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Tokens = Equity? & Bottom is in on Coffee with Captain #1,104
Recorded: Feb. 25, 2026 Duration: 2:03:52Space Recording
Full Transcription
I'm on web three.
And it is what it seems, topping the pyramid schemes, I'm telling you.
I sell you a percentage on Nebula, shout out to this, yo, set it up.
Surfing on the web and I'm shooting at three.
I've been golden when I got my G, I'm an elegant boy from a different planet.
So I got my drink, I'm riding in the 1920s Model T Ford.
Car, era, Lord.
Call me Levi playing on keys, what?
Then I'm about to put my gloves on, if I said it, then I meant that.
Yeah, I like that one, I'm about to get that.
Crash that whip for the drumsticks, whiplash, I'm about to get them all.
Are you with that?
In a white boat, surrounded by blue.
I want one, but I got a cop turned.
I want to fly high in the sky, arms arms out wide tryna soar from a bird type view
I'm on fire Ricky Bobby cracking the pavement Whitney Bobby I'm a Saki bomb Hiroshima Nagasaki
Bruce Wayne been a dog and I keep it 101 cause I'm feeling kinda spotty
Sipping on some rock and I'm sipping out octane the only thing around my neck is the black team
Now I got coin I see where y'all going
Popper since web one, hella hooked on web two
I was living a dream, now I'm on web three
And it is me to see, pop on the pyramid scheme
I'm telling you, I'll sell you a percentage on Nebula
Shout out to this, yo set it up
NFT Twitter, blockchain, team with the ghosts
And we ballin' like a project
Crypto, crypto, we can make a trade, get the members Twitter I just went and got me a habit, then I gotta shout out the body Now I got coin, I see where y'all going
Poppa since web one, hella ho, gone web two
I was living the dream, now I'm on web three
And it is what it seems, topping the pyramid schemes
I'm telling you, I'll sell you a percentage on Nebula
Shout out to Vince, yo set it up
Breaking them all the tools, why?
But they got knowledge to move, son I'm shocking in shades with my brother in suits Yeah, them blues is coming Shout out to Vince. Yo, set it up. GMGM, welcome to Coffee with Captain. I'm at a mask that wanted to have a face off. Had to bring my chainsaw full ticket gas and I'm driving my brakes off.
I'm a one, but a different kind of steak sauce.
GMGM, welcome to Coffee with Captain.
Thanks so much for joining us.
If you haven't done so, give us a like, a post,
a repost, a bookmark, any of all the above on the spaces would be greatly appreciated.
We're also live over on X Video.
I'm going to drop that up top here in a second,
as well as the YouTube link and the abstract link.
Congrats to all the
abstract XPers out there. I saw new updates, not sure what yet, but some changes to the abstract
XP system. I will say I got a nice little bump in my XP for the first time in a while, and I've
not done anything differently. So I don't know what it means. All I've done is streamed over there
five days a week like normal. And it was a, let's try to calculate here, about a 30% lift in XP. So
I will take it. Again, I'm not sure it means anything because I really don't know what Abstract is doing. I'm not sure how to...
I really am not sure how to read...
I don't know what's next.
I don't know what is coming to Abstract.
I still feel pretty strongly they need a flagship DAP
or a reason to use it beyond XP.
I'm not going to jump right into that. It's too heavy
here to kick things up. We'll come back to Abstract and their update in Sygar's post in a bit.
But it's still, we got a minute or two left of cold open. And so we're going to spend at least
a good half hour talking about the State of the Union address. I'm kidding. It's a joke. We're
not going to go there. There's plenty of on on this app and the internet if you want to if you missed it and want to get uh you know takes from that
uh do that elsewhere uh I will talk about a big lacrosse victory last night uh my daughter's team
played their rivals who knocked them out or beat them in the playoffs nine to eight last year
uh the the team they played was
three and oh and it smoked all three opponents uh they were first in the district granted it's early
but um we smoked them last night big w 20 to 7 and uh it was for our first district game so jumped
again very early in the season but jumped to first in the district by beating the rivals.
And my daughter scored two goals and had an assist.
Very proud. Another proud dad moment.
They continue to stack as she finishes her final season of lacrosse before heading off to school.
I will say while the team is good this year, and I think they're going to surprise some people.
They have dropped a couple of games,
although very tight losses against very strong teams.
One is still undefeated.
The other was one of the top teams in the state last year.
And so I do think they will surprise some people
throughout the year
and hopefully make a deep run into playoffs.
That said, I think they might be
one of the favorites to win state next year. Their team is very young. There's only a few
other seniors on the team herself and one of their strong defensemen. Help me out here. Am I
correct? It's girls across. This is where I need help. I need educated here on proper vernacular.
Steve's not on the show to correct my pronunciation or my word choice.
Is it proper to call them defensemen when it's girls across? Is it proper to say they had at
one point last night, they had double yellow cards. Two different players had yellow cards, and so they had to play down two men.
I've corrected myself thinking I should probably say they had to play down two players.
How bad is that if I refer to them as two men?
Is that acceptable in sports?
I'm genuinely asking.
It sounds weird to call them a defense woman.
That doesn't sound right.
She plays defense.
One of her teammates that plays defense is also a senior.
So there's basically two seniors that are key contributors to the team. The rest are underclassmen, a junior that's committed to Oregon, has a full ride at a D1 college,
and then their second and third highest goal scorers are both sophomores.
One of the sophomores already has tallied 100 goals just five games into her sophomore season.
Pretty insane.
The goalie is also a underclassman.
So really young team, and as they continue to develop and get better, I'm optimistic
they make a deep run into the playoffs this year. But I'm genuinely asking the question,
please don't cancel me for saying this wrong or even not being aware. But is it proper? Is it
improper to refer to as a female player that plays defense as a defenseman?
Is it improper to say they were down two men when,
I mean, it sounds bad as I say this out loud,
but my natural, like if I'm just talking normally,
I would say, oh, they had two yellow cards.
They had to play down two men.
Again, this is deep thoughts with cap during cold open this morning.
Uh, so I'm, I'm waiting for someone to correct me or tell me it's okay to refer to the, the,
the female defenders as defensemen. Um, if not, I won't, I won't say that again. I just, I am, uh,
you know, 2026 doing my best to not offend anyone. And, um, anyways, GM to Katie over in the abstract chat.
Appreciate you as always keeping it, uh, down the fort over there.
Uh, the YouTubers are popping off already.
Uh, appreciate you all helpful soul.
Otis web three, warhead Diablito.
Again, if you're not subbed to our, our YouTube channel, you're missing out.
Uh, we've got some big plans over there.
We're closing in. We've got some big plans over there. We're
closing in. We've got a very GMV man. We've got a very fun giveaway this Friday, actually. We've
got a $250 BZ Claw pool. Let me just pull it up, see what's in the claw currently. I mean,
you're talking some potentially pulling a real, real grail over there.
The TCG gold on BZ is no joke.
This is potentially someone could be walking away.
Oh, restock in progress.
Even better, even better.
You're going to get a fresh gold claw pull on Friday.
Don't hold me to this because they might restock it
and the big grail prizes could get pulled before Friday. Don't hold me to this because they might restock it and the big grail prizes could get
pulled before Friday. But last couple of times I've looked, it's been anywhere from like five
grand to $9,000 in that TCG Gold Claw pool. Joey's going to help bring us up to speed here.
Again, this is going to go, our February community member of the month is going to win
a TCG gold claw pull from BZ. Uh, that is, you know, could have a very, very big prize.
Congrats to Sunfronten. Uh, Sunfronten passed a thousand subs. We have some catching up to do.
If, uh, I think I told Cap, if we don't pass Sunfronten by the end of the year,
I have to retire from Coffee with Captain.
So if you like the show and don't want to see me retire after 1,000, I don't know, we'll say around 1,300 shows.
I can't do the math in my head.
It's 261 episodes a year every weekday, not counting leap years.
261 episodes a year every weekday, not counting leap years. So 261, we're, yeah, it'd be around
13, 1400, something like that. Quick math. Yeah, we need to pick it up. We need to pick it up real
quick. If you want to see the show continue, if you want to see us hit, if you want to see us
break the Cal Ripken streak, we need some help over in the YouTube streets. Yes. And please,
if not for me, do it for Payne. Do it for Pay pain. Pain actually, a big true story. I hope he doesn't mind me sharing. The guy has a bonus on the line. If
we can hit the, it's a very lofty goal for our YouTube subs, but, uh, he's got an annual bonus
that rides on how much we grow our YouTube base. So I'm shilling our producer pains bags, uh, by
helping, uh, by attempting to drive you all to YouTube. Uh, I'm going to go to Joey here in a second.
Joey and Warp Joe, like brothers from another mother,
basically the same person,
both agree that American cheese isn't even cheese.
The top three cheeses for Warp Joe is sharp cheddar,
blue cheese, and a Swiss.
I'll agree with the sharp cheddar. That's
probably my gun to head. I have to pick a quick one. Actually, no. I would probably say
a fancy goat cheese, a good goat cheese might top sharp cheddar. If I'm making a burger or
something, sharp cheddar all the way. If you do a burger and you slap American cheese on there, you're not an American. Um, I, I take that back. You're,
you're an American, but you're like, uh, um, I'm trying to say what I think about what I can say
without offending a good chunk of the people. Uh, just, just level up your game, go from American
cheese to sharp cheddar. Um, Swiss, I would also, this is acceptable. I would add provolone is another go-to. I can't remember the last time I put American cheese on a burger though. Um, Swiss, I would also, this is acceptable. I would add provolone is another go-to. I can't
remember the last time I put American cheese on a burger though. Um, I agree with Joey and Joe's
take there that American cheese is not, it's like plastic, uh, for the most part, but, uh,
let us know in the chat, what is your top three cheeses? I'm, I'm actually not doing burgers
tonight. Um, I'm going to grill some steak. Hopefully it's above freezing out by the time I do that.
Florida's had an interesting week.
If you're not following the national news, we had close to freezing temperatures.
Some part of the states might have actually touched 32 degrees.
Another good time to short oranges if you haven't yet.
And fires.
We've got like California wildfires hitting the Everglades.
The Naples area. It was a pretty gnarly fire. I don't know if it's still going. I think they've got it under control, but what are your top three cheeses? And then fill in the dots with what,
what might we have to look forward to with this TCG gold claw pool on BZ to
celebrate our community member of the month for February.
Thanks Jim. Yeah. So we're not actually restocking right now.
We're actually going through like a big upgrade.
We're upgrading to smart wallets,
which is a big upgrade for those of you that are
like tech dev savvy uh smart wallets are are what like you use on abstract and other things they're
um they're essentially like smart contracts but wallets is from what i'm being told um so that's
why everything is paused right now because we're we're upgrading our our bz wallets to smart wallets um well uh yeah the gold claw you so
the great thing about the gold claw is even if you don't win you know even if you don't hit a grail
you still could hit something anywhere from you know 150 and right? So it's still going to be a nice little win if you don't hit,
uh, a chase card, but we've got cards in there. Typically, you know,
eight, the, the biggest cards we typically put in are eight to 10,000. Um, but there's a lot of
cards, two 50, 500, a thousand. Um, so there's some really cool stuff in there. There's a Pokemon and one
piece, uh, in the gold claw. So it'll, regardless, it's still going to be a nice win, right? Like
even if you, if your luck isn't, if luck isn't, isn't on your side that day, you know, you could
still, still walk away with 150 to $200. Um, just for a a great coffee with captain community member i love it and then
uh so i mean here's here's my take on cheeses i think it's really difficult to pick a top three
cheese because the cheat there's a cheese for everything right so if we're talking about like
on a hamburger american cheese is not cheese right right? It's processed shit.
This is actually a good take.
Cheese, so let's do, let's make,
so everyone has the same parameters.
Your top three cheeses to put on a burger.
Because we're talking like a charcuterie board,
like goat cheese is in conversation,
not putting that on a burger.
