Well GM everyone, not a great start. Worst tech, Worst audio, hopefully better vibes. Meet just me and OSF today. We are coming to you live from the Atlantic Island of Madera. We are here on
on the offsite, we know SF. But we're still going to do the show for Oak, unfortunately, is in Paris. He's hanging out with LVMH today. He's going to go see some LV clothes it sounds like. But yeah, it's just going to be me and SF. Different. Oh, actually,
I'm actually probably listening with it, but I'm going to be different style of show, I think, probably less vibes, but probably a little less energy, but hopefully some good takes. How you doing, Osa? Hey, GM, yeah, I'm good, thanks.
I mean, you really were meant to bring your A game today. And you just failed. I didn't come off the bat, Fred. I didn't want to make it seem unnatural. So I was like, I'll just maybe I'll just go with like, how are you doing? You have to. Like, for us not here today. So we need to like bring up the energy, like to a different level. Maybe, maybe today can just be like#
It's like absolutely pouring with rain outside here in Portugal after all the shit you gave me for London. We're not in Portugal. We are not in Portugal. Portugal will be from tomorrow. Today we decided that we are going to be going off to Madera again.
Maybe doing some rock climbing or whatever you've got planned for tomorrow, but yeah, the weather here is absolutely horrific. We're not in Portugal, but we are in an autonomous region of Portugal. Technically, technically, technically, still counts.
No, you're going to have a great week. Great week. Remember this week is NFC, which is the main AFT conference in Lisbon. I know a lot of people are coming out. Radio is the media partner for the event. We're going to have a booth right in the center of it. I think we're actually on stage as well at one stage. Again, we're going to have to talk to OSF.
But that is what we will be doing for the rest of the week. We're going to be interviewing people live from NFC as well as I think some small activations as they go. So if you're coming to Lisbon, hit up myself for OV or OV, we will be there from tomorrow. We're going to fly back I think tomorrow evening.
Yeah, that's the main thing of the week. The weekend. What did you get up to this weekend? On Saturday, I went to watch the FA Cup final. Which wasn't great. And then Sunday, I came. Lost quite a big bat.
I did also lose, yeah, that wasn't great. And some air flew to Gridera, so that's what it this weekend. I felt like I was recovering from some weird fever that I managed to get myself out of, so I feel good.
quite a big week last week. Quite a few different things going on London, you had the Bugatti aspirating and then I don't know, just felt like you were going out drinking Brinum at your every night. I actually wasn't drinking that much. I was out every night but I only really had one or two drinks each night and I think you're just becoming old.
No, I think that was like, I think I only, I think I did that because I could like sense something coming. And then I think Thursday, it'll be because like I paid, I paid golf, just eight, one salad, and then didn't eat anything all night. And then yeah, then I just kind of like crashed basically.
We mentioned gold already in the first one of it, so then we have to move on. Right, so we get started with the DGN report. Do we have the jingles today, jazz? We must get into the market report first. I guess that is the DGN report.
We got it we got it let's go guys Man
I love you. I love you. It's a retro. It's a retro. I agree with you space. Okay, so markets. Equities are strong. Equities are really strong. So we had a decent day.
get on Friday after the payroll is number, I think the S&P 100 outperform is because 1.5% higher there and the NASDAQ goes 0.8% higher. Actually, so we're up again this morning. I think the NASDAQ is up for a little bit, but we should, I think we're there or there about at New
year to date highs once again. Interest rates have rallied a little bit so we're off the recent highs after that payroll number on Friday. But interestingly crypto just doesn't seem to want to participate in this macro move with Bitcoin back down to 26.
8k, east down to 1868, altcoins, they're getting a bit destroyed across the board. So it's just another day, you know, what feels like in the fifth or sixth day in a row now where stocks are up, macro actually is looking very strong and crypto is not really participating.
