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@Telos_NFTs presents Probably Nothing 🤫 EP 14
Recorded: Nov. 29, 2023 Duration: 0:58:12Space Recording
Full Transcription
The Moch.
Shout out Mochi.
Shout out Maximum.
I'm the Moose Faces host.
So good.
It's been a while.
It's been a while since we've been on the Spice together.
I know the OG team.
I love it.
Let's go.
We're getting the band back together.
The dream team.
We're on a mission from God.
Cool.
We'll give it like 30 seconds for the space to fill up, but anybody in the space now, please
feel free to share it out.
It's going to be a good one.
We're celebrating the Telosians Mint Out.
Very exciting.
I'm just looking at all of my Telosians now.
I'm pretty hyped about it.
Let's go.
Let's go.
Okay, cool.
So for anybody new to the space, this is probably nothing.
So this is our weekly space where we talk about all of the updates when it comes to
Telos, Telos NFTs, but we also delve into news within Web3 as a whole.
And our goal here is just a prompt conversation with people all across the space, get people's
hot takes, get people's opinions, be a place where you can get the most current events within
NFT.
This is the space, just giving a couple updates around Telos.
And so I'll pass it over to you, Gooey, to get into it.
I know you being kind of in the depths of the gaming side of Telos and us having a new
gaming lead.
I'd love to kind of hear your thoughts on that.
Yeah, I guess I'm not sure if we also got to the announcement about Lee last week.
Did we touch on that at all?
Yeah, I believe so.
But I think that it's good to mention as well.
Yeah.
So anybody who doesn't know, we got ourselves a brand new CEO in Lee Erzwell, formerly CEO
of Swapsicle, which I'm super bullish on.
We've met him a few times already.
The dude's just got super infectious energy.
And it really feels like, I mean, that kind of feels like the first stone that's starting
to turn over here at Telos.
And like, really, I'm sure anybody who's had like kind of their, you know, eyes this direction,
things have been like the vibes are just noticeably different.
And it couldn't be better going into the new year.
So really stoked to have Lee over here.
He's got a really solid vision in terms of like what he's looking to do with Telos.
They've actually got a town hall going on today at YouTube on the YouTubes in an hour
and a half here.
So definitely worth checking out.
There's going to be a few other folks there who are going to be talking to kind of the
key pillars of what's going to happen with Telos.
There's going to be Alberto, who is our head of ZK.
So Telos is heading into a zero knowledge proof kind of era, which I'm super bullish on.
I think we're really the chain for that.
We're going to have, I believe JT is the MC.
So shout out to JT, our head of infrastructure.
And then we've also got our new gaming lead, Justin, who joined us just at the top of this
week.
Super bullish on this announcement.
He comes from really good stock.
He was part of the team over at RuneScape for 12 years.
Now, if anybody here is of my generation, RuneScape is like just such a huge and pivotal part of
your childhood.
Hitting the macro button, getting all the goodies.
It was kind of in a way like the kind of proto metaverse, as it were, back in the day.
I spent just a disgusting amount of time in RuneScape.
So give me a thumbs up if you did too.
But really, like, I think, you know, that dude was part of that company, which I think
at the top, and correct me if I'm wrong, Moach, is they had something like a $8 billion market
cap at the height.
So, like, it's not just like some, you know, little peanuts company.
Like, this is kind of the real deal.
And I think he's just, from what I understand, has a really storied past in Web2 gaming over
the last 20 years.
And then on top of that, the ex-CEO, COO of Decentraland to boot on top of that.
So if anybody doesn't know Decentraland, it's arguably the, you know, the biggest, if not
one of the bigger metaverse platforms out there.
And worked with a lot of brands on their kind of activations that they were doing inside
of the platform.
So I think just like, you know, Justin brings a pedigree of, well, success.
And I think just like how to thread the needle in terms of courting the, you know, more normie
audience over to crypto and being, you know, kind of native of both worlds.
So really excited to be like, you know, I've been kind of helping out on the GameFi side
for a little bit.
But it'll be really nice to have this kind of like front row seat to seeing how, you
know, kind of the pros do it, as it were.
And just going from there.
So I couldn't be more bullish on that.
So that call is happening at 11 again on the YouTubes.
If we're able to, do we have a tweet for, there we go.
It's up in the top, second one there.
So definitely check it out if you got time.
I'm sure it's going to be recorded after the fact.
So either way, just, you know, keep the eyes on Telos.
The chart's looking real good.
I don't know if you want to give an update on like a quick TA there, Mochi.
I will not.
I don't know yet.
Price is looking good for Telos.
The market's looking good overall, I think.
I think we'll stick with that rather than go specifically into Telos.
Fair enough.
As mentioned on the other show on Monday, Gui, that you obviously hopped on as well.
I think the markets are looking pretty bullish right now across the board.
It feels across the board in a lot of projects, I mean, that people are kind of starting to get back on the horse a little bit.
I think the bear market scar they had is hopefully healing up and people are kind of ready to embrace hopefully crypto again.
So at least those that were kind of maybe burnt by previous cycles or whatever else.
It just feels like the enthusiasm is starting to come back across the board.
