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This AI Psychosis Has Gone Too Far
Recorded: March 25, 2026 Duration: 0:47:33Space Recording
Full Transcription
The I'm out. so unprepared this week that we even whatever that intro even was uh
half the audience won't even know what that is because half of them will be from america well
vast majority will be from america vast majority is from america yeah yeah and the vast majority will be from America. The vast majority is from America, yeah. And the other majority will be too young when DVDs were a thing.
Yeah, the good old days.
Quite poignant for the nature of the stream today, actually, I would say, wouldn't you?
Yeah, show everyone what's happened.
You've been pirated, haven't you, this week?
Yeah, I've been pirated, actually.
Henry, bring my screen up, please. So let's start here before we get into everything today
full full docs reveal full docs let me be clear if you've had a message from v crypto global
who someone did on telegram this is not me i did not go on this podcast i don't know how
these people know everything about me um apparently i've been posting too much on linkedin
must have been posting too much on linkedin you know how much i love linkedin um you can
but beware beware everything's fucked and people are doing the most desperate,
dirty tactics as they often do in these conditions to.
Oh yeah.
Exploiter about to go up massively.
Exploiter up, up and to the right.
AI conversation is open to the right to the point that I just can't
can't fucking stand it at the minute um my timeline is just endless tweets of people
fucking stand it at the minute.
quote tweeting their own tweet with like a leonardo dicaprio meme and like a sensationalist
title like claude just killed cmos forever with its latest update. It's like, you know that Black Mirror episode
in the recent season where he brings his missus back to life,
but like, because he doesn't have the premium subscription,
she like spits ads out.
Spits ads out at him.
Yeah.
Free plan.
Yeah, yeah.
Digging your wife up on the free plan.
Yeah, this is how it feels at the minute to me.
It's, I'm tired today.
I spoke to Hoim earlier and he was just like, yeah, that's the playbook.
He's like, I don't give a fuck.
I'm always like, fair play.
It's like, I agree.
It's rather that or people don't see
your shits because no one recognizes anything that's worthwhile anymore so yeah it's like you
just got to embrace embrace the cringe embrace the game i suppose yeah embrace the cringe uh so what
we're talking about this week uh i mean the title of the stream is this ai psychosis has gone too
far that was your that was your title should we
should we start there because like um as much as a hardcore proponent of ai as i am and i think
claude is literally one of the greatest creations that mankind has actually created i also think
like there's a lot of people smelling their own farts and it's not just like the
performative stuff um i think people are trying to make themselves look busy and just create more
work for themselves and that doesn't mean that ai increase your efficiency so you can do more it's
just like you're just swimming around like in circles doing like unnecessary shit for the sake of it. And I also don't subscribe to these people where there's going to be mass.
Well, there will be mass layoffs.
I think there will be a return to some form of mean.
I'm going to more and more siding with this kind of stance now.
Certain roles will be gone, right?
I'll just, I will just say that because certain people are
just inherently lazy and if you cannot automate that then that's fine but there is a human part
of business that just inherently needs to be there um and people have got this weird kind of
sixth sense for any bullshit and want to speak to people and want to speak to humans and i think a lot of these people like
jack laid off like what 40 percent of the workforce apparently there's slow rehiring happening already
right um i think a lot of people are getting high on their own supply and not recognizing that these
things are inherently sycophantic gary tan from fucking Y Combinator is making out that he's fucking Steve Jobs
and he's posting a Markdown file on GitHub thinking he's like invented the fucking iPhone
or something.
Like these things are designed for you to come back and prompt.
So everything is like, and people are kind of overestimating
their own intelligence and thinking well well i understand that i understand that this is
a planet i'm not getting bought into this humans got this weird obsession of like seeing things
that they think that they've created and then continually just going back into this continuous
feedback loop and people are getting way too like they're getting way too high on their own like
outputs of these
kind of things yes i think the tool is like really really powerful and really really strong and i
think it's drastically improved my life and work it just full stop but at the same time
i think the side courses is completely real yeah it really really really is and people need to fucking calm
the fuck down yeah uh henry pull my screen up a sec danny from hype did the piece this
did this piece the other day i know this is going to be a tough stream to get through this week
yeah because you can't talk tell the boys and girls what you were doing last night.
Yeah.
I just went out and drank way too many beers on a school night.
Luckily got turned away from a karaoke bar,
like knocking on 2am.
