage the war machine funding to Russia.
But to have that, you either need, again, Saudi Arabia to play ball, which they are explicitly not, or in lieu of them playing ball, you need the Fed to say,
we're going to make this dollar shine, that dollar rate will grow, and their ability to raise rates in Europe's not ability to do that, given Germany into recession.
Japan saying, the hell, we're raising rates.
We got a shrinking population.
Inflation is not going to affect us.
We literally have shrinking demand.
We good.
Yen and Euro being the two competitors, yen being a – the yuan being a joke show for now.
People talk about that, but the global currency is worse.
It's nonsense.
The U.S. can force oil to be $60 by just making the dollar go up.
How damaging that is to the economy, we could see.
But right now, if our jobs could continue and we can continue to decouple from China and more onshore production, it's extremely unfair.
But the U.S. is going to be able to export inflation.
They're already clearly doing it.
And that's why you're seeing Argentina blow up, Turkey blow up, Lebanon blow up.
And Nigeria is going to be interesting with that fuel subsidy.
The removal of the fuel subsidy in Nigeria essentially stops the Naira from blowing up.
But the economy goes to the toilet to have your foreign exchange not blow up with the dollar rise.
And you buy yourself out of your fuel swaps.
We could talk about that later, too.
But let's go back to ETH right after that, and then we'll go to the other stuff.
But wrap on the Fed stuff here.
Any more last things before we move on, DVO?
No, I really appreciate you taking us down that path, though, because at the end of the day, both political parties are more than happy to push all of our inflation and problems onto the poorer people of this world.
One of them is just a little bit more blatant about it.
But at least we're in safe hands there that we're going to be the last ones to starve.
Yeah, that's true.
Let's talk real quick about the Nigeria issue, because we might be doing some things there.
And then let's make sure to talk about Nichols.
Okay, so those, again, current events, market updates.
We just mentioned oil.
Saudis has the voluntary productions.
For people that don't know, Nigeria is typically understood as the largest oil exporter and producer in Africa.
Amazingly, Angola actually beat them last month.
That's only because Nigeria is not meeting their OPEC quota.
They're allowed to export and produce this much oil, not even in that quota, unfortunately, because of oil theft.
But that's why oil is a big deal.
Nigeria is a big player in oil, especially in global markets, because they export so much, but they don't have refining capacity.
Because of that, they subsidize their fuel.
Well, previously, you could get 200 Naira.
That's like less than 50 cents even at the official rate and like 30 cents at the black market rate on the Naira to the dollar per liter of gas.
For people that are gallon people times that by four.
So, you're talking about like $1.50 a gallon or something like that.
Obviously, insanely cheap and subsidized.
That subsidy has been removed.
And essentially, overnight, it moved to 500 Naira.
I call it a little over a dollar.
Yeah, a liter.
So, you're talking about like, boom, triple your fuel costs.
You wake up, it was $1.50, which is insane, of course, but you're used to it.
All of a sudden, it's more like the U.S., and all of a sudden, you know, you're looking at $4.50 or $4, you know, a gallon or whatever.
Which, granted, I know the Europeans are like, that's cheap.
But again, obviously, it's insane in Nigeria.
And also, they're like, we have tons of crude, like, all over the place.
How are we getting whacked so brutally here?
They don't have any refining capacity.
But that was announced when the new president, Tanubu, took over, and it's caused, you know, a storm.
They're literally calling for a strike in two days.
The general unions are calling for a nationwide strike on Wednesday.
So, eyes on Nigeria is going to get crazy.
They're wild.
We're also, for now, going to see the Naira not drastically depreciate because they're not paying that oil subsidy,
making their poor, literally, deal with their prices jumping like crazy.
The food is obviously doubled also because all the food has to be driven to market on oil.
The other thing that people don't understand about Nigeria is their electric grid is terrible.
So, all the time, they have to use generators, which, guess what, use fuel.
So, again, everything is affected by this.
Anyways, that's going to be very intriguing as that moves in.
And, again, there's, like, the largest population, largest economy in Africa.
It's 200 million people.
Like, it won't be a big deal, people, to start sleeping on it.
But we're going to work on getting a solar inverter down there shortly to assist and see what's going on.
But that's the inflationary commodities story there with oil that plays their OPEC-Saudi action there.
However, this is also why, it's circling back, proof of work, energy, Bitcoin, commodities move towards the cost of production.
Bitcoin is near the cost of production.
