All right, MGM, it's going to be another few days.
I think even while that broke, it's just going to be be in OSF
today. Good, good day.
It looks like already in crypto. So it's a good day for us all to
come back. OSF said he was moderately
bullish yesterday and since then we've just absolutely ripped.
So we have a lot of hot takes today mean coins obviously
leading this this move back. Seoul nearly at 200 Bitcoin
heading back above 70 K. Nearly ETH is pumping.
Everything is pumping. This morning definitely feels
like a good day to to get some hot takes.
I think we're going to be joined by the the third Co host, the
third Co founder even of Canary Labs.
Cows is going to come through in a in a couple of minutes.
How you doing OSF? How was your?
How was your golf trip? What?
Echoing this is not good.
Oh, OK, it stopped. It was probably one of the best
trips I've been on. Yeah, pretty amazing.
When you say, you know. Cows with cows with the colours
today. Wow, look at this.
Are we live? We're live, Yeah, definitely
live. Yeah.
Please don't say anything bad then forgot you're going to get
as instant cancelled as per normal.
Yeah, good to have everyone back.
Yeah. When you say you're on a boys
trip to Inverness, I don't think that's that's really what most
people consider a great trip. But it did look like a It did
look like it was a a good one. What?
What is this thing you've invested in?
Why don't you tell everyone? Manners, Manners, Golf Manners.
Golf.com. Oh, here we go now it's his
whole personality. It's for any golf enjoyers out
there. It's a golf clothing brand in
the based in the UK, but they ship worldwide.
Some outlets as as well in Korea and Japan I believe, but.
Wonderful, they just. Have they just have Really cool.
I I'm literally wearing complete Mana's clothing right now.
It's the Mana's hoodie. It looks good.
It's.
Wearing a Mana T-shirt and ring. How's the boxes?
Mana's trousers. Wow, look at that.
Wow. No, stop there.
They do plain black T-shirts. They do with the Mana's logo on,
yeah. All right.
Well, yeah, I'll get involved then.
Why not? I didn't know you could wear a
hoodie on a golf course. You can.
Not everywhere, but some places you can now, yeah.
Right. So it's like a young, hip golf
brand, it seems. Yeah, it's it's cool.
But it's like all the clothing's like tech, so like if it rains
and stuff, you don't get wet and swing, so it's like a little bit
baggy. So you have mobility, Yeah.
I like that clothing actually for travelling in because often
I can't be bothered to to iron whenever you turn up somewhere
and let you shove stuff in your bag.
So like that clothing that like instant instantly reforms
doesn't get bad. I like that.
I like that stuff. Anyway, let's get into
everything because the market is looking very, very hot right
now. Bitcoin.
Let me just bring it up. I saw it breach 69 K Yeah, 69.3
right now. Let's just turn this into a tick
by tick viewing party. You might as well, right?
We might. As well.
Get a one second chart. That one second chart.
It's definitely looking hot out there right now.
I will. Why don't we share the chart?
Why not? We'll get involved in this
already. You said yesterday you were
feeling more moderately bullish OSF.
How, How are you feeling? How are you feeling now?
I felt maybe I should. Yeah, Over the weekend, I said
modestly bullish price section for this week, but I just felt
like we would see a bounce this week.
If you look, you know, last week, the selling was clearly
due to ETF outflows. And if you look at the GBTC
outflow number, that magnitude of the outflow slowed down
towards the end of the week. And we had this like 2 week
consolidation period where stuff just you know, consolidated.
And so I just felt like without really any real like rhyme or
reason, it just felt like we could bounce this week.
And I think all just the market felt like to me all you needed
was a good infinite number for us to have a rebound.
And the rally this morning is because the number is probably
out there and someone probably has the GBTC number already and
knows it's low or not that bad. And there's a good post by James
Seifart who said that, you know, a lot of the selling was due to
the the Gemini Genesis bankruptcy selling.
And I think they have a total of $3.9 billion of GBTC to sell.
And the outflows last week were $2 billion.
So not 100% of the outflows would have been from that
bankruptcy, but a decent chunk of it I think is now through.
So it's kind of like, you know, we're over the hill, like at the
end of the tunnel. We had a tough week last week,
but things could bounce this week.
And funding is clean, funding to clean as has been for a long,
long time and has been for a good few days.
So it just felt like to me that we were set for a potential
rally based on like all these different like things and
feelings. And I said modestly because then
it covers me in case I was wrong.
So. Modestly or moderately.
I said modestly. Modestly.
Yeah, interesting. So that's like you're.
He said it wrong, but. Isn't that when you're just
like, honest? I think, yeah, you're like.
Basically it's like saying I'm really bullish, but I don't want
to be loud and Arrow. OK.
It's just a hedge. It's the sort of thing that he
can retweet in a week and then he can act like he's not as
retweet. Yeah, so yeah, right, funding
looks, funding looks low across the board.
It has looked low for a while now, even in even in mean coins
where like Pepe is probably the highest right now at the like
the top whatever this is 30 or so coins.
But generally it's been low across the board and it has been
since 10 days ago really when we got a little, little bit about
Nuke and you're right, I think a lot of people missed this.
We did bring it up on the show last week.
You weren't there but the but this is the vast majority of
these outflows related to Genesis.
I think a lot of people thought this had been finished, but then
they did settle with Gemini early last week and to in order
to satisfy that settlement they were then going to have to sell
again more of this grayscale trust that they own.