Yeah, it's a bit weird, right? Six weeks now, the Nathex been up. Another year today, hi. Obviously a lot of focus on Apple today. A lot of focus on that. So I think the Nathex seems some strength. Most of the strength in the stocks has been driven by just a few different stocks.
who's mentioned it a few times, Nvidia Facebook probably going to be Apple today. And that's driving the NASDAQ higher, like the way these indexes work, they're always weighted towards the biggest stocks anyway. They're market cat weighted, so you've seen a lot of strength in just those pictures, which is driving the rest
the market and then crypto this hasn't really participated for the last few weeks. We obviously had a very very strong start of the year. I mean, they're still up well nearly 80% I think 70% so far this year which isn't small. That's what I'm Bitcoin. But then
And at the same time, it feels as though maybe we're losing steam slightly. And I put that out this morning and some people came back being like, you know, we're acting more like we're tied to gold right now and the strength and the dollar which we've seen over the last few weeks has probably
probably tapered the performance in crypto. I think we've got to hope that's true because if the stock market now takes a dip, we've got to hope that crypto is decoupling slightly from the stock market and is acting more like commodity because if not, then we've really underperformed for a long time and stocks go down a lot right
now and that could really create a crypto, right? Yeah, I think so. It's true. The correlation seems to have gone, the correlation seems to have a lot lower this year, but you're right that crypto has already up 80%, 70% 80% stocks are up, what, like 10%, 30% but
It's still been a massive underperformance. Parts of me still just feels like when you do have these big moves higher and macro especially with stocks getting near to date highs and numbers going in the right direction. I just find it weird that crypto doesn't want to participate in that.
Yeah, yeah, I think it's a bit weird. I'm still bullish. I still think we've looked with said a few times that volume start to dry out from around July to July or June, I guess we're kind of getting into and you see some pretty violent moves from now until kind of the end of the year. So don't expect it to be kind of an up-only market. I think
right now but I do think we're going to end the year higher than where we are and this one is pretty strong bull narratives but this does look a little bit of care is I think for crypto like it yeah surprises stocks come back a little bit and that would that would cause the rest of the market to fall. Interestingly this Apple stuff I mean we're going to get into a bit deeper a bit later but
Do you think that that could provide like a medium term support for NFTs in particular or maybe not NFTs but some of the stuff that we're more interested in if Metaverse related things and like digital assets if they bring out this this headset with everyone saying they're gonna bring out a $3,000
mix reality headset which you know looks like it could be their next big product remember they did the they've done the the iPhone the iPad the Apple Watch and now this looks like to be the next big big thing they're gonna push into do you think do you think that means people start to look at our bags again
I think it's a bit of a stretch to say that at this stage and we're not in that market environment where headlines like that cause up as price action. Like if you remember two years ago when Visa bought a cryptic pound like the whole thing went up by 100% or you know,
when there was something about PayPal and Ethereum or whatever it was like Ethereum value like 25% like those types of headlines don't really seem to have a big impact now and like yeah like if the zap of product goes really well then maybe those applications are for our bags but I think it's just like there's not enough of a direct link under the immediate impact for me
for it to have a big effect. But like if we do rally and people attributed to that, I would think it's actually other things that cause in the rally and not the Apple team. But that's just my two cents. Yeah, that's been some only rented in this section. We're going into a bit later. It's that most of those metaverse coins have been moving overnight. I think you've seen moves and things
like sandbox, the central land, while the world is up like 15% the central lands up or mana is about 7 to 10%. Most of those are up quite a lot overnight, but I agree with you. I'm not too sure Apple bringing out headset means necessarily people are going to start using the central land more. It just doesn't really feel
like that that that feels like a bit of a jump and I've heard it sounds as though they're not going to mention the word mess of us at all like they kind of add to the word so maybe we don't have that sort of jump we should probably get into NFTs and then we can kind of come back to that as a topic and maybe break some people on stage who might be more burst than we
But um do you want to play the jingle jazz in that that horrific audience?
Wow, that is terrific isn't it? So yeah, let's get into NFTs. It feels as though it's been a stronger few days for NFTs. Largely it feels like the shit going matter is over. There's obviously a few things going on there. It feels like bend or ease and bit boy have kind of parted
I've seen in most of those coins are lower, they're probably lower by another 10% over the weekend, maybe even more 10 to 20% across the board. And people have been returning to NFTs slightly. So we've seen decent price action across the board. I think most things, if you look on the 7-day chart on
DGNs. Most of the top collections are up 10 to 20%. Boredades have kind of stayed where they were, but Azuki is now at 70 and a half. Mutants are back above 10. Beans are at 1 and a half. D-gods at 9 and a half. MF is a bit bigger. I don't know if you saw this.
to 1.2% which is about 40% and I have never kind of over the last 24 hours really big sweeps going in there. So yeah, quite a lot of positive price action across the board, I think an NFTs and volumes of kind of return for starting to see decent
nothing crazy, but we're talking about 10,000 people back in NFTs and in terms of wallets and volumes of kind of closer to 20 million whereas before we were kind of dipping below or getting closer to 10. So volumes picking up, number of wallets is picking up and prices are picking up.
