Good morning. Good morning, EMG.
Thursday. Oh yeah.
My favorite day on a week. July 18th, 2020.
Another beautiful day. Have a beautiful day.
I got my coats in the house. Isler Mando, how you guys doing
this morning? I'm doing great man.
How are you? Fantastic.
Tyler, how you doing? Just amazing whiff top mover on
the deck yeah, could not be feeling good that the hat is
absolutely still on so. The hat came back on.
I mean, maybe it was never off, but God damn, that's that's it.
Is it top over today? That's nice.
It's a few times that Whiff and MOG are like top in the in the
top 100, like movers of the day over the last few weeks.
It's like a few times like they were going band for band it
seems. Those two.
I love it. I love it. 2 bags on two
different chains. I love it.
For the first time in a while I have both at the same time.
Feels good. Feels good man, I was.
Scared you were going to they were going to shake you out of
your wood. They did, they did I I last
Thursday night I sold all of my whiff for mog at like 585 mil
which aged pretty well because mog outperformed whiff.
But then two nights ago I couldn't help it because I'm
degenerate. So I had ADC on Jupiter for like
pretty, pretty decent size, like with by and it filled so around
like 2:15. So I'm we're good, we're good.
The the one thing with me is I make capitulate here and there,
but I ain't no bitch. So I'm always going back in the
market. I was talking about that with
Obi. He was like, you would be
kicking yourself now. I was like, yeah, but you know
what, Obi? The good thing about me is
you'll never find me sidelined. I mean, he was arguably the most
famous whiff capitulator slash rebuyer rebuyer and.
He's up good. He's up good.
His moon bag size, my port, my crypto portfolio.
So he's like, yeah, that's my moon bag and I broke.
That's my entire net worth. I love it for him though.
That's my boy. He's coming on tomorrow.
But anyways, today on the show today, today, the market report
as usual, crypto, macro, all that good stuff.
We're doing good. I mean, shit, I haven't got a
notification to the the Dow Jones.
It's not their all time high. I'm getting all these motifs
now. You know, market's doing good.
Mando's drinking Coca-Cola out of a glass bottle.
I mean, we are so back. I mean, this is like peak peak
performance right there. By the way, they taste better,
right? I'm pretty sure they taste
better. Tastes good, Taste good.
French. Oh, it's French, but do you
have? Oh the French coke is so good,
Oh my God. It tastes better it.
Tastes better in Europe, but you know where the French the best
Coke is is in Mexico because they use sugar cane cane sugar
on the the bottle of Mexican coke.
So like if you're in Texas, you can get that and it's really
good. And we're talking about the
beverage your degenerates and just just have to clarify that
anyways. So can I just?
Quickly just come in and read the the Trump comment about coke
just before we get into. It yes, you totally can.
So what did Trump say? I feel like Trump was for
everything. Yeah, so Nick Carter shared
this, I guess. Don't show up as a history with
that Coke. I saw a headline that he used to
drink like 12 per day, which is too many, but this is from
yesterday I'm quoting. I'm going to get you guys a
Coke. Would you please come in?
Who wants something to drink? Anybody?
A little Coke Cokes and diet Cokes.
One thing I'll say about Diet Coke, I've never seen anyone
thin have a Diet Coke. No, it's always Diet Coke.
I say it's sort of in a friendly way, but people drink a Diet
Coke. I've never seen a thin person
drink it. I've just never seen it.
These guys come in, they order regular Cokes and they're thin,
so I don't know what's going on, so go ahead.
This is so true though. Like I have a friend, Danny
orders Coke zeros everywhere we go, but he's, you know, not on
his best behavior when it comes to food.
And I'd be ordering and I'd be healthy as fuck.
And I'm, I'm ordering the full blown coke like the real shit.
Because if you're not, why do you just drink coke?
I mean wait Mando, what kind of coke you drinking 0?
Zero. Ah shit.
Well he's thin. Fuck that doesn't work.
Damn it. Because Mando's like actually
like Iron Man. You still hitting the drama man?
Yeah, this has actually been my first week off for like a year.
You must be like. You must like.
You must be. Do you want to take your shirt
off? Show us what you what you're
looking like right now. You must be like.
Not again. Not again.
Hey I remember when you sent that photo, did that photo ever
leak? That was like 6 months ago.
I did one last week, I'll send it to you.
Oh yo, send to me. I did.
I did one this morning.
We're looking this I did before after picking a year and fucking
mid year. Let me tell you never felt
better, But that coke comment is true, man, Tyler, it's it's
very, very true. I wish you had the accent when
doing that, you know, like I'm going to get you again the kill.
I'm going. To have to work on.
That did you see that that kill? Was it kill Tony comedy show or
whatever that's been going viral these days, guys?
How funny is that, that that actor is like, really good?
Yeah, they're good. I actually haven't seen that
club but I need to watch it. Oh dude, you.
They did a Trump. They did a Trump Biden.
Yeah. So it's both ways, like they're
making fun of the of the both of them.
But it's, I have to say, like he, he is really, really, really
like, this is what it's like to be real.
