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THE STATE OF CRYPTO: SEC END GAME?! ☀️☕️ GM W3B3 Morning Show Ep216
Recorded: June 15, 2023 Duration: 2:04:24Space Recording
Full Transcription
All right.
We out here.
Big Thursday vibes.
Big Thursday vibes.
Big Thursday vibes.
Check, check.
Hello.
Happy Thursday to anybody listening out there.
It is Thursday, June 15th, 2023.
And it's going to be a beautiful day.
Although, once again, it is looking awfully gray here in L.A.
I don't know what's going on.
Middle of June.
And it's been gray and cold in Los Angeles.
This is absolutely not why I live here.
So, if the devs could please do something, it would be great.
It would be much appreciated.
Tired of it being gray like this.
But anyway, it's not going to stop us from having a good day.
We're going to be digging into all the news, all the headlines, all the updates from around the Web3 space.
As we get it going here, we're waking up.
Shout out Keith, GM.
Happy to see you.
And your Frogland PFP.
Have there been any big updates from Frogland recently?
Would love to know, actually.
Let me know in the comments.
Maybe I can go check in on them.
See if there's been anything, any movement from the Frogland crew.
Side note that I'm excited about.
It's not exactly Web3 related, but, you know, kind of is because it's about innovation in the future.
Futurism.
New season.
New season of Black Mirror.
Dropping a day, apparently.
And that actually is pretty exciting to me.
So, I'm sure I'll be anxiously watching all of those and then comparing it to our existing reality.
In different ways.
I'm sure there's going to be some VR.
There's definitely going to be some, like, VR headsets in there.
Some Vision Pro.
Definitely some crazy people getting sucked into the metaverse somehow.
Quote unquote metaverse.
I'm sure there's going to be a dystopian metaverse in there.
But let me know what you think in the comments.
What kind of crazy, dystopian, fucked up, surrealist nightmares should we expect?
What do you think they've dreamed up in this season of Black Mirror?
Would love to know what you think.
It would be really cool to see some other, like, blockchain storylines.
I have a feeling there's going to be some kind of NFT thud in there.
Like, making fun of digital collectibles somehow.
That just seems like a popular thing to do.
You know, people love to shit on us JPEG collectors.
So, I wouldn't be surprised.
But, yeah, I think my number one bet is that there will be some kind of metaverse VR, AR in there.
Anyway, shout out Phil.
Shout out Vert.
First one's in here with Keith and myself.
GM to you.
Hope you're doing well.
Share out the room if you haven't already.
Fun fact.
GM Sir is trending right now on Twitter.
So, that's fun.
So, GM to you, Sirs.
But, that's a funny thing to see trending.
Because, of course, Sir is spelled incorrectly.
Or, I guess, correctly, depending on what side of the DGEN line you live on.
But, it's nice to see GM Sir trending.
It's going to be a great day, fam.
We're just getting going.
We're waking up.
And, yeah.
We're going to be digging into all the headlines, all the news, of course, like we do.
We'll be covering the latest and greatest from the regulatory front.
Of course, that's been one of the biggest stories of the week.
Because a lot of stuff has been happening in Washington.
BlackRock, close to filing for a Bitcoin ETF.
I mean, it's not the most exciting thing, but maybe a big thing.
So, that's something to talk about.
But, Bitcoin down under $25,000.
Just dropped below $25,000 right now.
So, curious if you are buying any dips or if you're just waiting and watching right now.
Everything down almost across the board, even XRP, even after the positive revelations from the Hinman files this week.
XRP is even down everything, just about.
Except for Turbo, which is actually very nice to see.
I don't know if it's because of they just published.
What did they publish?
It was like a manifesto.
It's like their value statement, something like that.
But Turbo, actually up 20%, 16% right now on the day.
Everything else is blood red.
But, yeah.
Again, it seems like that's just been the week that we've been having.
It's been a very red week.
Jeff Jagg, I'm trying to get you up here, friend.
But, I'm not sure if you're connecting.
Might be you.
Might have to jump out and jump back in.
But, yeah.
Do feel free and come on up and hang out with us up here.
Don't be shy.
Shout out Chris Mullins there.
We see you.
GM to all of you, sirs.
He's back.
Let's try this again.
Yeah, it looks like we're having issues connecting, Jeff Jagg.
You hear me?
Oh, hey.
Oh, hey.
My name is Jeff.
The Jeff is here.
The Jeff.
GM, sir.
Did you see GM, sir, trending?
GM, sir?
S-E-R?
Yeah.
Oh, that's cute.
Yeah.
I thought so.
I thought the Flash movie was trending.
Oh, GM, sir.
There it is.
Okay.
GM, sir.
GM, sir.
Turbo said GM, sir.
Turbo's up.
But it's still, like, way down below what I last bought at.
But I sold for a profit, so I'm okay.
I mean, yeah, I initially did.
But yes, I am down also.
I think most people are down on a lot of the meme coins.
But it's nice to see it pumping yesterday and today.
It seems like it's getting some, it's getting rejuvenated a little bit.
And at least people haven't forgotten about it.
I think, if nothing else, it's just good to know that people didn't just forget about it.
So, like you said, is dollar cost averaging the best bet at this point?
You bought up.
Now's your chance to buy down and hope.
And hope, yes.
But I was watching a TikTok last night.
And that's where all wisdom comes from.
You know what, though?
I feel like I get, like, I get schooled.
I learn a bunch of stuff on TikTok.
My feed is very curated to, like, all that educational things.
And so, like, I was watching this one.
It was talking about the fear part of your brain.
It shuts off the hope part of your brain.
So, there's, like, you know, FUD.
What's, like, the opposite of FUD is hopium.
Correct.
And you can't have both at the same time in your brain.
So, if you are feeling, like, you know, worried that the stock market or the coin market or whatever is going down, you will not be in a place to buy when it's down.
So, that's, like, that's, like, the forces of our brains working against us in terms of buying the dip.
Like, so, if we do still have conviction, like, this is the thing.
If you have conviction, you don't lose it when the price goes down.
You still feel that, like, you know, very strongly about, like, Bitcoin or Ethereum.
But, if you sell when it's down, that's the worst time to sell.
Don't sell when it's down.
Yeah.
I've seen some people doing that.
I've seen some people capitulating and selling Pepe as shit right now at, like, massive losses.
And I'm just, like, this is, I mean, all right.
You know, like.
Because I have a story to tell you.
Oh, Alex, is this story time with Jeff Jag?
All right.
You know what?
Before we jump in with the music, before we kick it off proper, we've got a special story from Jeff Jag here.
Okay.
This comes from the glorious land of Charles-ania-Schwablandia.
And it is the stock market section of the world.
So, it's a different continent from crypto.
Okay.
But, but I remember it was the end of 2021 when things were just really good.
Okay.
And I had a very tech-heavy portfolio.
And I was like, this is wonderful.
2020, 2021, end of 2021 was really good.
The beginning of 2022 was not good.
And it went down all the way through the middle.
And finally, halfway through 2023, my tech stocks are now approaching where they were, say, the middle of 21.
And so, there is something happening in the upswing of stocks where Apple and, so just to disclose what I have, I have like Apple, Netflix, Nvidia, some Disney.
I don't have a huge portfolio.
It's very small.
But it's, but it's like, you know, my experiment in, like, in investing.
I was like, put my money where my mouth is.
And this was all before I got into crypto.
And so, it's finally getting back up.
If I had sold, I would have lost money because everything was red.
And now I look at my gain-loss thing and I'm like, everything's green except for Roblox and PayPal.
Your P&L, I believe, profits and loss, the P&L.
But, yeah, so if you're looking, if you're looking for, like, how to wait this out, you're, you know, in the stock market, we're talking year and a half.
That's, that's my trend line.
That's how long I had to wait for this thing to come back around.
Crypto is a little faster.
But at the same time, like, it just goes to show you that if you have conviction in the stuff you have, just let it sit.
Nothing hurts, hurts no one letting it sit.
So, that's the moral of the story.
Well, I love that moral.
Well, another way to put that might be time in the market beats timing the market.
But, anyway, thanks for the story time, Jeff.
We're going to play some music here just a moment, in a moment, to get some energy going in this room.
It is Thursday, June 15th.
We're already joined by some of our favorite coders and contributors.
Hey, look, Phil's on stage.
That's a, that's a rare situation.
Happy to see you here, GM, sir.
Go ahead.
I saw you on mic.
Go ahead, big guy.
Jump in.
GMGM to all the sirs, SERs, and SIRs.
But I'll, I'll come back after you, like, play some music.
No, we don't fuck with the SIRs.
Only the SERs today.
Everybody, hey, do us a massive favor.
Go share the room and drop a GM, sir, in the comments while you're at it.
GM, sir, is trending.
So, you know, it's, it's a, it's, it's a good day to be a degen and maybe things are turning around.
Maybe that's our, maybe that's our signal.
So, anyway, I am gifted your humble Web3 shirt, but this is GM Web3, the greatest morning show that ever existed anywhere on any continent, any planet, any universe.
And it's going to be a great day, even though, for some heckin' reason, it's still gray and cold in LA in the middle of June.
I don't know what the heck is going on, but again, if the devs can do something, please, I need my sun, I need my vitamin D, and all right.
I heard it was supposed to go like that.
There's even a saying, it was May gray, June gloom.
Yeah, it's, it's awful.
I'm not used to it being this gray and cold in the summertime here.
But anyway, all right, fam.
You know what, we, we got some, we got some, some, some big vibes this morning because this week has been all about the SEC.
It's us versus them by Quavo, Takeoff, and Gucci, man.
Hope you like it.
Hope this gets you pumped for some GM Web3.
We'll be back in two minutes.
Let's heckin' go.
She's in the room.
I don't know what I'm getting on anymore, man.
Bitch, then pulled out with a friend.
How he get that shit?
Just know he got it in.
And my partner 50 cent.
He shot man and man.
If it's us versus them, who you think gon' win?
If it's us versus them, who you think gon' win?
If it's us versus them, who you think gon' win?
Then I drop that pen.
We gon' spin again.
I'ma spin.
We gon' slide.
Drop that pen.
Pussy nigga, come outside.
I've been runnin' up and checkin' name time.
Ain't shed another testin' when my grandma died.
I got an A-Way Ross with the bloody guts inside.
Think shit sweet and try.
Step in the shoes, it's not your size.
The back of the man back, I sit in recline.
And I got frickin' lens all on my mind and crown the spine.
Crown the nine.
And bulletproof the ride.
We spin the block and yell out he ain't outside.
Heard he had a wedding, he must be the bride.
I take them pies, subtract them in the vibe.
For the other shit, I'm goin' for the win.
Pulled up with that bitch, then pulled out for the friend.
How he get that shit, know he got it in.
Gave my partner 50 cent, can't shop many men.
If it's us versus them, who you think gon' win?
If it's us versus them, who you think gon' win?
If it's us versus them, who you think gon' win?
Then I drop that pen.
We gon' spin again.
Drop the pen, then we goin' in.
Flip the switch and win.
Why?
Buy the snatch, act the back.
I'm gonna crash the bench.
If she start trippin', try a friend.
Now I fuck her twin.
Told your bitch to pop that pussy, plenty more to spin.
