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The truth about $GME and Roaring Kitty
Recorded: May 15, 2024 Duration: 3:27:32Space Recording
Full Transcription
All right, y'all.
We're back here in another space.
Another day.
Appreciate y'all for popping out.
We got a special show planned for today,
and it kind of came up completely impromptu.
Did not expect it.
I can't remember who,
but it was somebody in my comments
from the tweet I put out yesterday
about Oren Kitty coming back,
and it's, you know,
like a bat signal to the masses sort of thing.
I actually have to go look and figure out who it is
so I can give them credit.
But someone had mentioned,
hey, why don't you go get,
this Peruvian gentleman
and bring him on to space
and, you know, talk about GME,
this sort of thing.
I just DM'd it.
Just send him a cold DM,
and he responded,
and I was like,
hey, let's run the space tonight.
He said, fuck yeah, let's do it.
And then we got, you know,
he got a couple of his other friends,
and yeah, I think it's going to be a good space.
So that being said,
we're going to get straight into it.
If you want to support the space,
click that button in the bottom right-hand corner.
Give it a like, comment, retweet,
all that good stuff.
And it's the best way to support the space.
Also pin it up to the top.
And yeah, let's just get straight into it.
All right, let's just jump straight into it.
Is it okay if I call you PB?
Do you prefer Peruvian, Bull?
What's your preference?
Hey, man, you can call me whatever.
PB works, or Peruvian is fine.
Bull works as well.
I'm flexible.
Cool.
All right, I'll call you Bull.
That's the easiest.
All right, well, Bull, I appreciate you,
one, hitting me back so quickly,
because I send, you know, cold DMs all the time.
I don't always get a response,
and you were so responsive,
and, you know, when I asked you to come to this space,
you were very easy to work with,
and just super supportive.
So shout out to you.
This is actually our first time,
for people who are listening here,
this is our first time chatting ever on voice.
We didn't get on any previous calls or anything,
so I think it kind of gives it that organic nature.
I'm going to be coming at this conversation
from the perspective of a crypto native
who was around for the first GME, AMC,
you know, bull mania, retail mania,
and now obviously we're seeing it here again,
but I'm not an active...
I think I have a couple of GME stocks here,
and I've been nothing crazy.
Like, most of my money is just in crypto.
So just that's the context
from where I'm approaching this conversation from.
So before we kind of get into it here
and get to our other guests as well,
anything you want to say to the audience,
kind of introduce yourself, what do you think?
Yeah, sure.
I mean, I've been having to GameStop,
you know, since the very beginning.
I was around for the sneeze, as they call it.
I bought my first shares in January of 2021
and, you know, held through that crisis
and just saw, like, the ramp manipulation.
I work in finance, so I also saw the, you know,
like, the institutional just bias
against what was happening.
I mean, even from other retail investors
who worked alongside me.
And, you know, the story's been playing out
for, like, literally the last three years,
and it keeps evolving.
We keep finding new rabbit holes to dive down,
new things to discover,
and it just, man, it's fascinating.
Like, I've learned more.
I've told many people this,
but I've learned more about, you know,
stocks and finance and economics
through GameStop than I ever have in college
or even at work.
So it's an education in and of itself, for sure.
Okay, well, I think that's one hell of an intro.
I have a lot to ask you clearly,
but we'll get to that here in a moment.
I want to say what's up to the other guests.
Ian, good to meet you.
Again, we haven't chatted before,
so I appreciate Bull kind of connecting us
and making this happen.
So if you could, you know,
give, like, a 30-second intro to the room,
kind of say who you are.
Totally.
Good to meet you, man.
Can I get a thumbs up from anyone?
Is my mic okay?
I'm using my home mic setup right now.
Cool.
My headphones are broken.
It's a little echoey,
but, you know, it's doable.
Is it better like this
or better like this?
It's not the same, man.
Yes.
Cool, right on.
We'll roll with it.
I'm Ian,
and I got interested in GameStop
back in February of 2021
and didn't know shit about the markets.
I've been led by the nose
into, like, weed stock investing
and all sorts of bullshit scams.
And I just was a lurker
and read the DD
and just was impressed
by how smart
so many people
in the GameStop community was.
And eventually,
I got sick of waiting
and was like, man, fuck.
I wish I could do something to help
and realized that we needed
some short-form videos
because that's what everyone's
paying attention to these days.
And the DD was so good,
but it was all hidden
in these massive blocks of text
that were really, like, elaborate
and also often worded
in a way that was kind of
an in-crowd thing.
And so I sort of set off
on a mission to build a platform
so that when something happened
with GameStop,
I'd be in a position
to make digestible videos
out of the DD
and to explain to the masses
what's actually going on
to counter all the propaganda
I knew the mainstream media would do.
And so now here we are,
which is kind of a funny thing to say.
Okay, that sounds really interesting.
And I actually have
a shit ton of questions.
I think even with crypto,
like short-form content,
whether, like, the audio,
the video,
whatever the fuck,
that's been so powerful, too,
on our side.
So, yeah, interested to learn more
about what you guys are doing.
I'll throw it over to Ben here
for our final speaker.
And by the way,
we got a ton of people
in the request.
I'm going to bring some people
up in a little bit.
We can do some Q&A
and a little bit more
of an open forum thing,
but just be patient until then.
Ben, good to meet you again.
Our first time chatting.
Same thing, TLDR for the room.
Who are you?
That sort of thing.
Yeah, man.
Well, I really appreciate you
having us all up here.
And it's so funny
to hear everyone's intro story
because there's so many similarities
between all of us.
I definitely wasn't
super into the investing world
when 2021 rolled around.
I started,
I guess the first
quote-unquote investing
I did was crypto
from around 2017 to 2020.
I really got deep into Bitcoin
and at that point
and I had some Tesla stock,
but when 2021 happened,
I was like a whole new level
of just focus and passion for it
because I could see
how wrong everything was set up,
how corrupted it was
and how huge of a community
of people there was hiding there
that wanted to make everything better
and knew the right way
to make it better.
And just the community part of it
was so big for me.
And so we just started going crazy
and made all these cool friends.
And I don't know
if either of these guys
didn't even mention to you,
but myself, Ian and PB
all actually got to hang out
and go for a walk
in nature
and just talk about stocks and life.
And it was the coolest thing ever.
So all these people are so awesome.
And like both of these guys said,
the most incredible part to me
was just how smart
and driven everyone is in GME.
One of the first things
I remember seeing
was when it came up on the news
that Wall Street Bets
was buying GME.
The first thing I thought
was like,
oh man,
if they're actually serious about this
and some shit's about to go down
because I know that
they would give this look
of being goofballs
and idiots,
but they're really freaking smart.
So it's just really well-rounded people
who know what they're doing,
have a mission,
and they go after it.
And I'm really excited
to dive into it with you gentlemen.
Okay, so that actually leads me
to my first question here
and I'll direct this to you, Ben.
So you just mentioned
that you all three
got to basically hang out,
talk about stocks,
shoot the shit,
that sort of thing.
And in like crypto,
obviously that's like
the community aspect
and IRL events
and getting together
is a big part of it.
With GME specifically,
do you feel,
and maybe this is by extension
through like WallStreetBets
and the Reddit community,
but is there a sense of,
hey, we're all part
of the same community
in the same way it is
with like something in crypto
or is it mostly people
kind of acting independently?
What do you think, Ben?
I would say it's a great mix
of people building
their independent thoughts
but coming together
to share what they find.
I mean, of course,
there's always going to be
a little bit of people
following each other
in certain aspects,
but people are really good
in this community
at finding what they're good at
and what piece they play.
Like for me, for example,
I'm horrible at the,
like the numbers
and the stats
and the technical side of things.
That's what Peruvian Bull
is the man at.
He goes through,
he has the experience
in the financial industry,
he crunches the numbers
and he spits them out
for idiots like me
to understand
and write shit posts about.
And like,
I would say like myself,
I'm more like,
you know,
just memes and fun
and following the storyline
and sharing the story
for people to just kind of
get the first nibbles.
But I mean,
that long way of saying
just they're really good
at figuring out
what part they play in it
and fitting into it,
not overplaying their hand
too much
and listening when they need to
and learning when they need to
and sharing
what they're able
to provide to the group,
if that makes sense.
Yeah, I mean,
it's not like there's,
you know,
there's not a monolith,
but I would say
that people come to like
informed consensus, right?
Like, you know,
for example,
like, you know,
in the very early days
of the squeeze,
I remember, you know,
we first ran through Citron
and then we ran through Melvin
and then I think it was
the morning of January 25th,
we ran up to like $160 a share
and then dumped down to $80.
And then somebody discovered
that some of the large ETFs
that hold GameStop
had like insane short interest.
And I think, Ian,
you covered this,
like, was it XRT in January
had like 600% short interest.
So they were borrowing,
you know, ETF shares
to get locates on GME shares
and then to drive
the price back down.
And then once one person
found one ETF
that happened to,
like a dozen other ETFs
that held GameStop
were found to have
high short interest.
And so this theory emerged,
okay, this is like an idea
that they're using ETFs
to find locates for shares
and to, you know, short.
And so that quickly became
a consensus view
and it was confirmed by data.
And so that's the way
I would say it's like
it's a community
but not a monolith
where people would,
you know, discuss
and analyze
and debunk things.
You know,
I think all of the major DDs
have counter DDs against them.
I wrote some counter DDs
and I've had counter DDs
against me as well.
So like,
it's honestly like a giant,
it was like a giant,
like academic,
like cross-checking hive mind.
The situation is pretty fun.
Just a quick point for listeners.
DD stands for due diligence.
It's like the Reddit language
for like a long informational post.
So like essentially people
will write this long thesis
with like some findings
that they had to give to the world
and other people will come in
and try to critique it
and attack it.
And to your point,
I completely agree.
It's a very healthy mix
of individuals
all individually
coming to their own opinion
but coming together
in a way
where you can really amplify
the power of those views
that we've all found together
but it's never reliant
on anyone else.
Yeah, I mean,
we're in crypto.
We know nothing about DD.
I'm just fucking full send
on everything.
I think that's why
we're in the position
we are in now.
But look,
I got to ask you guys this.
I'll just do open forum
type things.
Anybody can jump in
and answer.
You know,
in the few years
that it's been
since the initial squeeze
happened,
what have you guys been doing?
Still actively covering
the trade
or covering the stock
or venturing into other things?
Like,
what's been the deal?
Ian,
get in here, dude.
Let's hear it.
For a while there,
I was driving Uber Eats
to make ends meet
and to buy more GameStop.
I worked in restaurants
when everything kicked off
or at least I had worked
in restaurants
before COVID.
And so I was just trying
to make ends meet
through the COVID times
and trying to,
I mean,
I wasn't doing
what I do now
by any means
and it wasn't until 2023
that I started doing
what I do now.
So for a long time,
I was just lurking
and trying to put together
some sort of new life plan
and eventually it was like,
all right,
let's go.
Yeah,
and then you started
blowing up, dude.
You got to like
400K followers
and...
Yeah,
the plan worked out
pretty fucking good.
Whoopsies.
All right,
so how did that happen,
by the way?
Because when I was talking
to Bolt in the DMs
and hopefully it's okay
I say what you wrote,
Bolt,
but you said,
who are you?
Like,
I haven't seen your account before
and to be honest,
from my perspective too,
I hadn't really encountered
any of you guys
up until,
I mean,
like Twitter is a huge place
but it's also very segmented
and it's easy to get trapped
in your own echo chambers.
So I've been mostly like NFT
like meet points
and shit like that.
So it's been cool
to see this bridge over
between the GME community
and everything that's happening there
and what we're doing over here.
But how,
like I guess I'll direct this to you,
Ian,
how did you get to 400K followers?
Like what is the deal?
Like talk to me a little bit about that.
I actually started on TikTok
and that was very intentional
because I knew that TikTok
would be the easiest place to grow.
I mean,
it was kind of a plan.
I had been dating
an Instagram influencer
in another space
and I was kind of working
a little bit,
trying to like start something there.
And so I was kind of
studying the game a bit
but knew that what I,
the niche I was in
like kind of more like
fitness and running and stuff
was like not really the vibe
and I wanted to spread information.
And so when I started my channel,
I had some strategy
and I started on TikTok
and that grew to about a million
before I even started
to branch out in any serious way.
So by the time I came into Twitter,
I sort of already had
a whole bunch of friends over here
that were pretty like
pretty solid accounts
that were like helping me
grow really fast.
And on Twitter,
I think that short form content,
I think that video content
in general helps you
grow really fast on Twitter
because it's the kind of thing
that when people see a post,
they don't necessarily think
I can only go to that person
to get that stuff.
But when they see a video,
they're more likely
to subscribe to your channel
because like they know
that as the creator
of that video,
they need to be tuned into you
to get those videos.
And so I blew up pretty,
pretty damn quick on Twitter too.
And I'm assuming
there was maybe
like similar stories
with you, Bull,
and the other speakers on today.
I mean, word travels quickly.
If you're creating good content,
people start to support it.
So I want to jump
kind of straight into this here
and I'll direct this to you, Bull,
or anybody who really
just wants to jump in.
What is going on?
I'm seeing a lot of tweets
that, oh, you know,
Ron Kidd, he sold his account.
It's not his real account.
I'm seeing other tweets
saying this is manufactured.
This isn't a true organic,
like, fuck, this is you have
Andrew Tate, Max Bidding,
GME and creating
like 20 videos a day.
I mean, this feels to me
a little bit more
and tell me if I'm wrong,
but manipulated or orchestrated
than the first go around.
And I was there the first time
as was, you know,
many of us.
And, you know,
especially from the crypto perspective,
what happened in the first time
is that a lot of that
spilt over to crypto
immediately after, right?
After AMC and GME.
And the crypto community
right now is hoping
that the same thing will happen.
I guess we're going to have to see.
But yeah, talk to me
about the situation now.
Is it legit?
Is it not legit?
What do you think?
I've actually been thinking
about this a lot today.
I'd be curious to get
your take on this, Bull.
I agree that there is
a far more scripted feel to it,
but I don't think in the way
that people are talking about it
as though it's like a fake thing
because the scripting first
comes from Deep Value himself.
Like, Keith came back
with a bunch of videos
already edited,
like a bunch of videos
already edited.
And he clearly had been
working on them
and planning out
the kind of messaging
that he wanted to post
the day he was able
to post again.
And Peruvian posted
something that it looks
like he might have just had
a like cease and desist
or like a NDA
just expire possibly.
But then I was noticing
that also,
Pleaser DAO,
which is a big part
of this old tinfoil
conspiracy theory
about the Wu-Tang NFT
and everything.
Like they have
a whole project
that they're like
have literally just started
talking about yesterday too
related to one of our most
like badass tinfoil theories
from like two years ago.
And so there's,
and there's all these
like little pieces
that feel like people
were kind of ready.
And there are people
that are sort of adjacent
to the company
that it's like,
I don't think Keith Gill
would have advanced knowledge
of what's going on.
But like,
it's hard to like
make his timing
seem on accident
because the price movement
is clearly not just
because of Keith coming back.
Like retail buying pressure
doesn't actually do that
to this degree.
And so it just,
it feels like maybe
they know something
that we don't.
So I'd be curious
what the other takes.
Yeah.
I mean,
that's what I would say.
I mean,
it does feel a lot different
in a lot of ways.
You know,
we're not,
net liquidity is high,
but we're not seeing,
I mean,
there's not massive QE
like there was in 2021,
which was lifting all crypto.
And this time,
you know,
like a lot of the price actions
actually happening
outside of normal market hours,
right?
Which most retail investors
don't have access to.
So like this morning,
for example,
price runs up to $80,
falls down to like 67
and then on open
gets slammed down to 45
and hits the low of the day
at like 36 something.
And again,
that's all,
that's during like 90%,
95% of retail traders
only have access
to normal market hours.
For most brokers,
you have to get a special,
you have to pay money
or you have to get
a special clearance
to trade,
you know,
pre and post market.
you know,
I don't think this is retail.
And I mean,
the other sign that this is
probably not retail
is pandemic era savings
are basically gone.
Like,
you know,
there are massive,
I just,
I mean,
I just posted a Bloomberg
screenshot of this.
There was a $77 million
notional trade
of 1.2 million shares
this morning
in pre-market.
And that's not retail.
Like,
there's no way
that that is retail.
That was a singular trade.
And so,
what's happening,
I think is,
you know,
there's two options,
right?
This could be either
the beginning
of a share repurchase
from GameStop itself
for which they have
about $110 million
authorized.
And I,
I actually tweeted
this also yesterday
about a Bloomberg
screenshot
that showed
that if you look
under rule,
SEC rule
10B-18,
which is the rule
for stock repurchases,
a bunch of purchases
showed up.
And again,
that's,
I'm not,
I need to,
you know,
probably corroborate
with a lawyer
to figure out
if that's actually
indicative of a stock
repurchase
because it may not be,
right?
I'm pretty sure
most companies
have to announce
the stock repurchase
beforehand.
So that theory
may be defunct.
And the other option
which is again,
tinfoil,
is that this is a
basket swap
that's expiring
and they're having
to unwind the position
and buy the underlying
shares to settle
the swap.
And so those two,
I think,
are more likely
because this,
you know,
DFB is adding fuel
to the fire,
but I don't think
he's driving this alone.
I mean,
someone did the math
like,
you know,
the amount of
notional traded today
would mean that
every single one
of DFB's followers,
1 million followers
would have had to drop,
or these are the numbers
for yesterday,
would have had to drop
$4,000 each
to buy shares.
And you can ask yourself,
do 1 million people
all in concert
buy a single stock
on the same day
with $4,000?
I would argue no,
right?
Yeah,
probably not.
That's not likely.
And today,
I mean,
today was,
the notional was like
three or four times that.
So that would mean
everyone,
all of his followers
now dropped,
we all dropped 16K,
right?
Or 12K on GameStop stock.
So again,
like it's,
this is not retail,
but this is something else
happening.
And we've known,
look,
by the way,
man,
like we've known
something else is happening.
We know this isn't retail.
And the reason why
is because
you look at what happened
with,
I mean,
if you were following us
in the initial,
like,
you know,
squeeze,
quote unquote,
period,
you know,
GameStop runs up to $480
a share on January 28th.
They freeze trading.
The price gets slammed down
to like $200.
And then we end
Friday the 29th.
We close at like $400
something.
And then for the next
three weeks,
the price goes down,
down,
down,
down,
all the way to $40.
And I remember
I was extremely
like pissed
and depressed.
I was like,
what the fuck is happening?
Like,
how are they able
to bring this thing
down 90%
in a matter of weeks
and we can't do anything.
And people kept
reporting buying,
right?
Like Fidelity
was showing customer
orders were 90%
buys on GameStop.
Every day
for months on end,
like constantly.
Yes.
And then,
okay,
and then
end of February 2021,
I think it was like
February 23rd or 24th,
the stock rips up
in after hours
up like 80%
and then in pre-market
the next morning
up another 50%.
And again,
is that retail?
Like,
there was no chatter.
I was on the sub.
There was no chatter
about it before it happened.
It was more like
people were reacting
afterwards.