So yeah, your top three, because I think also when people are, when we're,
when we're dunking on American cheese, which can we like,
can we take ownership of a better cheese than something that's just a piece of
plastic, please.
But if we're talking burgers,
something you're going to put on a burger,
because that's I think where we started here by, by dunking on American cheese.
I don't know where else you would eat American cheese other than our own burger maybe a i guess maybe
a grilled cheese so burger or grilled cheese what's your go-to cheese top three cheeses joey
yeah i mean the best i mean it's sad to say but the best melting cheese for a burger is american
cheese and that's just because it's made of shit but if we're but for real cheeses, for a burger, I think it's got to be like a yellow cheddar, a Swiss.
And then if you're going to be like really adventurous, I don't mind like a sautéed peppers and onions on my burger with like a feta cheese and go like Greek style burger.
cheese and go like Greek
style burger.
But it's definitely Swiss and
cheddar are the top two
burgers. I need to level up
my burger game apparently because goat cheese
and you said
feta.
Feta. I don't know.
Maybe in a restaurant, but I don't think I've ever
done that at home.
We might just do, we might say forget the steak.
We might do steak burgers tonight, literal steak burgers, not ground steak.
Also, Florida Joker, thank you.
Proper vernaculars, defenders.
Yeah, that sounds accurate.
Defenders and players.
Yeah, I'll drop the defenseman.
Although Brickadal says defenseman is okay.
They did it the whole Olympics coverage talking female hockey.
I don't feel bad now.
Thank you all for A, correcting me, giving me the proper vernacular, as well as not making me feel like a bad person when my brain said defenseman.
At least I caught myself.
And I was honest with y'all. Like I caught myself and realized in real time, I probably shouldn't be calling the girls lacrosse defense players,
defensemen.
And,
but thank you for understanding and helping me think through that.
Dobbin says Gouda cheese in a burger.
Now we're talking.
Dwayne can't eat cheese anymore,
but top two would be, I don't know how you say that Dwayne. Maybe this is why you can't eat cheese anymore but top two would be i don't know how you say that duane uh maybe this is why you can't eat cheese anymore yeah and bracelet is that right um smoked gouda
bacon burger i am did he put raclette uh probably r-a-c-l-e-t-t-e yeah it's it's french i mean i
say raclette but but I'm sure
the French people out there
are going to say it differently, but they know
what Cheesy's talking about. I don't know if I've ever
had that. I don't know if I've ever had that.
Also,
DoorDist got open to let Duke in,
and I'm sure wondering why
the heck I'm talking, going on a rant about
Cheesy's. This is like, oh, Chris is really working.
Cheddar buffalo mozzarella on a burger.
White cheddar is the same as orange cheddar plus color.
Colby Jack smoked Gouda if we're being fancy.
Apparently, I didn't realize how much I'm missing on not having Gouda, more Gouda in my life.
Gouda in my life.
Gouda on grilled cheese.
Diablito says goat cheese.
I could do that.
This is probably like my... Have you ever had a bacon blue burger?
Yeah, I'm not a fan of blue cheese.
I don't like mold in my food.
I'm not a fan of blue cheese, not a fan of ranch at all.
So when they go, would you like...
I go, no ranch.
And they go, you like blue cheese?
No, even worse. Just not... So you don't dip your hot wings in anything
nope no the hot the hot sauce is just enough in fact last night on the way back from the game i
stopped i was it was late i don't normally do this very rare while i do any any sort of fast
food i just my options were limited and i didn't want to like stop and eat something nice so i
stopped at the zaxby's and got like a, one of their like chicken tender sandwiches.
And it was like hot Nashville that comes with ranch. It's like no ranch. And, um, just did the,
Oh, actually I'm sorry. I did add barbecue sauce. So yeah, I would rather be, yeah,
chicken wings. No, I just eat the chicken rings with whatever sauce or dry rub they have on them.
Not a, uh, yeah, I, I agree. Mayhem eat the chicken wings with whatever sauce or dry rub they have on them. Not a – yeah, I agree.
Mayhem really is my brother from another mother.
He says best takes I've heard in a long time.
Ranch and blue cheese are horrible.
I agree.
And not only are they horrible on wings.
Like people put that stuff on pizza.
Like what is wrong with you?
I just – I don't get it.
If I'm offending someone, good.
You should check – have your taste buds checked.
I don't know.
I mean, I love a good wedge salad.
Just really simple, like iceberg lettuce with bacon, tomatoes, blue cheese crumbles, and blue cheese dressing.
It's like the perfect bite.
We got permission to extend the cold open a little bit due to the light news day.
There actually is more there actually is more
crypto headlines than I thought, like probably like half hour before the show. I'm like, man,
this is a slow day, uh, missing some stuff, but there actually is a lot. So
one hour, we got one hour and 40 more minutes to go to talk cheeses. Um, just be, just be glad
we're not, uh, this is, yeah, we will, Von Fronten, Brawl
Dog in his wings as well. The sauce is enough. This is like, if it's a good wing, if it's
good sauce, you don't need ranch. It's kind of like people who go to, you get a good steak
and you get it well done and then slather the thing with steak sauce. Like, I enjoy some steak sauce occasionally too, but a well-cooked, not well-cooked,
a properly cooked steak with some decent steak.
Like, you don't need steak sauce.
Like, people like, you know,
especially if you're jumping a bunch of like ketchup,
like, what's wrong with you?
I'm sorry.
I know this is probably more controversial
than talking state of the union.
I concur.
Ranch is disgusting.
Like, it's not even a real... The people that take ranch seasoning
and do things with it,
it's not a real flavor.
What is even ranch?
It's gross.
Diabolito, we need to see some pics of this
charcuterie board from
sets of horseshoes.
That sounds
interesting.
All I know, my big takeaway of the alpha today is I need to expand my cheese selection specifically for burgers. And I haven't
craved a burger this much for a long time, primarily because I realize I have been not
doing proper by just going extra sharp, provolone.
By the way, Parmesan, if you've missed this, this is a new, and I promise we will get into real crypto stuff like equity for staking.
And there's actually a few minutes.
We talked about Arena Club yesterday, MeBits Football, those night gliders, they absolutely cooked.
So congratulations to everyone who got in on that
But the last comment
On cheese before we move forward here
Parmesan
Parmesan cheese
Gotta make sure I'm spelling it right
Is like the greatest protein bar
On earth
I'm trying to find the post
I've seen it go viral a couple times now.
Are you going to spell it the American way
or are you going to spell it the Italian way?
It is...
I don't know. I'm probably
wrong. I didn't know there was two...
I didn't know there was multiple options.
American version of Parmesan is spelled
P-A-R-M-E-S-A-N, like Parmesan.
And then if you go with
the king of cheeses,
which is Parmigiano-Reggiano,
it's spelled P-A-R-M-I-G-G-I-A-N-O.
So that's the king of cheeses, Parmigiano-Reggiano.
That's what everyone calls the king of cheeses.
I do hizzy with the comment of the day.
I don't know how we missed
this. I buried the lead. We've spent 23 minutes talking about cheese and somehow we don't have
our regular becoming a favorite guest speaker. NFT Jesus is somehow not on the show today. Of
all shows for Jesus to miss, this is an all-time fumble. Someone DM Jesus and tell him we've been
talking about his namesake for 23 minutes.
And it's very important that we get
the self-proclaimed
Lord of Cheese.
We need to know what his top three cheeses are
if we're going to have this cheese conversation.
But this isn't the exact
post I saw. I've seen a few of these.
They're all basically
similar information.
It's so funny how someone will cook,
someone will go viral with a post on Twitter,
and then you see, like,
some people just blatantly copy the post
and send it off as their own.
But it's, like, multiple.
Like, yeah, so, like, this is just a quote tweet.
Okay, so this is the original one.
Parmesan cheese equals nature's protein bar, the healthiest protein bar with 33 grams of protein, zero seed oils, and no sugar added.
So now I'll slam a protein bar that tastes like dirt, no problem.
I don't, what are we talking about here when we're talking like how much Parmesan, how much, how big of a bar of Parmesan cheese do I need to eat to get 35 grams of protein? Because that is per a hundred grams. What is that? Like how big of a, like I'll eat Parmesan cheese on, you know, pasta on like, but just munching on a bar of Parmesan cheese, nutrient dense edible block yeah it might be edible but i just don't
know um yeah it's very important how much how much uh we're talking here you need a lot you
would need a lot like one ounce of parmesan reggiano is 11 grams so you'd have to eat three ounces of cheese, which is a lot of Parmesan cheese because it's a very strong flavor.
This is, we got some pics from Diablito here, the most interesting man in crypto.
Found some pics, have some better pics somewhere, but you get the idea.
He talked about making his charcuterie board out of horseshoes.
This is some
silverware, silverware holder.
Very, very talented
man.
Maybe born in the wrong generation.
Built for
Game of Thrones era.
Would have been a
blacksmith, if so.
Probably considers himself a blacksmith
today, maybe. A couple other ones here,
and then we will get moving on to a little bit of a market update. Markets are cooking, by the way.
Eat the 10K. You heard it here first. I'm not capitulating. I may actually buy some meat today.
Might be my trade of the day before things get really crazy. I think we might be back. I do have
a couple of high-level market takes, and things are cooking.
Things are cooking, thanks to Jane Street stopping their manipulation, as well as we are at the cycle bottom.
We'll come back to that in a minute.
Speaking of, what if bottled process? No, it's all bad. Can't do any ranch. No fly zone for me.
Feta and other tart cheeses on salads with craisins
is pretty fly. That does sound pretty good. Osiris.
Forget his G-O-Z pounds math. Yeah, I did forget my math. Not enough coffee yet this morning.
Diablito says, trained the horses that played pulo on those shoes too.
Pretty, pretty cool.
Someday, when I grow up, I want to be like Diablito, live on a ranch,
and have a bunch of dogs.
Maybe a dire wolf, a wolf dog.
Kid you not, can't make this up.
I shared it in the war room yesterday.
I'll see if I can find the pick.
After talking about
dire wolves and wolves yesterday, if you ever doubt that your phone is listening in,
I can't remember the last time I actually posted anything on Facebook. I'll go in once a week and
check if I have any messages or someone's birthday I missed. I'm very inactive. I'm actually going to
do some marketplace shopping, I think, this weekend. But very, very, very rarely do I use the book of faces. Opened it up yesterday briefly. The very
first post I get served up is a picture of a woman I dated briefly like eight years ago and
haven't interacted with or engaged probably since. And so it's not like someone I see regularly in
my feed when I do open it up. Anyways, it's a picture of her with a wolf dog, like can't make this shit up. Like it's
yeah, they all listen in. So like when you talk about robot vacuums looking in there, I just,
I already assumed that if someone wants to see in my home, they probably already can.
Maybe not as easy as they could if I have more robot vacuums running around, but they're listening in, they see in.
And also, we will tie this into crypto and the ethos of crypto a little bit.
farther and farther away from the core ethos, the original ethos of the alternative, the censorship-free, the decentralized nature.
I know Outer was talking yesterday about Vitalik getting a hard time the few leaders in this space that really does, I feel anyways, hold strong to his principles, his core values, his beliefs.
You don't have to agree with all of them, but the guy doesn't waver, doesn't seem like money's changing quite frankly at all.
I mean, I don't know. I didn't know him when he founded Ethereum.
I don't know. I didn't know him when he founded Ethereum, but yeah, I respect a man of strong conviction and eat the 10K.
All that said, quick market update, and then we will find our way back.
If anyone didn't get your cheese takes in, go ahead and drop that.
Thinking on, what did I name the title over on YouTube today?
Oh yeah, equity.
We'll talk a little bit about Backpack as well.
But before we go there, looking at the markets,
which absolutely on a little heater,
hopefully it lasts more than a day this time.
Despite the heater, fear and greed,
still extreme fear at 11.
