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Why Bitcoin REALLY Sold Off 👀 & Crashed on Coffee with Captain #1,091
Recorded: Feb. 6, 2026 Duration: 2:14:51Space Recording
Short Summary
In a recent discussion, crypto enthusiasts explored the evolving landscape of Bitcoin and its derivatives, highlighting the impact of synthetic supply on price discovery. The conversation delved into the complexities of trading strategies, market volatility, and the implications of new financial instruments on traditional crypto valuation.
Full Transcription
I'm on web 3, 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 Bits, yo set it up, surfing on the web
and I'm shooting at 3, I've been goaded when I got my T.
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 the keys, boy.
And 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 wanna fly high in the sky, arms out wide, trying to soar,
I'm 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
Sippin' off some rock and I'm sippin' out octanea
Only thing around my neck is the black swing
Now I got coin, I see where y'all go
Been poppin' since web 1, hella hooked on web 2
I was livin' the dream, now I'm on web 3
And it ends with the seams, top in the pyramid schemes
I'm tellin' ya, I'll sell you a percentage on Nebula, shout out to Vince, yo, set it up.
NFT, Twitter, blockchain, seeing what the ghosts and we balling like a brown jay.
Crypto, crypto, we can make a trade, get the memo, but feels not falling for the FOMO.
Listening to coffee with Kevin, you know we were a wide day loco, I ain't never gon' stop rappin' Orlando, yeah, we workin' magic
We rockin' Ethereum in her tees I just went and caught me a half bass
Started off with a bitch Now I got coin, I see where y'all goin'
Poppa' since web one, hella hoops on web two I was livin' a dream, now I'm on web three
And it is what it seems, topping the pyramid schemes
I'm telling ya, I sell you a percentage on Nebula
Shout out to Vince, yo, set it up
Breaking them all to choose one
But they got knowledge to move, son
I'm shakin' in shades with my brother in suits
Yeah, them blues is coming
Even though it's hard to pick, eeny, mighty, mo
Soda on the mix, no biting lips, it's time to go
Index number one, no thumbs up, you gotta scroll
Looking at the ghosts in studio, it's time to go had a helmet on by myself until i met
a mask that wanted to have a face off had to bring my chainsaw full ticket gas and the drive
my brakes off i'm a one but a different kind of steak sauce welcome to coffee with captain
powered by eight coin where we dive into all things crypto n NFTs, Web3, and cutting-edge technology.
Remember, nothing here is financial advice.
Early-stage tech can be exceptionally volatile and risky.
So grab your coffee and join Cap and Steve for today's conversation.
Welcome to the future.
Welcome to Coffee with Captain GMGM.
Thanks so much for being here.
Happy Friday, everyone.
Grand Rising, GMs, Gmulligans. Not sure what GR is. GRCWC. What would GR? It's a foreign flag I'm
not familiar with. I know what BD means. I know a lot of alternate GMs or good mornings,
but I'm not familiar with GR.
Corona, you got to help me out.
What does GR stand for?
Help educate me this morning on coffee.
Oh, Grand Rising.
Thank you, Katie.
That's the obvious one.
I was overcomplicating it.
I even said Grand Rising and overcomplicating it, thinking it was something from a different language.
But Teacher Katie, she's the Mel of abstract chat, always first over there.
Mel said she can't comment.
I hope that doesn't mean there's an X update that I did not do this morning.
Let me check on that real quick, and then we'll jump into all things on this fine Friday morning, despite the market.
I haven't even checked this morning. I'm going to check that right now.
I was talking about yesterday how you could say it's either desensitized or it's broken.
My brain, that is. Whereas.
No comment on X.
No comment.
So you can't comment on the X spaces.
I have the purple pill in the bottom right for me.
Got an error on abstract too.
I'm not sure what's going on.
X looks fine to me.
No update available in my app store.
I think we're all running the current one, but I could be
mistaken.
Nevertheless, we will keep powering
through.
It is lagging
a little bit. Not normally, not as
many comments in the
X spaces chat as
there normally is.
I see Machiavelli.
I see aspiring nobody.
I see Beanie.
I need to learn how to pronounce Suyin.
Suyin X.
I'm probably saying that wrong.
I feel like I'm saying that wrong,
but a relatively new regular listener out there.
Appreciate you.
I see you.
You give Mel a chat.
Actually, you probably,
you beat Mel today since she can't
comment in the chat.
The purple pill not working for all.
Our favorite Jack
is jumping up on stage. Jack, were you able to see
the comments? Were you able to see the purple pill in the bottom of the
Twitter spaces?
Oh, can you
hear me, Cap? Yeah, I can hear you okay.
Oh, I got the weird thing. No, you've got
the host bug the little
blue plus man in the comment section man can you do me a favor because web3 warhead said probably
need to do an update can you check you mind checking your uh x version in your app store
and see if it is saying there's an update available i had one like two days ago. Are you on desktop right now? No, I only host from the phone.
Yeah, of course you do.
Let me double check.
I'll go to the app store.
Usually the issue when people can't see the purple pill for the comments,
it's usually we're not on the same version.
I just checked and there's no new updates available for me.
No, no new updates for me.
No, no new updates for me.
Looks like we just got a bad
one, so
it is what it is. I've stopped
asking for the likes, repost, and bookmarks to start
the show, but because
X is doing X spaces
things this morning and nerfing
our chat, I will ask for the extra love on the X spaces link. morning and nerfing our chat.
I will ask for the extra love on the X spaces link.
It's pinned up top all the way to the right.
You should, yeah, Mel says no update for her either.
That stinks.
It is still possible to comment.
It is just not obviously easy when that little chat is not in the bottom right.
So I appreciate the love on the space today.
It's all the way to the right.
If you head up top of the Jumbotron,
scroll all the way to right there,
you will see it.
We're also live on X video,
obviously,
as well as YouTube in the abstract chat.
The one thing that I will show is our, our YouTube chat,
our grind to 500 subs continues.
We get to 300 today. That would make my Friday. So if you
haven't yet subscribed to our YouTube channel, it would be greatly appreciated. Also, I'm not going
to comment on the, I haven't even opened it yet. Believe it or not, I just took a screenshot,
dropped it in the war room chat. The very interesting, very interesting subject line
from another sub stack. I think it was actually from
sub stack themselves, believe it or not. Uh, and I saw someone subscribe to my sub stack. I don't
even have a sub stack that I'm aware of. So that's interesting. Uh, we actually use, but, um,
beehive is our newsletter, uh, provider of choice. Uh, that goes out tomorrow.
You're going to want to hit that up too.
We've got some fun things planned this year.
The teases won't continue forever.
I actually do have, I'm not sure if we're,
we are going to announce it.
We have a, last month Katie was our community member
of the month and won several hundred APE
for her, just as a small token of our appreciation.
I think it was like 750, 850 ape, something like that.
Proof of Alpha Degen came over the top and added a hundred ape to the kitty.
And it was not sponsored.
We just wanted to support some of our partners as we acknowledge and reward our community members of the month.
This month coming up, we have another prize for our community member of the month.
The community member of the month is going to be selected from our YouTube members, anyone who's subscribed over on YouTube.
We're going to have to get creative on how we do that because I wasn't aware until recently that most people don't make their subscriptions public.
And so we may have to ask for like a screenshot to prove that you're sub.
Anyways, we will pick a winner.
And this month's winner in February, we're going to pick a winner from the YouTube subs.
This month's winner is going to get a TCGg gold claw pull from our friends over at bz
not a sponsored post they're not paying for it we just i reached out to andrea congratulated
them on a good month mentioned we were doing this and she said yes we're in for uh awarding a
coffee with captain community member of the month with a BZ claw pull, their Grail claw pull.
You can see here on the screen, it's a $250 claw pull.
The average value of those right now is $263.
Pretty big one, right, Jack?
I got you off mute.
If you want to get in here, go ahead.
Oh, I'm assuming that's for me sorry cap no my bad i've got the puppy chewing on my headphones she's unmuted me love it that's uh it's my favorite kind of
unmutes when we can blame the doggos um the this this gold this teaches you gold
claw pull is no joke though it's the average value is 273 bucks there is the base pulls. Worst case scenario, you get a card
worth $130 that you could instant sell. But yeah, the base pull is $130 to $250. 20% chance of a
common, which is $251 to $500. Uncommon, a 3% chance of $501 to $1,000. Rares are up to $1,500.
$1,500 and then the ultra rares
is over $1,500
including
this
the top one in there is a $19.99
Mint 9
Pokemon
Blastoise, am I saying that right Jack?
You probably
have a Blastoise tattoo
I don't have
Charmander and a Charizard
tattoo,
but no Blastoise.
But it was one of my favorites,
but you are absolutely saying that right.
If you were to win our Coffee with Captain Community of the Month in February
and win this TCG Gold Claw Pool for BZ
and pull the Blastoise Mint 9,
two questions.
A, first of all, would you keep the card
or would you sell the sell it for
if the value is eight eight eight nine so i think you get joey might have to jump up and correct me
if he's out there i think the instant sell offer is like 75 to 80 percent of the value i'm not
certain on that though um would you would you keep it or would you sell it into the offer and if you
do keep it would you then add a blastoise tattoo i yeah both of those things would be true so i'd a keep it and b yeah if i was dropped a
card with like eight thousand dollars then yes i'd probably have to get that tattooed i would even
go as far as saying um sponsored by coffee with captain in little black text at the bottom of
that tattoo.
This is how you... If you want to win Coffee with Captain
Community Mirror of the Month,
my love can be bought.
If you're going to tell me if you win,
there's a chance you get a Coffee with Captain tattoo,
you just immediately leapfrogged everyone else.
As long as you're subscribed to YouTube, Jack.
As long as you're one of those 200...
Dude, I think I'm like the third,
the fourth subscriber you had.
So yeah, yeah.
I think that actually is true
we were going back through yesterday and looking at our subscribers most of them are ain't on or
doesn't it's not public information uh we had to go back to some of the very early ones and
i think pay might have actually even called you out yesterday as as like subscriber number three
it's not just the blastoys though there. There's several Grail cards. There is a War Manga that's $5,000.
There's a team, I don't even know what this is,
a Pokemon that's worth $4,000.
Another Japanese promo, Eevee Munch.
You can tell I'm really into this area of collectibles.
There's another Pokemon, Cherry Blossomom that's like $1,200.
But yeah, a few uber grails in there.
But worst case scenario, even the baseline pull is anywhere from $150 to $250.
And yeah, the swap is up to 90% of the fair market value.
That I guess could vary depending on what you pull.
But yeah, if you end up pulling the one that's $8,800,
I mean,
you could,
the offer is going to be around,
around 8K.
Nah,
keeping it.
Keep it.
Yep.
Good stuff.
We're good.
Shout out to BZ.
We will bring that up again.
If you've not yet,
go check us out on YouTube and hit coffee with captain.com and drop your email in there for the newsletter.
I'm not sure what I did here on screen.
There we go.
Sorry, I don't know what I'd hit to throw the video off.
Thomas says, I love the newsletter.
I get it once a week.
I actually look forward to it and filling it out for feedback.
Thank you very much for filling it out for feedback.
There's a pool.
We run a weekly pool in there that is just a simple four-question pool. And after you submit the
pool, there's an opportunity for, after you vote in the pool, there's an opportunity to submit
feedback as well. Appreciate any and all feedback there. We are continually looking for ways to
improve the show and make it, you know, it's been a community show from the jump.
And we look to continue to do so with your feedback. Not that we incorporate every idea. Uh,
the war room was, was on a heater this morning.
There was about 10 simultaneous conversations occurring,
none of which I can talk about here on the show this morning, but I was, uh,
I was considering each and every one of them. But, uh, uh, anyways,
I digress. Appreciate y'all being here. Happy Friday, everyone.
Hope everyone survived yesterday's market crash. It was, we started
off the show yesterday talking about the doom and gloom, although we didn't go doom and gloom. We
do it our best to put the optimistic spin on the market and opportunities in the market,
even if you're not buying, if you're not DCAing or buying dips, just looking ways to capitalize on
depressed attention, depressed participants as active users leave. It creates a vacuum of
users leaving, leading to more opportunities for those that are here. And I said it yesterday.
Yeah. Everyone's keeping the blast toys. Uh, when coffee with captain, we will talk about
re-bringing back the coffee with captain segment. We'll do at least one for a community member of
the month here later in February or to kick off March. But, um, this is hilarious. I just saw,
um, we lost Jack. Uh, if you want to get back up here, go right ahead.
I just saw my today's news thinking about what we're going to talk about on today's show. We do
have actually a few topics we're going to hit on. Like it or not, we will have to talk about the
market. It was one of the worst sell-offs maybe ever. I mean, all time, not in terms of percentage-wise,
but in terms of dollars, dollar value,
one of the worst we've ever seen,
rivaled, if not worse than the FTX crash,
COVID crash and others.
