Yo-yo, what up? What up?
Good morning, Good morning MGM. Thursday baby.
Thursday, Thursday, Thursday, March 26th, 7th March 27th,
2025. Look at that another beautiful
day to have a beautiful day. I got my coast in the house.
Tyler Mando good morning, good morning, good morning, good
morning. How you guys doing?
I'm doing fantastic. How are you?
I I'm doing fantastic as well. Actually, I'm doing fantastic as
well. I woke up for the first time in
four days where it's sunshine, so it's always lightens up my
mood when I wake up to sunlight. It's nice.
Do you wake up to sunlight every day in Portugal?
Is it like 300 days of like sun it?
Is 300 days of sun. But today it's it's like, it's
like mixed. There's some sun this morning.
Got you beat today, Tyler. What's up Tyler, how you doing?
I'm good broke. I feel like you hate Wednesdays,
you love Thursdays. So we we have the the hot energy
coming in here today. I I wish I could have appeared
as the gibblefied version of. Of yeah, yeah, you know, that
would be fire, right? Gibbley, like just everyone.
Gibbley like hosts the show as like Studio Ghibbley.
That could be really fun. Is Gibbley is a Ghibbley by the
way? I don't know, I've only seen it
written. I've never heard someone say it.
Because like I said, ghibbley. Because GH is that, but it's
kind of like, it reminds me of the GIF.
If there's GIF argument, you know what I mean.
You guys say GIF or you say GIF? GIF.
GIF Tyler, what do you say? I said GIF but I I mispronounced
a lot of things. So I, I knew you were a GIF guy.
I don't know why I I just had a feeling we're a GIF guy.
It's very American of you. I think it's very American.
Say GIF and it's very like non American say GIF, right.
What you guys say GIF or GIF chat?
Let us know. I see.
I see Bongo. You say GIF or you say GIF.
GIF. You say Gibbly or you say
Gibbly. Wait, Gibbly.
There you go. I can't like having Bongo
hanging out on stage. Pull up Bongo's Twitter, I got
to see if this is real. He posted this food picture of
all the stuff he bought for $40. In Europe.
Let's ask Mando if this is real. Mando Bongo says that he bought
all this for $40 in Europe. Do you think this is real or
fake? That's very real.
Yeah, I think so as well. 100% real.
Bongo real or fake? It's real.
Yeah, what I like. EUR or dollars?
Because that's different, because the euro is quite
stronger. No, it's like $2.00 different.
But yeah, this, this was $40. Wow.
This is true, man. Tyler, this is this is, this is
the truth. This is the truth.
In the US, so let me just. Let me take you a pay your
picture here. I when I go to New York, I take
the I take a Uber into town takes about 45 minutes.
OK, cost me well, maybe about 100.
OK. Fine, I get in the Uber when I
get from Lisbon or we have Bolt over here which is a bit more
popular. Cost me €6 and it's a 35 minute
journey. This is true.
I, I know that for a fact. I can, I can, I can check.
This is real because that last time I was in Lisbon, remember
when we went to check out the poker, the Myriad team and then
we're there doing a fest. I was stuck in traffic 45
minutes and it cost me about €12.00 because it was like
premium. So you got a comfort or
regularly would have been €6, right?
I paid 12 EUR, 45 minutes. I actually felt so bad that I
tipped like 50%. Yeah, like a like a standard
Uber ride, like from just one place and listen to another.
That would be like €3. Yeah, I actually felt bad.
So I like doubled the guy's journey because I was like this.
Surely these people can't be making enough money and and
that's what it is. It is worth in Montreal is the
same. I know Tally, you were shocked
by the press, that thing, but I'm in your camp in Montreal
like whatever Bongo just posted. If I go to my local little
organic food shop that I shop at downstairs, you know what's the.
What's the Super expensive one again in like California?
Oh, everyone we don't have. OK, that's that's the thing.
Danny told me one day he paid like $75.00 for a bottle of
water, bottle of water. It's like this like crazy water
bottle. That's only Danny would do that,
right? But anyways, today on the show,
we're not going to talk about the price of things.
But yeah, Tyler, it is like that.
But rent is more expensive. But I maybe not versus USA
versus me, like I'm shopping in Lisbon.
I thought I would live like a king.
Everyone looks like I may live in the shack with my budget.
I got Mendel sending right. Is expensive.
That's one thing that is expensive here because you have
a lot of people who are digital nomads.
Yeah, but you do spend less on everything else and.
Everything else is. Wages, it's a comp, but like I'm
going my rent is going to be up 100% versus Montreal.
But Montreal rent is ridiculous. This is true.
Well, also because I earned U.S.
dollars in Canada. So that's also the other part,
right Mandel? Right.
The Canadian dollar but you're right like Montreal rent is is
is insanely cheap and you live good if you earn dollars in USD.