This is when you want to be buying.
We're seeing some positive momentum and fear and greed still extreme fear.
Bitcoin up 5% on the day to $66,000.
ETH up 7% on the day to $19.59.
We break $2,000 today.
Looking good there.
XRP up 5%, BNB up 4%.
Solana up 9% on the 24 hours, up to $83.
Doge up 5%.
Cardano up 8%.
The Woolly Mammoths are making a comeback.
Hyperliquid lagging a little bit, only up 2%.
Monero, speaking of privacy coins, up 3%.
Chainlink up 6%.
Some very positive momentum across the board.
And maybe it's short-lived.
PayPal USD, we're going to come back to,
not that we're going to talk about stablecoin price action, but I do think PayPal is in the
news and it's not even really been mentioned yet or the dots connected. But really exciting to see
for a couple of fronts, not only the positive price action, but I do believe that Jane Street
and probably others, but I do think, I mean, it's no secret
that every morning at market open
for seemingly the last several months,
especially on Monday mornings,
there'd be a massive sell-off.
It just seemed, for my small brain
that doesn't understand deep into TradFi markets,
at least at that macro level and how money moves
and all that stuff at a very intelligent level, it just
seemed very obvious that that was not organic price action when you see the sell-off and
markets open every day.
A lot of people were alluding or speculating it was Jane Street.
Well, Jane Street gets caught up in this lawsuit alleging that they were the cause of the
Doquan, Terra Luna,
and that crash, and did some funny business behind the scenes
to at least accelerate that crash,
and the ultimate fallout that resulted following that.
And then almost immediately, the 10 o'clock sell-off ceases.
In addition to that, we have, let me see if I can find it, the Bitcoin bottom.
Historically, I don't personally believe that four-year cycles are still a thing.
I think we've moved beyond four years.
However, if you do believe in the four-year cycle, it's time to get bullish again.
Four-year cyclers are ignoring the fact that Bitcoin has always bottomed 23 months after its previous all-time high.
We are now at 23 months. The charts are the charts, and we're 23 months past all-time high.
That's usually marked the bear market bottom. Here we are. We've got institutional adoption. We've got current bills attempting to be passed that
would support the industry. We've got ETS. So many positive tailwinds for not just Bitcoin,
but crypto at large. And yet, we've just been dealing with chop and just not good price action.
all we've just been dealing with chop and just not good price action. And I don't know this,
this, again, I personally don't think the four-year cycle, I think we're past that,
but this is a pretty compelling data point, especially if you're an optimist like me and
want to get, want to have something to get excited about. I will pin this up top for anyone who hasn't seen it yet. Go take a look for yourself. But actually, that's going to be the title. Bottoms in. Pack your bags.
Bottom is in. Pack your bags on Coffee with Captain. I truly, like, not kidding, I'm probably buying some meat today.
Might buy a little bit of Bitcoin.
And doing so full up,
I mean, I'm not a financial advisor.
Please don't follow me for financial advice.
Do your own research, all that.
I'm definitely not your financial advisor.
That said, if you're here every day,
you believe in this stuff long-term,
maybe it's not the time.
So I'm going to be buying today fully okay if it goes down another 20, 30, 40, 50%. I don't expect that to happen,
but I don't want to be paper trading and feeling that something's changing and then
just leaving stuff in stables that I would have rather had deployed based on my feelings of where we might be at in the market.
Again, I don't know anything.
Anyone who says they know exactly how this is going to play out.
They are either smarter than I or making some stuff up. I just, between the timing, that 23-month marking the bottom, as I just showed there on screen, combined with all the other just macro-favorable stuff.
And I think that's why I say macro-favorable.
Macro, geopolitical, world uncertainty index, not good.
All that is not good.
But everything specific to crypto is good. I'm sorry,
I have to show this. I promise this will be the last cheese talk. But I have to show it because
it's spot on and I should have given it some love. I've been introduced to a whole new world
of cheeses recently. And I don't know why I can't find
April's comment on screen. That's all I want to do is pull this off. Here we go.
I've been introduced to a whole new world of cheeses and Latinos have a lot of things
that they do well. Cheese is one of them. Dominican frying cheese, queso de fryer.
There's also a few others. I need to get the names. I will probably mispron of them. Dominican frying cheese, queso de fryer. There's also a few others. I need
to get the names. I will probably mispronounce them, but from Tequenos to even some different
arepas, like there's been so many new cheeses I've introduced to. I'm going to have to ask what's
a good, what's their go-to cheese for burgers? Because I don't know, but this one, if you've
not tried it, missing out.
If you're in Florida, go find you a Bravo,
a Super Bravo, and check that out.
Again, apologies for the digression back to cheese,
but that was an important one to call out
if you are in the market for some new cheese.
Yeah, Dobbins, Joey can be a real human search engine
at times and or he's very quick on the thumbs
with going to
chat GPT. One last one. Turibula is a Costa Rica best fry and cheese.
The world of cheeses is much wider, deeper than I might have ever expected.
Here we go. Getting rid of the cheese distraction and back on point to markets. I am going to show
the other Bitcoin bit in a minute, as well as my ETH to 10K take. But before we do that,
I'm going to move over to NFTs for a bit
because also some exciting stuff there.
We've got Frankie Diners here.
You see, they've been popping off.
That's connected.
I don't know exactly,
but connected to the town's team somehow.
MeBitsFootball, minting now for some.
Devs can mint.
Collectors can mint today
starting at 6 a.m. Eastern.
So this is live now. I do not have a
MiBit yet. But those that do have a MiBit, you can mint one of these football players for 0.16.
I like this. I think they're doing some fun stuff. I would much rather have this and kind of
gamifying it, bringing it into other side, as opposed to just a pure digital collectible or a digital
collectible with the potential to get some token allocation. I like this personally, it's just,
you know, not knocking the pure vinyls and pure digital collectibles. I would just prefer
something like this, where there's something on chain, there's something more to do with it.
And then a grateful GM, I'm grateful. I didn't be's something more to do with it. And then, hey,
grateful. Jim, I'm grateful. I didn't even be out there in the audience. Usually, you know,
regular here on the show, friend of the show for sure. Also, congratulations. You just celebrated
this four-year anniversary of the Grateful Show. One of the greats out there, if you're not yet
following Grateful, I don't know what you're doing. But yeah, MeBitsFootball, they're leaning
into World Cup here. They've got some, I don't know exactly
the game or what's going to come with it
but you get a
digital component, you can redeem it for the physical
vinyl, may have to see if we get Sergio
on here to talk through it, only 2,000
of these in total, and again
if you are a holder, you can get one now
for .016 ETH
the MiBits ecosystem
that goes up to .02 ETH. And then public,
if it gets there, that starts at 10.30 Eastern. So MeBit ecosystem at 10 a.m. and then public
stage at 10.30 a.m. today. I mentioned night gliders. Congratulations. We had a few of those,
at least a few of the guaranteed spots and some
allow list. Our first come first serve. This minted for 36 Ape yesterday. Sold out in, I think I saw
five minutes, give or take, and ripped up from 36 Ape to 680 Ape is the floor right now. So
if you got in that mint, you had a quick 20X, not too shabby. New mints continue to do okay, I would
say. 224,000 ape in volume, 28K. And congrats to the pilot and the night gliders team over there
with this trainer's mint. I think I saw a reveal coming up in the not too distant future.
not uh the not too distant future um not sure what mega honey badgers is but that's another one
popping uh here on the timeline couple couple of the uh the ogs though apes are sitting at six
flat on the day flat on the day but when you eat's ripping up seven eight percent it's a nice win at
least in terms of u.s dollar uh standpoint pudgies up to 4.45. Hypers up a percent. Punks basically
flat at 29.
Little Pudgies down slightly
to 0.5. Death and
taxes, Citizens, not sure what that is.
Showing down 81% of the day, but I'm guessing
it was a newer Mint. Doodles up
12% of the day. What's driving that? Anyone
have an idea why Doodles
would be up 12% of the day?
Maybe I missed an announcement or maybe just a sweep, I'm not sure.
But 0.54, highest I've seen them for a bit.
Normies gave up some of their pump.
They're down to 0.04, down 33% of the day,
but still up above mint price.
Milady's up 6% of the day to 1.4.
Mutants down a percent to 0.9.
Quirkies up to 0.92.
In the battle between Quirkies, Good Vibes Club, and Mutants, Quirkies take the lead in the race back to 1.9. Quirkies up to 0.92. In the battle between Quirkies, Good Vibes Club, and Mutants,
Quirkies take the lead in the race back to 1. ETH. Moonbird's up 7% of the day to 1.5.
We just talked about Night Gliders. Del Mundo's giving up some of their pump down below 0.1 now
to 0.09, dropping 16% on the day. Azuki's down 3%. Good Vibes Club down 4% to 0.83.
day. Azuki's down 3%. Good Vibes Club down 4% to 0.83. Mr. Shib, one of those new ones, down to
0.01, down 40% of the day. And VFriends, 1.25, down a percent on the day. Nouns, I don't know
why I saw this today, but I saw nouns up to 0.55, up 29% of the day. It's still going, right? Now
there's still one noun being a minute a day for nouns now, I'm guessing. Codas, 0.75% of 4% of the day. I was joking yesterday when I said codas are
going to flip punks, but codas and other deeds moved to the new royalty protected contract.
I will. Oh, interesting. Thanks, Hizzy. That helps. So Doodles are being targeted for the
second time now by Death Star, the Cyber Kongs project, where they buy whatever collection
they're targeting, they buy it, and then they list it for 20% below the floor. And yet that's
had the impact of sending the Doodles floor price up 12%.
So when we first saw this, there was some concern over,
is this going to decimate some collections?
Is this going to send them to zero?
Seems to be quite the opposite.
Oh, Dwayne, thank you for the correction.
I misspoke on Night Glider.
Still up, but it's more like a 2X, not a 20X.
They minted for 36 USD, not 36 ape.
They minted for 36 USD or 360 ape.
So thank you for the correction.
I pumped there a little too much.
Still, still up, still up for mint price, but not, not quite the 20 X that I mentioned earlier.
That's a, that's my bad.
Thank you for correcting me. If I ever make a mistake, please don't be shy.
Please do correct me. I'd rather be corrected than give misinformation, even if it is a market
update. So yeah, thanks. Thanks, Hizzy. Thanks, Dwayne, for helping co-produce the show and
correcting my errors and omissions. And the, oh, we had another announcement here from Burnt Toes. Thanks, Swiv. This, I did
miss this. So this might have something to do, maybe more to do with the pump than the
Death Star target. The broader team now has access to Doodles AI. Studio-grade content is coming at
me from all sides of the business. It's surreal. The IP can finally see its full potential. Updates
on public release and product details coming soon.
It's cool, I guess.
I still struggle. I'm not taking shots. It's a genuine
question. I struggle to understand
what's different from this than many of the good LLMs that do good with image creation.
ChatGPT, for instance. I'm curious to see what is included in that public release in the product
release and the product details. I'm genuinely curious. I'm not taking shots. I'm genuinely
details. I'm genuinely curious. I'm not taking shots. I'm genuinely curious.
curious. I think it'd be very challenging to build an AI right now when the large,
you know, the LLMs, the behemoths are, they've got billions of dollars in funding and they're
shipping relentlessly, uh, would be very, I think, challenging to build a differentiating project.
I think you do got to go hyper-niche,
so maybe that's the answer.
You're going to be able to do more with that Doodles IP
than you could elsewhere.
One thing that I see on here is secure in vault.
I'm wondering what that means
when you see secure in vault.
Hold to compare Prism 1.0. Prism, I'm guessing, is what when you see secure in vault hold to compare
Prism 1.0.
Prism, I'm guessing, is what they're calling their platform.
And yeah, the people like it.
The floor is responding well.
So we'll look for it.