He's like Johnny, how many more retarded guys do you have back?
Anything gonna happen? This crowd is hungry for more
retarded guys and frankly, I don't think we've seen enough
retarded guys. How about a retarded racist?
Would you like to say? It's really bad.
Listen, it's it's stuff like that, but it's not really bad.
I thought I thought it was hilarious but you guys should
watch. That that top that top place the
best one. Yeah, that was that was a good
one. They're they're it's, it's
listen, we're getting, we're definitely getting, we're
definitely getting our fair dose of humor on the on the TL these
days, that's for sure, for sure. But anyways, after market
report, we're going to go through Tyler's top 100 because
let me tell y'all, he's he's definitely got at least 100
things to talk about this morning because there's a lot of
fucking going on in the industry.
And then last but not least, there's no last but not least.
You know what, let's pick someone, give him 100 bucks.
That's the last but not least. You know, tomorrow's that we
have Ovi on tomorrow. We'll do a little bit spins all
together. So it'll be fun.
But let's pick someone in the in the audience that's live.
We'll just do a whole like thing and stop.
So make sure we're tweeting, follow us and we'll pick you and
give you 100 bucks. So anyways, without further ado,
why don't we get right into it in this wonderful market?
Who is the man? Michael?
Daddy of the land? Can you dig it?
Yeah, GM. So I think kind of unchanged,
right, since yesterday, maybe a little bit higher on Solana.
But like, yeah, very, very thin flows.
You had a really bad day yesterday in stocks.
So I think it was the worst day in the NASDAQ for about since
2022. That was on the back of comments
by Trump where he basically pointed to the idea that he
would look to potentially tax the Taiwanese chip makers or at
least Taiwan as a whole. And then there were comments
similarly from Biden about making restrictions on the
ability for chip makers to sell to, to China or have any sort of
relationship with, with China. Just to have a bit of a, to zoom
out a little bit there. The, the chips that the US has
been making, NVIDIA in particular, but also some of the
Taiwanese companies which are have US backing or some of them
have largely outsourced operations from some big US tech
firms. They have got kind of
proprietary chip chip technology, which is very, very
important that the US keeps it. This is the reason why NVIDIA
trades where it does as yeah. And many of the USAI and chip
companies are well ahead of of those in China is because of
this. So there's like big, big
crackdown on the ability to, for China to like reverse engineer
this and make their own the, the machines essentially that make
these chips. So that's, that's basically
where this has come from. And, and the fact that they were
going to be a bit more aggressive about it, both Biden
and Trump. And you saw the NASDAQ fall 3%
and mainly it was chip stocks. Now you've had a little bit of a
rebound. There were some strong earnings
overnight, but interestingly, crypto didn't really do much.
So this is a good sign. Like we've seen this decoupling
from macro for a while now. In fact, it's been sort of the
lowest decoupling, sorry, the lowest correlation between
crypto and macro for many years, maybe even ever.
It's almost like a negative correlation at the moment.
And yesterday was a prime example, like we are basically
unchanged on the day and macro were absolute hammered.
So for a lot of people who were scared, you know that in that
period where where macro was rallying and crypto wasn't and
everyone was like, oh, but as soon as macro turns, it could
get really ugly. This was like a little bit of a
window into what we could actually see, which is that that
they're kind of on completely different planes or even, or
even opposite like they have, they have negative correlation
to each other. So that was a good sign I felt.
And crypto, this remained strong today in terms of major
headlines, which are crypto specific.
You saw the Block 5, which is another of the major
bankruptcies of last year. They're looking to repay some of
their creditors this month. But the main headlines, which
was maybe some supply, but nothing major.
There was also a hack of a prominent Indian exchange.
Joe, I saw that. Which which looks like it could
be pretty bad and looks like it's.
It's $235,000,000. Yeah, and it's mainly ship $100
million of ship it looks like alongside Pepe ETH and some
other ETH based coins. So the exchange is called Brazil
X, I've never heard of it before, but it's it's one of the
biggest exchanges in India. And the India basically a lot of
firms were basically kicked out of India or left of their own
accord and they've been having to get licenses back.
So Wazir is probably one of the more domestic exchanges.
But yeah, that's a pretty big hack.
So antsy, Yeah. On that just so you know Zach is
between the comments this morning was saying that this
could be North Korea because of the way they they are washing
the money and acting post hack. Yeah, it's highly likely that
it's Lazarus which is the main North Korean hacker group, which
yeah, I don't think that's really that's pretty surprising
to anyone. When you someone sells 230
million, that's normally a pretty bad one.
We've seen previous cases with bridges or with big projects
where the private keys have been have been compromised of the
multi sig. And that looks like something
that may have happened here was that these are transferred out
of a multi sig, which would indicate the two of the multi
sig contracts, sorry, signers at least have been compromised.
So yeah, this looks very sophisticated, but also kind of
classic for for a North Korean style exchange.
So Shib SHIB I guess is the main one that could sell it from the
back of that. But just another case of being
careful with that way you keep your your crypto.
Still up 10% on the day. Maybe refresh, I'm seeing down
8%. Oh, one second.