Let your boy start hookin', then I'm jumpin' in.
Came from nothin', now my Lambo look like Dolphin Fiend.
You sniff the bowl full of rice and I'ma call you Glee.
Drop an arcade device, it's over prison feeding.
Hold that down, handle my business.
Nigga, let's get it.
Nigga, I'm with you.
Hundred and fifty.
Nigga, it's us versus them for the city.
Yeah, I know that you scared, you shit it.
I'm standin' on all the business.
I'm feelin' like Steph and Clay.
We pull up with all the fishes.
For the other shit, I'm goin' for the...
That's one of the chords that hit one more time.
Oh baby.
Some aggressive energy to start the day here on a Thursday.
It's us versus them.
It's us versus the SEC.
Anyway, hope you enjoyed that.
Or maybe you hated it.
I have a question.
Because the SEC also seems to be versus the SEC.
Alright.
Have you noticed?
They're like, don't pay attention to what that other guy says.
That there's people inside the SEC who disagree with the chairman?
Well, doesn't it seem like the organization is basically like,
we're not going with the word of the guy who keeps talking?
I don't actually know enough.
Maybe if you have any examples you could share.
I have heard there's some people inside the SEC that are not aligned with Gary Gensler.
And I do think it...
The nice thing that we've seen this week, as far as I can tell,
is that it seems like there's people on Capitol Hill and in our government
that are starting to push back and that are like,
this guy is way overreaching.
I likened it to, and I saw this, it wasn't my idea,
but I did catch on with this, that the SEC is usurping Congress's authority.
Yeah, I think some people are feeling that way, for sure.
At least that's the gist that I've also gotten.
So, you know what?
That's not a bad thing.
And here's, okay, you know what?
Let's just talk some conspiracy theories or some ideas real quick
on what we think is happening here.
Because, I mean, I've already talked about the FedNow happening next month,
July, FedNow is supposed to come.
So, part of this was like, you know, was this a coordinated attack
to try and weaken crypto and just like maintain as much control as possible
and make the rollout of FedNow more effective
and, you know, basically kind of negotiate better terms for the government
and, you know, was this basically like coordinated between the SEC and the Fed, etc.?
So, that's been kind of one thing that's been percolating.
Jesus, I can't tell.
I'm still waking up, fam.
Woo!
All right, we're getting it.
We're getting this caffeine.
So, that's one thing.
Another one that's come to my mind that seems like a really obvious one
that I haven't seen anybody talking about is, you know,
there's this revolving door between our government
and a lot of the different big industries like banking, for instance.
I mean, how surprised are you going to be when a year or two from now
when Gary Gensler leaves his job if, you know, six months later
he has a cushy job at one of the big banks?
Because he's basically just proving himself to be an effective lackey
for the big banks to set himself up to get a big cushy job once he leaves.
I mean, that just seems so fucking obvious to me.
Like, he's just doing the bidding of the big banks,
showing himself to be an effective lackey to do their bidding,
and they probably have some under-the-counter agreement
that when he leaves office he'll get a cushy job.
Doesn't that seem like an obvious move, like, for him?
He just gets paid millions of dollars to be a fucking consultant
for the rest of his life.
People who trust politicians on what they say.
I'll just end the sentence there.
Yeah, so that, it's kind of almost infuriating
that no one's been bringing that up.
Like, what are you actually doing?
Like, is this just a play for yourself?
But here's another really interesting one that popped up,
and that's this Promethean, Promethean storyline.
So I did pin this up top.
I'll actually repin it.
Just real quick, while that one's still up there,
that's my tweet about the government,
if you guys want to read that.
Very cheeky.
Let's go look at that.
Jeff Jag has a tweet.
The U.S. government is divided into three branches.
The executive, the judicial, the SEC.
Hey, yo.
Where's Congress?
Love to see it.
Hey, Polygon's down under 60 cents right now.
God, I wish I had more liquidity
to be fucking buying these dips.
GM, Sarah Scrip, GM, NFT, Go,
GM, Winebags, Fiat, Fire, NiftyQ,
Extinct, all the friends hopping in here.
How's it going, Sarah?
It's going pretty well.
I just wanted to hop up and say,
I think this is a big mistake by the U.S.
There was an executive order that was issued
in spring of 2022
that was encouraging federal entities
to regulate all of this.
They ignored it,
and then they were like,
you're doing something illegal,
and then they were like, what?
And they were like, guess.
And it's just like a big mess.
I'm bullish on like the U.K.
and like other countries
that are like actually supporting this.
I feel like the U.S. is going to fall way behind.
Wait, am I rugged?
No, you're not.
I hear you.
You sound great.
And yeah, like A16Z is like moving their crypto like division
or moving a crypto division to London,
which like, and that was announced like this week, I think.
It was.
You're right.
Yeah.
Also, some maybe positive news.
I don't know.
I don't know if I like this guy,
but the guy from Miami is running for president.
I forgot his name.
Oh, God.
He's very into Bitcoin.
But that's the only thing I agree with him on.
The guy from Miami.
Yeah, what's his name?
I'm like, I haven't had enough coffee yet today.
Bruh.
I'll just call him Bruh.
The Bruh from Miami.
I don't know his name either.
That's accurate, probably.
But Sarah Scripp, let me know a quick question for you.
Are you offended when somebody calls you sir, S-E-R, like GM sir?
Does that offend you?
Nope.
I do question the origin of it,
so I've like kind of stopped using it a little bit
because I'm like, is that from a weird corner of 4chan
that I don't want to be associated with?
Isn't all of this from a weird corner of the internet?
Yeah.
If it's taken on a new life, though,
and enough people have determined that it's like something else,
then fine.
That's fine.
I think there's...
Okay, so let's be clear.
The internet is a scary place.
We all exist here,
maybe against our better judgment.
And the internet can be absolutely a horrifying, scary place.
It's also undefeated.
It's also a wonderful, crazy place.
And just because there's strange parts, you know,
corners of the internet does not necessarily make them evil.
However, there are some evil corners of the internet,
and so that's fair.
But just because something did originate from some weird corner of the internet
does not necessarily make it evil.
It does increase the possibility, though.
But anyway, GM Sir trending.
Drop some GM Sirs in the comments for us,
and share out the room if you haven't already.
Look at these amazing people popping in here.
Josh Squashman.
Brian down there.
Nice to see you and your ape.
Steven Narcilla.
All y'all.
Happy to have y'all here as we just get it going.
We caffeinate.
We wake up together.
And, yeah, we're going to be covering all the latest and greatest
from across the web through space,
and it's going to be a beautiful day
because I'm surrounded by beautiful people.
Any who.
Anyway.
All right.
This Prometheum situation,
since we are covering off on, like, the crazy, I don't know,
conspiracies, things that are coming to light
around all this crazy stuff.
And I wanted to also say, Sarah, I agree with you.
I think that a lot of people are realizing
that, like, the U.S. is fumbling our future.
You know, we've been playing the Tom Emmer clips
from his committee meeting
where he accurately, I think, calls this
the future of the Internet,
saying, you know, do we want the U.S.
to be involved in the future of the Internet
or do we want it to be dictated by other countries?
That is what Web3 is.
It is the next evolution of Internet technology.
And Tom Emmer and whoever's advising him gets that.
But anyway, this Prometheum story popped up yesterday.
Bankless was talking about this.
And I tried reading all the way through it.
I got most of the way through it.
There's some really interesting fuckery
happening around this situation.
And, you know, I think most people understand
the SEC is basically just a bunch of lawyers.
Like, that's what it is.
Like, the SEC is just a bunch of lawyers
being lawyers.
And so, frankly, they're not cool people
is basically what I'm saying,
just like most lawyers suck.
The SEC is full of people
that generally probably just are not cool people.
And they seem to be up to some really weird stuff
with Prometheum being its own blockchain here.
And Matt Walsh up here, shout out to him,
doing some kind of investigative journalism
around this story.
I'm going to dig into this
and see how far we can get.
And NiftyQ, I don't know if you actually
read into this either yet.
I know I tagged you on this,
but I don't know.
Let's just get into it
and see what we can, like, come up with.
It gets kind of deep.
Like, there's a lot of moving parts to this.
So, we're going to do our best with this.
But I think it's something we should all
be aware of that's happening.
So, Matt Walsh, he says,
this Prometheum storyline
has got to be the strangest thing
I've seen in a while in this industry.
Has anyone actually looked into this?
Because it's beyond bizarre.
Last month in the midst of the SEC
bringing cases on Coinbase and Gemini
and giving the stiff arm
to Robinhood and others,
Prometheum gets approval
for a first-of-its-kind
special-purpose broker-dealer
for digital asset securities.
SPBD is this first-of-its-kind
basically license
that it's getting
to be a special-purpose broker-dealer
for digital assets and securities.
So, in the midst of the SEC
cracking down on crypto
on all of the big exchanges,
this random company-slash-blockchain,
Prometheum,
getting approval
for a first-of-its-kind
license
for digital asset securities.
Then Prometheum's CEO
somehow
gets a seat
in front of Congress yesterday
and starts reading off
pre-written notes
clearly coordinating narratives
with Democratic members of Congress
or the SEC.
And he's providing sources
for a lot of this stuff, too.
Some of this we can dig into.
We don't need to dig into
a lot of it,
but if you want to dig into this thread,
he does provide references
and sources along the way.
At ATS,
absolutely,
sorry,
this ATS
absolutely will not work
unless the projects
first register
the tokens
with the SEC.
There are currently
no tokens
registered
with the SEC
because the current regime
is not viable
for public
blockchain networks.
U.S. Representative
Mike Flood
hit the nail
on his head
on why Prometheum's
claims are utter nonsense.
Basically,
they're making a bunch
of claims
saying that they
are now able
to represent
the crypto industry
and digital assets
and all this stuff.
It's really confusing,
but they're basically
trying to
pull some kind of coup
and establish themselves
as the crypto
marketplace
even though
they don't trade
in any
of the main cryptos
and launch
their own crypto.
It really seems
like some weird fuckery
of just trying
to control
or power grab
on the entire space here.
And I want to play
some of this video
from Mike Flood.
So we're going to try
and play this again.
It's not too long.
Again,
I know this is kind of
like heady shit,
but it's pretty crazy
and again,
important for us all
to be paying attention
to what's happening
with this
because this shit
is happening
in real time.
And yeah.
So let me see
if I can pull this up
real quick
and actually play
a little bit
of this video
from US Representative
Mike Flood.
I think I read
that tweet thread
that you posted
on last night
and it's interesting
because he's,
you'll hear in the clip,
he's calling out
the person
that's being held
in front of Congress
as being like,
like what are you talking about?
Yeah,
it's one of the co-CEOs
who's a lawyer
who apparently went
to an unaccredited law school.
It's really weird.
Like whatever the fuck
is going on here
is very strange.
But all right,
so this is the video
of Representative Mike Flood
explicitly laying out
why Prometheum's claims
that their license,
this SPBD approval,
is evidence
of a clear path
to regulatory compliance
are absolute nonsense
and rather their inability
to trade
any widely traded assets,
BTC, ETH, et cetera,
is exemplary
of why the McHenry-Thompson bill
is needed
for actual regulatory clarity.