Like I woke up this morning and thought,
thank God we didn't make it in there.
I don't know why we got turned away,
by the way.
It was like Brad,
like left one bar and the doorman just pointed at him and went,
not him.
Not him.
Not him.
So yeah, my brain's like half working amidst this timeline.
But in light of what you're talking about, Danny posts this,
and I would encourage you to go and read this.
Danny's obviously heads up hype, which I think is one of the main
and probably only worthwhile agency in this industry.
I've thought that for a long time and the strong survived, don't they, in that instance.
And I think that's what...
Agreed.
That's the territory that we're moving into now, by the way.
I'm veering off ever so slightly here, but we will get to where we're at sentiment-wise.
But look, the title is AICMOs are a scam.
And I think this has sort of just being fired out of probably
frustration but also like a need to um to clarify a lot of just sycophantic sensationalism as you're
saying that's been existed on the timeline at the minute um Henry you can drop this as I say like
go and check this out if you if you're watching and I haven't read it yet it's in my bookmarks
but I already like agree with it like these things that i know we we talk about this fucking near enough every day it's like these things are so dynamic and yes
you can get 20 30 40 50 maybe even 60 70 of the way there with a lot of the tooling and infrastructure
but that's only to kind of like make your life less of a hassle when it comes down to like understanding an extremely
dynamic and fast moving landscape and how you should pivot and move how different kind of
emerging trends and and i suppose marketing metas evolve consistently just behave like yeah i don't
care how good you're fucking open coins like i don't care if you've
got it that looks like it's in a virtual office talking all its other agents you fucking weirdo
like i don't care like you're in a dopamine loop you fucking idiot i know jesus jobs and humans are
still necessary but like obviously we're taking the other end of the spectrum here because that's what sells right but
it's like if i look at even my bookmarks here and things that this is where it gets you isn't it you
think oh i better bookmark that because i'll need to read it later things like how brands can scale
with ugc content using ai workflows larry my ai agent gets me in millions of views now you can use
it too how to be irreplaceable in the ai era so i'm doxing like some things that i'm like reading sometimes out of like we've got the uh the larry founder on
friday i think yeah and i think and just just to be clear by the way like i agree with a lot of this
stuff do you know what i mean like automations wise and the way we're using it if you're not
i don't need to repeat this to either if If you're not using this for your daily work,
you probably listen to the wrong stream. First of all.
But you know what saved in my bookmarks at the top?
What?
Clip of the Taliban trying the gym for the first time when we pulled out of Afghanistan.
That's not what I was expecting you to say there at all.
Let's get saved in the bookmarks for a retweet at some point yeah but but the overall point is that um you know and i i tweeted this
the other day that these things when when like and it's always been true throughout crypto hasn't it
like because we work in like frontier tech and new things being shipped all the time and stuff,
you're kind of in an endless battle with everyone trying to prove that they know something more than you do,
faster than you do, in a race to sort of build their audience, build credibility.
And with that, people are more happy to be first than right.
So you end up in this loop where we have a kind of timeline at the
minute that exists between it's very, very hard to know like what is sensationalism? What is
genuinely useful information? Um, and what's just like sort of rage bait slash fear mongering
nonsense. Um, which is why you should tune into the block meets Friday with Brody.
which is why you should tune into the blockmates friday with brodie good blog yeah but but it you
know it it does feel as though we are in and i've had a few people dm me in a quite a weird spot with
all crypto natives and like what we've seen across ct and stuff if everyone feels like
they're in a mad scramble at the minute to keep up with and beat each other to the
understanding of this ever evolving landscape.