They're nearly down to, they've sold I think over half of it
right now. Interestingly also the GBTC
figures are starting to look kind of wildly low.
So BlackRock, the BlackRock fund is looking at current rate could
cross GBTC in the next, in the next three weeks, within the
next 14 trading days they're saying here.
I think that's just a matter of when, not if like this will
happen. BlackRock is easily going to
outpace Greyscale and I think people can look through these.
I think last week's numbers caught people off guard because
they didn't know what was happening with with the Genesis
and Gemini bankruptcy agreement. But now that you can look
through that and be like, well, once that selling is done, you
did have a slight slowing in in in the inflows to to the to the
BlackRock fund. But if that picks up at all and
I'm pretty sure the halving is the sort of narrative that
retail and a lot of broader people who only are peripherally
involved in crypto will understand very, very quickly
that's now three weeks away. Feels like that could be a very
big tailwind for for Bitcoin flows.
What do you think has? I agree.
I definitely agree. I I do think I would reiterate
what we said on the show last week, which is where there's
always somebody now that you have like the ETF providers
themselves and the market makers on the back of them have this
information before anybody else. So you're always kind of trading
slightly on the back foot if you're like following that
specific narrative. But yeah, I agree.
Trying to kind of think about how will people who buy ETFs,
what will they concentrate on, what's important for them, what
will they look at and what will ultimately Dr. kind of
investment behaviour in the ETF specifically.
I think that's interesting to think about.
You've got, I think you've got to pick up on that and like you
said, I think people kind of front ran even the market
makers, right? We were we were on the show on
Friday and people knew what the outflow figure was going to be.
Bitcoin was at 63 K It's up 10% since then.
It's up to 69 K now. So people clearly thought the
outflow figure was going to get less aggressive over the
weekend. And this pump, this kind of has
gathered pace, I feel like. There are no outflows over the
weekend, right? Are they?
They're not. Right, that's what I mean.
People were pre like be able to pre empt even the market makers
on this one I see because often you feel like you're trading
behind market makers right And now it's suddenly felt like you
could trade probably in front of them.
I know equipment is obviously 24/7, but I imagine there is
there's still. Somebody's, Someone's got the
colour, right, Someone's sitting there at the grayscale
headquarters with all the information on their table.
Yeah, someone's someone's got that information, so.
Interestingly, related to the funding as well, there has been
a large increase in short positioning over the last since
we hit that all time high and then we dropped a lot of shorts
came into the market and that's why funding has stayed
relatively low. I'll bring up the heat map
again, but like. Shorting here though, that's why
I don't understand. I saw that graph, which was like
hedge funds are like the most short they've ever been Bitcoin.
I didn't. I don't know if it's the most
they've ever been, but you know this, this was this is still a
decent amount of liquidations here all the way up to around
70. Up to 72 K like this is still a
decent amount kind of across the board.
So this was never that aggressive before like so I and
you can tell that from the funding, right funding is is
kind of the lowest it's been for still for for weeks at this
stage which tells you that shorts came into the market
particularly particularly in Bitcoin.
I don't. I don't know what's in it,
though. It's just that meme which is
like men will short Bitcoin at 69 K before going to therapy.
Yeah, I think people, you know, it's very easy to look at one
week's worth of data for the outflows and be like, wow, if
this continues, then you can get very, very bearish.
And I think that's that's what people do.
They often, they often, it's like when you get like a really
nice yield in in some random D5 thing and oh, I'm, I'm going to
own this for a year. It's like, no people, people
overextend very limited sets of data.
So you had four weeks of outflows and they didn't realize
it was related to Genesis. And suddenly everyone was like,
all right, this is a great short and you know, the Bitcoin chart,
you know, you look back at a year, this is the sort of chart
where people will want to short something that suddenly peaks
there and then goes to there, right?
Like, you know, the chartists in this market will, will, will,
will go on pretty much any of these coins.
So like Solana was another one that got very heavily shorted on
that move down and you know it's ripped back in in faces there
right the way back up to 200. So that's.
I mean, when do we, when do we take that levered soul trade
off? I mean I actually I actually
exposed that trade slightly on when I when I wanted the finance
thing you wanted to take it off at the lows as it as the Cali I.
Never, I never said. Take it off at the lows.
You go through this. Let's actually go through this.
The last two bits of data that OSF has said, that's.
Funny I. Took off the some part of the
Canary trades. You went into levered soul a few
weeks back. About a couple of weeks back, at
200, I took off part of the trade.
OSF hang on, hang on. You didn't take it off.
Take it off. OK.
I. Got got stopped out because of
OSF in at 199. I got what I got back in at 180,
it goes to 170. OSF and Ben both decide that
they want to potentially get out.
You said that, you said when it. When it drops below 200, let's
buy it back and it dropped below 2 hundreds like so Are we buying
it back? And I did not.
I waited till 180 and then at 170 you guys were both ready to
throw in the towel and we're now back up to a pretty nice profit
in that one. So I'm.
Pretty sure. Lever trading your trading is
neither of you or to it's. I mean, I've had some bad
things, but it's definitely neither of you.
Oh. Man, that can be Business School
Essays written about the corporate governance of this
company, The Investment Committee on Live podcast being
overruled by Amanda's Swing trading and Getting Stopped Now.
I think you've been stopped down every level trade you've ever
done, Kelly. That's.