The number of wallets is the real thing there. For the last, I mean we've spoken about this today, but for the last six months, crypto to me still feels as though it's the wallets left swapping east between each other rather than like new people coming in. So if we can get those new
wallets back up to the number of wallets active back up to like 40,000 again, which is where it was kind of when blur started up again. Started season two, sorry, I think that would be strong, but I don't think it's anything to write home about that we've gone from the 7,000 wallets to 10,000 wallets yet. It still feels as though that's probably just a few people returning to the market, other than#
anything new. So yeah, a little bit worrying on that stage, but you'll take the wins where you get it. And there's definitely been some positive news out over the weekend from the actual different collections. DeGods came out with some new info about how they're going to be taking DeGods in use. It seems as if the main thing
to come out of that as they're looking to build like a Web 3 profile for their users. It's a bit similar to what we even looked at. Correct guy where you have badges. It seems like it's going to be badges for holders where you'd be able to link up to their website and the DGOD scheme will follow you if you're verified
user. People like that as a utility, as a way to grow the network to have a unified voice, let's say, that people could follow, and the sort of DGOs floor rise about 10 to 20%. AZuki have got this upcoming event in Vegas towards
end of the month, I think it's June 23rd. You've seen full prices continue to rise. 20% over the last week in a zuki were up to 17.5. I put out a tweet of South Davis asking what they've really done versus other people. What do you think about that? Why are they
It's just kind of been a league of their own at the moment. Yeah, it's a good question. It's just like what an amazing outperformance in this market. Like at the beginning of the year you had a Zuki, Doodles, Clonex, maybe Moonberg, all that similar price point and three of them
down 95% whatever it is 80% maybe you can attribute that to macro but one of them is up 70% and you're at one year highs which I think is incredible and my explanation of that if I take those four projects is a really for Zagabon for all his
mishaps and criticism. I just think he's like someone who's web 3 native crypto native who gets the space and gets what people gets what the community wants and puts community first and Everything they've done so far has been well received by the community because they understand what those collectors want and I think the other three projects have failed in that like
they've tried to step too far and try to monetize the community, either they brought some people who don't really understand Web 3 or not Web 3 native, they have just the wrong strategy of trying to mass on board or an increased supply and all this kind of stuff, like, as you can have done any of that, they've just done things that make sense, and amazingly that's all
they needed to do to achieve what they have. And now I've probably massively understated that and I'm sure there's plenty of things that they've done and they've been building and working on that. The majority of the music community will be aware of. But I just think like the holders are on board with the founders and
And those two parties are in sync and the vision is accepted and agreed on and expectations have been managed in the right way. And I think that's the main reason why it succeeded because Zuki Hodazant complaining about like, "Oh, you said this and you didn't do it or we expected this and it didn't happen." None of that.
the team has delivered and the team has also managed expectations in the right way. If I think about what CSU key roadmap and I remember looking at the website, they didn't even have a roadmap. I think they had a mind map or a lot of something like that, which is like, here's some of the ideas and concepts that we want to work on.
them over time and so they want people aren't really expecting specific deliverables they just know that there's this overarching vision and they have the trust and the founders go out there and execute it and that's what I think has happened and it's starting to happen and it's starting to come to fruition now and they've just done it really well I think I think Zach Vaughan does probably the person in that team that you have to come up with comment for it
Yeah, I think in between a lot of what you've said is kind of what we've even looked at wreck guys that you want it to feel as though it's on the community as well to create the value for the project. And as Yuki feels like it has that and it's done some smart moves I think it's brought on. I mean a lot of people have said that one of the smartest
that proof date is bring on 9059. I think very similarly, Zuki's brought on some very vocal community members that are helped building the culture. People like Whale, Wale, whatever, and Elena and a couple of others where it just feels as though they're kind of in
in around the community every single day. And it feels as though the community is driving it more than maybe even the team. They've taken kind of taking a back seat. And I think they haven't done that much. Like, let's be honest, compared to if I was sitting there at half these other, let's say, major NFT projects, say the mid-tier, you'd feel like you'd
live it more. But in some way I think less is more here they've just been smart about how they've they haven't over promised how you just said and then they've just they've allowed the community to flourish like the spirit dowels doing its own thing. I strongly do the comics meant us weak which kind of do a 3x and when you start seeing stuff like that where the community is it's kind of taking
the mantle of what the value is from the project. I think that's just like a really strong position. And I think we try to emulate as well, is that you don't necessarily want to be looking at just Zaggot Bond. It feels more decentralized than that as Uki right now. I think that's a really good spot to them to be in. Do you think we can flip something like Bored Apes?