So basically,
it seems like
they're trying to avoid
passing this McHenry-Thompson bill
and just co-opt
the whole space
underneath Prometheum.
It's really strange.
But all right,
I'm going to play
some of this clip real quick.
Here we go.
This is a comment letter
that Prometheum sent
in response
to the SEC's
December 2020
special purpose
broker-dealer framework.
Quote,
The definition
of a digital asset security
as used in the proposal
is a digital asset
that meets the definition
of a security
under the federal securities laws.
This definition
puts a burden
on the industry
to determine
which digital assets
are securities.
As a result,
we believe
the clarity is needed
to understand
the regulatory framework
they must comply with.
End quote.
That was in a letter
dated April 26
from Prometheum
specifically signed
by Benjamin S. Kaplan,
co-CEO of the company.
Sorry,
I'm going to jump forward.
Run approach
and essentially
they will proceed
to add additional assets
and abilities
as time goes on.
I'd like to point out
when the...
I'm going to reclaim my time.
Mr. Kaplan,
did Prometheum receive
any additional
exemptive relief
from the SEC
that has not been
publicly shared?
Thank you,
Mr. Kaplan.
Prometheum's
special purpose
broker-dealer license
does not address
the core issue.
There is not
a consistent definition
of a digital asset security
within current law.
This point
was made obvious
when Chair Gensler
could not say
definitively
whether Ether
is a digital asset security
when asked
by Chairman McHenry
in this very room
a couple months ago.
In other words,
that same question
that Prometheum
themselves raised
in their 2021
comment letter
is still unanswered.
That's why
legislation is needed.
That's the problem
that the Chairman's Bill
works to solve.
To testify
in front of our committee
that your company's charter,
which only allows
for trading
in a very small
subset of assets,
is evidence
that no legislation
is needed
just doesn't
make sense.
If anything,
the fact that
Prometheum's customers
cannot trade
some of the most popular
digital assets
is an illustration
of the broader problem,
Mr. Kaplan.
I yield back.
All right,
there we go.
So this is
representatives
pushing back
on what appears
to be some kind of
attempted coup.
I don't know,
again,
some really weird stuff
happening with this company
Prometheum
getting this license
and trying to
portray themselves
as having
basically
the answers
to regulate
all of this stuff
without there actually
being any broad
definitions
and without being
able to actually
trade the main
cryptocurrencies.
Really fucking strange.
Nifty Q,
go ahead.
what's up,
fam?
GM sirs
and sirettes,
I guess?
GM sir.
Look,
I got nothing.
So it's all good.
Okay,
okay,
GM sirs.
Okay.
I have nothing to say
on this
because I don't have
my tinfoil hat,
but I am going to
start using the term
reclaim my time
on stage.
I love when they do that.
I'm reclaiming my time
a bunch
throughout the next month.
Yeah,
so let me,
let's,
let's,
let's.
I yield a four.
I reclaim my time.
I'm just going to finish
reading a little bit
more of this.
Basically,
the Prometheum guys
want us to believe
that all L1s
are securities
and will not come
and will need
to come
and trade
on Prometheum,
which he says
is not happening,
but enter Prometheum chain.
What is that?
You say these guys
have their own chain?
Yes,
and a token.
Of course,
they already pre-sold
some to Wang Shang
and some others
who apparently,
this is apparently
a whole other rabbit hole
of this that's interesting.
Wait,
where's that information
about who they sold to?
It's,
it's in this thread
from Matt Walsh
pinned up top.
okay,
Yep,
so I'm just scrolling
through reading some of this.
According to a pitch book,
Prometheum has raised
$48 million.
Like all private companies,
they're required
to file a Form D
when they raise,
oddly,
even in their early rounds,
they used an investment bank
to raise capital.
Very rare for venture-backed
startups at the early stage.
They've paid
in excess of $1.5 million
in sales commissions
to a New Jersey-based outfit
called Network One
Financial Securities,
who has quite
a regulatory track record,
apparently,
just like Prometheum,
Network One Financial
is a China-affiliated firm.
And who's running Prometheum?
Of course,
it's
these lawyers
who look
a lot like
apparently
the same
head of this
Gus Ray Kaplan
law firm.
The Kaplins
being held up
as security law experts,
but two of them
went to a now
unaccredited law school.
Other companies
like Coinbase
and Gemini
have pursued
these licenses,
but those licenses
under current SEC regulations
don't let you do much.
The SEC is implying
that Prometheum path
solves the regulatory
clarity issues,
and it doesn't.
So what's going on here?
Bizarre that this fringe player
with no business model
is being held up
as an example
of compliance
by the SEC
when the actual businesses
in the United States
can't get a fair shot.
An SEC psyop
to have the Dems
oppose the McHenry-Thompson
market structure bill?
That's the question
at the end of all this.
Very interesting.
Very strange.
And yo,
shout out
a new friend
Kent down there
who also has
some interesting
updates
putting together
an Excel doc
full of unclaimed
airdrops,
which if you didn't
see that,
I can pin that up top.
But hey,
cool to have you
in here, friend.
And I guess
good work
for the friends
that actually
had some airdrops.
I did not have
any unclaimed airdrops,
unfortunately.
I went and checked
some wallets
and didn't find anything.
But apparently
some people
in the community
have found some.
Jeff, Jack, go ahead.
So just from my understanding
of what is going on here,
I can kind of
sum it up a little bit.
And I think that
what's essentially happening
is that there's
this overall
kind of
visible crackdown
on crypto.
And there's,
you know,
I don't know
the link to the SEC.
There's the conspiracy
theory in this
that they're supporting this.
I don't know
what that means.
But like,
basically,
like the way
I'm seeing this
is this company
is saying
that they're
the answer,
right?
So like when you
have a problem,
a company comes along
and says,
we're the answer,
now you pay us.
It's not just
that they're saying
they're the answer,
though.
They're getting
propped up
as the answer.
Why are they
getting a seat
in front of Congress
right now
and getting
like basically
having a bunch
of talking points
that have been vetted?
Like,
why are they
being propped up
as the answer?
That's the question.
Well,
I think it is
just like,
I wouldn't look
to that.
I would just
basically say
that whether or not
that's true or not,
we don't know.
But like in terms
of what they're doing,
that's pretty clear.
They're trying
to be,
they're trying
to say
that like,
you know,
like,
okay,
so there's
no more coins
that you are
allowed to trade
because we don't
know.
It's FUD,
right?
It's uncertain.
But now,
this guy comes
along and he's
like,
we are okay
to trade.
So you can
feel safe
putting your
money with us.
And that's
just the next
shill,
the next
huckster
coming along
doing the
exact same
thing that
like all
the meme
coins,
sorry,
sorry,
all the meme
coins and,
you know,
ICOs
back in the
day.
I know.
But like,
that's exactly
what they do.
They come up
with a new
product.
They say,
now this is
the one.
And everyone
goes and
invests in it
and then they
dump and then
they leave.
That's how it
works.
And if you're
just going to
say like,
if you're just
going to say
like,
hey,
this is the
new one,
it's just
trying to be
like,
it's safe
to invest
with us.
Even though
the market's
down right now,
they know that
there's still
a ton of
liquidity in
the market.
Whether or
not people,
you know,
believe that or
not,
there is always
more liquidity
to suck.
This just
seems like,
yes,
I agree with
you to an
extent,
but this
seems like a
much bigger
play to
co-opt the
entire crypto
space in the
U.S.,
not just like,
hey,
we're launching
a token that
does this one
thing.
This is like,
we're the
solution to
crypto regulation
and trading
all crypto in
the U.S.
come through
And any
company that
has that
stance is
basically making
outsized claims
about how,
you know,
big they're going
to be and how
important they
are.
That's their
roadmap gift.
Yeah,
I just think
it's very
strange the
way that this
is all coming
about.
And that
thread is
fascinating.
Again,
shout out
Matt Walsh
up there if
you want to
learn more
about this
very bizarre
situation with
Prometheum
testifying in
front of
Congress and
the claims
that they're
making in
this special
license that
they have
received
despite the
crypto
crackdown.
You can
check all
that out in
his pinned
tweet up
top.
Sarah
Scripp,
go ahead.
On another
popular morning
show this
morning,
so this is
secondhand
information.
I might be
wasting your
time,
but I heard
that at
one point
Prometheus was
an iced tea
company in
their evolution.
I've heard
Prometheus is a
well-known
movie,
but are we
talking about
Prometheum?
Are you saying
this same?
Yeah,
sorry,
did I get the
name wrong?
Well,
Prometheus.
Prometheum was
an iced tea
company.
Wait,
so this
same company
that is now
a blockchain
claiming to
be the
solution to
all crypto
in the
United States
was an
iced tea
company?
That's what
the other
popular morning
show shared.
No way.
Well,
all right,
that's an
interesting
take.
For fuck's
sake.
Look,
I love
iced tea.
I'd actually
like them
more if
they're still
just doing
that.
Anyway,
all right,
ladies and
degenerates,
happy to
see you
all here.
Look at
these amazing
people up
in here.
We got
Micah
Ray jumping
in here.
We got
Quizford.
Anyway,
shout out to
you all.
We're getting
into the
headlines.
We're getting
into the
news.
We're waking
I am
curious,
though,
for any
of you up
here now
that have
joined,
on a side
note,
are you
excited about
Black Mirror
and what
kinds of
things do
you think
that they
are going
to show
in this
season?
Sarah's
script with
a thumbs
down.
Multiple
thumbs
downs.
All right,
nobody
commenting.
I mean,
I already
said I
think VR,
and the
headsets is
absolutely
going to
be in
there
somewhere.
And I'm
hoping that
there's some
blockchain or
NFT jokes in
there somewhere.
But if
y'all got any
thoughts on
Black Mirror,
I'm very
excited for it.
Maybe I'm
the only one.
Me too.
All right,
we got one
more.
Sarah,
was your
thumbs
down because
way?
I don't
like it.
I don't
think it
provides,
I think if
you're going
to do
something like
that,
you have to
provide a
tiny bit
of hope and
there is none
in that.
Like as an
artist,
like I just
don't,
like I don't
like,
you know,
these super
negative
art pieces
that kind of
sometimes come
out of the
NFT space.
And I'm not
saying you can't
make it.
I'm just saying
I don't like it.
And I don't
like Black
Mirror because
they offer
zero hope.
It is all
just like
bleak and
scary and
terrible.
Not enough
happy ending
in there for
you.
That's fair.
But at least
it's somewhat
creative though,
right?
So it's like the
modern day
Twilight Zone.
Exactly.
And Twilight Zone
was meant to
kind of freak
you out a little
bit.
The intention
is that,
you know,
from whatever
position you're
coming from,
it's either a
fearful position,
you can see it
being like kind
of sketchy or
whatever.
But it does,
it does create
like what's
going to happen
next?
And is this
possible?
And it's really
cool to go back
and look at some
of the episodes
right from the
previous seasons.
But I agree
with you.
I think there's
going to be
some AR VR,
but I think
there's like,
think about like
chat GPT writing
an episode or
something that
could be a
pretty,
I think.
that's a good
one.
Yeah,
definitely have
That could be
pretty crazy.
So I would
not doubt that
this episode could
be written.
Definitely some,
some AI in
there.
And I,
I agree.