Because I it's like crap, you have to go for the 1000 X.
You're 1000 X&OSFI think normally puts them on for about
a day and then takes them off because he doesn't doesn't like
them. So yeah, I will not for.
Me that not for me. Particularly as you start to
lose money, it's like, yeah, get out, just get out, get.
Out got the whole curve here. It's not for OSS.
Manda is like in the middle risk tolerance, so can actually use
it and then I'm just too far the other end.
Yeah, you are way, way on with 1000 X.
So look, I think I think we can continue to rally here.
I do think it's going to be more choppy.
Like if you bring up that that chart of Bitcoin, I think when
this was basically this looked like a meme coin chart, right,
Like since November or October even.
We went from 26 K up to six. What A72K, whatever.
It was 73 K and it was just up. Only this is the first time
we've just gone a bit choppy. I reckon if we are to go up to
100K it's going to be more choppy.
Like I think from here you probably have this sort of
volatility and it kind of looks a bit like this on the way up
rather than just meme Corning up.
So I I think the halving will be a bit of a narrative and I think
a lot of the Bitcoin related things will rally here.
So and you know some of the stuff that doesn't have some of
this SEC overhang doges had A and some of the meme coins are
really bouncing hard on the back of that.
But I don't think it's going to be, I don't think you're going
to miss this rally. I think it's the sort of thing
where you're meant to probably take a load of profits if we, if
we go back up to you know, 7580 K and I would be very
unsurprised if we get another retest OF70K, maybe even 65K
here. Like it's it's just the way I
think this market's going to trade here.
It's just a bit more volatile, but going higher.
What? What do you guys think?
I just think we're going to go to like 200 K and people are
going to get wrecked trying to time the moves.
Yeah. Like I think, I think loads like
I mean it's you've seen it already like random things will
pump and people try and chase them because the thing they own
is not pumping and then they get wrecked by the top of something
while the thing they sold rallies.
It's just like I think there's going to be a lot of over
trading that will cause people to lose money when the really,
really the easiest thing is like just buy a few things and hold
it and then maybe trade with like a small percentage of your
portfolio, but. I would agree with that too.
So like you can be the best person to get in and out.
And I think what a lot of people also miss when they get in and
out is they get out and then they get back in and they're
really happy they got out of some and they got back in, but
they don't get in as much as they got out and then they
somehow missed the next leg again.
So sometimes it's easier like you'll make more money just
being long the whole time. But I guess this is the period,
I would say if you are going to be a buy and hold, is that be
prepared to have a bit more mental resilience.
Because I think it's going to be a bit up and down.
And if you're the sort of person that is buy and hold but also
just pukes it out when it drops 30% or drops 20%, then know that
about yourself and and maybe, you know, protect yourself a
little bit on the way up. Because I don't think this is
going to be the sort of one where he's like, I'm a genius
buy and hold. It's going to be like, oh crap,
you know, this is down 20% just like Saul did, right.
And you've got to you've got to decide you know you know believe
in something here. So I do think you're going to be
tested a bit more on this on this leg higher although I think
we're going higher. There's no doubt in my mind I'm
I'm actually of the view and this may be this may be left
curve or right curve that the ETF inflows will increase from
here like we're we're we're in a 250 million a day I think let me
bring up the degens, the, the degens, it's a great page
actually here on degens that they've that they've built but
we've got an average, where's the stats average is 225 a day
right. I actually think we could be in
a world where this goes up to like 500 because I think that
you're only starting to like a lot of these institutional funds
are are oil tankers and they move slowly and you're only
starting to see them do the due diligence on this say like give
the green light that you can actually invest in this for
their funds. BlackRock obviously moved very
quickly to be able to do that but there's so many others
pension funds they've made it much easier for corporates to
buy Bitcoin. Remember recently Sovereigns,
you've, you know obviously El Salvador's been the first one
over the to do this but you have a number of different sovereigns
looking to do this and they've just made it so easy to do.
Plus you have all the Chinese and Asian ETFs going to probably
come live in the next month or so.
Like I I really do think we could be in a world where this,
this is more like a this goes up to 500 million towards towards
you know Q2Q3 of this year. I agree.
I think it's like it's been a retail product so far and as
soon as it becomes more of an institutional product, those
numbers could really escalate aggressively.
I think and to your point on expecting choppiness, Michael,
like we've just had, we had a 2025% pull back.
And so if you if you've held through that and now you see
we're going back up again like that, should you know you expect
more of that basically is what I'm trying to say.
And I think you don't have to get so hell bent on trying to
time these 20% rallies and pull backs etcetera.
I think you can just hold through it.
And that way you're minimizing your error of just like selling
too early basically. And I think it's a better
strategy to have profit targets in mind and levels where you
will sell some and just take it off and just stick to those.
Then being like cool, it's down 20%.
I'm going to buy a bit more here, it's up 20%.
I'm going to sell a bit more there because the reality is
there's going to be one rally where you where you sell up 20%
and then it does a fucking 5X and you're going to be like or
there's going to be one time where it's down 20%.
You're going to be like fuck, I think it's going to drop more.
You sell it and then write it where it's back in your face and
you just we don't have. You can chart as much as you
want to chart, but at the end of the day if anyone was really
good at charting, they'd make a shit load of money and you could
just get bots and algo to do it. So there's still a skill,
there's still some judgement in charting.