I don't know if we have a timeline on that other than coming soon or soon-ish.
soon or soon-ish.
yeah, Death Star,
their
update here, since
launch, they've purchased and sold 611
NFTs at a 20% discount to traders
and collectors, 75 moonbirds,
8 doodles, 4 mutants, 62 knock
amigas, 34 cool cats, 62
captains, 252
other side metas,
93 mythics,
and 21 little pudgies. And then again, they're targeting doodles once again. Let me go find quits post here because I don't want to misspeak.
Oh, royalties. And the announced yesterday, they just upgraded the contract on the CODAs and the
other deeds. CODAs and other deeds were upgraded to ERC-721C compatible creator token contracts.
This replaces our legacy royalty enforcement path with or excuse me, this replaces our legacy royalty
enforcement path with limit breaks model, which is more compatible with how modern NFT marketplaces
operate. For now, both collections are in a open rule set to avoid disruption. Existing listings
remain fillable. However, new listings on OpenSea and Magic Eden will include a 5% creator royalty.
Next week, we will switch to a restrictive role set.
At that point, listings that don't satisfy royalty roles
will no longer be fillable.
If you have a deed or a coda that's currently listed
and you want to keep that listing,
make sure to recreate it under the new roles before next week.
So there you go.
If you have a listing and you want to keep it listed,
you need to recreate
it under the new
rules before next week.
Otherwise, the listing
will be pulled.
I'm for this.
I'm going to look. I don't see...
I don't
think I saw much
pushback here.
So, Jay says, interesting that you're able to upgrade them versus migration mechanism. Quis says, generally against upgradability, but in this case, I'm
thankful for it. Same. Do I appreciate that the Board of Yacht Club contract's been frozen.
Yeah, I do.
Again, this P&P
is the only
digital asset that I own where provenance means
anything to me personally.
Most though, I
especially we're talking serious teams,
not some fly-by-night
that's just a new mint or new launch.
I like the fact that they can upgrade the contract.
They can evolve the tech as things grow.
And I think that's part of the perks of building on chain is it is programmable tech.
You can continue to do good stuff with it.
good stuff with it. There's one. Nice to add
There's one.
Nice to add a 5% loss to a 90% loss for many.
a 5% loss to a 90% loss
for many. Probably someone who doesn't
hold
any CODAs or
other deeds.
Pydux adds, curious how
restrictive rules that interact with aggregators that
bypass marketplace level enforcement, any mitigation plan
there. Aggregators won't work if they're not
enforcing. Most people are, again,
celebrating this.
Doubling down on my take that royalties are bullish for not just the NFT brands, but the collectors, the brand ambassadors,
those that actually want to see the project, the brand, those assets sustain long-term and build
cool stuff. Most are for royalties for many reasons.
Not only is it going to help provide another revenue stream
for the brand that's building things,
but it also mitigates against farmers for sure.
I think also short-term flippers,
but definitely mitigates against farmers
that aren't going to come in and farm something
and end up paying a 5% royalty.
It just doesn't make sense.
So I think this is a positive move
and if you missed it,
the opportunity to
plug our newest partner
Unvault, we had on the show
Monday, talking
about their solution. Now, because
not everyone has to quit on the team.
Quit, one of the most respected devs in the
space, done a lot of great work, both
from an auditor standpoint and helping fix some things when they break, as well as helping Yuga do some
cool stuff. Not everyone has a quit on the team. Not everyone can afford a quit. Unvault, by the
way, their contract being audited by quit, that is... Not everyone can afford that. Unvault has a solution for anyone in the space as an option
to not just migrate to a new contract. I mean, it's going multi-chain. You heard the team. I'll
go link the full interview here in a minute if you missed it. Especially if you're a founder,
especially if you're a builder, I recommend going and checking it out. Yes, they're a partner.
They're not paying me to talk about them today. I'm talking about them because, and the reason we partnered with them,
because I believe it is a great solution for builders in the space. I believe it's a great
solution for collectors and communities in the space. So whether you're a builder, a founder,
or even a passionate community member, encourage that team to go check out Unball. It really is a great
solution for many that don't want to go spend the top dollar, go hire the top devs in the space
to do things properly. This is a much more turnkey economical solution that's been audited or being
audited by Quip. And Idiot, GM, welcome to the stage. Also, Cheezus, I see you out there.
I'm not sure if you got pinged or not.
We spent the first, we extended quote open,
first 23 minutes or so talking about Cheezus today.
And someone mentioned of all days for Cheezus not to be here,
we were talking about, you know,
you're being the Lord of Cheezus.
We had to get your, at least your top three cheesesteaks.
Top three cheesesteaks, not cheesesteaks, top three cheesesteaks,
not cheesesteaks, top three cheesesteaks. So Jesus, if you can come up, welcome to join us.
If not, just drop in the chat. If you're, if you're grilling a burger, what's your top three
go-to cheese on the burger? The people demand, we got to know, uh, from Jesus himself, what are
the top three cheeses out there? The only, the only criteria is you cannot say American cheese. I mean, I guess if that's on your list, you can, but if you say American cheese,
we're probably going to have to strip you of your title of Lord of Cheeses.
I can tell you right now, me and cheeses are both pretty backwoods. American cheese might be it.
I don't know. But on the subject of royalties, I think there's a little more nuance to it than just the binary of royalties
good royalties bad right i mean there are there's an argument to be made about the percentage of
royalties that promotes or hurts volume on the collection right i mean there's a point at which
that slider has been turned up too high and i think a lot of a lot of brands have turned the
royalty up a little too high, especially.
What's your opinion is too high?
Like I've seen some at like 10%.
I think Del Mundo's might be the more recent one.
This is 10%.
I think that's a little extreme.
10% is crazy.
It's insane.
I don't know.
I don't know if like 5% makes, I guess, sense.
5% is like the highest I want to see.
And you better be an artist.
And here's the other nuanced. And this is like my hot take on royalties if you have shilled me your nft and i
bought it based on the we're gonna be the next disney we're gonna build this giant profitable
brand we're gonna sell merch and have tv shows and all this, that, and the third, then you should not need royalties to make money.
In fact, you should probably turn the royalties down so that your brand can be pushed to the
forefront by promoting the volume by not having royalties. Any royalty at all is a little bit
of friction on volume. It just is a little bit. And if you want to be at the top of the volume board
on OpenSea when people come in and you're telling me that you're going to make this giant, huge
profit generating business, and then you turn up the royalties, all of a sudden I'm inclined not
to believe you as much. Now, if you're an artist, there's a lot of circumstances where I'm 100%
for royalties. If you're an artist who came into the space and is proliferating your IP and that's it, and it's all community and art, then sure, you want 100%, especially if you're sticking to it and really being a part of the community and all that.
You want 100%.
I'm all for royalties.
But if you tried to convince me that you're going to generate revenue with your business, I'm way less inclined to be happy to pay royalties at that
point. It's a fair opinion. Now, I don't think it should be their only revenue stream, but I don't
have an issue with it being a revenue stream. And I think royalties, in my opinion, it's more than
just the revenue stream. I think it helps mitigate against the farmers. And we've seen farmers
wreck collections and it kills momentum and it's the wrong kind of volume. I don't think
that NFTs, whether you're talking collectible art or there's some sort of access or utility,
I don't think they're meant to be traded at extremely high volume. I get it.
When you say farmers, you mean blur farming, right?
Because I would say marketplace farming.
Blur farming is what comes to mind.
I would just say that right now, OpenSea, the easiest way to farm, period.
You're paying the same fees regardless of what asset you're trading on OpenSea.
It's just easier to just wash trade coins.
It just is.
There's no – the LP is the LP.
The value of the token is the value of the token.
There's no difference that you have to worry about between floor and the highest we've bid.
That's just not how people are farming OpenSea right now, and I don't think people are farming blur anymore.
But it was definitely an issue when blur farming happened.
I mean, you're 100% right.
Blur farming absolutely decimated floors the whole way across the space.
And for the most part, I agree that if they're just talking pure volume, but I'm not even looking at rewards.
there's probably one of the voyages is go buy an NFT that's north of $5 because DX Terminal,
which has been the go-to farm because there's no royalties, is up 44% of the day. And it'll be down
44% tomorrow as soon as the people get done with the voyage. So yes, it's easier to just swap
tokens, swap USDT to USDC if you're just farming. And I also agree it's not had near the
impact that blur farming had, but people buying NFTs and then dumping into bids, it did decimate
floors. And I think royalties are a mitigator against that. That's fair. That's fair. I mean,
most of these open sea voyages are very specific and and on the lower end I mean the
highest voyage I've seen is like 50 and you know the appropriate collection just pops up
even if somebody has to make one right to farm any given voyage on any given blockchain and and
they have zero royalty so I wouldn't say that that that it's a detriment to like actual blue
chip like nfts, like NFTs,
right?
Like the, the NFT collections that are being farmed are there to be farmed.
I would say.
That's fair.
That's fair.
I still think that it's a good source of revenue.
And while you might say,
well,
if you want to,
if you want to talk about you guys, the pudgies,, even the Moonbirds of the world, they're building businesses.
They don't need royalties.
I mean, I don't know if any of them are profitable right now.
Maybe.
Actually, I take that back.
Moonbirds likely is because small team and they sold $2 million worth of these viny $2 million worth of these, these vinyls over here. Uh,
so that probably put them in the, in the black for a while. Um, I,
I just, I think that royalties were part of this space.
I think it was part of the momentum. I think you, you,
you mentioned artists and I think not just artists. I think if you're looking,
if you're,
you're an entrepreneur and you want to leverage
NFTs and a crypto community to launch a startup and bootstrap your startup, it's a great way to
get started. And that's not going to last you forever. But I get what you're saying, but also
consider that a lot of, a lot of entrepreneurs, if you don't go to NFTs, if you go to just VCs to
raise for a business that you're going to start up there is
no asset to that people are trading for you to get royalties on the mint price right of of most
of these blue chip brands should have been their startup money if you're if the again if the pitch
is we're going to generate uh we're going to create a revenue and generating and profitable business,
then the mint price should have been your startup funds. Because, you know, only in web three is
there even an asset when you raise to be traded for you to get royalties off of. I know this is
a hot take and I know a lot of people would disagree. I'm, you know, I'm sticking as'm, I'm sticking as devil's advocate here, but I appreciate that. I appreciate the devil's. I
really, truly appreciate the other side of this because I don't want everyone just to agree with
me. It's not great. It's not great content. We need both sides of most conversation. I think this
is a, this is a great one. I yes and no. Like if you're launching today, I don't know. I don't know if you can get out of the starting gates
if you have a higher price mint price. I think about Good Vibes Club, who made it a year ago
at 0.069, high at the time. But even that, 0.069, probably not times 6,000. There's 6,900,
call it 7,000. That's not much runway. Now,
if you're a fan of Good Vibes Club, if you're a fan of the IP, if you're a fan of the art,
and you're an ambassador, you want to see this brand really make a go of it,
would you rather see them have, I don't know, help me do the math, 0.069, we're going to do easy round numbers. 0.069 times 7,000 is 483 ETH.
So 483 ETH to USD is 100 grand, 950 grand at today's ETH price.
I don't remember what it was when they met it.
So we'll call it a million bucks to round up.
Do you think there's a better chance of them with a million dollars in startup funds or $3 million? Because that's what they've generated
in the past year, not even, is another $2 million in royalties. And I even think today,
I think like a 0.069 ETH mint today at a 6,000, 7,000, 10,000 supply collection.
I don't know if it mints out.
But I do-
I agree.
I 100% agree.
And I am taking the extreme on the,
you shouldn't have any royalties at all.
You should certainly,
if you minted with a mint price like that,
and you're telling me you're making a business out of it,
you should certainly at least have lower royalties.