I think that
that seems like
the type of
thing that they
would do is
like have an,
have an AI
created or
written episode
and just show
how fucking
weird it is.
And like,
that's the whole
point.
Is this the
future?
Yeah,
like that's a
good one for
sure.
Hey,
quick follow
You know,
what was like
everybody woke
up was like,
holy shit,
they're so cool.
And then we
were talking
about it on
NFT.
I was like,
this isn't
going to last
very long.
Boring punks
down to
0.04.
I don't know
if you
cue.
Shocked.
Feels like,
you know,
it's better
than boring
punks,
boring apes
or Pepe.
The Pepe
boring punks
are great.
I don't know
about the Pepe
boring apes
though.
Now you're
stretching.
But yeah,
I mean,
look,
it feels like,
you know,
again,
like we
called this,
like everybody's
just desperate
to feel
something right
now.
They're just
like searching
for any
opportunity
to try
and make
a flip.
But we've
seen so
many Crypto
Punk derivatives
at this point
that come
and go.
So when this
thing just
popped off
overnight,
like we were
sitting there
looking at it
and you're like,
how long is
this going to
last?
Probably not
very long.
And almost
immediately after
the show,
it started
dumping.
And it's
back down to
0.038 now.
you know,
maybe it'll
still move.
It did get
a ton of
volume.
you know,
now it's
a thing.
People know
about it.
It's got a
really solid
distribution,
a 33%
unique ownership.
So it's here.
It's around.
There's a bunch
of boring
punks out
there now.
But will
it ever,
will it
continue to
grow or
get back
to what
it just
did yesterday
where it
got up to
almost 0.2?
I don't
know.
There's just
not that many
derivative
projects that
actually sustain
long-term
interest.
So if you
got into
boring punks
and made
some quick
flips,
I'm happy
for you.
If you
bought the
top,
I commiserate
with you.
I've done
it a million
times.
But there
you go.
There's the
update on
boring punks.
And real
quick,
let's go
ahead and
cover off
on...
Well,
I actually
appreciated
Shady's
take yesterday.
There's a
lot of people
in the
industry that
are...
I want
to hear
this take.
reclaimed
my floor
here.
Just
looking for
ways to
use that.
I just
appreciated
Shady's
take that
there are
people in
the industry
right now
that are
using these
known pump
and dumps as
a means for
survival.
That's what
they're trying
to do.
And that's
why they
do have
some success
from time
to time.
It's because
people are
pouring liquidity
into them
because that's
essentially how
they see
themselves.
he literally
called himself
a day
trader.
I think
I'm over
asking why
these are
successful.
They're
successful
because there's
people that
are interested
in day
trading.
Unfortunately,
we're trading
strict coins
with pictures
when it comes
to these
collections
specifically
because that's
how these
people are
treating them.
Yep.
reclaim my
time.
Thank you,
sir.
Yeah,
it's
we're also
joking like
half joke.
Honestly,
I'm not even
fucking joking
at this point,
but we're
saying like,
what are we
doing trying
to create
like a
quality,
you know,
community
driven media
company and
showing up
every day to
cover all
this stuff
and doing,
you know,
working so
hard to
create high
quality
entertainment
education
editorial
when what
we should
be doing
Q is just
starting a
fucking studio
that just
creates Pepe
derivatives of
all these
fucking
projects.
Like,
if anybody
wants to do
this with
like,
seriously,
at this
point,
like,
as a side
hustle,
let's just
create our
own little
studio
collective
and all
we do
is we
create
meme
derivatives
of any
project that
pops off.
We just
have to have
a pipeline.
It's a
streamline
a pipeline
that just
like within
24 hours
can bust
out a
fucking
or a
project
similar
artwork.
That's
just,
well,
you're
going to
need
nifty
kit.
Perfect.
Anyway,
yeah,
I don't
like the
boring
apes piece
because the
apes are
already 3D.
It doesn't
make any
sense at
all.
Unless to
your point,
you're literally
just trying
to make
money off
of dum-dums
that think
that for
some reason
this is
going to
be an
interesting
project.
That's why
it's so
cynical.
It's very
cynical.
It doesn't
come from
a place
of love.
it's a
complete
grift.
Jeff,
you're
sounding like
Anyway,
sorry if
you got
some
boring
apes.
We're
just
totally
fighting
your
bags
here.
doesn't
make
sense.
They're
literally
always
like,
this is
homage
this
with
respect
apes.
We're
paying
respects
using
exit
liquidity
your
naivete.
Anyway,
here's an
update from
Ralph
Quintero,
Daily
Ralph,
saying
crypto
started
the dump
yesterday
afternoon,
leading
to a
sea of
on the
charts.
actually
trying to
get your
thoughts
on why
we're
seeing
this
dump.
There's
been a
couple
bullish
developments
over the
last 24
to 48
hours.
curious
why,
given the
saying
saying
they're
pausing
rate
hikes,
believe
Binance
actually
just
came
winner
this
attempt
freeze
their
assets
in the
U.S.
I think
that was
denied.
The SEC
was trying
to freeze
Binance's
assets and
a court
ruled
against
that.
Hinman
docs
have
come
out.
There
seems
have
been
some
pretty
positive
things
happening
over the
last 24
to 48
hours,
and yet
market's
dumping.
curious
to see
what
think
about
that.
Most
of the
volume
yesterday
came
from
Yuga
collections,
Bored
Apes,
Mutant
Apes,
and Crypto
Punks,
combining
for over
11,000
ETH for
the day.
Also
another
Fidenza
sale
overnight.
likely
a lot
of that
volume
because
people
selling.
This
presenting
with
some
dollar
cost
averaging
opportunities
some
chances
dips.
Fidenza
sold
$131K.
Again,
Fidenza
seemed to
be one
of the
bright
spots
during
this
chaos
deep
winter
bear
months
here.
Fidenza
sales
keep
happening.
Let me
know what
y'all
think
though.
What's
going
on with
market
general?
What
is it
reacting
bear
market
just
feeling
more
more
like
less
liquidity.
do you
think
it's
reacting
negatively
some
these
recent
positive
things?
personally
think
people
just
trying
hold
liquidity
that's
they're
selling.
meet
couple
days
here
Denver
with
from
Coinbase
part
project
product
called
Base
which
going
their
layer
product
fielding
kinds
questions
about
just
like
you know
whole
take
on it
like
really
really
like
this
politically
driven
just
like
kind
what
said
beginning
show
that
they're
just
kind
positioning
themselves
he's
like
we're
kind
only
group
who's
really
even
talking
about
Gensler
if you
look
other
people
different
areas
know
different
communities
know
we're
getting
hardest
because
it's
like
they're
trying
squeeze
this
bubble
when
says
that
know
when
squeeze
like
balloon
it's
going
like
expand
another
area
that's
it's
just
going
push
this
know
everybody
leave
United
States
with
their
tech
they're
overly
concerned
about
what's
happening
because
they
feel
like
it's
just
like
politically
driven
thing
separately
it feels
like
people are
exiting
in a
they
have
liquidity
think
also
mentioned
it's
like
want
only
yield
four
yeah
yeah
well
reclaim
time
liquidity
piece
think
at the
heart
of it
like
Phil
saying
have
coordinated
exchanges
these
ramps
retail
traders
most
retail
trading
coins
like
institutions
aren't
moving
their
past
think
when
comes
some
these
coins
market
when
dump
in a
two-day
period
response
news
from
just
lagging
piece
there
more
likely
it's
these
retail
traders
that
exiting
apps
like
Robinhood
other
exchanges
that
being
significantly
targeted
right
like
Binance
had to
completely
delist
some
these
tokens
those
things
send
market
downwards
they
right
on the
throat
of the
market
these
large
exchanges
saying
can't
trade
those
altcoins
well
guess
what's
going
happen
those
altcoins
they're
going
fucking
dumped
because
people
running
safety
we're
just
yeah
just
think
we're
still
feeling
effects
a lot
last
week
like
news
over
last
couple
weeks
that
makes
sense
again
I think
industry
actually
pretty
well
think
with
responding
immediate
news
you know
like
happened
four or
five
days
afterwards
that
market
tanked
and I
think
more
to do
with
direct
effect
exchanges
saying
we are
actually
like
Robinhood
saying
we're
removing
these
tokens
that
actually
hurts
Gensler
saying
what
he's
saying
sure
Micah
good
morning
this
conversation
spot
what's
interesting
when
bear
first
began
scale
this
smaller
degens
every
that
would
sell
into
another
people's
collections
would be
affected
other
collections
that
launched
it's
just
simply
that
there's
enough
liquidity
coming
through
fiat
this
getting
exacerbated
bigger
companies
doing
same
thing
their
level
which
profoundly
affecting
market
in a
different
than
late
2021
early
2022
interesting
thing
I think
chokeholds
continue
and the
on and
ramps
compromised
people
are going
to have
to hold
on to
their
coins
and a
people
their
mentality
is to
constantly
spend
and buy
it's
just
these
coins
are going
to just
move
around
different
people
different
wallets
hopefully
extracted
larger
products
you know
ultimately
I think
this idea
about
hodling
is going
to be
real
because
could
years
before
some
your
best
investments
actually
realized
with
like
social
political
change
maybe
chokeholds
being
easier
navigate
that's
what I
happening
that
this
degen
thing
that
companies
are doing
and people
are doing
that is
toxic
to the
space
it's
it's
it's
it's
just
we're
just
watching
effects
of it
when
there's
liquidity
that
to me
impact
yeah
that
makes
a lot
sense
again
this
been
like
operation
choke
point
actually
been
happening
over
last
year
months
we've
seen
liquidity
draining
slowly
and then
maybe
more
quickly
with
these
recent
more
acute
actions
events
happening
with
off-ramps
and on-ramps
being more
compromised
so all
that makes
a lot
of sense
thank you
for this
interesting
analysis
and all
these
inputs
that y'all
are having
up here
big love
if y'all
aren't
following
these amazing
people up
here on
stage
give them
some love
we couldn't
do the
show
without
them
some of
favorite
co-hosts
and contributors
up here
this is
web 3
we do
the show
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a week
monday
through
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this is
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week
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thursday
june
15th
gifted
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yeah
give me
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share
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person
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all right
oh yeah
by the way
we also
monday through
thursday
after this
show on
twitter
we jump
out of
here
over to
youtube
and we
a little
thing
called
live
where we
keep
conversation
rolling
with
some
awesome
friends
nifty
always
curating
amazing
show
and some
other
headlines
over
there
i'm giving
you a heads
up right
rate my
bags
on it
you're
supposed
to give
hours
it's an
hour
hours
it's better
than last
time
sometimes
it's in
writer
all right
jeff
go ahead
wanted to
to take a
sec i got
i got to
bounce in a
sec but i
wanted to
take this
second to
shout out
um some
recent news
and an
announcement
yesterday
from the
oni force
team
which has
which has
hired
casvegas
as the
director of
vibes
by the
ronin
program
love it
um so i
wanted to
share that
because
couldn't have
picked a
better person
for the
vibe for
the vibes
of the
oni um
seriously just
want to give
her props and
shout her out
because that's
great
absolutely
absolutely
and thank
you for
doing so
casvegas
og friend
of the
castle
friend of
the show
an amazing
community
leader
and uh
yeah
love oni
force love
seeing them
come together
in this way
and can't
wait to see
what comes
out of
that so
shout out
casvegas
yeah
nifty q you
shared something
up here that
i did want
to talk
about
briefly
i don't
think we
spend a
lot of
time on
this but
it's
absolutely
fascinating
well
uh is
this the
future
of what
like
trading
and ai
trading
is going
to look
like
so there's
a tweet
pinned up
here from
the block
it says
crypto bot
borrows
200 million
dirty fiat
200 million
dollars
in a flash
loan
to secure
just three
dollars of
profit
this is just
a strange
a strange
and again
maybe this
is like the
type of shit
that we see
in some of
these new
black mirror
episodes
just where
the ai
and the
bots are
just absolutely
out of
control
doing crazy
things that
don't even
make sense
i don't know
nifty key
what was your
take on this
other than
it's just
like a
wild
new way
of maybe
trading
and uh
what we
could be
seeing more
of in the
future
my first
take was
he's giving
franklin a run
for his
money my
second take
is that this
is probably
just an
inefficiency
right like
the bot
probably fucked
up obviously
uh no
trader is
going to
want to
risk 200
million dollars
for that
amount of
cash so
my i'm
almost positive
that this was
some type of
like inefficiency
like the
algorithm was
fucked up or
or some type
of mistake
by the bot
which happens
uh not with
this size
but it happens
that's a fair
point i guess
in my head i'm
like well maybe
the boss just
like you know
profit over
everything it
doesn't matter
i'll take
out loans
just to get
a dollar
profit
doesn't matter
uh i don't
know maybe
uh you'd
think there'd
be some rails
there you'd
think so
yeah like
if you want
to make
three dollars
in profit
you can risk
a hundred
dollars or
a thousand
dollars 200
million feels
like a little
bit uh off
the rails a
little bit so
i i think the
flashboys books
are interesting
if you're
interested in
how much
at a
disadvantage
uh not
only the
retail traders
but like even
industry players
like going
after uh
each other
flashboys is a
great uh
book because
it was it
was the it
chronicles the
rise of like
high frequency
trading in
wall street
where like guys
were like
they they
literally went
to the lengths
of having
their offices
built right
next to uh
wherever the
the internet
provider was
uh you know
housing the
i'm gonna lose
it in the
technicals but
basically like
the fiber did
not have to
travel more
than a block
and therefore
they were able
to uh you
know out
trade wall
street for a
long time so
like these
are the levels
of things like
if you're trying
to day trade
uh or or
look at charts
uh from that