It's not purely technical and so we just don't have all the same
colour at the end there. Someone's sitting there at
Coinbase or at Gemini or whatever, who knows the ETF data
or who knows who's going to be the big seller or the OR the OR
the big buyer before any of us do.
And we're we're like fourth or fifth hand to that information.
So I think you just have to appreciate that it's a rallying
market. It will be choppy, but buying
and holding and just having profit targets where you take
bits off is going to be a much better way to trade than trying
to time each dip and each pop, etcetera.
We we got asked the question on the weekend, where do you think
Bitcoin goes this cycle? I came back with like I think I
think Bitcoin probably does around a 3X from its previous
all time high, so let's say around 200 K but I think it's
going to be one of those ones where as with all of these
cycles a lot of the gains is made right at the end.
So like you it really like if you're holding on it maybe goes
from like 1:50 to 200 in like a couple of months and that's like
a blow off top and you get out what, what what do you think?
Yeah, I agree. I think.
The best part of last cycle or the the, the moment we could
have made the most money was really the last 20% when all the
alts go parabolic and you have this great big blow off top.
And we hadn't seen that yet because we haven't seen that by
definition because Bitcoin dominance is still 54% and
remember it dropped as low as 40% in 2021.
So I do think the best is yet to come, but when that best comes,
I think that's the moment you really have to like take a lot
of profit I think. But yeah, I think we just
haven't seen an old season yet, which is crazy to think given
how much alts are up. But I think there's more
parabola that that's yet to come and alts.
What do you what do you think Ali was?
Was your. I agree, although I think
Bitcoin's the daddy here, like I said that before as well.
Just like I think I wouldn't be surprised if dominance is like
materially higher than every other cycle just because of the
scale of the inflows into that into the single coin from the
the global financial system, the global dollar based financial
system, which I I do believe fundamentally it's actually
impossible for any human being to comprehend the scale of like
the amount of money that's going to flow into this into this
thing. It's It's like our brains are
not capable of comprehending the scale of.
It like so your your crush, Kathy Wood said.
A couple days that's unfolding, Bitcoin could go as high as 3.8
million. The thing.
About Kathy Wood is she's done this for every price target
she's had. All she's done is just like her
fucking spreadsheets which is like number of bitcoins,
21,000,000, number of bitcoins 21 million.
And then she's had some kind of estimate of demand and she's
like a monetary economist by background.
So she's all about like supply driven or yeah monetary supply
driven inflation. So she just refreshes our
spreadsheet and with the increased estimated demand and
that's how she gets the price targets.
I like that. Spreadsheet and you love it.
I really. Love it.
I do think that like I do think the new highs will will make
previous all time highs look very very small.
I think 2X is pretty conservative, if I'm honest.
So so you think you think 200 you're you're you're in the more
in the Cathy world that that doesn't make sense.
I think it makes sense. You and her?
Very well. There's been some more bullish
sentiment over the weekend, just reeling off some headlines here.
Bitcoin is crucial to the financial system that was said
by BlackRock over the weekend researching, researching Goldman
Sachs. He's resurging interest in
crypto assets. That was another one.
And then Raoul Paul who we have on this show fairly regularly
has called for the macro crypto summer to begin.
Now that's related to a bunch of different economic indicators
which he thinks is going to turn back up this summer.
He thinks we're we're just in the beginning of this.
So very, very bullish sentiment over the weekend in terms of the
things away from Bitcoin which are pumping base has probably
been the main thing that's that's picked up the pace over
the last, over the last I would say week or so you saw the TVA.
Call this. Yeah, yeah.
And you? Could pooed me.
Let's just let's just put that out in the public.
Didn't you want to go into Blast Mean Coins or or?
No, that was her. Theft.
I don't know. TVL is now up to 2 billion,
which is wild for a coin with for a chain with no coin, right?
There's nothing coming here, at least nothing said it's.
Going to come? What about a coin with no chain?
Yeah that would be blast. I don't know who's got a coin
with no chain. I guess quite a few different
things. Anyway this has done this has
done pretty well and I think there was something like it it
did 2 billion a volume in a day which was maybe beat Solana in
one of the days I I missed where that that come.
But like a lot of people posted about it I didn't know if the
data was that good but it is kind of wild what's going on
there. The main token that has really
taken off is this Deejin token, which is related to forecaster.
Let me bring it up. This is now a $600 million
market cap. It's up 70% of $700 million
market cap. Now it's up 70%.
Today it was, yeah, that is that's done a 4X in the last
week. Really look at that, look at
that for a chart that is wild. Did did you guys get involved in
this? A lot of people with this like
the tipping coin, right? A lot of people got tips in this
on Forecaster. I know thread guy.
Thread guy put a post out over the weekend where he said he
made like 50 grand from this. Yeah, just claimed 35 grand of
each for free by doing literally nothing but giving out free tips
on forecaster. I think he's kept that bag.
So that has. 70%. That's probably, yeah, that is
done pretty well. It is kind of wild because I
think this one did swing from ship and you know, I saw the
bold Leonidas thing today, which is kind of like this is a forced
narrative. It does feel forced, but then it
goes from swings, right? It feels under under shield and
then massively over shield. Forecast is one of these things
that a lot of people hated and then people now have crushed it
on this token. So then maybe people were meant
to be shilling this because this is kind of wild, this move.
So I don't really know like who's the mid curve here, but it
it does feel like I don't love many of the meme coins on base.