Fear and greed is the lowest it's been
since the chart was created.
Fear and greed at five today,
that's on a scale of 100
and we've never seen fear and greed at five. So historically's on a scale of 100, and we've never seen fear and
greed at five. So historically, every other time it's been extreme fear like this in single digits,
it's been an incredible, I would say, generational buying opportunity as the market usually recovers
and recovers violently. That said, I understand it's very hard to want to hit the buy button
when it seems like everyone is leaving, everyone's dumping.
We actually have some interesting theories as to why from some pretty big brains that may not be what you think might be behind the cause of the sell-off.
No, it's not Epstein was not the creator of Bitcoin.
Not Epstein was not the creator of Bitcoin.
Did he have conversations with some of the early core devs,
and especially those that ended up leaving to Zcash?
It seems so.
But I think if you are looking to disprove that theory,
you probably don't have to go any further than how unlikely it would be
that the creator of Bitcoin, who has remained anonymous for all this time, was the same person who didn't even secure their emails and documenting all the illegal activity they were doing.
Those two things are not congruent, but again, I digress.
Not congruent, but again, I digress.
We have also, I know OpenClaw, we talked about earlier this week.
There was a good thread that came out on how to set that up safety if you're looking for a project this weekend.
There's also a new product launching on MegaEath that I'm very excited about.
We will highlight that briefly.
And a few new Coinbase listings yesterday in the depths of this bear or sell-off.
I said that the trade of the day, I'm buying some Bitcoin today.
I'm buying some Hyperliquid today.
Hype now available on Coinbase.
So is Dude.
It was maybe the funniest tweet I saw yesterday was someone referencing.
They said, thanks, Coinbase.
I'll see if I can find it.
Yeah, Bitcoin's down 11% today.
Thanks for letting me know I can buy doodles in the midst of this bloodbath.
I'm not seeing the exact tweet.
I know I shared it, so I will go find it here in a second.
But Jack, welcome back to the stage.
Are you seeing any chance you're seeing the comment button now,
or is the chat just dead today?
Chat's dead, brother.
Yeah, now it's still a little blue plus.
That sucks.
Kev, GM, been a while.
Welcome to the stage.
Always appreciate hearing from you.
And I guess before, feel free to take it whichever direction you'd like,
but quick question before you get into what you joined the stage for,
joined the conversation for,
are you seeing the chat bubble down in the bottom right,
or is it the plus button for you as well?
For me, it's a plus button.
That stinks.
So chat will be a little slow.
There are ways to backdoor into the chat.
You'd have to click my profile, go into the...
And then you'll see on my timeline, the actual audio space should be pinned to the top of
my feed, and you could comment from there.
I know that's a couple extra steps.
It's not ideal.
It's bad UI, UX, but I don't have any logical reason to explain why.
Usually when it's not there, it's also not on my end,
or it's because I'm running an old version of X
or the users are running an old version.
Anytime that we're not running the same version of X
and they do update the app frequently,
that often leads to issues
like the chat disappearing. So it's not there.
You have to click through the profile if you want to join that chat or head
over to YouTube and join the chat there. All those,
all those YouTube comments pop up on a stream yard or stream yard here and I can
flash them on, on the, the. Easy to see and keep up with.
Everyone's saying that Blastoise is a keeper
if they pull it.
So good luck.
While you're over at YouTube,
hit that subscribe button
and be in the running for that Blastoise.
Well, for the call pool.
And then last but not least,
I'll hand it right back to Kev here
so he can take it where he would like to take it.
Just because I mentioned it earlier,
I did find it.
So I'll show you this tweet that made me laugh.
I literally LOL'd.
Yeah, Bitcoin may be down 13% today, but at least Coinbase just alerted me that I can trade effing doodles now.
Dude is now available on Coinbase.
They're saying, like, read the room.
It wasn't the worst read the room post of yesterday.
The White House came out and said that 62% of Americans feel wealthier than ever before or something like that, which I quote tweeted and said, yeah, the four people they pulled was Bezos, Musk, and the Google founders.
I don't know who they're pulling, but maybe that's true.
Maybe it was they pulled 100 people and 62 of them felt that way.
Certainly not the day to uh to take that victory
lap read the room is right and um most importantly though all jokes aside i do hope everyone is
doing okay i don't have the answers for you i'm not a therapist but if you are down bad if you
took some big l's got liquidated this week and don't feel good don't do anything don't don't do
anything stupid don't like call someone. My DMs are open.
I will do my best to pay attention to it today since I threw that out there.
But talk to someone if you're hurting.
You're not the only one.
It's not the end of the world.
It's just numbers on the screen, and you can make it all back, believe it or not.
That said, let's go back to Kevin, and then we'll get Joey in here.
Kevin, GM, what brought you up today?
Hey, GM. Yeah, I just want to come and hang out with you guys for a bit. I am in the car and I'm
about to go into a few tunnels. I know the connection is usually bad here, so I'll be back
in a few minutes. But yeah, I just wanted to GM and hang out with you guys for a bit. It's been
a while indeed, and I'm slowly getting back onto spaces so excited to hang with awesome
but uh yeah be back in five sounds good yeah appreciate you jumping up and we'll uh look
forward to the return joey gm i'm not sure if you caught it there uh was was plugging the
community member of the month this month i don't know if you're aware of this yet we have not
talked about it but it's going to win a bz gold claw pool uh And we were showing, we're flexing some of the prizes over there,
some of those grails that 8,000, almost $9,000 blast toys. I misspoke or wasn't sure on the
swap value. I said, I think it's like 75 to 80% of the value. I then saw on the site that it's
up to 90% fair market value. Does that percentage, is there a range? Does it vary?
Anything to add to that?
And again, feel free to take it
wherever you'd like.
GM, guys.
No, I came up for that,
but also X is broken for me too.
It's just broke, broke.
But yeah, it's 90%.
So whatever you see
is the fair market value, you're going to get offered 90%. And then obviously we have a little bit of fees as well. So that way we can keep the lights on. Um, so if you pull that, um, you'll get a nice, a nice little, a nice little win. Um, and the great thing is, is you're getting it in USDC base. So you don't have to worry about price fluctuation.
And we secretly stealth dropped the ability to withdraw funds now.
I don't know if I front ran an announcement or not.
If we have something planned, I apologize, team.
But due to our move to base now, you could actually withdraw funds directly to your Coinbase now.
If you do hit something big.
Nice.
Nice.
And if you missed it,
the moved base,
the moved to multi-chain led to a record setting month for Beasley last
month.
No pressure,
but would not be surprised to see that continue again in,
in February.
Jack, I can't remember if I cut you off there.
Go ahead, Joey.
Were you going to hit on what I just shared in the war room at some point?
I did not see, but I will...
Did Death Star announce their first target?
Yeah, yeah, that's on the list today.
We can jump right into that.
It's a better...
I mean, it is an interesting topic.
We were talking about it yesterday.
We had some speculation.
And the other stuff is certainly not time-sensitive.
We'll let room warm up a little bit here,
and then we'll have the bigger market talk,
the fair and greed at five,
and maybe the why behind this massive crash sell-off whatever you
want to call it there's a few theories in some i think carry some um some baked in some pretty
good logic but yes the we talked about death star from cyberkongs i don't know what's pain i don't
know why my video keeps popping back i'll keep a better eye on it um oh and pain says you know look the professional
producer he is apparently it was community noted uh on the white house post and so they deleted it
that's funny i don't even know i mean again polls are one of the dumbest things ever because
you've got i don't know 350 million people in this country and they'll pull 100 people and then
call that like oh this is this is this is is accurate data. This is a large sample size.
So like, even if it was something as stupid as that, they pull a hundred people and 62 of them
responded that way. Just horrible, horrible, horrible timing. And I say this, like not even
a political statement, just the white house intern has been on somewhat of a heater.
Like it's,
they have some funny posts.
They have some,
they've had multiple posts go viral beyond just because it's,
it's White House news.
That was just really,
really poorly timed.
And,
and just,
I like,
again,
a poll could be a hundred people and maybe and maybe it checks out, but it just doesn't seem like based in any sort of real logic or rationale on many fronts and overall sentiment.
Beyond CT, it's not just crypto Twitter that is feeling like it's not been the greatest run here over the last six months or so. But yes, I guess if you've been sitting on nothing but the gold and silver,
they too are like, again, just timing bad on almost every front. Anyways,
that's sorry. I'm trying to get my brain back on point the war room really
that was the conversations this morning really um
threw me not not threw me for a loop but distracted me a little bit and i'm trying
to keep get my brain back on point my add is taking over
and uh going down past that i'm not supposed to go down on the show so that said
while you're trying to do that,
since you're giving a $2.50 away for the Community of the Month member,
I think we should also give away a $50 for the runner-up.
So if you have a runner-up in mind,
we can give somebody a TCG Silver Poll today too.
Well, we were going to do it today.
I mean, this is for February, it today i mean the community we won't this for february
so we'll pick the community member like on the well then it's true just give it away for something
who cares give away a tcg 50 the tcg silver today today okay let's do it let's um you know what i'm
i'm gonna i am going to i know this isn't like you're not supposed to drive
you're not supposed to drive engagement or followers or subscribers with
giveaways.
I get that,
but it's eight 28.
We haven't really warmed up the room yet.
Twitter is broken.
As I scan the,
scan the crowd.
It appears that the overwhelming majority of you out there are regulars,
longtime loyal fans.
So I'm perfectly fine in doing this.
We will, We will drive the
giveaway to YouTube. So any new YouTube subscribers this morning, there's been, it looks like three
this morning. I just need you to go ahead over there, hit the subscribe button, take a screenshot
of that, prove that you're a subscriber, drop that in the chat. So we're going to make you work for it today because
I know it's not easy to drop it in the chat. So you have to head to YouTube, subscribe,
screenshot, come back to X, click my profile. If you don't assume you don't have the chat bubble
on the bottom, right? Click my profile and then comment in the X spaces chat that you are a new subscriber.
And we will, Joey, remind me, are you a bit of a hangout today?
You got a hard out at nine or anything?
I could be here at all 930.
Okay, we'll pick our winner like 920.
So yeah, you've got 50 minutes to go subscribe and prove that you're a new subscriber to
to YouTube and one of you will win a $50 claw pool. And while you may not pull a $8,000 or $9,000
YouTube.
And one of you will win a $50 claw pool.
grail item over there, the silver pool is also no joke. I will quickly flash that here on the screen.
You can see the average value is 56 bucks. There is even the base level, it's 25 to 50,
bucks there is even the base level it's 25 to 50 commons 51 to 100 uncommons 101 to 250 rares 251
to 500 and you got an ultra rare it's over an ultra is even a better chance than hitting the
rare it's over 500 the top one being the the chase item here is a 2024 pokemon uh special
illustration it's a gem mint 10 uh there's also a $1,600 one piece and an $1,100
Gold Star Mew. Again, I don't know what half of these are, but you could choose whether you want
to keep it or you could instantly sell it, swap it for 90% fair market value, hit that USDC in
your account, write it over to Coinbase. And Joey, thank you very much for doing that.
Appreciate it.
Again, not a sponsor.
This isn't sponsored.
They're just friends.
And Joey being generous out of the good of his heart.
So appreciate you and appreciate all of our,
all of our new subscribers over there.
It is popping off already.
So shout out to everyone that's playing along.
Not only is X broken, StreamYard,
it's the first time I ever remember having this issue.
So it is just going to throw,
it is going to be a challenging Friday on the technical front.
First, it was Roadcaster.
We saw that last weekend.
This weekend is going to be, today anyways,
Friday is going to be figured out why StreamYard continues to shift automatically the, uh, uh, the view.
Uh, anyways, here we are.
Let's go back to Friday has become like tech failure Friday.
Sheesh.
It is, um, I'm not going to say this cause people will take it the wrong way, but since
I said, I'm not going to say it, I would just say that the tech failures that I don't know what they are,
are actually more frustrating than Bitcoin selling off 13%.
I know that's going to sound crazy, but I'm just buying Bitcoin at a discount.
I had no intention to sell my Bitcoin bag.
I'm not leaving. I'm not going anywhere. My long-term
bags are packed and I would just continue to pack them.
I shouldn't say that. Yes, it does
impact me, not financially in the short term.
I know I am
very empathetic to the businesses, the brands
building in this space, those that have TGs coming up.
That sucks.
And although I even saw a couple of takes yesterday, like MegaEth launching in this
market, maybe a good thing, lowers expectations. I think those that can start low and you've got
one way to go is better than coming out of the gates at $5 billion, $10 billion valuation. And
you're going to have a lot of sell pressure, a lot of dumpers.