Maybe I'm wrong here. You're right.
I'm sorry. It's down 8%.
Oh, it just it was up 10 points, but then it kind of like the
news, I guess caught up got. It Yeah.
So we had another influence of the Bitcoin ETF was about
53,000,000. You had some comments, although
it was kind of unclear if Jamie Dimon is changing his tone on
Bitcoin. There's a lot of talk about him,
but they said being the neutral Treasury Secretary, remember he
is he's the CEO of JP Morgan who's been a very critical of
crypto, in particular Bitcoin. There is talk about him stepping
down in general from that role. There was some talk about him
even being part of this presidential race like some
Democrats wanted him to be their their 11th hour candidate.
But it would be interesting to see.
If Edna knows. That wow.
Yeah, because he he's kind of like Bloomberg in that he could
run as a Democrat. Like it's not like he's had a
particular political explosion at any point, so, or like an
independent, so to speak. So yeah, he, he was, it'd be
interesting to see if he changes his tone.
He's obviously kind of one of the main boomers who's critical
of, of Bitcoin. But let's see what let's see
what happens there. And then the rest of the like
the macro stuff out there is a Vitalic.
Vitalic kind of went pro. Biden basically was critical of
of just choosing candidates based on being pro crypto which
is basically a reading into like don't just support Trump because
he supports crypto. This the only thing is a really
surprise to anyone. Like Vitalik comes across pretty
left-leaning. In fact a lot of the original
ideals of crypto are pretty left-leaning slash socialist.
Even things like dowels are kind of anti capitalist to a large
extent. And I would say that a lot of
the stuff that he has been proponents of are kind of of
decentralized, I would say socialism.
But like there's, there's different forms of government
which which are perhaps more inclusive.
And he, yeah, it's, it's if anyone's been watching, it's
very, very clear that Vidalic is pretty levelling.
You're really, you're really scared of what words you're
using here. No, I'm not.
Yeah, he's not. I wouldn't say he's a communist,
but I would say that he is very left-leaning and he always has
been, but to the point where I think he's.
Wait, there's a lot. Of people ideals originally that
were, I know, libertarian mostly on the Bitcoin side, but you
know, when you look at Daos and things that's more on the
socialist side, you know? He's socialist?
No, but italic. But maybe of common sharing,
like common goods and et cetera. Yeah, exactly.
Vitalik's been trying to been trying to solve a lot of the
classic issues of socialism essentially through crypto.
So I don't think this is a really surprise to anyone that
he's kind of come out pro Biden, but that's basically what he
did. And then he got some heat for
that, but he really cares. And you have the ETF.
A bunch of the issuers came out with different fees.
They kind of all undercut each other apart from Grayscale,
which is keeping their fee at 2 1/2 percent, although they've
launched one of their mini funds, which is what they did
with Bitcoin as well. Expect to see massive outflows
out of Grayscale. Basically 2 1/2 percent is 90%
higher. Well, sorry, 10X higher than
than everyone else so. Can I ask what that means for
the ETF and outflows and stuff? Is it?
Is this something similar that we saw for Bitcoin?
I think you'll see something very similar now.
I think you'll see something very similar now and that
you'll, the first headlines you'll see is massive outflow
from Greyscale, massive outflow from Greyscale and it will, it
was unclear because the others saw big inflows.
So I don't know if you'll see a net move to the other ones.
That's what you would assume, but you just don't know.
You just don't know. So when we saw those headlines
in the first couple of weeks of the Bitcoin ETF, they were taken
pretty negatively and Bitcoin dropped about 20 percent, 25%.
I think people are probably more aware of it.
I, I, I thought that Grayscale would be ahead of this a bit
more. I didn't think they would keep
it at 2 1/2 percent, but they they have, although they're like
they've tried to to limit the damage by having this, this
other fund with lower fees. But I don't know, this feels
like you could, you could. They're setting themselves up
very similar, similarly to what happened with the Bitcoin ETF.
Yeah. We could be speaking about
grayscale outflows just like we were for weeks.
Next from next week when these, when these will launch?
Yeah, agreed. It does feel maybe a little
different with this mini trust product set up at 0.12% so that
those fees like they're not zero, but they're they're close.
Like it's enough to be competitive.
Yeah. So like it feels like they're
trying to drive. What does that change, Tyler?
Well, like they they didn't have that product for Bitcoin.
So like it was just pure outflows.
Here you'll have at least an alternative product.
So you get outflows from yeah, the E trust to the mini trust as
a bit of a balance. And.
This is a hard to predict this time around because we've we've
got we, we all have the data points from the, the Bitcoin
ETFs. So like, I feel like everyone's
already starting to like think to like the the next order
effects, like how it could play out this time.
But I mean, I think that the fees are good.
I mean 0%. I've been, I've been bullying up
a little bit. If I'm being honest, I, I, I'm
starting to talk myself into more ETF.
It's. Up to bit that's crazy more
bullish than you already are that I love that I I sometimes I
I feel the same. I don't know how to get more
bullish and then just like get more bullish.
It's it's a it's a tough one there.