And the thing with this industry is what you have to understand is it's like the kind of,
if you're a proper native here, which makes me cringe to say it like that, but we all
exist within this kind of like sentiment hive mind where it's very unusual and all you have to
do is like i challenge you this right go and speak to three to five people that you might know very
well and ask them how they're feeling about where things are at if they don't repeat things back to
you that you're already thinking they're either not in it like you are not worth talking and this is why we get such extreme sentiment shifts
in this industry because it's super reflexive isn't it and you can see when kaito initially
came out and it was like super like on the nose and reflective and and they were saying they were
using it internally when they were on the trading desk where they were literally buying without
looking at a chart they were
literally buying ship based off of negative or hub of a hyper social sentiment and that was like
the leading factor like look we are a niche industry born out of a subculture that we all
know is way smaller than all of these bottled audiences would have you believe so this is why
i think it feels particularly uh
tense at the minute because everyone's kind of feeling the same thing and like moving around
these circles and going just trying to figure this out and keep up but then because everyone's
in the same mindset you've got this horrible like hectic nature of oh i suppose that's it isn't it
just feels a bit hectic and a little bit disjointed at the minute and we kind of you know like there's a there's a bear market but then this is the first
bear market where there's been an adjacent sector that's also having like the time of its life do
you know what i mean so a lot of people who are tech forward are just following what truly interests
them and that doesn't necessarily
mean that the thing that they initially were interested in with inside this industry is any
less valuable it's just a lot of these things are just attention where people spend their time and
you've got to kind of get your fingers and get your hands dirty when times are a little bit
quiet and flat isn't this you're not gonna you're not gonna have the opportunity to do it when everything's going mental like it doesn't happen like that like the rate at which stuff
is coming out is it's impossible to keep up with like i've seen like a infographic on what claude
had shipped in the last 52 days and it's basically like something every single day so we've had a
complete guide to claude in the drafts like i know og block made style a complete guide to claude in the drafts like i know og block made style
complete guide to claude in the drafts and we're just gonna have to wait till they stop
shipping stuff which might be like the end of the year because we're gonna release it it's gonna be
someone's actively gonna have to go in every day and like update that for like seo
it's like what can you even do like you can't do anything about it. Yeah. I've just seen a few comments coming, by the way.
Nev, Jamil309, good morning.
Hello, good morning, person on YouTube.
Nev, I just sent them some cash, though.
Can you refund me, Alex?
I'm assuming he's referring to the top of the show
where I said that someone's impersonating me.
Yeah, but it's funny, isn't it?
It's, I think, all right, well, that'll lead me kind of into the sentiment conversation
because we've sort of gone there, haven't we?
I kind of feel that we've done this to ourselves as an industry a little bit
at the minute as well.
And what I mean by that is the bear market is one thing,
but because of everything I've said about the AI side of it
and this aggressive race that just everyone's pivoting.
It used to be the joke, didn't it?
Like, oh, if you're in crypto, pivot to AI.
Now my fucking timeline has.
Bloody hell, we did a Claude video, so we're covering it, obviously. We're covering it pretty well, by the way, if you're in crypto, pivot to AI. Now my fucking timeline has like, but yeah, we did a Claude video. So we're, we're covering it. Obviously we're covering it pretty well,
by the way, if I do say so myself, we're not moving away too far from our roots, but
how do I put this? It feels as though the timeline is kind of eating itself alive because
by feeding the monster, by not the monster by
continuing to feed the type of content that they think people want to be seeing more and more of
by like contributing just the ai conversation over and over and over and over again it's like
dampening and quieting down any opportunity you would get to maybe talk about stuff that isn't
the opportunity you would get to maybe talk about stuff that isn't that.
Which I think is having a compounding effect
to the overall negative feeling that we've got across the space.
Because everyone's like, there's nothing going on in crypto.
Like there is, but it's just been completely drowned out.
Doesn't see the light of day.
And you've got to think like structurally why that is
and why that's totally different this time around again.
And one, you've got fucking Nikita pressing buttons all day, every day,
and then Elon chiming in saying we should do this, we shouldn't do that.
So that looks quite messy.
Although I do genuinely think a lot of the bot issue
is slowly getting cleaned up, and I do like that.
But basically being able to toggle on and off
whether you want to see certain pieces of content
and naturally having to opt in if you do want to see more tech AI politics type
stuff, don't necessarily know if that's the right decision.
Obviously I'm completely biased because I want our stuff to be seen, but at the same
time, you've got to like, think like, what is this all for?
Like what is X and XAI and Grok getting inherently from this
they want Grok as soon as these data centers are fully built which they'll probably be a force to
be fucking reckoned with at the time of when that actually is built out properly um they've got like
this in I don't know what the status like 6 000 tweets a second or some fucking insane number where they have
effectively got the most infinite real-time data set of human consciousness getting downloaded
and uploaded to their servers every single second.
Everyone else on the internet doesn't have access to that.
Like all the other models are running out of finite data to actually train.
So now you're going into synthetic data.
Everyone wants you to wear fucking goggles
so they can kind of like see your spatial.
Everyone wants you to wear wearables
so they can pick up on your inflections
and how people actually speak.
So the data finite issue is something
that Twitter and X have got a really, really good,
I think, moat on.