I know people are going to react badly to that, but do you think I know the problems of what I've just way higher and it definitely has more historical significance in my eyes and probably way more cultural impact of an every single person knows what a monkey J. Big is probably across the world at this stage.
But do you think that they're trashy could could do them well because it feels as though the UGA strategy is a bit more proliferation of tokens as but that way Yeah, I think like you can say they haven't done that much and I think That's exactly the point. I think you don't have to do that much. I think it's a misunderstanding of
projects who like to like pump you know beat their chest but look at all these things that we've done and we're still lower than like MFs for example and so that's just a misunderstanding of how people want to collect energy sometimes like some of the best things are just random means that do well because they go viral because if people can resonate with them
or because people realize there's their expectations. I think the idea of who's done more, who's done this, that's not how NFTs are valued. Maybe it is to extend across projects that are specifically utility projects, but it's pretty clear now that checking things off a list is not how
people want to spend their capital, it's about these intangible concepts and I think as you keep it like knowing the intangible stuff. But can they, you know, surpass you galaged in the surpass apes? It depends. I think apes have a lot of baked in value because you just
made so much money from the air drops today. I mean from the beginning you've had the dogs you had mutants you've had eight corn you've had other side you had sur passes which is a lot and you have to and they uglars very specifically in clearly state board a your club that was like the most premium part of the
the membership into the ecosystem. So I guess the problem with that is how many things can keep it dropping until they start losing value and does a zookey then have an opportunity to deliver more things that are maybe feeling a bit more new, a bit more fresh, doesn't exist out there.
Whatever they've been doing for the last year, I think they've been doing a lot, but I don't know. I don't know anyone from the team, but I was just imagining that they've been working on some cool stuff. Well, that is received when it comes. I think would give it a good shot at overtaking Apes, but does it actually happen? I don't know.
You still there? Yeah, can you hear me? Yeah, I can't write the end there, but yeah, I'm not gonna say anything controversial, so I'm just gonna leave that to you. But yeah, that was a that was a well-ugly both sides. The other way is the other thing going on right now is this goose auction.
of which they kind of came in at two million dollars I think was the low estimate right and you've seen some of the beach journey x other work including the the dead ringers I don't know if you've seen those but they've uh they've like quadruple lived a lot a few hours
What do you think about this auction like do you think do you think that there've been some while estimations here that it could go for you know I think the original sale was something like six or seven million back when they first went back when three AC port it Where do you think where do you think this goes I?
I think it's going to go high because the way it's work is they don't just go out there and like, you know, hey, here's a piece with an estimate of 2 to 3 million, we're just going to go out there with a zero result thing and just see what happens. And I think it's very easy for people to say, oh, this one would go higher than one million in this market. And it's like, yeah, no#
like everyone understands that and the auction house obviously understands that so they don't put these pieces out unless they know they have a lot of interest right like the way auction house as well because they don't just like for big pieces you've gone at the interest beforehand you speak to big collectors you speak to big funds speak to big institutions
Then you have an understanding of the layer at the land of the market and you know like they probably know where the book is probably know where this person's gonna be or this person's gonna be or this person's gonna be or just have an idea and when you get all those data points and you build up the idea and You build the book if you like
To a point where you're comfortable with lots of your options then you're gonna launch it so some of these have probably Got a good idea of who cares on it and the first auction obviously went very box was obviously went very well So there's there's got to be at least two people or maybe even three people in my opinion who I interested in that piece
who are willing to pay at least the estimate and probably more. And so, you know, I think it's easy to say, in this market, this won't go that high, but, you know, these are illiquid pieces and they're also perceived to be like, you know, once in a life,
once they're like, whatever, like, once they're blue moon to be able to buy these pieces. So, and we know there's a lot of capital out there that wants to buy high end crypto art and we saw that come to fruition in the last auction. So, my guess is it goes above the estimate how high, how much above it?
