1 00:00:00,360 --> 00:00:07,080 All right, GMGMGM everyone, thank you for joining us. 2 00:00:07,240 --> 00:00:10,240 This point looks like we had a full chemical of shoots with the 3 00:00:10,400 --> 00:00:12,040 spaces here. I think we got them all fixed. 4 00:00:13,440 --> 00:00:15,840 Just let us know in the comments if you're having problems 5 00:00:15,880 --> 00:00:20,400 hearing anyone. Folks, today is Monday, August 6 00:00:20,400 --> 00:00:25,800 26th. It is a hot morning here in 7 00:00:25,800 --> 00:00:28,040 Chicago today, folks. We are in the 90s. 8 00:00:28,200 --> 00:00:32,800 Final heat wave of summer. Feels like a nice analogy for 9 00:00:32,800 --> 00:00:36,640 this crypto and maybe NFT market which are actively heating up. 10 00:00:36,640 --> 00:00:39,880 Feeling hot again, perhaps for the first time in weeks. 11 00:00:39,880 --> 00:00:43,760 We got some big news from Jerome Powell on Friday, perhaps 12 00:00:43,760 --> 00:00:46,600 driving some of this. I'm sure we will get into it on 13 00:00:46,600 --> 00:00:48,360 the show here this morning, folks. 14 00:00:48,360 --> 00:00:52,480 No for Rogue today. He is traveling to Asia for a 15 00:00:52,480 --> 00:00:54,440 slew of conferences. In fact, he's going to be out 16 00:00:54,440 --> 00:00:59,040 for a majority of the next few weeks, but you've got Mando and 17 00:00:59,040 --> 00:01:02,000 myself still here holding down the Fort. 18 00:01:02,000 --> 00:01:05,840 We're going to have some guest Co host sprinkle in here across 19 00:01:05,840 --> 00:01:09,280 the next few shows as well. Mando, Jim, how you doing? 20 00:01:10,280 --> 00:01:12,440 Doing amazing man. What a good, good weekend. 21 00:01:12,840 --> 00:01:13,880 Glad you're feeling pumped again. 22 00:01:14,000 --> 00:01:15,800 Everything's everything's looking good. 23 00:01:16,880 --> 00:01:20,480 It, it really is. So, you know, you and I both do 24 00:01:20,480 --> 00:01:24,000 these daily market updates and I, you do everyday. 25 00:01:24,240 --> 00:01:27,680 I usually do everyday, but I, I will skip a weekend day here and 26 00:01:27,680 --> 00:01:29,720 there. I would say this Saturday was 27 00:01:29,720 --> 00:01:32,800 the first time perhaps all summer where like I was, I was 28 00:01:32,800 --> 00:01:36,720 chomping at the bit to to get to the keyboard to write the update 29 00:01:37,000 --> 00:01:40,480 because we had a lot of green, a lot of green action. 30 00:01:41,000 --> 00:01:42,160 Yeah, green and everything, right? 31 00:01:42,160 --> 00:01:44,880 Green and mages, Green and all coins, green, Green and mean 32 00:01:44,880 --> 00:01:48,880 coins and green in NFTS. Actually, NFTS feel the best out 33 00:01:48,880 --> 00:01:50,320 of all of the asset classes right now. 34 00:01:50,320 --> 00:01:52,320 All the different slices of crypto, let's say. 35 00:01:53,480 --> 00:01:56,440 We're feeling good, folks. We are feeling good. 36 00:01:56,760 --> 00:01:58,960 We're going to talk about that all on today's show. 37 00:01:58,960 --> 00:02:01,000 So what are we talking about? We'll start with Mando's market 38 00:02:01,000 --> 00:02:02,800 report. We'll talk to Telegram CEO 39 00:02:03,200 --> 00:02:06,000 getting arrested is tongue a buy now. 40 00:02:06,000 --> 00:02:09,520 We'll talk the Etherium Foundation selling some somewhat 41 00:02:09,520 --> 00:02:12,200 controversial vitalic comments on the timeline. 42 00:02:12,200 --> 00:02:15,520 We've got RFK dropping out of the race that's impacting Poly 43 00:02:15,520 --> 00:02:17,680 market. We've got memes rallying. 44 00:02:17,680 --> 00:02:23,000 We've got NFT rallying, fancy top cooking and more. 45 00:02:23,120 --> 00:02:27,240 So we've got a lot on the docket here today. 46 00:02:27,800 --> 00:02:30,600 With that, we're going to keep it a tighter show. 47 00:02:30,600 --> 00:02:33,600 Why don't we just get right in to Mando's market report? 48 00:02:40,120 --> 00:02:42,760 Who is the man macro? Daddy of the land. 49 00:02:46,640 --> 00:02:50,000 Can you dig it? GM So can everyone hear me? 50 00:02:50,000 --> 00:02:51,840 Is that all right that that's not working? 51 00:02:51,840 --> 00:02:53,800 I know Sims was freaking was freaking out there for a little 52 00:02:53,800 --> 00:02:56,600 bit. I think so give us give us a 53 00:02:56,600 --> 00:02:58,200 thumbs up in the in the comments folks in the. 54 00:02:58,240 --> 00:03:00,120 OK, amazing. Yeah. 55 00:03:00,120 --> 00:03:04,280 So better, better weekend. We we were kind of rallying on 56 00:03:04,280 --> 00:03:08,440 Friday and then after we after we went off air, it really 57 00:03:08,440 --> 00:03:12,320 started to pick up some pace. So there were obviously the 58 00:03:12,320 --> 00:03:16,040 major thing on Friday was the comments by Jerome Powell, who's 59 00:03:16,040 --> 00:03:18,360 the Fed chair basically indicated that we're going to 60 00:03:18,360 --> 00:03:22,440 start seeing rate cuts. That's that was already being 61 00:03:22,440 --> 00:03:25,840 priced in. But I think, I don't know, maybe 62 00:03:25,840 --> 00:03:28,240 we just needed that to have a little bit more bullishness 63 00:03:28,240 --> 00:03:29,760 happening in the market in general. 64 00:03:30,480 --> 00:03:32,760 They've they've obviously been talking about a short squeeze. 65 00:03:32,880 --> 00:03:35,840 That sentiment was very low despite the high price. 66 00:03:36,360 --> 00:03:39,600 And maybe just a very small bit of positive sentiment was all we 67 00:03:39,600 --> 00:03:41,160 needed to have a little bit of FOMO. 68 00:03:41,720 --> 00:03:46,440 But we saw Bitcoin go all the way up to around 65 K. 69 00:03:46,440 --> 00:03:51,240 It's now settled just just shy of 64 K Solana, I think topped 70 00:03:51,240 --> 00:03:54,440 out around 100 and 62163. It's still around that area now 71 00:03:54,440 --> 00:04:00,640 161 and E ETH got to around 2800, I think, but has since 72 00:04:00,800 --> 00:04:02,800 since gone back down to about 2700. 73 00:04:02,800 --> 00:04:06,480 So E slightly underperforming. We saw a bunch of L ones also 74 00:04:06,640 --> 00:04:11,320 rip into the back of that. So kind of continuing that theme 75 00:04:11,440 --> 00:04:14,920 of are the L1's performing alongside Solana and a bit of 76 00:04:14,920 --> 00:04:18,160 like a mini, Well, I wouldn't say altcoin season, but there's 77 00:04:18,160 --> 00:04:20,440 definitely the width that you know, oh, OK, some of these are 78 00:04:20,440 --> 00:04:22,440 starting to move after being down a lot. 79 00:04:22,680 --> 00:04:25,040 Let's see if they can sustain, sustain that bounce. 