Well, I think there just feels like this kind of like marked difference in terms of like the vibes in the whole environment.
It seems like optimism is, you know, I was looking at the fear and greed index the other day, and it's definitely much more on the greed side, which, you know, is I think like a good indicator that, you know, we're getting close to the halving.
Things seem to be kind of lurching. There's lots of news that's, you know, very crypto pro, despite, you know, some of the things we talked about last week, even with like CZ and some of the fallout.
So like it definitely like I've heard some I'm curious to, you know, see what everybody else thinks.
But like I've been in a few spaces where people are kind of talking about this is like the last great bull run that we're going to get before we get to, you know, before regulation really starts to like make it so that, you know, there aren't these kind of crazy swings that are happening in the environment.
And, you know, if you're here right now, there's still just like a ton of potential in terms of like what what you're going to be able to accomplish if you're, you know, if you're present and checking it out and being smart about it.
I'm definitely glad that, you know, I stuck it out in terms of the last couple bruising years.
And I think just like teaches you a lot of things across time, right?
Like if I like I came in on the tail end of the last bull run and had no fucking clue what I was doing at all, like not a not a lick.
And I feel like this time around I'm able to be part of that, like, you know, the class of 2021 that can, you know, be less stupid and smarter about what I'm trying to do here.
But I think also like now, like I was thinking about it even the other day, Mochi, when I was going through some of the tickets in the in the discord, you know, some of them are just such like blatant scams to try and, you know, fish you into a link or something like that.
And now I feel like I'm just like, oh, that's a scam.
Don't click that, you know, and I think before I would have been like, oh, like, thanks for helping out.
This is so great.
Yeah.
So I think just to not have that naivete about me and to be able to like impart that to folks, because I think like, you know, the general sentiment is a lot more folks are going to be coming in, especially by way of gaming.
So I think that there's always the proportionality of folks in the space and scammers in the space.
So, you know, always be vigilant and always like never, I guess the thing I want to impart on folks is never feel stupid about asking for advice from, you know, folks that are, you know, veterans in the space.
There isn't a lot to a large degree, folks who are turning their nose up and saying no, and you probably don't want to fuck with those people anyways, if they don't want to help you.
But if you ever like, you know, you ever have any questions or ever need help, like always just like DM somebody, even on Twitter.
That's that's always been a surefire way for me to get like a little further ahead.
But but yeah, I would say enough financial advice, but the tell us chart is looking sexy lately.
And on top of that, I think I'm set to make a bag off that Rubinos prediction, which felt like a long shot when I made it at the beginning of the week.
But shout out to the Rubinos crew for potentially making me a fat little bag here for betting above 10, 10 cents on Telos.
So bullish on that.
Well, yeah, Rubinos and we have Telosians to up here speaker where we're celebrating the mint out.
So Telosians is a few projects by Square to you, which is built on Telos Telosians, would you like to speak a little bit about the project and how you feel about being minted out?
Yeah, of course, the first thing that I need to say, thank you to the amazing Telos committee that we have here and that's the base for us.
And with this amazing committee, we are just nothing.
Well, the Telosians are just a PFT collection, but we are built, as you said, by Square to project, which is right now the first analyzer tool built on Telos.
First, we pretend to integrate more tools really soon in order to create all the necessary tools for a collector, creators, and traders to do basically everything that is possible to do with NFTs.
We want to give utilities to the Telosian projects in the platform, and that is what we are going to do next.
But we are very excited for yesterday.
We basically minted out in less than 12 hours.
That's amazing here on Telos for us.
And there is a lot of fun experience that we have behind the scenes because we were very nervous in the beginning.
When we started, in less than 10 minutes, we minted the 10% of the platform of the NFTs.
In about four hours, more than 50% was already minted.
We basically had in our roadmap that when we minted the 10%, we were going to reveal.
Basically, they never were high because only it was 10 minutes until the reveal happened.
Something that was very fun here was that in order to reveal the NFTs, I needed to change, to add the IPFS URL to the real image and the real metadata.
So, I changed the hidden URL for the real one.
And when I added the URL in the contract, I just wanted to check one of the minted NFTs to check if everything was okay.
Before I announced to everyone that they was able to check how the NFTs looks like, I just saw that a slash was missing.
And if anyone here is familiar with how the smart contract works, once you deploy a smart contract, you can change.
No matter what, you can change.
And the first thing that I saw is, oh, God, I just grew up.
The 10% is already minted.
And I have a mistake in the smart contract.
Now I can change.
I don't know what to do now.
Later, I just saw, oh, wait.
I just forgot to add the slash in the URL.
I just, I was here lying.
And, you know, that's really, really shocking for me because I said, oh, there is a lot of people twisting me.
And now I just go ahead and that's really, really annoying.
But in the end, everything went really smooth, really well.
We learned a lot here from this minting.
We have a lot of data for our platform for Squality that a lot of things that we need to improve, that we need to add, that we need to change.
And this is amazing because this way we want to, we are going to create a better platform for everyone here on Telos and for everyone, basically, who loves the dentists.
The user experience is something that we need to improve.