And so,
what that showed
and what subsequent
price spikes showed us,
was basically
all the hedge funds
who had shorted
this thing into the dirt
because it was a winning trade
for so many years,
they were stuck
in this massive FDD cycle.
they'd shorted this thing
well,
you know,
well over 200%
of the float
and they'd actually
gotten caught
in a similar cycle
where they were all
having to roll
their FDDs
at the same time.
And when Cohen
came in
in August of 2020
and bought 12%
of the float,
that started an FDD cycle
where their FDDs
were so large
that they had to figure
out now
how to roll them.
Real quick,
do you want to explain
what FTDs are
for the audience,
I mean,
sure,
it's just,
it's failure to deliver.
you know,
a broker
or a market maker
or even just a hedge fund
can sell a share short
and then they usually
have like,
what is it,
T plus three
to settle the share
or to find
what is called
a bona fide,
a bona fide agreement
for the share,
which is basically
legal speak
for they can find
a call option
that's in the money,
they can find
a married put,
they can find
like an agreement
to borrow
another person's share
and they can use that,
right,
to settle the FTD.
And if they don't
sell the FTD,
it's a failure to deliver
and whoever bought it,
there's basically,
they basically do not
receive the shares
that they had bought.
And failure to delivers
are way more,
they're way more common
in the market
than you think.
I highly suggest
you check out
Suzanne Trimbath
because she's done
really good work on this,
but,
you know,
most,
basically like
every single,
I mean,
every single stock
has FTDs,
like a significant amount,
you know,
it depends on the stock,
three to five percent
depending on the stock
and some stocks
are obviously much more.
And the treasury market itself,
there are,
I read a book about
repo markets
and there are some
treasury issues
that have more,
like more shorts
than actual treasury bonds
outstanding.
So basically,
people are shorting,
you know,
hedge funds
and dealers
in the repo market
are shorting
more treasuries
than exist
and then they fail
to deliver those treasuries
and that creates squeezes
in the treasury market.
So it's not just stocks,
right?
Our entire financial system
is kind of broken
because the settlement mechanism
is broken
because people aren't forced
to give the actual shares.
I mean,
another example,
this was Michael Burry
and I think,
Ben,
you might remember this
and Ian too.
Michael Burry bought
GameStop
and he tried to
direct register the shares
was this in like March 2020
and he said his broker
took like six weeks
to find the shares
and he kept calling them
and he's like,
what's going on?
Where are my shares?
And they said,
we need to find,
we're still looking,
right?
How the hell
do you buy shares
and people look for them?
How are they not
immediately in your account?
Because they're all fake
and it's all made up,
bitch.
One of the analogy
you used there
is perfect
just regarding
like DFV's
actual power
and this whole thing
is that he pours gasoline
on the fire.
I think that's a great way
to put it.
He's not controlling anything.
He's not like telling people
what to do.
He's just posting freaking memes.
That's all he's ever done.
I mean,
back in his oldest days,
all he was doing
was making instructional videos
with just helping teach people
about how the markets work
and like what made GME
a good buy
back when everyone thought
he was an idiot for it
and just being transparent
about what he was doing himself.
And so he shared that out
with the world.
No one knew who he was.
He had no subscribers,
no nothing.
But, you know,
he got a voice
on Wall Street Bets
at the time
and people just thought
he was a stupid dude
who was just buying
a stupid stock.
And that grew gradually
over time
until, you know,
the whole thing happened
until now
where all of a sudden
he's in a place
where he has a huge following
just because
basically he had
a good track record
and he made a good call
and he made some good memes.
So this is just a guy
who's just like
every single one of us
but he just has
a little bit more
social media power
and no one out here
is like making moves
based on what he is saying.
They might,
you know,
I mean,
at least I can't speak
for everyone
but in terms of
just the general
GME community
which we all
follow closely here,
I mean,
we're just like
we just get extra hyped
when he talks
because he has
such a good track record.
He's clearly shown
he has very good knowledge
in the space
in the financial world.
He has a lot of experience in it
and my prediction is that
he just saw something
behind the scenes
or he found something
and he knows something
and that's why
he just started to come out
guns blazing
because that's certainly interesting.
The fact that he was gone
for three years
and then just
doesn't just like
tiptoe back in.
He comes in
and he's meaming his ass off.
So, I mean,
it's just an exciting time
to see what does this guy
who has shown in the past
he knows how to spot winners
what has he found
and it's going to be
a fun ride
just kind of figuring out
what that is.
I'm sure we'll get
some more answers
on that very soon
but in no way
or form is he
causing things to happen
because like you said
Peruvian Bullet
there are huge amounts
of money
being moved around
that retail
simply doesn't have
the power to do
and pretty much
all that most of us
have done
including DFV
in a way
is just exposing
the cracks
under the surface
that are actually
moving things around.
It's institutional stuff
the hedge fund side
the market makers
their excessive fuckery
is starting to
burst at the seams
and this is what's
actually moving stuff around
and we're just pointing it out
and trying to like
circle it
so other people
can understand
what's happening
and like Ian
talks about this
a lot on his videos
how the media
will do anything
to distract from that
and they're gonna
paint DFV
as like this manipulator
and this guy
who's like orchestrating
the crowd
when he's doing
absolutely nothing
of the sort
he's literally posting
movie clips
for gosh sakes
like
this is all it is
but context is important
right
context is super important
so yeah
he is just posting
movie clips
but like
come on guys
like we know
what the point is
it's like we're pumping
GME's going up
I'm active
I'm sitting up in my seat
I agree
but at the same time
while he's not
you know
manipulating
orchestrating
all these different things
I mean he is looked at
as a signal
and a pillar
and the community's
rallying behind it
I totally agree with you
I think that's an important
side to consider
and I think that he must
have considered
like he could very well
get attacked
as a market manipulator
if he has like
suppose
he just bought
a whole bunch of calls
the day before
he came back to Twitter
like on the one hand
he's not an insider
and so
how could you possibly
charge him with a crime
it's like
how do you
like how do you
contest in court
that just because of like
what other people do
with his context
like you're not allowed
to buy a call
and then post a meme
on the internet
and then wait
like
but like
I'm sure they could try
to make that argument
it's just a really weird
slippery slope
of an argument to make
but I kind of get the sense
that like he
maybe
I would imagine
he's considered that
and I would honestly
imagine that he
is probably still
holding the same position
that he always had
in terms of his shares
so I'm very curious
to see what comes
I'm sure they're going
to try to paint it
as though it's all his fault
but I'm going to do
everything in my power
to show that it's
the short sellers
that should be on the stand
not the retail investors
and keep in mind
he has not said one word
he's just posting videos
and memes
like he hasn't actually
made a statement either
and here's
sorry to interrupt
but here's one more thing
we went up 60%
two weeks ago
before DFB
even said anything
right
and we're talking about
a stock
that's extremely shorted
that was trading
within the range
of like
$9 to $11
for literally months
I mean look at the chart
starting on May 2nd
we go up to 12
and then
on Friday
we go up to 16
so 60% gain
and that was
two weeks ago
and so if DMV
is the only one
driving everything
then why did it go up
before he even said anything
again to my theory
that it's
it's more than just him
here
things that you guys have said
my name's Ray
they call me ASBT
wrote a lot of shit
we learned together
I'm a moron
right
I'm literally
never graduated high school
I understand swap agreements
like I'm Ken Griffin
and I know this
I've never graduated
high school either
just check it out
all right
none of this
has to do with
the person
that you guys
are spinning yarn about
he's not why
we're here
there comes a point
in time
where my brother
told me
my little brother
he's on Reddit
he's like
GameStop
something's going on
and I didn't know
who he was
you know
I don't know
who DFB is then
I go to look at the chart
I go to go on to Reddit
and I'm like
hey there might be
something here
I look at
and I go in
and then I find out
that there's somebody
who's done a lot of research
into the stock
and I go to look
at all of his videos
and this guy's put out
a lot of shit
at that point
you know
like he's done his DD
I don't even know
what DD means
at that point
what is diligence
I'm not even lying
I don't know what I'm doing
it's my first stock
I ever bought
well here I am
I buy it in
it's almost $400
on my purchase price
and the very next day
forward
right
I'm at a percentage
of my thing
and now I want to know
what do I hold
and I also want to know
not just
what do I actually hold
but how do I know
if I have the right thing
so I start watching
Deep Buck and Values videos
and it's interesting
because he's very charismatic
it was entertaining
to watch him
unlike most other people
they're there for clout
they're not there to teach you
he was actually
they're really legit videos
I'm not blowing smoke
I watched every minute
of every video
of months worth of streaming
on one end
I want to know
how this mastermind
is controlling a portfolio
with over a hundred stocks
and he's on top of everything
like how do you
how you have strategy
I'd like to know it
on another
he's really bullish
on the one thing
that I chose to pick
you know
so I don't really look at him
like he's an initiator
of things
he's supplemental information
that is completely
on the side
of a situation
that we're all
circling around
so I dare say
that we're spinning
the yarn
on the wrong subject
when we look
into GME
I did the swap research
for our community
I did a lot of hours
and it's intrinsically
connected
to so many
fundamental problems
in our economy
that we can connect it
to any sector
of crime
that you want to
all the way back
to fucking Nixon
and I'm not lying
like Salomon
Lehman
the things
that are our
underwriters
are involved
in the economic
bubbles
going back 50 years
and they all
underwrote each other's shit
and everybody
covered each other's
stuff with their swaps
here comes Warren Buffett
he brings in
insurance schemes
into the problem
nothing ever
got solved
and that's
the problem
forthright
accountability
was never
an issue
in our system
their issue
was making sure
that their friend
Fred did not
go to jail
I will have you know
that Gary Gensler's
brother
worked at Salomon
at the time
of the 1980s
bond scandal
when Salomon
broke up
they all went
to work at Citigroup
and everywhere
the fuck else
they didn't
go to jail
Lehman never
went to jail
Enron didn't
go to jail
Wachovia
Washington Mutual
nobody went
to jail
they rotated
into all
of the regulators
that are writing
the rules
and they participated
in Dodd-Frank
Ken Griffin
helped write
Dodd-Frank
Ken Griffin
is one of the
main market
manipulators
of our whole
market
and he's a
market maker
so when we
talk about
intrinsic crimes
right
we're gonna
go ahead
and we're gonna
bring up
GameStop
but when you
take it
fundamentally
to do
the DFB
value
level of
diligence
you get
to understand
the corporate
bond members
the histories
the stock splits
the free cash flow
and it connects
all of it
in such a
beautiful way
to where you
get to say it
in the way
I just did
our underwriter
Salomon Smith
and Barney
has a lot
of stuff
in their
background
they're co-underwriters
for the prisons
at the time
of financial
fumblings
in the 1990s
with Lehman
and so
when we talk
about
yeah
the movie
Hackers
somewhere in
the financial
filings
is the answer
for the
Da Vinci
virus
but Da Vinci
is like
the pyramid
with the
eyeball in it
then we can
go ahead
and look at
that they're
gonna use
the financial
virus
to go ahead
and do
what the
movie says
when you
follow
mematics
we've always
had the
hints
the filing
that I found
for Lehman
Brothers
is the 5th
November
1999
so be for
vendetta
that one
it's not
fake
that the
clues to
the game
that we
are forced
to play
have been
taught to
us by the
good players
of the game
the whole
time that
we've been
growing up
it's been
in our
music
it's in
the filing
names
the corporation
names
if you go
in there
are magic
they put
hints in
the filings
Burry wasn't
looking at
shorts
Burry's
looking at
mortgage-backed
securities
tranches
and swaps
but for
some reason
that guy
picked
GameStop
that's
because
and he
and he
right
and he
again
he tried
to recall
his shares
he tried
to get
his shares
put into
the transfer
agent
and they
took him
six weeks
and they
still couldn't
find them
and you
know
to add
to your
other
point
right
like
so there's
this other
Reddit user
called
Jeff
Amazon
who also
posted
a ton
of DD
about
GameStop
and his
stuff was
actually
what I
found
first
ironically
like
I think
this was
like
September
2019
or 2020
right
the year
before the
squeeze
I found
Jeff Amazon's
original post
on the long
thesis
for GameStop
and I
thought it
was smart
but I
was too
dumb
back then
to buy
and so
I just
just
watched
and when
GameStop
started to
I thought
okay
this is
Jeff Amazon's
play
I didn't
even learn
about DFB
until
maybe it was
like very
early January
like January
2nd of
2021
and so
again
I think
DFB holds
a very special
place in the
community
he's like
a rallying
point
he's kind
of like
everyman
right
the identifier
the same
way that
Joe Rogan
is so
popular
because he
tries
and he's
relatable
and he's
able to
kind of
identify
with the
everyman
the layman
you know
the average
working class
person
man or
woman
who's just
trying to
make ends
meet
you know
who's
not an
idiot
like the
establishment
wants to
paint
and who's
curious
and who
wants to
learn more
you know
fit the
bill
in every
single
just a
guy who's
got a CFA
who's working
at Mass
Mutual
just a
financial
analyst
you know
had a
wife
I think
he has
a kid
like
he was
a runner
and he's
a track
athlete
like he's
just a
normal guy
who found
this opportunity
and went
long
and again
like what
he says
definitely
helps to
add fuel
to the
fire
but we
were moving
the stock
was moving
two weeks
before he
even tweeted
and pre-market
has had
huge block
trades
which are
not retail
so something
else is going
on here
I want to
kind of
quickly add
to that
we're all
saying that
DFB is
a normal
but I
would argue
that he
is actually
extremely
exceptional
in his
absolute
lack of
he is
so fucking
humble
and now
it's hard
to tell
because if you go to his YouTube channel
now all his videos have thousands of views
but he used to live stream for like four hours a night
to like five people
and nobody does that
most like almost everyone that gets on social media
and starts live streaming something is like doing it for the views
and they get discouraged if they don't get the views
and they kind of
and you can tell that it's like discouraging to them
and DFB is just there having a fucking blast
cheersing his homies
having a wonderful time
but it was actually like just him and five people most nights
and that is so unique and singular in such an amazing way
that like honestly if we had to choose a quote unquote leader
or a person that we would all look up to
we couldn't we couldn't have wound up with a better dude
just like a more humble dude
to sort of be the face of this thing
so I want to jump in here quickly
and the reason why I think that DFB is so important
I know the media and even in this conversation
it's like oh he's here and whatever
but it's moving so on and so forth
he's not directing
I don't think he's directing manipulating anything
I actually think he is one of the most important figures
of the last two decades in terms of finance
and the way that people actually interact
with markets whether traditional or new
like you know DeFi whatever it is
look in crypto specifically
and I know this room right now
is mixed between like TradFi and DeFi people
but in crypto specifically
like this idea of as cringe as it is
but like KOLs or like opinion leaders
or people that do lead the culture
make calls or talk about things publicly
in an ethical way are extremely important
now there are bad people
who buy a bunch of stuff
pump it, dump it on their followers
of course we're not talking about those
those people come and go
it is what it is
but real honest ethical leaders
that can not necessarily push markets
one way or another
but say the truth
and people just follow them
because they fuck with it
that is super important
we were talking about this yesterday in the space
in crypto right now
one of the hottest things is social fi
right it's like social finance
and there's all these different applications
that allow people to interact
with different layers of whatever it might be
and without getting into the specifics
I actually think the apps
are just kind of an iteration on it
but the true concept of what social fi is
is what deep fucking value
has been doing for years
it's this idea that
hey in a social manner
we can talk about things
get involved in something together
and if we believe in it
push it in the direction
that we think is correct
I think people look at DFB
in that light in 10 years
and say he changed the paradigm
of how people invest
how they think about assets
and that is way more important
than just a number on the screen
so before we go to the hands
I want to reset the room quickly
welcome everybody
to the truth about GME and Roaring Kitty
do me a massive favor
and click that purple blue button
in the bottom right hand corner
and give it a like comment or a retweet
it does go a long way
and I really appreciate all the speakers
please give them a follow
Bull I'm gonna throw it over to you
what's up
it was up man
I'm back
I'm on my phone
so hopefully
the audio quality is a little better now
it sounds perfect
okay let's talk about
we've talked about a lot of the good
right
we've given the flowers
so on and so forth
is what's happening now
is it dangerous at all
is there any potential
collapse
is there anything that you guys
are worried about
what's the thought process there
it's very dangerous
for sure
definitely potential collapse
I think the question is
whether you think a collapse
is overdue or not
and I think a lot of people
in this room
would probably argue
that we're sick of
fucking bailing out
massively over levered
financial criminal institutions
with our taxpayer dollars
and we would probably
mostly all rather
watch them burn to the ground
and suffer the consequences
because it's their fucking fault
and they've bailed themselves out
with our money
like multiple times
in our lifetime
and they can go fuck themselves
and bail themselves out
with their own money
or better yet
not commit fucking crimes
that are literally elementary
in how stupid they are
and maybe deal with
their own mistakes for once
and if they can't do that
maybe they should
fucking go to prison
like a normal human would
that's I think
probably the sentiment
among most of us
because there is 100%
a serious threat
to the entire financial system
if shorts have to close
which they probably can't
because they're going to get
margin called
they don't have enough capital
to close all these shorts
so yeah
yeah I think that's
that's my take on it
fuck the shorts
well I mean
and you know
yeah absolutely
fuck the shorts
but the reason
okay like let's go back
to fundamentals of finance
right
the reason why
the financial system
is so fragile
is because the entire thing
is built on
fractional reserve banking
so most banks
don't have the cash
that they
that they think
that you think you have
the numbers
in your screen
are not represented
by actual physical dollars
right
and the banks
loan out
they borrow short
and lend long
they loan out money
at long term rates
and if they
you know
if enough depositors
come and recall
like what happened
with Silicon Valley banks
they recall their money
if they move their money out
the bank goes bankrupt
they have a liquidity crisis
and the same thing
is true
which was shocking to me
the same thing is true
in the
in the stock world
right
all these companies
can loan out shares
all the brokers
can loan out shares
all market makers
have what's called
a bona fide market maker
exemption to short shares
infinitely
naked short
which means without a locate
they don't have
you know
a share on hand
or like in a position
that they say
okay I'm gonna
I have this share over here
I'm gonna short this one today
and I'll move this share
from this other broker
to mine
to settle the short sale
they're able to just
naked short
and so what that means
is that the stock system
right
the DTCC
is similar to
the banking system
that is
it's basically like
a fractional reserve system
and so
there are
there can be more shares
shorted
than shares that exist
which is what we saw
with GameStop
and again Ian
I think we talked about this
like
you know
the initial
the initial data
that I saw around it
was like 140%
and then someone said
hey look
there's actually
an artificial cap
on the short interest
if you do the
if you run through the numbers
like it can't go above 140%
let's check another broker
and S3 Partners
had it at 223%
and then you found
I think it was a screenshot
from FinRun
it's FinRun
yeah
early January
showing 300
and was it 12%
actually
actually Ben found
that screenshot
and I was citing Ben's work
when I shared that screenshot
yeah
well good job Ben
but yeah
so if a company
can be short
if more shares
can be shorted
than exist
and if a company
can be
you know
the float
can be oversold
by multiples
then what happens
if a bunch of people
buy and hold
and then no shares
are available to trade
and the only activity
that's coming to the market
is buys
right
then the price
goes parabolic
and that's what we saw
with GameStop
the first time around
you know
the CEO
Thomas Pederfee
who's the CEO
of Interactive Brokers
went live on CNBC
and was crying
that
you know
the stock market
was close
literally crying
by the way
literally crying
yeah exactly
literally in tears
first thing
that he cared so much
about us
and he wanted us
to stop buying
because it was
you know
so bad for us
wasn't real market mechanics
but second
he said
you know
we were
that we were seconds away
from a market implosion
and what he meant
was that
basically
in the morning
of January 28th
there were calls
all added
you know
past $600
and there was so much
there was more open interest
in options
than the entire float
and the entire thing
was a gamma squeeze
inside of a short squeeze
inside of an FTD squeeze
and it was just going parabolic
and it would have gone
in his words
to the thousands of dollars
per share
and what that would have required
is that all these brokers
would have started hitting
their collateral requirements
with the DTCC
and would have
any broker that shorted
would have had to start
adding more collateral
or covering their position
either for themselves
or for their clients
and what that would have meant
is billions and billions
and billions of dollars
of losses
and again
we're not talking
like a few billion dollars
we're talking
NSCC
which is the National Securities
Clearing Corporation
waiving $55 billion
on January 28th alone
of excessive capital premium
which basically means
like collateral
like they would have had to post
all these brokers
would have had to post
$55 billion
and they didn't have the money
and so these capital charges
were waived
and so what Thomas Pederfri
was saying
is basically
if these capital charges
were not waived
we would have seen
multiple prime brokers
go down
and market dysfunction
would have begun
because there wouldn't have been
enough liquidity
in basically all the other shares
that these brokers
deal in
right
and so it could have caused
like a systemic event
and again
most laymen
who come to GameStop
don't hear that story
what they hear is
there's a bunch of memes
there's a bunch of idiot Redditors
like you know
neckbeard sitting on their computer
buying a bunch of shares
and it goes up a little bit