80 00:04:26,240 --> 00:04:28,920 So yeah, generally just a pretty positive sentiment there. 81 00:04:29,360 --> 00:04:32,600 In terms of this week, what we have, the number one thing is 82 00:04:32,600 --> 00:04:36,680 NVIDIA results which are in a couple of days and actually 83 00:04:36,680 --> 00:04:39,520 you've seen the number one sector encrypt over the last 84 00:04:39,520 --> 00:04:41,440 week or so has been these AI coins. 85 00:04:41,440 --> 00:04:42,840 All of them are up substantially. 86 00:04:43,200 --> 00:04:45,720 They're up about 30 to 50% kind of across the board. 87 00:04:46,600 --> 00:04:48,760 I think FAT is probably one of the major ones. 88 00:04:48,760 --> 00:04:54,520 NIA render some of these like decentralized storage coins are 89 00:04:54,520 --> 00:04:57,520 all up. So people getting bullish just 90 00:04:57,520 --> 00:05:01,360 in the back on the back of AI becoming a more focused topic. 91 00:05:01,360 --> 00:05:03,560 You actually saw Binance Labs come out today and said they 92 00:05:03,560 --> 00:05:06,360 were going to make a lot of investments into into that space 93 00:05:06,360 --> 00:05:08,080 too, which I thought was relatively interesting. 94 00:05:08,080 --> 00:05:12,800 So maybe maybe I, I don't think there's that much value to a lot 95 00:05:12,800 --> 00:05:15,160 of these right now, but maybe that is still going to be a 96 00:05:15,160 --> 00:05:17,840 medium term trend and people still like still like to buy 97 00:05:17,840 --> 00:05:20,160 into them. I think that is probably the 98 00:05:20,160 --> 00:05:22,680 most interesting. But it it did that merger 99 00:05:22,680 --> 00:05:25,880 recently sold off off the back of that since kind of recovered 100 00:05:26,320 --> 00:05:28,720 from that sell off. So that's probably the, the 101 00:05:28,720 --> 00:05:32,520 number one coin to be looking at in the, in the AI space. 102 00:05:33,200 --> 00:05:34,840 But yeah, that's, that's this week. 103 00:05:34,840 --> 00:05:39,800 We also have PC inflation, which is on Friday, I think. 104 00:05:39,800 --> 00:05:42,920 And we have a, a read of USGDP too. 105 00:05:42,920 --> 00:05:47,440 So not, not huge pieces of news either of those. 106 00:05:47,440 --> 00:05:51,320 I think now that we know the Fed is going to be cutting rates, PC 107 00:05:51,320 --> 00:05:52,680 inflation probably won't be a big deal. 108 00:05:52,680 --> 00:05:56,280 I think everyone will be focused on NVIDIA and the moves on the 109 00:05:56,280 --> 00:05:59,640 back of that. NVIDIA has in general absolutely 110 00:05:59,640 --> 00:06:02,800 smashed results for the last two years. 111 00:06:02,800 --> 00:06:06,000 Every single result results. It just it has an even better 112 00:06:06,000 --> 00:06:08,800 set come through. So it obviously bounced very, 113 00:06:08,800 --> 00:06:12,800 very strongly out of pretty much all of macro since that sell off 114 00:06:12,800 --> 00:06:15,560 we had about a month ago or three weeks ago. 115 00:06:16,320 --> 00:06:20,560 And it's kind of back near all time highs and NASDAQ is still 116 00:06:20,560 --> 00:06:22,840 kind of slightly off all time highs, but the S and PS getting 117 00:06:22,840 --> 00:06:27,440 close towards it. So that'll be the next main 118 00:06:27,440 --> 00:06:31,000 thing to see if we see like a kick on there in all of these 119 00:06:31,000 --> 00:06:33,880 magnificent 7 stocks. I think people will be focused 120 00:06:33,880 --> 00:06:37,720 on that quite a lot. And then and then it's really 121 00:06:37,720 --> 00:06:41,120 just been the left field stuff. So I think a lot of the meme 122 00:06:41,120 --> 00:06:44,600 coin trading is still on Solana, but there's definitely been huge 123 00:06:44,600 --> 00:06:46,720 amount has been moving towards Tron still. 124 00:06:46,880 --> 00:06:48,760 I know you're obviously being tracked for those Tron coins, 125 00:06:48,880 --> 00:06:53,560 Tyler and has been moving to BMBI think BNB decks volume to 126 00:06:53,560 --> 00:06:56,120 continue to slightly outperform Solana at the moment. 127 00:06:56,640 --> 00:07:00,240 So let's see, it feels like some of the more degenerate stuff is 128 00:07:00,240 --> 00:07:06,880 kind of moving slightly multi chain and it'll be interesting 129 00:07:06,880 --> 00:07:12,160 to see if that develops in terms of more broader crypto news. 130 00:07:12,400 --> 00:07:14,000 The only thing that I thought was interesting today was 131 00:07:14,120 --> 00:07:16,640 Vitalik. I know you saw this that he he 132 00:07:16,640 --> 00:07:19,000 kind of came out and basically said that he thought D buys 133 00:07:19,680 --> 00:07:22,120 defines a bunch of bullshit, which I thought was pretty 134 00:07:22,120 --> 00:07:25,440 hilarious given that's quite a big thing for ETH. 135 00:07:27,720 --> 00:07:30,720 But I think that's caused quite a lot of like discussion on the 136 00:07:30,720 --> 00:07:34,280 timeline. And I guess the other main thing 137 00:07:34,280 --> 00:07:37,680 is people talking about the Telegram CEO obviously getting 138 00:07:38,600 --> 00:07:40,720 arrested and what this means for crypto. 139 00:07:40,720 --> 00:07:43,160 I think Polly market making bets on when he's going to get out of 140 00:07:43,160 --> 00:07:47,120 prison is 25% chance he gets out this month looks like on 141 00:07:47,120 --> 00:07:49,240 polymarket. So it could be in there for a 142 00:07:49,240 --> 00:07:52,480 long stint. It looks like Telegram hasn't 143 00:07:52,480 --> 00:07:55,200 really or the ton coin even sorry hasn't really recovered. 144 00:07:55,840 --> 00:08:00,200 I I think doing that was a little at risk given its market 145 00:08:00,200 --> 00:08:03,440 gap is is pretty massive. It's still sitting there at a 146 00:08:04,160 --> 00:08:07,360 what sort of like 28 billion FTV. 147 00:08:07,360 --> 00:08:10,680 So if there is a more substantial issue with Telegram 148 00:08:10,720 --> 00:08:13,360 that one, that one does look a little precarious. 149 00:08:14,080 --> 00:08:15,560 Yeah, I was curious for your thoughts on that. 150 00:08:15,560 --> 00:08:18,000 There's a few topics to to dive into, but maybe we start with 151 00:08:18,000 --> 00:08:22,240 the the Telegram 1. So folks, the the news if if you 152 00:08:22,240 --> 00:08:24,520 missed this, I'd be surprised if you missed it. 153 00:08:24,520 --> 00:08:27,520 It was the IT was all over the timeline number one story. 