Additional subsidy to production through large transaction fees through ordinals.
And BRCs are good because they mean the miners are sustainable, but also mean the miners are getting more Bitcoin and they need to make up the energy costs.
They do have sell pressure because they have more.
The price can be lower for them to make up their production costs of energy input.
This is why I think, right now, at least, in this energy environment, strong dollar presence and large miner subsidy, Bitcoin does have a decent amount of headwinds as being fully transparent there.
Not that I don't love BTC, of course.
And, again, as soon as we do get to Fed cuts, we are going to see it explode.
But I do think patience is going to be necessary here.
Not that I'm not a huge proof of work, Maxie.
But, okay.
Nickels.
And then we're going to talk about Doge if I have time.
I got DVL here.
And Doge is doing big things for people that don't know about DRC20s and Doge Cardinals.
But first, Nickels.
Okay.
Meme coin season.
We got to make a meme coin that's a stable coin.
It'll change the game.
This is the innovation necessary.
People like crypto is boring.
Memes of coins.
Too much grift.
Nonsense with Ben and Ben and Pauly and all this stuff.
Again, if we just have a meme of hoarding nickels, people can't lose money.
Because it's just a nickel.
And you still have the nickel.
This is what's brilliant about actual collateralized money.
See, people like the gold standard because you had the money and it was good as having the gold because they were interchangeable.
The wondrousness of a nickel is it still has that capability.
You have the nickel, but you also have the metal.
They are interchangeable and the same.
It's the last U.S. currency that's actually collateralized.
No other U.S. currency besides the nickel or platinum coins issued by the treasury at correct melt value are collateralized.
Now, if we can get a cryptocurrency stable coin that's a meme coin as well, the brilliance of the meme is we constantly talk about the chart as if it's a meme coin chart.
But then the chart is just flat.
And we're like, look at this amazing chart.
I think I see a falling wedge.
We're about to see a breakout at any time.
But it's a stable coin.
So it becomes a wondrous meme.
The brilliance of this meme is like, hey, it's not going to lose.
Now, how do we make this work?
Okay, I've already designed a smart contract because, you know, it's me.
So we make a smart contract.
Smart contract interacts with DAI.
Why DAI?
Because DAI can't be frozen like USDC and Tether.
Okay, Circle hates us.
DAI can't.
So it's unstoppable, truly decentralized.
F you to everyone.
Just like CZ.
Let's go.
Four fingers.
Okay.
So a select list of wallets which can be encoded and changed within the smart contract are able to mint or redeem nickels cryptocurrency at a rate of $95.
Or a buck of five of DAI.
So you can mint nickels at $105.
You can redeem nickels at $95.
Now those $95 and $105 are just examples.
We could make them $99 and $101, for example.
But the point is you have a redemption and a mint function.
The redemption function obviously burns.
The mint function requires you put in DAI, U.S. dollars, in.
Then it mints.
So now you have a select amount of people on this wallet that are able to essentially mint or redeem.
This would be similar to wrapped Bitcoin and the set of merchants, the people on the list, that can redeem Bitcoin for wrapped Bitcoin.
On the Ethereum contract, for example.
But we do it with DAI and a nickels stablecoin ERC20.
This contract does this.
Obviously, you could also change those dynamics and who's on that list.
Once you have that and you've minted a sufficient supply of them, you can pair that with either ETH or Bitcoin or other USDC, DAI, stablecoins.
And put that in a decentralized exchange like Uniswap.
And then people could buy it from like MetaMask or on Uniswap or other DEXs.
Then you'd have a stablecoin.
Now it's still not really backed by nickels yet.
And obviously, the concern becomes as those all become trading, it could distort in value from where it should be.
But if you think about it, if a bunch of people buy it and it goes above $1.05, people on the list will mint more of it $1.05 and sell it because it's an arbitrage.
Similarly, if a bunch of people sell and it goes below $1.95, people will buy it because they can go redeem it for $1.95 in the contract.
So this is how it would become essentially a stablecoin.
And again, these are just numbers.
You could tighten that range.
I'm just using those because of the nickels because it's $5.
Now that means, obviously, it should reasonably stay in a range of the stablecoin.
But it's really just die-wrapped, so why would you do that?
It doesn't seem to make sense.
A couple of things.
Number one, the ERC-20 contract has anti-bot tech.
So if Jared from Subway tries to sandwich attack any of the pools, it taxes them.