I don't really know, but I think it's going to be like an excess of $3 million. I really do. And not because that's going to come as a big surprise, that's because someone out there is already willing to pay that. And it might not be one individual person, it might be a pool of funds, but someone up to pay it.
like there are a lot of NFT funds out there but the guys that have raised capital for it are I can't speak for everyone here but a lot of the guys that have raised capital for are very smart and they've been smart about not buying eath straight away and holding some of it in stables or holding some of it in the ether not buying it in app easier and I think a lot
of funds out there haven't yet deployed capsules. I think they are ready to deploy. And the second thing is I think people have actually literally raised funds for this auction as well. Like I think existing funds out there have raised funds to try and bid in this auction. So I think the money is out there, I think it's going to go an excess of 3 million.
Yeah, I think so too. I think enough of the people who talk about this stuff, as many people are really in the weeds, manager of art, are talking up the valuation here that people with money will buy it. That's basically what I think. And I think you read into this auction and two million
They're going to be conservative, I think so I think they must already have a bit like that. I think they're probably going to probably going to go hard on that. I don't think it will go hard on the original sale in the price. How much was the original sale? It was something like six to seven million, I think, when they bought it.
It was high, but I need to double check that. But yeah, I think this one will still go high. And I think that could cause a rally in some of the in-gerentive art world. You've already seen that today across some of the art blogs.
and like I said some of Demetri's other stuff is also moving. Which would be kind of unsurprising. Big sales like that for one piece generally tend to move, well, cement the artist as quite a big
name in the digital art space and probably immense their spot for years to come. So I think a big sale like this could be quite a big deal to get a big auction house. So I think interesting to see how that that develops over the
of the of the next few days I think it's I think it's next week maybe the sales going to be next week yeah yeah yeah no doubt that that'll be like the focus for for everyone at the moment yeah
So I think there's not much else in terms of price movement here. The other thing that we should go back maybe to the Apple stuff because I think it's going to be the majority of what people are looking at today. Have you had a chance to look into the announcement about what this product is going to be?
on a buy one, do you think this is going to be a moment for maybe not crypto but at least the metaverse to come back as a concept? This is a funny one because I think it feels like people are trying to hype this up as if it's like the iPhone
And obviously it's very very different because the iPhone was first of its kind and there are other VR headsets out there. So I think it's not quite that. But I don't know like personally I don't really do any metaversive VR stuff so it's not really
me to buy this but I know it's a big thing out there and I just wonder whether like a $3,000 price point is going to be too high for people to get involved but I don't really know. There've been kind of like secrets about this right so we just don't really know like what the
Yeah, look, they've said it's meant to be 4k resolution each eye. It's meant to be mixed reality rather than VR. Remember Facebook has been doing the Oculus for a while, but that's more of a VR product and this looks to be more of a mixed reality
I do think this might have more of an impact than we may be giving credit for. But I think it's, I personally think it might even put a death down on some of the stuff that's been built crypto
so far. If mixed reality becomes a future, then these virtual reality worlds, things like, in the crypto space, you have things like sandbox, decentralized, even some of the games which we're hoping to utilize, that's what technology. It doesn't
really feel like they're going to be the future versus maybe what Apple is doing and the extra experience of augmented reality or mixed reality is very different to VR. If anyone in the audience is like first in this would love to have you up because I think we can have a more deep discussion about it.
It does feel like it's being big up as maybe a cause for why some of our bags might perform well and actually I think it could even be the opposite in some
some respects, or it's only helped slightly in others. But you have seen a rally in pretty much all the metaverse related things today. I think the announcement is going to be, it's going to be laser today. I think it's going to be, I think around 10pm part time. But
I do think that this is interesting to see that now two of the fang stocks are moving that way. It kind of felt like Facebook was on its own for a while in terms of pushing towards this idea of digital ownership and spending more time online.
And this would be a very big shift, I think, for another one to kind of put its hat in the ring and kind of not follow the AI route, which is what the others are kind of doing. Yeah. Yeah. We interested to see. I think I feel like expectations are low.
And no, I think it's just gonna be like again changing thing, which makes me think maybe, you know, maybe there's a chance something gets pulled up there to hack but, um, I don't know, we'll see.