154 00:08:27,520 --> 00:08:32,360 So Telegram CEO Pavel Durab, who was arrested in France here this 155 00:08:32,919 --> 00:08:38,880 over the weekend, apparently on charges tied to conduct of users 156 00:08:39,120 --> 00:08:44,120 on Telegram charges linked to terrorism, sale of drugs, stolen 157 00:08:44,120 --> 00:08:47,120 goods, fraud, money laundering and more. 158 00:08:47,720 --> 00:08:51,640 I think the big open question, the outcry on the timeline is 159 00:08:51,640 --> 00:08:56,480 how much should he be, you know, associated with charged with 160 00:08:56,480 --> 00:08:58,440 crimes users conduct on his platform? 161 00:08:58,440 --> 00:08:59,960 I think that's been the, the big debate. 162 00:08:59,960 --> 00:09:02,920 We, we've seen folks saying that free speech is under attack. 163 00:09:03,400 --> 00:09:07,800 There's also the conspiracy theories of, of, of why he would 164 00:09:07,800 --> 00:09:10,960 be flying to France because there's, it seems like it was 165 00:09:10,960 --> 00:09:15,000 well known that he was kind of a person, not a grout in France. 166 00:09:16,800 --> 00:09:19,640 So like what? So why did he go there? 167 00:09:19,960 --> 00:09:23,240 Now there's the reports of this of the, of his crypto teacher he 168 00:09:23,240 --> 00:09:25,000 was travelling with. I don't know if folks saw this, 169 00:09:25,800 --> 00:09:29,640 an attractive young female who was documenting, you know, their 170 00:09:29,640 --> 00:09:31,760 entire trip. So have you been following any 171 00:09:31,760 --> 00:09:34,160 of the conspiracy theories? Yeah. 172 00:09:34,160 --> 00:09:39,720 So I, I was under the impression that he had French citizenship. 173 00:09:42,000 --> 00:09:43,480 I'm just just looking into that now. 174 00:09:43,480 --> 00:09:46,000 So yeah, it does look like he was granted French citizenship 175 00:09:46,000 --> 00:09:51,760 in 2021 through so Le Monde has said through an exception. 176 00:09:51,800 --> 00:09:52,840 I'm just reading through Le Monde. 177 00:09:54,080 --> 00:09:56,560 So he, he was a French citizen from 2021. 178 00:09:56,560 --> 00:09:58,680 He is Russian. There was some talk about the 179 00:09:58,680 --> 00:10:03,560 fact it's interesting, right? So he, he left this guy's story 180 00:10:03,960 --> 00:10:08,840 is he basically created a like a Facebook clone in Russia when he 181 00:10:08,840 --> 00:10:14,520 was young, probably about 14 years ago and then left Russia 182 00:10:14,720 --> 00:10:17,840 after they wanted basically get customer data in a very similar 183 00:10:17,840 --> 00:10:19,760 sort of way. He wouldn't give it up. 184 00:10:19,920 --> 00:10:22,640 And then he was basically forced to buy the Kremlin. 185 00:10:22,920 --> 00:10:27,280 He then left raised a bunch of money went to the UAE as she 186 00:10:27,280 --> 00:10:31,680 tried to do a Telegram ICO coin back in the day was recommended 187 00:10:31,680 --> 00:10:33,760 by the SEC had to give all that money back. 188 00:10:35,040 --> 00:10:37,400 Telegram obviously grew substantially even during this 189 00:10:37,400 --> 00:10:39,720 period. They then did the Tong coin more 190 00:10:39,720 --> 00:10:42,920 recently, which is kind of done by an independent foundation. 191 00:10:43,600 --> 00:10:46,160 And then this has happened. There was some talk that he had 192 00:10:46,160 --> 00:10:52,080 gone to some of the, the ex Russian or Soviet states, like 193 00:10:52,080 --> 00:10:55,360 he's been to, he went to Azerbaijan and and Kazakhstan 194 00:10:55,560 --> 00:10:58,600 recently and there was some talk that maybe he'd met Putin there 195 00:10:59,560 --> 00:11:02,520 and that maybe set this off. There's it's, it's interesting 196 00:11:02,520 --> 00:11:09,560 to me that like there were Russian, the Russian officials 197 00:11:09,560 --> 00:11:11,680 are basically coming out and saying you shouldn't be having 198 00:11:11,680 --> 00:11:13,560 this guy locked up. And I, I didn't realise he was 199 00:11:13,560 --> 00:11:16,440 still close to Russia. I thought he was like almost an 200 00:11:16,440 --> 00:11:20,240 enemy of the state in Russia. And I think that's that kind of 201 00:11:20,240 --> 00:11:23,760 says a lot in my opinion that maybe. 202 00:11:23,760 --> 00:11:27,120 But like, why is Russia defending this guy and saying 203 00:11:27,120 --> 00:11:32,520 that France, this is a political arrest of this sky Pavel Durov? 204 00:11:32,520 --> 00:11:34,800 Like I think that's relatively interesting. 205 00:11:34,880 --> 00:11:37,160 And they're having to publicly deny that Putin's met him and 206 00:11:37,160 --> 00:11:40,680 all this sort of stuff. Now, I think how the privacy 207 00:11:40,680 --> 00:11:44,240 works there is the the key to the encryption is actually him 208 00:11:44,240 --> 00:11:50,240 and his brother. So, yeah, that's why, at least 209 00:11:50,240 --> 00:11:54,480 that's what I, I, I was under the impression of because 210 00:11:54,480 --> 00:11:56,560 obviously it's end to end, end to end encryption. 211 00:11:57,360 --> 00:11:59,720 So I don't know what happens in that scenario. 212 00:12:00,400 --> 00:12:04,080 Telegram has come out and said publicly, you know, we were, we 213 00:12:04,080 --> 00:12:06,920 were following all the rules. It's very, very clear that a lot 214 00:12:06,920 --> 00:12:10,800 of illicit and illegal activity was being spoken on Telegram. 215 00:12:11,480 --> 00:12:15,800 But at the same time, that's, that's been kind of a question 216 00:12:15,800 --> 00:12:19,080 in tech in general, like should the actors or users of the tech 217 00:12:19,080 --> 00:12:23,600 be the ones that are charged or the people that are the creators 218 00:12:23,600 --> 00:12:26,400 slash managers of the tech? There's been questions about 219 00:12:26,400 --> 00:12:27,880 that, right? The way through with crypto, 220 00:12:27,880 --> 00:12:29,200 right. We, we spoke about how the 221 00:12:29,200 --> 00:12:33,520 Tornado dev tornado devs are currently facing prosecution for 222 00:12:33,520 --> 00:12:35,320 similar sort of reasons. Back in the day. 223 00:12:35,320 --> 00:12:40,480 You could say, you know, the the Ross Albrecht case is is maybe 224 00:12:40,480 --> 00:12:45,760 has echoes of of a similar sort of set of morals around what who 225 00:12:45,760 --> 00:12:49,280 should be at fault here. But there was also saying that, 226 00:12:49,280 --> 00:12:51,720 you know, this is just a shot across the bow, you know, like 227 00:12:51,920 --> 00:12:53,600 they were coming off the X as well. 228 00:12:53,760 --> 00:12:56,560 They've been publicly EU officials have been publicly 229 00:12:56,560 --> 00:13:01,760 reprimanding, reprimanding Elon recently. 