I I'm waiting on them. It's like also like, but some I
tell myself something like, oh, maybe there's going to be
somewhat of a sort of a pullback like Bitcoin.
But thing is, if everyone accept expecting it, then then usually
doesn't happen. And what pullback are you
waiting for? 3200 ETH?
So you could what say 200 bucks per ETH?
I don't know. It's I don't know.
I don't know what we. Guys made but like we're seeing
like seeing Larry Faint going on this press tour, like he's going
to do the press tour for for ETH for the ether like it's going to
happen. And like they're they're betting
on tokenization on there like they're they're going to black
rocks kind of drive in flows. Yeah, I don't know with what
percent, but they're they're going to happen.
That let let's before we go to your to to your top here, Tyler.
Let's talk about let's talk about Jamie Diamond for a
second. Is that how you smell?
Say it. Jamie Diamond.
Diamond. Yeah, man, that turn here.
Like I I saw Chris on Yano's founder of blog works.
I saw it on his tweet first Jamie, that diamond has all of a
sudden changed his tune on Bitcoin.
But then I saw it on on Bitcoin magazine and I just reposted it.
I forgot where it was. It was here.
So breaking Donald Trump says Jamie Dimon has suddenly changed
his tune on his anti Bitcoin side.
It's like that's like like it's insane.
It it's really good news, like what if like.
If it's news. So I, I, I think the, the caveat
here is, you know, how Trump kind of twists words and like,
maybe not even twisting words, but like he'll, he'll say things
in a roundabout fashion and he'll like mix points.
I, I've seen the interpretation that he's actually saying that
Jamie Dimon has changed his tune on his allegiance to Trump.
And like kind of along the lines of what Mando was saying.
Like there was a point where where people were calling for
him to be a potential Democratic candidate.
And it's almost like he's he's changing his tune with respect
to his allegiance. Like, and I think Trump was also
just talking about Bitcoin in in this broader conversation.
Jimmy Demi hasn't commented on it.
Like he refused to. So like this is one for me where
like I need to hear him say it. Yeah, I mean.
Well, I really believe it. I don't know, but his comments
have been pretty damning even recently.
Right? Like.
We all remember his speech at Davos.
Like that was the most anti Bitcoin thing that he said.
Say the word Bitcoin again. Then like 2 weeks later on TV he
was talking about about that. So you know, anyways, I mean,
there's an article called Forbes saying like even Forbes pick up
on that. I mean, it's all headlines,
right? Like even Forbes?
Like this is a Forbes website, right?
It's big if true, I won't need that.
Thing Yeah, exactly. That's why I wanted to stop
there for a SEC. Fuck these ads are crazy bro.
But it's like ads everywhere. He's changed his tune.
Trump reveals JP Morgan CEO sudden Bitcoin and crypto flip
amends you. I wouldn't read.
These articles, though, I like, you should read it from me
because it's an original interview, I think that it came
from and I think it's just if you actually read it, it's what
Tyler, it's what Tyler said. He said he's changed his tune,
but it's it's a broader comment there about many different
things. Look, if James Dimon becomes
Treasury Secretary, that's a huge, huge move for him to move
into politics. I was looking before, like in
the UK, the finance minister or the equivalent of the Treasury
Secretary, it's got a very, very high probability of them
becoming the Prime Minister. And it doesn't seem to be the
same in the US like I was looking at the last.
The last Treasury Secretary who became Prime Minister was John
Tyler in the 1850s. Like that's strange to me
because I, I think Jamie Dimon in the back of his mind kind of
wants to be president of the United States.
Like that's something that he's. Like all the billionaires that
have power. He's mentioned before, similar
to Bloomberg, like he's one of these people that's wanted to
have happen, but I, yeah, I it's.
Difficult. Better than Janet Yellen?
Yeah, well, traditionally they come from, they come from
finance, but Jamie Dimon would be the biggest, you know, would
be the would be the the big highest profile person to be
hired into this spot for for a, I mean decades in my opinion,
apart from maybe Larry Summers, but that's about it.
Are there George W Bush? You guys had Jon Snow as
Treasury Secretary dude So does it get better than bigger than
Jon Snow from Game of Thrones? You y'all literally had the Game
of Thrones character as Treasury Secretary of United States of
America under George W Bush. I think people, if you're
getting a little bit like, I mean, Americans have
historically like, or at least in the last like few decades,
they've they've hated billionaires.
So like Bloomberg got steamrolled bye bye in in the
Democratic primaries in, in 2020.
So like when I saw people talking about like Diamond
running and I mean, I honestly think he he would have been
drawing dead in in this election.
I think the only reason they mentioned it is because you need
to have somebody who could self fund.
Yeah, true. Because if, if the fund, if
Biden drops out, it can only go to Kamala, but if, if it's a
self funder, they can pay for pay for themselves.
OK, it's logical. Well, there you go.
That was your, that was your, that was your daily political
intake intake. Aside from that iconic Biden
intern tweet yesterday which was incredible.
So we've got more, we've got more potential politics to get.