Hence why you've seen them all wanting
to try and push into social media
and stuff like that, but it won't inherently work.
But they want the most interesting technology
that everyone is speaking about to be just pumped into their system.
So they're pushing AI.
They want longer form, well-written stuff, which is the articles
that can just help with training.
The quote retweet um
situation is you can get way more impressions if you're getting a quote retweet as opposed to just
posting the article natively itself so it's all structurally completely different where the
algorithm wasn't necessarily changing much in bear markets have times gone by so there's a lot of
competing factors that are culminating to this.
It sounds like Nikita just fucking hates crypto full stop,
even though he's working at Solano before this,
which doesn't make any sense.
So yeah, that's the state of play, I think.
It'll just happen.
Everyone will just move Telegram, if that's the case.
If it keeps going the way it is.
So what, right, what we just said there, you've just rattled through about,
So what, right, what we just said there,
you've just rattled through about...
I just read a tweet that just completely distracted me.
You just rattled through about five things there that you feel are compounding to the
current market sentiment.
So ground shifting beneath our feet, the explosion of AI and the intersection of crypto, which
is vastly important, by the way, because it's like beyond and Gwalt put a tweet out the
other day, which I thought was funny.
It was like the hardest part of being in crypto is like pretending you give a fuck about the
generic payments.
But like the fact that Nikita and they're just changing the platform
every single day that we all call home.
What else
did you say?
I think there's way too much overhang still
left. There's probably two or three years
of token supply
overhang left to wash out before you
start to see
the vintage of 2026 and 2025 actually start to do something
okay i think i think token launches from like let's put a pin in it from today have to be
structurally structurally completely different to anything that's came before or you just see see less tokens completely um which i'd be quite happy with anywhere i mean i think uh
nev but the tech incredible yeah you can tell we're unprepared today can't you would you
we said before we were like oh we're just gonna go live and just start
talking um let's bring the guindex up there's some positive news for everyone
before before you bring that up um i want i just want to show you this one because ellie ben sasson
who i can never quite pronounce his name put the put this tweet out uh henry just pull my screen
up a sec which i saw when did he do this?
Was it, yeah, it was like yesterday afternoon.
I read it this morning, actually.
Crypto winter reflections.
I always, I hate the term crypto winter, by the way.
I just think it's like, what's the inglorious bastards thing?
Where he goes, you know, Michael Fassbender, is that, is it that?
Or he's like, didn't, yeah, yeah, yeah.
That is like, like the term web, yeah, like the term web three,
like crypto winter is like, feels like a normie type term.
Anyway, sorry, this tweet is quite good.
It's kind of some reflections on,
it's been in crypto since 2013, quite a few years by now.
I co-founded Zcash, yadda yadda.
By now I've had past quite a few winters, so many that I've stopped counting. I do notice that different winters have a different years by now. I co-founded Zcash, Yadda, Yadda. By now, I've had passed quite a few winters,
so many that I've stopped counting.
I do notice that different winters
have a different flavor to them,
and I remember the last one.
The one word I associate with the most last crypto winter
is scams between the crash of Luna,
Three Arrows Capital, and the Cherry on Top FTX.
That winter brought about an overwild speculation
of unethical conduct.
In contrast, the current one feels very different to me.
The phrase I use is a trad fi bear hug. By this, the current one feels very different to me. The phrase I use
is a trad fi bear hug. By this, I mean with the election of Trump and the warm embrace of regulators
and large trad fi players of crypto, it seemed for a while that crypto had found its destination
to become new money, new financial rails, new infrastructure for doing all the stuff that
Wall Street has been doing so far. But what actually happened is that this bear hug crowded
out the true spirit of crypto, which is about freedom of economic enterprise. This type of freedom means doing
all sorts of wild fun, crazy new things that in the TradFi world are reserved to the fat cats,
and some of which are not even dead to be done by them. So we find ourselves in a weird winter,
marked by the smothering of the spirit of freedom by the big bear hug of TradFi. At the same time,
there's a vacuum and lack of leadership, but changes the way i can smell it it's freedom um yeah you can
drop my screen there and uh and i thought that tradfire bear hug term is the one that stuck with
me i thought it was really interesting and again when we talk about compounding negative sentiment
it feels like we've had um feels a bit doesn't it, that everyone kind of thought we were going to get this?
Yeah, everyone thought they were coming to buy their bags,
but they just built their own instead.