230 00:13:02,360 --> 00:13:05,320 And there's obviously very tight controls about what can can be 231 00:13:05,320 --> 00:13:07,280 said online and restrictions about that. 232 00:13:07,280 --> 00:13:11,320 And I'm sure Telegram breach breaches a bunch of those. 233 00:13:11,320 --> 00:13:15,000 But it's just that's a more deeper question about society in 234 00:13:15,000 --> 00:13:18,880 general. I think about, you know, we've 235 00:13:18,880 --> 00:13:23,680 spoken about how even the even the Twitter app has become it's 236 00:13:23,680 --> 00:13:28,360 become a bit more fringe, a lot more risky content, which if you 237 00:13:28,360 --> 00:13:34,040 said in public might even get you arrested, is said on X with 238 00:13:34,320 --> 00:13:38,640 kind of little to no reprimand. And whatever there is, it's kind 239 00:13:38,640 --> 00:13:44,120 of shouted down or like or made to be seen as as ridiculous. 240 00:13:44,960 --> 00:13:48,400 But I don't know. I don't know where I like where 241 00:13:48,400 --> 00:13:50,520 all that stands. You could argue that these 242 00:13:50,520 --> 00:13:53,520 things can be used to incite hate, but at the same time, do 243 00:13:53,520 --> 00:13:55,120 you want that much government control? 244 00:13:55,880 --> 00:14:02,280 Do is it free speech seems to be one of these central cause of 245 00:14:02,280 --> 00:14:04,840 Western civilization that everyone kind of pushes for. 246 00:14:06,080 --> 00:14:08,440 But at the same time, I feel as though a lot of people have 247 00:14:08,440 --> 00:14:14,720 other very strong values about protection and I like or anti 248 00:14:14,720 --> 00:14:19,800 terrorism or anti, you know, anti trafficking, all this sort 249 00:14:19,800 --> 00:14:22,320 of stuff they can have. You can't have very strong rules 250 00:14:22,320 --> 00:14:26,320 on, I think on free speech and then also similarly have equally 251 00:14:26,320 --> 00:14:29,480 strong rules on some of the other things because I think 252 00:14:29,480 --> 00:14:33,320 it's they just don't work together in my opinion. 253 00:14:33,840 --> 00:14:37,040 It's a tricky subject. It's a a long debate in in 254 00:14:37,040 --> 00:14:39,720 crypto, I think, one that's been going on for for years. 255 00:14:41,360 --> 00:14:44,600 I see both sides. I I feel like I land somewhat in 256 00:14:44,840 --> 00:14:46,320 I I'm a fan of freedom of speech. 257 00:14:46,480 --> 00:14:49,920 Of course, I also am generally a fan of just like common sense 258 00:14:50,280 --> 00:14:53,120 law and application of law. So in the example where like 259 00:14:53,120 --> 00:14:57,520 let's say like Wizard of Soho makes a meme call that goes S in 260 00:14:57,520 --> 00:15:00,640 rugs and someone gets really pissed off at him and posts his 261 00:15:00,640 --> 00:15:02,680 address and tells people to go burn his house down. 262 00:15:02,680 --> 00:15:04,000 And then someone actually does it. 263 00:15:04,400 --> 00:15:05,880 I don't know. I feel like someone should be 264 00:15:05,920 --> 00:15:09,160 held accountable for that. And I think there's just it's, 265 00:15:09,560 --> 00:15:12,160 there's Gray areas, It's not very black and white. 266 00:15:12,160 --> 00:15:13,800 And then there's a lot of questions of how far do you 267 00:15:13,800 --> 00:15:17,600 extrapolate, you know, the the actors tied to these things. 268 00:15:18,680 --> 00:15:21,200 So we'll, we'll certainly see there's a little bit more to 269 00:15:21,200 --> 00:15:24,520 this issue as well now with, you know, your comments on his ties 270 00:15:24,520 --> 00:15:27,080 to Russia, Russia rooting for him to to get out. 271 00:15:28,400 --> 00:15:31,640 We'll, I imagine we're going to get more information this week. 272 00:15:32,160 --> 00:15:33,840 But. We'll, we'll find out. 273 00:15:34,000 --> 00:15:36,640 You, you, you kind of open this well, one of my leading 274 00:15:36,640 --> 00:15:39,560 questions is is ton of buyers. So kind of pulling this back to 275 00:15:39,640 --> 00:15:44,920 to the markets itself. Tongue point down 18% on the 276 00:15:44,920 --> 00:15:46,640 week. You know, we see the steep drop 277 00:15:46,640 --> 00:15:51,480 off as soon as the news broke. It's still at 14 billet market 278 00:15:51,480 --> 00:15:53,200 cap. I don't think this guy's getting 279 00:15:53,200 --> 00:15:55,360 out of prison, let me put it that way. 280 00:15:55,800 --> 00:16:00,000 He's, he's being charged for 20 years in France for a range of 281 00:16:00,200 --> 00:16:04,520 very serious legal issues. Even if he gets out, he'll be 282 00:16:04,520 --> 00:16:06,160 under house arrest somewhere in France. 283 00:16:07,080 --> 00:16:08,840 This guy isn't going back to the UAE. 284 00:16:09,640 --> 00:16:15,320 So I would say that this is perhaps if it was just a classic 285 00:16:15,320 --> 00:16:22,640 CEO, you know, CEO of a normal company, but he owns 100% as far 286 00:16:22,640 --> 00:16:26,120 as I'm aware of Telegram and he is one of the two people. 287 00:16:26,120 --> 00:16:28,480 Basically, he will hold the keys to the encryption. 288 00:16:29,280 --> 00:16:31,360 Now, I, I don't know where his brother resides, but I assume 289 00:16:31,360 --> 00:16:35,880 it's in the UAE too. But you know, if, what if your 290 00:16:35,880 --> 00:16:39,440 brother's in jail and they're saying basically we're going to 291 00:16:39,440 --> 00:16:43,520 rock him up for 20 years unless you, you start playing ball. 292 00:16:43,840 --> 00:16:45,520 I don't know where that situation goes. 293 00:16:45,640 --> 00:16:48,720 I feel like this should be, it should be lower than this. 294 00:16:49,240 --> 00:16:51,720 That's my guess. I was, I was surprised that it 295 00:16:51,720 --> 00:16:55,320 was only down 20%. Like when, when I compare it to 296 00:16:55,320 --> 00:16:58,760 like the SEC doing there, I, I forget how much XRP dropped the, 297 00:16:58,760 --> 00:17:02,280 the day like the SEC launched its investigation into XRP. 298 00:17:02,280 --> 00:17:05,280 But to me this feels more serious than that. 299 00:17:05,680 --> 00:17:09,440 And TON has been built in a way where it's meant to be 300 00:17:09,640 --> 00:17:11,839 independent. So obviously it's an independent 301 00:17:11,839 --> 00:17:14,839 blockchain, but it's using Telegram. 302 00:17:15,680 --> 00:17:19,800 Telegram is it's rails for, for everything. 