The product I mentioned, we may talk about Prism here,
at least as a flyover,
you're going to be able to stake your MegaEath day one.
And I think that sort of stuff is important
relative to some of the other chain launches we've seen here recently
where there's just nothing to do with your tokens
other than play some silly beer pong game or sell them. And if that's the case, a lot of people are just nothing to do with your tokens other than play some silly beer pong
game or sell them and if that's the case a lot of people are just going to sell and take take their
take their gains or cut off their losses depending on where the thing opens uh that said back to
cyber kongs and their new target their first target when i first saw this, I was very much so not a fan.
I'm not saying I'm a fan now of this whole Death Star and how they're doing this thing.
It's entertaining.
It's going to be interesting to watch.
And I'm not...
This isn't a shot at Moonbirds.
I still hold on my Birb.
I have a Mythic.
I don't hold... The other ones we talked about yesterday where Doodles and Izuki. I don't have any exposure to those ecosystems anymore.
So this one could impact me more so than others, although I think it's just going to be the OG
collection. I'm glad that they picked Moonbirds 1 as opposed to some of the others because
there's just more motion now. There's more activity, there's more buyers,
and those NFTs do have a fungible token allocation,
a monthly allocation that is basically stored
or staked inside those NFTs.
Therefore, it's not going to go to zero.
It is going to find a floor at some point.
But don't you have to have those, wait, to get the allocation,
don't you have to be nested though?
Well, yeah, but if it's not nested now and someone buys it,
they can nest it and get future allocations.
So maybe you're missing out on the first half of this month,
but you would get all future allocations.
And as long as the BIRB token doesn't go to zero,
those NFTs hold future fungible tokens,
future BIRB token in there.
By the way, I just looked.
This is probably the best performer on the day,
I'm guessing, in this bloodbath market makers doing their thing and, uh,
have sent this thing flying back up 20,
35% on the day up to,
you know,
I said that once again,
I'm doubling down on my take.
I think the market makers have a floor.
Their,
their job is to hold the floor at 200 million.
They've done that or pretty darn close to it.
We've now seen a couple of pumps, a couple of these god candles.
I think the last time it sent it to over 400 million.
This time sent it to 320.
I don't know.
Maybe they adjust their number to 300 million.
But it's, to me, seems very clear that the market maker's mandate is to not let the floor fall below 200 million for very long at all.
And so it's, it's, uh, here we, here we are. So yeah, at, with this being said,
the Burb token being at 320, it's just, it's a math problem. And because of that,
people are just not going to let this, the Moonbird NFTs go to zero. Like there will be
buyers to step in. There'll be funds to step in something. So back to the point is I am really glad that it is,
that it's Moonbirds over some of the others that may not necessarily have
like those sorts of, I know fundamentals sound weird,
but those sort of, I'm struggling to find a proper word to describe it, but the Moonbird's NFTs has things going for it right now and today in February 26 that many of the other NFT collections don't have in the sense of not just activity and some momentum following TGE, but specifically, if you go buy a Moonbird token, you can nest it and get a Burb token, which is trading at 320 million FDB.
I'm curious.
I know we talked about it a little bit yesterday.
I think Joey and Jack may be both waiting on this whole Death Store thing.
I've come back from my first reaction was almost like disgust.
Like, this is gross.
Like, this is just bad.
And now I'm kind of liking the...
It's just like a different spin on PvP
and I'm not saying that's
great, but it is different.
It is an on-chain experiment
I'm not... Like, I'm not
rushing out to buy Cyberkongs,
but they've
captured some attention. They're doing something different.
It's on-chain. They're experimenting. I'm here for that. Like more of this,
slightly different, but you know, it's, it could like worst case scenario, it could play out like
blur farming on steroids. And it could like, it's in range. It could really kill some of
these collections. I don't think that's going to happen with Moonbirds. In fact, I'm pretty
confident it's not going to happen with Moonbirds and the fact that they start
with Moonbirds
it may not go well at all
it may not be supported
I don't think that'll be the case
I'd imagine that the team and the community
they've got some
they're going to be buyers of Death Star from the jump
and participate in the voting mechanisms
because after this first one it's going to be the holders
that hold a thousand or more Death Star token are going to be the ones that vote
on which collections they go after next.
And yeah, there's some fans.
Zane, who was our biggest burb promoter for a while,
is now a big fan of burbs being targeted by the Death Star.
Let's go back to Joey since you brought it up,
and then we'll get Jack.
And if Kevin's back with us and want to weigh in on this,
feel free to do so.
But Joey, what is your thoughts,
or do you have any feelings on Moonbirds being selected
as the first target?
I guess my thought would be, like, why?
Like, I know it was a a vote among you know holders
like i'd be curious to know like why their holders chose moonbirds like is there don't know if they're
like i don't know if this first one was voted because i i my understanding is the the it's not
cyberconx holders it's going to be holders of death Star. And I don't think the actual token is launched yet, has it?
So I guess I'm confused then,
because in the article they released,
it was like you had to hold at least a thousand of Death Star in order to vote on which collection.
So did they just pick?
So then did Cyberkong just pick Moonbirds
as the first one before releasing the token? I think so, and I think it was premeditated. I'm not saying that the CyberKong just pick Moonbirds as the first one before releasing the token?
I think so.
And I think it's premeditated.
I'm not saying that the CyberKong's team has a vendetta against Spencer.
My guess, my assumption is they obviously are well aware of what I just said and the fact that Moonbirds has this, they have VIRB token in these NFTs.
Therefore, it's kind of a safer first target
where there should be,
and again, if you missed it yesterday,
this whole Death Star thing,
basically it is not exactly a fork
of Pumpster and Tokenworks,
but they took that idea
where with the Tokenworks model,
the flywheel in that scenario
is the contract buys an NFT of the collection. It relists that NFT for 20% above the floor price,
the current floor price. And then when that NFT sells, they take the funds and they go buy the
fungible token that's associated with it. So in the case of Good Vibes Club, they will buy a Good Vibes Club.
The smart contract does,
lists it 20% above floor.
When that NFT sells,
then the smart contract takes the Vibester,
or it takes the ETH,
it just collected from the sale,
it buys Vibester,
and then burns Vibester.
So it's deflationary on the fungible token,
and it's buying NFTs and then relisting them higher. So it's deflationary on the fungible token and it's buying NFTs and then
relisting them higher. So it's taking the point. And Death Star, the model they're doing,
it's the reverse of that. It's buying the NFT, listing it 20% below floor,
and that should sell instantly. So the NFTs where on the other side that created a sell wall
occasionally or not occasionally, it has the ability to create a sell wall
in kind of stall momentum here.
You could see the flywheel flying a lot faster because theoretically, almost
everyone that gets bought and listed 20% below floor is going to get sniped.
Like someone's going to attempt the arbitrage.
Although, you know, it's just, it's, it's, I's going to attempt the arbitrage, although you know,
it's just, it's, I'm
really curious to see how this plays out, because it is
really unique.
My first reaction
was not great.
The more I think about it, it's
going to be interesting. Like, it's
going to be worth following. We're going to talk about it,
and I don't wish any
ill will on Moonbird's collection or any of these collections that get targeted.
Maybe it does create a flywheel in the sense that it gets new people in the collection that have been wanting to get in.
And they get a discount.
And I don't know how it plays out.
And I just, like, I don't know how it plays out, right?
And it could be short-lived, and then they don't, you know, the floor bounces to a point where the smart contract doesn't have enough to acquire anymore, and they move on to the next one.
I just, I guess I will, again, I respect the team for taking a new shot, trying something new, experimenting on chain.
I respect the team for taking a new shot, trying something new, experimenting on chain.
And this also, I say, I think it was premeditated, is in their post here where they said, this isn't daycare, this is Death Star.
They quote tweeted Spencer from the day before, says, to launch a token into this market, you have to be realistic about what it is.
This isn't daycare.
It's a gladiator arena.
A lot of companies are about to die.
Those which survive the carnage will lead the next run.
We stayed locked in. So I interpret their targeting moonbirds here as Spencer's walking
with a little bit of swagger, a little bit of confidence following a token drop that was
objectively very poor from a user experience. Like they had multiple issues with claim
and the site didn't work.
And, but that, despite that,
the token has,
not only is it up 35% of the day,
it's at 320 million fully diluted value.
It's outperformed most people's expectations,
whether it's market makers pumping it or not,
which I do believe it is.
I mean, I'm going to keep referencing back
to they haven't grown their holder base since launch day. It sat at 14,700. So there's
not been a single net new buyer. And yet we've seen this thing rip up to 400 million. We saw it
rip to 300 million. I don't think you get, my brain can't calculate how you would get a god
candle like this. And during a massive crypto bloodbath a token will be up
37% in a day
while all the majors are crushed
and most alts are down too without
any net new buyers I just
it doesn't make any logical sense to me
unless these holders
are inclusive of UBIT
and some of the
some of the centralized
exchanges let's go back to
joey for a response we'll get jack in here yeah i um it's good i think the interesting part
is going to be how much money does the the the bot actually have right so i'm assuming
there i didn't maybe i missed it but i didn't read how they were initially going to fund
the the bot so i'm assuming they're going to do something similar to the strategy token where
you know like you can participate in its initial launch by purchasing it different
you know as the 90 then it goes down every percent etc etc so i'm assuming they're going to give you're
going to be have to buy it
right because they i think they are gonna be airdropping some of it to cyberkong's holders
so the question really is on how effective or ineffective it's going to be is how many people
participate in that initial offering because if the bot doesn't get enough money to to to buy
then we this whole concept of like oh you're going to push a floor price from
1 ETH to like 0.01 ETH won't happen.
They just won't have enough money to buy.
So that's my first curiosity is how many people are actually going to get behind this and
participate in the coin offering so the bot has the money to go out and start doing what
it's supposed to do?
Yeah, great question i i also assume that it is uh there'll be either well i'll read it here in a second uh how how it's going to get started i do have it pulled up here on actually i don't but
i'll share i'll share the screen i was looking at uh i assume there's going to be some sort of initial offering and tokenomics. Okay. So operating a
similar classic strategy token, Death Star works with 10% tax on buys and sells, 9% to the mechanics.
Every trade feeds the engine that powers Death Star, funding purchases, relist, and buybacks,
1% to developers, a city will fund for ongoing development, security, and ecosystem growth.
Fair launch, Death Star will adopt the fair launch mechanics seen within the most recent
strategy launch. There'll be 1 billion tokens starting with an initial 99% tax. They're doing
it the same way strategy did or token works did. So at launch, there's a 99% tax and it decreases
1% per minute until it levels at 10%, where it will remain fixed. All tokens will be available at
launch with no other method of obtaining tokens other than direct purchase. So there is no airdrop.
The team's not getting any. It is truly fair launch. It's just the fair launch with,
when it launches, 99% tax. So if you buy at launch, you're paying a huge tax.
9% tax. So if you buy at launch, you're paying a huge tax. If you wait until it levels at 10%,
the token price has probably went up then at that point. But after the fair launch, then
users are able to vote on the next Death Star target collection. Every three days, the team
will shortlist five NFTft projects and then holders with
1 000 or more death star can vote on the next target one one token equals one vote tokens must
be locked any amount above a thousand no need to lock full balance i'm guessing they'll lock it on
their site like soft staking uh it doesn't say you'll have to stake it for any period of time. Tokens are claimable after the voting period.
So if you have 10,000 or a million tokens,
you only need to lock a thousand of them.
And I interpret this,
you'll still be able to vote with your whole total amount.
So if you have a million tokens, you'll have a million votes,
but you only need to lock a thousand of them,
unless I'm mistaken that.
How about the people that just tried to buy a bunch of,
that bought a bunch of cybercons and pushed the floor price up and they're not getting any token?
It's a good question.
I, well, I guess my first thought is,
well i guess my first thought is if this does
drive the floors way down of these collections then there's only a thousand these cyberkongs
there's a world where by default because i i guess i doubt they're going to attack their
own collection right the first the first one was picked by the founders. The team is going to shortlist the five. I doubt the team puts CyberKong on the list. So basically, theoretically, they win by default by not being included in, by not being targeted.
then the next week, three days later, they attack
apes.
If it does
drive floor prices down to
just crazy sell-offs,
there's a world where
CyberKong's at 2E becomes
the second highest price NFT collection behind
Punks. I know people aren't going to want to hear that, but that is in the range
of outcomes here.