Into OK, OK, all right Tyler all right he's itching NFT and
crypto analysis Tyler on FOMO our calls the kids.
Hand we've got a laundry list of headlines here today to start,
crypto majors seeing some slight green after stocks had their
worst day in two years, with top mover on the day up 13% while
most other meme leaders were red.
So that was notable. 10 ETFs set to launch next week, most with
0% fees. Grayscale with 2 1/2 percent,
though that Grayscale Mini Trust at 0.12%.
Grayscale also announced a new AI crypto fund seeking to
provide its investors with access to blockchain and AI.
So that was notable. State Street, another giant
player news looking at launching a stable coin plus a deposit
token and getting into blockchain payments.
We talked about Jamie Dimon potentially changing his tune as
Bitcoin and politics continue to to be that the hot button item.
On that note, we saw the Talk publishes blog against choosing
your political allegiances based on who is pro crypto, which
outlined the core issues that are more important than a binary
crypto stance. And just a few hours later,
Biden gets sick with COVID. We saw the infamous intern tweet
and it drove a big action in the prediction markets.
We'll get into that in in a bit. In NFTS Coinbase seemingly
leaning into this Mr. Miggles cat as their potential mascot.
Introducing this new the Internet needs an update
campaign. They they introduced this Mr.
Miggles remix challenge. Also someone lost a meme coin
and this Miggles coin is up only it's at 50 million bucks over on
base. I I haven't even been checking
base lately, but have to have to check it for this one A few
other quick headlines. Mon protocol announced a new web
three investment on Mon ventures investing in pre pre TGE stage
blockchain projects known origin is winding down operations.
They confirmed that yesterday and then in physical collectible
news, more of a fun headline here.
So billionaire Ken Griffin has purchased a Jurassic stegosaurus
skeleton for $45 million. That's how the base, which is
the the most valuable fossil ever sold at at auction.
So Ken Griffin is just really going after the the high profile
collectibles. Wow look at that dinosaur.
The cycle top last year was when fun fact these myself, Sobe
guys, Alexi Jeebs and a few people were talking about
forming a Dino Dow to buy a dinosaur skull and then we
topped and then we race to 0. So no, if you and your friends
group are talking about forming a Dow to buy something dumb like
a dinosaur skull, it was a triceratops I think.
Just know you have to sell absolutely everything you own.
It's just. Yeah, it it's definitely top
signal when you're talking about Dow Dowing and and acquiring
something like crazy. You know, I mean, I think that
that's, that's that's where that's where this cycle, though
that for me, Percy in 2025, that's that's where I that's
where I Percy, we'll draw the line for my cycle and call it
quits and then just show up and host every day and not and not
be in the market as heavily. But anyways, man, a lot of stuff
to to, to, to cover here. There was one specific thing
that stood out and I thought, Oh yeah, Mr. Meggles, I mean,
Tyler, you're you're the one who's on top of this shit and
you it's funny, male. Now you're telling me about this
now? Hey, I totally missed on this
one. I was thinking it's like the NFT
is going to be a it was a bust. So that's where this all started
right? They introduced this cat back on
Tuesday. It came with the mint link saw
like 300,000 something mints in the first day.
I said check back here tomorrow. Tomorrow was yesterday and they
introduced this new campaign. You can remix Mr. Miggles.
You can mint them as a part of Unchained summer.
It just kind of felt like the same thing that Coinbase has
been doing with on chain summer. Like have fun meant something.
It's not going to be bad. What I missed were the the
Deejans that would launch the the Meggles coin behind the
scenes here. And yeah, I mean, if we go back
to to the decks, I mean, The thing is, at least in the first
day, quite literally up, up only.
Oh, I guess, yeah. So I guess this launched on
midday Tuesday. So I guess it must have launched
same time as the NFT did. It chopped and then it really
started going wild yesterday. And then this campaign,
43,000,000 blocks. Yeah, it's actually selling off
right now, but. That is hilarious.
Yeah, it is selling off right now, that's for sure.
But you know, did you guys see this specific video from the
campaign? They're running like a really
big campaign about what I liked about this video, if you watch
it with sound like they're running a whole campaign about
creators owning their content and also being able to prove
authenticity via blockchain tech, thus kind of going back to
the fundamentals of NFTS. So they're kind of like using
this NFT mint in a way to like show here.
It says critters, musicians, artists, even cats are what make
the Internet great because they make the content we all enjoy.
But today's Internet sidelines them, leaving them with only a
fraction of the value to generate.
So I don't know if you guys looked actually into the
campaign behind the Mr. Miggles thing, but it's actually pretty
interesting. Yeah, no, that's cool.
I mean, they're, they're good at these campaigns like whoever.
Yeah, you're good at that stuff. Department is is is good.
I think some of the pushback I saw just broadly on the timeline
is I think the whole bull case for people buying into a lot of
the base tokens was that at some point Coinbase would embrace,
then they would list them. And it seems.
Like they're just not interested in doing that.
Like they they had several native cat tokens they could
have leaned into as potential mascots and they go out and
create their own. Which I think probably caused
some more frustration for those deep in the base trenches, but
we'll see. Me niggles can revive
everything. Yeah, I mean, I have to say, and
that was Davis post at some point like something about base
carbon posted about like the base coins.