I think a lot of them are kind of very mid sort of memes.
I saw one today, which is just it was just called Brian
Armstrong and I was like there was no meme about.
It it was just funny it. Was just Brian.
That's a meme in itself. That was.
Like so bad. This is so.
This is so base as a as a as a maybe I'll find it here Yeah.
The brine it's just called Bryan Armstrong Coinbase I.
Love that. This couldn't be more base as a
meme coin, right? There's a lot of memes like this
where you just like where's the meme?
But they are doing, they're doing pretty well and D Jin
related to forecast has just done has just done the best out
of this. What do you think is?
Is it mid curve to be on base or to be fading base both of you?
I don't think Forecast is really good.
Warp Caster is a really good app and I don't, I think it's easy
to say, oh this is just another thing that's going to be shit.
But I went to, I was at the ETH Global hackathon a couple of
weeks ago helping judge that and 50% of the projects were either
on base or the other 50% were using Forecaster.
And it's like the things you can do with it are pretty cool, like
this idea of frames. Like, you know, it's it's like a
intangible concept unless you actually use it and understand
how good it is. I think, and I don't think it's
just a fad or don't. I actually don't think it's a
force narrative at all. People are actively using this
stuff and it's amazing for Web 3, it's amazing for artists as
well. You know you can actually just
mint something straight from someone's social media feed when
you have a new piece like that's the the call to action.
Removing you having to like go to an external link is is
massive, I think. So there's a lot of like
potential in this and you know there is a question like does
warp cast overtake Twitter or does Twitter just eventually
incorporate frames and incorporate broadcaster?
They're two separate questions, but I don't think this is to be
faded. I think this is pretty amazing
to be honest with you. And the base stuff, I mean like
look the ability for connectivity between a coin
based wallet and coin based exchange and base also has
massive potential in terms of an onboarding perspective.
So I don't think you can fade that either.
How do you play it? Like, what do you buy?
It's tough to judge. We just buy these meme coins
right now, and some of them, many of them will go to zero.
Will there ever be a base coin? How do you farm it?
I'm not sure. Do you just go and use walk,
cast a lot? Like, we don't really know.
But I don't. I think this is going to be a
bigger thing. I don't think this is.
It's not a forced narrative, in my opinion, at all.
Yeah, I I just wanted to to say briefly there that you you
mentioned there that you know, maybe maybe Twitter will will
pick up on this stuff. Elon actually tweeted over the
weekend asking where Vitalic had gone because he stopped
tweeting. Really.
So I think let me just bring it up.
Yeah. Why did he leave?
Autism Capital asked, you know the talc needs to get back on X.
Why did he leave? And then he's basically because
he's on forecaster, he's on broadcast.
That's where he's been doing the majority of his tweets and
people everyone, everyone in the, the in the replies would be
like you haven't enabled crypto payments yet so maybe this does
you know tell Elon that he needs to he needs to get more
involved. He's definitely losing.
He's maybe not losing numbers, but he's losing culture here
because I think a lot of people will go will go that way and
crypto culture, to be honest, I think it's the backbone of of a
lot of X. It is.
It is a huge bit of axe in my opinion.
So maybe maybe he does go down that route.
What about you Callie? What do you think about this?
Obviously you said that I failed.
Just for the records, I broadly agree.
I think like you don't have to think any more than this.
Like Coinbase is kind of the app of crypto and it's going to be
very easy to use base through the app.
That's it. Like that in itself is probably
a stronger reason to back this coin than 99% of crypto projects
that have it in terms of actual usage and actually getting it
into people's hands and reducing friction.
So I think base chain will is like and I don't think it's a
fourth narrative, I think some of the memes are made, but I
think that will just evolve over time I think.
And then on broadcaster, I actually have never used it and
like I was just triggered by memories of threads and that I'm
not going to waste time on this shit.
Other thing. But I spoke to we were at a
Coinbase dinner last week Humble brag and yeah, exactly.
And a lot of the people there had been using forecast and they
said, look, it's like Twitter, but without just like it's it's
a filter. So you only get actually
interested engaged people who are like massively value add to
your own network. And I think there's definitely
something to be said in that like at certain scales social
networks massively reduce average like perceived value per
user, not financial value. Just like value of like who's
giving out information, who's replying to me in an insightful
way, who's like forwarding conversations or driving forward
conversations etcetera. And I hadn't really thought
about it like that. And I think that combined with
the ease of integrating financial incentives through the
crypto frames is like powerful, but it might die like threads.
But I feel like it's past that initial Phase, I think.
I think, I think the. Threads was Threads was like
nothing new, IT was just a clone of Twitter but.
That's true. That's very.
True. It's commercial on steroids
whereas I think you're right like you go to any any viral
tweet on X at the moment you go to the replies and it's just
other people trying to post kind of easement baiting videos for
you to and and because of the way it's monetized right
everyone's monetized based now on on engagement essentially.
So there are accounts which basically just piggyback and and
it dilutes the quality of the information.
Obviously what class has has been done in different ways So I
don't think you I just think he needs to add some more crypto
friendly features like they they moved away from that obviously
they they they stuck down a lot of the NFT stuff but yeah you
you, you go house what are you going to say?
Do you think it's that or is it the scale?