And there's probably some speculation
on CyberKong
OGs getting token allocation or something, but I think it's just more of a by default defensive mood. They won't be part of this Death Star targeting. Jack, what are your thoughts here?
cap i'm so confused i'm like i'm just like is this the market for a confusing as fuck token pvp
so so confused um yeah look i love what they did og with the cyberkongs i i'm trying to read
through this article which apparently has over a,000 people who've read it. Anyone who's already read it, because also, like, I'm sorry, but no. But anyone who has actually read it, then yeah, if you want to give me the TLDR, please feel free to. It's, yeah, it's way too complicated for me. It maybe is one of those things that, like, will just make more sense when people do it i don't think the timing's
fantastic um yeah yeah it's it's weird i'm my initial gut reaction to it is it's really weird
it's really confusing and i don't like it it was my first reaction as well i don't love it
but i actually from a timing standpoint,
I think it's the perfect timing.
I think it's, it gives me, like,
launch something like this in the depths of the bear
where easier to capture attention.
Most teams aren't launching tokens right now.
And it's like, it's like going to get,
I said it yesterday in the word,
it gives me like Goblin Town vibes.
Goblin Town was a free man at the depths of the bear,
and that thing ripped up to eight or nine E back in the day.
This is launching Death Star in this market
that's seemingly most cryptos and NFTs have gotten murdered.
The irony of it's not lost on me.
I'm not going to say it's perfect timing, but here's not lost on me like i think it actually i'm not saying it's
perfect timing but you know here's another take from web through warhead do you think that all
the haters of moonbirds or spinsters will just buy the token just to be a villain some will and i
like i don't know if i don't know the cyber kong team i personally i think we've they follow a
couple of them we follow back i don't know if we've never had them on the show probably overdue now we should get them on to talk about this um
i my like to me it does seem they're entering their villain art and villains can certainly
capture attention uh whether they are haters of moonbirds and spencer or they identified this okay this is a this is like a
softer one to go at at launch this is a good one to to start with because of the fungible token being
baked into the the value of those nfts um
uh pain says he feels like cyberkong's talked to spencer and it's part of the bit i think that's also a
possibility here like spencer very well could be in on it and imagine this they're the first one
targeted a few days go by and yeah there's some that get bought at 20 discount some people get
in the collection for less than the floor price and members floor actually goes up afterwards. Like, I'm not saying that's going to happen. I'm not saying it's likely to happen, but I would say it's 50 50. The Spencer's actually actually in on it. And I say that because of the last tweets we just showed there.
might
you know there's a couple things like
maybe cybercom team said
we're going to target moonbirds first for whatever reason
whether it was what I speculated earlier or not
maybe they saw Spencer's
tweet here and like oh my goodness this guy is taunting
us we're going after him and they decided
to target moonbirds first because of this
tweet yesterday or
this tweet yesterday
was part of the bit Spencer's in on it and this is all part
of the part of the uh part of the game part of the content part of the entertaining
i don't know how to feel like i i'm but because of this it is. It's not just another token drop. It's no offense. It's not just another strategy token.
Like, it also, like, you talk about art or performance art.
Like, it's supposed to invoke emotion, right?
Like, art is subjective.
But the one thing I'm pretty sure that most art, like, good art is supposed to do is it's supposed to invoke emotion.
Most people feel a way about this one way
or another like most people aren't apathetic to this concept or this idea they may not care about
cyberkongs they may not care about moonbirds but this concept especially anyone that's
holds or is in the nft space they probably feel a way about this and you know respect for
not only capturing attention but
invoking emotion in most of the active participants anyone that's seen this read that article is like
they probably feel a way there's some people that really feel a way about this i think it's like the
end of the world f these guys also if you're entering your villain art that's exactly what
you want so uh let's go back to Jack and we'll go back to Joey.
I've reread the article, Cap.
I'm still confused.
Yeah, I don't understand the benefit in this
if there is supposed to be one.
So Villanar definitely makes more sense to me.
I'm trying to be more objective so
i'm thinking say they did this for board ape yacht club would i be a buyer if just immediately they
gave me a 20 discount on this possibly like if i if i knew that was coming it will be interesting
to also gauge actual attention and actual appetite for these projects i just don't know there is any
like i think that's the you know at a 20 discount i don't know if there's a huge appetite from people
if it maybe gets like farmers through the open seaside or something and then they're going to try and relist a little bit higher and then
that just becomes a blur musical chair it's yeah i trying to wrap my brain around this i i really
really can't i i don't really see the benefit so far yeah i mean i'm kind of reaching like i don't
directly see the benefit either.
Other than attention,
and I guess entertainment,
I just got a DM.
I'm not going to out them because I haven't read the whole thing yet,
but I'm just going to quote a message I just got a DM. I'm not going to out them because I haven't read the whole thing yet. But I'm just going to quote a message I just got.
I don't think I am.
Wait, I could be wrong. I don't think I am.
But Cybercoms didn't pick the targets out of goodwill.
They chose the targets they don't like that have liquidity and volume.
They're not including GVC because they don't want to harm them.
Also punks. So, yeah, I don't think this is to help any of the projects they don't want to harm them. Also punks.
So yeah, I don't think this is to help any of the projects they choose.
I kind of agree.
And...
I...
Okay, then fuck Cyberkongs is what I have to say to them.
Like, fuck you guys.
Fuck everything you stand for.
You've just made one more enemy today, which is exactly what you wanted.
But I'm going to be an enemy by blocking the fuck out of you and reporting you've got you've just made one more enemy today which is exactly what you wanted but
i'm gonna be an enemy by blocking the fuck out of you and reporting you to x i do think now i don't
i probably don't want block they probably don't want reported but i do think like
i'm trying to like really think through this is challenging for me in real time because i am
really trying to think through how i choose my words i don't want anything to be taken out of context i don't love it as far as
like i don't want to see projects get killed over this it's possible at the same time
i enjoy a good villain arc every once in a while i'm trying to think of a good i'm pausing because
i'm trying to think of a good analogy like what pausing because I'm trying to think of a good analogy.
Like what's a villain arc that someone's went on
that's like, it's been entertaining.
I've enjoyed it.
And none are coming to me right away.
I guess, help me out with that in the chat.
What's the best villain arc
in terms of you've enjoyed the villain arc?
Like the first one that just came in my mind was,
Kev, I saw you come back up.
I hope, it says you can speak, but I don't see on the screen.
So X is really bugging.
Real quick pause.
If you're on stage, Kev, can you say something?
Because it still shows you as a listener on my end.
You might have to take a lap, maybe leave X and come back.
Especially if you went under a tunnel and had a hard handoff or switch networks,
you might actually have to force close X and then come back in and we'll get you back up. But the first like villain arc that popped in my mind was, was like Kanye over the
last year. And I don't like, I don't, I didn't love it. I didn't like support the stuff he was
saying. I kind of felt bad for the guy. Um, probably the only time i've ever felt bad for someone that's
like i don't know if he's still billionaire or not but um and that wasn't like it that was not an
that's like the other it was not an entertaining villain arc for me but it was a villain arc or
kanye's villain arc i guess maybe maybe like and this is a stretch but maybe like i don't know um
And this is a stretch, but maybe like, I don't know.
Some of the rap stuff, some of the back and forth.
Kendrick, I enjoy, if that was a villain arc,
I enjoyed Kendrick's villain arc attacking Drake.
Does that make sense, Jack?
Like, I know this is a reach.
They're very, very, very different things.
But I wasn't a huge Kendrick fan.
I'm still not a huge Kendrick fan.
But I enjoyed his villain arc.
I enjoyed him going after Drake.
I enjoyed the back and forth.
It was entertaining.
I guess that's what they're going for.
I don't know at what cost.
You go after Kendrick or Drake, you're you're going after kendrick and drake like here you're actually directly going after the buyers and the holders of
the collection exactly that's what makes this very very different now yeah did it make drake
fans feel a certain way yeah did drake's responses make kendrick fans feel a certain way probably
did it hurt them financially?
No. Like, they might have
felt a way. Like, they might have not liked it.
It didn't
hurt them financially at all.
So I think that's where this is very, very, very different
is this could
have a negative impact
and it potentially could have a severe negative impact
fans of these collections, fans of these brands, holders of these brands.
That's where it's like, I'm doing my best to think through both sides of this and not just take the,
oh, this is disgusting stance I took when I first saw it.
Like, this is gross.
This is Blur Farming and Steroids.
Probably still where i net out i think it's if we fast forward a couple months
i i think i probably look back on this and like this was not a this was a net negative for nfts
i i don't like i'm i'm reaching to find how this could have a positive impact on nfts
and again i'm reaching like i don't see it right now.
Nevertheless, I'm going to be paying attention.
I'm not buying a cyber phone.
I'm not blocking them.
I'm going to pay attention.
I'm going to follow along.
I'm not rooting for them.
I'm not rooting for them to take Moonbirds floor to zero.
I am curious now,
do we see another response from Spencer?
Do we see a response from Moonbirds?
Do they acknowledge this or do they just ignore it?
I don't think I've seen, I haven't seen anything on the timeline.
I'm curious if anyone's, have they even,
I'm guessing it's been brought up in Discord.
And yeah, like to Zane's point here,
some people take this way too seriously.
It's just a fun mechanism.
I'd rather have different unique things than the board recycle strategy coin BS.
It's different. And yet people take things too seriously. There's also money involved.
Now, I'm the weirdo who I'm not taking it serious that, I don't know, I probably lost.
I haven't calculated it, but let's just say 10 to 20% of at least my crypto holdings yesterday in one day.
That sucks.
Should be taking it serious, but I'm not.
Because that's not my timeline.
That said, I will be empathetic to someone who just went out and bought five moonbirds
and bought five Moonbirds
because they're bullish the BIRB token.
And next week,
the Moonbirds that they bought
are down 50% because of this thing.
I also don't think it's going to be that extreme.
Maybe I'm wrong.
Maybe this does create a tremendous sell-off.
I will say, once again,
I think Moonbirds are insulated
from the worst of this
because they have a BIRB token.
And if Spencer really wanted to protect the
collection he's got the much easier ability to do so right now than any other nft collection
because all he has to do is tell his market makers hey pump the floor
like it's going to make cost him more but it's like hey keep that token don't let it fall below
300 or 200 like again it's up 40 in in the last day. It may be up because
of that. He might've said, hey, we're going to be attacked. We need to make sure our token holds up
because that's the best way for us to protect this floor and make sure that anyone that gets
relisted below 20% immediately gets bought and it doesn't cause a cascading sell-off.
Because that's the other thing. Where this could get really, really ugly is, and I haven't looked at the loan books for a while. I'm not in NFT buy mode,
so I haven't been paying attention. But when I am, one thing I do pay very close attention to
is the loan books, is what do liquidations look like what could they look like and if there is a
like pudgies have hit have gotten hit with cascading liquidations a lot of them have but
pudgies stand out as one that has gotten hit with cascading liquidations a few times and it usually
gets bought back up and they they recover just fine but that's where if there are a lot of loans extended on some of these
collections and how those oracles work,
like if the ones that get listed 20% below four aren't instantly bought,
it could lead to liquidations and cascading liquidations.
If there's 400 pudgies that are out on a blur loan right now, on a blend loan, and this thing hits the floor 20% and another 20%, it could get ugly real fast.
It could throw all those in a tailspin.
This is actually wearing it out, though.
I think I agree with Zane on this one, I just don't think
that there's enough people right now that even care
about this Death Star thing
Kongs aren't really relevant
they are but they aren't
as far as like they're not
until this no one was talking about cyberkongs
I didn't see it anyways and the market is in such
a bad place that people are not going to participate also Also, I think the timing, this is where I disagree
with Jax. I think the timing is actually good because there are so few active participants.
There are so many people who are apathetic right now. I just don't think they're going to participate.
Some people will, certainly, but it's not going to be,
I don't think it gets to the worst case scenario. I don't think we see massive sell-offs or massive liquidations
just because there's too much apathy in the space right now.
Too many people just don't care and they're just not going to participate.
Or the people who are around that do care are less likely to participate
because they view it as doing harm.
Go ahead and respond to that and then we will get Joey in here.
Go ahead, Jack.
Yeah, look, I guess that's sort of why it's a bad case for them, though, right?
Like, if nobody cares enough to participate and they're doing this for participation, that's a negative.
That is a bad time to launch this thing.