Yeah.
So...
Yeah.
I don't know.
There's a few questions there.
Clarity Act, yeah, the biggest winner there is Tether.
So they've played the lobbying game extremely well.
I think it is pretty good for d5 in general i
think you're correct in what you're saying there because if you can't distribute it through the
original sourcing of itself or centralized platforms i think circle were kind of betting
on that and coinbase were kind of betting on that so the biggest winner is tether in my opinion um and backpack drama airdrop yeah i i don't care about that i don't care about
the 5000th perpetual exchange i am past karen of all this like
um yeah it's how do you think we come out the other side of this? As a philosophical question.
I think people have got to think very long and hard
about how tokens actually get released to the wild.
I think you've got to start seeing some meaningful traction in new areas.
That is beyond speculation that businesses are inherently more profitable or can operate
with fewer employees and have like really, really, really strong businesses that compete
with their off-chain counterparts or real-world competitors.
But then that puts you in a weird... If that actually plays out, then that puts you in a weird situation of like,
well, what's the fucking point for token?
I think inherently the industry can do really, really well
if it isn't so focused on that angle of it
until you get to the point where everyone gets 100 complacent again and then
tokens start to get trip fed and we just revert back to type but there's way too much there's way
way way too much talking overhang that is left to play out from 22 onwards of raising on that model
and then the token dynamics and distribution is still to put out there's so much still that
wash out it's like yeah i don't know i don't i don't really know how it gets out of it to be
honest i think my theory is that all the good businesses either are consumer first and they're
just an app and they just so happen to run on crypto rails and you never know about it or
everything just fades into the background but
it's super super successful and we stop talking about it as like crypto companies and there's
like the phrase internet companies would just be retarded to use you know i mean like
why is that a thing it's just a it's just a it's just an infrastructure and i feel like it's been
drastically overblown by people pumping their bags in the private market to then sell at a much higher mark when it comes to the token actually going live.
And now people are like, oh, you can't just like hold up something that isn't inherently doing any good to the world.
And it's just like this random piece of infrastructure that nobody gives a fuck about and wonders why there's so much gravity
on every single token that comes to market.
So one of those two ways I think.
I think it's standing in the right direction.
And certainly, well, whether it's the right direction
because it works or whether it's the right direction
because it's the right intention
are two very different things.
And I'm going to bring up the MegaEath thing.
And I think that that is a,
it was a wise and refreshing way,
excuse me,
to think about what your token should look like.
And then we've kind of seen what it's been like
over the past week,
people being furious about KPIs
and this, that, and the other.
This is why you shouldn't let just fucking idiots invest in,
like this is what I mean.
This is, there is no,
you have got no benefit in letting just the average person on the street who knows
absolutely nothing about investing and the only thing they've bought is like something i'm
fucking pumped off on or they might have bought something from another like ico type platform
like the average person knows nothing right and the average person is very very very stupid on on on a whole right particularly
on Twitter right um so you can't in one hand allow this kind of like situation where you want to
galvanize a community by allowing just average people on the street to be able to buy a token
and become an investor in an early stage startup and then also wonder why they don't understand why the token isn't coming
to market in the midst of a bear market that's running being one of the most brutal
in existence and then wonder why everyone's fucking throwing the toys out of the cramp
because they haven't got access to the token like you're giving kids like people with a mental
iq of like six the opportunity to invest in something that is
inherently very very complex market dependent and is ever-changing and dynamic and you're expecting
a boardroom of what like 5 000 people to be all on side it's like it doesn't work structurally
it really doesn't there's like there's way too many cooks in the kitchen there's a reason why
people control the cap tables and like have as few people as physically possible, really,
that have done it themselves.
You've got people that have never contributed anything
to humanity ever going on Twitter,
shouting from the rooftops
because they haven't got their token.
And the reason why they're so fucking pissed off about it as well
is because they've probably spunked absolutely everything
that they've got,
but the remaining bag ain't a fucking mega reef.
It's illiquid.
They can't get hold of it.
And then things might start slowly moving
or there might be new opportunities
or oil might have went up
and they might have thought,
oh, I could have just fucking went 5X long on oil
and then I made it all back.
It's like, there is no fucking way.
Like if we were to ever raise money
and there was opportunity to do a crowdfund thing, it'd be the fucking last thing that I'd do.
Yeah, yeah.
Like, it would be the most... I don't know why teams do it to themselves sometimes.