perspective you're
at a severe
disadvantage and
i think ai even
further takes us
down that road
absolutely uh
do you have
any bets on
what will be in
this season of
black mirror
uh have they
done a vr
episode yeah
they already
have but that
wasn't yeah i
definitely think
there's gonna be
more vr that
was my bet
the social credit
score episode was
always my favorite
i think that
comes to fruition
pretty pretty
quickly here in
like the next
20 years uh
all right we're
gonna keep it
moving here
uh is there
a goblin town
video game
jonah real
jonah blake
can we i mean
it's worth
mentioning if
if there's a if
there's a game
that's popping
off with organic
volume people a
bunch of people
playing it that's
built around a
nft native web
three native ip
i think it's worth
mentioning uh so
apparently though
there is a game
on steam right now
called only up
using goblin town
ip that jonah
calls pretty
hilarious one
of the first
web three
related games
to gain
significant
organic growth
you never know
what works
q uh have
have you seen
this has
anybody seen
this or been
watching anybody
on like twitch
or anything
has anybody
played only up
like i want to
actually go see
what this looks
like
yeah i mean
i i get it
you're you're
not like you're
not the biggest
fan of goblin
town i guess i'm
not either
it's more of a
meme at this
point to make
fun of them
it's like it's
kind of in that
yeti territory uh
of kind of being
a punching bag
uh so i don't
mean it by any
means hopefully
that game is
okay yeah
so looks like
goblin town and
their buddies over
at sckr games
have truly shaken
up the indie
gaming world
only up isn't
just some game
it's a cultural
sensation sweeping
twitch or maybe
it's on kick
streaming uh and
flipping the script
on what it means
to game and web
three like is
this actually web
three game though
or is it just
using the ip
okay so here's a
here's a video
of it i can like
retweet this out
i mean like it
doesn't immediately
look like goblin
town to me uh
but i guess it's
just like trashy
like it's just
like a trash heap
like it looks like
it's like the
whole world is
just in like a
yeah like a
junkyard so is
that god i guess
that's goblin
town ip was just
the build build a
fucking junkyard
and say it's web
three ip
i don't know
uh all right let
me go ahead and
pin this up top
though if if you
want to check out
this alleged
goblin town game
that is sweeping
the nation
right now
actually getting
some a fair
amount of organic
interest though
uh there you go
pinning that up
top now
what is a fair
amount of organic
interest that i give
numbers yeah well
in jonah's tweet
he's showing some
numbers actually
exactly average
viewers almost
9 000 average
viewers right now
average live
channels on twitch
uh it was sitting
at 12 93 000
peak viewers so
at one point almost
100 000 people
watching this uh
you know that's
legit organic
interest for sure
um it's just like
you know a little
indie game it's
just popping off on
steam right now
getting some
attention and that's
part of the story i
guess is that they
are using goblin
town ip again like i
guess i'm not
familiar enough with
goblin towns ip to
exactly understand
what makes this
goblin town other
than again it just
looks like a
yeah sorry that's the
video it just looks
like a junkyard like it
just takes place in a
junkyard so i don't
know but that's
pinned up top if you
want to give it a
look thought it was
worth mentioning
jonah always having
uh interesting takes
and updates from web
three gaming and
everything happening
uh on that side of
the world i love
simon goldberg's uh
hot take just did
amazon just say
screw nfts
still no still no
update
that is the weirdest
story i think in
in in in our time on
nft live this week
this is the story that
i was most interested
in like what is going
on with that what is
going on with that
well we don't like the
clarity is less than
zero on on this stuff
so yep yep all right
we already covered uh
adidas and fwocious
although he did share
some uh some like
updates and examples
of some some more art
showing the fwoes if i
can find that i'll pin
that up top as well but
we've already kind of
covered that this week
let us know in the
comments though are you
going to be buying the
fwocious adidas collab for
i think it's like a
0.2 mint um pretty high
supply again it'll be
interesting to see if it
actually can sell out in
this market at a high
mint price like that um
but you know i again i've
always i've already kind
of said like what i think
about it and i think
actually at least the
execution of of the the
marketing the artwork and
the animation all looks
actually pretty cool
although i don't really
love the shoes
necessarily uh but here
oh go ahead i have it
fake yeah go ahead um
my knee-jerk reaction
was oh it's adidas again
um and this idea that uh
it's now about trying to
create the perception of
like dare i call it you
know a blue chip nft to
buy but something that's
like you can't lose with
this like um it's it's
not there's no risk here
really oh and um the
brands are strong and
it's just i think there's
going to be more of this
because people are afraid
so like you know people
aren't selling nfts like
they were no matter who
you are and so aligning
with you know situations
like this it's it's like
even if it doesn't sell
you're not looking stupid
because you've aligned with
adidas or whatever so i
wasn't really excited about
seeing it it just seems like
oh it looks like something
that you'd see you know
and especially with adidas
it's not their first rodeo
doing you know something
cool or with somebody big
so um i don't know it
just feels like this is
this is the way to make an
nft that people don't have
much fear and uncertainty
and doubt about it's just
um who has the money to
spend and do we think the
perceived value will
increase at all is this a
flip situation or do you
just like him as a artist
and you just want to own
it you know it's an
interesting point it the
other thing that you're
making me think about is
like this is one of those
things that almost feels
like to me like it doesn't
need to be an nft like like
like uh what am i trying to
say it feels very web 2
almost um like you know
right now i've been seeing
like travis scott partnering
with uh john mackinroe on a
shoe drop it just feels like
that but but it's web 3 and
nfts what is that exactly what
is that combo but but the
idea is like hey if you just
combine two well-known
personalities or a brand with a
well-known artist then you can
sell a new sneaker um and like
you don't really need nfts in in
in this it doesn't need to be a
fidgetal at a certain point like
it just feels like kind of a
marketing channel at a certain
point um so even though like i
do think that there's some cool
things about this execution and
the way that they're building
out and uh showing off fwo world
and the fwo's and all that i do
think there's some cool things
about it so i'm not trying to
just like fud and shit on it but
but yeah you are you are kind of
almost making me feel like um i'm
not sure that this is truly
innovative or interesting or like
necessary like who who really
needs this um so i i don't know
maybe maybe that's being a little
bit facetious but you know it's
speaking of sneakers and things
that i actually do need this is a
weird transition uh the nike our
force one reveal is today this has
been actually uh highly anticipated
by a lot of people in the space
again you know maybe you don't like
nike and that's fair but they are
one of the biggest consumer brands
in the world and they've been
taking their time building out
their own web 3 initiative called
dot swoosh and a whole community
and they launched recently their
first ever nike nft product with
these our force one boxes i minted
a couple i think i got three i wish
i should have minted more could have
gotten five and i only got three but
they finally revealed today so here's
the update on this everything you
need to know about the our force one
reveal
of f1 box holders can reveal their
virtual creations thursday 6 15 it
doesn't say a specific time i should
go check actually right now let's see
if i can now classic remix boxes will
reveal forces inspired by archive
pairs pre-2007 new wave boxes will
contain forces inspired by pairs
released in 2007 and beyond so again
you got the classic remix and the new
wave boxes reveal begins at i wonder
why they decided 2007 was like the
threshold the difference that's an
interesting uh interesting question
reveal begins oh here we go here's
the timing 12 p.m pdt so just a couple
hours uh reveal will happen all members
will be granted access between 12 and 1
p.m so if you can't open your box at
12 on the dot don't worry so this is
interesting sounds like they're trying
to stagger the access so they don't get
uh you know have their website just
crash again like they kind of did around
the mint so they're actually staggering
the reveal over the course of like an
hour or two a few reminders opening
your of one box or keeping it sealed
is your choice so you don't actually
have to reveal and so that'll be an
interesting situation to see how many
people actually don't open their boxes
and leave them unrevealed it's up to
you utility is unlocked though by opening
the box so you can't unlock any utility
of having the of one shoes if you do not
reveal them once you open the of one
box it cannot be undone as for the
unsold of one of one boxes we are
stashing nineteen hundred and eighty two
of them in a nike wallet for future
member moments like contests and
giveaways the remaining seven thousand
will be saved for general sales as we scale
beyond the beta so there you go that's
all of the info on the official
announcement about the of one reveal
happening today
i'm excited to see what mine have
because you know what they've been
teasing a lot of the you know some some
of the different art for these of one
shoes and the animations are really high
quality
they look cool they look interesting
they're fun it's not just like hey
here's the shoe with the design they
like animate it in some interesting
way that kind of brings it to life so
i don't know if y'all seen that or been
following along with the of ones at all
but i'm excited and again i think seeing
one of these massive global brands
putting a lot of effort into creating a
quality experience is a great thing for
the space for a lot of reasons but again
one of them being that it becomes one of
the leading case studies and examples
that a lot of other brands will look
if it's successful they'll all say hey
maybe we should do something like
this
so anyway anyone else excited about
this anyone else got any of these i
know niftyq you didn't you didn't cop
any you're not dot swooshed you do not
have your dot swooshed domain anyone
else though
yeah i don't there's anyone else i
don't want to speak for them
i guess not
it it feels like to me that the medium
for for shoes
is not there yet
like the digit the digital medium for
shoes
is not there so in the same way that
like there's a there is a utility for a
pfp because we're sitting up here and
you're able to show it off
there is no medium to really show
off digital
uh digital goods or like digital items
right like maybe you go to a conference
somebody sees that you're wearing
you know a digit physical or digital
item
uh and that kind of looks cool but
there's no digital medium because the
metaverse doesn't exist
in the way that we want it so
that's why i don't get into
most of this stuff it's like
okay i what's you know i i don't
have a i don't have a house to show
this off in i don't have a
you know it's it's it doesn't exist so
where yeah what's the application
and like why do i care why does this
affect my life right now
and um
oh sorry did i cut somebody off
how dare you
no go ahead
okay
no no reclaim the flow
you know our culture is is really about
touting things
so like
you know the real pair of shoes is
gonna wear out
like maybe you wear it only to
conferences where people like
actually know what you're wearing
and then they're gonna shove it
because you don't want them to get
all beat up because no one
wears worn out sneakers so like
if you can't really tout the thing
that like you brought up a point
because pfps are touted
endlessly everywhere you go
through your social uh you know
experiences as a user
and crypto native
the fidgetal stuff is a different thing
it's it's an irl thing
and it's interesting because i've seen
tweets where
somebody's like
yo i was at the gas station
and somebody recognized my
the pfp on my hoodie or whatever
and it's like always this humorous moment
because there isn't enough mileage
um with the fidgetal stuff quite yet
but but it's okay because i guess
it's for loyalists and people that
you know really want to like
illustrate that they're in in the game
and stuff but they're the only real
cachet comes from us all getting
together as a community
and people showing that stuff off
and and there's so many different ways
to get that and even now i'm seeing
people just take the liberty of creating
their own stuff that the collection
or the the brand didn't even make
they just made a wanna because they wanted
that that thing and it's their pfp or
or whatever
so um yeah it's it's just kind of landing
flat at the moment i agree
it's an interesting point because as much
as people have you know i've heard so
many people saying like oh pfps are done
pfps are dead like we're past the pfp at
this point it's like that's it's one of
the only actual applications utilities
for nfts right now is showing them off
as your digital identity on all these
different platforms and it it actually
um it's really interesting trying to
draw a parallel here between what's
going on with the heavy metals uh you
know without you know diving too deep
into a yuga show here um tenacious eth
you know comparing the heavy metals to
other yuga collections this tweet pinned
up top uh i think a lot of this is
because it's not a traditional pfp like