and then it fell back down
and that's the end of the story
right
but the real story
is much deeper
and much more complex
and way more interesting
and it's entirely the fault
of the short sellers
that created the whole problem
in the first place
and 0% the fault
of normal retail investors
that literally just bought a stock
that they liked
we didn't create this system
we did not
we did not short a company
you know
300% more than the float
like
that should be
I mean that shouldn't even be possible
right
like
that should be illegal
just on
on basic markets
you know
risk management
but it
it shouldn't
it just shouldn't happen
and the fact that they can do this
over and over again
and again
this isn't the only company
I have another tweet
I can put it up in the nest
so there's this small company
called Global Links
it's a Nevada based
real estate company
and there was an investor
in 2005
Robert Simpson
he bought
100% of the float
he bought
all the
all the shares in existence
111%
okay yeah
yeah
sorry right
you're correct
111%
put him in his own name
transfer them to his broker
and the next
in the next two days
50 million shares trade
and so what that tells you
is what's trading on the exchange
is not real shares
it's synthetics
and so
if they can print shares
they
that's fraud
right
they're
they're printing money
and selling you a fake share
and pocketing your real dollars
for fake shares
that's robbery
and that's not even going into the fact
that all of our shares
are actually just IOUs
and the DTCC
owns all the real shares
and we're literally just trading
with fiat made up shares
that aren't real
and it's written directly
anyone can go to the DTCC's website
right now
and it's written right there
on their webpage
that they are the custodian
for like
I don't know
like something point
something trillion dollars
worth of shares in the market
they explain it all right there
because that's how you make it
operate efficiently
it's yeah
I think it's over 100 trillion
they
they do
like several
I think it's was it
three or four quadrillion dollars
worth of trades a year
that they process
and they
they hold
97 to 98%
of all the stocks
in the stock market
so yeah
they are the title owner
we are the
what our co-host
was called
the beneficial owner
hold
entitlements
something that they
custody
we don't get
the actual share
if you own
any stocks
at any broker
you are
the entitlements
holder
and to give an example
of what an entitlements
holder is
when FTX went under
all of their customers
funds
were technically
entitlements
that's why they were
able to use them
how they kind of
wanted to
even though it was
you know
ruled nefarious still
Bingo
their crypto
clearer
was jump trading
and at the time
of January
2021
Robinhood's
crypto
clear
jump trading
and this
happens to be
at the time
that they busted
out the tokenized
synthetic positions
and you could
redeem them
at FTX
for a
one-to-one
redemption
and if you go
to FTX
and SBF's
business model
Sam Bankman
Freed
the idiot
that did all this
his business model
was using contracts
for financial difference
on the tokenized
positions
there's a way
to short
positions
using CFDs
and I've also
proven in the past
that the company
the hedge fund
Polygon
back in the 90s
closed out their
CFDs for the
underlying positions
they represented
they closed
CFDs for the
shares
and we've shown
these on the
records on
GameStop
there's
can you quickly
explain what a
CFD is just for
people probably
wondering that
it's kind of like
an option on a
share right
like you can just
take a bet
on how a price
will move
like say I think
that your
your crypto token
is going to go
down a nickel
I can take a CFD
for five cents
lower
and make money
on the difference
of that by
leveraging
it's just a bet
it's just like
going to a casino
and making a bet
but you're doing it
with your broker
on stocks
it's the same thing
you can play them
just like options
like a call
option or a
put option
they're a little
nerdy in how
they work
but they're really
just price bets
and function
if you think
it'll go up a
dollar
make your bet
early
and you get
a little leverage
on the price
difference
you can make
decent money
when you get
it right
there's friends
that do it
all day on
the spy
you know
other friends
they do it
on Solana
and things
people day
trade things
no there's
massive loopholes
and what's
funny is all
the loopholes
that we found
they all seem
to keep getting
busted
like Archegos
Archegos
had a lock
swap agreements
that had to do
with counterparties
at GameStop
and in the end
we're finding
these really
weird positions
like triple
our float
is down in
Brazil
being played
in puts
and by credit
Swiss
you know
you're like
how'd this
get there
Archegos
Bill Huang
did it
and it literally
connects to the
FTX scheme
by the end of it
it's really
entertaining
to do the full
diligence
it connects
so many
things
to where
yeah you get
to know
there's an
insider club
they're doing
a whole bunch
of shit
we're not
in the club
but it's okay
they can't sit
with us
they're not
like us
you know
it's okay
yeah
look we'll
first Drake
beep out a
different time
I want to say
this
not like us
I want to ask
you guys this
quickly and then
we'll go to
hands here
I want to hear
from Pancakes
I want to hear
from Zen
do you think
because you just
mentioned this as well
like a lot of these
loopholes
or like advantages
that or edges
that people might find
they end up getting
plugged up
or filled
whatever it might be
the institutions
are cheating
so on and so forth
it's not transparent
we're not even
trading real shares
whatever it might be
do you think
that crypto fixes
it actually makes
a lot of this worse
but it also fixes
some of it
I'll throw it over
to Bull first
Bull
do you think
crypto fixes
any of this
I mean
it's like
yes with nuance
right
like
you know
certain
I think
crypto broadly
it's such a new
technology
and it's so
you know
misunderstood
that it's
prime ground
for smart scammers
to come in
and just fuck
people over
retail especially
you know
people who are
gullible
or not educated
and it's kind
of a wild west
right
it's like
pretty unregulated
still no
like concrete
definition
on anything
really other
than bitcoin
from the SEC's
perspective
and like
yeah
there's
tons of scams
but the benefit
of you know
crypto
or I would say
maybe blockchain
technology in general
is transparency
of the ledger
right
if any person
holds a position
everyone else
can attest to it
by looking at
previous transactions
on the ledger
and so we can show
okay this person
holds this much
they owe this much
okay we know
you know
we know what's
happening
our traditional
financial system
the one that we
live in right now
is anything
but transparent
right
you have to dig
like incredibly
deeply to find
to find the right
data
and a lot of the
right data
isn't even published
so for example
the failure to
deliver data
day by day
is not published
until two weeks
later
and during the
2021
you know
meme stock
mania
if you call it
there were multiple
times where the
SEC delayed
release of the
FDD data
that was two
weeks late
and when people
who with
you know
statistical degrees
math degrees
went back and
looked they're like
whoa why are
like these four
numbers repeating
in the data
it's like
you know
unlikely
similar to
what's happened
recently with
the unemployment
filings
that Jim Bianco
pointed out
right
like
212,000
unemployment
filings
for the last
five weeks
out of six
like that's
in a nation
of 300 million
people
that's impossible
right
so that tells
you that the
government
might be
fudging the
numbers
the same
thing was
true with
the SEC
and there's
a lot of
data
that's
not even
shared at
that you
cannot find
anywhere
and the only
people that
know it
are brokers
and the
themselves
and sometimes
the SEC
doesn't even
know
and so
you know
our current
system is so
broken
and so
opaque
let's say
that people
are able to
hide
giant
positions
move
things
around
manipulate
markets
and avoid
authorities
or pay
off the
authorities
when they
do get
caught
so it's
very common
I have a
quote to
submit to
this topic
that we've
been talking
about
like on
the idea
of is
everything
going to
collapse
and is
it good
or is
it bad
or is
it this
or that
a very
fine
gentleman
by the
name of
Linus
from Charlie
Brown
once said
if it can
be destroyed
by the
truth
it deserves
to be
destroyed
by the
truth
buying
stock
to me
is the
truth
because
we've got
a great
company
here
we've got
excellent
fundamentals
we have
a million
bazillion
short
interest
that
must be
bought
at some
point
just
going to
hold
what
happens
here's
a tweet
from
Vlad
Tenev
co-founder
and CEO
of Robinhood
he's been
on a
kind of
a tweeting
storm
here
in the
past
couple
minutes
this
about
minutes
they
tweeted
Robinhood
billion
equities
trading
volume
today
one of
biggest
days
past
months
they
followed
saying
we're
going
upgrading
some
systems
tonight
make
sure
we're
prepared
even
higher
load
some
features
include
hour
market
available
short
period
during
window
eastern
team
working
hard
ensure
things
running
smoothly
everyone
mean
that's
they
gotta
their
ready
steal
from
everyone
again
right
like
they
gotta
make
sure
that
everything's
place
don't
know
fuck
anyone
would
trading
GameStop
Robinhood
right
you're
doing
that
you're
fucking
idiot
still
love
come
started
trading
Robinhood
back
like
what
2017
2018
and I
used
couple
years
before
switched
other
things
haven't
touched
Robinhood
years
time
great
investor
very
little
capital
and they
gave me
like
$100,000
margin
that I
like
$10,000
capital
somehow
much
more
insane
what
trading
back
then
luckily
made
some
money
didn't
account
didn't
blow
people
might
wanting
trade
just
stocks
just
whatever
general
what's
your
recommendation
don't
ever
with
brokerage
that
uses
payment
order
flow
you're
getting
with
brokerage
that
uses
payment
order
flow
look
that
means
that
product
they
selling
your
trades
other
people
that
make
money
trading
against
they're
giving
free
trading
they're
giving
free
trading
because
they
paid
sell
your
trades
someone
that
will
cannibalize
your
trades
that's
whole
point
payment
order
flow
you're
trading
you're
looking
into
trading
there's
tons
brokerages
that
don't
payment
order
flow
that
will
trade
free
well
like
fidelity
it's
little
less
user
friendly
feels
less
like
video
game
it's
less
tick
tock
trust
it's
worth
getting
railed
your
brokerage
that
don't
want
hold
broker
direct
register
your
shares
your
name
with
computer
share
GameStop
registrar
you're
able
actually
receive
mail
anytime
there's
corporate
updates
voting
material
likes
publicly
like
I mean
like
pretty
sure
anybody
actually
look
individual
shareholders
each
company
they
computer
share
like
physically
wait
that's
what
they're
doing
that's
literally
what
they're
doing
June
right
we're
having
like
there's
like
four
five
people
that
authorized
look
shareholder
ledger
GameStop
corroborate
with
know
holdings
computer
share
make
sure
that
they're
telling
truth
yeah
in case
anyone
doesn't
know
about
direct
registration
movement
GameStop
realized
the community
collectively
realized
that
shares
that
were
being
held
brokerages
were
actually
getting
lent
short
sellers
shares
were
getting
shorted
back
against
completely
against
will
realized
that
even
when
asked
them
they're
still
probably
doing
that
learned
that
this
thing
called
directly
registering
your
shares
which
actually
takes
them
were
saying
earlier
DTCC
actually
owns
shares
where
beneficial
owners
what
direct
registration
doing
it's
actually
taking
your
share
away
from
DTCC
it's
like
it's
similar
getting
actual
paper
stock
certificate
kind
time
thinking
although
just
done
digitally
just
hold
directly
with
registrar
itself
your
stock
longer
lent
short
sellers
long
it's
book
plan
then
also
have
benefits
that
Hachi
perfectly
elucidated
but you
also
are not
adding
your
share
short
pool
what
realized
that
that
would
start
lock
float
short
sellers
would
have
less
less
shares
borrow
from
posts
floating
around
today
that
point
price
movement
fraction
volume
that
made
similar
price
movements
2021
lends
some
credibility
idea
though
because
have
currently
GameStop
has been
reporting
how much
of the
float
directly
registered
their
forms
every
quarter
topped
really
weird
maybe
kind
suspicious
that
we're
really
sure
they're
actually
still
allowed
accurately
report
know
that
GameStop
investors
have
directly
registered
at least
of all
shares
GameStop
they're
out of
the market
in our
hands
I have
to add
to this
with
insiders
Ryan
Cohen
holding
almost
million
shares
others
collectively
we could
you know
summarize it
as like
40 million
area
with
direct
registered
numbers
being
reported
directly
to the
quarterly
filings
we know
that
and a
half
million
direct
registered
considering
there's
only
million
shares
that
exist
there
should
have
only
been
possibility
million
shares
trading
every
share
that was
held
every
mutual
fund
institution
traded
would
have
almost
today's
volume
today
million
shares
that
traded
significance
of that
considering
that
million
held
insiders
they
would
have
file
form
before
initiating
sales
we have
not saw
that
from
yesterday
today
when
direct
registered
book
those
75.5
million
shares
takes
days
after
submit
your
sell
order
with
computer
share
them
actually
process
that
trade
that
considering
it's
only
Tuesday
shares
would
have been
sold
from
people
direct
registering
unless
they had
planned
to sell
Friday
then
they
would
have
been
sold
market
either
Monday
well
would
have
been
Tuesday
they
would
have
initiated
Friday
million
volume
that
happened
today
well
does
that
explained
when
literally
only
million
should
have
been
what
could
call
free
float
yeah
none
selling
either
like
game
stop
investor
selling
like
maybe
couple
newbies
that
like
that
this
selling
like
we've
literally
been
holding
three
half
fucking
years
like
have
held
through
most
insane
price
swings
through
most
insane
they
suck
dick
selling
none
creating
volume
right
it's
retail
like
there's
that
many
retail
investors
sold
that
many
shares
today
it's
institutions
they're
made
like
lord
knows
what's
going
because
it's
we're
chilling
we're
buying
more
yeah
we rolled
this
bitch
down
like
know
below
dollars
like
really
like
again
I think
I remember
you said
this
you were
just
like
I was
like
what
goes
zero
you're
like
fuck
let's
ride
baby
I was
like
what
yeah
that's
exactly
you know
idea
it's
of course
we want
we want
the price
to go up
and we
want
make
money
think
it's
more
about
it's
it's
about
more
than
that
right
we're
we're
pointing
a finger
you know
the eye
of the
institutions
that
you know
claim
that this
is a
free
market
that
claim
that
everything
works
as it
should
that
you know
markets
efficient
capital
allocated
effectively
prices
indicative
supply
demand
these
lies
we've
been
told
especially
were
like
went
college
studied
finance
economics
this
pounded
into
your
head
efficient
market
policies
just
like
book
after
book
after
book
everything
works
just
should
hedge
funds
work
perfect
information
they
help
correct
prices
when
things
wrong
they're
just
benevolent
actors
never
have
malicious
intent
whenever
there
little
thing
regulator
comes
around
know
gets
them
they're
done
it's
over
instead
truth
which
that
fraud
manipulation
rampant
markets
to add
to our
point
earlier
about
volume
issue
we've
been
seeing
steady
decline
overall
volume
literally
last
three
years
I don't
know
if you
remember
this
do you
remember
seeing
high
score
volume
stuff
Reddit
absolutely
yeah
like
that
remember
that
coming
like
March
2021
high
volume
with
price
spikes
then
saying
high
volume
days
volume
days
first
high
volume
then
remember
began
started
the volume
started
drying up
and then
got to the
point where
that switched
to low
volume
and then
everyone
started
making
you know
quote
unquote
high
score
for the
volume
we just
like
numbers
give me
a number
that's funny
and I
will post
about it
yeah
if it's
reverse repo
you know
there's
50 shares
traded
gamestop
today
like
whatever
the fuck
it is
it's
hilarious
I mean
to be
fair
we were
just
killing
time
because
we knew
we were
just
holding
and we
were just
waiting
and we
weren't
going to
sell
or anything
so we
were just
like
what do
we do
with all
this
fucking
time
guess
talk
shit
post
photos
buildings
with
lights
don't
know
maybe
we'll
like
start
eating
jars
of mayo
just for
the fun
of it
crazy
shit
pass
time
together
dirt
Kurt
he is
favorite
of the
weird
stuff
that
happened
don't
know
how many
of you
guys
remember
that
this
that
quoted
market
watch
something
about
gamestop
and he
ended up
changing
profile
twitter
butthole
market
watch
literally
until
changed
back
again
they
never
took
down
butthole
their
news
article
dude
don't
forget
that
banana
okay
just
this
under
control
second
what
going
here
just
research
purposes
just
send
that
picture
invited
djens
mean
just
research
purposes
okay
look
this
is what
gonna
by the
leap
bring
back
into
semi
civilized
state
here
adding
quick
point
what
saying
retail
investors
simply
selling
this
been
apparent
since
very
beginning
that
this
such
community
people
that
doing
this
much
bigger
reason
than
trying
just
rich
like
riches
definitely
bonus
people
that
this
opportunity
know
mean
look
it's
hard
can't
speak
everyone
everyone
different
reasons
course
there
certainly
aspect
people
wanting
know
their
money
where
their
mouth
something
that
really
exposes
this
stuff
like
we've
been
talking
about
this
truly
golden
goose
that
many
things
that
going
right
direction
doesn't
matter
much
know
that
there's
manipulation
everywhere
and there's
going to be
just
constant
bullshit
to deal
with
in the
media
and in
markets
and the
daily
price
action
just
don't
care
just
becomes
source
entertainment
because
we're
bunch
gamers
that
have
played
video
games
again
another
serious
point
look
data
reported
individual
brokers
like
Fidelity
retail
trades
some
stocks
know
example
also
another
example
Tesla
Tesla
like
retail
buys
GameStop
like
some
days
volume
overwhelmingly
buys
versus
sells
to be
clear
versus
institutions
like
versus
sells
versus
yeah
retail
orders
versus
retail
sell
orders
routed
through
broker
actually
touch
on that
for a second
Peruvian
I just
made a video
about this
today
talking about
the term
meme stock
because
they invented
this term
meme stock
after 2021
to try to
cover up
what's really
going on
here
it's
a way
of framing
so no
will
actually
think
their
fucking
brain
because
when you
think
about
it's
like
whole
idea
meme
stock
they're
blaming
crazy
these
stocks
retail
investors
following
meme
hype
social
media
lulls
sites
it's
like
okay
that's
great
theory
then
look
Fidelity
biggest
retail
brokerages
that
Fidelity
retail
every
single
least
it's
like
investors
have
been
overwhelmingly
buying
think
that
over
last
three
half
years
that
would
mean
that
meme
stock
which
driven
retail
investors
going
upwards
whole
time
which
clearly
it's
immediately
obvious
that
that's
fucking
furthermore
it's
also
it's
like
doesn't
explain
that
always
behind
curve
bought
options
then
like
price
just
been
irrational
ever
since
what
that
actually
looks
whole
more
like
price
moving
based
upon
large amounts
manipulation
pressure
from
strange
derivatives
like
short
sales
swat
knows
what's
behind
scenes
rather
than
like
with
little
diddly
like
paycheck
buys
which
buys
sells
don't
just
hold
this
what
many
people
this
like
they're
just
like
they
only
know
button
sitting
their
three
years
that's
that's
easy
peasy
could
that
right
well
this is what
I'm going to say
what you
it's so
interesting
and this is why
I love this
kind of crossover
between
like the stock
community and
a lot of our
community is crypto
obviously
like the
community aspect
you guys
are just
degens
on the
internet
trying to
have fun
everything
from
fucking
eating
mayonnaise
all this
stuff
dude
there's
people
in crypto
pouring
like
anyway
people are
doing some
crazy shit
in crypto
and it's
very similar
people are
just buying
things because
they believe
in it
for the
most part
but I
want to
throw it
over to
to Zen
here
all right
talk to
what's
going on
I mean
honestly
you hit
on like
a lot
of what
I wanted
hit on
so I'll
make a
couple
first off
for everyone
who's in
crypto
for context
for people
on the
stage
I am
in crypto
like
what you
guys were
talking about
payment for
order flow
like that
is mev
like that
is literally
that is
what
this is
like
what
intense
these like
intent
off-chain
things that
are going
on where
they're gonna
have like
payment to
sell your
orders across
chains
that is mev
that is more
of this
this is what
they want
to do
just be aware
of that
but so
yeah
besides that
I guess
like I'm just
struck at
like how
familiar
your guys's
conversation is
and I think
we pit on
this as well
it just
sounds like
so much
like crypto
and you guys
are like
actually trading
stocks
and it like
brings me
back to
like actually
when I was
getting into
crypto first
like I spent
about six
months to a
year just
learning about
it before I
ever traded
crypto and
like during
that time
the GameStop
thing happened
and this like
I kind of
was just like
what's going
on I was
sitting there
with some
friends we
were on a
snowboard
trip and
we were kind
of like
working through
like how
this short
selling works
and what's
going on and
when we
realized like
you know the
thing that was
going on under
the hood that
you guys have
been describing
it was like
super invigorating
it was just
like yeah like
fuck the system
and like I
found a lot of
that in crypto
and it's like
kind of what
brought me in
like you know
how many pivot
my entire career
and I'm hearing
you guys talk
about all these
problems and I'm
like this is
exactly like
crypto and so
like I guess
the question that I
wanted to ask
and Leap
already asked
it but
it's like
you know going
through all this
seeing all this
is like what
do you guys
think of crypto
because in my
eyes I like
listen to this
and I'm just
like well
like if it
was on crypto
rails this
would be fixed
and then I
guess like as
a follow-up
because you guys
have already
kind of talked
about that is
like what is
the ideal outcome
of all this
like if you guys
get vindicated
if like something
comes of you
know like exposing
GameStop like what
would that look
like yeah
can I can I
go first
yeah I need to
roll here in a
second so I
wanted to answer
first and I'm
going to pass
the first side
of that question
to proving and
Ben who have a
much more nuanced
take on crypto
than me but I
think that for
myself certainly
and I think for a
lot of people
although I don't
speak for myself
the ideal outcome
of this would be
to see bankers
and people
responsible for
the current state
of the financial
system in jail
and at the very
least on trial
to stand a fair
trial for the crimes
they've committed
and then I'm
sure many of
them would go
to jail
I don't know
if we're
necessarily super
optimistic that
that will actually
happen but it's
well past due
and I think the
worst case scenario
is that a any
sort of financial
collapse happens
and they try to
use our taxpayer
dollars to bail
themselves out
again and I
would hope that
we don't stand
for that shit
again because if
we just keep on
standing for that
that that's a
really bad look
for where our
future what is
not standing for
that mean though
like what are
we supposed to
do I'm not
gonna elaborate
on that I'm
an extremely
public figure
with a large
large twitter
platform I'm
gonna say we
should always
engage in
peaceful protests
oh no I'm not
saying that at
all it's like
you should always
engage in peaceful
protests but you
should never
like ideally
like okay yeah
in a perfect
world like yeah
there's things we
could do if
there's enough of
us to change
things but like
I feel like the
U.S. has been
lulled into this
like just
complacency and
it has you know
and it sucks you
know I moved out
of the country for
certain reasons and
like but but we've
been lulled in this
complacency where we
don't most people
outside of you know
certain spaces don't
even know what the
fuck is going on
nor do they care
the things they care
about are interesting
but yeah I don't
know I wasn't trying
to trap you into like
a crazy
and I think my
answer is that my
personal answer for
what I do is I do my
best to build as big
of a platform as I
possibly can so that
if that were to
happen I could be as
loud as I possibly
could to both educate
about how serious of a
problem that would be
and how how a bailout
would affect everyone
and their children and
their grandchildren for
generations to come
and also to advocate
for peaceful and
righteous protests
against such a thing
and obviously everyone
else would have to do
what they can do
within their power to
hopefully stop such an
outcome so I gotta
take off for the night
though guys I really
this has been a really
great space Lee thanks
for putting this