Because again, there is this, if your royalties are lower you're
removing friction from volume and you'll end up doing more volume and ultimately maybe even ended
up even on what you're generating from royalties and you'll perform better i mean people open up
open c for the first time they come into the space and the stuff at the top is the stuff that they go
and look at the x accounts for and actually do research on because those are those are clearly
the ones doing volume that have interest i agree i i do agree i i'm uh i just like so like if you're
going to give the other examples like if you're talking a proof that min Moonbird's at 2.5 ETH or Azuki or Clonex, yeah, if they're selling these things for several thousand dollars a pop, if they want to have royalties, it should be like 1% or 2%, not 10%.
Now, on the flip side, something like Del Mundo's that was near free, I do think 10% is extreme.
I agree with you there.
I think 10% is extreme. agree with you there I think 10's extreme
But I'm okay with 5%
I think 5%
Just my own personal opinion
That's probably about the ceiling
Unless maybe you're like a fine one-of-one artist
Then I think 10% is cool
But if you're talking a collection
Depends on the collection size too, right?
If you're a fine art thing
And it's a smaller size collection
Then sure, crank them up some I'm fine with that. Agreed. Agreed. Uh, let's do this. Let's
get, I saw Van Glorious fly up through the hand up here and we also had Hans W one of our,
our favorite over there in the abstract chat, uh, always, uh, dropping the alpha and bringing the
big tips. Greatly appreciate you. And, uh, Jesus has joined us. We've got to get the Lord of
Jesus take on the top three cheeses. Uh. That'll be our last digression on cheese.
But we'd be remiss if we spent 23 minutes talking about cheese, plus some, and didn't come back to Cheezus himself.
VanGlorious, GM, appreciate you jumping up.
What's your thoughts on, I guess, this royalty conversation?
I'm guessing that's what brought you up.
Yeah, you know what?
Royalties are an interesting one.
I think I completely agree we need royalties back. And it's honestly about stakeholder alignment. There's so many parties that were part of these projects on the onset, including myself, that were part of royalty deals. And it's a trickle of revenue that keeps you committed. And that little bit of revenue is like a driving force
and you know i really i really like what blur did in some ways they they killed everybody i got that
pissed everybody off but they also came back and put on 0.5 royalties um kind of as a default under
ux and ui and that that they had a lot of volume. Doodles got
$300,000 in
fucking royalties
just from that 0.5%. And they didn't
even have it on for fucking the two years.
I did not know that. I did not know
they came back and put a 5% royalty on.
Sorry, 0.5%.
0.5%.
Oh, okay.
But it was hidden in the ux it was kind of like hey if i'm too lazy to turn off the royalties it defaults you to get you give them
0.5 that was kind of the concept but the problem was you had to opt in as a collection to blur you
have to verify you were that you were the owner And a lot of collections didn't do it.
Interesting. I mean, I shared a different, but I shared an example recently where
I went to sell an oddity from the Moonbirds collection, was planning on paying a royalty
and couldn't, like it was grayed out, like wouldn't even allow, and this was on OpenSea.
It just simply could not, there was no option to pay a royalty and i i just i think that's a miss like i'm gladly
willing to give some money back to the collection and support the the greater cause and i was
prohibited from doing so um but i i i think the optionality is good i i don't
the optionality is good.
I don't...
I'm trying to choose my words carefully here.
Like, I don't think...
At the end of the day, they're building businesses.
If they want to force royalties, they can force royalties.
I think most should move to, or at least give the option.
Like, again, I think Unvault's a good uh example here
where we lost hans hans if you want to rejoin us if it booted you uh sometimes x x has been kind of
kind of um challenging this week both from discoverability as well as getting people up
and keeping people on stage so if we lost you there, just do a quick lap, come back, and we'll try again. But I like the concept of, you can keep your, for the existing collections,
you can keep your current asset, you don't have to do anything. If you want to participate in
this next thing we're doing, put it in the vault, unvault it on a new chain or on the original chain, and
that one is going to have royalties enforced.
That, I think, is the good middle ground where, yeah, if you don't want to participate in
what the brand is doing, you don't have to.
Go sell your asset just as is and don't ever put it in the vault.
Or if you want to participate for a while, put it in the vault the vault do the thing and then you can always unvault it you
always go back I think that is the solution that they come up with yes it's a partner
they're not you know we have a one segment a week we had the interview we got one segment a week
but again the reason we partnered with them is I love what they're doing I think it's a great
solution for many teams in the space and I think think, whereas we can also talk about the Pudgies and the Yugas and the Doodles that raised, either raised tens or hundreds of millions of dollars, or they've had huge mints and they've got a massive war chest or that's not everyone, very few. And part of what got me so excited about NFTs was it was another
path for an entrepreneur to bootstrap a business. If you've ever raised funds, it's not easy.
And you're going to get told no a lot of times. And you're most likely giving up some equity in
doing so. This was a path where, to me,
we talk about how on-chain loyalty rewards
should be better than Web2 loyalty rewards
and hasn't fully played out.
But I do have...
I kid you not, I popped by my storage unit yesterday
and I picked up...
I have a few copies of the Everything token left.
That will be my...
We'll do that and then get
in addition to the open claw we'll i'll send off a copy of the everything token to our community
member of the month on friday but back to oh i lost my train of thought blame steve the um
vangloris is going to save me vangloris gm go ahead and get back in here okay well okay i
completely agree with you, Captain.
And I like what Uncrate's doing.
Man, I'm going to reiterate my point again.
Imagine like $10 going through in royalties
and going through a splitter contract to four parties.
One of the big cuts is the artist, of course.
But then there's like devs involved.
And that trickle of money
is like it's fun it's fun to see it's on chain i think that's so important i'll give you another weird one i completely agree what you said earlier which was people who are acting the community
should get more rewards and i was shocked what bit bitmap punks did they they bridged off of ethereum and went to solana but their bridge was only open
for a week so if you if you were paying attention you bridged and you got all the rewards in the
community and if you weren't paying attention you were on the other side of the bridge and
it's still not open it's been closed for a year i could go either way on that one i don't i hate if i'm not paying attention i'm on vacation
for a week and i miss something like that and then i then i'm then i feel slighted then i'm out
um i get i get the point but i don't know i um i also don't want to be alienating people who are diehard members.
I'm on the wrong side of the bridge. I missed it too. I'm fucking pissed off.
But I get it though. I fucking get it. Like if you're active, the point of it is if you're active,
you should get more. And I think that's what Uncreate's doing. They're creating that incentive
structure. Yep. Yep. I agree. Unballed. But yes, I agree. Jesus, we're going to keep you that's what uncrate's doing they they're creating that incentive structure yep yep i agree unball
but yes i agree um cheeses we're going to keep you waiting for the cheese take but um i want to go to
i want to go to hans real quick uh welcome back to the sage gm thoughts on this take whichever
direction you'd like hello good good afternoon for me um about royalties, there's two things. First of all, I think it's a way to keep a non-functional team in place.
You give them money and they can keep messing up.
I don't like that part about royalties.
Fair.
And the second is, you take money from your community
and then transfer that into utility to give back to your community.
Then just ask them for money if you want that.
Yeah.
Why enforce royalties?
What's the point?
So when you say just ask them for money,
are you saying, okay, sell them some vinyls?
Are you saying, like, should we find a way?
Just say, I'm going to do this and I need money.
Guys, can you sponsor it?
Here's an example.
There's several abstract projects right now that are doing games, right?
And they could just let you play the game for free and pillage the rewards pool because you have an NFT.
And they could pull it from royalties.
But instead, like Maze of Gains of gains from on chain heroes you buy a key
if you want to play if you want to play you pay you play you get access to the rewards pool based
on how you do there's there's ways to do stuff like that there is and i think this i was going
to go something like that where it's like a season pass or i kind of am surprised we haven't seen
it's not for everyone but it's another another option back to some sort of membership type approach, some sort of subscription approach where it's monthly or annually or seasonally.
If you want in, you need to buy the new pass.
You need to subscribe.
But systems like that have far more future than enforcing royalties.
Because the only thing that happens
is the collectible
moves from one person to another.
That's no contribution whatsoever
to the community
or the team.
So being
in need of money based on
that specific action
doesn't match with being
a business.
Yeah, I see where you're coming from.
I also think of like where when I came in in 21, it was just it was it was like this social contract.
It just was what it was.
It was just part of the space.
And I had no problem paying it.
Just like if I go pull some cash out of an ATM,
that's not my bank.
I'm paying,
you know,
3% and I just accept that.
It's okay.
I'm not,
you know,
but that,
that,
that matches the fee that the exchange is charging.
And I'm okay with that too.
You,
you use a service and you pay for that.
That's fine.
That's not royalty.
Fair. I mean, it's, it's valid. I not royalty fair i i mean it's it's valid i um
and i think it's that's my thing and and and i understand that it differs per community and it
differs per collection and some collections have no volume like the one i used to sponsor
oh i i mean i'm a big gu fan and uh we don't have to follow you to make any money or royalties, enforced or not.
Can I make one point about that, guys?
So we're in a short time frame here.
NFTs have only been around for, you know, six, seven years, five years, whatever it is.
Look at Pokemon cards.
If you had royalties, you know, for 20 years, or you look at art, where it's been around for 50 years,
if there's enforced royalties, even if the community's dead, there should still be royalties.
Yeah.
You're saying there should be royalties on Pokemon cards? Is that what I just heard?
What I'm saying is, like, if there's a fine artist and they sell their prize work,
you know,
like 20 years in the future,
they finally get some steam.
There's a reward there for their first pieces.
So like the beginnings of this,
let's do it on this.
This,
the royalties don't go to the artist.
The royalties go to a team.
So like, how do you differ?
So like, let's talk about Good Vibes Club.
It is a team.
Part of the team is a very talented artist.
And I think it's good art.
So where do you draw the line?
Is it a collection?
Most of the NFT,, well it depends, but you have NFT collections where the artist is just a hired person that draws the art and that's it.
Yeah, I mean, I royalties is sort of fine, but in the normal world, it's not usual that the painter gets a part of the royalties if you sell a painting.
I agree, but I think that's part of what I love about On Chain.
It's part of what I love.
I think it would be better if they did.
Like this piece back here is my daughter's first piece.
She made it on Super Rare.
I'm not selling that, but I ever sell the the digital component she hit a royalty i would love that to be with her real her just physical art that doesn't have a
digital component i i think especially with the artist a lot of artists you know the whole starving
artist thing is real like most artists a lot of artists never have like financial success until
they till after they die and there's royalties a full in. All in. Yeah, go. I love it.
10%? No way.
But that's not...
That was not the royalties that I was
pointing on when I started this.
That was like the royalties that
just go to the team and do whatever you want with it.
The royalties that should create
utility for the community.
Those type of royalties.
I don't think you should enforce them.
Royalties for artists, that's a whole
different story in my book.
Yeah.
I think it's also part of
it is what are they doing with it?
Is there alignment?
I think it's
and how do you
determine this?
There's no guarantee. Part of it is you're putting your faith and trust in a team
that those royalties are going to go back into the ecosystem
or provide some sort of added benefit
or help grow the brand,
not just padding the team's pockets.
I do think,
in the case of Good Vibes Club,
they've used a lot of their royalties
to buy Vibester,
to reinvest in the ecosystem.
And I think,
especially if you look at the results over the past, we'll just say the past two months, 2026,
most of the top performing NFTs have royalties enforced.
Maybe it's just pure coincidence.
I don't think it is, though.
I think it is a positive builder momentum.
And for the pro-royalty fans,
the reasons we mentioned of, you know, it's going to attract more people who are aligned long term because they're not just looking for a short term flip.
They're not looking to farm something.
And if you're looking to farm something or you're looking for a short term flip, you know, 5% on the buy side, 5% on the sell side, that adds up quickly.
Go ahead and get back in here, Hans, and then we will welcome Jesus
to the stage.
I just,
we can agree to disagree, and it
sort of depends on what the
goal of the royalties is
in my book.
I do agree with that, and I really do appreciate you joining us.