So if two transactions occur in the same block and from an address that's identified as a liquidity-providing contract, i.e. a Uniswap contract,
the sell will be taxed by 5%.
Other than that, there's no taxes on the coin.
But if a bot sandwich attacks, they lose 5% to dissuade sandwich attacks.
There's a similar attack seen by eTusk, but the way that I've coded it into the nickels contract,
I can do multiple LPs or an array of LPs, not just a single start LP.
But, so.
So, hate tax coins in general.
Brilliant to use tax coins only when the tax applies only to bots.
Love that, though.
That's smart.
Have that in place.
So it's a superior stablecoin because it has anti-bot tech.
Number one.
Number two, then.
What you can allow is the capability of a portion of the die that is back in the nickels
to instead be withdrawn and converted to nickels, actual physical nickels,
if there was some ability to audit these nickels,
i.e. they were stored somewhere with a scale,
and you could literally just weigh them because that's the other brands of nickels.
They're exactly 5 grams.
And that's the premise of how we could get a stablecoin meme
that's actually stable and capable with function
and then potentially start to get it back by nickels.
It's not impossible.
Anyways, I'm going to stop that and we'll get it back to actual real good stuff.
But before that, I'm going to just see if DVL wants to comment anything crazy.
Well, I love your idea.
I'm a little surprised you already wrote the contract,
other than the fact that you just love creating things.
I mostly go back to the fact that
if you were to ever start to make any real progress with this idea,
both political parties are just really aligned and protecting our privilege.
And I think that they'll continue to be for the long term
and would be rather hostile towards your attempt.
I need to create a hand-on account, don't I?
Yeah, I think you need to, for all of our six.
I need to listen to you with one from now on.
I need to stop being up on stage when you're proposing these things.
But I do love the idea.
And from a philosophical, like, you know, mental exercise,
I love what you're doing.
I don't know if it's that realistic.
I think the Nigeria news is actually really, really big.
When you triple somebody's cost of fuel,
like you were saying, that has ripple effects on everything.
You can't take your kids to school.
You can't afford food.
And that puts people into a desperate situation.
They're an incredibly young population over there,
which is already, you know,
typically the young don't have a lot of stored resources to draw on,
and they're going to become desperate even quicker.
And they're also pretty vital and emotionally prone
towards revolution and things of that nature.
So that's going to be interesting.
And if we see more war in Africa,
that's not going to help our fuel costs anywhere, for one,
just from a selfish perspective.
It's horrible, obviously,
because war escalates over there very rapidly,
especially civil war,
and it becomes a zero-sum game
where it doesn't resolve very well.
And it pushes a lot of population into more stable countries.
So, yeah, that's kind of a shocker,
that they would raise it that fast.
And I think that that's huge news
that more people need to kind of be aware of.
But, yeah, we can move on to, you said Doge and ETH?
Yeah, we should talk about Doge.
So, good on Doge, first of all.
So, everybody, well, not everybody,
but people that don't know,
Ordinals has gone crazy, of course.
SegWit data, or Witness data,
as a whole ecosystem, has gone bonkers on BTC.
So there's now Ordinals,
and then there's now BRC20s,
which, again, have nothing to do with ERC20s,
but they're just called something similar.
They're similar to fungible tokens,
but obviously the BRC meme tokens on Bitcoin or whatever
have gone crazy.
Here's the thing.
Litecoin was a fork of Bitcoin,
and Dogecoin was a fork of Litecoin.
And Dogecoin adopted SegWit.
Because Dogecoin was like,
if Bitcoin much cool,
Dogecoin much wow cool.
So, good on Doge.
So, Doge had already adopted SegWit.
Dogecoin also has faster blocks.
So, although it did not adopt Taproot,
could still, but it has not,
because it already has SegWit
and has faster blocks,
one minute instead of ten minutes,
there is plenty of SegWit available data
for inscriptions.
So, for those that don't know,
there are such things as Dogeinals.
And, of course, they're called Dogeinals.
I mean, get your stuff straight.
Dogeinals use Dogecoin's witness data
to inscript into Dogecoin's full nodes,
which carry witness data if they choose to,
and currently do not have pruneability,
at least in client-side,
available, unlike BTC,
store the inscriptions.
So, you have,
essentially it was equivalent to an ordinal,
but on Dogecoin called Dogeinals.
Love the Dogecoin hilarity, by the way.
Good on them.
Now, of course,
because BRC-20s went off,
they now have created DRC-20s on Doge.