together and Peruvian
Ben great to talk to
you again thanks for
all the other speakers
Hachi good to see you
of course thank you
for coming on
appreciate you coming
on for another
thanks Ian
thanks Ian
okay so I'll say this
though in response
even though you're
leaving here I think
exactly what you just
said is kind of in my
opinion one of the best
things that you can do
and the reason and
the true definition of
what social finance is
I think everybody if
it's in their ability
to do so should build
platforms that they can
speak their mind and
speak for the truth and
whatever it is and
everything that's
happening right now with
GameStop and what
happened the first time
GameStop happened and
all the other bullshit
and fuckery that happens
in traditional markets
crypto is not perfect and
I'm not sitting here
trying to shill it
whatever it is but I
will say it does fix a
lot of these problems
and the reason that I
got into crypto and
it was at the exact same
time that GME and AMC
was happening was for
everything that we've
been talking about in
this space here I
genuinely believe the
traditional financial
system like many of the
other people who've
spoken tonight and you
know all the tweets
we've seen on the
timeline whatever is so
beyond fucked it's so
beyond corrupt they're
lying they're dumping
they're stealing they're
doing everything in their
power to control people
and the moment that they
see anything that makes
them nervous and you know
in this situation
specifically deep fucking
value and everything
that's happening with
with GME they try to
paint it as something
that it's not the same
way they've tried to
create narratives and
manipulate the story and
the sentiment around
crypto and GME and
whatever to benefit them
and to basically make
people lose and that's
why I'm actually very
glad that this is
happening as it is
right now it feels like
everything's kind of
coming into play I want
to throw it over to
Scotty Scotty talk to
me what's up
hey Leap how's it
going thanks for
letting me out
just a couple things
so I actually experienced
a failure to delivery
once it was I put in
I had a put option on
Delta this is during
COVID because that was
a fairly obvious play
right like when all the
restrictions were coming
out and all the travel
restrictions were coming
out it was one of the
most obvious plays of my
life so I had a fairly
large put contract
and it filled it hit
strike price I went to
close it and the broker
is like hey we can only
close part of this like
what do you mean and
he's like yeah so many
people put puts out we
don't have enough to
close all the all the
positions and that's
pretty like so on your
side you're saying you're
thinking you made this
genius play you're like
oh I did the thing I
bought the contract hit
strike price now I get to
cash out they go in and
they tell you they're
like we can't fill your
full order
and this is what they
said I'll never fucking
forget this and when I
started complaining the
guy cuts me off and goes
be happy you're even
getting this he fucking
said that and this was
TD Ameritrade it wasn't
like some tiny little
brokerage but imagine the
balls right like like
you're playing by the
rules and then it's like
hey you're the one that
issued this contract I
bought it pay out
could you even sue for
that Cody or they're just
fine print yeah that's
security is fraud isn't
it you good the fine
print says that it's
probably not that's
yeah having your money
at a broker is just like
having your money at
FTS but that anyway the
point is that actually
happens like it's weird to
think of but I had it
happen to me once and it's
a very unpleasant feeling
no it happens it happens a
lot more than people think
and the reason why is what
what I covered earlier is
we have a fractional
reserve stock system
more more shares can be
shorted than exist more
synthetics can be created
than exist and market
makers and brokers can
use a bona fide agreement
to borrow which means they
just have a claim on a
future share or a claim on
another borrow to be able
to create naked shorts and
to roll FDDs over
continually and that's why
GameStop was shorted more
than 140% of the float
that's why so many other
stocks were shorted more
than 100% of the float
that's why Robert Simpson
I put his I put this story
up in the nest if you
want to if you guys want
to watch that video
Robert Simpson you know I
an entrepreneur from
Nevada bought an entire
company 111% the float
put it in his brokerage
account and the next day
in the next few days 50
million shares trade and
the reason why is because
the brokers and the
market makers can create
synthetics and trade them
between each other to make
the appearance of price
action that's legal or is
it like well just to make
it worse when you have
your failure to delivers
there's a counterside to
that broker to broker is
able to do what's called a
failure to receive and in
like the court documents they
call it an open failure to
receive and these failure to
receives are not reported at
all there is no requirement by
the SEC for your failure to
receive to be reported so you
could essentially have an open
failure to receive on a failure
to deliver that never came
through in a broker to broker
transfer and it just disappears
we're so fucked wait just for
clarity just for the audience
because I know we got a mix of
people in here when when Peruvian
was talking about fractional
reserve he's making a role he's
referencing it in the terms of
stock market in banking what it
means is if you give a bank a
hundred dollars they don't need
to keep a hundred dollars they
need to keep a percentage of it
zero as of 2021 fyi is it really
the regulatory requirement is
technically zero but in practice
most large banks three to four
percent depending on you know their
capital ratio jesus yeah I was
going to guess ten percent no no
no no no on that holy shit I
mean it depends on the bank man
but uh it's it's ten percent and
under I'd say from for almost all
of them
all right anyway just for the
edification what it means is if you
go to the bank you give them a
hundred dollars what a fractional
reserve means they're only legally
required to keep a percentage of it
so they can keep say one of those
dollars and then use the other
nine to loan out to whatever the
hell they want to do that's what
fractional reserve means what it
means is that for every customer
every customer arrived at the bank
at the same time and said hey give
me my money back they literally
don't have your money didn't we
just arrest sam for this like
another example sam let's not make
sam out to be no he's not a good
guy but i'm just saying what the
fuck
the gold market the gold market
look at what the central banks
audits report almost every ounce of
gold that is in existence is pledged
to a hundred certificates and this is
like the audits by the central
reserves they're well central banks
yeah that's part of the reason why
gold went nowhere for literally
decades because they paper shorted it
i mean i so i wrote a piece on this um
back in in april um but there was a
there was a day in trading in early
april when both gold and silver were
ripping where the silver price was
slammed down by like two dollars in a
single day and that represented the
futures volume of that represented the
entire annual global silver production
of the entire world right so global in a
day in a single day some you know
certain brokers able to sell the entire
globe's silver production in a day and
the reason why they're able to do that
is because of what he said
they can sell paper silver and not
deliver real just like they can sell
you fake stock and not deliver the
actual underlying
while we're on the topic of derivatives
here's the most horrifying derivative
statistic that i know
so the global supply of narrow money what
narrow money is what you think of when
you're thinking of money it's bills and
coins and i think maybe cods or some
shit but basically it's what you think
of it's real money global reserve is
about 40 trillion dollars of actual
physical money the options mark or the
derivatives market they don't have an
exact number yet but it's somewhere
between one and two quadrillion dollars
so every dollar on the planet is
leveraged between 50 to 100 dollars out
right for every for every one actual
dollar on the planet there's about 50
imaginary dollars and that is the most
terrifying financial i think your math is
off a bit there um well yeah because
there's there's there's quite a few
extra zeros between quadrillion
you know um and i like that we're
literally talking about trillion 40
trillion
oh yeah yeah yeah well okay but i what i
was gonna say too is that okay so
here's another i guess you are right but
um here's another thing to throw in the
mix right so m2 money supply which is
measured by the fed which is basically
like the you know rotating money that's
used for all of us for all of our
financial transactions in the real
economy doesn't represent bank reserves
and doesn't represent um other forms of
we know financial money right but just
represents real money um only less than
three percent of that is backed by
physical coins and and paper 97 that just
exists in bank account ledgers and so if
there were a solar flare 97 of the money
supply would be gone overnight right and
and m3 money supply sorry by the way m3
money supply which is a broader you know
definition of money was tracked for
decades they ceased tracking it in 2006
because quote they couldn't track all the
underlying um all the underlying indicators
correctly and so they just gave up because
it's too hard because they're trying to
include what are called euro dollars which
is a whole nother rabbit hole to go down
that's another market of dollars that
exists outside the traditional you know
domestic financial system that's
somewhere north of between 20 and 60
trillion and no one knows how big it is
and it's all basically synthetic dollars
that are traded between foreign banks
what i guess i have like a solar flare is a
solution to inflation
i guess i have like kind of a devil's
advocate question because we're like we're
going down circles that are pretty common
in like
like crypto and bitcoin and so like i've
been in some macro spaces where i got
pushback on stuff like this
and so i just want to like pose a question
uh to you guys with your like background in
traditional finance and like see the take
here so like if we went to like a fully
backed in like a fully reserved system
right there's an argument that like the
growth of the financial sector today like
wouldn't be possible
right because there's just that like not
amount of that like physical stuff around
and like i'm probably not the best
articulator on this
but like i guess i'm just wondering like
what do you guys think of that like when
you hear that
and yeah what's the take there i think
that that's that's a good thing
i think that's a good thing look
so the the like 300 year average for the
financial sector as a percent of gdp is
somewhere between five and six percent
and currently in the u.s it's north of 12
percent so we're you know well over where
we should be just historically for the
size of the financial sector relative to
the real economy
and the reason why is what we've been
talking about right the you know infinite
liquidity infinite qe volatility suppression
ability for fractional reserve you know
share lending ability to extract wealth
via naked shorting
there's all these mechanisms for
financial institutions to extract wealth
and create wealth and siphon it from
people
and not produce anything in the real
economy i mean we have some of the
smartest phds in physics and
mathematics in the country
going to renaissance technologies and
citadel and virtu
and they're figuring out how to program
you know microwave towers to get a stock
trade you know one nanosecond faster
than their competitor
right it's fucking ridiculous these these
guys and gals could be working on rocket
science or cures to diseases and instead
they're figuring out how to front-run retail
traders to get a fraction of a penny this
is it's perversion of our entire economic
system and again it starts with the the
federal reserve and you know the dcc and
their perversion of markets so yeah i
absolutely agree that the financialism
will be smaller and it should be
so but like an immediate reset there
right would cause like a catastrophic
ripple effects across the economy so
like
like a peaceful resolution or like a way
to get there what would that look like
in your guys's mind
so i might be able to step in on this one
uh i come i was a nobody got into the
gamestop situation so i mean you've been
calling you know sort of the guests more
uh trade fi but i had gotten really deep
into crypto we'll go with uh starting in
like september 21 and uh the solution
is going how i would see it and how there's a
lot of tinfoilers that have seen writing on
the walls that kind of lead towards a
decentralized market that is fully
auditable and instead of you know having
uh like peruvians saying the fractional
reserve lending if it's on blockchain you can
only issue in accordance to what it you know
what the standard would actually be not what
it currently is and that solution would need
a new entity to act as a dtcc dtc slash seed
and co uh and essentially be the custodian
to the new uh blockchain system and individual
companies would need to uh withdraw from the dtcc and all
exchanges effectively and go on to this new
blockchain based one and it would you know
it it's a bunch of financial people would be left holding the bag and the
people with the assets would be made full basically
yeah uh yeah but the thing is is it would happen
slowly like you would have to have at least 50 companies that made that move
and then after that you know if it was proven to be more of a reliable method
where people are able to see oh look uh everything actually is up to snuff
right here there's not all these criminals just doing nefarious acts with
our money uh once they see that they all start
moving over and then that is it you have to take the money away from the
current system and right now all of the money is in the current system
besides the what it what are we up to it now in crypto three percent
of global currency yeah i just don't see that happening
like well hey you asked what the perfect answer was
or what we thought uh you know is going to end up coming out of this or how a
resolution could be had without uh significant loss i think and i actually
don't think financial collapse full fine i actually don't think what he
proposed is all that out of the box so i talked to like a
payments company today um who's doing like a fully
permissioned and regulated payments network and like they're bootstrapping
it through uh money services business that are
kind of wrappers for banks for like cross-border payments
and it's actually like an incredibly smart play to the point where i'm like
look maybe they don't come on to like a permissionless blockchain immediately
but like having a regulated financial like blockchain as like a go-between like i
don't actually think that's all that i'm like unrealistic
so i have a different perspective on this i'd love to just throw in
and i know that every time i grab the mic on a crypto conversation peruvian's
butthole clenches because he knows i have some very uh particular views on it but
i would just say the problem that i would say with all of this is we've been
talking about the fact that there's so much freaking money just exploding around
everywhere just being printed and bloating everything and causing all these
derivative products i think that fiat money or fiat currency more
specifically is actual problem and if we were to fix that so we had
a hard money currency that couldn't be manipulated it had a hard cap supply it
followed the same uh rules as gold for example something like bitcoin i think
that is what actually solves the problem and i i'm personally a bitcoin or i'm not
a crypto guy i spent like three plus years in crypto and i just ultimately came to
the conclusion that the real solution to the entire big picture
was to have digital gold as a new form of money for the world and
the more i researched it i highly recommend the book the bitcoin standard by
safety and moose it really paints a picture for how
all of the other branches of that tree will naturally just fall off and things
will heal and just work much better once we have hard money and we won't need
all the crypto blockchains for the stock market and for buying avocados and for
you know all these other like every single crypto project has like a different use
case that they sell and i would bet that i can talk any of those use cases out as
being better done in a centralized way like the said the idea that centralization
and evil is evil in my opinion is just completely wrong we need centralization for almost everything
like what's an example netflix say if someone was trying to sell me a shit coin that was
like a netflix on the blockchain i would laugh at you because it clearly works really well in
a centralized way you want to have that company that has a very well oiled machine of workers
to create the product produce the product you have an easy like well i guess maybe this isn't
exactly true but you have easier way to get support on a product this is just an example but that's
something that you want to be centralized you don't want this thing to be a jumbled mess of
decentralization and i think that just starting with the ground floor of the money fixing the money
with bitcoin is my stance and i'm gonna shill a link in the notes i made a website literally
called why bitcoinonly.com because i just think that personally that is the way that we fix all the
problems we've talked about by fixing the base layer first the layer one and then after that we will get
more efficient better working centralized companies we won't need to decentralize every single thing
we wouldn't want to ben ben that's way less toxic than i was expecting man i'm surprised i've been
practicing dude i'm trying to be a nice person i thought you're about to just go off like a typical
toxic maxi man oh so i'm jumping here so firstly um to all the crypto people in the room be careful
with any links i'm not verifying shit that's in the in the top so just you know click things at your
own discretion secondly look i actually totally agree with you ben um like i'm a full-on crypto
bitcoin maxi decentralization all this good stuff and you know we talked about this for hours and hours
you know and how many spaces we've done over the past couple years and i agree with you i actually
think centralization is better most times compared to this like and i also think that not everything
should be on chain i think this is a huge narrative especially in the last cycle this is kind of obvious
to most people who've been around but i'd say it anyway which is yeah i don't think everything
should be on chain i don't think everything should be decentralized and i totally agree with you
that 99 of projects in crypto what they're doing would be done better in a centralized manner maybe
it's 99 maybe it's 95 the number is not entirely important but the point is is that yeah i agree i
totally agree and i think with crypto it does attract the worst of the worst it does attract the grifters
the scammers because it is a wild west freely unpoliced environment that you can basically just do
whatever the fuck you want and print millions of dollars overnight by either you know draining
people or putting out bullshit pump and dumps and it honestly it's become even more accelerated in the
past few months especially now that solana has become kind of the home of gambling and meme coins
and like i'll tell you i'll the first one to tell you i fucking love buying meme coins and gambling
and you know making money losing money whatever it is i do it every day and i've and i've done okay
but at the same time i recognize that it is taking us down a path that is so far so far away from the
original reason why most people got into crypto or what i believe most people got into crypto for
that i am slightly nervous about it now i did put out a tweet a couple days ago and it was a poll
and the poll basically said if you were given um the opportunity to make 10 billion dollars today
but if you accept that 10 billion dollars every other person in crypto would lose all of their money
and crypto would cease to exist forever now to me it's a pretty obvious choice i'm not taking the 10
billion because generally i know it sounds crazy but if i took 10 billion dollars and every other
person in crypto lost every penny they have and crypto ceased to exist you know how many lives would
be destroyed how many businesses how many so much would be completely corrupted and it would be
gone i just couldn't do it and i thought that most people would vote in that way but 67 percent
of the 1500 people that voted in that poll voted that they would take the 10 bill and furthermore
the 37 percent maybe you should have picked like a lower number you know like like 10 million or 50
million 10 billion is kind of like you know are you you can buy a country with you can you can feed
like a continent for a few weeks sentiment though it's the same it's the same thing i actually was and i was
given this idea and i was going to do this the next poll was going to lower the money 1 billion
then after that 10 million and i guarantee you i could have got down to some people would do it for
500 some people in crypto would do it like for 50 bucks man for just one just one more bit just one
more bit because this this one is the one where i make it so this i would pay five thousand dollars
to take everybody else's money away in crypto you guys it would save them a lot of time all right
we're going back to stocks fuck it i would pay for this service he's right i would pay for this uh if
i could quick toss two more thoughts in off of this uh it fits right in but uh an alternate to
centralized is if you had an exchange that was actually regulated appropriately you wouldn't need
that centralized entity to save you from buying said shit coin or whatever it is and then uh to that
example that i gave about like that possible future well that's exactly what ice which is the
intercontinental exchange which is the exchange that owns the new york stock exchange and a few
other like luxembourg and uh euro clear i believe they're uh actively holding a position in and uh
they've partnered with like t0 to do exactly that so the centralized entities are currently going for
that solution they don't want one that would actually be regulatable
it's like decentralization and regulation are not mutually exclusive
oh actually there's a point i thought of brother and it slipped my mind but there was the discussion
about how painful the transition would be to go from fiat currency to crypto like not that long ago
europe did this they went to the they went to to the euro standard so you had dozens of countries
that had to give up their their normal currency to switch over and it went fairly smooth i mean they
had they had some some pains as you can imagine but like it's sort of been done in large scale already
so yeah actually i actually wouldn't be that concerned about switching everybody over to uh to
to crypto you know once our tools get maybe a little but hold on we need to really quick just
make sure we're clear on what decentralization truly means in this context so let's put bitcoin
versus ethereum ethereum is obviously by far the second biggest by a long margin
if the sec calls vitalik's house tomorrow and says shut it down ethereum's done
if they call infera and aws the two biggest archival nodes
wait wait wait hold on yeah oh come on he would he if they told him to stop it how is he how is he
going to shut it down what is he going to do you're telling me the if the ethereum foundation
was shut down then it wouldn't be game over there's no way it would keep going i actually
what would happen if the ethereum foundation shut down what would happen what like how would
it get shut down what what is the okay the ethereum foundation tomorrow stops existing let's
say you know what let's say they execute all of them every single person that ethereum
they hang them how does that stop ethereum it would make the price shoot up because that would
lock literally the ethereum foundations i mean regardless of the price i can see the price going
down but like how would that stop dude so many engineers would flock to build on ethereum if that
happened like they would never be able to stop it no way yeah the u.s murder it would be such a