303 00:17:19,960 --> 00:17:24,640 And if Telegram starts getting blocked in the EU and I don't 304 00:17:24,640 --> 00:17:28,240 know which other countries, but if it starts becoming a, you 305 00:17:28,240 --> 00:17:32,040 know, a political app that can be can be blocked in certain 306 00:17:32,040 --> 00:17:34,440 regions, like we sort of like what we were talking about 307 00:17:34,560 --> 00:17:37,960 TikTok and that sort of stuff. That seems like quite a big 308 00:17:37,960 --> 00:17:41,160 deal. I would agree I saw the chatter 309 00:17:41,160 --> 00:17:44,960 of this ton to buy this weekend. I'd say no, it it it's not. 310 00:17:45,960 --> 00:17:48,840 And I mean it's still like if you look at the chart, I mean, 311 00:17:48,920 --> 00:17:51,080 if it just it looks like summer chop. 312 00:17:51,080 --> 00:17:52,920 If you don't know the. That's what I think. 313 00:17:52,920 --> 00:17:55,560 I'd say it should be lower. I would buy it but it should be 314 00:17:55,560 --> 00:17:59,440 lower in my opinion. I think what there's also so ton 315 00:17:59,440 --> 00:18:02,880 has its own meme coin ecosystem, which I forget about. 316 00:18:02,880 --> 00:18:04,760 I don't I don't really look at it all that much. 317 00:18:05,680 --> 00:18:09,840 But you still got the knot coin holding it 975,000,000. 318 00:18:09,840 --> 00:18:12,720 You've got a few other coins up here. 319 00:18:13,320 --> 00:18:16,560 I don't know, I'm surprised a few of those aren't down more so 320 00:18:16,560 --> 00:18:19,720 like let's look at knot, you know, knots down. 321 00:18:20,680 --> 00:18:22,120 So it's down. OK, it's down. 322 00:18:23,760 --> 00:18:25,520 Well, it's down in line with the meme coin market. 323 00:18:25,520 --> 00:18:27,640 It's not down tremendously since the news broke. 324 00:18:27,960 --> 00:18:30,440 So it's down like 30%, twenty, 30%. 325 00:18:30,440 --> 00:18:35,040 So that that's a a drop you would expect or a a levered bet. 326 00:18:35,040 --> 00:18:39,080 But I guess that this kind of raises a key man risk question. 327 00:18:39,080 --> 00:18:45,760 So what would happen to Ethereum if Metallic got arrested for for 328 00:18:45,760 --> 00:18:48,520 some reason? I would say Vitalik pay arrest 329 00:18:48,520 --> 00:18:54,680 is is way less of a risk, if I'm honest, genuinely like if 330 00:18:54,680 --> 00:18:59,240 Vitalik gets arrested, like obviously I think it does he 331 00:18:59,240 --> 00:19:01,560 lead the E foundation or at least he's something involved in 332 00:19:01,560 --> 00:19:05,800 the E foundation. But he he does have a 333 00:19:05,800 --> 00:19:09,800 substantial amount of ETH, but I think it's like a billion or 334 00:19:09,800 --> 00:19:12,240 less than a billion, right, At least in his public wallet. 335 00:19:13,640 --> 00:19:17,440 I don't think that would be like it doesn't own EAF in the same 336 00:19:17,440 --> 00:19:24,840 way that that Durov owns Telegram and the ton coin, 337 00:19:24,880 --> 00:19:28,640 although it's a public blockchain, you know, it clearly 338 00:19:28,960 --> 00:19:30,440 has a decentralized aspect to it. 339 00:19:30,440 --> 00:19:33,840 It's main top of funnel or kind of it's only top of funnel is 340 00:19:33,840 --> 00:19:37,600 using Telegram. So kind of feels like that's 341 00:19:37,600 --> 00:19:40,040 quite a big deal. Yeah, I agree. 342 00:19:40,040 --> 00:19:44,680 Way, way higher, way more severe key man risk on Telegram and the 343 00:19:44,680 --> 00:19:49,000 impact on ton right now. But perhaps we we sag into some 344 00:19:49,000 --> 00:19:52,760 of Metallic's comments so. So Beanie said the biggest 345 00:19:52,760 --> 00:19:56,000 threat to Ethereum price appreciation is Metallic himself 346 00:19:56,000 --> 00:19:59,760 and that he talks too much. Satoshi's silence is infinitely 347 00:19:59,760 --> 00:20:03,640 bullish in comparison. So this is stemming from a few 348 00:20:03,640 --> 00:20:07,240 Metallic's comments. Over the the weekend, so we had 349 00:20:07,240 --> 00:20:10,680 folks call him out saying that basically he didn't know what 350 00:20:10,680 --> 00:20:12,800 what Abe was. He was, he was kind of saying 351 00:20:12,800 --> 00:20:17,600 that normies don't think of collateralized asset loans when 352 00:20:17,600 --> 00:20:20,600 they think of typical loans. And then the the, the more 353 00:20:20,600 --> 00:20:24,960 severe comment was his attacks on yield. 354 00:20:27,000 --> 00:20:28,960 Yeah, here here's the big one. So the yield comes from 355 00:20:28,960 --> 00:20:32,320 borrowers trading fees, right? So this worries me because it 356 00:20:32,320 --> 00:20:34,560 feels like an Oroboros. The value of crypto tokens is 357 00:20:34,560 --> 00:20:36,960 that you can use them to earn yield, which is paid for by 358 00:20:37,160 --> 00:20:42,000 people trading crypto tokens. And he he kind of goes on to 359 00:20:42,040 --> 00:20:45,960 explain his position, but this is basically a quick synopsis of 360 00:20:45,960 --> 00:20:49,560 how all of Ave. and Ethereum D5 work. 361 00:20:50,480 --> 00:20:54,720 And he's kind of saying that it worries him, which feels like 362 00:20:54,760 --> 00:20:59,640 something that that should raise perhaps some alarm bells. 363 00:20:59,640 --> 00:21:00,880 I don't know. It seems like kind of a big 364 00:21:00,880 --> 00:21:02,040 deal. I'm curious if if you had any 365 00:21:02,040 --> 00:21:05,280 thoughts or or reactions to Metallic here this. 366 00:21:05,320 --> 00:21:07,160 Morning. I actually, I actually agree 367 00:21:07,160 --> 00:21:08,280 with it. That's the thing. 368 00:21:08,360 --> 00:21:17,480 I do think that that D5 for D5 farming for other D5 coins is is 369 00:21:17,480 --> 00:21:23,480 kind of a bit of a Ponzi, right? This is why from the start, it's 370 00:21:23,480 --> 00:21:26,240 always kind of felt like that you, you obviously have to 371 00:21:26,240 --> 00:21:30,240 believe in an underlying value in the token itself. 372 00:21:30,640 --> 00:21:33,600 And often these defy tokens themselves are just, are just 373 00:21:33,600 --> 00:21:39,880 like governance tokens or, but I do think that if you are, if 374 00:21:39,880 --> 00:21:44,680 you're doing a liquidity pair of, let's say on unit swap of a 375 00:21:44,680 --> 00:21:50,200 stable and ETH or a stable, and I don't know, an L1, I can 376 00:21:50,200 --> 00:21:53,160 understand why that would be and maybe even L1 to L1. 