basically what he's showing is that
there's a discrepancy between the way
that the heavy metals are currently being
valued versus some of the other uh
collections so what he says is there's
eight thousand more supply than mutants
yet heavy metals are only one twelfth of
the price there's seven thousand more
supply than me bits yet they are only one
third of the price there's seventy three
thousand less supply than than the other
deeds yet they are the same price it
doesn't make sense can you make it make
sense um and again i think literally
that's because a lot of people don't see
these as like traditional pfps that they
can tie their identity to
there's also an issue as yuga continues
to put this out and doesn't increase
demand and we know what market we're in
right now there's no extra demand
flooding into the market that you're
going to get these discrepancies because
there's so much happening there each
release that there's going to be people
that are like what do i buy a dog or a
vessel or a deed or a heavy metal like
that's that's the issue that's going to
happen that's happening now with with and
as we all know there's the best pfps in
the yuga ecosystem are the kennel club
dogs
um facts yeah yes but i i would it would
be it would be so cool to have you know
somebody who's actually like deep inside
of yuga right now come and talk about how
they've been thinking about like the
volatility of the market in their plans
like how they actually factored in all of
this into their roadmap and their plans for
the business model because to your point
like the the market just keeps getting
worse at this point there's less and less
liquidity but they keep rolling out
things
it's it's oh yeah there's two questions
in there i guess like one like how are
they playing it as they continue to
release stuff and the other is like well
how do they survive and what's crazy is
yuga is in this situation where they've
created like hardcore degenerates for or
at least tapped into hardcore degenerates
that will ride the shit to zero they they
will i've had multiple apes say i'm
riding the shit to zero um because because
either they've already sold off items
that yuga has given them uh so that they
have some liquidity you know on the side
but they're in this yuga itself and board
ape are in that that category i'm sure
there's other collections right that just
have a hardcore yeah that's a lot of those
asian uh supported communities are just
hodlers diamond hands uh anyway real quick
pinned up at the top i repinned this from
kent if you haven't seen this you might
want to go check and see if you got any
any wallets listed in there because you
might have some unclaimed crypto airdrops
so this exclamation kent kent vc uh some
people from the community have been
successfully identifying unclaimed airdrops
in this spreadsheet i did not find any
unfortunately very sad but i just want
to make sure everybody is aware that there
is a big spreadsheet going around right now
with a bunch of unclaimed airdrops uh we do
have a new friend hopping up here uh one
three three one records thanks for being
patient did you have something you wanted
to add in
yeah you know it's basically talking about
i guess you would say value within um you
know a lot of nfts that we're seeing um i'm
yet to really find one that i've seen that
has a model that makes sense for instance
like if you have a business model rather
it's a bear market or not i just feel like
they need to have a legitimate business
model something that has a reoccurring
revenue for instance like i have a
recording studio people need studio time
rather it's a bear market or not people
are going to get studio time they're going
to go make music for the people that are
creatives and i feel like when you make a
business it has to have a reoccurring model
rather it's subscription based it's a
service it's uh whatever otherwise
where's the intrinsic value then it
becomes a brand so if it's if it's a
branding play then they have to either
sell merchandise they have to do events
they have to whatever and um i'm yet to
really see a lot of that you know i just
see a lot of false promises of like hey
you know let's sell 8 000 and make you
know 15 million real quick and then not
give or do anything really with it but
you know here's some nfts congrats guys
you guys have these these photos and y'all
you know i mean so it's just like i don't
i feel like we're not there yet we don't
have a lot of people that have a
legitimate business model that has
reoccurring you know funds and then on
top of that you know i see a lot of you
know when people are like web 2 web 3
they're basically almost the same
honestly like rather we're web 2 or web 3
there's always going to be clicks there's
always going to be people that want to be
at the top of the market there's always
going to be people that want to outshine
be number one whatever that looks like
there's always going to be favoritism you
know there's always going to be people
where they have group chats and they're
like hey i'm in a big space shoot me up
you know rather somebody's been waiting
there for two three hours you know that's
just the cold reality of how the world
works um so it's just like you know i'm
waiting to see when that kind of paradigm
comes in where we start to see more
business models that make sense business
models that have a reoccurring money
profit revenue model you know or even if
it's a branding play then that still has
to have something like how what nike does
or whatever uh rather it's web 2 web 3 or
however you want to look at it and then
there's another thing too that's just
kind of like i see a lot of times when
people are like oh that's a rug or
whatever and it's just like well in
standard business if a business fails
that's called a failed business and most
businesses fail because it's not easy to
run a business so there's a lot of
companies that are quote-unquote rugs
that i wouldn't quote-unquote call them a
rug necessarily i'd say that they were
just a failed business which is that's
just how things work in the real world
that's a that's a really good point and
i i fully agree with that last point
especially that the term rug is really
really overused um because to your t
yeah it's really negative yeah because
to your point there's a lot of people in
the space uh that have been experimenting
with trying to watch different ideas
brands companies startups that have
actually had good intentions that haven't
done very well whether it's their fault or
not uh that have been classified as as
rugs when it's just like no it's it's a
startup and sometimes it doesn't work
out versus an actual rug which is where
you make a whole bunch of crazy promises
uh that you had no you know no ability
or intention to fulfill on and or just
absolutely disappear with the money like
you just raise the money and then just
fucking literally like uh like like
disappear your discord disappear your
twitter i just think there needs to be a
better word for it and i think there
already is a word for it it's called
scams and you know scamming that's not a
web one web two web three thing that's
just a a thing in general like i don't
even need to be in business or any sort
of whatever uh rather it's on chain off
chain a scam is a scam you know like i
don't even need to have a payment but we
like our we like our we like our special
terminology here we like our we like our
special words
i i feel i feel but i just think like rug
is kind of just like a negative kind of
connotation that is used for any and all
things that are considered a fail failure
rather than having like a disconjunction
of two different words like one of a
failed business another of a rug having a
hard definition of a rug is blank a project
that does blank uh this is considered
blank you know whatever that word is
but i just think it kind of puts this
negative connotation like imagine somebody
starting a donut shop and they just
didn't have enough clients and they
didn't have enough basically you know
like they they wanted to originally tell
people like hey you know like we're
going to be doing a bunch of things but
then they run out of funds because they
don't have enough clients not enough
people
people like oh you're just kidding i think
that the difference there i think the
difference there is there's a lot of
people that are that put their money uh
into these these tech companies that are
web3 that have the ability to invest uh you
know quote unquote or buy uh with the
expectation and i know people don't like
to say this but with the expectation that
they're not going to lose their ass uh and
in a donut shop example like yeah i'm going
there for donuts but i'm not you know i
don't have a thousand dollar asset that
is tied to the success or failure of this
company and it creates in good times
really cool environments where everybody's
winning but in bad times everyone loses
hardcore yeah and i want to get back to
the earlier point too uh which is just
about there not being enough you know
successful business models or sustainable
uh companies being built yet i think
that's you know we're we're in that
transitional phase where a lot of
projects have realized that they need to
basically work backwards back into web2
you know maybe they raised with a you know
a token launcher you know as a web3
native brand or crypto but they have to
now work backwards into web2 to find you
know what is that sustainable revenue
model and yeah the truth is most haven't
done it well there's a couple that are
figuring that out and you know we're
seeing it happen in real time as some
some of these web3 native brands and
startups awkwardly you know kind of
shift or pivot or expand to to become
you know a sustainable business model i
think pudgy penguins is a great example
of one that we're seeing in real time
doing that only force i think we're also
you know we've seen them go through the
pain point of you know trying to figure
out how do they uh scale figure out their
their vision to grow a brand and an ip as
a global ip and now they're moving
forward with their vision so we're we're
seeing it happen in real time which is
exciting but it's you know it can also
feel very slow or daunting or depressing
when yeah it's it i would argue or i would
agree with you that it's a very low
percentage um of of these startups of
these projects that are actually
successfully there are right now at least
seem to be successfully making that
transition i'm sure we'll see more but
again the market is weighing on
everything and i think i do think that
that has hurt a lot of progress for a lot
of projects but um i do think we'll see a
lot more of these og projects start to
figure it out over the next year or two
nobody nobody wants it to take that long
um and and let's be honest a lot of them
yeah we'll just be failures but uh there
are still projects that are still kicking
still doing things and i you know i don't
know i i i generally agree with everything
you're saying though and and we talk a lot
about this need for sustainable revenue
and business models so anyway good points
thanks for bringing those in let's get
phil in here and then nifty q again
yeah you know the donut analogy in the
donut shop i think was you know a good
point one of the things that i'm
noticing for our business so i'm involved
in web3 but also own other businesses
here in denver production company
um and so forth and one of the things
that that we have available now that we
didn't before is how to create how to
turn my web2 business into a web3
business and we have the tooling to do
that now so in other words for example
if i have a studio and i want to
incentivize my staff and employees now i
can tokenize it instead of like creating
stocks i can offer them some ability to
have co-ownership and so i think with the
tooling that we have now uh for regular
businesses the things that we can focus
on is how do we convert this web2 into a
web3 business using the tooling that we
have in and take advantage of and just
offer some opportunities that didn't exist
before you know and i think the other
tough thing too with the small being a
small business in the very near future
um it's going to be difficult to get
loans right and so i think this when we
were talking about liquidity earlier i
think uh small businesses needing to
take out loans in the very near future
it's going to be really super high
interest or it's going to be really
difficult so we're going to be looking
at different ways to crowdfund or or to
keep our business afloat and not rely on
a bank so i think the future also will be
is to take advantage of the tooling that's
being created now and and look at nfts
from the utility perspective of having some
ownership from from a web2 and small
business person yeah great great points
and i'm you know very i'm very bullish on
web2 companies or existing businesses
that do have that sustainable revenue
stream that business model that want to
come into web3 because you know to to
that point one through three one they
already have uh they already have a
business and then they're just able to
enhance it or use web3 as like an
additional evaluator for things like
rewards or different types of incentives
and community engagement things like that so
so yeah yeah you know and i'm i'm very
big proponent on that but i just think
like regardless if it's like web2 web3
or even like web4 which is the symbiotic
relationship between technology which is
like start to talk about things like
neural link and shit like that rather it's
web2 web you know any web it doesn't
matter i don't think like the the business
model is always going to have to be there
regardless of what it is like i don't
think there's really like we can put like
this is called a web one business model
this is called a web obviously it
definitely helps out just because each
market is different but it's still a
business model and there's certain