Both you and an idiot bring in the
alternate take. It is great
to, it's a much more enjoyable conversation, and I'm sure for the alternate take. It is great to, it's much more enjoyable conversation.
And I'm sure for the listeners as well
to hear two sides of something.
We haven't said it for a while.
Steve coined the phrase,
we pride ourselves here on coffee,
being able to agree, or excuse me,
being able to disagree without being disagreeable.
And great to hear you.
I do appreciate all the support in the chats
and love, grateful you came you. I do appreciate all the support in the chats and, uh, love, uh,
you know, grateful you came up and joined us today. Um, that said, without further ado,
Jesus, I have a couple of things. I saw your link of the OpenSea wallet analyzer.
Yeah. Yeah. And that one's, that one's, um, looks like Iceweasel hasn't updated that one in a while.
I used to use it quite a bit. Uh, but bit. But you can go there and get a general sense
of what your wallets have done.
Now, this is just apparently for OpenSea,
but when I look back at the royalties I paid
based on this, $52,000.
It's a fucking salary for some people.
Oh, that's just your personal wallet.
Yeah.
Yeah.
Well, I don't know which one I shared.
But yeah, I mean, you can look at that.
I don't care.
It's, I mean, Jesus.Eth.
But yeah.
And that's out of about three quarter of a million dollars in volume.
And so, but you can go in there and just put your wallet in at the top and
see where you're at and actually see what you've given back uh to the brands you've invested in
in the things you've traded and you really don't pay attention to it you know the royalties so
then when you look back and you're like well fuck, fuck, I've been in this brand for this long. What have they done with that money?
Or, you know, multiple brands or whomever.
You know, I don't know the exact information.
I don't know the exact, but I thought it was above 10%.
But Gary V for V friends has one of the highest royalties out of anyone.
I thought it was 13%.
Wow.
I didn't,
but I might be wrong.
So yeah.
And the,
yeah.
So people just,
you know,
it's,
it's wild.
People don't look at it,
until money is tight.
We're in a bear.
These conversations don't happen.
Nobody gave a shit about royalties
when they were making tens of thousands of dollars
on mints and NFTs,
just flipping.
Nobody cared.
So we'll see what happens.
Do you know where...
I just went to pull up VFriends.
Do you know where you can see
i don't know lty amount no
and i'm i'm uh i'm asking grok right now okay yeah i don't think it i've i've struggled to
find this on open sea i just go to magic eden whenever i need to see it because it's like in
the little banner information part i don't know that open sea shows the royalties without
some elaborate amount of digging because i've never been able to find it on there
all right so right now uh according to grok it's oh i know where it is you have to set up a
transaction you have to actually set up it does show like when you go to pay but it doesn't show
when you're just looking at the collection sorry cheese oh no you're good uh so according to grok you have 10 percent
uh royalties on vfriend series one yep and then for series two you have 6.55 percent
you know so you know people can go ask him well you know you're a multi-millionaire. If not,
dude's worth a lot of money.
The company's worth a lot of money.
What are you doing with the royalties?
Is that a question to ask the team?
I mean,
I don't know.
You got me.
I did pin up that Dune chart or that Dune report
if you want to go see how much you've paid in royalties,
I only checked one wallet.
I checked the hot wallet.
You've got me beat on yours at 52K.
My hot wallet, which isn't where I've sold my, you know,
more NFTs of value.
This is just like short-term flips and lower price points.
That wallet is 43,000 I've paid.
Now I'm kind of afraid to go check.
When I checked some of the bigger wallets
where I've had large sales, I might be six figures in royalties paid. My fee spent on the one hot
wallet, 22K plus the 43K in royalties. So off OpenSea fees and royalties just on a hot wallet is 60 uh about 65 000 not not nothing yeah no no it's not so yeah
when you add all this shit up it's um especially when you're using multiple wallets and like i look
at my metamask and i have like 27 wallets and i'm like oh my god um and uh yeah, and will that be part of what OpenSea looks at
as far as like your airdrops?
Steve.
You know, who knows?
Who knows?
I think a lot of that's going to be fees spent.
My fee spent is on this one wallet.
It's almost like, it's like right under 19 grand uh in fees so that's where i think it's
going to be uh between that and historical volume um you know is what they're going to look at so
my fee spent was 22 000 and i did um a little more i actually i'm on so it's interesting you've
paid more royalties and i've never i don't think I've ever turned off royalties.
So it's just like, I guess what I've traded said less royalties.
You've paid about $10,000 more royalties on about a hundred thousand less in volume.
My total volume is 890 off that hot wallet.
I think I might have to do some wash trading just to hit a million dollars of trading on the hot wallet before they go to the sea airdrop.
I'm not even kidding.
Well, you better tighten up.
We don't have,
but like 30 some odd days left.
Maybe so.
Maybe so.
If we,
if we,
so before we continue on,
there are a few other things I want to talk about.
Really.
That was a,
that's a great report.
Thanks for sharing that.
That's pinned up top.
If you want to go see what you've paid in fees or royalties,
go check out that Dune open sea wallet analyzer from ice weasel.
Appreciate you sharing that.
The thing that the people are demanding, though, Cheesus, is...
How did this conversation even get brought up?
How did we get on the cheese conversation?
I don't know, but all I know is that we've been talking about cheese for the last hour and a half.
I was looking to try to keep up on the chat, and the chat just continued to talk about cheeses and they're dropping cheese links and burgers and i don't
remember how the cold open topic became cheese but i'm gonna i'm gonna disappoint a lot of people
i heard kyle's take on it and um no american cheese is not like my favorite cheese because probably the most used cheese in my house,
which I should just get a big giant wheel of is any type of like Parmesan
cheese.
Okay.
Cause we eat so,
we eat so much like Italian or pasta.
Like real Parmesan shredder.
Are we talking about powdery?
Fake stuff that never goes bad.
I live in fucking BFE tennessee so there's no
cheese shops there's no so anything i get i have to get at the store and i usually grate it so it's
usually you know wedges of a some type of reggiano cheese but that's kind of like our like the go-to
here but i mean when you have kids,
the easiest thing is Kraft American cheese.
You're making grilled cheese.
You're doing all kinds of shit,
but I'll still sprinkle some of that on there.
But you know, breeze and like,
I love all kinds of cheese except blue cheese.
It's fucking blue cheese is disgusting.
A hundred percent agreed there.
We are, we are absolutely fine on the blue cheese.
It's maybe the worst type of cheese.
Although the, the, so I, so I'm to blame here. I was searching for a, I was crowdsourcing a cold open topic.
And we were talking basically how to improve, if you were to become president, how would you
improve the country? And Warped Joe answered, mandatory math and critical thinking classes
and a ban on American cheese.
So that's where this thing started.
And so I asked, I go, your top three cheese is quick.
I need court open material.
And that one question, your top three cheeses, Joe, turned into, here we are 90 minutes later, still talking about cheeses. Yeah, the, you know, the plasticky, fuck it.
Because like a lot of this just manufactured fast cheese has like they say that has plastics in it
and all kinds of crap and like you know i try and i try and buy it you know but cheeses and cheap
bro um and you can spend some money on that stuff i i remember i don't know it's probably about four
years ago we were in in um in texas south of austin and there was a like it was like a wine and whiskey tasting thing
we went on but it was like 350 a person and we had some of the most wild fucking cheese i've ever
had um and half the names i can't remember but yeah i i would be that much bigger if i was around
a lot of cheese so just i I would go on a cheese tour.
They have food tours.
I am.
I would,
I would do a cheese tour.
This is.
Who's building the next great on chain cheese company.
This is what,
this is,
this is where we're going to bring it all back to crypto.
Yeah.
I've never been to Europe.
So I would love to go to an event,
you know,
maybe like in Lisbon or,
you know,
one of these,
these big events that that that go on overseas
and then it's been like half the day going around fucking just eating and fucking checking out all
the local food and finding local cheeses that are made just like right there i think that'd be pretty
pretty fun you i'm kidding but we need to be tokenizing cheese cheese is one of those things
it's like is it authentic is it real parmesan is it the fake kind like i i think there's a valid reason behind why cheese to be
cheese could and should be tokenized these are the kind of rwas we need in our life there you go
there you go uh but yeah sorry to disappoint if somebody thought i was gonna come and if you
heard the real story of why my name is Jesus anyways, you would throw the fuck up.
We don't want to get into that.
Yeah, yeah, yeah.
It's a family-friendly space.
Exactly.
You would fucking, you would lose your shit.
One day when we meet, Cap, I'll tell you the story.
Now I am really.
You're not.
Trust me, it's not.
It's a wild story, but we're not going to go there.
All right.
Well, that is a professional cliffhanger, ladies and gentlemen.
That is how it's done. Tune in.
We're going to have a special interview with
Cheeses Someday solely
to talk about
the name behind the cheese.
I'm going to leave you
thinking on that shit forever now.
We're going to do a BZ Claw pool for the TCG Gold Card on Friday for our Community Member of the Month.
Next month, we might do the BZ Cheese Claw.
I'm going to send that to Andrea and team.
Joey, pass it along.
We need cheese in the BZ Claw pool.
In all seriousness, speaking of big things being tokenized, Coinbase had a couple of big
announcements yesterday. One was 24-5 stock trading. Coinbase opened stock trading to everyone
in the US and partnered with Yahoo Finance. I think this was maybe, I mean, 24-7 stock trading,
a big deal. Yes. More and more into TradFi and, again, doing something that Wall Street, TradFi hasn't
been able to do yet. I think it's inevitable, I think, at this point. I think the stocks, ETFs,
all that will be 24.5, probably eventually 24.7. But I think as big as the announcement of 24.5 goes was this Yahoo Finance partnership. Let me see if I can find a good screen grab of that because I think this actually could be big for onboarding.
I know I saw it, but basically the, the, if I can't find it, it's when you go to Yahoo finance
and search for a ticker, now you can trade, you can buy said ticker right from Yahoo finance.
I don't think it's live yet. Otherwise I just go there. Let me, um, I can't believe I can't
find this ticker. Uh, let's say Let's see if Yahoo pulls up.
Great.
No luck yet.
Anyways, you just have to trust me on the visual picture when you go to Yahoo Finance and the...
Oh, it is.
Sorry.
It is live.
My apologies.
I can actually just show you the real thing here.
Let me hide that. We'll go quick.
If you want to, you know, when you're searching for whether you're Googling it or Yahooing it or you're just a Yahoo Finance user,
you now can trade NVIDIA right on Coinbase.
Maybe it's not a big deal. Maybe it doesn't onboard people. Maybe it's not highly used. I just, I think this is, we continue to see, it's a good move by Coinbase. Coinbase,
we talk about their top of funnel advantage they have when it comes to base and bringing people
into the space. I do think Robinhood and Coinbase have done a lot to bring people into crypto.
And I think this is just one more step
in the positive direction. I would like the last thing I had as far as I think anyway, well,
Meta, you know, big high level news. Meta is getting back into stable coins, not launching
their own stable coin this time, but rather going to be partnering. I think it's likely they partner
with Stripe. They have the CEO of Stripe, I believe is a board member at Meta. Stripe also announced yesterday they plan to maybe buy PayPal.
I think all this is probably bullish for Tempo,
the stablecoin slash payment chain that is in the works.
We did fly over that MeBits football, as well as the Arena Club Mint.
For those of you that are on OpenSea and you've been paying those fees and you've been stacking those voyages, go take advantage of that Arena Club Mint where it looks to be plus EV for sure, potentially turning like 50 bucks into a thousand if you run good. essentially a good discussion topic because you could go either way here.
I'm, uh-oh, I lost my StreamYard feed.
Hold on.
Let me get back in the studio.
It just glitched out on me.
Hopefully I'm still, y'all can hear me on X, I assume.
And I think I should be back.
We got you here.
StreamYard now.
So video should be back.
Apologies.
Hopefully that wasn't too long of a drop.
I have no idea what happened, but we should be back now.