377 00:21:53,480 --> 00:21:56,800 But I think when it's kind of, oh, you put it into here and you 378 00:21:56,800 --> 00:21:59,880 get this governance token on the back of it. 379 00:22:00,800 --> 00:22:05,240 And we still haven't worked out how that governance token even 380 00:22:05,480 --> 00:22:09,080 makes money. Or if the, the, the way it makes 381 00:22:09,080 --> 00:22:11,600 money is purely from the users themselves. 382 00:22:11,600 --> 00:22:15,120 And there's no other outside value being put in yet. 383 00:22:15,120 --> 00:22:18,520 It can feel pretty Ponzi like. But I think there's been a 384 00:22:18,520 --> 00:22:20,600 question about D5 literally from the start. 385 00:22:20,600 --> 00:22:25,440 It's just interesting to see him kind of just say, yeah, it's all 386 00:22:25,440 --> 00:22:27,120 a bit, it's all a bit of a Ponzi. 387 00:22:27,560 --> 00:22:33,000 This is, I think the protocols behind D5 are actually very 388 00:22:33,000 --> 00:22:36,600 interesting, like the AM, Ms. some of the centralized lending 389 00:22:36,600 --> 00:22:39,320 perps, all that sort of stuff, I think are genuinely interesting. 390 00:22:39,520 --> 00:22:42,400 And it's OK if it's just for speculation, if the use case of 391 00:22:42,400 --> 00:22:45,560 these points is just speculation, but it but yeah, 392 00:22:45,560 --> 00:22:47,960 the idea of like the yield itself and some of these things 393 00:22:47,960 --> 00:22:51,680 can be, can be pretty dumb. I do think as well they provide 394 00:22:51,680 --> 00:22:55,480 the rails for like a real world asset sort of ecosystem to be 395 00:22:55,480 --> 00:22:58,160 built. And so maybe we're just playing 396 00:22:58,160 --> 00:23:00,360 with funny money until that kind of happens. 397 00:23:01,160 --> 00:23:04,120 Now that seems to be where he's going and I think he's got 398 00:23:04,760 --> 00:23:06,840 additional comments in this thread kind of pointing to real 399 00:23:06,840 --> 00:23:11,800 world assets coming on chain and perhaps more like real yield 400 00:23:13,120 --> 00:23:15,560 coming at that point in time in the future. 401 00:23:16,760 --> 00:23:18,840 But Let's Talk certainly catches some fire. 402 00:23:20,360 --> 00:23:24,560 Well, he's kind of, I kind of think he does speak the truth. 403 00:23:25,080 --> 00:23:28,200 He's not a, he's not a, you know, he's a very, very smart 404 00:23:28,200 --> 00:23:30,560 man, very, very clearly. Like he does see through things. 405 00:23:30,920 --> 00:23:34,960 He doesn't just look at the 1000% APY and go like Oh my God 406 00:23:34,960 --> 00:23:38,320 like. Bull blasting all of his he's. 407 00:23:38,320 --> 00:23:41,320 Kind of he's kind of, yeah, he logically does go through the 408 00:23:41,400 --> 00:23:45,440 the motions. But I do think this year more 409 00:23:45,440 --> 00:23:48,280 than any other year, I've seen more controversial takes from 410 00:23:48,280 --> 00:23:51,880 Vitalik, right? Like what Beanie said there is 411 00:23:51,880 --> 00:23:54,760 kind of true. Like at the moment, he came out 412 00:23:54,760 --> 00:23:57,480 basically the other day and said don't vote for Trump, which I 413 00:23:57,480 --> 00:24:01,160 thought was kind of funny or basically said like don't align 414 00:24:01,160 --> 00:24:04,520 yourself with people just because of their politics, that 415 00:24:04,520 --> 00:24:05,640 sort of stuff. I don't trust them. 416 00:24:06,720 --> 00:24:12,880 He has kind of called NF TS bullshit before he's now come 417 00:24:12,880 --> 00:24:14,600 out and basically called D5 bullshit. 418 00:24:15,520 --> 00:24:20,120 He only really, you only ever really see like Vitalik sent 419 00:24:20,120 --> 00:24:23,720 this amount to this exchange because and then they're, they 420 00:24:23,720 --> 00:24:25,080 offer like donations or whatever. 421 00:24:25,080 --> 00:24:29,400 But he's, he's so much more interested in crypto being used 422 00:24:30,120 --> 00:24:34,360 for social and public good. That's that's his number one 423 00:24:34,360 --> 00:24:36,640 thing. And unfortunately I would say 424 00:24:36,640 --> 00:24:39,880 95% of the users are not doing that. 425 00:24:39,880 --> 00:24:43,200 So he often does clash at times. Yeah, that, that's the 426 00:24:43,200 --> 00:24:47,000 disconnect, right, Is that 95% or more of users are, are are 427 00:24:47,000 --> 00:24:50,160 here for, for number go up even if they give lip service to 428 00:24:50,160 --> 00:24:52,880 other applications. And he seems to be really about 429 00:24:52,880 --> 00:24:57,080 the, the, the public goods. And this also came on the same 430 00:24:57,080 --> 00:25:00,960 weekend where the Ethereum Foundation was selling huge 431 00:25:00,960 --> 00:25:02,680 amounts of ETH. I think that they were, I don't 432 00:25:02,680 --> 00:25:05,520 know if they sold $100 million, but that is their, that, that's 433 00:25:05,520 --> 00:25:08,960 the news that came out. That is their annual budget and 434 00:25:08,960 --> 00:25:13,080 they kind of came under fire, perhaps not being as transparent 435 00:25:13,080 --> 00:25:16,360 about that spending. Then you've got folks like UDI 436 00:25:16,360 --> 00:25:18,480 coming out and defending them saying that, hey, at least 437 00:25:18,480 --> 00:25:21,800 they're spending money to try to better the ecosystem versus like 438 00:25:21,840 --> 00:25:25,880 Sailor and MicroStrategy who are just holding Bitcoin and and not 439 00:25:25,880 --> 00:25:29,400 actively doing anything to help drive that crypto economy. 440 00:25:29,400 --> 00:25:35,160 So a few sides of that coin, perhaps we'll we'll dive into 441 00:25:35,160 --> 00:25:37,680 that later this week, but we, we only have a handful of minutes 442 00:25:37,680 --> 00:25:40,320 left in the show. We got to talk about NTS and, 443 00:25:40,320 --> 00:25:44,280 and Amanda, you made a comment that that got folks going a 444 00:25:44,280 --> 00:25:47,320 little bit here on the timeline. So you called out some, some 445 00:25:47,320 --> 00:25:50,920 four prices here and their changes since Blur season three 446 00:25:50,920 --> 00:25:54,120 ended. D Gots up 150%, red guy up 100%, 447 00:25:54,120 --> 00:26:00,000 Azuki up 70%, Board apes 70%, Hudgie's up 35%, Punks up 25%, 448 00:26:00,480 --> 00:26:02,960 all while ETH NT volume down 35%. 449 00:26:02,960 --> 00:26:07,200 Kind of obvious what happened here in retrospect, so kind of 450 00:26:07,720 --> 00:26:11,240 alluding to that. The blur farmer impact. 