But the mean game on base is really and that was a bull at
some point. It's pretty weak, dude.
Like it is so weak. I mean there's like like he
posted this there. I found the tweet from July
15th. He's like there's generally
nothing to buy on base. And you look at this and like,
well, you saw the did you guys see the D Gen. update from the
other day? The bridge problem people have
been losing 100% of their funds using the D Gen. bridge and
they're they've committed to refunding people.
So that stuff is not going well. And also Davies commented on
that but he was talking about how should've never been in L3
in the first start for in the Gecko because they had the
attention of picking the forecaster coin though it wasn't
right. I don't know, it always goes
back to Solana for the exception of Pepe and Mog.
What do you guys think? Like when it comes to shit coins
it's all on Seoul besides Pepe and Mog.
Yeah, I'm super bullish on Solana.
I mean, I mean. We know, Yeah.
Hey, how's your how's your journey as a meme corn dev going
in these in these days of Solana?
Are you feeling confident? I just mean in general, like I
just, I just feel as though I like the yeah, I like the
institutional angle for Eve, but it feels, it feels a little bit
scary to me that that's kind of all it has at the moment.
Yeah, I'm, I'm, you know, Salon is making comparable revenue now
to like in terms of fees and total economic value.
It's kind of there or thereabouts.
And yet it's a, it's a fifth of the size and it's making that on
5 billion of TBL, right, Which tells you if Salon of TBL goes
up, it could be, you know, it could, it could dwarf it.
So yeah, I just think that for me, although I own all of them,
the one I'm really, really bullish on here is Solana.
It just seems so misprised to me.
And whenever, whenever you see this sort of stuff by base, base
has some some consumer applications, it feels like
coming. Although a lot of the similar
ones haven't really stayed active Right Friend Tech What
was the other one friend pet as well.
The gaming side of stuff hasn't really caught on.
So yeah, I just, it's just tough.
I just the L2 narrative just doesn't feel as anywhere near as
strong as the monolithic LL1 at the narrative this cycle.
I. Would agree, definitely feels.
I mean, kind of hate to say it, but everything felt always felt
a little more forced. The fact they never leaned
really leaned into like Frintech as like their top consumer app.
And now it's just totally abandoned basically.
So I mean, that's that's a negative.
And then I just personally when events happen, like if you, if
you want to trade the news, like the first decks I check every
morning, it's the way it's Salon like that.
That's where that that is where all the action is, and it's
where the organic action is. The most bullish thing happening
on this cycle is polymarket in my opinion.
Yes. 100%. And that's happening on Matic
and I'm not even too sure if it's going to stay, stay on, on
Matic for, for forever, right. Like Polymarket might just make
its own chain just the way, the way that it's going, right?
Like it's, it is its own app, It's its own beast right now.
It's it's defining so much. Yeah.
It's it's just difficult, difficult for me to really get
behind. It's not saying I'm thinking for
NFTS. I still like punk, the punk
story. I still like some of the NFTS
story because they feel it more like collectivings.
And that doesn't necessarily need the same level of usability
as some of the others. But yeah, it does.
It just doesn't really feel like it's got it right now.
Yeah, it's it's really where the action's at.
I mean, if I look at my watch list of memes, it's like there's
three on ETH and the rest is all sold.
So it's like where most people are trading in and out of and it
seems like we got quite a bounce on it.
I mean, Tyler, what are you, what are you looking at these
days? Yeah, I mean, we talked about on
the show, I mean, I think it's Pepe Mog and a few downstream.
I think one thing I like about ETH memes is because there's so
much less action, there's like concentration.
So it like it actually makes it a little bit easier.
It's like the one of the challenges on on Seoul, like if
you're deep into the like this is from a meme coin lens that
there's so many competitors launching on on any day that
like there's real risk that even today's hot one is like a legit
0 tomorrow. And it's a little bit different
game over on on ETH, which is nice for those who who like to
go to sleep with their bags. But I mean, I'm the prediction
markets, I think it is super fun, like a hot topical and
maybe we pivot into that a little bit pro.
So I think one of the, the top stories from yesterday, so up
for the last few weeks, like the big headline for for Biden has
been he's steadfast. He's not dropping out of this
race for the first time yesterday, we saw a crack in
that facade. He said that he would be willing
to to think about stepping down due to sickness.
And then just a few hours later announced that, you know, he had
COVID and the prediction markets just went absolutely nuts.
Let me see some of the the numbers here.
So Kamala up to 50%. Yeah, she's 50% to be the dim
nominee now buying to drop out of the race up to 67%.
Interestingly, Trump actually dropped a bit in his chances to
win the election from he, I saw him around 70.
He's down 66%. Then the other race that went
nuts is the the Democratic VP nominee.
So Kamala is dropping like a stone because she's likely to be
the the president nominee. Roy Cooper and Josh Shapiro now
are the, are the front runners. I, I really kind of look these
guys up. I'm not really familiar with
with either of them. Hey.