I had a call with a person from a team that will remain unnamed for obvious reasons, and he shared a screen with me at one point.
for obvious reasons.
And he shared a screen with me at one point
and pinned to his Mac homepage
was the token price of the team he worked for.
Imagine that.
And I went,
I thought, fuck.
Like,
as in having a constant reminder of something
that is completely out of your control,
but has full control over your mental and emotional state.
It doesn't even mean anything.
Like how many fundamentally sound companies are there?
I'm slowly just refusing to just call things projects
because I think it's fucking pathetic.
How many fundamentally sound companies are there in existence?
And the token is so dislocated from what they're actually doing
from a business perspective that it's just like, well, what even is that?
You don't need that, like, overhanging on your head.
Well, look, right.
The other thing, though, as well, is there's a difference
between, like, protocols and companies, you know.
And, like, back in the day when we'd have protocols,
like, a protocol is, like, by definition, like, a set of instructions, hence, you know, smart contract.
Yeah, so there might actually be a requirement to have a protocol.
Yeah.
Not if you are...
I'm trying to give a name.
Any name that comes to head.
Doodles.
Doodles.
Yeah. 45 million they raised actually no i think i'm off by a fucking factor of 10
54 i mean holy shit anthony isaacson we thinking long and hard in here
yeah i spoke to anthony last week they're building some interesting stuff all right so
and then uh what else have we got and just going back to new type trader here as well
people are just desperate to recreate the wealth creation that happened with jupiter and hyper
liquid yeah i mean i had um i I had Jen on last week, obviously,
and we were yapping just about video stuff.
And I'm sorry to anyone who listened
and my mic wasn't working.
I was unaware we'd switched streaming platforms
and I was mortified when I heard that after.
So apologies for that one.
Someone called it out on YouTube as well.
I think it was Alex.
And we were talking just about
generally buying
stuff and Jen was just like
hype spot and chill.
I can't really disagree
with that. I think beyond
hyperliquid
and at risk of just
being a
boring bastard, by the the way because it is boring
isn't it let's be honest like what could you you've got a battle going on obviously the end
the endless ongoing battle in solana at the minute who have been dragged sort of through the mud over
the past week with all this kind of stuff with bulk trade um again we had a lot of topics that
we could maybe talk about we were just like it's boring isn't it like just the same old um and yeah yeah it's tough to know where to place your chips
really um you know i think back to like when we do shit kind church or sidelined and looking at
like buys and like what it's very very tough to know because of just the nature of how everything
shifted like when you're talking about assets.
And I think that, so let me come out of this with like a question to move it forward, because I think we're probably rambling a little bit.
Will it be a case, and this is like such a bear market thing that's going to come out of my mouth, by the way.
Is this a case of like the times of making really good money in this sector
are perhaps going to change, not because we're in a bear market,
but because of what we're going to see and have already seen
with the changing nature of token launches?
You can answer this and tell people what they want to hear
or what you really think
maybe maybe they align i can only answer this from personal experience right
you do not make life-changing money in the midst of a ball in general it's it's times like these
where you just sat around as you say there's probably like a handful
of positions that you could comfortably hold that are going to go through like
a 20 30 volatility window where you're just comfortable holding it you don't really give a
fuck you kind of you kind of checked out you've got a lot of other shit that you want to be
getting on with it's like downtime so you can actually start building certain stuff and
rolling stuff out so last time around that was solana for me so it was like in the
low teens nibbling away
picking up some up in like in the 20s and then i was just like i don't really care what happens
from here i'm just going to hold it and then that is when you can make as i said life-changing money
when everything's flat everything's dead like you're not getting those outsized returns when
you're buying in like you're getting looking when uber drivers are getting rich because they bought xrp at one dollar and it's
went to fucking one one dollar fifty you know what i mean so these are actually the times like
batten down look at where the industry is going the industry will have like a pendulum theory response where if that is the
issue that is happening now,
what is the equal and opposite reaction that will develop forward in the right
direction?
Hype is kind of already doing that and has been doing that because they try to
like galvanize a community and make it as fair and equal access as physically
possible and get the token to market in a way that would be as fair
and as opportunistic for people who've supported it from day one.
There aren't many other people in the industry.
There are a few, so that's a bit of a harsh way to throw around.