Yeah, so the rest of us are talking about today's we have we have no stubs artists I don't know if we actually have the stubs code But we do we do we're not going to go into depth today the pieces pieces by Lawrence Fuller. It's kind of an audio visual
piece, the poem, which I have to admit, I had never seen the orange flowers work before. I sent you the link to it already, her OV, and it grew on me by a lot by the third time I was watching the whole thing and I had it on repeat because it opened
as our own repeat, our hours working for the last 10 minutes and now I'm kind of obsessed like low-key obsessed with the piece but we can have Laurent John later in the week when he comes to Lisbon. I think we're gonna have him live maybe on Tuesday Wednesday because he's in Lisbon already. I'm just gonna check the
You know the code already, I don't know if I saw it. Yeah. I do know the code. Do you want me to see the code? You go for it. I will say the code. You can't know the code. The code is tulips.
Okay, so you might not understand that but if you've listened to the piece make sure you listen to the piece because it's like a it's like a poem slash short story I would say You will understand the concept of the piece but we saw that
I think all of Camilla's pieces were minted out last week, right? I'm not sure if there's a raffle for the other pieces today, right? Is that right?
I think we did for Camila's pieces there's five of them and everybody who minted one of the other ones will be available to get one of those so that'll be really cool. I think I lost both of you guys. Oh,
Yeah, we're still here, but I think the whole thing minted out the fastest piece of every minted out so it's an incredible piece by Kima like maybe you go check it out at Brogradio Stubbs on OpenC and you'll see the new piece by Lawrence Filler there. I guess the only thing to really talk about for the rest of the week then is just
just what we're going to be doing in Lisbon. Are you up to anything? I know you've got a super red drop at the moment. So after maybe we want to go to what you're up to this week. Yeah, for any rare pass holders, I have my
super rare drop which I think I believe should launch today so I hope that goes okay. You never really know the reception that you get to these things but try to think a bit different so hopefully hopefully that one goes well. And tomorrow we'll fly to Lisbon.
and I don't really away from doing the actual NFC stuff during the day which I think is like Wednesday, Thursday Friday. I don't really know what else we have. I know on Thursday we have, sorry on Wednesday we have our Rug Radio and Rekli cocktails. After that there's a
Particle, DAL thing with the launching of like partization of like, those don't seem like the original alien films, but they've fractionalized this like really cool sculpture.
from that so I think they're having like a launch party or some sort of like celebration party that which is after us and I don't know what's going on Thursday and Friday actually in the evenings but I'm sure there will be a bunch of stuff and there's a henna's eating on Thursday right
I just...holy say something now.
I think you're going to lose Mendel. If you're saying it. Yeah, I think we have our event and we have the Hennessy event and then we're going to be there all day at the conference for anyone to see it. The only other thing that just come out, I don't know if you saw, but crypto basically just dipped about three percent.
It looks like Binance being sued by the SEC. As is CZ. Which isn't maybe a great headline. That would be a breaking news headline for us. What do you know you're probably just looking at it now? What do you think about that? That's just four. What do you think it's
Do you think this is anything more substantial? So what's the actual headline? SEC's Sue's Binance, CEO, Zao of breaking US security's rules. Now, the SEC's been after Coinbase for listing securities recently. That was one of the main things they
kind of attacking Coinbase over, or they gave them a Wells notice about some of the things that they had listed and basically saying you were breaking securities laws, it seems like they've basically just gone to finance and said you've done that. Now I imagine this is to do with the listing of tokens, finance is a bit more trigger happy with what it
this than Coinbase. It has a US entity and then it has a rest of World entity, Finance US, which is already kind of difficult to use this house like in the US. It has large restrictions in terms of banks which allow you to kind of interact with it.
But it will be, do you think this is going to be anything more substantial crypto? I mean, crypto is not trading well already today, but yeah, it looked like everything just took a bit of a bath on the back of that. Yeah, maybe this is probably the reason why it's been so heavy over the last few weeks or so.