And, yes, there's a Pepe DRC-20.
For people that don't know,
it's already happened, of course.
Here's what's interesting about DRC-20s.
They are limited.
So, once you create Pepe,
you can't create another Pepe.
It's not unlike ERC-20s.
The four-digit,
the letters are indexed.
It's like E-N-S's.
When somebody secures a token name,
it's locked.
It's interesting.
There's a whole
Dogeinals
Doge Cardinals,
or DRC-20s,
wallet
called Uni-Elon,
because, of course, Elon most.
That is, I think,
like a day or two away
from releasing their wallet
to engage with the Dogeinals
and Doge Cardinals ecosystem.
So, in essence,
Doge and the Doge community
have replicated the entire
Ordinals ecosystem
in a superior way,
in my view,
without the bug of cursed inscriptions,
because Ordinals social consensus
is nonsense.
I can't believe I'm saying this,
but the Dogecoin team
and Doge community
has out-Ordinaled
the Bitcoin Ordinals community.
I want...
Yeah.
I want the Dogecoin team
to get credit here.
They should be stomping the yard
and straight clowning
the Wizards
right now,
the Taproot Wizards.
It's amazing what they've achieved.
I hope they get some credit,
but for those that aren't watching this,
it is pretty damn impressive.
I appreciate all that.
I feel like Doge continues to impress
with just building out
some of the best
and efficient tech
that there is
just quietly in the background
while everybody else
tries to accomplish these things.
And it's just...
It's really cool.
I'm waiting for that next pop.
I want to be involved
in having a Doge wallet
and hopefully
having some of these collections
and even maybe creating
some collections on Dogecoin.
I think that that would be super fun.
Yeah.
Again,
we're about to close this out,
but while this is a Doge shill spot,
which is crazy
because I should be Team Pepe,
but I don't like all memes.
I don't know why
they've got to fight so much,
but anyways.
Pepe's got some problems right now,
but we're going to ignore that.
We're going to talk about Doge for a second.
For people that also know
about how much
the Doge community is expanding
and saying,
we're willing to go anywhere.
And again,
it's because there's so many
different people involved
and they just...
It's fun to test with.
It's low risk.
It's easy.
Dogecoin also has an L2 tech
called Doge Chain
that is an Ethereum virtual machine.
You can write solidity code
on an L2 chain
that affects Doge.
And then on top of that,
you're like,
what?
They have already partnered
with Quickswap,
one of the best L2
decentralized exchanges.
And yes,
Doge Chain is on there.
On top of that,
this Doge Chain
has already established
bridges
because it's built
on Polygon's
additional
sovereign chain tech.
to be clear
for what people
didn't know
that means.
Polygon said,
you can make
layer 2 techs
on top of other
native chains
for your own game.
That was their
initial thought.
Like,
make a sovereign chain,
a chain just for you.
Right?
Could take,
you know,
standard L2
take knowledge off
because they're saying
Polygon now
has become
successful
and that the main
chain's gas
is still really low
but,
you know,
higher than the
fractions of pennies
it used to be.
So now if you're
doing gaming,
you can do an L2
on top of Polygon.
Or other chains,
of course,
they said,
right?
Doge community said,
can we do a sovereign
chain on top of Doge?
And they said,
well,
yeah.
And of course,
they did.
So you can use
Solidity code
and process anything
that would work
on Ethereum
or Polygon
on Doge Chain.
Now,
that's obviously
trusting the Doge
Chain centralized
node providers
which is similar
to trusting Polygon
centralized
permission node
providers.
But again,
the Doge Chain
community does
have their own
governance on it.
You can look
into it.
Small stakes.
But it's more
about the technical
capabilities of
what they've done.
Doge Chain
then can bridge
Bitcoin.
Doge Game
can bridge
USDC.
Doge Chain
can bridge.
So you can trade
in a decentralized
exchange
on Doge
Chain.
Doge
with other
additionally
bridged
and wrapped
cryptocurrencies
bridge it
back to
native Doge
Chain.
Let me explain
what that means.
I randomly
get Doge
Chain
tipped to me
completely
empty.
Nobody knows
where it
came from.
I'm just
this new
person
that put
this cool
thing out
and somebody
is like
that's
awesome.
Tip on
Reddit
Doge
Coin to
you.
I take
Doge
Chain
I take
my Doge
Coin
bridge it
to Doge
Chain
change my
Doge
Chain to
Bitcoin
on Doge
Change
bridge my
Bitcoin
back to
Ethereum
off of
Doge
Change
bridge it
anywhere I
want.