Is it that like every I think every network probably in the
history of humans has become too big to the point or not every
99% of networks have become too big to the point where it's
useless. Like Facebook is not useless but
it's no longer cool. You can't get like good stuff on
there. So I think there has to be very
active management and or gating is probably the one word, wrong
word, but there has to be active curation and management and
alignment of incentives for these networks to maintain
quality. I think Twitter might be too far
gone there. How many active?
I mean this we're really going down drown a rabbit hole here,
but how many active crypto accounts you reckon there are on
on XI? Don't think it's that many.
Probably less than you think, but the signal to noise ratio is
just too high. That's what I.
Think I think it's not necessarily about the fact that
our network is too small, right? Like the, the actual number,
the. Network is too big.
Sorry, but like it's the same network I would probably the
amount of people that the amount of accounts that people actually
follow in this network regularly, I would say is in the
low thousands, right. Like it's not that many people
that people are following actually for their tweets.
People have accounts, but they're really just following a
few, a few thousand, let's say. And I would say even then you
could refine it into a much smaller group.
I think it's more, yeah, like what you said, it's it's just
got a lot of baggage with it right now.
Like the monetization has created this sort of baggage for
the crypto community which is actually a bit niche, doesn't
need this, doesn't need anything too big to help help suffice it,
it just needs it needs something more dedicated to it
essentially. Even though it's small, our
network is not hundreds of thousands or millions and
millions of people, it's it's actually quite small.
I would say. It's just it's been underserved
I think by the current framework.
So yeah I think that it's a bit of a vampire attack base is now
really taking off meme coins is the main thing.
Forecaster walkcast. Go go try them out obviously I
think the claim actually for this for this Dejan token is is
gone but it is still a popular tipping tool that yeah and
you're starting to see some other stuff move there.
The other big thing. Sorry, go.
There you go. The the only other thing I was
going to say actually, and I forgot, is like D5I.
I think I wouldn't be surprised if a lot of D5 starts to evolve
on this chain just because Coinbase is such a trusted
entity and is like you know it's listed in the US.
If they if they play it right and they support D5 like
developers and creators, then in like with like some kind of
legal help or blah blah blah, I don't even know.
I think that's another element which this train can can thrive.
So I would agree with you to an extent.
I think a lot of the perp dexes and a lot of D Fi has
essentially become essentially illegal in the US like you can't
do it in the UFCFTC is coming out after the vast majority of
it. So not that much D Fi happens on
on base right now. A lot of it's commercial
applications you know it's this sort of social Fi or or although
BlackRock tokenize its fund alongside Coinbase.
So if the RWA narrative picks up and you start to see
tokenization I think there's a path for for more tokenization D
Phi on on on base which against I guess is more trad Phi style D
Phi. Whereas a lot of the, I think a
lot of the the the you know perp decks is a lot of the more edgy
D Phi stuff. I don't think it's going to move
there and that that actually takes up a lot of what D Phi is
right now. So I think it's a it's a mixture
of both but we I mean blasted and doing decently too.
I think the one meme coin there well the main meme coin now Pack
Moon's gone back to its all time high.
Now you got back there OSF for free and this yield token you
you you guys been following this crypto valleys which is kind of
another so back last last cycle this game 5D5 stuff became very
very big. There were a number of different
games. Defi Kingdoms is probably the
biggest and it got to got to like a / a billion dollar market
cap at one stage And then I mean I'll bring up that fucking
chart. It's it's a disaster ever since.
These things are generally kind of Ponzi like games very similar
to some of the sums you they kind of moved into the crypto
space a little bit and they're like extended versions of Ponzi
so and I don't know if I'm going to offend people here but things
like Wolf game you know you had a few of those that kind of
moved into this space and they were similar like yeah they they
stay involved but essentially it's like a a drawn out Ponzi
and D5 Kingdoms was the biggest one in just the D5 space.
They've now got a new version of crypto valleys which is which
has gone up to about $150 million market cap on that space
and I don't know these is big into this this is the number one
traded coin on blast right now this is this is definitely the
biggest thing to happen on blast in terms of the like the daps
which people are using if you have you guys played this game
at all or even looked at it no. All right well maybe something's
neither of you 2 have threw it your way but yeah these is the
person to follow there I think thread guys even involved
actually these and thread guy are are you know yeah I think
90% of these is tweets at the moment have to do with playing
this game and just buy the token I think stake it or you can play
the game it's basically AD 5 farming game kind of simple my
favorite. My favorite meme about about
this is like. This man my.
Favorite meme about this is just the fucking you know, isn't it?
Isn't this just the same as running a fucking small farm For
You're doing it for crypto money, but you might as well do
it for real for money. Yeah, well, I, I you never
played like Harvest Moon or any of those games.
No, not the actual game. I mean like a farm.
I know, but like farming games are super popular man.
Like they people. Like you know life's tough in
the big city. You know you you can't get out
with nature. You got to play some farming
game on your phone. You feel like you're out there
fishing. You feel like you're out there
farming gets get people back. What?
Was the what was the farming game on Nintendo DS called
again? I thought it was Harvest Moon.
Yeah, yeah. Yeah, yeah, yeah.
That was it. That was it.
FarmVille then obviously became massive after that which was and
there's still this bunch of these sort of games farming
games don't fade farming games but it has been meme coins as
well which have just kind of led this resurgence with actually
have it up here it's back up to nearly $3.
All the political meme coins are absolutely mooning right now.
I've obviously been big in the in the Bowden meme, which is
kind of low key going a little bit mainstream here.