We received a lot of feedback, too.
We collected some analytics in order how the platform was used during this minting.
And this way we have a better idea of what we need to do, what we need to prioritize in order to give to everyone a better experience here and there in the platform.
And we already started working on those improvements.
Now that we're maintaining, this is basically huge for us.
And also, this is the first step that we have because this is just the beginning.
Now is where we need to give all that love that this amazing community gave to us yesterday.
And we are going to be building, basically.
And first, the first thing that we are going to do is just add all those points that we have in our roadmap in order to give everyone what we promised yesterday.
And the next thing is going to be the pets that are going to be another PFP collection, but it's going to be a free means for everyone.
And this way, we are giving it to everyone that is holding a Telosha and a pet.
And in combination with the Telosha and its pets, we are going to improve the utilities that the user are going to have in SQADI when we add more fissures that hopefully is going to be in the next weeks.
And there is a lot, there is a lot.
So maybe, I don't know, if the community has any questions or something that I want to share from yesterday, it would be great too.
I love it.
I love everything about this.
I know, like, it's never smooth sailing when launching a collection.
It feels like a rite of passage at this point.
But yes, if anybody has questions for the Telosha or the Telosha launch, please feel free to come up and ask.
I've pinned some tweets up on top too, if you want to see some key links.
Check out Squarity.
Check out some of the utility features.
This is not only a PFP collection that's reminiscent of the punks with an added flair.
It kind of represents, you know, we're at this very beginning of a huge pivot within Telos, with a new CEO, new gaming lead, new positioning.
It comes at a really cool time because it solidifies your point of being a Telos OG with these really, really cool PFPs.
I'm looking at mine and I'm like, there are such cute, very cool, like, attributes, like, I have a McDonald's hat one, I have laser eyes, I have rainbow glasses, things like that, which is really funny to say out loud.
But anybody in the audience who doesn't have a Telosian and wants one, you guys can message Telos NFT your address and we'll send you one.
This is an exclusive offer for our Probably Nothing fam, so feel free to message Telos NFT, DM us, and then we'll send you one and you can have your very own.
We think it's really cool and we really want to promote kind of these communities because it is very authentic to our space, especially because it's by Squarity and you guys have been a consistent builder on Telos.
So super excited about that.
I know, I know, Jake, you're a whale, you're a Telosian whale.
What's your favorite Telosian so far?
I am, I am.
Yeah, I have quite a handful.
I mean, there's so many good, like, traits, but for whatever reason, I really like the, I don't know if you've seen it, there's like a pumpkin hat or a pumpkin head kind of thing.
Cool.
Oh, I'm not sure if I'm rugging or not because my Wi-Fi is a little bit shaky right now.
I can hear you.
Maybe it's me.
Cool.
Am I rugging?
It was a big gooey.
Can you guys hear me okay?
We paused for a bit, but it looks like.
Perfect.
Okay.
Yeah.
Great.
So, um, moving on.
Perfect.
Well, we'll get into the news.
I see gooey's coming up as well.
Um, moving on to the news.
So the biggest news that we've seen, and I want to get your take on it because we spoke about this briefly last week when it just had happened and it's CZ stepping down.
Um, as a quick summary, um, CZ was kind of, uh, was booked.
He kind of, uh, stepped down as CEO.
The SEC got him for violation for Binance violating, uh, the bank secrecy act.
Um, and we spoke about this last week.
We weren't really sure what the, the reasoning was, was because it was so fresh, but it was confirmed that it was because, um, of this act that they went against.
It was combating money laundering, um, and, uh, and any other financial crimes by requiring financial institution institutions to keep records and report certain transactions to the government.
Um, so CZ stepped down, he's, uh, he's set a $175 million release, um, and is now, um, going to face possibly criminal charges.
He sat down from the board today, um, and that's the latest news, but wanted to open it up to the floor to see what do you guys think about this and what this means for the space overall.
Okay.
I guess, um, I'll hop in real quick, Shirley on that and open the discussion if anyone else wants to kind of jump in.
Um, I think it's, I think it, it was when it, when the news broke, I think the market's kind of, I think a lot of people kind of expected the markets to react really, really badly.
Um, you know, we've seen, and I mentioned this before on the, on the Monday show we have as well, tell us that we've seen FTX go down and we've, we've quite literally seen the markets almost capitulate.
Now I understand that there's a lot more complexity there and FTX have a lot, a lot more of an impact on user funds.
There was a bank run as people were immediately trying to withdraw, but still, I mean, having CZ and Binance both be charged with obviously attempts to evade money laundering rules, I think was the specifics terms that we used or, or roughly terms that you, sorry.
Um, I think it says a lot about the strength of Bitcoin in particular, BNB as well, actually with, with stood the storm quite well.
Um, so I think, yeah, I think we're in a slightly different position now.
It really, for me, it's the biggest indicator of where the markets are compared to a lot of, uh, a lot of people that are talking about hot air about, you know, to sell the news event, the ETF is going to, as soon as the ETF is released, the markets are going to dump because people are going to sell the, buy the rumor, sell the news, et cetera.