451 00:26:11,960 --> 00:26:13,760 Curiously, if you want to elaborate on your thoughts at 452 00:26:13,760 --> 00:26:15,840 all. Or you know how you've been 453 00:26:15,840 --> 00:26:18,040 thinking about the NFT ecosystem since? 454 00:26:18,720 --> 00:26:19,800 Yeah. Look, I think it's like, 455 00:26:20,160 --> 00:26:22,640 obviously this is slightly a reductive take like the the 456 00:26:22,840 --> 00:26:28,200 other things as a factor here, but it's very it was I was 457 00:26:28,200 --> 00:26:29,960 calling out as as it was going lower. 458 00:26:29,960 --> 00:26:34,360 Like AT floor prices, people are being rewarded for trading. 459 00:26:35,320 --> 00:26:37,840 And you can see this like all the main blur farmers or a lot 460 00:26:37,840 --> 00:26:41,200 of them lost money, but they were in it because they got the 461 00:26:41,200 --> 00:26:43,400 blur AirDrop, right. That was definitely the case in 462 00:26:43,400 --> 00:26:46,800 season 2 and even in towards the end of season three, like people 463 00:26:46,800 --> 00:26:51,120 were farming and they were OK to lose money on the NFC trading 464 00:26:51,400 --> 00:26:53,200 because they were going to get an air drop, which means they 465 00:26:53,240 --> 00:26:56,240 were OK to sell these assets which they bought down lower and 466 00:26:56,240 --> 00:27:00,200 lower and lower. For them it like they will be 467 00:27:00,200 --> 00:27:02,160 rewarded in the back end. So it was very, very clear that 468 00:27:02,160 --> 00:27:03,920 was going to be a drag. Now there are other drags 469 00:27:03,920 --> 00:27:07,520 obviously, but it did allow for like a more fertile ground for 470 00:27:07,520 --> 00:27:10,760 other assets to be like the left curve part of this space to see 471 00:27:10,760 --> 00:27:12,400 a lot more of the gambling side of things. 472 00:27:13,800 --> 00:27:20,120 And you know, I just listed those NFTS you go through 90% of 473 00:27:20,120 --> 00:27:24,960 like the top ETH NFTS, they, they bottomed basically that 474 00:27:24,960 --> 00:27:27,880 week, that week there was another retest from the market 475 00:27:27,880 --> 00:27:34,400 like absolutely tanked, you know, end of July, early August 476 00:27:34,400 --> 00:27:36,400 where ETH, you know, went to 2000, all that stuff. 477 00:27:36,400 --> 00:27:38,120 And ETH NFTS really felt bad then too. 478 00:27:38,560 --> 00:27:41,160 But even then, they didn't breakthrough the lows that we 479 00:27:41,160 --> 00:27:43,440 saw as soon as the the farming ended. 480 00:27:44,240 --> 00:27:47,960 And I there was a lot of talk at the time, you know, higher 481 00:27:47,960 --> 00:27:51,960 volume led to would lead to a better Ecus, but didn't like 482 00:27:51,960 --> 00:27:53,920 people just didn't understand what the volume, why the volume 483 00:27:53,920 --> 00:27:58,960 was there. And I think this now proves it 484 00:27:58,960 --> 00:28:01,520 like you're now getting to a slightly more liquid market. 485 00:28:02,480 --> 00:28:06,200 You are people who are buying these assets are buying them 486 00:28:06,200 --> 00:28:09,000 because they want to own them, not because they're farming some 487 00:28:10,600 --> 00:28:13,000 some separate coin down the line. 488 00:28:13,000 --> 00:28:16,600 And I think you're getting to a slightly better appreciation of 489 00:28:16,880 --> 00:28:19,520 not just floor NFTS too, like you're starting to see some of 490 00:28:19,520 --> 00:28:22,440 the mid tiers and high tier stuff trade as well, which I 491 00:28:22,440 --> 00:28:25,240 think is getting back to the uniqueness of the asset, which 492 00:28:25,240 --> 00:28:28,320 is what makes it a better, a better asset. 493 00:28:28,320 --> 00:28:30,240 The one, the one exception here is crypto punks. 494 00:28:30,240 --> 00:28:33,440 But over that period, number one, they weren't farmed 495 00:28:33,440 --> 00:28:36,040 anywhere near as much as the the others, at least in terms of 496 00:28:36,040 --> 00:28:37,440 time. And it was only the wrapped 497 00:28:37,440 --> 00:28:41,120 crypto punks, right, which were which is a much smaller piece of 498 00:28:41,120 --> 00:28:43,320 the collection, which were basically having this happen. 499 00:28:43,560 --> 00:28:48,360 And then you had two or three, like some of the biggest crypto 500 00:28:48,360 --> 00:28:50,480 point holders were like exiting over the last two months, right? 501 00:28:50,720 --> 00:28:52,960 Soon as ETH kind of went down, a few of them decided, right, I 502 00:28:52,960 --> 00:28:55,960 need to need to get out. So it's reductive, obviously as 503 00:28:55,960 --> 00:28:58,640 a take, but I also think it's just, it's so obvious. 504 00:28:58,760 --> 00:29:01,960 It's just so obvious. And anyone who's denying it, I 505 00:29:01,960 --> 00:29:05,880 just think I don't know, like I, I would love to hear why, 506 00:29:06,400 --> 00:29:11,480 Because for me, the takes that say it isn't they, they just 507 00:29:11,480 --> 00:29:17,760 don't make sense to me. I'm not saying that NFTS where 508 00:29:17,760 --> 00:29:21,200 they were when Blur started, where they are now, like all of 509 00:29:21,200 --> 00:29:23,520 that was blur, not saying that at all. 510 00:29:23,800 --> 00:29:28,520 I'm just saying that the impact was undeniably to bring would 511 00:29:28,520 --> 00:29:31,160 would cause these farmers to drag prices down because they 512 00:29:31,160 --> 00:29:33,560 would be be making money on the other side. 513 00:29:35,240 --> 00:29:36,960 So I think we're now in a much stronger environment. 514 00:29:36,960 --> 00:29:41,120 I do think a lot more left curve risk taking will happen in this 515 00:29:41,120 --> 00:29:42,880 stuff. I don't think they're like 10X 516 00:29:42,880 --> 00:29:45,440 sort of assets these unlike meme coins where you see these like 517 00:29:45,440 --> 00:29:49,320 crazy moves, but they're kind of like long term. 518 00:29:50,000 --> 00:29:52,040 Like I was speaking to OSF about this on Friday. 519 00:29:52,040 --> 00:29:58,040 Like I think you could see a 3X in a lot of these actually, or 520 00:29:58,040 --> 00:30:00,440 at least a 2 1/2 X. And kind of that's what a lot of 521 00:30:00,440 --> 00:30:03,080 people are also here to make, you know, they also have Eve. 522 00:30:03,720 --> 00:30:08,040 So could could like pudgies go to 25? 523 00:30:08,040 --> 00:30:11,840 Could board apes go back up to like 30 miladies go to 10? 524 00:30:11,840 --> 00:30:15,120 Like, yeah, could azuki go to 10? 