things that regardless on where it
starts across the board it's always
going to be the same the same way how
two plus two is always going to equal
four unless we want to talk about math
theory and then there's this like crazy
ass five pages of why it equals four
but at the end it's still four regardless
on where you look at it from macro or
micro um so like that's that's where i'm
really bullish on is seeing people that
utilize that because like the business
model is the number one thing who are you
marketing to who's your go-to target why
are they purchasing and you know or even
you know i know that we have different
vernacular that we use in web3 like we
like to say community but at the end of
the day your community is still your
clientele base because your clientele base
is what drives the business it's just kind
of a more positive uptake uh or a more
positive way of being able to i would so
i would push back on that a little bit
because i do think that one of the
paradigm shifts that makes it uh different
is is the two-way conversation right so
in a lot of businesses when you're just
talking about clientele or customers it's
very one one way um whereas web3 one of
the values or ether part of the ethos that
i see is it is more community driven and
it's more of a two-way uh conversation and
that you know you see that in things like
dows uh you see that in a lot of these
different projects where the the quote
unquote clientele as you're calling them
are much more active participants in the
conversation and the way that those those
build those projects are built so that
that to me is the difference and why you
would specify between just like a customer
or client versus a community member um
because they're they're more active or
engaged than a normal business model in my
opinion
and and again that ties into why the
emotions get tied in when things go south
right when they start to use these terms
like rugs and why things seem so emotional
is because of that link like when it's when
it's going in the right direction it's an
extremely good model to have incentive based
like community members or even you know you
you can even get into the idea that they're
just like incentives are essentially aligned
further than again like using the donor
shop example of being the customer
i was going to say like i i definitely can
you know i understand the ethos been here
enough for a little bit but what i was going
to say kind of like i guess not really a
counter but just like food for thought is
um let me put it this way let's say you have
a room of a hundred people okay and out of the
hundred people none of them know business at
all um then you know they decide within the
community that they wanted to have something
done that is not feasible within the business
model you run the numbers you check it out
you find out you're actually going to be in
the red if you do that per se let's say they
wanted to have two drops of merchandise and so
this is this is getting this is getting really uh in
the weeds kind of so i just ask like you know
what's what's the kind of point that we're
trying to get to i i don't really want to go
down like a five to ten minute anecdote okay
where well i'll i'll just i guess i'll make
it into one sentence sometimes when you know
like yeah how can i put this i'm trying to
try to if okay let me like i'm not trying to
put words in your mouth but i i think i kind
of know where you're going so let me let me try
and jump in here and let me know if this is kind
of what you're saying there are problems with
like allowing the community to entirely drive a project and we've
actually seen this recently with dows like i forget which one it was i don't
think it was like ape coin or nouns uh i forget which one nifty q if you can
remind me but one of one of the big dows recently
literally had to like adjust its own charter or the way that they were
structuring because uh they had a whole like community
driven marketing initiative that basically was choosing people alluvium and
they basically said hey actually this isn't working because the people that
are getting voted in for these marketing jobs don't know what the fuck
that they're doing so you have this interesting balance where it's like yes
you you want to have the communities uh the community engaged and involved in
decision making yet you still need actual leaders and some kind of level of
centralization to move forward in in a good way and build a business
successfully is that what you're saying that's that's yeah that's yeah
yeah exactly so exactly and you know that's that's when we start to see
bigger companies like you know they get intricate like for instance even the
nike one like all the job positions they have for
that like you have to go through either a master's
a doctorate you know what i mean so it's like what's the likelihood somebody in
the community is going to have that specific niche that needs to be done yeah so
this is this is uh a really interesting challenge that
we're going to be seeing decentralized organizations and different web three
projects and and companies dealing with uh in in really interesting ways because
things tend to be more transparent than they ever have been in traditional the
traditional business world and these are real problems that you know as you're
scaling as you're growing as you're trying to hire people like uh and and do it in a
transparent open way or you know do it in a community driven way like
yeah this is going to be a massive challenge um but what i would say as kind
of the the the other part of that to your point
that i think you're trying to make that like actually
you know like you need to have centralization like yes you do need to
have clear leadership and people that can be
like the decision makers who know what they're doing but also if if you're trying
to run a you know web three native brand company or you know any sort of uh
innovative decentralized organization and try and do that without any sort of
community engagement or community involvement i think that you're going to
have a lot of pushback and people aren't going to fuck with that like if you
were to if you're going to launch some kind of web three project or brand and
basically say like hey just trust us we're going to do everything without any of
your input and like kind of like watch that way i think that people would push
back against that because again community engagement and decentralized
ownership and uh uh yeah anyway that just seems like what a lot of people
expect in the space so i don't know i'm not i'm not saying that like you don't
need that centralized leadership i'm just saying that like if you don't also
still have some level of community or like accountability to the community i think
that you're going to have a hard time getting buy-in um from a lot of
people so anyway nifty q go ahead i i love this conversation like building nft
projects around uh sustainable business models that aren't just releasing a
secondary and a third and a fourth collection uh which i think some people
thought that that was the new model like somehow you could continuously increase
your supply uh and and demand would continue and we saw that that wasn't the
case once you got more and more collections uh into the industry i i will say
my belief my true belief at at the core is that this isn't really going to matter
as much in a bull market when it comes to finding the best products because again i
think the industry works on at least when the momentum is leaning bullish it works
on sentiment right and having a great business model is a great narrative to have
but i think there are we're going to go through the same shit uh which is that
even companies that do did not have a good business model will probably be some of the
most successful uh of the next industry and we'll have some narrative that will push people
towards uh towards that project or those projects uh and that will be the case because that that is
how this industry works uh and it it's really in bear markets that we have these business model
discussions it happened in 2018 through 19 in the last bear market uh when rampant speculation uh in
seven in 16 and 17 drove projects up and there was no sustainable business model and the same exact
thing happened in 21 and 22 so my guess is it'll happen again
i was gonna make a point on um firstly i think everything you said was was super dope and you know on point uh nifty
q you know so throw up a little heart for that that was fire but um what i wanted to say was uh i think
there's ways that like for instance like um it like some of the ways like how we did it for my team
specific because i can't you know speak on anybody else i can only speak on my own experiences and what
i've done some of the ways that i found that worked well for me and maybe this you know might not work for
somebody else because you know obviously what works for me might not work for somebody else but i found
giving guidance on like still asking for opinions on like hey if we were to do the following thing how
do you how would you guys feel about this here's your options these are the three different things
that we're choosing which one do you guys like the best i think guided because again at the end of
the day i think having community voice is awesome but then there's also a double-sided sword
because this is your business this is your baby it's your vision and at the end of the day if your
vision is that you want your company to do something a certain way and that's been your vision since a
child since or whatever then you know i you know so be it me as an entrepreneur i want to see other
entrepreneurs you know killing it doing whatever it is that looks like for them so it's kind of like
that's also becomes a whole other topic of discussion it's like sometimes having community vote is super
dope but i think in a guided way that doesn't necessarily mess up whoever's vision it was because
that you know the same way how there's creatives and art you know business itself is an art form you
know how you run your business how you do things differently than others what's your competitive
that's that's the that's the more like auteur approach right where it's like you got the the
visionary leader of something um you know but again these are these are just different
approaches and i think uh you can still have that in web 3 as long as you know you set expectations
accordingly um but but i do also think that you know by coming into the space um you you're kind
of like like again like to me this gets to to the whole question of like why web 3 or why
decentralization why nfts why crypto why any of this right if if you're trying to basically operate
in in a very centralized web 2 sort of traditional manner you know you it may not make sense uh to
be opening yourself up to a tremendous amount of community uh involvement scrutiny transparency
etc it just may not make sense or if you are going to do that then you just have to be aware
that that's like part of what people come into uh an nft native brand project etc expecting like
they expect some level of transparency and accountability from the leadership that's just
how it is right now and and i do think that over time this balance is out like it's all getting
figured out these are growing pains um but it is it is a paradigm shift in terms of power control
centralization versus decentralization like all these things are paradigm shifts these are new
ways of doing business and so yeah it's it's fascinating it's a great convo i really appreciate you
coming up here and uh you know getting into it with us and i'm sure we're gonna have a lot more
conversations around this because again it's kind of at the core of like the philosophy of of what is
the space what are we trying to do what do we want to change what do we like from existing business
models that we want to keep versus what do we want to revolutionize what do we want to change
what do we want the future to look like it's it can get really really philosophical um but that's part of
what we love about the space is that we're seeing in real time basically a revolution right like
we're all part of this we are stakeholders in this new era of internet technology in the future
of business finance art all this uh so yeah it's it's a it's an exciting time to be alive and be in
this conversation big love to all y'all who are hanging out with us and being part of it right now
by the way i hope you're paying attention this is big news huge news massive news pinned up top right
now is the link to nft live you like that yeah that is it the last show of the week
up top right there go give it some love give it a like give it a retweet go comment gm sir i don't
know let us know any other projects headlines things that we have missed that we should be talking about
on nft live go put that in the comments on that tweet pinned up top right now and yes nifty q has uh
rate my bags as the uh the primary topic so i can't wait for that if you've never been part of
a rate my bag segment just know they're exciting they get heated because uh we're going to talk
about all your favorite pfps all your favorite nfts and we're we're it's going to be no hold bars no
punches pulled we're going to be yeah yeah yeah yeah by the way uh we were we were just having fun
talking about biao like trying to understand what it is because these like asian inspired memes
and uh i was like is it is it like a cat sound like how do you say it and nifty q found it and it
actually is like that like you're actually supposed to say it like biao like that that is actually
literally the way that you say it so that's one of my favorite new things that i learned yesterday
uh nifty q thanks for being patient good i'm gonna try to pull you back on the tracks now because
you're getting down like a biao like rabbit hole here so we're gonna quickly move back but i i feel