But Brian and Ryan and the Lazy Euro team,
I trust them to do the right thing
right and that is doesn't i don't care how good a project is how good a fundamentals are
even though they've got like some weird controlled supply over the fucking token which a lot of teams
do hence why you don't see any of these dinosaur coins all off a cliff during bear markets because
99 of the fucking tokens owned by multitude of different wallets all owned by the same entities you gotta have trust wherever you
people that you're backing as well you're betting on the people as much as you are like the
fundamentals of a of an asset so there's those weird dynamics that you to kind of pick up and
play with but i think there are a few there's probably a handful that i would be happy to
kind of like hold
and kind of replicate that Solana type move that I've just said there
and I'm holding them already, hyping zero for me.
The other thing is you're going to have to have quite brave teams
or stupid, and I don't know if there's probably some overlap there,
to launch a token
and really back themselves
that can actually get out of the case
with strong momentum with a product.
Because I think more and more now,
kind of not to rehash
what we've just previously talked about,
if teams are going to be
inherently profitable from day one
and there is no requirement for a token,
you are not going to see a token.
So it's going to take either a protocol that garners like really good product market fit and it has to see a token so it's going to take a either a protocol that garners like really good
product product market fit and it has to have a token are you just probably not going to see as
many of them so the question like to wrap up the question of is there outsized returns yes
but not in as not as abundant as it previously would have been.
It'd be very, very concentrated.
It'd be a higher quality of product
and a higher quality of token, I'd imagine.
It just won't be like industry-wide 10,000x,
what you used to see in times gone by.
Because it wasn't even like if you class last cycle
as end to 23 onwards,
there wasn't industry wide full market either
but that's because like
those tokens
the distribution schedule on them
are so heavy
there's so much gravity on them
you just couldn't get out the gate
so you mean to tell me that
Ape and the daily top gainers on CoinGecko
is not the way to financial freedom
some of those
need investigating by the SEC
someone tagged the SEC
today we have
siren up 132%
crime
yeah
if people are worried
that the only way that they could make money
is by
trading magical internet beans then it's probably a u issue and not a world issue an industry issue
um i'd argue the most high opportunity pve situation in humanity is happening right now
by being able to speak into your computer and create companies like yeah and people are still trading shit coins and pump
pump fun i mean look we're in a weird a weird sort of like as we speak like you've got das
going on in new york avenue which is like the ultimate um the ultimate like sort of finance
everyone walking around in suits like we went down in l London, didn't we? And we were like, oh, this is kind of an interesting crowd.
So you've got this-
Interesting, that's very polite.
It's the G-Ler coffee cup meme, isn't it?
Yeah, but this is what you've got though, isn't it?
You've got the TradFi bear hug being pulled in one direction.
Then you've got the AI attention meta sucking everything in the other one.
And then the underlying fact that no token has performed very well in the last 18 months to two years beyond hyper liquid and stuff really interestingly enough
you've got a little bit of a season going on on bitensor at the minute with tau and we haven't
got 563 on to who would be here to talk about this and the whole like subnet category there
i'd be lying if i said i knew what had sparked. I've not been super close to it over the last few days.
Jason Calacanis.
Right. Again, though, it feels
strange timing.
Like, I think that when
DTOW and everything came
around and we were still covering the podcast doing
TOW talk, it was
probably like this time last year. We were in Denver, actually.
Like, it felt like a very logical,
especially as AI started to take off, it was like Denver actually, like felt like a very logical, especially as AI started to take off,
it was like, oh, this is like a really interesting ecosystem that you could fuck around in and potentially make some,
I was going to say make some gains there.
I don't know, I fucking never use that term,
but it feels weird that it's happening now, I would say.
Chamath was also on a panel with jensen and he brought up one of the subnets and jensen was like yeah there's going to
be there's going to be closed models and going to be open source models and like that's there's
not going to be one or the other so that sparked it and then j Kalkanis earliest investor in Uber has been
talking about it
quite a lot
aggressively
saying it's going to 200x
I just can't buy something
that little weasel is buying
No such thing is marketing though
is there
Yeah
I don't know
yeah did um did you see the peter teals cow ai investment yeah so Henry, bring my screen up, please.
I've actually cut it up right here.
AI is coming to farms.
Halter makes AI-powered cow collars valued at $2 billion.
The New Zealand startup helps farmers track GPS location,
monitor cow health, draw virtual fences on an app to herd cows
via a cow algorithm, which is a guide to grazing areas with vibrations and audio cues in color.
Where are we going with this?