But in respect to the collections, that could be negatively impacted by this.
impacted by this i think we're basically agreeing without realizing it cap is what i'm saying on
I think we're basically agreeing without realizing it, Cap, is what I'm saying on that front.
that front um yeah look i i to me there's two scenarios that i'm pretty and i haven't really
blocked them like i'm i'm up for seeing how this thing really goes and you know i'm hoping someone's
got a soundbite from that so if they do want some attention and relative but um some some sort of carry on if they want to make me an arch villain that's
cool but i think it it pans out one of two ways which is i think pain mentioned this spencer's in
on it he's prepared to either prop up that floor or he's just prepared to see what the experiment
does because of the you know what you explained with the token and the fact that worst case scenario if he is propping up the tokens floor like it's just a really good
opportunity for people to get in at a really really discounted price and still make that back
from the token i think the only other thing is uh the other part of this is is this just like a really
bitter group of ogs don't like the fact that these other projects now have attention and this is you
know they're owed to the nft space and they're about to dip and they they want to take some
projects down with them like that's that's the only other thing i can think of they're they're
the two main catalysts and drivers for this that i can can consider one is relevance attention and to get
them back on to the into the conversation the other is really really bitter ogs who have tried
everything failed and now they're like you know what if we're going down we're going to take
every project down with us that we can. Also a possibility.
Also a possibility.
It could just be like Max Cope and like, hey, how can we spread our pain to others?
Like, you know, how can we spread our max pain to others per Danny?
Max pain will opportunity still exist.
Jack, I'm sorry, Joey, go ahead and get back in here what uh
i guess let me will you be participating in this one way or another no i'm not gonna participate
but so two things i thought of while while you guys were chatting so the first thing is
like if you're like the reason why the strategy tokens work for like gvc is because the bot is
constantly working within the same collection but like with this one if it moves on to a different
collection every every three to five days or whatever it is right because you said voting
opens every three days or something like that right so like if it just moves on to the next
collection every three to five days then all you're doing is giving people with the liquidity
to buy cheaper and then just relist it and make like, for example, board ape, if you took 20% off the
current board floor, you're saving about 1.15 ETH. So you, you buy it, the bot buys it, relist
it 20%. I'm somebody that, you know, has been in ETH forever and sitting on, you know, thousands
of ETH or hundreds of ETH or whatever it is. And I'm
an NFT, you know, and I'm in NFTs. I'm like, Oh, bye. And then when the bot moves on in three days,
I'll just relist them all slightly below the original floor price. And which is still a
discount and I'll make an ETH or 0.75 ETH on every single one of them. So to your point, it is kind of like blur farming, right?
So I don't know how this is going to have any type of long-term impact
on any of these projects if they're moving on to a different project
every three to five days.
Well, I could be wrong, but I believe it is...
They'll just add a project every three, five days.
I think Moonburst is going to continue
to be a part like that each one it's just like there's a separate strategy token and when they
went from punkster to whatever was next to good but to vibester to chimpster the other the the
the other ones still stayed they just were adding to it my how are they going to have enough but
how will they have an at some point they won't have enough ETH to deploy if they just keep adding more collections and the bot is constantly buying
like if they add five six seven eight collections how are they going to have enough ETH
to support buying all of those collections
well
right like think about it like if like if moon birds is at one ETH right now,
and let's say initially the thing gets funded with a hundred ETH, I don't know if, again, I don't,
no one's examined the contract. So maybe there's a limit on how many it's going to buy,
but if let's say the ICO goes off and they get a hundred ETH in ico is it just gonna go sweep 100 moonbirds right off the
floor and then relist them all for 20 below and then have to wait for them to sell and then in
three to five days they add another collection if those if those moonbirds haven't sold
to refund and and that's the other thing too right like the money from the sale of the of
the relisted nft goes to buying the token and burning the token so where then does the money
come to to rebuild the bankroll to to go buy a second collection and then a third collection
and a fourth collection and a little collection Like where's all this money going to come from? Yeah. Good question. Um,
I'm trying to think through it. It's not clicking in my brain. Like I understand what you're saying.
Like it's something they're going to run out like GVC strategy. They've run out of money,
right? There's only, like you said the other day, there's only like 0.8 eth left in there in their in their account right now in the in the bank for
the strategy because it also it has all these gvcs listed that it needs for it to sell in order to
start refunding to start putting money back in to then start buying again. So at some point, this is going to run out of money.
So it is a rotate. You're right. So this creates a rotating strategy that adapts to market interest. So they'll basically do burb. They'll be targeting moonbirds for whatever, three days or however long
the targeting will last. Then they're going to vote on the next one. It's not clear to me the
exact timeline. I know they said every three days they'll, they'll put a short list of five, but it will then rotate.
So it'll go from moon birds to another one, to another one. So yeah, it, it, it, I misspoke.
It's not, they're not going to add to it like strategy does. It will, it will rotate. Does that answer your question?
Yeah. So again, what, what impact is this really going to have if it's only targeted, let's say it's a week, right?
Because if you're voting, if they're putting a shortlist out every three days, I can't imagine
the voting is going to stay open for longer than a couple of days. Maybe it stays open for a week.
So maybe it's targeting the moonbirds for two weeks. Over those two weeks, again, if there's
people that we have in this space that we know are sitting on thousands and thousands of ETH, right. And we go back to the blur days
where they'll, they'll just come and buy this floor up and then they'll relist at 0.1 or 0.2
or 0.3 higher. And then maybe the bot then buys it again, or, or they'll wait until the bot moves
on, relist them slightly below the original floor price and just start off
loading them at a profit.
And because now the bot's gone,
so it doesn't matter anymore.
So I don't know if this is going to have like that big of an impact long
term.
And then the other thing that I was going to,
go ahead.
Sorry.
I would say people in the chat are agreeing.
Like where,
where's the buyers from Death Star coming in?
Who's buying the Death Star token? Cause that, that's where the funding would come from because they're
the tax like it's 10 tax every time someone buys it this probably is a short-lived experience
experiment i would guess like it's probably moonbirds maybe a few others and then the
thing probably fills out and people move on but well that's my point right like i'm all for like
experimentation like let's try some
let's let's f let's fafo right but what are we fafling here like what is the experiment here
that could potentially benefit the nft web3 crypto space long term like why what like what is the
thesis here of like why we're taking the like why did they take all of this time to build out this smart contract and come up with this strategy?
Like, what is the longterm?
So like, yeah.
Okay.
Let's let's like pain said it's new.
It's different.
We're trying things.
Okay, fine.
Let's try things.
But why, what is the, what is the hypothesis here on why we should do this to benefit us 12, 24,
36 months from now?
That's my question.
Fair question.
I don't know if there's a long-term hypothesis.
I think this might just be short-term attention grab, and
let's do some experimenting, let's
enter this villain arc, and then maybe
there's another ball to drop after this.
Yeah, I do
think it's short-lived.
I'm between the Doomers and Zane.
I don't love it, but I'm here for the experiment.
I don't think it's going to be that big of a deal.
It could, I guess.
I just don't think there's enough attention or people that care that's going to get behind this to make it that big of a deal now if this was like the peak of pvp and you know apes first pudgies and like i can see more maybe maybe it could have
more of a detrimental impact then but right now i just i don't think it will but it is a friday
joey's gonna give away a call pull joey do you want to do it from your account i just sent you
the stream yard link if you want to join us on video and do the pool if you're able to you're welcome to if not
uh shoot it my way and i'm happy to do it do you want to do you want to do it from your account
i'm in the car right now so if you if you want you can you can pull it and then um and then if
you want to just dm me the name so i can make sure that the x handle matches up and then whoever does win just send me
uh a dm here on x or and then i will once i get home i'll get your code created for your
free clawful okay so we're gonna pick the winner and then they're gonna pull themselves
um you've got like here's what i'm gonna. I've got a minute and 22 seconds. We're
going to do a quick coffee break and I'm going to show the coffee break, uh, intro or coffee
break break. And, um, we'll be right back. And when we come back, we're going to pick our winner.
So if you haven't yet done so, you've got about a minute and 30 seconds to go hit the YouTube,
uh, subscribe to YouTube, it's pinned up top all the way, scroll over there. You'll find the
account, hit the sub button, and then take a screenshot showing you're a subscriber drop that in the
chat we already have a handful of entrants there but you're you're you got like probably right now
like a one in ten chance to win this fifty dollar call pool uh go check that out we'll be right back
joey if this stops playing music before i get back take the mic and uh i won't be i won't be
much longer but we'll be right back. Thank you. We'll be right back. happy back yet okay so for the the person that is going to win uh once he draws um you'll just
send me a dm here on x i'll create you a uh a promo code. You will have to obviously create a BZ account. If you don't
have one, just go to bz.com. You do not need a crypto wallet. Although almost all of you in here
are crypto native, I would assume, but you do not need a crypto wallet. You can literally create an
account with just an email address or your Gmail. And then we will create you a you know uh it creates everything you need in the
back end and then you'll simply just go to the tcg silver claw you'll enter in the code it'll
zero everything out for you and you'll be able to play the claw for free and then at that point
you'll decide whether you want to keep the item swap it and then if you do swap it and you want the funds um you'll be able to withdraw those
funds uh directly to another wallet or send them to another wallet or withdraw them to coinbase if
you have a coinbase account so that way you can then off ramp the money if you'd like
awesome thank you sir appreciate it thanks for uh Thanks for covering the mic there for a sec and greatly appreciate the support here. Appreciate the added claw pool. And our winner here today is going to the Iceman, Mordick, Thomas, Thomas, I think over here, let me scroll up. I'm pretty sure we even got a YouTube comment from Thomas this morning.
Let me find it.
Maybe I'm wrong.
But I do see the, yep, there we go.
One of the first in the chat said that's definitely a keeper for the Blastoise.
So the Blastoise, you won't win the Blastoise, Thomas,
but you, we're rooting for a grail pool. No obligations't win the Blastoise, Thomas, but you, uh, you, you hope we're rooting for a
grail pool, no obligations to share that grail pool, but would love to see if you don't mind,
once you get it, uh, would love to see what you win, uh, bring that, uh, maybe to Monday morning
show. And we will go from there. Uh, but Thomas, once he pulls it, he'll be able to download a,
a little, I'll write there, download a picture and then just tag myself, cap,
et cetera.
So we can see what you get and then tell us whether you swapped it or kept it.
Awesome.
Thanks again, Joey.
Really appreciate it.
And if you missed it, this was just a one-off impromptu Friday giveaway for our YouTube
subs over there.
We will be doing our community member of the month will be selected from uh from youtube uh subs over there
and they will be getting a uh they will be getting a 250 bz claw pool uh with a grail item up to
almost nine thousand dollars eight thousand eight hundred eighty eight dollars that uh the the item
in the gold claw does change so we've had we've had like a first
edition charizard which is well worth well over 10 grand we've had some opice oh uh one-piece
grails in there as well we have like more stuff coming in so today it's that blastoise but by the
time you pick your community member of the month, it could be something bigger or something different.
Awesome. Awesome. Thanks again. Really appreciate it. Congrats. Congrats, Thomas. He says,
that's okay. Any BZ Claw is a win. You're also stacking points over there. We haven't even
mentioned the points. If you saw when I had it pulled up, the 250, you get 250 points.
You get 50 points. I don't know. They haven't said anything,
but usually when you see points in crypto,
it leads to something.
Some days, sometimes magical internet money.
I'm not saying that.
I'm not putting any pressure on Joey to say anything
or the BZ team.
But yeah, any claw pool is a win.
And there's a leaderboard over there.
Have some fun with it.
And again, appreciate everyone sharing their thoughts, their opinions on –
and I did just DM you up, Thomas, if you don't mind hitting me back with your wallet address.
He's going to come up real quick.
I think maybe first-time caller.
Thomas, long-time show – long-time fan of the show, long-time supporter, big fan of the newsletter.
supporter, big fan of the newsletter. I think, is this the first time on stage, Thomas?
I think – is this the first time on stage, Thomas?
No, GM. I've been up when Steve and everybody's been around from time to time, but no, thank you.
I appreciate the gesture and the claw pool. I just wanted to come up and just say, I just love the
show, dude, from even when I got in the space a while ago. I tune in when I can, and especially
with YouTube, it's better me visually to,
to learn things than it is just to listen.
So I appreciate each and every one of y'all to show up every day.
Awesome,
man.
Appreciate the kind words.
Thank you so much.
Appreciate all the support and congrats on the win.
Good luck with the pool and excited to see,
excited to see what you get.
Thomas,
I just sent you a DM.
So that way I know it's you on X.
Perfect. Perfect. I'm going to finish making my waffles here and way I know it's you on X. Perfect.
Perfect.
I'm going to finish making my waffles here, and then I'll get to that.
Yeah.
Once I get home, I'll get you the code.
Sorry, Cap.
Go ahead.
No need to – I don't need to play intermediary there.
Feel free to just send it directly to Thomas, and we'll be good with that.
But thanks again.
Appreciate both of you, and looking forward to more claw pools in our future.
We're going to hard pivot here last half hour of the day.
If anyone wants to join the conversation, has any thesis on what led to the market crash, the market sell off, feel free to add your thoughts, your takes, your comments in the chat.