No, it wasn't just you, Payne.
It gave me an error on the StreamYard tab.
So no idea what, but we are back.
The other remaining topic, though, I did want to
have a little discussion around is this news from the Backpack team, the project from the Mad Lads
team and Backpack Exchange, major news out of Backpack Exchange. They're planning to launch an
equity token. Their plan is to offer 20% of the company's equity
to those who stake the upcoming token
for at least one year.
This would be the first instance
of token equity in crypto if they pull it off.
This is Tyler Did It with the post here.
Here is the press release,
or at least the headline.
Signaled it's yet to be released token
will allow people to earn equity in the exchange,
potentially turning users into owners. Yes, REC did this with their, if you were holding a REC
NFT, you got some equity. The Plague did this with their frogs. Goblin Town did this with what
they're building. This is the first one though, I think with a... I shouldn't say that. Rec Brands, very obviously building Rec Drinks and having a lot of success with that.
I'm a fan of it.
I'm a fan of it, though, with limited expectations.
I'm not expecting to make money off my shares that I hold in Rec Brands, at least anytime in the near future.
But it signals and drives more alignment.
I'm along for the ride. If REC drinks ends up becoming the next Red Bull and they sell for a
billion dollars, I might get a few extra bucks for holding that equity. Most of the time,
that's the only time this equity stake is going to mean anything material anyways, is if they IPO or they have a massive exit.
Or I guess potentially they could do some sort of profit sharing, some sort of revenue sharing.
I just don't know how they do that without it becoming a security.
So I don't know. I'm curious. Cheese, if you'd like to get in here, I'd love to go refill my
coffee. If I could hand you the mic for 60 seconds, it'd be awesome. And then an idiot or VanGlorious,
if you have thoughts on this idea of equity for holding a token or staking a token for a year,
Cheese, do you mind giving me 60 seconds of air cover? Yeah, I got you. Yeah, I don't mind it.
I think it's a good thing if you believe in the brand and believe in the founders and the team,
and you're there for long-term support, then cool lot of people aren't i've seen a lot of people mad that mad lads
were not getting um more up front on tge or more of an allocation so you know but that's that's
people in the space just being greedy and wanting max max uh payout you know right there so
um who knows i've been glorious what's up i need your hand no worries i mean i i agree man um
that uh equity is fine man i think the cardinal rule about taking royalties or equity is you got
to pick the right amount of money that motivates you. You know, if you take too much money, it's burning a hole in your pocket.
You don't think enough, you're starving.
It's the right amount of money that motivates your team and keeps you going.
And you got to make sure you don't take too much.
Yeah.
Yeah, I agree.
And I thought Backpack, I thought Beanie had a big, either big investment i remember at one point unless i'm
thinking of another brand but i could have sworn beanie was repping a backpack uh badge there for
quite a while but i could be i i'm pretty sure that's what it was and i haven't seen beanie
uh on my timeline in quite a while so So not really sure, but I mean,
would you rather have equity in backpack
or would you rather have equity in like rec drinks?
I mean, I'm not a backpack user or-
Neither am I.
...system.
So I just like, if you think about it though,
from a, I guess what it comes down to is how do you, how do you win? How do you realize any sort of financial win from this? And if it's an exit someday, maybe that's more likely in the CPG side and the rec drink side. If it is some sort of revenue share or profit share, probably more realistic on the exchange side, at least in the short term.
I can see it being very profitable. If they capture any sort of market share and volume, they can generate a lot of revenue.
Now, I would say this. Many people have said for a while they'd like to own stock in something. They wish it was equity.
they'd like to own stock in something.
They wish it was equity.
I'd much rather have a token
at least point to equity,
at least give the potential
to have some sort of windfall down the road
than just a pure,
this is just a meme token
that you can support us by buying it and holding it.
And there's no use for it
other than you could sell it someday
and maybe more than you bought it for.
I would, like if I was in this ecosystem, I would say this.
If I was in the ecosystem and I have a claim for my mad lad, well, I'd stake the thing.
I'd be along for the ride.
Unless it's a material amount of money, and I don't imagine it's going to be for a single NFT.
But let's say I held one mad Lad and I'll have to go check
what that floor is currently.
Let's just say for easy math,
let's say it's 10 grand.
Well, I'm not expecting 10 grand worth of token.
I mean, I'm guessing the part of the floor,
the token claim is baked into,
is priced into the floor price.
So if I get, let's say, if I'm holding an
NFT that's worth, I mean, I'm using round numbers, I will
actually go find the actual
floor price and give you a better
I got to do math though.
The current floor price on
Mad Lads is 18
Solana. So 18
Sol to USD is 1500 bucks bucks i'm staking it i wouldn't that's dirt
cheap yeah i wouldn't think twice about it i'm not because like if i get if i get the full 1500
dollars if i get one to one and there's no value in the nfc it's just purely that's the token value
the the price baked into it i would stake it and swing for the fences on maybe they have a big exit.
Maybe there's some profit share.
So I think it's a good move by the team because now you're giving all those holders.
And in fact, I've not been in the market for Mad Lab.
I might consider it now.
Do I want to roll the dice on $1,500 potentially being worth more than $1,500 down the road if they ever sell or there's some sort of profit sharing.
I'd love to know more.
I don't know how, at least in the US,
I don't know how they could do a profit share.
And in fact, I don't know how they're doing this
because my understanding,
at least all the ones that did it before,
unless they've already taken a snapshot,
that would be how they could do it.
But my understanding is all the ones that have done it before,
it was like a surprise. It was a gift. It was not marketed. It wasn't advertised.
Rekt never came out and said, hey, go buy a Rekt guy NFT because we're going to take a snapshot
on March 1st and everybody who's holding is going to get equity in our company.
Yeah. And the equity is not even transferable with Rekt. It was there for those holders at that time.
If you sell your NFT, you lose your equity.
Yep.
So, yeah, I don't know how they're doing this,
unless, again, unless the SnapStars has already been taken,
but I'm for the experimentation.
I'm for tokens being something more than just another way to speculate on number go up.
I saw Ilan jumped up.
Ilan, GM, welcome to the stage.
Always a pleasure.
Thoughts on this?
Yeah, GM, Jim.
Thanks for having me.
Yeah, I had a essentially your super fans.
I mean, we all saw, you know, how to activate your first order network effects in order to have that, you know, that first layer, you know, of the stack of a sticky product.
know, that first layer, you know, of the stack of a sticky product. And, you know, whenever we start
talking about, you know, tokens being some sort of equity or leading to some sort of equity, I think
that it's smart. It's a smart evolution for, you know, the space. You provide that optionality,
like you said, there could potentially be, you know, payouts on, you know, IPOs or potential acquisitions in the future, but you also have
optionality on a potential pin dropper, which obviously we saw recently with Stripe.
It's all contingent on the success of the brand itself. In order to have a successful brand,
you have to essentially in this modern interconnected world have to have that first level network effect.
And what, you know, what these projects really provide is the first level network effect that's global.
That has never really, you know, really been done before.
been done before. I mean, obviously we saw, you know, the most successful sort of network effect
and we all know, you know, of, you know, Facebook and its origins on a college campus. But,
you know, with NFTs, you get people to, you know, congregate around the, you know, the community,
the art, everything we're doing here, you know, in Web3 and, you know, the promises there and
then, you know, sort of be able to have that, you know, that global interconnected
network of individuals on the ground ready to, you know, be your cheerleaders and push out that
first level network effect to second level, which is, you know, that's a superpower, in my opinion,
of this space and what we're all doing here. And, you know, sort of, you know,
it's sort of that Facebook first level network effect
on steroids because you're immediately global, right?
Like, which is huge.
And then, you know, then again, real quick,
then again, the last part I want to make
is that you have buy-in from the community, right?
Like the community feels like they are owners of something.
And that's important in the context of belonging to something bigger than yourself, which is another reason that we're all here in the first place.
Yeah, great take.
Appreciate you, Sharon.
And yeah, that buy-in, that alignment, all powerful.
The point I don't think we've hit on yet is, yes, the network effects can be very real. Yes, it's like I think of it from
an entrepreneur wanting to start a bootstrap business.
Very hard to do that elsewhere and get the network effects you can get here in crypto.
I like liking it to Kickstarter. Like if you still got like an NFT mint compared to Kickstarter.
Like if you still got like an NFT mint compared to Kickstarter,
are there some similarities? Sure.
I don't think Kickstarters,
I don't think people who go participate in a Kickstarter to help a business
get off the ground,
then go and change their PFP and their digital identity to the product of,
you know, the new coffee maker they're buying.
Maybe it's happened,
but I don't think you get near the actual real network effects the brand
ambassadors that you can get in in this space and then you know it puts that on steroids when you
talk about it's not just us base or wherever you're located it really is a global network
effect that can we I mean we've seen it work We've seen it work for a lot of these successful
brands, all these brands that are building IP. It gets me excited to think about not just the IP,
but in this case, a real product. I know some are selling more products. Please don't take
that the wrong way. But I think from the beginning, my understanding, not in the ecosystem,
mad lads it is. So I say this somewhat as an outsider, but my understanding is
from the jump, this was the plan, right? I think it was
very early on
that they knew they were building Backpack
Exchange and
a lot of those supporters were
in that ecosystem. They bought those NFTs
with, not that they
expected equity, but they expected
the exchange to come and they
expected
a token allocation,
right? I'm for, I think it's much better to do something, assuming you can do it legally,
to give a piece, a sliver of equity, as opposed to just here's our token drop.
piece, a sliver of equity, as opposed to just here's our token drop. Not knocking any others,
but we've seen a lot of most NFT PFP collections that drop a fungible token. There's not been
anything to do with it. And the token is a race to the exits because all I can do is sell. Here,
at least there's an option of something else to do. And I'm for it. I appreciate the experimentation.
to do. And I'm for it. I appreciate the experimentation. And I do. I kind of hope
And I do. I kind of hope we see more of it.
we see more of it. Jesus, an idiot,
VanGlorious, any other thoughts on Backpack
and just higher level token equity or token represented
equity? No.
I think it's good. I think a lot of these brands
that do vest their tokens
and from the days of even Pudgies and Apes,
everybody getting their money up front,
I mean, we're never going to see that again.
So I think building long-term is the better play.
As long as the founders are active,
the founders are visible and out in the space i
love how luca builds in public so you're is he sharing everything no but he's sharing enough
to show his community that you know that um you know shit's getting done and he ships constantly
so i mean i'd i'd be behind that yep um then gloriusco has like come off mute
yeah no worries um i uh man i've changed my mind recently about meme coins and tokens okay first
of all i think anybody who's shipping and being creative and pushing technology fuck yeah that's
just positive it shows you're engaging in blockchain technology. But you know what? I changed my mind about meme coins and tokens in general recently.
Because to be honest, my Tesla shares don't mean fuck all because I've never received a dividend.
So in some ways, they're a coin as well.
So I don't think they're that far away from equity, token.
They're just representations of value.
But it's pushing the envelope.
So whatever.
But I got to jump, guys.
Thanks for having me on.
See you guys later.
Thanks for joining us.
Really appreciate it.
I would just add, I think,
a representation of future value,
even in the case of Tesla
and several others that trade
at extreme multiples above earnings.
Speaking of multiples of earnings,
holy moly. Congratulations. Breaking news here.
Congratulations to anyone still holding Circle. They just released their fourth quarter earnings
and the market loved it. Stock is up almost 20% this morning on big earnings. They showed USDC in circulation is up to $75 billion. That's up 72% year-over-year.
$11.9 trillion in USDC on-chain transaction volume up 247% year-over-year. Repeat that.
On-chain transaction volume up 247% year-over-year.
770 million total revenue and reserve income up 77% year-over-year.
Circle is building the economic OS for the internet, enabling everything from frictionless cross-border payments to a world of emerging possibilities with agentic AI.