Where are we going with this?
They're going to do this to humans in 12 months with Peter Taylor's involved.
Yeah.
It's, you know, look, we came on, didn't we,
and talked about the title of the stream again.
This AI psychosis has gone too far.
And what do you think of this?
I think it's pretty good.
Yeah.
I think, like, last week, the guy using like Chachi Bouty
to basically build an mRNA vaccine,
a personalized mRNA vaccine for his dog
and his dog is like in remission with his cancer
and stuff like that.
So like...
Awesome.
As long...
You're going to have both sides of the spectrum.
You're going to have the sensationalist
kind of click-bitty type stuff, but then you're also going to have both sides of the spectrum. You're going to have the sensationalist kind of click-bitty type stuff,
but then you're also going to have like best-line medicines
and advancements in agriculture and food production.
And it's like, you're going to be able to print food one day.
Yeah.
Right.
You're going to be able to 3D print food one day.
And then you're also going to get the guindex.
This is amazing.
I think that's pretty good.
Six euros for average pint across Ireland.
Be fair for a Guinness.
Yeah, it is.
It's cheaper than I would have guessed.
Six euros.
I think the highest one was like a tenner, is it?
Ten euros for a pint.
My AI agent called every pub in Ireland
to index the cost of a Guinness.
4,440 plus pubs.
Did you just say 10 euros for a pint of Guinness?
Yeah, you see there,
if you go up, it's got the range.
Oh, yeah.
Top right there.
I think it was like a Dublin airport or something.
It should make sense.
Fucking hell.
Yeah.
What are they
buying you about?
Eight quid?
Seven quid?
Yeah.
Yeah.
So that's using the AI for good.
Getting the Gindex.
That's why it's
200 quid.
$200 a month for my fucking CloudMax plan.
Yeah.
Yeah.
I was trying to figure out this week,
because we're going to a stag do.
You know who it is.
I was trying to get one of the models
to face swap the staggs or Bachelors
for the American listeners face onto a photo with Jeffrey Epstein.
But it wasn't having it.
I was trying every which way.
I was asking Andy how to do it, and it just wouldn't work.
They're not that good.
No, they're not that good.
Yeah, Henry's right.
Licking the bag here, lads.
I feel like we are as well.
We're going to Cannes next week.
So see what comes out of that.
Yeah, if anyone's around, come see us.
Yeah, we're going to do a paddle thing.
I think Mike is just in the background
pulling it together on Luma and stuff now
for anyone to come down.
And we're doing loads of stuff
with the Low Tech fellas out there,
which I'm really excited about,
and LeFi.
And despite everything we've been talking about with sentiment, can next week feels
like it's going to be good. Like there's a, there's a funny thing that happens during
these periods where the right people, the wrong people disappear and, and fade into
oblivion and the right people tend to stick together and be still doing
shit that's worthwhile and then come out the other end.
And this feels like,
although it's going to,
it's a bear market conference.
It feels like one of them where I'm cautiously optimistic going into it,
that it's going to be quite a good week.
Really.
I'm kind of a lot of people that I would hope to be there.
Keep going.
yeah,
if you are going to be,
you're going to be showing up just
hit us up
text us
tweet us
not text us
fax us
fax us
I have nothing else
to talk about
this week
really
no it's pretty flat
yeah
when do you think
when do you think
the nonsense in the
Middle East stops
because I've just paid 700 quid for a flight to can i could have went to thailand
uh pass pass god how we we haven't even mentioned that have we
polymarket's price it in relatively soon interesting Seize fire is up.
Yeah, I've just paid like fucking 20 grand to go to Bali.
I canceled two flights.
Fuck.
So it needs to fucking stop.
Yeah.
On the plus side, despite the endless wave of hardship that we all feel like we're facing,
speaking as someone who spends every day in this industry
and speaks to some good people,
I think there's some pretty exciting stuff
going to be shipped in the next couple of months.
And it should give you a reason to believe.
I don't know what it means about tokens and making money
and all that kind of thing that comes with it.
If I'm honest, I kind of hope.
I don't even really care outside that.
But you need something to log on to every day.
So don't risk being underexposed to the industry you log into every day.
That's what I'll give you.
Yeah.
Great.
All right, bye.
Let's call it short and sweet. Yep. Okay. Great. All right. Bye. Let's call it short and sweet.
Yep.
Okay.
See you next week.
Bye.
Bye.