Um, but I think the difference we've seen in reaction from the market in the FTX scandal and obviously in the, in the Binance charging kind of says a lot about the strength of the markets, but particularly the strength of Bitcoin at the moment.
It seems to be pretty resilient, um, in the face of what you would obviously consider quite game changing fud.
Say if the, the same news had broken six months ago, if, if CZ had been charged six months ago, I think you'd have seen a really strong reaction from the markets in terms of a, a stronger dump.
Um, but so far things are looking pretty, pretty positive for Bitcoin, despite the, the news that you'd obviously expect to have a little bit more of a stronger impact.
Check, check, check. Can you hear me now?
We got you good. I can hear you. You're back.
We do got you.
Okay. Jeez. Sorry about that, guys.
Um, it's all good.
So what did you think of the, um, Binance situation?
Yeah, I, I mean, um, it was a little murky cause it had just come out last week, um, when it was going.
And I really enjoyed that kind of, um, discussion we were having there to David about, you know, just don't trust centralized exchanges.
And I think that like, I did, I dug a little deeper in terms of like what they were trying to nail him on.
Um, and if you haven't checked out the Coffeezilla video on it, I know people have kind of mixed feelings about him, but he's not that bad as an investigative journalist.
And, um, I think the kind of PR brush that they were trying to paint CZ with, I think they did a relatively good job at the beginning was that he was just kind of like willfully ignorant about what was happening on the platform.
But from what I saw based on like, um, what the DOJ dug up in terms of like exchanges between him and, you know, the management is that like any of the places that like, I think to kind of like look at it from a macro view,
Binance was like looking to just move a ton of fucking volume through the platform more than anything else.
Like that was kind of the, the thing that seemed most pressing to them.
And of course in crypto, that's like, you know, the number and the metric everybody looks for.
So, um, any of the kind of like bad actors that they had that they, you know, willfully knew were from either sanctioned regions or, um, you know, actually, you know, using this for criminal enterprises.
There, there was a lot of like back channel notes being sent over DMs to them in terms of like, well, if your account gets flagged, we'll help you kind of like reconstruct one somewhere else.
Um, and just like really, really greasy shit that either CZ was directly part of, or, you know, was privy to the knowledge that this was happening.
So I think for me, the whole kind of concept of, you know, CZ's this like savior of crypto, uh, that he, you know, very regularly gets painted with, um, very quickly dispelled.
And I think also to the point is, and we were kind of talking about this before the show is that I was watching an interview with him and I believe it was like CNBC, um, earlier in the year when they were asking about, you know, if you get liquidated for 2 billion tomorrow, could you guys hit, you know, withstand that shock?
And he was kind of like, oh, you know, our money's strong and gave this like very like non-answer, I guess.
And then, um, they hit him too with like, you know, are you guys going to get, you know, an audit from the big four?
And he deflected it with being like, well, these auditors don't know how to, you know, look at crypto properly.
And she volleyed right back with, well, Coinbase is audited and they're fine.
So I think like looking back in those, in those circumstances where, you know, you're watching these, you know, crypto giants as they were at the time answer these questions, you know, we're a very rebellious lot in crypto and wanting to, you know, say, fuck you to the man.
And we're very, you know, much outliers in terms of what's happening with finance.
But I think as much as it, I'm, you know, kind of not wanting to say, say it, I think that sometimes, you know, these mainstream media outlets and investigative journalists bring up these questions that should be fairly easy to answer.
And when, you know, these heads of multi fucking billion dollar companies don't give you straight answers or are quite aloof about it.
I think that's like when your spider sense should be going off and not, not just conceding to that feeling of like, well, crypto is an outlier.
And, you know, we play outside of the rules because, yeah, like, you know, there is a certain gray area here that I think we have to like skirt in terms of traditional finances, like corrupt to the core and holds a monopoly over, you know, a ton of things.
But the really egregious things like financing, say ISIS or, you know, war criminals and like being complicit in that fact is a hard thing to square with like what we want crypto to be doing.
I know that it's impossible to not have those aspects happen.
And, you know, who is the purveyor of money laundering, if not traditional finance before crypto came along.
But I think to some degree we need to be above the fray.
And, you know, it's hard to say what's going to happen to CZ.
He's looking to, you know, be asked if he can leave the country before his before his trial date.
And I think it's going to be another one of those things where kind of like SVF is the accountability thing is coming down the pipeline.
And I think I think my mood has shifted last from last week when it felt a little bit more ambiguous.
And I think we're moving into, you know, Coinbase is really going to be taking up this like vacuum of space because they're a little bit more on the level as it were.
But I think that the main takeaway I've got is like always, you know, question everything in terms of how you feel about these like powerful figures that are supposed to be representing the industry at large.
And if they don't give you answers that you're satisfied with, you know, really reevaluate what your position is.
Because if, you know, say if you saw that and you were smarter than me at the time, like, you know, if you've got shit sitting on Binance, like that was a pretty clear indicator, you know, in hindsight to be like, you know, I'm going to rip my funds out because that was not a suitable answer in any regard.
So that's kind of my hot take.
But I'm curious to like open it up and see what anybody else thinks.