But see, Cooper, I'm telling this is the guy that GCR was
texting with Shkreli about. I brought it up on the show last
week or two weeks ago when Shkreli posted a screenshot, not
a screenshot, but the the fucking video thing, like a
screen share and GCR went, you know, the one we don't talk
about enough is Roy Cooper at dude.
Like that would be a crazy call because the guy's always like
under 1%, man. Yeah, he needles that it it will
be a fantastic call. I do wonder how much of of like
the the bump in his odds or the is the GCR bump because now like
that that's somewhat public news.
You know that's GCRS horse in this race.
But I mean, it really feels like Biden is on his on his way out.
Yeah, he. Kind of said he set it up right.
He basically said, look, if if the doctor's tell me that I have
a problem, then I won't run. And then I think the press
secretary said yesterday that he'd had like a, a meeting with
the doctors or this is. A pretty wild change by the way.
52% I've never seen it this high.
Yeah, well, just over the last 24 hours, you saw a few things
happen. You saw them delay the the, the
DNC, it looks like. So there have been some talk
about them bringing it forward, which would have confirmed
Biden, but then it looks like they're going to delay it.
Pelosi came out and gave some very feeble support behind
Biden, basically telling him that the race could be pretty
bad. And then you basically seen
these comments from Biden saying, hey, if a doctor tells
me I can't run, I won't run. And then he's gotten COVID and
he's not looking so good coming out of the plane and all this
sort of stuff. Like I think, I think it's set
up that this, you know, if, if he's, if he's going to walk
away, it'll happen relatively soon, I think.
Yeah, the talk is sticking to the DNC like the the the Dems
have to be united with a candidate in one.
I I I put $100 in Biden drops out of traditional race and I'm
up 3.42%. I'm now officially announcing
that I am a political betting expert.
I am up and I Biden drops out. I bought some shares the other
day, $100 worth yesterday and I'm 123 dollars boom.
So smart by Trump though, right? He's just the only other person
that could have really been other than Kamala was one of
these billionaires, which would have been Jamie Dimon.
That's so true bro. And he's come out and basically
offered Jamie Dimon the Treasury Secretary position and told him
that he might be interested. Diamond can't really do anything
now, can he? So is this, you see what's
happening? Like the social move there, It's
smart, right? It's on the analogy, he's like
setting up The Apprentice again with, with all of these people
who are putting them in positions of power, like Elon, a
lot of the, the Silicon Valley VCs, Jamie Dimon.
And like, once they're in these positions, like they kind of
have to continue being like bending the knee and giving him
allegiance and that they don't, right?
He can, he can pull out the firing card, which we know he's
not afraid to, to do So he, he's setting it up like that.
That is a fact. Elon was part of the first
Trump. I remember he was brought in as
an economic advisor. I, I don't remember that like he
was brought, he was brought in as an economic advisor, I think
to the first Trump presidency and then he.
Quit he diamond. No, Elon.
Well, Elon, yeah, yeah, yeah, there was something.
And then he. Quit because he and he was just
like, it was a disaster. So but that I think that was
about clean energy more than anything.
I, I don't know, it'll be around that.
A lot of stuff changes with the years and also with money being
involved, that's for sure. I don't know if you guys saw
Elon is moving his entire HQ into into Austin.
He's out. Yeah, he's out.
He's out of California. For XI, believe right.
Not, not Austin, right? No, it's it's not, it's, he
said. I'm pretty sure it's Austin.
He said He he said something about.
One of them's Stargate, one of them's Austin, I think.
So like XI think is going to Austin, Yeah, X is.
Going to Austin? Yeah, X is going to Austin
because Tesla's already has the gift factory.
Texas Tech. Tesla's already in on Texas,
right? Brownsville is where star base
is. So this is a little, this is
more a headline than substance. So like the operations are, it's
going to be too expensive for us to for him to move like the
actual, yeah, like SpaceX operation out of California.
Clearly like he's not happy with what Newsome is doing over
there. It's hard.
To be happy with these guys, those aren't.
Which kills like Newsome's also like he was a presidential
candidate, like, you know, he was a a horse in that race.
They're they're. For I think he was.
I mean, there was, I think there was a period of time he was
above Kamala. That's.
It was a period of time when he was at like 7-8 points when
Kamala was one that was under that before the whole like, oh,
Biden getting sick stuff. It was a period of time when
Newsome was like the guy that people were like hyping up.
Those days are over. Yeah, yeah, is is it is what it
is though. And, and and I guess we'll see
what what happens. That front.
It's going to be interesting. This reality show continues
though Tyler, the reality show. It's one big reality show.
Feels like a reality show, like we've got the the Biden intern
with like one of the most viral. I was applauding it.
Like I thought it was hilarious. Like I know people were on both
sides. I'm sick.
I'm sick of the the rich trying to buy a selection.
I have to say this was so good like that was brilliant.
That was brilliant from from the intern.
So it's an intern battle. This all has become a war means
I don't know what that how how that is on the on the looks on
the outside, but that's about it.
But anyways, Tyler, anything else the.
More like substantive news from yesterday.