I've got a few theses, a few threads I will share and curious to hear if there's any other takes. But if you missed it,
if you were away from the computer yesterday, Bitcoin, it's down to 5% of the day down at 66,000.
Although it was for a minute there, it was looking like we were going south of 60K.
It bounced off 60K like a trampoline, but I saw some people had buy orders in it like 55K, and they thought for sure they were getting filled yesterday.
Crazy, crazy.
14%, I think, at one point.
It was down on the day, which is just wild, especially when you're talking about a trillion-dollar asset over a trillion dollars.
It has bounced and recovered today
from down low of 60 to back up to 66K. Still, that is, you know, down 5%, 4% or 5% on the day.
It's not just Bitcoin though. All the majors pretty much sold off. ETH still down 6%,
BNB down 5%. XRP bounced a little bit up now on the day after it sold off. Solana down 8% to $82. Tron down 3%,
Doge down 4% to almost $0.09. Just a bloody day. Other than Hyperliquid up again, another 2%
in the sell-off. And then as we mentioned, big winner is Burb. I don't know how, but it's up
huge on the day. I mean, I have a guess as how, but I'm not going to go there right now.
So congrats to those BIRB holders or the ones who haven't exited their BIRB position.
Go ahead, Joey.
Do you think it's surprising that we're not seeing like MicroStrategy and some of the other Bitcoin believers like DCAing way down at this point.
Because I think last time we spoke about MicroStrategy,
his DCA was in the mid-70s or the high-70s or something like that.
And we were like, oh, he'll never let it drop below that.
And now it's way down here.
I'm kind of surprised we haven't seen an announcement
that Saylor bought 1,000 Bitcoin at 60K to DC himself way down here i'm kind of surprised we haven't seen like an announcement that sailor bought you know a thousand bitcoin at 60k to dc himself way down uh he may have bought yesterday usually we
get the announcements a couple days it lags usually a couple days but um they did have an earnings
call yesterday actually and i'm trying to find the take because it was it was Michael Saylor and Tom Lee together on some of the some of the screenshots I saw.
The my Google search not not helping me this morning in the earnings call, they did say that it could go.
So they reported 1212 billion Q4 losses
amid the Bitcoin downturn.
And they did say that...
So quoting
Michael Saylor here, a lot of people
don't really think, they're like, oh my god,
MicroStrategy is going to get liquidated. Well,
dude, no, Bitcoin could go to $1. We're not
getting liquidated. We're just going to buy all
the Bitcoin.
I was trying to find this other take here,
if anyone has it.
Because it mentioned that,
I think I mentioned on the,
it wasn't Sailor,
but someone else on the team mentioned-
I don't mean to interrupt.
I don't know if my ex is wigging out
or if it's somebody else's,
but you just got really quiet.
Oh, really?
Yeah, I don't know if it's
it could just be my ex i don't know is uh thomas is still up here thomas is he quiet for you too
or is he no no he sounds normal so do you must be a you problem joey it's funny because tom lee now tom lee and and bitmine
is in a very different position than is strategy but
strategies bitcoin position has lost nearly 40 billion four months. That was a post from two days ago.
So they're probably on paper down $50 billion in the last four months, which is mind-blowing.
I'm looking for the quote I saw from the thing that said they – here it is.
Their CEO stated that Bitcoin can go to $8K and stay there until 2032, and they wouldn't have any liquidity issues.
So take that for what it's worth.
I do think a lot of people vastly misunderstand micro strategy and how they're structured.
Yes, they've incurred debt to buy this Bitcoin, but the holders of the debt have no rights. Most of them aren't
getting any interest. And it's levered in the sense that it's debt, but if it falls below their
cost average, they're not getting liquidated. They're just down. That's it. They're just down on paper.
They're not, there's no,
and per the CEO,
they take them at an earnings call.
They're a publicly traded company.
So fairly safe to take them at their word.
It can go, I'm going to repeat this.
Microsoft, you see,
has stated Bitcoin can go to $8,000
and stay there until 2032
and they would not have any liquidity issues.
So does it suck for shareholders? Does it suck for their balance sheet? Yeah, but they're not.
You see people say, oh, if Bitcoin goes below 76K, their average, they're going to get,
he's going to get a margin called or they're going to get liquidated. That's just not true.
It's just not true. Oxy, correct me if I'm wrong there, but that's a pretty accurate statement, right?
Yeah, I looked at when obviously everything was kind of crashing and he does have like,
obviously he has some debt associated with the company in which he was using to buy it,
but there are no financial covenants that at least I can see. So I guess
maybe a disclaimer, I didn't read through the entire 10K in financial filing. So this is just
from some reason, just reading through a couple of different things. But from what I can tell,
he doesn't have any financial based covenants that would cause like a debt call or a margin call like people are suggesting. payments on the debt, report requirements from the SEC that require, I guess, certain
things and they don't comply with those things or if the company is insolvent and doesn't
have cash flow and they declare bankruptcy, obviously.
So there's nothing that says, oh, if the balance sheet ratio, the assets fall below X percent of liabilities
or something like that, which you typically see in some of these debt instruments, that
doesn't seem to be the case for what he's got here.
Yep.
Yep.
Appreciate you, Adam.
And that is my understanding as well.
Are you able to hang out for a few minutes and talk through this market sell-off, these
theories or thesis of why and where?
And you might have some interesting takes on this as well.
Are you good for a few?
Yeah, let's do it.
So I have a few here that some were shared in the chat I was reading in real time.
I think one was Diablito shared.
I'll pin this up top. This is
one. And I have some others that go different direction, different angle, and a little more
in depth. But the one that Diablito just shared is from a Ryan Gentry. He says,
this was the highest volume day on IBIT ever by a factor. This was posted yesterday by a factor of nearly 2x, trading $10.7 billion today.
Roughly $9 million in option premiums were traded today, also the highest ever for IBIT.
Given these facts and the way BTC and Sol traded down in lockstep today, normally Sol trades with beta, plus the relatively lower liquidations on CeFi exchanges.
relatively lower liquidations on CeFi exchanges. This leads me to believe that the nexus of the
problem lies with a large IBIT holder. IBIT has become the number one venue for BTC options
trading. So my guess is that a hedge fund trading IBIT options is the culprit. If you look at 13F
filings for IBIT, I like whalewisdom.com. You'll find a number of interesting names that have a majority
of their fund in IBIT. In fact, there are a few, not naming names, that have 100% of their fund
in IBIT, which likely means no cross margin. In fact, the biggest reason to set up a fund to hold
a single asset would be to isolate margin. So if the trade blew up, the brokers wouldn't have to
claim any other assets. Interestingly, most of these giant single asset funds are based in Hong Kong.
We know that Asian traders, particularly in China, have been deeply involved in the silver and gold trade.
Silver was down 20% today, which is the second largest one-day move in a very long time.
The largest was on January 30th.
on January 30th.
We also know that
the JPY carry trade
has been unwinding
and increasing the rapid pace.
This leads me to think
the culprit for the IBIT blow up today
was one or more Hong Kong-based
non-crypto hedge funds.
As Franklin B. pointed out,
the funds being non-crypto
would explain why no one stiffed them out.
They would likely have a few to no crypto counterparties, meaning complete isolation from CT.
The last piece of evidence is that they personally know a number of Hong Kong-based head funds that are holders of DFDY, which had the single worst day ever.
With a meaningful MNAV decline, the MNAV had been holding steadily, surprisingly, well throughout this pullback until today.
One of these funds could have been connected to IBIT, as I highly doubt a fund taking that
larger position in IBIT and using a single entity structure would only have the one fund.
Now, I can easily see how the funds could have been running a levered position or levered
options trade on IBIT. Think way OTM calls, ultra high gamma. With borrowed capital and JPY,
October 10th could have very well blown a hole in their balance sheet and they tried to win back
by adding leverage, waiting for the obvious rebound. As that led to increased losses,
coupled with increased funding costs, I can see how the funds would have gotten worse,
gotten more desperate and hopped on the silver trade. When that blew up, things got dire and the last push into Bitcoin finished them off.
I have no hard evidence here, just some hunches and breadcrumbs.
This seems very plausible.
Let's see if some more concrete evidence floats to the surface soon.
The smoking gun will be a large fund fitting its profile filing a 13F showing a giant IBIT holding going to zero.
profile filing a 13F showing a giant IBIT holding going to zero. Unfortunately, if a fund had their
IBIT position liquidated today, they wouldn't have to disclose that position change until 45 days
after the quarter end. So we would be looking for mid-May for a smoking gun from the 13F filings,
most likely. Hopefully, some of you out there with too much time on your hands this weekend
can snoop around more. My guess is that this would start to get out because something of this size is just too hard to hide. Additionally,
if the broker was not able to liquidate the fund in time, the broker may have a hole in their
balance sheet, which would be even more difficult to hide. He then goes on to add, so interesting
that the selling really started Thursday, January 15th, just more than 90 days after the 1010 blow up,
if the selling had stopped, and hopefully we just bottomed at 59, 530 at 8.15 a.m. Hong Kong time,
February 6th, it looks like some Hong Kong hedge fund blew up on 1010, had to disclose 110 to 115,
and then was forced to liquidate all their Bitcoin and associated crypto assets starting 115 for
three weeks. I don't know if it's the bottom now.
Oxy, thoughts on that?
Did that make any sense?
Yeah.
No, 100%.
I mean, this was the first time I kind of saw this theory was this morning.
And I know it's very, I mean, I feel like it's very, it could be a very real possibility.
very real possibility. And it's funny because, I mean, obviously there's always been like
some form of option trading in like paper trade, I guess, as it relates to Bitcoin,
you know, but never to this magnitude that we've seen now with ETFs and all of that.
And then leverage or like add to that all the perp trading and all the perp volume associated with it it's just so incredibly level levered up that a volatile asset like your crypto
asset with such a small relative to the greater market a small market cap um like swings like
this can completely wipe out any fund yeah i think it's a very real possibility for sure.
Absolutely. And it actually is, it sets up or segues perfectly into the other take I wanted
to share. I am, I'm looking for the original take. I was actually, so what, so just for
not, so we don't have any dead air here. I'm going to, I'm going to show another take.
Don't go, don't follow this person.
I actually, after I eventually shared it,
I come to find out that several people have this account muted or blocked and
is no, it's a larger account.
That's known for basically just parodying good takes,
but from smaller accounts and not crediting them.
So I'm going to go look for the actual original take that basically says this in
so many, so many words, but this, I might've actually found it here. Hold on here. Here's,
I'm going to read this without, without highlighting the, who copied the page,
who copied the post, because this is, it's just someone basically copy, possibly change the intro.
But the thesis is the same.
So I'm going to go find and credit the original poster here in a minute.
But here's adding to that.
We're just hitting on there.
Here is why Bitcoin is nonstop dumping right now.
If you think Bitcoin trades like a supply and demand asset,
you must read this carefully because that market no longer exists.
What you're watching right now is not normal price action. It's not weak hands. It's not
sentiment. It's definitely not retail selling. Most people are completely unaware of what's
happening. By the time it becomes obvious, the damage will already be done. This move didn't
start today. It's been building quietly under the surface for months, and now it's accelerating.
Here's the truth. The moment supply can be synthetically created, scarcity is gone.
I think it's a little extreme, but where they're going with this is exactly what happened with Bitcoin.
It's the same structural break that already happened to gold, silver, oils, and equities once derivatives took over.
The original Bitcoin thesis is broken.
Bitcoin's valuation was built on two ideas, a hard cap of $21 million and no rehypothecation.
I could be pronouncing that wrong. The framework died the moment Wall Street layered this on top of the chain,
cash settled futures, perpetual swaps, options, ETFs, prime broker lending,
wrapped Bitcoin, and total return swaps. To Oxy's point, we've been able to do this
for a while. There's been Bitcoin derivatives that existed on chain.
They just recently, since ETFs, entered TradFi and opened up the pool of buyers to not infinity, but significantly larger and significantly more capital.
From that point forward, Bitcoin supply became theoretically infinite.
Think about that.
So it went from $21 million to once all these derivatives came out.
It's now theoretically infinite, not on chain, but in price discovery, which is what actually matters.
Synthetic float ratio, SFR, it's the first time I've even heard this phrase or this metric, but they say this metric explains everything.
Once synthetic supply
overwhelms real supply, price no longer responds to demand. It responds to positioning, hedging,
and liquidation flows. Wall Street can now trade against Bitcoin. They're not guessing direction.
They're doing what they do in every derivatives-dominated market. They create unlimited
paper Bitcoin. They short into rallies.