Yeah, yeah, I agree with what you're saying.
It feels like in this in this space with things that are growing so fast, it feels like it was the Wild West before the downfall of SPF and now CZ.
And now afterwards, it's now setting a new tone of regulation and what to be wary of and to make sure that everything is following a certain protocol.
But to your point, Gui, it is such a volatile space to be in and to go in with that attitude of trust nothing, anything could collapse at any moment is is the only way to go about it.
Because everybody here has probably been burned once or twice by being in this space.
And it's just the product of us evolving and growing and things building and finding its footing.
So, yeah, I like Shubsy, like what you said with investing in any project is just giving it a three month buffer period of just like quietly sitting on the sidelines and seeing what moves are made and making a judgment based on that and not just following hype cycles.
But I saw that you went off from you.
What do you think?
Yeah, man, that's literally what I do.
I take a look at projects before getting involved in them fully.
You know, you've got to give everything a buffer period.
You have to give everything a trial period because things come up real quick and slam down real, real, real fast as well.
So there's a new thing at the moment called Portal and I've been seeing it all over my timeline.
And I'm like, you know what, I'm just I'm staring real clear from this man took part in enough airdrops this this year.
And it wasn't even a thing where I had to engagement from.
It was just blockchains like there was one optimism did where they dropped a few hundred into people's accounts.
It's just I don't remember how I did it.
It's just you had to fill in a form and do this and do that.
And then, you know, the airdrop like those kind of airdrops don't mind taking part in them because there's no engagement farming.
There's no, you know, selling your soul for some crypto.
You just do something like fill out a form and rating your user experience or giving some feedback on whatever it is.
And then, cool, you can take part in an airdrop.
You don't know how many tokens you're going to get.
You'll just get some.
Cool.
Great.
But there's a new thing with Portal and I'm seeing it everywhere.
I'm like, nah, I'm good.
And also, there are some big, big names.
Well, people will call them big names just because they have big following.
But there's like big names in the space that are, you know, backing this and farming for this kind of stuff.
And that's a big sign to me if I see that, definitely stare away from it because at the end of the day, big accounts just want their back.
That's it.
That's all they want.
Not all of them.
Just the ones that I've seen.
And there was an account that was quite big back in, I'd say, beginning of the year because I don't think their account has been open or been live since then.
And it was an account ran by a girl and the account was called Bitcoin Baddies.
They released a token called Jugs and it pumped and then instantly dumped.
Like, dumped like crazy.
And it was built off of hype of women.
That's literally all it was.
And when the coin dumped, they pulled it on a space and they were like, yo, what the hell happened?
No one checked it.
No one thought to say, let's order.
Even though it was a MuneCoin, no one thought to check anything.
Whole thing dumped.
She disappeared off the face of the planet.
Then there's an account that's literally come online a few weeks ago.
Like, I would say November, beginning of November or something.
It's the same girl.
Someone found out that she's made a new account.
And how they know it's that is because the account Bitcoin Baddies is no longer there.
If you search it, it's not there.
But this account has gone in a mass ban.
Like, they've banned everyone that they interacted with.
It's so weird.
I saw the post and I was like, let me check.
And I checked.
I'm blots from the account.
I checked from, like, another account I helped manage.
I can see everything.
And you don't know it's her.
If you're looking at the account for the first time, you don't know it's them.
You won't know it's that person.
But someone pulled up all the evidence they needed.
And they made, like, a big post about it.
And now it's starting to go a bit viral.
You know, it's hitting a couple of 10,000 views.
And everyone's starting to clock a bit.
She got, like, a massive unfollowing as well.
Like, loads of people just randomly unfollowed her because they clocked.
Oh, snap.
This might be a rug account.
And it's just a thing of, look, we're coming back into the bull run eventually.
And with coming back into the bull run, there's going to be loads of things that's going to come out.
Like Portal.
I'm not saying Portal's a rug.
I'm just saying I don't like the idea of it.
And there's going to be all these random giveaways and these really easy-to-do things.
And it goes the same with everything that I'd get involved in moving forward.
Let it run for 90 days.
See what happens.
Even video games that come out.
Shrapnel that comes out in December.
Loads of anticipation.
Loads of hype behind it.
Seems like a pretty cool team.
Graphics look dope.
But when the game drops, let's see what happens in, you know, three to six months.
Is the ecosystem still going to be there?
Is it still going to be loads of players every day?
Are people going to be creating their own little clans?
Are people going to be playing like an actual game?
Or will it die in less than 90 days?
And that's literally what I'm going to stick to, man.
Because any time I've done that, I've been fine.
You know?
I've never had to question anything.
Because three months pass and I can say, yeah, this is cool.
And it's not just for me.
It's for anyone else I might feel like might be interested.
I have a group of friends that might be interested in the same thing.
I'm not going to go give them something where I'm still unsure.
Because then that's just bad on my part at all.
Yeah, 100%.
And Quirtle's interesting because it just exploded within the last 24 hours.
And from what I understand, it's – and please correct me if I'm wrong.
It's a – it feels like a marketing tool for the overall Portal gaming ecosystem.