I saw I saw Zero Hedge tweet tweet about it earlier.
Zero Hedge. Is it true that you're the
you're the you're the person behind Zero Hedge Callie?
I can neither confirm nor deny the the Zero Hedge rumours that
have been floating around my persona for a long time.
It. Wouldn't surprise me but yeah
this is a this is a Donald Trump.
Donald Trump up 120%. Joe Bowden, these things are
flying at the moment. The political meme coins
definitely got a bit bit more mainstream but and any kind of
any mid tier meme on Solana anything kind of 100 million
plus had a really strong weekend.
You had a bunch of listings again I think pop cap.
Is that just capital rotating out of like offensive coins into
non offensive coins or like or I?
Think that was it but also this this coins when they get above
100 million right now they tend to get a lot of listings So like
I think popcat popcat got a listing from buy bit I think
over the weekend on so once they get over 100 all these all these
exchanges are really keen to list these meme coins right now.
So any because the volumes are insane.
The volumes are really hard about the the the more than most
coins on more than most coins even across you know.
Different exchanges. So kind of a wild move in a in a
bunch of different meme coins. Oh well, there's new there's a
new trump on on on base, on base.
We're running it back. We are running it back.
So yeah, it does feel as though political meme coins have been a
big, big one. Obviously all the defensive ones
have kind of all died and base meme coins are the other are the
other big ones. I know you got involved in
something the other weekend which is this Howdy token as
well like that was one of the the NF TS have been a little
again. You know they're they're losing
a little bit of focus. Puppets are still around all
time high but the majority of the front page of of Degens is a
little bit red. But this Howdy hats token, what
is this OSF? So these were these Howdy Hat NF
TS were airdropped to I believe collectors or holders of this
piece called Rubber which was made by a person called Crypto
Pop Punk. And the idea behind Howdy Hats
is the trading revenues or royalties from a week will go
towards funding the LP for a shit coin that's coming and
holders I I say shit coin for a meme coin that's coming just
give us some respect to it and holders of the NMTS will get air
dropped I think 66% of the supply of this coin.
So it's interesting how it's worked.
It's kind of like a little bit of a pre sale because you can
buy the NFTS to the AirDrop and it's kind of smart in how that
they're using the royalties generated from the NFT trading
in order to fund some of the LP. So it's just it's done.
Yeah. So the snapshot, the snapshot
was already taken. So the coin is launching today
and we'll see how that goes. Certainly an interesting one.
I mean it's not something I would have done myself because
you're giving future value to these NFTS in the form of a
token, which certainly in my opinion, in my legal opinion
makes them a security. And I think generally people who
are just doing this kind of stuff and pre sales etcetera,
they're all going to get into trouble especially if they've
raised a large amount. So not what I would have done
personally, but something to de get in absolutely.
And you know, we'll see how that plays out.
And if it goes really well, then I think you will see other
people tread the the treacherous lines of legality versus prison
and wow. Coming in hot, coming in hot OSF
turned into a Fed again. So yeah, it's basically another
way to do a pre sale. That's all it is via an NFT.
So your NFT becomes your pre sale there and the Wreck Guy
community got into it, didn't it pretty big because obviously the
end of the art piece as well it is a, you know it's got a hat.
So that's quite a big that's quite a big thing in this in
this market people people like the hats.
Have you looked at this Callie? Is this too mid for you or or
left curve or right curve? Hat I was actually away over the
weekend I was off grade shall we say, but so no I did not sadly.
But the the the NFT just goes to zero straight after the pre sale
essentially. Is that right it?
Hasn't actually gone to zero. It's gone to about 1 1/2, so it
was about 10 soul beforehand, so it lost about 90% of its value.
But yeah, it's it's, you know, it's not doing that well, let's
see how that goes tomorrow. This could be like, say, it
could be an interesting matter. Tate brothers, the Tate brothers
might be getting into shielding coins.
Do you? See this.
Mind you, Tate, having told us all that NFTS were for losers
and that you know he made more money in crypto than anyone else
and still hated it. Yeah, he's now said there's mean
coins that that that are great, but each bull run there.
There are the genuine, genuinely, technologically
useful innovating blockchain coins.
What the fuck does that mean? He's long space, clearly.
Last Bull run was defiant and made 85,000,000 on pancake.
Do you know what they are, this bull run?
They, him and his brother are both setting themselves up to
shells the meme coins. Tristan.
Tristan Tate did the same thing. Let's see what happens there.
Maybe they need some new money for their legal defence, who
knows? Definitely feels like they could
make a pretty penny of this sort of stuff, doesn't it?
Very, very easy to make money. The key skill in any media
personality is understanding what your audience wants.
And if your audience wants meme coins, you can give them meme
coins. It does feel like they want meme
coins. Did you see?
Did you see the videos over the weekend of that guy in Dubai who
wants to break soul? He's been memed already.
Several. Times.
What's his name again? Mr. Something?
Mr. Overpaid? Oh my God, this was incredible.
I have only found out about this guy is going to passively over
the next couple of weeks. It went down a little bit.
The crypto men were panicking across the world.
This isn't it. Who is this crowd?
Why? Bitcoin now is going to go up to
80 K 85,000 over the next couple of weeks.
So you guys paid good money. You paid $5000 Bitcoin.
MasterCard, look at this. Look at this.
Amanda, that's you in an alternative universe.