sell-off like i personally think it would just completely shut down but it would at least be a
complete sell-off that would be the ultimate fear event there would be some sell-off even you know
if sailor was put in jail tomorrow there would be some sell-off to bitcoin too but i don't think that
that would i will humor you i'll humor you with the minuscule chance that it would actually make it out
of that if it did no but why can you hold on hold on hold on hold on hold on hold on hold on if it did
make it through that and it survived what do you have at the end of that time like what product do you
have at the end of that tunnel you just have a new fiat currency that is even more centralized
because why is that a fiat what's centralized about it it it has a ceo right now and it's just
but that's not true though i mean it's just not true it's vitalik peter's the ceo
it does have a ceo he's really not he's he's barely involved i actually wish instructions are
completely carried out by the ethereum foundation no but that's that's just you're just not paying
attention man that's just not true i wish it was i think that vitalik needs to be more involved and
needs to make more decisions and he's not taking enough of a leadership position but he's he's not
like he's barely involved he's he's dealing with like his obsessions about longevity and and making
he's going immortal like he's not doing anything related to ethereum in the last few years
and we're on every three months he makes a blog post and moves on like literally
it's not even a lot of blog posts that's not about it's not about how much content they're
posting on twitter it's about like no i know but i'm saying the only thing he does the only thing he
does is blog posts besides and not even that many besides that he's literally not involved like ask
anyone he's not doing anything related to here anymore when you i mean what it comes down to is
the archival nodes which literally are running all the infrastructure if those were shut down by the
regulators then it would have no more power left and if they would be shut down if i'm wrong and
it continues working then i would be absolutely shocked but i still wouldn't care because even
if it was working this is not solving the problem of money for the world which i went on a rant about
earlier of having sound money which actually fixes things from the base layer layer one of having
like a hard currency that everyone can use it doesn't inflate that is the actual biggest problem
that can be solved and ethereum does not solve it because oh by the way what do you do you want
i think that's a reasonable argument do you want to answer for me what is what is the hard cap of
ethereum tell me what the hard cap is no i don't i don't even care but i think your argument is
reasonable in the sense that you're saying hey i don't care about the problem ethereum is solving so
i'm not interested that's a very reasonable argument but if your argument is i'm not interested in
ethereum because it's not solving the problem of money then i you know you can also say i'm not
interested in apple because it's not solving the problem i'm not interested in like water because
it's not solving the problem like okay fine but it's just a very odd thing to say like okay look
if you're not interested in ethereum don't then don't bother with it but here you are standing here
lecturing us about how we shouldn't care about ethereum like are you going to are you going to
like conferences of like lawyers and telling them they shouldn't bother about law because it's not
fixing the problem of money they should go and fix that instead like what do you care that some
people want to talk about ethereum like that's because every cryptocurrency but it's interesting
to them because every cryptocurrency is vying over the use case of money whether they know it or not
ethereum and bitcoin are both fighting over money they're trying to they're doing a bad job they're
trying that's what they're trying to go for that's their highest level guys guys are we just going to
get into this typical like bitcoin maxi versus ethereum all right all right you d gens okay look
ethereum bitcoin gme truly what is the difference we're all just people on the internet um
i thought i would have something anyway i thought i was going to come up with a joke i kind of started
that sentence before i knew where i was going look welcome to space everybody appreciate y'all for
popping out to the truth about gme and roaring kitty uh if you're enjoying anything about this
conversation do me a massive favor click that button in the bottom right hand corner give it a
like comment or a retweet it's at 293 likes look roaring kitty uh dfv he dm'd me he said leap i love
the space you're hosting um shout out to peruvian bull and udi and uh if you can get this to 600 likes i
might show up to the space look i that's what okay it maybe somebody dm'd that to me it wasn't him but
it was somebody okay okay nobody d i just made it up but the point is if you get it to 500 likes
then the number will be a five and two zeros after it i want to throw it to some of the hands
and i think you know tiger's been up here so patiently with the bitcoin laser eyes ready to
speak tiger i'm gonna throw it over to you what's up
okay you gotta unmute us i guess you want us to talk yeah it was all me man what's up dude uh thanks
for uh us says wow we really bounced around a lot of topics didn't we ethereum game stop the global
financial system wow must have a lot of smart people um uh what was i even gonna say god damn it
uh yeah so i actually want to respond to a guy that was on stage but you know he was saying that the
people that were you know behind the scenes in the game stop stalkers should go to jail let me
you know there's a lot of i heard a lot of idealistic views in regards to that and like
unfortunately like if nobody if one person went to jail uh from the housing crisis uh nobody from
wall street is going to jail for gme i can promise you that um and i think another and look i'm i'm in
crypto but i was i was a former chat fight guy and and i think an uncomfortable truth or maybe
you guys already know it is like a lot of institutions managed a ton of money from gme as
well i'm sure you know that right so like i think what gme did is yeah some little guys and some retail
investors did very very well made a lot of money a lot of them didn't though like that is true um what
it did do though is that it gave hope to the little guy right it gave hope to the little guy
that they have a chance to make a lot of money that they might not have had the opportunity to do so
before okay so it gave the hope to democratize access to excessive wealth and i think crypto
accelerates that but it's it's always been the case and i'm look i was a former bitcoin maxi for for
a long time and i and i you know i moved over to trading shit coins too in the last 18 months and
uh you know i i i find that more radicalized you tiger who radicalized me tiger um do you know
you know about ryan cohen the ceo of gamestop and why people like him right do i know about ryan
cohen and why people like him no why why do they like him i'm not like a game stop guy like i'm just
here to have a chat you know uh but but but but but but i find this intriguing no it's it's we've got
ace for the only ceo in the corporate landscape of every corporation who takes no pay our ceo
no and that's fantastic and that's fantastic he also doesn't need the money yeah but i remind you
it's very easy for him to say i'm not going to take any money right but he doesn't need any money
ours can actually turn down any and all payments period i mean mark zuckerberg doesn't have a salary
too but you know it's like you know so it's kind of like i am i also don't have a salary but i'm
unemployed yeah i don't have a salary yes let me just say this let me ask serious questions here's
question for the gme people whatever anybody can tap in on this look i was going to gamestop as
early as i can remember when i started playing games like there's a true nostalgia factor when
it comes to gamestop oh yeah gamestop sucks the store is awful there's nothing good in it and
there's literally no reason for me to buy from gamestop opposed to any other retail but if anything
steam gets 99.9 of my business unless i want to buy physical pokemon or other nintendo game
because i like to collect them right that is the and i know there's a lot of other people who feel
the same way now i'm all for the gme stock fuck the hedges fucked in the traditional system all this
stuff like down with it i i'm with it but in terms of the actual business is anybody bullish on gme
because they think gamestop's a good business and if it is this question is offensive i'm offended by
are you bullish on the business for like you don't have to be bullish on a stock because of the
business anymore yeah but that's if a company's about to go bankrupt you should buy it remember
no how is it no how are you gonna they can't go bankrupt you got a billion cash in hand
everything is net positive oh man you can't take a joke so many different bullish things that you
really want to talk about it's impossible to bankrupt the company dude i was saying a joke man
but uh well no i mean like like wait wait wait some people actually believe that though so it's
important to go over it i think peruvian bull and always would be good at that yeah hold on hold on
hold on i the reason i'm asking and i agree with udi what you said and again it's a paradigm shift
people are just they're bullish on stocks because they like the brand right i think most people who
were buying tesla loved elon and wasn't they weren't that educated on you know the business model if
they're gonna be profitable or not whatever do you do you like the stock wait a minute this is a good
this is a good topic but okay but yeah i like the stock now what is the what is the original meme
asset so okay there's you could say there's a lot of things i think dojo no no there's one original
meme asset bitcoin beanie baby exactly okay bitcoin for sure and doge all these different and then and
then no though after bitcoin it was tesla that was the second og meme asset because the ceo elon is
the meme he is the meme right so he is the meme but i i want to ask this question because again there
are people that are bullish on gme because they actually do like the company these guys are more
degen than us i think you are crypto i was on your side ones too i want to ask peruvian peruvian
draft 5 is the original degen i cannot say bitcoin maxis this is ridiculous peruvian i'm asking you
this question all other bitcoin maxis with laser eyes must cease for two minutes peruvian tell me are
there people that are bullish on gme because they're like fuck it this is the best business ever
they're whatever they didn't gamestop have an nft marketplace what happened to that
bro okay this is a again we're okay so we're going down the rabbit hole okay so what you're
saying is you know historically correct gamestop was a business with severe structural issues um it
had some you know falling revenues for years it was over it was bloated there were too many uh stores
their their op you know operating expenditures were too high and they had a massive 400 million dollar bond
which was going to expire in march of 2021 and at the time in 2020 they didn't have the cash on hand
to pay this bond to pay the coupon payment and so they were going to go under which is this is why
all these hedge funds loaded up so hard on gamestop and shorted it you know well over 140 of the
of the float because it was like the surest thing it's like this thing is on its last legs
the management is unimaginative no one knows how to run this thing it's bloated there's way too many
costs you know that was the the narrative right and when ryan cohen stepped in in 2020 he in august he
injected a ton of capital he bought 12 of the float and he went out and started a plan to revitalize the
company and he had um you know taken the leadership of uh you know as as the chairman to to start to do
this right and he started putting out plans together started hiring ex amazon executive to run the
company and start cutting out all this bloat and by basically by march they were in good enough
financial condition um to delay the bond and then they were actually able to raise i think it's like
was it 1.9 billion on and at the money mark uh at the money uh market offering um in june of 2021
and may and june and then they were able to pay off their debt and now they're sitting on 1.1 billion
of cash and for the last three years what he's been doing is he's been trying to turn gamestop
around in multiple different ways and one of the ways is he's been reducing you know the bloat so
he's been reducing sgna and opx expenditures um significantly to the point where this last quarter
we were free cash flow positive for the first time in over a decade and now there are like something
like 30 to 40 percent fewer stores in existence that he cut out and about a 20 percent drop in the
workforce but overall the company is now profitable and with 1.1 billion dollars of cash on hand it's
not going bankrupt anytime soon now the question is will gamestop become you know the next amazon or
can it become the next facebook now that remains to be seen right because the nfd marketplace was a flop
they did have issues um the company that they worked with which was oh shit i'm forgetting the
name of it um but ben would probably like five different shit coins they had like immutable x they
had loop ring yeah telos just a bunch of total garbage coins yeah immutable so robby robby ferguson
the founder of immutable x was basically a scammer and he kind of fucked um fucked the business plan over
for for the nfd marketplace and the volume fell of course like in crypto winter in 2022 and 2023 like
there was just no volume on any of the exchanges for nfts so of course the gamestop marketplace
nft marketplace wasn't going to blow up um but still the fundamentals have turned around significantly
um you know like i said it's it's mostly positive there's a few things that that they still need to
work on revenue was down last quarter um but their free cash flow positive they have a ton of cash on hand
their sgna expenses are down by 40 in the last two years they're doing they're they're surviving and
they're they were priced for immediate bankruptcy and those what was happening with the stock price is
not anything related to quote-unquote fundamentals or you know and not you know stock analysis right
the omni channel yeah exactly it's not related to that i mean yes of course there are fundamental
reasons why gamestop is improving but the bigger thing is that all these shorts are stuck in a
massive ftd cycle all the fucking shares they shorted years ago and they can't get out and that's
why occasionally these random spikes come up because the shorts are trapped and this is all that really
matters for a big portion of the investors is that these underlying fundamentals of just like the
squeeze mechanics make it so unbeatable there's no downside to it and you brought up the nft marketplace
and leave this is one of the biggest uh disagreements i've had with the entire gme crowd since it
started was that i was like poo-pooing that since the beginning saying it was not going to work and oh no
it didn't work so that was too bad and everyone thought i was really mean for it but i'm going to pin
something in the nest it's like a thread of every single step through that whole process of gamestop
basically trying to make crypto part of their business but because of the reasons why i stated
earlier the fact that you need centralized systems to make these things work it just never was going
to happen so it eventually just turned into like gme investors just basically carrying this thing on
their back trying to make it a thing and make it popular but this is you know like years after
open c died and everyone was done with paying money for jpeg so it just wasn't going to happen
but they're just going to say like everyone joins gme for different reasons that was the thing that i
thought was stupid some people look at this from the outside and say wow gamestop's like stupid for
trying to you know do blockchain gaming and i agree with them on that aspect but there's still so many
things to be bullshit about with the company that that's why i hold for sure the the company was
price leap the company was literally priced for bankruptcy was priced under the um you know cash
value of their assets like they were basically heading into chapter 11 they were it was similar
to toys rs and by the way this isn't a new occurrence for just gamestop they've done the same thing to
toys rs they've done the same thing to you know several other i think jc penny right like they're all
these companies if you if you look at their trading data before they go bankrupt there's a massive
short position that develops more than the float and synthetics start to be traded like we start we
start seeing put options and call options being traded you know more than the float on an hourly
basis on some of these cases right before bankruptcy because what happens is you can sell short a share
right and you as a short seller you pocket the money and you're only taxed if you have to buy back
that share at a price and then you're taxed on the delta which is your capital gain between the buy
price and the sell price but if you never have to buy the share back because the share gets delisted
because the company goes bankrupt then you get to keep all the money and so the playbook for a lot
of these companies and i can send you one of the threads um it's really interesting that from a guy
in 2004 posted about this uh called seller boxing these market makers and short hedge funds have been
able to short companies into the ground pocket all the money and then go into chapter 11 and scoop up
their assets for pennies on the dollar and then repeat this and they've done this to dozens and dozens
of companies and game stop was just their next target and so i i frankly i i again i think the
fundamentals are good but i also think to a certain point when we're talking about the stock going from
ten dollars to forty dollars in the space of a week that's not fundamentals and obviously it isn't
it's price action driven by ftds and short sales wait okay hold on because i'm actually learning a lot
and first before i say this i'm going to say trading stocks is way harder than trading crypto
we don't have ta we don't have shit we just have vibes and memes and if we like it it makes us laugh
we buy it and then we don't get for it like you're talking about gme going from ten dollars to forty
dollars and it's this massive move i think i bought something yesterday that went two thousand x like
there's just a completely different like it's like a completely different world but at the same time
the the repercussions and the impact of stocks moving a four x is much stronger and more important
and relevant than you know some random shit coin going up ten thousand x and that's why this is so
interesting to me and i always feel like i've been you know i was like a lover of the game and the sport
of trading i feel like i've actually been missing out by not participating in the traditional market
someone tell him about wu-tang please wu-tang why don't you why don't you talk about it always
so leave i actually you know so i agree fundamentals wise yeah uh crypto and equities are not the same
obviously but i think in terms of like sentiment and like microstructure between both markets there is a
lot of crossover like there are like you know like there's a reason why like some of the biggest
market makers are also adjacent to traffic firms like jump crypto is adjacent to you know jump
capital which is a big etf market maker right uh same with james trading with he's a clear for
robin hood it was okay okay that's good uh cumberland you know uh jp morgan and consensus created
ethereum fun fact okay i mean that's a conspiracy theory right right it created as a stretch i mean
you know it created as a stretch um i'm not at the stage where they were a part of it
let's let's not get into this fucking typical argument guys come on please please please
no not tonight not tonight it's fucking tuesday man who created who created algorand
who killed me someone that knew that he could get a lot of money off of idiots
all right hold on okay okay and anthony scaramucci oh my god let's get this back on track here's a
question for for peruvian um peruvian you know gamestop going from 10 to 40 obviously is massive
but when you compare like especially and tell me what the sentiment is uh within the community um
like the gm community and the tradfi community all the people who are trading stocks do they not see
what's happening in crypto where things are going 10 20 50 100 000 x basically every day do they see
that and they're attracted to it or like what is the main stoppage that's preventing people from
wanting to get involved in crypto from the people that you typically interact with well dude the reason
why crypto can move 2000 in a day is because the market caps of the coins you're talking about are
fucking tiny you know there's like there was a gme what was it there's a gme coin on solana that went
from 4 million to 100 million um but market cap is a very like poor way to measure that because
you could have only 10 000 shares trade and the rest of the floats locked and then it goes up to
100 a hundred dollars a share and holy shit it's worth 100 million dollars on paper but there's not
enough liquidity right so the what's stopping the big institutions is the liquidity there's not if
you're talking about a black rock or fidelity or vanguard that has trillions and trillions of dollars
of assets under management they need to be able to lose to move large blocks like very quickly and
very efficiently without impacting price that much and that is you know most 99 of crypto coins are
not nowhere close to that they would be affected by a few million dollars moved so there's not that
there's not that level of liquidity that's there yet right and now now ethereum and bitcoin have some of it
but even bitcoin we don't we're we're at one point what 1.4 trillion dollar market cap it's still
fucking tiny ethereum as well we're nothing compared to this fiat financial system so the
angle i'm asking though the angle i'm asking i 100 agree with you like these massive moves of course
there's not enough liquidity for people to even sell most of the profits that they end up getting
but if we're talking specifically from the retail perspective you know it was mentioned earlier in the
space the gme and the whole movement it really gave people like a light at the end of the tunnel saying
hey we can actually kind of beat the system here and escape whatever um the nine to five however you
want to put it so of course the institutions are waiting for more liquidity whatever the fuck
but from the retail perspective why are they not looking at this and saying holy shit i can turn
fifty dollars into ten thousand and i know it sounds insane but people are doing it every day
especially with the new tools that crypto has and a lot of them are kind of you know super degen and
kind of dangerous but things like pump fun and all these other things where it's democratized
people's ability to get involved in stuff early i look i mean i'm not the biggest bull on this stuff
but you know looking at it and comparing it to to stocks it seems like a no-brainer for people to
come at least come take a stab so peruvian what's your take there well it's hard to right it's very
hard to tell which will move and which won't i mean for every one crypto that really moves and prints
how many how many others just stay flat or go down slowly how many other projects have died
like dude i mean literally yeah thousands so it it is it is a a very risky bet in many in many ways
right but the reason why people are the reason why people are taking that bet is because the fed has
perverted the risk curve and most of us can't make real returns um you know in it you know address
for inflation in the stock market while being safe and so especially younger generations who are
fucked because we don't have any assets because the baby boomers hold all of them and houses are
too expensive we kind of have to do this stuff right this is not really an option so but but it is
gambling at a certain level i would say that a big difference between the gme folks and the crypto