And so it's giving people the opportunity to tweet about Portal and engage with tweets that are tweeting about Portal.
And by that, you get rewards on the platform.
I believe you get these crystals.
And from there, you are eligible for a certain airdrop.
But from what we were researching this morning, it seems like it's promoting a gaming ecosystem that they're going to be launching.
And, yeah, if anybody has any other information to color in based on that or thoughts on this as kind of an engagement farming tactic or a marketing tactic.
It reminds me of ENS.
Do you remember two years ago, people who got an ENS domain?
So this was attached to your Ethereum address.
You can get a domain, like let's say like telos.ENS, and people can transfer it to that rather than your actual address.
So people who purchased that early on, whether it would be like a five-year domain, ten-year domain, they got a certain airdrop afterwards.
And it made people a lot of money, but then it kind of, you know, it just ended there, right?
Like the money was like people liquidated and it wasn't worth a lot afterwards.
But it was a marketing tactic.
That's how I see Portal.
But, yeah, what do you guys think about that?
I know, Jake, we were talking about it beforehand.
I mean, based – sorry, go for it, Jake.
No, go for it.
Oh, yeah, sure.
I mean, just based off what I'm saying, it really does just look like a really good, I guess, marketing ploy to get people involved.
Oh, Jake, I think you're rugging.
Oh, no.
Oh, can you not hear Jake?
Oh, I can hear Jake.
That's not me.
Yeah, we can hear.
I'll let you know when he's on, Shelly.
Oh, man.
That's rough.
Yeah, no, I'm hoping that it's just a really good marketing ploy to get people involved with, like, whatever this is that they're building.
And just from what I could see, it doesn't seem like the Portal token, you know, is malicious or anything too crazy.
In fact, it's something that I'm a bit excited about.
It kind of reminds me a little bit of what Telus is trying to do maybe with their arcade token.
And it'd be interesting to see how this kind of plays out and what kind of information we can take from it and just kind of use it to our advantage.
Yeah, I'm cautiously optimistic, but Chris LeClear, I see you up here.
You got some thoughts on the matter?
So this is actually the first I'm hearing about Portal, but thanks for having me up.
I have to do some research on it.
It's, you know, anything that's involving incentivizing the community to be the marketing engine, I think, is very fascinating and usually a worthwhile endeavor.
So I definitely have to spend some more time and look into this later today.
Yeah, I would say it's fairly fresh in my mind.
I didn't have, like, I don't feel like I was an authority to speak on it.
But maybe since we got you up here, Miner, I'm curious to hear your thoughts on Blast, given your, you know, a real authority in terms of, like, what's going on in the, like, kind of strictly more financial side.
But, like, I would be curious to know if you've got some strong opinions on the matter.
You know, I do have strong opinions.
And this is a very interesting concept, so I appreciate you asking.
You know, typically I wouldn't have a problem with the rollout and the support and the concept behind it.
But the main problem that I have is the same one that the team at Paradigm kind of highlighted, which was the launching of a contract to accept funds prior to the product being ready.
And what has baffled me to this point is that they've managed to eclipse major ecosystems in TVL, like Solana and other major ones.
They have over half a billion dollars in TVL in a smart contract on Ethereum that is not an outlayer two yet.
It's just a smart contract on ETH that just accepts deposits and doesn't allow for withdrawals.
And this setup is, I mean, to me it screams unsafe, unsecure, it screams not great things, right?
But then you couple that with backed by Paradigm, the investors behind it, there are many teams supporting it, like BiWazis.
Many teams that I, like, personally, you know, look up to in this space.
So it's sending a lot of mixed messages, but the fact that they've been able to get the TVL they have relative to other layer twos and not even have the product live is a little concerning, but worth, in my eyes, paying attention to.
So I'll be curious to see if and when the layer two actually goes live and, you know, kind of like the net flow funds in and out once that point occurs.
Like, do the people that just deposited their funds for the next unforeseeable number of months, do they enjoy that experience and do they keep their funds on blast or do they kind of let it migrate?
Because if we watched what happened with PulseChain, which was another similar, deposit your money into a smart contract and wait for it to launch, right?
That did not end up well, right?
Like, PulseChain crashed and burned and it didn't help that Richard Hart got sued for securities fraud.
But, you know, same kind of setup, smart contract, no product.
They ended up waiting for two years.
They were only told three months initially.
And I believe the Blast people are being told three months until mainnet.
So, you know, I'll be curious to see how it goes.
But if anyone else has any thoughts on Blast, I would love to hear them.
I thought it was pretty sus in terms of, like, the whole way the multi-sig shook out for them.
Like, it's a three-fifths multi-sig with completely new accounts.
Like, I don't know, for what it's worth, but, and just basically that you can bridge your funds over, but there's no bridging back after.
I just think, I don't know, I mean, you know, I've seen a few different takes all over the way.
Like, you know, Beanie, who I'm not particularly a big fan, was talking about it being bullish in terms of, like, you know, this is a pretty good indicator that the environment is on the up cycle.
But I think to the same regards, it's like, I saw a lot of the same behavior of people just sending money to this thing on a YOLO and doing the current degen thing.