Our platform is at the center of this financial transformation.
financial transformation for results at investor.circle.com. You can see here just
For results at investor.circle.com.
not only big numbers, apparently greatly exceeding the expectations and estimates from the analyst
due to the stock performance. I'm guessing, I'm going to go look now because I'm guessing Coinbase
stock probably also sent since they have like a 50% stake in Circle.
And yeah, Coinbase up 6% on the day as well.
So Coinbase drifting on the good news from Circle.
Congrats again to those holders. And just even further, I am kind of blown away by the growth.
It's not like Circle just created, yeah, they went public,
but going public doesn't drive more on-chain transaction volume. That on-chain transaction volume being up 247%
year over year. And I know it's on more than just chains, but my take this morning,
ETH to 10K. ETH is, this isn't financial advice. This is just pure hopium, but it is,
I remain very bullish on ETH when it's, I think, going to continue to be a home
for payments, for stables, for RWAs, for the agentic world. And these agents are, as they're
kind of getting their foothold on ETH currently, I just, I could see that to the point of network
effects, I could see that continuing to grow as that takes off.
Are there things like, could Temple come launch and take a bunch of market share on terms of
payments? Yes. But I think we are so early with, we think it's like, oh, everyone pays in stables
already. It's been around for years. I think that being up 247% year over year just drives home.
It's not, or It's not late.
It's still very, very early, and it's only going to continue to grow.
Speaking of what's going to continue to grow is software engineer salaries.
Anthropic is recruiting their latest software engineer for $600K, $570K to be exact.
So if you are a dev and looking for a W-2 job, maybe go fire some applications to Anthropic.
Last thought here,
and then we may go around the horn
for any final closing thoughts or comments
or anything that we missed.
Koushi says Bitcoin now has a 30% chance
of hitting 100K this year.
We said at the bottom is in that 23,
or if you missed it earlier, the four-year cycle, Bitcoin has marked the bottom 23 months after the all-time high.
And right now we're at 23 months.
So while I'm not a firm believer in the four-year cycle anymore, I will be a believer in that 23 months from the all-time
high marks the bottom. So giddy up, here we go. And then we haven't looked at this for a while,
but speaking of ETH and my bull thesis for ETH, the strategic ETH reserve companies just continued
to buy for the most part, minus Ethereum Foundation. They're down on the month.
Again, this is USD value,
so take that for what it's worth.
Bitmine, Tom Lee, the hero we didn't know we needed,
they're now up to $8 billion of ETH on their balance sheet.
73% of their target,
their stated goal is to get 5% of the Ethereum supply.
They're currently at 3.66.
SharpLink Gaming, still number two.
Ether Machine, number three.
ETH Foundation, number four.
And BitDigital, number five.
Coinbase coming in at six on the list.
You can see here, not a lot of movement
until you get to Aave DAO.
It's probably another, it's a whole show
probably worth talking to Aave.
It is becoming really cutthroat over there,
it seems, between the Dow and the foundation.
And I'm not deep in that world, but it seems like all out war. So I don't know how that translates
into the added ETH that the Dow is sitting on and just maybe previously were spending it and now they're no longer spending it. But I think it is a
good sign that despite this market, despite the chop or not great price action, that you just
continue to see not just BitMind, but these 68 strategic ETH reserve companies, for the most part, they continue to stack ETH.
I'm sorry, the ETF volume is down slightly. And this hasn't been updated. I don't know the most
current. This is the last time, last date they have updated here was a couple of weeks ago,
the 13th. So it's not immediately, it's not up to date, but the strategic ETH reserve companies rather
continue to stack ETH. And I think that's a good sign for ETH price action.
Mel, get feeling better. I hope your kids get feeling better. I just saw your post. No sorries.
You don't even need to make excuses. We understand sometimes life gets
in the way and taking care of sick kiddos more important than being first in the coffee with
captain chat. Although I do greatly appreciate you and it doesn't go unnoticed when you are out
there and, uh, did miss you this morning. I was, I'm glad to hear that you're okay and hope speedy
recovery to those kiddos. What an interesting show today. I think we did an okay job of turning a somewhat slow headline day into hitting on some good headlines,
having some good conversations about royalties, about equity or tokens representing equity,
about Bitcoin bottom. We talked about a few upcoming mints and we got some very important cheesesteaks.
I'm still probably not
the rest of the day I'm going to be thinking about where
Jesus' name came from
and may have to find
Let me ask you this, Jesus. Do you have
any Web3 conferences
on your, like I'm absolutely attending this
this year, I'm most likely going to this. Where's
the next in real life crypto conference we might
see yet? I have nothing on the agenda, not as of right now.
I shouldn't have said that. Are you in the States? Yes, I
am in the States, yeah.
My list, I'm looking at Consensus in Miami.
I'll probably do Art Basel again in Miami as well in December.
And considering Bitcoin Vegas, I've never been.
But Bitcoin Vegas this year, actually we've got a meeting today with a new sponsor.
They're doing some stuff at Bitcoin Vegas.
So we kind of penciled that in.
Might make the trek out there for the first time, even despite my not really any love for vegas but i think we're long
overdue for a crypto conference at dolly world what do you say jesus that would be dolly wood
not dolly world what are you talking about bro come on a crypto conference in the in the in the
foothills of the smokyy Mountains. Let's go.
I mean, kind of, I don't think
we've, has there ever been one in
that part of the world in Nashville? I mean,
Bitcoin Nashville was a couple years ago, but has there ever been
one in... Over there? No,
no, no. Nashville's about as good as you get.
Yeah, we haven't done like a pigeon
forge or anything, right?
No. Kind of surprising. That'd be a good
spot. Like, it'd be good be good like get out in the nature
but it's also like a very much like you know hotels are not a problem conferences it's like
where they did uh base camp at in vermont this this last year they did it out there they did
it in a state where you can't really go out there was like two gun stores and you can't really go
out shooting guns i want a conference where we go out and blow shit up with Tanner Wright,
where we raise hell, praise Dale.
Like, let's go have some fun.
You know what I mean?
I mean, DGNs hate nature, city folk, is what Payne says.
But I'm here for it.
I think bring more of, of like I absolutely would be in
for more of those sort of conferences as opposed
to, I like
Miami, I like Florida, but
Miami, Vegas, New York,
get us in the real
jungle, not the concrete
jungle. Costa Rica, let's do
a conference in the jungle.
Big Solana summer camp was the closest they ever got where did they see bad that that
was like the fucking cringest influencers on solana the summer camp was like a like a like
a crater house basically right yeah basically yeah i don't remember as bad as east denver was
i mean hell we might as well have it down in Mexico.
You want to bring out some guns.
You better not go to Mexico without packing now. I kid, but I'm serious.
Please travel safely if you're heading down there.
It is the wild, wild west.
I guess Denver is
in the mountains, but Denver is
also big city-esque.
I have never been to East Denver.
I'm guessing it's either near the airport or downtown.
Is that a correct assumption for anyone who's been?
Yeah, I think it's downtown.
Denver itself is really nice.
I agree.
It's one of the worst cities I've ever been to travel-wise because there's only a few main major freeways, and everything else is just big giant loops with traffic lights.
And it's a nightmare to get around traffic-wise, but Denver is very beautiful.
I'll say this on the Mexico vacation thing.
If you want to go to Mexico on vacation, don't go to El Salvador.
El Salvador is the most beautiful place I've ever been, And it's like one of the safest places in this entire
hemisphere. So. Okay. Yeah. El Salvador has not been on my list, but I will. Now they've done,
they've done some crypto conferences in El Salvador, right? Like maybe a DevConnect or
something. I don't know if they've done conferences, but I know, I mean, you know,
Bukali has been stacking sets for years now. So, I mean,
he's kind of famous for that in the space and it's really,
really clean that country up. My wife is from El Salvador.
So we went down there a couple of years ago and it was truly one of the most
beautiful, probably the most beautiful place I've ever been.
Very cool. On my list, I would, I'm more South America on my,
on my, my to-do list for sure.
And I guess that's like where I net out while I'm, I'm all for doing something in the woods
or the jungle or nature, something new. Let's, let's, you know, enough of New York, enough of
Vegas, enough of Miami. Let's, uh, let's go somewhere new. I would like some new travel
experiences for work. I would be great. El Salvador Hotel says mayhem.
Mata says, let's do a crypto conference
in a place with no service for Wi-Fi
so people stop selling for a week.
Not a bad take there.
And then as last but not least,
before we play you out of here,
I did pin up top the reminder for tomorrow's show.
You mentioned X been a little funky this week
with discoverability.
Videos are still almost entirely nerfed
until you go hunting for them
tomorrow i don't know what time did we don't have a time when zach xbt is dropping his expose do we
i don't think so and just just to let you know i streamed toshi i was streaming like toshi last
night and the video is actually showing up on my timeline now oh really yeah
so i was i seen that this morning i was like oh shit so um yeah so surprisingly it looks like
they might have fixed some of that not sure um let me go look on your i'm gonna go look on your
timeline right now i'm on my phone you're right it is actually we sent it out from the coffee with
captain yep there it is that's back x. X Video's back. Good to know.
I was not aware of that. Thanks for sharing.
It is fully back.
So we're making steps in the right direction.
Hopefully we're all the way back with X tomorrow.
And yeah, I really appreciate
y'all being here. Jesus, Ilan,
an idiot, and everyone else who joined us
on stage. Really appreciate you adding to the conversation today.
And we'll be back tomorrow.
Pin that reminder link up top.
If you're looking for a show to hit between now and then, Jesus, your show's at 11, is that right?
Yes, sir.
So you got about an hour.
Go get some, go take your dog for a walk.
Go get some snacks and then jump back on here and support Jesus and gang with their.
Yeah, and we have the Invention Network coming on today. They'll be on at about 12, but yeah and we have the uh the invention network coming on today
they'll be on at about 12 but yeah we start at 11. give me a tldr i've never heard of invention
network it's a new one for me um yeah it's a new one for me as well i was approached pretty uh
pretty quickly about it but they have a super you know they're they they're developed a super app
You know, they developed a super app for earners on the internet.
There's so many missions.
There's, you know, you can earn tokens, not just points.
You're earning tokens through the missions.
It shows you the tokens you earn, every mission you complete.
And it's worldwide.
I mean, it's going to be a pretty good talk with these guys.
So I'm kind of excited about this one.
Awesome.
Interesting.
Well, let them know they just got a two-for-one.
We just came up below, and they got a little extra air cover on coffee this morning.
But in all seriousness, have a great show.
Go check that out here at 11.
And as we play us out, go smash that reminder for tomorrow's show.
It's pinned up top.
I, too, hope Zach XBT drops his top three cheeses tomorrow,
Von Fronten.
That's what we really need.
That would be the – it wouldn't be a rug.
That would just be the – that would be the ZachXPT expose.
Especially if he comes out and says, like, the real –
after further deep investigation, blue cheese is criminal,
and American cheese is full of nothing but plastic and it's his top three cheeses, but it's also avoid these three
cheeses. That would be, that's what, that's what we're needing. Uh, if this was, I will say this,
if this was 2021, we would already have a 10,000 collection of, uh, PFP cheeses, uh, already
dropped before the end of the show today. So that's, that's what you missed out. If you weren't
around then is, is, uh, that kind of mania I kid, but I'm, I'm truly today. So that's what you missed out if you weren't around then is that kind of mania.
I kid, but I'm truly serious.
Like it would have already been out.
We would have had a gas war.
In all seriousness,
have a great day today.
I hope we'll see you all again tomorrow.
And don't miss Friday.
We got a big open claw.
Jesus.
Cloughy with Captain.
Not open claw.
A Cloughy with Captain TCg gold card given away to a community
mirror of the month uh you're gonna get the really nice prizes anywhere from uh anywhere from
five to eight nine grand as the uh the grill chases in there the grill items but
thank you all so much hope you have a wonderful day and we'll see y'all soon all soon. you