This is what this article in being said. It says, as a led style and Binance, Miserable Investors, Misled Investors about their risk controls and corrupted trading volumes while actively concealing he was operating the platform, mid-plitive trading, obvious affiliated market maker and even where and with
whom investor funds and crypto assets were custodyed. So it feels like there's a bit more there than just. Oh yeah, that's very important. Based stuff. Yeah. Which on the face of it doesn't read very well, but I'm also not a lawyer and guy against us a bit of an idiot. So it's difficult to judge
What here is, is probably not something that isn't, but yeah, it's definitely not a great headliner and it kind of, if this has been brewing for a while then it makes sense to be now why crypto has been so weak recently. It feels like one of those things which is that they've been, they've been on him for a while for co-mingling a fans
And it sounds like there could have been a not the same as FTX in that they were borrowing against let's say their own shit coin, but they were basically had their own internal heads fund trading against customer funds sounds like CZ may have had
You know, companies similar, which kind of did market making slash proprietary trading on behalf of themselves. And the SEC has now decided to come after him. To be fair, that's the sort of thing that shuts down finance or just is just like a fine, you think.
It doesn't feel like. It's not going to I don't think it shuts down or kills by and I think it could be a large fine. And also remember like this is going to be in court for a while now. So you didn't just like by and I just shut down tomorrow.
and they will probably have a reasonable argument against it. And I also think like, you know, when you have these things, it gets like CZ versus Gary Gensler, and I just feel like CZ is a lot smarter than Gary is. And I think, I don't know, maybe there's some wrongdoing or there's some
And ethical doing in terms of like if they're trading against the customer information that they have, but I just feel like he's smart enough to understand what isn't the law and take precautions to either like mitigate their risk or offset their risk. And this is going to go on now for a few months and years.
But I think what will come of it is not something that's going to be as bad as FTX. But who knows? Everyone's like, "I have nothing, this isn't that bad with FTX." And everyone thought SBF was a legend and extremely smart. And we're all saying that about CZNH. And maybe it's just me being complacent, I really know.
Yeah, I guess that's one of these things like maybe this is how they open the door and they basically subpoena all this information and then it turns into something worse, but It doesn't it doesn't feel to me like Binance is it's like liquidity issue is more a malpractice issue, which is FDA
it looks like Heath is only down like 2% but all coins look like they're getting smashed again and I would be unsurprised if you saw some weakness there. In this sort of scenario like if you have any money on centralized exchanges again I think you just have to have to take precaution and be very very aware of what you're
holding on exchanges like that and I don't know this is a liquidity issue but you don't want to be betting on that in any sort of way. So it's easy just to eat it. He tweeted four and then he said, "Our team
is all standing by ensuring systems are stable, including withdrawals and deposits. We will issue a response once we see the complaint. Haven't seen it yet. Media gets all the info before we do. 4. 4. 4. I mean, it makes sense. Like I said, I don't think this is
an issue for buyers like it was for FTX but at the same time they dealt with some crazy withdrawals didn't they? I think in multi-billion dollar withdrawals a few months back when there was all that fight against finance and they dealt with it absolutely fine. This feels more like a malpractice
issue then the liquidity issue and anything like that but you can never be sure with exchanges like this. I feel like it's going to dominate crypto for the time being you're probably right like if that if that had been the background of people who've known about it which no doubt they would have given this has been released to the media before anything's been issued seemingly to CZ.
I think this is the sort of thing where this may have been responsible for the poor performance of crypto maybe the last couple of weeks if people knew that something like this was about to come out. Yeah. Yeah, not great. So we'll see what happens. All right. I think that's kind of it for us.
We're anyone through an hour today and it feels like we've actually gotten through our main topics today. But tomorrow we're going to come back with a full schedule. Actually, are we doing even a show tomorrow? Is Furoki even going to do a show? I think it's 50/50 whether he does a show tomorrow. Yeah, because we're going to be flying.
We're flying we're definitely gonna do a show Wednesday. We definitely do a show on Thursday live from the live from the conference so tune in to us then I think the main things to look out for for the rest of the day are gonna be this Apple announcement and when this seizy bonus News develops as the day goes on hopefully we get some more details and yeah
to see how to release details rather than just this random enforcement action. So those are going to be the main things to focus on. It feels like NFTs were set to have a good day and have continued to be performing well but then maybe this shakes out and prices a little bit. MFs seem to be the main ones to look at and also this Demetri Choney X.
anything related to him seems to be the main thing still that kept. Yeah. All right. Well, this has been a good show. Short but sweet. I think we got through the topic slightly quicker, but hopefully, hopefully, we've got some good points. And yeah, we can, we can chat tomorrow or sorry, we can we'll be back on Wednesday, probably live
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