like most people don't know what's going on with nouns like you you want to talk about like a really
cool business model and like looking at companies that do have great business models inside of web
three i know that just like you mentioned there's not a ton of them these motherfuckers make forty
thousand dollars a day uh and and i don't know what that that works out to over the course of a year
and i don't know i i know some of that is going to the community treasury i don't know how much is
going to the team yada yada yada but that business model of releasing in one nft a day
from like a 10 000 collection is a really really interesting i know there's a lot of different
traits that needed to go in that and features that made that project specifically successful but
they are successful at daily bringing in revenue to your point it is it is one of the few web three
native business models that it was totally innovative and new that actually is like working
like still working like they just they just figured out their own unique mint mechanic that
is a recurring revenue stream for them right now at least so far it has been and it's absolutely
amazing and yeah hopefully the nouns will uh sponsor us at some point because uh they they are trying
to uh proliferate the meme of the noggles and yeah are doing some really cool stuff we've talked to
them a little bit um that's 15 mil a year yeah that's wild so anyway uh glazed of course i mean we
couldn't mention the beows without glaze hopping up here to shill uh what's going on glazed how you doing
just a beautiful day the sun always shines on beows and uh you know happy as fuck yo
happy birthday yeah uh i don't know if you got my dms yesterday on the history of the uh meme itself
uh but i shot you a dm and uh you know i think uh jessica was actually the one that was asking
about that the other day and uh i didn't figure out who it was but uh yeah read up about it it was
actually a vice uh article and uh they actually covered uh the whole history of it and how where
it comes from and the different bases so i hope you guys took a read it was pretty cool i found it
the other day too i hadn't read it and i read i'll dig in man appreciate you updating us keeping us on
top of this interesting biao situation uh which again you know i i i am intrigued i i don't have a
lot of liquidity i'm spread thin nifty q right now but like i'm interested by it it's you know anything
that is that has a lot of potential with asian markets right now and uh you know memes asian memes
i don't know it seems like it's it's putting a couple different uh things together that have a
lot of potential so i'll give you that much and i appreciate you coming up here and trying to educate
us on it um because yeah we definitely have a lot of blind spots when it comes to the asian market
uh ladies and degenerates link for nft live pinned up top we're going to be hopping over there in just a
couple minutes we are going to go out with some uh some awesome music some outro music here just a
little bit before we transition over phil i did see that you had your hand raised hey jiff i really
appreciate oh happy birthday by the way yeah yeah happy birthday yeah yeah i really appreciate the
love i've been in here for a bit already and you're always nothing but kind and uh and cool and shit
and collected so thank you i appreciate that hey thanks man appreciate you bro my man uh phil did you
did you have something i had my hand raised then i took it down but yes happy birthday i guess the
last thing i wanted to mention before we get out just my my take on like the subject of the sec and
how we kind of started this whole thing um you know one thing that i want to say is i i personally
have been in the game since like 2016 and and when you're talking about what is your why why are you
here and and there is a lot of hope you have if you think about all the possibilities of what we can
still do in blockchain and web three possibilities um do exist and so one of the things that that we
can say is that you know for everybody in the room we can look at this and know that we still have
choice everything that we do is based on choice i know that sounds kind of like simple but a lot of
times you know what guides our choices and what is our purpose for those choices and the cool thing is
you know whether there's it's promethean or some new thing project that's coming on board
they're going to be a product market fit for somebody so whatever project or whatever product
you're selling on the other side there has to be a buyer or user and that doesn't need to be any of
us if we just don't believe in the project or don't want to participate we can always opt out
and uh yes i mean the beautiful thing to me still is that we still have choice and there's lots of
opportunity we can you know spend more time doing our own research especially in a bear market so we
don't put ourselves in a bad position and yeah just that's all i really wanted to mention is uh
yeah all right positive positive words there it's up to you fam left or right red pill blue pill
what what are you gonna what are you gonna do but all right some last we're gonna hit cover off on
some last headlines real brief here before we hop out over to nft live you know you just mentioned
the sec again obviously a lot happening there apparently the sec is also weighing in on new
artificial intelligence rules for brokerages you know and again we we mentioned that crazy bot
situation where it bought you know where uh it took out a loan for 200 million dollars to make three
dollars profit this is going to be a really interesting uh you know next couple years as well
just in terms of where and how do we let ai start to run our businesses our finances uh our systems
for us what makes sense uh what doesn't but apparently wall street's main regulator is moving to
introduce new rules for brokerages using artificial intelligence to interact with clients so the sec
said tuesday that a long contemplated plan to rein in conflicts of interest associated with the
technology could be introduced as soon as october the proposal would also apply to predictive data
analytics and machine learning uh here's a quote technology markets and business models constantly
change thus the nature of the sec's work must evolve as the markets we oversee evolve um that's
from gary gensler you know that's an interesting thing for him to say seeing that like he's trying
to apply outdated uh methodologies and rules from like the early 1900s to crypto and blockchain right
now this guy's all over the map anyway uh it'll be fascinating to watch what uh starts to happen
in terms of ai uh within our financial system uh crypto companies are flocking to hong kong
understanding the implications of new regulations here in the in the u.s tldr hong kong has implemented
new crypto regulations requiring exchanges to obtain licenses from the sfc so i guess that's hong kong's
regulatory body existing exchanges have a one-year grace period to align with the new regulations or
withdraw from the market the sfc will grant operational approval to companies demonstrating
genuine operations and genuine business practices on non-securities trading platforms so that's the
tldr of what's happening in hong kong right now with a lot of businesses starting to uh maybe move
there as well as you know we've already talked about the uk some other places and all right one last
headline here mochaverse is launching a rarible powered nft marketplace animoca brands and nft platform
rarible have announced a custom marketplace dedicated to animoca's membership nft collection mochaverse
uh yeah so i you know it's good to see rarible in a headline maybe that's what they're doing is
they're pivoting to partnerships and like providing uh basically the infrastructure and like power the
power behind more bespoke marketplaces now kind of like maybe like a origin protocol or something like
that maybe because yeah i don't i don't it feels like rarible at this point if we're being honest
it feels like they kind of i don't know like they lost the marketplace war a little bit at this point
in terms of being like the openc or the the blur or the the main retail marketplace it just it seems
like rarible has really been struggling as far as i can tell so maybe this is a smart pivot maybe they
become more of like a service provider a software and infrastructure play powering more bespoke
uh marketplaces like this mochaverse one so that's an interesting thing uh that's happened and uh you
know you're all interesting to me big love to you and big love to the sponsor of this show and the web
network this month nft go if you're not familiar with nft go dot io we actually had a video just
launch on youtube this morning which uh you know what i should have pinned that that would have been
really smart of me to do so i'm going to work on tweeting that out here in just a minute but if you
want to know what i use on a daily basis and think is one of the most valuable tools for trading nfts
it is the free twitter chrome extension from nft go that's absolutely amazing and it integrates
directly into your browser your twitter feed right on your twitter home page it integrates real-time
data and trends and signals and updates and what's going on in the market as well as well as
uh upcoming drops info so this is something that not that many people know about only about 2500 to
3000 people have installed it it's kind of an unknown gem a little bit of an unknown secret
but nft go dot io has a free twitter extension for chrome that is absolutely amazing and lets you
see real-time updates for market data trends whenever a bunch of volumes popping off in a new
collection or whales are buying a different project you literally get that piped directly
into your twitter feed so uh so yeah i will find that and pin it up top here in just a moment and want
to shout out nft go and all the awesome things that they do for the community empowering uh all of us
with free training tools so there you go that's the last gmweb3 of the week fam again appreciate all
y'all for hanging out with us we will be back monday with more gmweb3 of course but right now
it is over to nft live with us again pinning that up top if you can go put a like and a retweet on that
or go comment with any other projects any other headlines things that we haven't touched on go
put those in the comments for us we always do our best to hit all of those everything that you think
we should be talking about we will do our best to cover it also if there are any new nft projects that
we should be including in our rate my bags segment let us know nifty q says that we are going to throw
biao on there throw biao in the mix hopefully we're not going to put boring hopefully we're not going to
put boring punks in the mix but i don't know let us know if there's any other of your favorite pfps and
nft projects that we absolutely should be rating on rate my bags uh in the comments on that tweet
pinned up top right now that's nft live that's where we're going last show of the week i've been gifted
y'all been absolutely heckin amazing i'm gonna go pin the nft go chrome extension up top as well
while the music plays out i'm gonna go find that for you because again this is a this is an unknown
secret a lot of people just don't even know that they have this free tool out there that absolutely
can superpower your ability to stay on top of what's happening in this fast-paced web 3 and nft space
uh shout out be creative down there it's great to see you but shout out all of you too quantum variant
all y'all thanks for hanging out with us all right here we go this song you know what fuck it we're
we're gonna go out with starboy from the weekend and daft punk hope y'all have an amazing weekend
and we see on youtube nft live let's heck and go
i'm trying to put you in the worst mood uh p1 cleaner than your church shoes uh
belly point two just to hurt you uh all red lamb just to tease you uh none of these toys
on least two uh made your whole year in a week two yeah main bitch out of your leap two uh
side bitch out of your leap two uh house it went to need a centerpiece twenty racks a table
come from ebony cut that i meant to skinny pieces that you clean up with a face when i love my baby
you're talking money need a hearing aid you're talking about me i don't see a shade
switch out my style i don't take any lane i switch out my cough i kill any pain
look what you got
i'm a motherfucking starboard
look what you got
i'm a motherfucking starboard
every day a nigga try to test me uh
every day a nigga try to end me uh
pull off in the roadster sbi uh
pockets of awake and hefty i'm coming for the king that's a far cry
i come alive in the full time mind the competition i don't really listen
i'm in the blue moon song bump a new edition
house so empty need a centerpiece
twenty racks a table come from ebony
cut that i meant to skinny pieces that you clean up with a face when i love my baby
you're talking money need a hearing aid
you're talking about me i don't see a shade
switch out my side not to get any lane i switch out my cough i kill anything
look what you got
i'm a motherfucking starboard
look what you got
i'm a motherfucking starboard
let a nigga bracket it legend of the fall took the year like a bandit
bought mama a crib and a brand new wagon now she hit the grocery shop looking lavish
star check roof and the wraith the con girls get loose when they hear the song
100 on the dash get me close to god we don't pray for love we just pray for god
house so empty need a centerpiece twenty racks a table come from ebony
cut that i meant to skinny pieces that you clean up with a face when i love my baby
you're talking money need a hearing aid you're talking about me i don't see a shade
switch out my side i like to get any lane i switch out my car if i keep any pain
make a short look
okay