525 00:30:15,400 --> 00:30:18,040 I actually maybe some of the mid tiers will be a bit more 526 00:30:18,040 --> 00:30:21,120 difficult, I think. But I do think that that like 527 00:30:21,120 --> 00:30:23,800 money will flow, can can flow back into some of this space. 528 00:30:24,000 --> 00:30:27,120 Now people feel you speak to any NFT trader right now. 529 00:30:27,120 --> 00:30:29,520 I think they feel a bit more like we've kind of seen the 530 00:30:29,520 --> 00:30:32,720 lows. Yeah, I mean, Cyrus said as 531 00:30:32,720 --> 00:30:34,640 much. I I think it's hard to argue 532 00:30:35,600 --> 00:30:39,040 the, the, the farming didn't impact the NTS at this point. 533 00:30:39,040 --> 00:30:41,040 I don't need to rehash the, the whole argument. 534 00:30:41,040 --> 00:30:43,080 It's, it's a shame it's not a controlled experiment. 535 00:30:43,080 --> 00:30:45,800 I've seen those who are trying to defend it, they're pointing 536 00:30:45,800 --> 00:30:49,400 to other NFTS that are pumping that weren't farmed, like, you 537 00:30:49,400 --> 00:30:53,480 know, Solana NFTS or ordinals, which also posted a very solid 538 00:30:53,480 --> 00:30:54,680 week. We had a lot of the ordinals, up 539 00:30:54,680 --> 00:30:57,600 10 to 20%. Were ordinals has a hole up 540 00:30:57,600 --> 00:30:59,840 during that period though? A lot of ordinals were down. 541 00:31:00,080 --> 00:31:01,520 I looked. When I looked at ordinals it was 542 00:31:01,520 --> 00:31:04,600 far more mixed. Solana NFTS, I would agree they 543 00:31:04,600 --> 00:31:08,760 did bounce, but Salon FTS would not at any sort of the same 544 00:31:08,760 --> 00:31:11,080 scale as ETH entities. As money flows into ETH NFTS, 545 00:31:11,080 --> 00:31:14,480 you generally see a like a rise in in Yeah and. 546 00:31:15,120 --> 00:31:18,040 That that's where I was going. I think there's also a potential 547 00:31:18,040 --> 00:31:22,000 explanation here that when the broader, when the ETH, when the 548 00:31:22,000 --> 00:31:26,480 Ethereum NFT market feels healthier, it makes folks feel a 549 00:31:26,480 --> 00:31:30,240 little bit more confident in buying a TS and what I'll call 550 00:31:30,240 --> 00:31:32,960 the beta markets Bitcoin and and Solana. 551 00:31:34,240 --> 00:31:36,760 You know that that may not be the right term, but that's kind 552 00:31:36,760 --> 00:31:38,760 of how. I think Salon, I'm sure Bitcoin, 553 00:31:38,800 --> 00:31:41,480 I feel ordnance has its own like ecosystem, but actually ordnance 554 00:31:41,480 --> 00:31:46,040 if you look at the majority of them that it was far more mixed 555 00:31:46,120 --> 00:31:54,560 like puppets and no monkeys and and the quantum cats were kind 556 00:31:54,560 --> 00:31:56,680 of mixed over that more mixed over that period. 557 00:31:57,480 --> 00:31:58,640 Yeah, I mean, I was looking at the seven day. 558 00:31:58,640 --> 00:32:00,800 If you look at the 30 days still, yeah, a lot of them are 559 00:32:00,800 --> 00:32:01,280 still. Right. 560 00:32:01,280 --> 00:32:02,880 Like it's not, it's not like that. 561 00:32:04,120 --> 00:32:07,400 Right, Yeah, these numbers are are definitely different and 562 00:32:07,400 --> 00:32:09,160 they're they're up quite a bit more. 563 00:32:11,560 --> 00:32:13,640 It's exciting. It's an exciting time to to be 564 00:32:13,640 --> 00:32:15,800 back in the Mt market. You mentioned a potential two to 565 00:32:15,800 --> 00:32:17,920 three X and I think I think that's reasonable. 566 00:32:17,920 --> 00:32:19,640 And I feel like that that that's kind of where some of my 567 00:32:19,920 --> 00:32:23,720 personal targets are. The thing is like, I mean, we've 568 00:32:23,720 --> 00:32:26,360 talked about memes outperforming as a potential alternative. 569 00:32:26,360 --> 00:32:29,960 I don't know, like are I can't point to that many memes with 570 00:32:29,960 --> 00:32:31,800 confidence. I think are really going to 2 571 00:32:31,800 --> 00:32:35,440 1/2 to 3X. I think that's, that's a very 572 00:32:35,440 --> 00:32:38,520 important thing to say, you know, and that's basically what 573 00:32:38,520 --> 00:32:40,600 I'm getting at here is like people feel a bit more confident 574 00:32:40,600 --> 00:32:44,560 in the risk reward of NFTS, you know, with memes, yeah, you can 575 00:32:44,560 --> 00:32:47,000 might be like, oh, I'll get, I'll get like fog, which did 576 00:32:47,000 --> 00:32:50,840 like a what, 2X this. But you also feel like they can 577 00:32:50,840 --> 00:32:54,160 fall out of bed and go to zero. And it feels like with a lot of 578 00:32:54,160 --> 00:32:57,080 these actually, yeah, you might get a retest, maybe board age, 579 00:32:57,120 --> 00:32:59,160 go back to like 12-11, something like that. 580 00:32:59,160 --> 00:33:01,760 But it does feel like the risk reward here is like they could 581 00:33:01,760 --> 00:33:05,720 down go down three ETH, but they could also now 2X. 582 00:33:05,880 --> 00:33:08,360 So I think the risk reward is a lot better. 583 00:33:09,040 --> 00:33:11,680 Yeah, you can go on a week long vacation or a two week vacation 584 00:33:11,680 --> 00:33:15,080 with these leading ETF TS. It's harder to go on a two week 585 00:33:15,080 --> 00:33:17,920 vacation with flog and not touch it for for two weeks. 586 00:33:17,920 --> 00:33:20,440 That that is no offense to flog any of the mid tier memes right 587 00:33:20,440 --> 00:33:24,000 That you think could two to three to 5X from here. 588 00:33:24,680 --> 00:33:28,200 Yeah, so the the the point is made Mando, I know that you have 589 00:33:28,200 --> 00:33:32,400 to to go here soon. Yeah folks, I, I think we we hit 590 00:33:32,400 --> 00:33:33,920 on all the topics here for today. 591 00:33:33,920 --> 00:33:38,800 We'll do a longer show tomorrow. We've got Jeebs coming on with 592 00:33:38,800 --> 00:33:40,840 us. So shout out to Jeebs excited to 593 00:33:40,840 --> 00:33:42,880 have him. And then we'll have Logan 594 00:33:42,880 --> 00:33:44,000 Hiscock coming later in the week. 595 00:33:44,000 --> 00:33:48,000 We'll have some other surprise guests Co host as well and 596 00:33:48,000 --> 00:33:50,120 perhaps dive deeper into memes and the teasers. 597 00:33:50,120 --> 00:33:53,800 We did a little bit lighter coverage of here this morning. 598 00:33:54,120 --> 00:33:57,720 But yeah, for for today's show, I think we will go ahead wrap it 599 00:33:57,760 --> 00:34:00,120 up here. Have a great Monday. 600 00:34:00,120 --> 00:34:03,080 Everybody will be back at our same time tomorrow morning, 601 00:34:03,080 --> 00:34:06,320 Tuesday, for another great episode of FOMO Hour.