So it's like, I guess both can kind of be simultaneously happening at once.
But it, to me, speaks that, like, not a lot of that behavior is going to change or, you know, the behavior I'd hoped was going to change across time.
Like, people are still looking for that quick flip.
And I think, you know, based on what we saw with, like, yield, too, just, like, eating shit with, like, 41% of the supply getting dumped, you know, the yield, these yield-based things are very, very, like, just be really fucking careful around it.
And don't, I mean, I guess the best thing to say is, like, don't send any money you can't afford to lose, especially given, like, the rollout and the way things, like, like you were saying, mine are like, there's no product here, right?
Like, it's, like, that's just so crypto to drop something without any substance behind it.
It's just, like, how have we learned?
You know, the dream of, everyone always hears about ICO investors, right?
They're the ones that get in first.
They're the ones that have the biggest P&L, typically, right?
And I think that a lot of these pre-sales feed off that desire for the average Joe to be a ICO investor, right?
And anytime you can prey on someone's feelings, the emotions, the, I got in early,
I think that makes for a dangerous setup, and it's just something that people should be conscious of.
Like, everyone wants to be an ICO investor, but there's a reason that there are only a few in every, you know, ecosystem, right, that does those.
You know, not every ecosystem does those, and those typically I prefer to be a part of.
But the ones that do have ICOs, right, you have to be conscious of those big bag holders, the ones that get in early.
But if everyone's an ICO holder, no one's an ICO holder, right?
Like, if everyone got in at the same point, then is it really, like, are you really getting in early?
Like, so it's a very interesting play on psychology as well, because everyone wants to be early.
Everyone wants to be the one that, you know, gets in first.
I get it.
I mean, the things of lore, right?
But it's not most sustainable or the healthiest or the best way to launch projects or the best way to be an investor, right?
Everyone's got their own philosophies, and that's not typically how mine line up.
But it will be curious to see, especially since there's no withdrawal, it will be curious to see how it kind of evolves and goes over time.
Because I just hope that everyone's funds are secure in that smart contract, given there are no withdrawals.
So it'll be curious to see.
Well, I mean, if it walks like a duck and quacks like a duck, I'm not hopeful.
But yeah, no, those are such great points.
And I think, like, it kind of dovetails into something I was thinking about when I was on your space on the weekend, Miner, is, you know, talking about how...
And, like, I think it kind of fits really well in this point of preying on people's emotions in that you can just make dumb fucking money in crypto if you're in the right place at the right time.
And, you know, simultaneously crypto being this problem that it's solving for folks around the world, like, is that something that can be simultaneously true at the same time?
Like, can it be a revolutionary in finance simultaneous to, like, being a pump and dump that, like, leaves a lot of people crying and out in the wind and, like, I don't know.
Like, I just feel like, you know, I get that, like, most people's motivations for here, for being here are money.
But is it, like, really going to help the, you know, working class and blue-collar folks of the world if it's still, like, highly volatile and highly scammy?
And you're basically just, you know, pray for bigger bags that can, like, move the chips around.
I definitely have thoughts on that, but I don't know if Andy had his hand up for that or for something else.
No, mine was before that.
Just on the general, like, basis of Blast, where it's just, like, also, if you had big bags and all of your buddies had big bags, you guys got higher multipliers, which makes your big bags even higher up in the multiplication, you know, category.
And so it's really just big bag holders going to be able to just crush little people also.
But on the flip side of that, if it is something that is malicious and intent, it's also going to level out a lot of the people who went in big.
So it's a very interesting, like, if it's bad, they did a really good job of getting all the big people to go, ooh, wow, we could really dump on all the little people.
And then if it is something that's non-malicious and intent, it gives all the big people yet another opportunity to dump on everybody else.
So either way, it's very interesting to me.
Yeah, I want to also all sit and ruminate with my inner one night, and we'll watch it all unfold.
It's going to be a good time.
That's a good point.
And I think, Big Gooey, to your point, I think it can exist simultaneously.
I think a lot of, I think there's a specific type of network configuration that enables this in a safer way.
And I think when you start looking at layer zero type applications that enable different environments to be hosted in parallel, you start to realize that a lot of these can exist and not maybe, you know, interrupt each other, right?
That, you know, networks can support a variety of activities, both institutional and degenerate in nature on the same network, maybe not interact with each other, right?
So, absolutely, I think that the type of application that people interact with and the type of applications that people get funneled to will also, you know, matter, right?
If people come in looking for gambling and they find a place to gamble, right, that, you know, they've immediately gone to the degeneracy, right?
But if people come looking for a solution to get money to their family in a cheaper and faster way than the MoneyGram, right, then they have found it, right?
If they find an application that allows them to send and receive it using the blockchain, right?
If they can use Telos to send it for less than a penny, that's going to save them compared to the Western Union, you know?
So, I think it depends where you meet the consumer and what consumer you're trying to meet.
Because there are people that are always going to be looking to gamble and speculate on the edge of speculation.
And honestly, crypto might be one of the best speculating markets ever.
It's really, really awesome for that.
But, like, it also has such great infrastructure potential and use cases that already exist.