folks which is actually quite opposite of what the perception of the community is is that the people
that are the most entrenched in gamestop are actually the opposite of gamblers which is
like a shocker because the media narrative is always going to be these people are idiots just
throwing their money around they have no idea what they're doing but they spotted a stock that had
ridiculous amount of short interest that they knew had guaranteed future buyers and there's a great
company well i mean we can argue about it is this company amazing in this way or that way i don't care
they have a billion dollars in cash they're a real business unlike like crypto companies that are
basically just a marketing department and a cool website with a token logo but there you everyone
in crypto has to at some point admit that there is a huge aspect of gambling to that space where you're
really just taking a flyer on like certain founders and marketing teams and i've been in there like i
i played that game for a while and i certainly gambled in it and i learned my lessons i thankfully didn't lose a
lot of money like a bunch of people do but i spent a lot of time in it that i would love to have back
and actually like study bitcoin but that's just me and long way of saying gme folks are they buy and
hold they don't trade they see a lot of good reasons to hold to squeeze the mentals are unpalpable
wouldn't you argue that that gambling is a large and thriving industry
oh for sure it is i mean it's like what isn't it one of the biggest industries out there oh yeah
of course it's out there but i mean if you're actually someone who's trying to pick winners and
help the people around you and lift them up to find winners that have a good high probability of
succeeding i it's different than saying let's all like throw our money into the slobishing and see what
happens it's just different types of brains with different types of goals the evolution of gambling
started at the casino then it moved to online poker then moved to shit coins and meme coins that's fine
it's a much more frictionless way to and options and options yes zero dtes are fun sometimes um
but yeah i mean that is the evolution of gambling and and i think crypto is is a much i think it's an
uncomfortable conversation for some people because like everyone wants to talk about a use case
and there are some use cases like i think the most i think the killer app that crypto has brought to
market is is stable points right it's really good for money laundering which is cool right like that's
awesome um and uh sorry i had to say it um no no that's completely correct let me say this i just
just remember sorry just remember that more money laundering and illegal financial crimes are done to
the traditional system than through crypto correct that's right but the crime crime is like a multi
trillion dollar industry so that's pretty bullish yeah it's going to take time to switch over but
like where i live most of that is usdt okay i'm at the level of bitcoin or where i see stable coins
fucking daddy yeah i'm at the level of bitcoin where i see stable coins is just another thing
that's trying to prop up a dying fiat system because like i know there are some even people
that are like big in the bitcoin world who say like oh like yeah shit coins are bad but like i like
stable coins because they help people like trade in dollars in certain parts of the world that like
need dollars and i i do get that part like i'm not gonna you know go to these war-stricken countries
and say no you can't trade in dollars but like if we're looking for long-term goals of what
actually does the most good for the world the the most important thing is bitcoin because that's
what actually eliminates the money printers that the governments can use to steal from their
populations to fund wars and violence the end goal is always bitcoin but you know we can have
fun in the meantime right no stable coins but stable coins are necessary as an intermediary
for the for the medium term into you know a different financial system i wouldn't say necessary
but they do they are necessary dude i mean bitcoin was working just like bitcoin adoption was happening
before any of these stable coins were invented it would have it would continue to be adopted regardless
as if they were invented it was like a new thing they would enter it into it as a reference point
it's useful like bitcoin has to be priced against something like you could do like pancakes or orange
juice but people use the dollar like like as a measurement tool pancake sounds pretty good it would
just be dollars then like my point is that all of the alt coins and the stable coins all sort of just
popped into existence out of nowhere while bitcoin was already well underway several years so
it would have just been price in dollars today and that who knows where we would be right now if
alt coins and stable coins were never invented like i mean there is an argument to be made it would
have been like too rough of a transition and it would have been like too much like destruction
from bitcoin just clobbering everything like a bowling ball and this is something that people like
jeff booth talk about he's one of my favorite guys out there who sort of you know just goes on
a podcast and discusses like what is the best way that we can transition away from a fiat system into
a bitcoin system you could say ben that money's gotta come from somewhere right so you your goal
should extract as much liquidity as you can out of sheer coins to ultimately buy more bitcoin that
should be your goal like the money's gotta come from somewhere you can't say bitcoin's the goal well
where's the money gonna come from to buy more right and from fiat you don't need all the middle okay
you mf-er degenders look stable coin this stable coin that we have a ton of hands we got to get to them
we have people up here waiting for a minute i will comment quickly on a 20 minute monologue
here and say that as somebody who works in crypto stable coins are really great for payments if i get
paid in ether sold or really any other volatile asset literally overnight it could be 15 less it
could be 50 more but i'm not when i'm working i'm working and i want to understand how much i'm getting
paid for that and there's a lot of people in our side of the space that do get paid in usdc or and even
usdt gets used quite a bit as well um i think stable coins are are awesome i think maybe there
could be some improvement on them we've seen things like algorithmic stable coins that didn't really
work obviously you know ie luna things like that but um i want to go to some of these hands here
shout out to kwan i want to go to some of these hands um we're going to go to pancakes first and then
we're going to just run through some of these hands pancakes up hey how are you i'm just eating
food right now i'm doing well nice man very cool uh yeah thanks for letting me i've been chilling um
i had my hand up earlier we're totally different we changed topics so much here um but no i thought
it was interesting i forgot who was even talking um yeah the switch to bitcoin i feel like we forget
how early we still are and we look at the micro so much right like we zoom in so much and we think
like okay like next cycle for sure like or next cycle for sure like i don't think like okay at my
core as a as like an intellectual whatever that means i mean i'm retarded but like what i think
is i am a like a bitcoin maxi not for any like whatever esoteric reason but i think it makes no
sense but i also don't think it matters in any of our lifetimes and lee both spoke on on this in our
in your space before where i don't think bitcoin's going to do what we know it can do within our
lifetimes i think it's a 50 to 100 year transition um and within the time like any huge transition like
this we've never even seen a technological or financial transition like this really i mean
for a long time um it's gonna we're gonna have some bumps in the road and those bumps in the road
include what we're what's going on right now um you know a lot of these shit coins a lot of scamming
um a lot of bullshit which is fun for us it's great like i mean we're making you know if you're
somewhat good at this you're making money but if we're talking about anything we actually care about
like as humans and improving the world that's gonna take a long time and i will say that the
only thing i've seen from crypto that is benefiting you know low-income countries i live in a developing
country i live in argentina i'm from the us but i live in argentina have a lot of argentine friends
the entire narrative here is people switching playing crypto switching their stable coins to
pesos or us dollars under the table there's an entire black market here for that completely avoiding the
banks um and stable coins are just used for that all over the world and uh you know maybe that's not
exactly what we're trying to accomplish uh long term but in the medium short term whatever you want to
call it that's improving certain communities all over the world already um i think at some point
if this experiment works which we might it might not we don't know um i think it's going to take 50
to 100 years for it to fully uh play out and i think we're just too zoomed in because we're just it's
human nature to zoom in but if we zoom out a little bit it'll take a very very long time and this is
the most interesting question of all is like how long is it going to take to see that like you said the
the things that we know that are going to happen will we be able to see them like in five years 10
years 20 years or like long after we're gone it's tough to say because we've never been
this is the first time in so long that humanity has been able to watch in real time as we're
switching from one form of money to another and that's a massive shift in society but not only
we're switching but there's there's so much there's an entire entity of power that has so much to lose
by us switching so it's not even like it's universally improving the world so not only are we trying to
switch something from money it's not like when we first created trading or like bartering it's we're
taking we're trying to take power from the most powerful entities in the world and also switch the
money it's a lot harder of a task than we even realize and it's going to take a lot longer than
we even think it is and i just think until then let's just have some fun you know and and by the
way look unlike you know this is a little to push back a little bit on on you know what people were
saying earlier um look bitcoin right now is in the store of value phase right it's like an asset that
goes up and so it's fighting something called gresham's law which is basically that bad money drives out
good and basically what this is is that if you have two currencies and one is inflating and meaning
that's losing value and another one's in like deflating meaning that's gaining value why would
you spend a currency that's gaining value you wouldn't and this is what gresham uh was an english
british economist noted in the 1800s between gold and silver and so what's happening with bitcoin right
now is it's a store of value it's not a medium of exchange it's not a unit of account it's going to
have to go through a lot more adoption and it's market cap is going to have to balloon you know
fucking like 40 times 50 times where it is now for it to even start to be considered as a as a
broadly accepted medium of exchange right now the the alpha on it and for most of these cryptos too
right it's just too much you don't want to spend it to buy yourself a burger you want to hold it and
have it make some money and then you'll spend your fiat because you know that's going to inflate five
percent a year so you don't give a shit well what's the difference between like spending your
fiat and not putting it into the the coin you know what i mean you have to spend something and
if you're not if you're spending something you have opportunity opportunity costs on the other
end of not putting it into bitcoin you know what i mean true but you have to spend a certain amount
to survive and why would you spend ten thousand dollars of bitcoin or whatever the asset versus ten
thousand dollars of fiat right sure sure yeah i just yeah i just thought the argument was
kind of the same thing but yeah yeah yeah one of the forms of money is going down in value the
other one is going up and that's why you see this time and time again when as bitcoiners continue to
stack more and more more and more bitcoin they start to have a longer and longer vision of the future
and like what they're saving for and they start to you know throw out addictions and they stop
paying for you know stupid things like cars and houses they start saving their money and really
becoming more responsible because their money actually gains value over time
but ben they're not spending that right so bitcoin that's exactly it's still a store of value oh yeah
i'm agreeing with you it has to go through the loops of store value medium of exchange and unit of
account and unit of account is the end game where you can actually buy things priced in bitcoin but
again i agree we're far off from that but what i'm saying is that there are structural you know economic
forces that are stopping bitcoin from being adopted as a medium of change right now it needs to gain
way more market cap before it can even get close to that okay so yeah 100 agree with all that but
how long are we going to stay on the uh bitcoin versus eth topic because i don't even want to talk
about bitcoin or eth i hate them both honestly we're moving strictly to algorand look i we got it let's go to
the hands let's go to the hands um by the way this algorand narrative is never going to take off
um i don't know maybe we should just wrap it up but i want to throw it to some of these hands we
have a lot of people who've been patient i want to go quickly over to to three crown actually three
crown and then we'll run through the rest of these hands uh three crown what's up what do you think
okay i'm so sorry for bugging the crap out of you thank you for letting me up um there there's there's
there's two points that i want to make one was i was hearing a lot of talk earlier uh kind of
regarding gamestop and you know its value as a company and one of the things to take into mind
is so many people are inundated with uh how gamestop is as a company pre-squeeze like
before the squeeze before 2019 even and the way that the company was structured and you know you
calculate in you know how it was going downhill with the the involvement of i i forget the name bcg
uh bear capital whoever the fuck bain bain capital yeah romney's company yeah horrible horrible
fucking advisement company that comes in and basically destroys companies well i mean they
destroyed consulting group yeah yeah that's the one they and they destroyed six flags by like suggesting
that they turn around and start giving away meals for free with these season passes and it it that
they've had to turn around since but when ryan cohen took over the ship and really started to
tighten up the board and trying uh over the past two years he's been going through and
just getting rid of so much bloat like peruvian said i mean they're actually starting to look into
different markets that actually make it more uh more advantageous for people to become more interested
in it like just recently the graded collectibles market uh they're starting to touch on with collectibles
so now you know trading cards and collectibles like that you can go there rather than having to
find some rinky dink card shop nearby that might be throwing it around they've had the digital store
and then one of my biggest things that i've seen recently that they've been doing is they have
console controllers um that are using superior hardware to any other name brand console controller i think the
like you have to get an upgrade kit for the switch the joy-con switch controllers just to be operating
off of them they're using what's called an alpine um uh it's it's an alpine uh thumbstick uh things or
not everybody else uses alpine they're using uh i forget the name of it i can look it up basically
it's a magnetic uh thumbstick uh reader so it goes based off of magnets it's much more precise
and at the same time too you don't run into drift because i mean i played rocket league for damn near
six thousand hours and i don't know how many playstation controllers i've been through and you
get drift all the fucking time their controllers don't have that and they're selling them for cheaper
than you can buy a normal console controller for like the newer the newer stuff and they're starting
to actually get into the peripheries market they've like basically pulled uh rebranded corsair uh stuff
into you know their sales so they're getting into the pc building market and then candy con yeah yeah
exactly and that they the thing that really sets me off more than anything else though is they've started
to like test things out and test the water see what works see what doesn't and really try to build
products and uh expand their products to interest people and they have just sat there on their growing
money money store that they have while reducing all of this bloat and all of this connection to liability
that and on top of that in december now they're able to invest in companies by equity by securities
that that's exactly they're pulling what warren buffett pulled in the 90s with berkshire hathaway and and
we're at the precipice of that and that's that's a huge deal yeah and by the way this quote-unquote
dying brick and mortar has revenues of 5.2 billion dollars a year and we've reduced operating expenses
by 20 to 30 percent depending on you know how you categorize it right sgna is down like literally every
single he's you know cohen's an operator he's already built a billion dollar company too and so he knows how to
run a board and he knows how to run a large a billion dollar company and he's been taking game
stop and cutting out the bloat and improving the fundamentals and so like i said it's it was painted
as a a bankrupt stock and something that was going to zero for sure and it was it actually was before
cohen stepped in and before his capital injection and before his plan to revitalize the company and
his removal of you know toxic people um it was definitely going downhill and now we've they've
turned it around and so the the company cannot functionally go bankrupt anymore and so when it
gets priced as a bankrupt company we know that it's it's just market manipulation and so that's
that's the thesis right these shorts have shorted it two to three times more than the flow and that's
what's reported by the way which not every short has to be reported that's another rabbit hole
um report is code for bullshit yes exactly and it's it's shorted more than the float by multiple
times and it's the stocks the shorts are trying to price it for bankruptcy and it's not going bankrupt
and in fact it's been growing um and again it's not yes it's not growing 50 year over year but it's
because it's a mature company it's hard to grow a five billion dollar revenue company by more than 10
percent a year i mean almost no large cap company can do that there is no more bear case no exactly
and now that they have all of this money from the the the share price and everything else starting to go
up that that's only increasing the amount of money that they have to work with as a company
and they're able to trade with this shit like we're we're looking at the capability of them actually
just exponentially increasing their uh their capacity for revenue
completely agree yeah so again like what's happening right now is what we said earlier is
this is an ftd cycle um maybe a bullet swap expiration no one knows um and retail we've been in here since
the beginning and we haven't left but the price action that's happening right now is not like not
driven by us not mainly we might be definitely contributing but it's not driven by us there
are 77 million dollar block trades in pre-market you know there's i just looked on bloomberg there was a
um five five thousand uh calls bought at a hundred dollar strike um today is that a retail trader can a
retail trader buy a thousand call or five thousand calls at a hundred strike and actually someone else
pointed this out fidelity and all the brokers don't even quote the hundred dollar strike so that
option must be an institutional option it can't it's not available to retail so what's happening is
just the institution it's available on thinker swim now it is oh it is okay okay sweet it wasn't
available on on fidelity it's not available on yahoo finance last i checked what's the expiration on
it it's this friday yeah this friday that is a crazy fucking bet insane right and someone else bought um
two weeks ago somebody bought uh or at least several people bought um 30 calls back when the stock was
about 12 um and there's 30 000 of open interest at 30 yeah uh one of the co-hosts on the pp show uh
michael he spent 600 last week on calls that expire on the 17th with like a 1250 strike price he spent like
600 bucks and it's six digits all right this is what i've uh decided here now i'm done with crypto
it's over we're not getting these type of gains what's going on somebody say hold on a quick leap
to your question earlier i want to answer that because uh when you ask like why gamestop investors
are not going into the sort of meme coins and and such uh as one yeah i'm sort of like that blend
of both crypto and trade fi uh i personally look at like the devs check contracts look at what uh the
the influencers are for the specific things uh i'm kind of like uh i i believe it was peruvian bull
that had said we're kind of less risk averse or maybe it was ben that had mentioned that like
we're more going for the long term in a trusted safe kind of manner instead of just yolo like it's
sort of portrayed all gme investors to be hold on hold on game stop buying like options like that on
game stop is not being in it for the long term and solid and say it is just as rich look you guys are
just like us you're no better no worse we're all no no no they not like us leap oh yeah not like now i
will say this to all you tried five people do you guys even know what friend tech is have you ever
heard oh god damn it yes and continue i'm just kidding i i could care less for those applications
um look okay this is what we'll do we're gonna go to some of these hands here um this is the future
of finance welcome to the room everybody the truth about gme and roaring kitty click that button
in the bottom right hand corner again it's at 345 likes if it hit if it hits 500 likes i don't
know what might happen i'm just saying i don't know what would happen um we're going over to
fuck it let's go over to ben ben you were in the request for a couple hours i'm you know glad you got
to come up here what's going on it wasn't a couple hours uh but uh yeah thanks leap i appreciate it
been a long-term lurker in these spaces i'm boys with llama so i'm always uh joining here because these
always happen at like midnight i want to see what uh llama spouts off on but um yeah i joined about
i feel like it was about an hour ago we were talking about the over financialization of the
economy and um i i tend to agree with a lot of the takes that people had um ben hunt um from epsilon
theory writes uh very eloquently um about this this concept of over financialization um in the last 24
25 years um in the us but uh there's a llama made a comment about like if the us something about if
the us went to a gold-backed currency or bitcoin-backed currency or something the kind of problems that
would cause and i think that there's important context needed as it relates to this idea of
over financialization so economic decisions are a lot more like they're a lot like engineering decisions
like there's no necessarily right or wrong you know at face value there's trade-offs um that i i don't
want anybody to interpret that as uh i'm defending you know the last quarter century of uh u.s monetary
policy or fiscal policy that's that's certainly not my intention but there is a trade-off in the
direction that the u.s is taking in the past 25 years um and that trade-off is that it's led to
tremendous growth of our capital markets right so necessarily a deficit in the public sector
will lead to a surplus in the private sector and that showed up in in our markets right this is
this is uh uh an objective economic definition this is like accounting um sectoral balance so you look at