It was the Grayscale AI, so I'll just quickly go into it.
So yesterday Grayscale announced this new decentralized AI fund.
It's seeking to provide its investors with access to
blockchain and AI. The fund is made-up of a basket
of five decentralized AI protocols, market caps in the
one to $7 billion range. So near is up first 33% of the
fund Filecoin at 30%, render at 25% and then live peer at 8.6
and and Tau but tensor at 3%. So these five, they represent
three primary categories of AI assets, including protocols
building AI services, protocols addressing centralized AI
problems, and then infrastructure and resources
critical for this development. So the fund, it's going to
continue to rebalance the basket quarterly as these tokens
change. You know, I think why this one
matters for me is we saw the early stages of folks trying to
to make the AI crypto bet in 2024.
I think Tau was top of mind for a lot of folks.
Then it kind of faded off. I still think there's a chance
that AI is, I think there's a dark horse chance that AI is
nothing of this cycle. And like it's clearly mean coins
right now. But like we've seen retail
investors, they want AI stocks. So we've seen it with NVIDIA,
right? NVIDIA hit three trillion, 30%
bigger than than all of crypto. And it's, it's, it's almost like
a mean bet on, on AI, Like people just want exposure to
that. It's not crazy for me to to
think that they'll want to make the same bets in the crypto
space. And a lot of folks just don't
know where to start. I've seen that first hand and,
and now Grayscale has outlined 5 potential options for like this
is where you can start. And this is where we're we're
placing our bets. So like, if you don't know, I
mean here, here's a starter list like right here.
So it's huge for those 5 coins and then if the.
Narrative is going to be pushed. That's like really like, but you
know what, like these are the five coins that I've heard about
the most. Like even before this great
grayscale announcement, like render near Falcon and Tao.
I I I was hearing less about the other one, but of course, like
that was also one of the main narrative drivers.
I feel like people were already pretty vocal about these on the
timeline general like Tao had. Like Jet Tao was up crazy.
Tao was super hot. It's a great name, great ticker
and that one felt like the AI play for me.
I can in Q1. Yeah, render, render.
Faded a little bit. Yeah, it's gonna be interesting.
Hey, will we get an AITF at some point?
Maybe you never know, but these things down the line.
So it's it's interesting to to get to to have a good basket in
there. So yeah, that was big news
indeed, you're right. But anyways, look, that's a good
roundup. I think we've we've gone around
the block quite a bit. Tomorrow's Friday, You'd love to
see it. We're going to have ovion.
I think they want to talk about a little bit about the some some
rec drinks rec brands type of things, but also vibe with us.
We have the robot spins. Let's pick someone to win right
now. Actually, you know what, Tyler,
you're going to have the magic stop to pick someone to make 100
bucks on this show right now. So I'm just going to go like
this and like that and like this and like that.
I'm going to move my finger from left to right and you tell me
when to stop. No.
And the winner is OD Hey, let's go.
I know he's a he's an avid listener OD 3005 OD listener
since this very, very early on. So OD three OO five with the
chimpers. Well, by the way, chimpers have
chimpers have been cooking, man, they're working 20,000 views on
Giffy or something like that. They're they're cooking.
So ODG. They launched new plushies this
week. Plushies, I feel like we're due
for like a proper NFT roundup at some point between doodles,
pudgy ape, chain chimpers, things, you know there's some
it's it's you know, we we couldn't at some point in the
next couple weeks it could be a proper NFT like conversation
would be good yeah, I'm done It's I I miss talking about
NFTS, you know and it's fun, right NFTS.
Back I think Beanie did this the doodle sweep yesterday.
Beanie. Beanie swept doodles.
I mean, can we dude? Beanie, Beanie is Boo posting to
those guys. It might be your fault.
I know Beanie listens to the show in anonymous mode.
I know you listening Beanie because sometimes he'll, he'd be
texting me or or reacting in tweets about topics that we
talked about and I know this MF is listening.
Come on Beanie. Come what?
Beanie what you, you know he should come on the show.
Actually you know what NFT combo I want to bring Beanie on.
Yes. You know what?
We should do that for the beanie combo.
There it is. I think he swept, right, Because
you you tweeted how like you talked about on the show
yesterday about how they were down and it makes no sense.
And then they got swept up. Yeah.
Almost right after. Like literally like right up.
See, you see, this listener is listening.
Baby, if you're listening, text me.
Come on the show MFR and we'll talk about your doodles, OK?
Oh wow, they're 260. 2.16 dude, that's a big move.
So now we're talking 30 to 40%. Whoa, that's that's a move.
Whoa, what a move. That's that's I'm impressed.
That is a move that would have been a good see this We still
make good calls without even making calls on the show.
See, we we still got our finger on the pulse.
I love that we got the touch. Tyler did it again.
Is that why your name is Tyler did it?
I never asked. It's part of it.
There you go. Tyler did it.
Tyler does it. Tyler does it again.
Anyways, with that being said, we'll see you tomorrow morning,
10:00 AM Eastern Standard Time for the episode of FOMO Hour on
rock radio. Let's go.