So, I don't know.
I think – I personally think they can exist together.
So, but not on every network, right?
But maybe on some.
Yeah.
No, you make a really great point.
Anybody else want to hop on that before we move on?
Shubs, Jakey?
To be honest, I think everything was covered, man.
Yeah, I think he covered that really, really well.
Beauty.
Appreciate it.
Yeah, yeah.
No, it's super – like, ever since that space that you had on the weekend, I've just been kind of, like, mulling it over.
I definitely come from, like, a working class, like, labor background.
And it – I guess, like, at first it didn't feel like it was possible.
But I think, like, based on your reply there, like, definitely some food for thought to mull over.
I just think – I guess I just feel like, you know, as somebody who came into this as, like, wanting to make a bag initially, I think that's, like, what motivates most people.
And if you're not educated, like most are when they come in the space, it's, like, really easy to get dumped on in kind of chasing that emotion of, like, yeah, like, you know, I saw my friend make that fuck you money.
And I just want to do the same.
But it's, like – it turns out it's, like, years of, like, learning the market in terms of how to hit that one golden opportunity rather than it just raining from the sky all the time.
But definitely something I'm going to, like, meditate further on.
Yeah, it feels like being in this space, you have to learn how to read in between the lines really well and see what's a red flag and what's not.
Earlier, Shabzi, you actually mentioned there being a big red flag of big influencers in this space promoting a project.
Even if we think about celebrities promoting a project.
And it ties in really well with what's happening with Cristiano Ronaldo right now, where he's being sued by the SEC for promoting Binance with his NFT collection, where if you used Binance in a certain aspect, you would get an airdrop of his NFTs.
And he's under fire.
And it's one of those things where his team definitely didn't know what was going on.
He definitely didn't know what was going on.
And for him to promote it, it says a lot about these people who are kind of legitimizing NFT projects or decentralized exchanges.
You can't really trust it.
You can't really trust anything.
And it's understanding that you need to have full control.
And what does that mean?
But, yeah, I know, I know, Jake, you actually invested in the Cristiano Ronaldo NFT, right?
Like, what was that process?
Yeah, yeah.
So, I'm sure, I mean, there might have been a few different drops.
But the one I participated in was on Binance US.
And so, if you spent a certain amount or traded a certain amount, you would be given a different tier of NFT based on the amount that you spent or used.
And so, I thought it would be really cool.
And, you know, he's a pretty big deal.
So, I figured, why not try to get my hands on one?
So, I kind of partook.
And I was airdropped in NFT.
But since then, it's really just sat on my Binance account.
I can't really do too much with it.
Or at least, I don't really know how to, you know, put it on the market.
But, yeah, now it just kind of sits there.
It's unfortunate that he's being sued.
But, I mean, that's why you have, like, a legal team, you know, to sign up on things before you put your name on the line.
Yeah, it's funny.
It's, like, your exact reaction to it is why he's getting sued for it to be, like, an unremistered security.
Because, you know, he's a big name.
You think you're going to make a lot of money.
And then it really goes nowhere.
Yeah.
And it's a BSC NFT, right?
Like, is it worth it?
No, I'm just fucking with you.
Like, were these trading for exceptionally high volumes, I guess?
Like, or was it just kind of the speculative value I would imagine?
I don't really know.
To me, it felt more like a collectible.
Because there's probably so many people with, you know, so many of these NFTs.
You know?
And I don't even have, like, the top tier, rarest one.
So, who knows?
I mean, at this point, for me, it's worthless.
So, if anyone wants it, let me know.
Does it come with a lawsuit?
It might spike now.
Who knows?
Yeah.
No, for sure.
For sure.
And maybe, this is a good segue into NFTs.
So, just to kind of commemorate with the Telosian Mint yesterday.
Everybody who's up in the house here today, we want to hook you up.
So, please just DM the Telos NFT account with your wallet address.
And we'll send you one of them.
Really want to, like, spread the love.
I went a little buck wild on Bynum yesterday.
So, I really, like, want to see this project do really well.
It's, like, we were talking to them earlier in the show here.
I think it just has the capacity to be a really wonderful community here on Telos.
There's been a really kind of, like, storied past with punks.
And I've been part of that along with a rug.
So, I'm just, like, so, so jazzed to see, like, you know, the rightful king of punks take its place here on Telos.
So, again, please just DM me on the Telos NFT here with your wallet address.
Happy to hook you up and get you kind of plugged in with that community.
Oh, yeah.
Let's go.
I'm excited to see the Telosians pop up on my feed.
But, yeah, since we're getting to the very end of our space, thank you, everybody, for joining.
For anybody who's new to the space, this is our weekly space called Probably Nothing.
We invite everybody to come and speak, share their hot takes, go over Web3 News, everything.
Thank you for our new speakers.
Crystal Miner, Andy, appreciate your takes.
Shubzy, as always, our honorary NFT team member.
Jake, Gooey, Telosians.
Shout out David and the listeners.
Thank you, everybody.
We'll talk to you next Wednesday.
Take care.
Let's go.
Have a good one, guys.
Have a good one, guys.