They force liquidations. They cover lower. And they repeat, this isn't betting,
it's inventory manufacturing. I feel like I'm reading a chat GPT output here, but I'm going
to continue and then I'm going to go credit the original poster. One real Bitcoin can now
simultaneously back, one, an ETF share, two, two a futures contract, three a perpetual swap, four an options delta, five a broker loan, and six a structured note all at the same time.
That's six claims on one coin.
That is not a free market.
That's a fractional reserve price system wearing a Bitcoin mask.
Ignore it if you want, but don't pretend you weren't worn.
I've been calling Bitcoin tops and bottoms for a decade, and now I'll do it again in 26. Don't follow this person. There's a chart
here. I am going to go pull up the original post account here, but Oxy, it's a little,
I don't know, sensational, a little like maybe hyperbolic, but what you were saying earlier,
like their derivatives do change the game.
And this,
this idea of one Bitcoin can now have six different claims on it from ETFs,
futures,
options,
lending,
wrap Bitcoin and swaps.
Can you expand on that?
Or do you,
do you happen to disagree with that?
Or do you think it's a potentially a sound thesis and maybe the cause or the
reason behind the sell-off
yeah yeah it's interesting so so i think so all those different things like being one bitcoin
backing all those different things feels like not quite that 100 correct like, for instance, if I deposit one, if I'm like, oh, I want to buy one Bitcoin
worth of an ETF, I send the dollars to, you know, the 60, whatever thousand dollars to
the ETF provider, they go out and they buy one Bitcoin. Now, the only way in theory that would
happen is if that ETF provider then turned around and started leverage trading it. They started opening perps with it, deposit it into Hyperliquid and started trading
on it. And then all those different things. I guess I could see where someone could use the
Ibit shares or the ETF shares or whatever it is to then go out and trade on leverage with
those.
But I'm struggling to understand why he thinks one Bitcoin can be used in all those different
markets unless the ETF provider is actually doing that when it comes to the ETF share
ETF share or ETF comment there.
or ETF comment there.
That said, though, I think he's generally right that all of these different paper instruments
that people are using is absolutely inflating the inventory of Bitcoin from the original
value.
I guess my question is then, why isn't it incredibly expensive to open up these
various instruments on an asset like Bitcoin? Maybe it's going to start becoming very expensive,
but why is it not already? Because in theory, if you go to open up an option on a high growth or an expensive share, the exercise cost is typically pretty high because on options,
for instance, you're buying 100 shares at a futures price. But when you turn around and you start
creating derivatives on top of that, you've started creating swaps on top of that, you started creating swaps on top of that, I would have thought that
it would be incredibly expensive because of how volatile the asset is to open up those types of
instruments simply because the risk is higher. But I guess I don't know how those are really
structured. I don't have enough information on that. And I don't know, I guess I would assume
it would be incredibly expensive and the, the,
the value prop wouldn't be there, but maybe it is. And that's why they're doing it. But, um,
that'd be really my only question. Great question. I don't know. I'm not,
this is not certainly not my area of expertise. This is some big brain economist stuff here.
And I, I, I'm learning, I'm learning with all of you i i the one thing like i guess to
really simplify it and dumb it down is whether everything that we just read there is is factual
or not i think most of us can agree that derivatives does bring in a entirely new realm of options to not just buy, but
these derivatives can create a more volatile asset. And you're taking one Bitcoin and potentially,
taking one Bitcoin and potentially, you know, even if it's not all six of those things,
you can create, you know, with leverage, it's going to, it's just going to increase volatility.
It works both directions. So it can send things up, but it also, when things unwind and if someone
did get wiped out or blown up, some fund got blown up on 1010 and then chased, like, I don't know.
That could just be some crazy theory.
But it's kind of baked in logic.
Like, if someone blew up on 1010 because they were over leveraged on a Bitcoin trade, and instead of just going under, they tried to make it all back and chase the silver trade, and then they got blown up there.
Like, the drop, the crash we saw in Bitcoin is wild. To me, it's even crazier to see what we
saw in silver. Like, and that happened like at one point, I think I saw it was like in an hour
or two, it was a 22% sell off in silver. Like that doesn't just happen because of more sellers
than buyers. Like someone, some fund, something blew up.
I'm pretty sure of that.
Like it just doesn't, it's too big of an asset class to just have to trade like a meme coin.
This, what I'm sharing here is from Bob Kindle.
I just recently found, was turned on to Bob.
Bob has the Kindle report as profile profile of 42-year veteran of technical
analysis, creator of portfolio expert, WaveTech process software, and the Kindle Report and
WaveTech. Far more educated and versed than I am on topics like this. Too small of an account.
It's like, if you saw, there's like, he's got like 16,000 followers on CT. We'd probably all,
like, I'm not like, I I don't know Bob, I just
found his, I just followed him this morning, but we probably all would be better off, our algos
would be better off to follow more people like Bob than, no offense, like, and actually Ansem
can have some semi-intelligent takes, intelligent takes as well, but Bob, I don't think is out here
shelling, you know know meme coins either uh anyways
not making this pvp that probably got taken out of context as well but bob says this is i
i'm not sure if this was the exact original post that the one i just shared parroted or
but it's along the same lines he says he's responding to a quote piece here says your
thesis falls short uh regarding uh it says spot ETFs are not
synthetic. They hold real Bitcoin unlike cash settled futures or structured products, major
spot ETFs, IBIT, FBTC, they're physically backed. They buy in custody of actual Bitcoin.
To which Bob responds as Kevin, you're conflating custody with price discovery. Yes, spot ETFs hold Bitcoin in custody.
That's not the question.
The question is whether those coins are removed from the price setting flow.
They are not.
Why?
He says because ETFs custody Bitcoin via prime brokers, authorized participants hedge ETF exposure with futures, options, and swaps.
Market makers short derivatives against ETF inventory.
The same Bitcoin then supports multiple paper claims.
Result, one coin, multiple price claims.
Does that make sense to you, Oxy?
I'm like, I'm reading this in real time
to get my small pea brain around this stuff.
But does, like, I think that makes sense to me.
Does that check out as you heard me read that
yeah that's and that's kind of what i was suggesting is i don't i don't think these
etfs are going out and turn around and using their you know bitcoin on um i'm reading on
on youtube right now where does it where was he talking about the ETF?
Okay, yeah.
If you're on... Yeah, yeah, yeah, yeah.
Sorry, go ahead.
I also pinned this post from Bob Kendall up top.
Yeah.
Yeah, that's what I was trying to...
That's kind of what I was suggesting.
So he was saying spot ETFs hold real Bitcoin in custody.
That's not the question.
The question is whether these points are removed from the price setting quote.
And they're not.
So yes, the ETFs aren't going out and they're not leveraging the hell out of their positions.
It's everyone else that uses then those positions,
the ETF position that they purchased from the ETF provider.
And then they're leveraging the shit out of that to where if they get liquidated elsewhere,
like the previous post was saying, like the cross margin versus isolated margin.
When you have a cross margin position, your entire portfolio is back.
Everything is backing that single position.
We're isolated.
You're only putting up, say you put a million dollars into this isolated position.
The most you could lose is that million dollars. Now, cross margin position, if you put a million dollars into
a position that's cross margin, if you have a hundred million dollar fund, the entire hundred
million dollars is backing that one single position. So if that one million position gets
wiped out by, because you're 10x leveraged, they could go after 10 million of that $100 million fund. Like that's, you know, that's also subject to that specific leverage position.
So this post is very helpful and adds some more context.
So yeah, it's not the ETFs, which is what I was kind of suggesting before.
But it does make sense that a lot of external parties could be leveraging up
using these things exactly so it's not the etfs but once that those etfs exist others
you use it so i'm just gonna he says this is textbook re-hypotification
even if the underlying asset is physically held he He's like, it's identical to gold ETFs. They hold real bars,
yet paper gold trades 50 to 100 times the physical supply
because price is set in derivatives, not in vaults.
Bitcoin now works the same way.
Futures, perpetuals, options, ETFs, and swaps,
all referencing the same underlying Bitcoin.
So scarcity still exists on chain,
but it no longer exists where price is
discovered. That's the entire point. Again, Kevin's response was to Bob's initial, he
quote tweeted a post from the Bitcoin therapist. I'll pull that up in a second. But he says,
so I'm going to reverse order here so you understand and can follow this, but you can click through all this in the post up top.
If you want to, this, I know this is a heavy topic too. So I like some of you listening are
probably listening like a deer in headlights right now, probably a little glazed over.
I'm doing my best to attempt to tell a story here or, you know, turn this into like somewhat
layman terms. It is, it is a heavier topic, but I think it's important to
at least attempt to understand or grasp how Bitcoin, in particular price discovery,
has changed now that it's entered TradFi. Bob says, so here's the issue you get. Influencers
like this guy have a quarter million followers and they claim they don't know why it's declining.
It's because they don't understand basic mechanics of price discovery.
They don't understand the marginal buyers or the float determines price.
They think the on-chain Bitcoin is that is the price discovery.
Well, it was once upon a time, but now once you can synthetically manufacture the supply, the asset is no longer
scarce. And once scarcity is gone, price becomes a derivatives game, not a supply and demand market.
That's exactly what happened to Bitcoin. This is the same structural break that occurred in gold,
silver, oil, and eventually equities once they become derivatives dominated.
The original premise that no longer exists is Bitcoin's entire valuation logic was built on the finite supply of 21 million in the inability to be rehypothecated.
I can't wait to use rehypothecated in a sentence this weekend.
You can probably tell it's the first time I've ever said that word out loud.
That died the moment cash settled futures, perpetual swaps, options, ETS, prime broker, litany, wrap Bitcoin, and total return swaps were layered on top of the chain.
ETS, Prime Broker, Lending, Wrapped Bitcoin, and Total Return Swaps were layered on top of the chain.
From that moment forward, Bitcoin's supply became theoretically infinite, not on-chain in price discovery.
The moment that metric that explains that collapse is that synthetic float ratio, once you can synthetically…
So this is out. Now I'm getting to where the first post I read parroted.
Once you can synthetically manufacture the assets, no longer scarce.
Once scarce has gone, price becomes a derivative game.
This is exactly what happened. Why Wall Street can now trade against Bitcoin, they do exactly what they've done in every commodities market. They create unlimited paper Bitcoin, short into rallies, forced liquidations, cover lower, repeat. That is very much like a copy post of this with a few changed words. Shame on that person, right?
Like I'm not going to go off on a creator rant, but it does.
I don't know.
Like it's not that deep.
It shouldn't make me angry, but it does make me a little angry that you see these accounts with a quarter million followers blatantly copying takes and good content from much smaller accounts.
And it's their original thoughts.
Even if he did use ChatGPT to construct this,
like quote tweet, credit the guy, do a screen swap,
or at the minimum, make more changes.
Like you can still have a same take, but not copying exact word for word.
Like be better, post dealers. Copy it, throw that into Claude or ChatGPT and
say, hey, reword this so I can post it under my own as an original post. In today's world,
it's lazy to just blatantly steal posts by copy-posit. Anyways, I'll end my rant there.
by copy-pasting. Anyways, that was my rant there. The post he quote tweeted was this,
when was it 73K? No one actually knows what's happening by prices going down. We've seen this
a lot. We've seen this a lot on CT. We all like to talk about what happened 1010, someone got
blown up. And while that very well could have happened, It's also like whether everything I read there from Bob is 100% factual, 100% accurate or not.
What I do 100% agree with is that once Bitcoin became a TradFi asset, once all these other derivatives became available to the market, it changed things. It changed
how just the overall structure of something that a lot of its value was derived from that
fixed supply of 21 million coins. Now, this isn't saying they're going to go create more
Bitcoin. There's only ever going to be 21 million of them on chain. But, you know, as we've
just, you know, shared on, you know, in pretty good detail there, one Bitcoin could lead to
four or five, six claims on that single Bitcoin. And now it becomes this big money game, this
derivatives game. I'm not trying to freak anyone out. It's just, it's important to understand that the markets have changed a lot and why people got excited for, oh, the institutions have come,
these ETFs have come, there's going to be a lot more demand, a lot more buy pressure.
People have even seen people like, how does Saylor keep top-lasting Bitcoin and the price
still goes down? Well, it's because the price discovery is not solely on-chain anymore.
It's a big part of it.
You can't just buy your way out of supply more.
The buyers on-chain just can't be more than the sellers.
It's not that simple.
It's much more complex.
Good, bad, and different?
I don't know.
I'm very confident saying it's much more complex than it's just all there's 21 million Bitcoin on chain. And if demand is greater than supply,
number go up. Oxy, anything to add to that or kind of put a bow on this conversation this morning?