the s p since uh i think the last time we ran a surplus was 2000 and the national debt was around
five and a half trillion um what is it now it's like 35 trillion so you know that that's had tremendous
consequences but if you look at our financial markets since then i mean it's been a a boon um and
of course that's positively affected crypto as well so um i don't necessarily have the answer to that on
the monetary side i don't know if i would get rid of the fed or if i would change uh i i would certainly
be buying bitcoin if i were the u.s government but um just that singular focus of like what should the
fed do is a very very difficult you know spot to be in um because the fed has a very specific mandate
per congress and there are trade-offs to the decisions that the government makes right it's not
like it's all bad that we've been running deficits it's been it's been it's been great for our stock
market it's been great for us equities right great for the present at the expense of the future
certainly certainly that's how i would interpret it as well but but a position that i feel a lot more
confident in is like um uh high ex thesis on competing currencies like i have a lot more confidence
in that that i could decide between holding fiat and investing in bitcoin as the store of value and
investing in other commodities as a store of value i can defend that position a lot better than saying
something like the u.s should go back to a you know a gold-backed currency or a bitcoin-backed currency
we officially got a hayek shout out in a crypto space now we're talking baby let's go
but here's but here's here's the thing look with with prioritization of stock market denationalization
of money great book everyone here should read it 100 i'll definitely support any mises or hayek shout
out for sure but if you prioritize right stock market price and you know asset price financial
asset prices in general above everything else and i'm not saying you are i don't think you're saying
that but i'm just saying this is what the the policy and the effect of the fed has been for the last
let's say 20 years you're mainly affecting the wealthy people who own the stock market right the top
10 tnbc put in an article two years ago the top 10 income earners own 85 of all the listed equities
so when when nasdaq and qqq and spx rip it's not helping the average person that much it's helping
the people who already own a shit ton of stocks and so they're the ones who benefit from qe more than
any of us oh that's that's absolutely correct that's another correct another yeah and and same with
same with government deficits as well like like that ends up being you know where the real money
printing action is but all that inflation just flows to assets and most people don't have serious
exposure to assets so this is this is why you know i i this is way before i got into crypto but
i studied public policy in school the the single best thing that i think you could do the government
could do to uh alleviate income inequality is create a sovereign fund like many other countries
that have sovereign funds all of the so-called socialist countries in europe nor you know the
largest sovereign fund in the entire world is not uh saudi arabia or one of the middle eastern
countries or signapore or china it's norway norway has the largest sovereign fund in the entire world
like these these countries these other countries do a much better job investing in their own capital
markets and then delivering those returns back to if you think about your citizens as token holders
you know you're you're you're driving value back to the the token holders of your country i i don't for
the life of me i don't know why we uh engage in such inflationary monetary policy and do not have a sovereign
fund not that i'm disagreeing with you but norway's also got the special conditions of a small
population and a little oil so yes for uniquely yes they're very much a rontier state but there are
others there are other countries as well that are not in a rontier state position that do have sovereign
funds well this was the second point that we also have a shitload of oil by the way that related to
what you guys were talking about earlier and it's a perfect uh perfect point is that i don't think we're
looking at the right the right question we're so concerned about well what can be done what can the
fed do rather than what are they doing because the the fact is the whole concept that this is you know
years and years out we probably won't see this in our lifetime we won't see the transition of bitcoin
in our lifetime we won't see the mass adoption we will we are we're watching it now so if you look at um
like the the genesis project that happened in tel aviv if you look at uh the new esg project that's
going on in europe that that's creating the uh central banking digital currencies if you actually
start to peer into that nightmare i mean you already have 16 countries total that are running cbdc programs
on the underlying fed right now is our has already implemented fed now so that's already going the fed now
within the board that happened i forget the name of it i have it pulled up right here um but they did
a whole panel uh earlier last year and it was specifically in regards to the faster payment
council uh it was specifically in regards to how do they transition and incorporate uh the new fed now
program with other entities that uh that are out there to uh to incorporate into the fast transaction
system and the immediate transaction system that's being created involves things like srp i mean xrp showed
up to that and had a whole ass panel for themselves regarding the creation of central banking digital
currencies so they're already all they everyone's creating cbdcs yeah i think i think that's correct
brazil goes live with drex i think at the end of this year and uh another point to to be had here is
we don't know about the the one thing we don't know is the underlying of those cbdcs because uh a lot
of people don't realize things like xrp that's a layered tech it just like uh with ethereum's network
how ethereum layers xrp does the same shit and on top of that they've been going from country to country to
country uh trying to do talks with them in order to get other countries on board with building their
cbdcs on their network and it's already accepted by bank of america it's already accepted by wells fargo
as uh remittance uh international remittances and it's also been touted by um mastercard and saying
that mastercard has said specifically that they uh support it being a globally accepted remittance
are you guys ready for the mandatory eyeball scans and blood draws and cbdc dude it sounds like it
man they're all for it i mean uh fuck all this you know freedom and personal liberty shit let's just
all let's just dive into uh you know janet yellen meme coin and we'll all be we'll be happy i think i
saw hate it but that's what they're doing i think i saw nick carter or someone tweet recently
you know the the saying that uh if alcohol were invented today they'd instantly make it illegal it
was like if cash were invented today they the government would instantly make that illegal
oh absolutely i mean they're trying to do that right now have you heard about operation choke point
they're literally waging a war against people who businesses uh who operate using mainly cash they
started with atms in the 1990s um and then they've been moving it on to basically every business that
handles majority cash they make it extremely difficult for them to do business that's why
weed businesses have such a hard time they kill the taxes uh australia as an example uh some of the
banks have uh like pretty much decommissioned their like banking branches and specific more specifically
like the atms it's all trying to be pushed towards digital so cbdcs their w cbdc and m cbdcs can all
coexist in one central bank centralized entity aci worldwide is partnered directly with ripple which is xrp
and their partnership directly aci worldwide accounts for nine percent of global swift transactions and 30
percent of swift transactions within the us yeah well so like swift and bricks are covered like that's
where the m cbdc and w cbdcs kind of come in like each one is facilitating for those specifics like one
is swift one is bricks xrp provides not only a conduit between the two but xrp provides an alternative
i'm not supporting extra i don't like this whole cbdc bullshit don't get me wrong i'm just pointing
out you know what is an xrp is supposed to be a uh off-ramp alternative for swift between the
countries and there's 18 countries as of december that are already using it in that manner
what's the tps on a good hedge i'd say i i go for everything
yeah xrp is uh pretty gay okay look we're going to the hands we're going over to to bstrat bstrat
appreciate the patience what's going on what do you think okay so i've raised my hand up for a long
time ago um you asked a question leap about why retail investors in the stock market weren't coming
over to crypto and i think that's there's several reasons it's because you know the media it's painted
it is like you know dirty money and for all this illegal reason so there's just that negative
stigma around it so people stay away as well as you know the and the reason game stop got out of the
nft market was basically because of all the there was no real direction of how the sec was going to go
about the law surrounding it and they didn't want to get too far deep into that and then have you know
be in a position where they were going to you know get in trouble in any way or you know have to do a
lot of back end stuff to be up to regulation or whatever but being a game stop investor since 2021
before that i was not into crypto i'm only into crypto because of game stop and the fact that they
made that same be straight as well right and like i think ben was saying you know it was a failure but
not in it was but in a way it wasn't because i mean us game stop people that have been in the stock
most of us were not into crypto and so that was our you know it on boarded us into crypto and we made
the nft marketplace you know bigger and better than coinbase was able to make one
and game stop has 55 million power rewards members so that's something right there they can leverage
whenever the actual technology gets there and they maybe can partner with someone who can onboard
masses of like gamers into crypto because the onboarding process into crypto right now
is still terrible and that keeps a lot of people away so okay that's actually only dumb people though
you said you said dumb people i think there's a good point here's the thing i i agree with you the
way the media portrays it is it's scammy it's dirty and all these different things you know i'm looking
into uh game stops nft market and it was mentioned earlier in the space but i'd like to double click
on on this because it's just interesting so they in the first two months they did six million dollars
in volume which isn't nothing but it's also not crazy it's definitely better than what coinbase did
with their nft marketplace though i don't know if that's as much as coinbase's fault but that anyway
that's a whole different topic the traction wasn't sticky though the site has seen roughly forty
thousand dollars in volume over the past month as of that was january 21st 2024 um so i guess it's
shut down since then um but the interesting part that i'd like to learn more about is game
soft received a grant from gaming layer two immutable to set up a hundred million dollar gaming nft
fund i know that it was brought up in the space earlier but we didn't really dive that deep into it
peruvian if you know more about this or b strat or anybody on stage how did this work so immutable
just gave them a hundred million dollars like what what happened they selected a certain amount of
uh different projects i only know of specifically three so like uh illuvium guild of guardians and
cure verse uh god's unchained got it too oh god's unchained okay oh yeah the starter pack that you
actually got for being a power up rewards member uh everybody actually got a free exclusive uh gods
unchained pack uh so uh the nft marketplace even though you guys you know you guys are talking about
like volume and stuff like that uh it was brought up earlier about like how amazon and berkshire started well
a lot of people forget that amazon started as a bookstore or as a book marketplace and you know
what you're comparing amazon it's starting as a bookstore hold on just just hear it out for
one quick second it's all i'll take uh so that bookstore was so he could get enough categories to be able to
uh make this huge uh platform and then he switched over to uh all different products and that was really
easy because he had already set up that similar style and the reason that was unique was there was a tax uh
haven sort of by offering online sale books to where he was making money because there was no sales tax
because it was an online sale uh that same kind of concept could and mind you it is gone because of
uh regulatory uncertainty uncertainty is what gamestop officially it's an excuse isn't that's not what i did
right yep but to continue uh if this nft marketplace uh were to be used for like what was also brought up
earlier the in uh where they have grading for cards and your different tradables you potentially just set up
a trade system using blockchain nfts and in store as a centralized entity kind of actor
like any like of the real world assets stuff like we see a lot of this i think my point is i don't think
they i did they really stop because regulatory i mean open c is still operating magic is still operating
there's a ton of marketplaces still operating that's their official line is completely with the it
lined up directly when uh legislate legislative rumbling started coming down and their pause lined
up directly to when uh there was uh legislation that was getting pushed through the house regarding uh
nft marketplaces as a way to get there's been like legislative grumblings around crypto for like
every single year they that's just like some companies speak to cover their ass not say that
we got played by scammers okay hold on hold on i think they probably use that as a way to get out
look i love nfts i buy it i i spent ten thousand dollars on a fucking d god a couple like a week or two
ago so i trust me i love nfts but to be fair nfts as a whole kind of are in a really shitty place
right now and i don't blame gamestop for basically shutting down shop because look it just doesn't seem
like that profitable of a business model for them and nfts need a lot of work right now before i can
see any new marketplace gaining any sort of traction hell the only marketplace is gaining traction right
now or have any traction are the ones that are paying you to use them and they literally have to
pay you to fucking use them right so you know okay the point is look we're gonna go over to alex
alex appreciate the what is your point i don't know ice bags i'm just riffing um alex what's going on
yo what up leap uh good to see you again good to be on stage um i need a minute or two to cook on
this one but i think you're gonna like it so i think it's interesting because this is a space full
of crypto people right but the topic is gamestop and i feel like the reason you know i'm not i'm not a
crypto dude i'm a gamestop dude and so yeah okay so i'm a toxic bitcoin maxi that loves gme as well
it's just so cool all right hold on you guys sounded so offended to be to be grouped in with
the crypto people what the hell we're not we're not that weird okay they think we're dirty we're
not that weird um okay we're going to back to alex alex stage is yours
okay so basically the point i was going to make is that i think uh you know whether you're crypto or
gamestop person i think crypto people feel a connection to gamestop people and i feel like
that connection it's it's largely cultural right and so that's why like during this convo it's like
either shifting into like deep crypto or like deep gamestop but there's not like a common thread
between them and so i want to attempt to explain how i think it's going to go from like a cultural
connection to this being like an actual tangible financial connection within the next year or two
between crypto and gamestop people so if i were to like summarize the story of gamestop
it's that people love the asset but they hate the system they hate that trading can be arbitrarily
halted on these exchanges uh they hate that it's not open on weekends it's super opaque so you have
these like institutions coming in and like wrecking these retail traders it's like impossible for
international investors to get involved so that's kind of the story of gamestop and the story of
crypto is that people generally still outside of like your chosen asset most people hate the assets
but like love the system people love that it's 24 7 markets people love that it's permissionless
that there's composability etc etc so what i think the future is going to look like is that you're going
to have assets that people love like gamestop on the system that is crypto so imagine being able to
you know press a few buttons buy some gamestop shares on like a saturday at 2 a.m look at the
on-chain order book and then put on 100x long and go full retard like you just can't do that in the
existing financial system today but you can do that with crypto that's why i fucking love crypto that's
why so many people love crypto um and like to be honest with you and like i'm biased because i'm in
this category but like that's literally what the promise of like the real world asset category is
and it's funny because like people always love to be like the one killer use case of crypto is dollar
backed stable coins and they're correct because basically what we did is we took like an actually
valuable asset in the real world and we found a way to put it onto the system that is crypto right
and so now you can send dollars 24 7 across borders uh very cheaply no gatekeepers etc etc so that works
really well with the u.s dollar and i think we're going to start seeing it with equity soon and um
you know i have some insight into this because that's literally what my company is doing it we're
doing it with private equities and debt we're going to do an open ai offering but you know just so it's
not like me showing my own bags there are a lot of other companies pursuing this like there's one in the
us called denarii where you can like literally go and get shares of like coinbase and then like get
an erc20 token that's a derivative of coinbase and then go use it and like borrow lend protocol so
i guess just to summarize it i think what's cool is that in the future like this won't be like some
like hypothetical comparison between gamestop and crypto i think assets like gamestop shares
will be trading on crypto and it's going to be fucking great uh that's the end of my uh my little
spiel could i ask a just a question about that since you have like insight into that industry
my first question would be the whole reason why we're trying to make a better system that doesn't
have all the backdoor fuckery and obfuscation and the shell games what's stopping the exact same big
entities that are doing it right now from just doing that on an altcoin in the crypto world
liquidity yeah i mean liquidity is part of it i also think like what does that mean explain
well so yeah i think there's a couple things right so i actually before liquidity even i think the
biggest thing is that you can insist on using applications that actually have their order book
exposed on chain so that you can actually see uh what the true you know markets look like and like
yes obviously people will try to like game it with things like otc desks and things of that nature but
i do think you can move towards more transparency if more information is available for people to look
at like i think gmx is actually a really good example of it like i think most people would agree
that gmx feels like a more fair exchange than most out there so i think order book transparency goes
like a really long way uh with that and then i think also the accessibility piece is like a really
big deal because like part of the like reason retail kind of gets wrecked on a lot of these things is
they can't get in at the private stages so by the time they get their hands on an equity like
gamestop or uber or whatever like you know 90 of the gains have been like sucked up in the private
market so if like people can press a few buttons and actually get exposure earlier it's just
statistically they're more likely to have a better outcome than say something that you know lists that
ipo after it's done you know eight rounds of uh fundraising and hundreds of millions of dollars
no that's kind of a good point though tether and circle both have freeze functions
are y'all ever worried about that yep i mean definitely worried a lot of these a lot of these
applications can marketplaces whatever the fuck they can blacklist you stop your wallet from
interacting with their stuff whatever um so we just try to use at least me personally just try to use
things that aren't like that um now at the end of the day i mean there's still tons of like centralized
endpoints and start point even like coinbase gotta go in and out of coinbase to or there's other
options of course now this is there's other options there's other options but it becomes complicated
and you know i'm also in the united states and i want to do everything the legal way i want to pay
my taxes do everything the right way now this is a tweet um jim kramer says he cannot and i quote
see game stop trading at 64 or even 44 and the responsible move is to sell sell sell oh it's going
to 69 so fast and kramer said if it hits 69 he will eat his own dick on live stream he tweeted no that
part i went through his tweets that wasn't there that was a photoshop but i wish and gme was at 77 this
morning um yeah okay well actually 80 80 in pre-market for a few seconds well i'm subscribed to jim
it's a 61 right now 61 60 right now you realize you have you have little shit in here leap yeah i've
been trying to invite him up he's he's not gonna come up inverse he would come up he won't talk you
have little shit in there that green rant won't come up that's good little shit come up here inverse
bro come up you don't talk it would be an honor to have inverse on stage just come hang up just
coming out he will not come up but you do have little shit in here because he's actually uh
he's making notes right now of what's gonna what he's gonna put out tomorrow
what the fuck you don't do what you're talking about he's just making notes of what he's gonna put
out tomorrow okay yeah he's gonna inverse for all of us jim kramer will be joining this space in the
next 30 minutes um i what he's he tweeted it okay look we gotta go to hands um we're going over to
naveen naveen all right talk to me what's going on yeah i think it's really interesting like
picturing the future uh in terms of you know other kinds of assets that can move on chain and
how that would impact markets i mean i love the idea that alex brought up about giving like everyday
investors earlier access to things i think i think the whole like accredited investor rules
uh in the u.s are a tragedy um for people because it really um prevents people from being able to
participate um you know the whole idea that you have to have like a million dollars in like you
know liquid assets or you know a quarter million dollar salary or 200 000 whatever the level is um to
be like a a you know considered to be an accredited investor um i think it's hogwash i think it's
terrible you know and it's it's one of those things that really prevents uh you know people from rising
up and moving up in the world because you know to his point now i i will say that like you know going
public uh in the stock market is wildly expensive and there's a reason why you know these companies take
so long to go public um you know i i've said this many times but you know the average time horizon
you can first check the liquidity event uh for a uh startup is you know almost nine years
so i think there's like a patience dimension you know us in the space just frankly don't have you
know really excited to go and you know ape and some meme coin or whatever and hopefully it you know
explodes and goes you know parabolic goes up 100x within like an hour or whatever that's like you know
the dream but that doesn't happen in the real world right in the real world that doesn't really happen