Possible.
centralized
exchanges
necessary and
I'm moving
across.
That's why
this is
cool.
On top
of this
obviously
because it's
the Ethereum
virtual machine
all of the
standard
Uniswap
stuff works.
So if
you're used
to swapping
on Uniswap
on Ethereum
or Polygon
it works the
same way
for Doge
Chain
literally the
same interface
it works
in Meta
Mask.
So you
can use
your Doge
Coin wallet
bridge your
Doge
Coin over
to Doge
Chain
and you're
all of a
sudden
using
Meta
Mask
and you
have an
Ethereum
style
experience
while having
the underlying
value tied
to Doge
Coin.
And because
other wrapped
currencies like
wrapped Bitcoin
from Ethereum
wrapped Bitcoin
from Polygon
USDC
can also
move on
to Doge
Chain
you can
move it
to US
value.
So imagine
being able to
take a Doge
Coin
move it to
USD value
on Doge
Chain
and hodl
it if you
want to
hodl US
value and
then move
it back
to Doge
Coin
as you
will.
centralized
exchanges
decentralized
again you're
talking about
the crypto
dream here
proof of
work
established
value
programmable
control
not able
to be
locked
outside the
banking system
no centralized
exchanges.
They're building
the dream here
Dogecoin is
impressing
they need the
network effect
they still have
some other
problems
but the
tech and
the commitment
to the
vision is
impressive.
And given
how they're
building the
fees to do
all that
would be
what?
Equivalent to
equivalent to
Polygon
because again
it's Doge
Chain
the fees
are very
small
similar to
Dogecoin
and here's
what's
a bit
crazy too
let's say
you are
currently
wanting to
be like
well I
want to
yield on
my Doge
Coin
you can
hold
wrapped
Doge
versus
USDC
in a
contract
on Doge
Chain
33.53%
because of
the farm
right now.
You can
go to
QuickSwap
Exchange
switch
Doge
Chain
and go
to the
farm
section
you can
look at
currently
available
total
APRs
including
the pool
with the
volume
and then
subsidy
the QuickSwap
and the
Doge
community
is putting
onto
chain
the pool
is 17.5%
and then
they're
adding an
additional
15.5%
in the
farm
and just
to be
clear
at this
time
there's
like
$19,000
in that
swap
pool
right now
the other
big one
that's
Matic
and Doge
that's
on that
it's
about
$24,000
so this
is incredibly
there's only
a tiny
amount
of people
doing
this
very
small
high
high
risk
courses
basically
test
it's
Doge
remember
this is
memes
but the
tech's
still
same
underlying
tech
as the
big boys
but it's
just
proving it
risk
small
scale
it's
kind of
cool
again
it's
very
small
it gives
me hope
that this
could be
evolved
to be
at the
higher
levels
obviously
but it's
cool to
Doge
as a
proof
of work
chain
still
show
capability
to be
programmically
scriptable
base
layer
using
witness
data
which is
what we
just
talked
about
Doge
at the
same
time
adopt
and be
compliant
i.e.
you can
solidity
Doge
are you
kidding
you can
Doge
chain
proving
both of
those
simultaneously
in the
midst
of this
market
kudos
from a
tech
perspective
solely
kudos
that's
well
I know
that you
want to
wrap
we're
getting
close
to the
of the
hour
hoping
that we
get a
little bit
of more
music
from you
but you
and I
need to
talk
outside of
this space
about how I
can add a
little bit
more to
those pools
I feel like
I can have
10% of
both of them
without it
affecting my
position too
much
and that's
some pretty
cool tech
that they're
building
so I'm
begging for
some music
but thank
you so much
for all the
information you
shared today
it's been
a great
market
update for
all of us
yeah I
am gonna
wrap it
up I
can do
a little
bit of
just
guitar
I don't
know if
I'm gonna
get too
crazy
else
while I
play a
little
instrumental
and get
us out
of here
and then
wrap it
up it is
recorded that
way people
can listen
to it it's
just about
the tight
hour so it's
not too long
for a listen
back if people
want it but
thanks for
coming up and
chatting always
good to have a
little bounce
back helps
with the rants
keeps the
space fresh
thanks for
everybody for
randomly stopping
by it's
just a very
event for
Monday but
yeah we'll
do a little
little bluesy
stuff just to
exit out
all right have a good