Appreciate you joining me and thank you for helping me talk through that because it's,
like I said, it's not my area of expertise. I'm learning along with everyone here and why we try not to go heavy and deep on topics like that are heavy like this. I don't want to lose people. I do think it's important to at least get these takes and attempt to understand potentially some of the why behind this.
behind this. And could all this started because someone got blown up on 1010 and they chased a
silver trade and they got blown up? Yeah, that's all real. But the reason they got blown up is
likely has something to do with these derivatives and margin.
Yeah, no, for sure. No. And I'm not an expert. I have a little bit of finance background in this
crazy derivative and swaps and stuff like that. But, you know, it's just so complex and there's so many layers to it and so many different ways that you can structure these things that it's just a rabbit hole to the nines all of these various positions without paying an exceptional
and exorbitant amount in fees and interest and all of that kind of a thing. If you look at
perpetuals on hyperliquid, for instance, when you're in a long position, most times than not,
you're paying 10% in leverage fees, in margin fees, because you
have to borrow that money from somewhere.
If you look at Bitcoin right now, I don't know what it's currently at.
I can do a little live looking, but right now it's negative right now.
So it's a negative 6% annual on longing Bitcoin.
In most market.
Go ahead.
How does it get?
So if you take out a long position, you're getting paid 6% because the perp dexes want,
they need, they need the long volume.
Is that.
It's so it's all, it's mostly it's, um, so it's not hyper liquid that necessarily sets
It's what, what are other people doing?
So for instance, so this is what this is telling me is that more people are long than short on Bitcoin,
on hyperliquid specifically. So when I go out, so if I'm going on to hyperliquid, I don't want
to open a long, I'm going to go out and I'm going to borrow, you know, a thousand dollars from
someone else that is basically on the other side of the trade, on the short position.
But because there's more people shorting than are longing, they have to pay the longs a premium
because they're borrowing more of the underlying margin funds that are being put onto that long
trade. In most markets, the longs have to pay the shorts because there's more people
longing than short. And now it just flipped. So now I'm looking at it. Hold on, let me look.
Now it just flipped. Now it's 10.95% annualized. So the margin, more people are longing it than
shorting it. So now longs have to pay the shorts basically at 11% APR because you're borrowing
that money from them. Does that make sense? Yeah. Yeah.
And I was trying to find a better post on this topic,
but I do have a chart here.
I'll flash on the screen real quick about how much this gap is right now.
Short sellers have a historic level,
30 billion of shorts and the longs are like a hundred million.
Like it's just the, the, the, and this,
this was, this was yesterday evening at four or four. So it's probably changed a little bit,
but to Oxy's point, there's just far more people short right now than long and impacting those,
impacting those funding rates. This is, you know, you know, what today's done is it's kind of, it's inspired me to get a better educated where I not only can understand this in more granular detail, but also help explain it a little better because I'm not claiming to be, you know, economist or some financial guru.
But this stuff does interest me. I am very intrigued.
And I do think it's helpful to, even if the thesis is wrong, I think there's some merit
that it's not wrong. But I think it's helpful to understand causation. And I think it's helpful
to understand the whys behind some of this stuff. And so the long story short, my takeaway from today and this
crash is dive into some of these headier topics. In fact, if anyone has a good book, I could throw
in the Ottawa. I've got some windshield time this weekend. We've got our first lacrosse tournament
preseason, but first lacrosse tournament tomorrow. And maybe I will find a good audio book to help educate me on
this side of the markets when you talk about TradFi and all these derivatives. If anyone
has a good book on derivatives and TradFi, let me know. I would appreciate the recommendation.
Let me know. I would appreciate the recommendation.
And one other thing I wanted to just share in passing, maybe if someone's looking for a project this weekend, I think I got a good one for you.
But before I pivot into that and send everyone off on another day, any closing thoughts, Oxley, any final words, anything you wanted to share before we get out of here?
to share before we get out of here?
No, I mean, I think I just maybe want to echo what you said is just like learn how
these things work.
If you don't, I mean, obviously, most of us aren't going to be going opening up a bunch
of options on ETFs or, you know, obviously getting into derivatives and all that kind
of thing.
But like if you want to go and, in our trading on perps,
for instance, I know a lot of us probably are trading on perps,
understand like how these things can impact your position,
because if you're levered up, that,
that can be obviously very,
very detrimental to your position or like fun,
like even like the funding rate conversation, right now like xrp if you're
long xrp you're uh like you're paying or if you're short xrp you're paying 75 apy on those things
or what or if you're i'm looking at this wrong uh yeah yeah if you're long you're actually earning
because so many people are short so like
learn no understanding like how does that impact my position 100 api or 75 api on a position that
you're just holding long term obviously that's that's crazy that's an insane fee that you're
paying on that on that um that position but so just just understand it at a basic level at least
because it's more more likely than not going to impact
your position and your decision making so um that's why i mean that's why joining these types
of shows and having these conversations is so important even if it is you know boring or
whatever um just talking about it is just really important i agree yeah it may not be nearly as um
exciting is probably not the right word it may not it may not be nearly as exciting is probably not the right word. It may not invoke nearly as much emotion as the death strategy and cyberkongs targeting moonbirds. It's far more important to understand. It's not as easy to talk about. It's not as easy to comprehend.
And you also don't have to do this.
You can simply dollar cost average into assets you're long on and call it a day.
You can attempt to time tops and sell tops and call it a day.
But if you're going to get into really trading, if you're going to get into perps,
at least it's not going to hurt you to have a better understanding of how things work behind the scenes.
And even like, I don't know a number.
I might even put a number up,
but I bet there's people that have been traded
on Hyperliquid lighter and don't even understand
that they're paying fees every time they open up a position.
I mean, I say that it's kind of hard not to
because Hyperliquid shows you right there
in your portfolio, not only the percent,
but it shows you in real time how much it's cost you.
But there's just, again, I think there's a lot of CT.
And this isn't, I'm not insulting anyone.
I'm not taking shots at anyone.
Again, I'm learning as well.
I'm not better than anyone.
I just, I think there was a lot of trenchers and meme coin speculators and NFT traders
that got into hyperliquid or lighter or pick your favorite
perp decks. And yeah, they say you learn by fire, you get liquidated once, you do things differently.
If you haven't done that yet, I'd encourage you before you start opening up positions,
understand the difference between cross margin and isolated
margin. It's very important.
You get in there and you
can blow up your whole port and not even realize it
because you open up a cross margin position and not
realizing the impact that can have
if one of those
assets goes down.
If it was
easy, everyone would be
printing and be up big on, you know, opening longs and shorts.
It is complex.
I'm not one for over-regulation, but there's a reason why, you know, to make some of these riskier investments, to do some of the stuff, you've got to be a credit investor in the U.S.
There's a reason that this stuff hasn't been easily accessible to the masses.
I'm grateful that we do have more access today. It is much more accessibility than ever before.
And it's only increasing. But I saw Hyperliquid generated almost $5 million in revenue yesterday.
Go learn the stuff. I'm a big Hyperliquid fan. Hype is up. It also did get listed on Coinbase,
unwinding, and maybe, you know, I would say weeks, but even really days, hours, seconds can matter.
Final thoughts. I'm going to give our guy Steve a quick shout out. He mentioned something that's
going to segue into my project for the weekend.
He said, you want to see tech adoption curve in real time?
Check Facebook.
I rarely use it, but logged in this morning.
Everyone's generating AI characters themselves, something we've been doing two years ago.
I'm sharing because I saw the same thing.
I logged in over there and same thing. It's like it wasn't the Gible 5, but there's half my Facebook feed is high school friends that are making AI characters of themselves.
And he says, meanwhile, we're programming 24-7 on OpenClaw bots on Mac minis, to which my weekend project, if you're looking for one, I pinned this article up top from Jordan.
one. I pinned this article up top from Jordan. Jordan's been around the space for a while
and gives a very good detailed how to set up OpenClaw, Clawbot, without giving it
keys to my life. So if you're going to get into OpenClaw or really if you're going to open up
your going to put any AI agent on your computer before you give it access to your bank account, your email, your life.
OPSEC is very important.
We talk about never save your seed phrases digitally.
You shouldn't have a picture of those on your phone.
You should not have a picture on your computer.
You should have your
wallet segregated. You shouldn't be minting and using wallets frequently that you have high value
assets in. I've had my hot wallet since I got started in the space. I still use it because
it's got history there. I don't keep any assets in there. Just as we talk so much and stress so
much about wallet segregation and proper OPSEC and don't
click on any random links in crypto, when you're dealing with these AI agents, when you're setting
up OpenClaw, it's as if not more important to follow proper safety protocol and procedures.
And this guide here is a pretty good one in terms of how to do that. So yes, if you're looking,
if this is something you're interested in, if you're looking to explore, this isn't the only
guide, but go check Jordan's post out above, maybe save that or bookmark that for the weekend. And
I would strongly encourage you to do some research before just going wild and setting up open claw on your, especially on your primary
machine, segregating that to a backup, whether it's a Mac mini or a laptop. Don't just give it
carte blanche approval on everything. That said, Hans W., thank you very much for the Pingu tip.
Greatly appreciate that over there in abstract uh appreciate uh thomas
subscribing to our youtube channel congrats on the bz claw pool i mean i'm rooting for you i hope you
pull a grail uh thanks to joey for sponsoring that today just being generous out of his own pocket
and um also big thanks to bz a i'm gonna say they're a partner that's again not a paid
endorsement they just they've supported us in the past big fans of the team and all that they're building over there and uh they have uh generously
agreed to uh contribute a 250 the gold claw pull to our february community member of the month
that member will be selected probably march 1st uh let's see march 3rd actually i think is the
first monday uh we'll finish out the month the month and we'll pick from one of our
YouTube subscribers this month
so being active over there being in the
YouTube chat will
help you earn some points
in that contest but the reality
is just keeping it real
Payne and I are chatting and we will
there's a lot of criteria
there's this fancy algorithm how we choose that winner
it's Payne and I both unanimously agree Well, there's a lot of criteria. There's this fancy algorithm, how we choose that winner.
DuPain and I both unanimously agree that you're a good value add to the show.
Katie made it easy last month.
And so, yeah, we're picking favorites.
There's really – and to qualify as one of the favorites, you've got to be a YouTube sub.
That's it.
We may get a little more quantifiable in the future.
Right now, it's just very subjective. And so keep
in mind, I can be bought. Payne could be bought. I kid. Please, we're not soliciting any handouts,
but it's a joke. It's a bit. But I actually can be bought. There's a number on everything in my
life. It's just not enough for... It's not worth it to you to buy my love for a $250 claw pool,
although you could win nine grand. That said, it's a Friday. Hope you all have a wonderful
weekend. We'll be back Monday. We got the coffee with Captain Pump today,
so we will do our best to bring it back Monday. Hopefully it doesn't go backwards
over the weekend. But yeah, Bitcoin is ripping. It liked the take this morning.
And you're welcome. You're welcome for the coffee with Captain Pump. Enjoy.
I hope it lasts while we are off air over the weekend.
But we're back up.
We're rapidly approaching 69K.
The coin market cap chart still shows down 0.32%. So we're basically break even on the 24 hour,
which is wild compared to where we were yesterday.
I'm actually going to show the Google chart because it looks more positive. Their one day chart shows we're up big on the day.
So I don't know where the times differ, but the Bitcoin chart here shows up almost 9% on the day.
We talked about yesterday, it bounced off of 60K like a trampoline, and it has kept bouncing. So fingers crossed.
We've seen this before. Actually, I'm going to go check Fear and Greed. Has Fear and Greed
bounced yet? It usually lags a little bit. It hit its all-time low at five when it hit that 60K,
and it's still at five today. I'm guessing this chart just looks crazy.
It's like going off the chart.
It's like below, it looks like it's broken the chart.
You know, it's like the meme where like the red line
is like through my desk into the ground.
That's what the fear and green chart looks like right now.
Yesterday was extreme for 11.
Today it's five.
Really curious where it lands Monday morning
because prices certainly bounced.
I would imagine cinnamon bounces a little bit.
Don't get over your skis.
Don't just go crazy.
But hopefully this bounce alleviates some of you
if you were stressed out.
But it will be an interesting weekend
to follow major's price action.
Not sure when that Death Star thing kicks off,
but I'll be following that one as well.
And we'll be back next week for a full week here on coffee.
If you haven't yet, last reminder on the newsletter,
that does go out tomorrow.
Coffeewithcaptain.com.
Drop your email address in there.
And we don't spam me.
Just hit you with one a week.
And I appreciate all the support.
With that, thanks again for tuning in today.
Appreciate Oxy and Joey and Thomas and Jack, all of our guest speakers today.
Appreciate everyone who added value in the chat.
And certainly appreciate all those YouTube subs.
And with that note, I hope you all have a wonderful, wonderful weekend, everyone. Thank you.