um with like real businesses or because it takes time like at the end of the day like the tldr is
it just takes time generally speaking to create value like that's just kind of like a hard truth
um and there are exceptions to the rule of course like generally speaking they're definitely exceptions
to the rule but generally speaking it just takes time to create meaningful value and and really for
the story you know to like permeate society for everyone to learn about it for everyone to like fall
look for product for everyone to become a fan like it just takes fucking time um and so uh yeah i mean
i i dream of a day when the accredited investor rules are abolished and people can just play i dream of a
day where these things like you know are on chain you can trade them 24 7 um you do all kinds of really
fun things i also dream of a day when um you know these like transactions can happen in a more
confidential fashion you know i think that's like a huge problem obviously and everyone knows my feelings
on this um you know i think like you know the fact that there's no like default confidentiality on
chain is like a tragedy as well so i think you need like a combination of things these things to
happen um in terms of the regulatory environment you know i think it's really challenging i mean
someone mentioned freeze functions for stable coins yeah i mean that's all driven by like money
transmission license rules and fin sen and you know these other like regulatory bodies that you know um are
are overseeing you know these sorts of things and and ultimately like the banks the banks that are
you know underlying all of this that are you know custodying the dollars and short-term treasuries
that you know make up the reserves of these stable coins you know they're the ones sort of like
dictating the rules um in a lot of ways and so you know ultimately what has to happen is
you know we need to have you know better legislation um around these kinds of things um that really
like creates that sandbox in america where we can really experiment right that's like what's
actually needed and uh it's really difficult because you know that that doesn't seem to be
like the focus obviously there's many other challenges in our in our world outside of like
that kind of a piece of legislation so that's why it doesn't seem to really move forward um but i
think who you vote for does matter like i think it really really matters i think this election cycle
is going to be very interesting i think you know crypto is slowly becoming more of like a political
issue um and i don't know i'm really fascinated to see what what happens but i'm pro america you
know i'm i i've you know very grateful for all the opportunities the country has given to me
absolutely bags absolutely brother um yeah i just hope that we can like move in a positive direction
and inevitably i think we will like that's just the american spirit um so yeah that's my spiel
so you know that leads to my next question here sorry lee before you go i need to i need to help
man it's been three hours and i'm two hours ahead of you so it's like 11 30 what the heck you promised
you would do nine hours tonight this is nah bro this is a ridiculous well i'm not gonna happen
you gotta you gotta you gotta you gotta give me uh give me something for that man nine hours
come on i mean this is crypto we have adderall prescriptions everywhere so you just hit me up
uh but peruvian seriously though like this was our first time actually meeting on this space tonight
and um like i let anybody doesn't know i just hit up peruvian because he was referencing me as a
legend in the gme saga and i was like hey let's come let's do a space tonight and not only did did he
agree to come do the space but he organized all the other guests he brought people he shared this but
he really did a lot so shout out to you peruvian um now he's crying he's crying crying what is he
crying is he want to go home now yeah i want to go home it's like it's like pretty tired i can get
tucked in now you want to come over oh my god look bull i appreciate you so much now this leads to my
next question uh please everybody in the room follow bull navin you were mentioning you know the
election so on and so forth all right let's just come out with it who's voting for biden who's voting
for trump oh my god jesus christ leap i'm voting for bitcoin it doesn't care all right uh
israel or palestine okay now we're getting a little ridiculous alex um i'm throwing it over
to you what's going on i mean i'll say it biden wants to kill crypto in the u.s said it before
say it again not afraid to say it but um i was gonna respond actually to davine's point which is
there are there is tech coming out for a lot of this stuff um like basically being able to do
transactions um you know like on the blockchain and like an anonymous manner but i think getting
back to like some of the cool stuff like i truly believe like the coolest equities in the world
are in the private markets like yes there's obviously like the big tech companies that
have performed extremely well but if you want to get like the type of upside that i think a lot of
people at least in my generation like need to keep their head above water like you really have to go to
private markets to get that have you heard of with futures what's up have you heard of whiff yeah
great token to the moon but yeah no i think the thing is though right like i think there's a more
happy medium that was like basically my point is like right now people are kind of like stuck with
like extremes like you either go for like the whiff or you know whatever meme coins like you know
going off on like popped up or pumped out fun on a given day or you're stuck with like kind of these
you know like traditional assets which like yes they're like doing right like great but i mean if
you're working like uh you know minimum wage job or even like slightly above minimum wage like
by the time you take like your after you know expenses income and like put it into like
you know indexes like you're not going anywhere anytime soon and so like i think we need to give
people like an opportunity to like buy these assets that like right now frankly only like super rich
people and institutions can buy like that's just the reality you know since we mentioned yeah yeah so
earlier one more change that i would fully support get rid of the accredited investor rule
that is a ridiculous restriction in the u.s that says basically only rich people can get rich
and they literally just raised it in 23 i believe uh they like pretty much added an extra 100k that you
need
yeah so i i look i said that too i mean i completely agree but i just will say as someone who
angel invests a lot um like a lot a lot uh i i can just say that um you just the challenge is that
there it needs to be paired with some education like for example if you're going to start angel investing
in early stage companies if you're not willing to cut at least 20 checks
fuck off like don't do it because like statistically uh it's it's dude it's fast no yeah it's not
because i'm pretty retarded i'm proof that it's not 95 95 of new companies ultimately die so what you
have to do is you have to you have to you have to be willing to you know write a lot of checks like i
met before i started angel investing i met with a um i i met with a really sort of famous angel
investor named mike maples and you know i asked a bunch of questions because i wanted to learn right
like i'm not i'd never written a check before and you know i i know that i'm an idiot and don't
really know anything about it especially at that stage in my life so um you know might as well learn
from someone who's really good at it and uh and these are some of the things he said he's like look
you have to be willing to cut at least 20 checks because you know the statistics are working against
you you have to be willing to be ultra patient you know um like i just had an exit last year for a
startup that i invested in and it took 12 years it literally took 12 years from the time i wrote the
first check to the time where the company actually sold um and you know you just have to be like
hyper patient because uh that's just the reality of the private market so i think i think i agree
completely with abolishing the credit investor rules like full stop but i also think it needs to be
paired with some education so that people don't you know have delusions of grandeur and think like
oh i'm investing in the next uber and i'm going to get kind of get rich tomorrow because that's just
like factually not the way the actual role works because of the accredited investor rule there's no
innovation in offering the product to retail right so like you could have like why can't you crowdsource
a venture fund like why can't retail lp into into venture funds that's something you could do that
would you know that would limit your exposure let's go to bags well yeah i mean sure jesus
yeah sure sorry go ahead i just want to hear bags i want to hear what he said i have to say
on what on that conversation you had your hand up i just wanted to yeah i actually thought it was a
great conversation going back and forth but alex is 100 right like if if you're uh if you're gonna
jump into this shit you better be ready to jump into this shit you better be ready to write
fucking 10 20 30 checks because i'm the same way like i had i had one the other day and i turned
it down and i was like yeah i'm done i'm not i'm not getting out of this and it was a deal where
y combinator got out a couple others got out and they wanted to get us out at like 50 60 percent
of what the valuation was and i wasn't willing to but i think it's a deal that turns a 10x in the next
like three years but i'm already three four years into it right so like you've already got you're
already in three four years now you're playing on another three four years so you got to be ready to
to to endure that shit i guess if you want to get into it i don't know i i actually enjoyed the back
and forth that alex and whoever was having i will say this um you don't need to write 20 checks all
you just need is a one month cliff a two-week vest um you know 900 of your tokens available on tge
just dump all that shit on the open here we go baby now we're talking and that's the shit that i
don't want to be fucking involved with but that the thing is is not i understand and i'm actually
at a point now i didn't happen for me last cycle but i'm at a point now where i have an opportunity to
invest in some things and um i mean i'm really saying no to to damn near everything because
you look at the first of all these terms you look at them you're like all right this is a scam
this is 100 it's vaporware it's bullshit all right so what do you like leap tell me tell me what you
like what are the terms you like to be honest i don't know i'm not educated enough on how the entire
thing i'll just be completely honest with you like i'm very new to it and i don't know what i should
be looking for and what i shouldn't be looking for it's a tough thing and i think unless you have a
mentor or someone who's been in the like naveen has naveen to me is like if i ever need advice
on something like this i'll just go to naveen because he's a good one he's a good one super
talented and experienced when it comes to this stuff um but for anybody who's getting in like me or
any of the other people who have you know gotten these opportunities presented to them yeah you you
have no idea what you're looking at and they send you these contracts you have no idea what they
mean now some of the opportunities are phenomenal i've had some opportunities presented to me that i
feel lucky to be even the option of taking them um but most things are not that and it it's tough
because i've started to realize too it's if i just buy a shit coin on a private wallet there's very
little risk for me if i lose money that's my own responsibility but if you start throwing your
money around with these checks and these companies and all this different stuff well your name is there
and there can actually be reputational risk if something happens um so you have to be a lot more
careful and you can't just think about it as if you know you're buying 20 shit coins a night
but well it's funny you say there's just so many not to interrupt you but it's funny you say it like
that because the whole z casino thing just went down right like the that company scammed people
whatever fuck derivative monkey but i had personal friends that had invested in that company and
they didn't do their due diligence and they just were kind of throwing clips at companies
because they had the money and they were treating a lot of people in crypto once they get to the
level of angel they just throw clips at companies without even doing a lot of due diligence and like
you said like their names are on these things and um it it can backfire because that company ended up
being you know kind of a rug and uh these these are good guys these aren't you know bad people
and um you know it ended up hurting them really bad i've been i've only that's the thing only thing
i disagreed with naveen about is like i reached a level where i'm not i don't have a lot of money but
i was able to angel in two companies i really really really believe in and i wasn't going to
sit around and wait until i could do 20 companies at once and hope i win like i i took a chance on
two companies that i really believe in and and and so far you know it feels really really good but
it is tough when you come from a fucking degenerate place like crypto and then try to start doing real
things you know it's really really tough for that learning curve
yeah i i'm gonna hop off um in a minute because my plane's about to leave but i just have one thing
i want to say and which is like um i look i i think it's great if people can start angel investing
i just would urge people just be like learn just learn like so for example something i didn't learn
about um early in my career that took me a minute to learn was like the power of pro rata rights
i like super powerful right like the ability to like double down when something is doing really really
well the ability to like double down and maintain your overall ownership percentage
and you have to ask for that like that's not something that's like automatically given to you
and most people don't even know what a pro rata right is or for example knowing like a little bit
about the lead investor and the fund and where they are in their fund life cycle you know if someone
is investing for example like late in their fund you know the average lifespan of a venture capital
fund is you know 10 years plus like options if if a fund is investing late in its cycle
into a round then they're going to have like more interest in selling sooner and not like waiting
necessarily as long because their fund is going to like expire at some point so there's like all
these like little fucking nuances or like what what how is the uh larger the lead investor if there
is a lead like how are they defining you know preferred share rights like is there is there a
liquidation preference how does that impact you as a smaller investor like there's so many things like
information rights like so many little details in this whole game that are like really important
that that's why i said it's got to be paired with education like you know kill the accredited
investor rules but then also like pair it with education so that people know what they're doing
so they actually have a shot at making money yeah and that's and that's 100 truth that's 100 truth
and when i sat down and we wrote out all the shit for like our guys right these guys are
fucking regular guys and we wrote out all the fucking rules and we wrote out all the shares
and then these guys were coming to me and they're like yo we're not accredited investors and we can't
do this and i'm like man this is really kind of fucked up to be honest i walked through it you know
what i'm saying but it was like it was a pretty fucked up situation where you're saying all right
somebody's not an accredited investor because of this this and this i realized i was not an accredited
investor early on right i was on fucking e-trade and i was doing all the shit when this is before
game stop this is before all the shit and i did all the shit before then and they were like oh are you
an accredited investor and i'm like of course i am because i'm a fucking big dog right and so i
fucking just walked myself into all that shit and i'm like yeah i'm a fucking accredited investor
right and here's my fucking dollar bills right and i was taking pictures of myself with like the
fucking money no i'm kidding but like that's essentially what it was to be an accredited
investor and so you're like at that point you're like fuck you you know now you understand what it
is to be an accredited investor so then when i went into another business and i actually had people
like getting shares and shit for free and they were like yo i'm not an accredited investor i'm like
chill the fuck out you're good but at the same time like it is what it is yeah one of the companies
i invested in just the way it was set up like i was required to be an accredited investor to write
a check so what i ended up doing was just working for them for a few months and earning all of my pay
and equity instead um because i was an accredited investor but they wanted me in their angel round so
like there's ways around certain things um but yeah that that is a big problem that's the clown
that's the fucking clown show to get around a fucking stipulation that's retarded right no i agree
i completely agree
well hey leap uh thanks for having me up i gotta get going uh ben good talking with you everybody else
three i see you still there b strat good catching up with you you guys all have a splendid evening
it was absolutely wonderful chatting with you my friend i'm glad i made it the whole period and i'm
looking forward to doing it again in the future
thank you appreciate you i also say this it's really only the trad fi stock people
that will say bye to each other on crypto stages in crypto spaces they're just fucking gone in the
middle of a take someone will be addressing you they just drop from the space we gotta sell shit
coin we got shit to do look the trad fi people they got better manners than us i feel like we can
learn something from their families and stuff too yeah i know by the way i will say um as we're kind
of coming you know winding down here this was i actually think my biggest space of all time
um we've had some no that was last night leave no no that was that was last night was bought it
somebody bought it us last night but tonight we were not bought it and we hit 2500 concurrent which is
that's the highest we've ever been in in three years um which is kind of insane and you you deserve it
brother you've been killing it for a long time i appreciate you but but i have to give credit to
the gme community like legitimately peruvian um everyone else that was on stage like they brought
the audience they legitimately have massive pull and the the people that want to consume content in
regards to stocks and things like that is much bigger than the people looking at crypto right now so
if we can do more spaces like this where we kind of bridge the gap between the two
you know you know as cringe as it is like there's a lot of power there between both sides that can
can do quite a bit so i want to throw it over to alex quickly here alex i think you'll be the final
speaker what's up yeah i guess before i go in i also just want to say uh like how's off to you
leap for like grinding so hard like i know you were grinding through the bear market and i used to do
these spaces with you and then i got sucked into like operator mode and i know people like bags can
can relate to that because it's fucking hard to like you know like basically being a creator
and doing this is like fucking super draining and like a full-time job so just like kudos to you for
uh like grinding through it um i know like people like you thread guy like uh you know pancakes like
you guys were really like keeping going through the bear market on like the content media front so
you know first off like kudos on that um it's it's fucking hard to do building's hard to do but
like also publicly putting your name out when things are going to shit uh like really suck um
so i just wanted to give you i'm glad to see you getting uh the spaces and i don't know like i guess
just like my my final point was just going to be like yeah like you know this stuff's hard like we
just closed our term sheet for a round which we're announcing next week and yeah this shit's fucking
complicated man and it's like i've been doing it like for a while and it is very convoluted and i think
that's where this like all becomes connected and like again it's the story of gamestop it's the
story of crypto like people should really care about uh basically the protocols whether it's like
detect or the literal laws that like undermine the financial systems because it it literally
determines like where people land in life and what they're able to do and i think it's important that
people learn and and get in it as vested as they can and i actually wanted to end with one quick story
that's like really interesting that i learned while i was like doing you know months of research
for this company but a lot of people don't know this but you know if you're familiar with like
angel list uh you know obviously it was started by devolt and uh startup equity crowd raising
platform and you know if you have time everyone should go to read the history of angel list like
it's fucking insane like it started as a newsletter between like the top like angels and then startup
founders could basically uh like reach out to naval and nivi to like basically get on the list and uh
be sent to these accredited investor angel investors and naval and nivi were like okay like if there was a
way to like allow startups to generally solicit for more investors like it would completely change like
you know the venture uh fundraising markets and so what they did is they actually worked
with the obama administration and they passed the jobs act and everyone thinks the jobs act is about
jobs but it's actually an acronym it stands for a jump start or business startups and one of the key
pieces of the jobs act was that it basically allowed people to do equity crowdfunding uh from not
accredited investors and to do general solicitation so after that passed basically they were able to
build angel list and it allowed like way more people to basically like raise funds and invest in
startups so i just tell that story because i think it's like it shows the power of like if you want
to actually you know change things you have to like change the systems whether it's the laws or the tech
um and i think that's what like game stop was trying i think that's what the movement behind game stop
is trying to do and if you want to see that translated into the actual markets like you have to vote for it
you have to like build shit to change it around but it can change and like it opens up a ton of
opportunities so um i hope like everyone at least is like aware of that stuff and like thinks more
critically and reads more into it because you know i think that's going to be really cool if we can
change some of these things over the next couple years and i think that's a great note to to end on
here i appreciate you and to all the speakers and pancake everybody who came up on stage you guys are the
best i can't do without you uh i i said at the beginning of this week i'm back on my shit and
i'm really trying to get back into everyday spaces we've done now two in a row this week which is a
huge improvement for me but we're going to try to get back to it so same time same place tomorrow
7 p.m 8 p.m pacific somewhere in that range and i'm going to continue to try to reach out to
people in other sectors whether trad fi or ai or whatever the fuck and try to just bring more
communities into what we're doing because yeah i texted you about that leap so okay well i will
hit you up because i definitely need some assistance in that region as well um so yeah that's it i love
you guys i appreciate you guys this is it's kind of insane that this was our biggest space ever
tonight um shout out to gme community and everybody who's who's been supporting there and um you guys
are the best so go get some rest do things that you love and enjoy all that great stuff i appreciate
you stay safe and i'll see you soon