You think that's the Solana one he must have deleted?
I think he deleted the Solana one.
Was it Mr. Overpaid Solana? Let's see if someone saved it.
Please say someone saved it. He just got destroyed.
This is disgusting. This is awful in every way.
If I could kill it, I would. No, no one.
But I legally. No one's kept the video.
A lot of.
People were saying it was AI generated because his hair looks
like this very specific balding man 3IN Unreal Engine.
His hair is his hair is something.
He's either going to shave it off.
Oh, no one's kept the video. He deleted it, clearly.
But this guy basically said that him and his him and his paid
group were going to break Solana over the weekend.
Not a very convincing man. Literally zero expression for
anyone in the crowd. I don't know who paid to go to
this Bitcoin master class with this with this clown, but he he
seems to seems to be doing well. He keeps on showing videos of
all of his cars over the weekend.
Great car that it's like a used Honda Civic and oh God, this
this guy. I think he's going to blow up
over the next few months. There's no way like they've
crypto fit. Twitter has found a new target.
Him. Him.
Wow, look at that class, $1,000,000 made from 2 XRP
trades. Well, no one trades XRP mate, so
I think he thinks he's everyone knows.
That my friend actually texted me this morning saying should he
take a job at XRP? Is it a growing company?
They're going to try an IPO. Apparently they're going to try
an IPO in the US Could be, yeah, that's what that's that's the
hot rumour that they're. Going to be That would be
incredible. Yeah, well, remember Circle's
IPO ING, right. And people like who's who's the
next one is going to try an IPO. And people say Ripple, so maybe
maybe they'll make money out of this.
I would. Buy circle IPO.
That's just like a basically huge arbitrage trade on on
interest rates, which is good. Who are these blokes founders of
Solana? Is is the look at these three.
So it's this Canary Labs in In Another World that's OSF in the
middle, Cowley, Manda. Wow, look at this.
Look at this. Everyone's trying to do the
Andrew Tate trade, aren't they? And it's just it is embarrassing
to see. Hey, I I I tip my hat to anybody
in business, I'll say that. Anyway, shut up.
We're on the lookout for Mr. Overpaid.
Feel like he is his main character and himself over the
next over the next couple of months.
What else did we see in AF TS? Kevin Hartzold has bought 8 for
an 83% loss. Nature is healing.
We'll see how that happens. 888 defaulted on an FT loan over the
weekend to to Cyrus, which I thought was pretty funny and
everyone remembers a A8. I think that's a good is that.
Like a bottom, Is that a bottom signal I think.
It was I think I think we're we're nearly there on on bottom
signals there if a A8 is is defaulting on other sides I feel
like that feels so so reverse of the top right there.
Yeah and I don't know what else have we seen that was kind of
it. I think for for NFTS there were
some some high, high sales in the in the ordinal space I think
a Bitcoin rock or an ordinal rock traded for around 200
grand. But again it's mainly been NFTS.
You saw some big open edition mints last week obviously X
copies raised I think around $2,000,000 or something like
that and a lot of them are happening on base right now.
So a lot of different people doing are doing open editions on
base, which feels like it's clearly going to be a bit of a
trend. You saw that Ghazali guy came
back, God, he did, he did a couple of Griffs and then I
think he's going to leave. He did a a four O 4 and then did
a base, a base mean coin. And then you saw, yeah,
ordinals, ordinals could just continue to flip ether NFTS, so
no monkeys flipped for apes in market cap and you saw puppets
flip mutant apes. So two of the main collections
on ordinals have both flipped yoga over over the weekend.
So not really surprising in terms of the trend, but that
that isn't great I think for for euthanotes even if they have
rebounded slightly over the over the last few days.
Is is there a narrative that bought aches can rally here?
Or is it just like, is it like a prolonged shit coin chart or
just asymptotically approaches 0?
Yeah, you know, Ape Coin hasn't been doing that badly.
Ape Coin. I think that's separate though,
right? Like that's just listed people
from Punta. It's just a beta.
It's a Bitcoin basically. Yeah, yeah.
I mean, it's not looking good, let's put it that way.
It's it's been bearish flips really like a lot of ETH NFTS
are falling and really the ones that are outperforming.
Whereas ordinals themselves, it's not like loads of ETH NFTS
are doing great. Like ever gone to this chart,
Penguins have done OK. But definitely in the last month
it's been a bit of a bloodbath. Apart from the parallel stuff,
which has done well in Milady's even though they got like
hacked, it's really just been the ordinals.
Ordinals do not care about where, you know Ethan of TS
trade. They're just going higher.
There's air drops every every other day for them.
They're all up significantly, it feels like.
So at least the top, top collections, little bit of
tension between the Node Monkeys, Bitcoin puppets,
communities. I'm more of a puppets guide than
node monkeys guide. But it's interesting to see how
that one develops as as like the two collections.
Look, I think that's that's what we'll leave it today.
It's been just shy of an hour Sims.
Are we doing anything with Robit today or or tomorrow?
We're all clear. OK.
I think it's just going to be me and probably cows.
I think tomorrow OSF is. When do I start getting paid as
a rock radio creator? You tell me mate, we'll talk
there. We go.
Spicy. On.
That note, Francis will get paid one day, you know.
All right, we will see you guys all again tomorrow.
Thank you for joining us. And yeah, we will be here all
week. All right.
Thanks guys.