Anyways. I should be hiring in Canada
instead of hiring people in fucking America dude.
Americans are expensive anyway. Side note, Americans are
expensive but even even salaries in Europe are much lower but I
guess they have more like things.
But it's actually pretty crazy when you think about it from a
business owner perspective. USA is really hella expensive
anyways. Well, USA is great, though.
USA is great. Ferrari is going to increase
their crisis by 10% to offset President Trump's tariffs.
Just saw that just then. So, Tyler, looks like you're
going to have to pay 10% more for for your for your incoming
Ferrari. Yeah.
You know, Yeah. It's a good time to sell your
exotic cars if you're in America, because you could
probably bank on that. Yeah.
Mr. G Ferroux's getting some biceps.
Thank you. Yeah, I'm working that a lot.
I worked out a lot. We're hitting.
If I go today, supposed to be my day off, but probably tomorrow
gonna be 5050 for the year, so not bad.
We're we're there. We're, we're getting ripped.
You know, it's got to got to be ready for Lisboa.
You know, they're wearing a lot of T-shirts there, like shorts.
And I'm going to going to hit it anyways today on the show.
I'd also have to be paid more to live in the US, says rug radio
account. Jesus Christ, intern Eddie
market report. We'll talk about the market.
Market is a bit lower today, but also like not insane, like 86
too. I like it.
So we'll talk about that. Then we have then we have
Tyler's top 100 or 1000. I mean, fuck, Tyler probably has
a lot of stuff to cover. There's a lot of things
happening right now. It's a walrus opening 2 billion.
Holy shit. We'll talk about all that good
stuff and then we have a guest coming on today.
We have today's show partner coming on facet, which is an L2
focus on RWA. So I'm actually curious about
what they're doing. So they're going to come on and
then last but not least, robot loot box bins.
Let's see. Let's see what y'all get.
I yet to have to set the loot box.
I'll do it during the show, but as usual, going to probably put
a high chance of winning a Penguin, kind of want to get a
Penguin win. So I'm going to push for that
and then and then there as well, red guys got swept.
Nice fuck red guy man keeps getting swept these days.
I keep having that in your red guys.
That's a good sign, I guess. Anyways, last but only this show
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Trust me, it's like free money like the points program on on
myriad markets is free to join. You can use myriad points for
free literally $0.00 needed and there's a there's a leader board
right now. Let me see where I am.
Was I booted from the leader board?
I know usually my team likes to kick me out, so I can't
participate. I mean I clearly can't win, but
I but I'm curious Oh no, I was locked out OK, I'll check.
But there's over 20,000 people participating guys in this
thing. I'm torn 50th right now top
predictor in the Wally Connect competition.
That's not too bad. That's not too bad out of
26,000, not bad, no, I'm bad. It's like top 1%, right?
Something like that. So anyways, with that Mando, how
is this market doing? Where is this market going?
Taylor Senpai, who is the man that called Daddy of the land?
Can you dig it? Hello everyone.
So it doesn't feel that great the last 24 hours.
The main thing there has just been the return of tariff
worries and stocks kind of continuing to to kind of sell
off. We, we went below the 200 day
moving average again in the S&P, which is quite an important
level kind of may indicate that we're going to continue this
downtrend for a little bit longer than was initially
expected. A lot of those are oversold.
Oversold metrics are now not as oversold.
So that's not really going to save you any more.
Interestingly, gold just continues to push higher.
So and and and for that reason again, Bitcoin is is starting up
performing. Here.
Wow. Yeah, exactly.
Gold, gold, gold is is doing well again and Bitcoin's kind of
holding on to that a little bit, I think.
So we're not, we're not getting yesterday was not great for
crypto, but it wasn't, it wasn't horrific again, even though the
the NASDAQ was down 2% again. NVIDIA was down a lot, right?
Yeah, yeah, a lot of big tech again, getting hammered.
I mean, a lot of this AI weakness may continue, right?
We've spoken about how the China stuff may be, may be important
there and can and can be a persistent worry for a lot of
these major AI firms. So Microsoft flipped in a video
actually yesterday. Oh wow, yeah.
And a lot of them kind of invidious again down today.
A lot of them are like just looking a little bit bearish.
It feels like. I don't know if they're going to
turn it around or, or, or whatever, but that that is
definitely keeping crypto slightly, yeah, slightly range
bound. Like people bullish.
I think on on crypto, there's some individual stories which
are doing relatively well. Like you can kind of see the
coins that the market likes at the moment.
It means it's probably kind of just fartcoin and and Pepe.
I would say I've probably been the strongest too.
I. Haven't looked at Pepe in a
while. It's just held up OK, what I
would say. And then in in L ones, it feels
as though Bitcoin AVAX has held up pretty well interestingly
over the last few days and and Sonic I would say as well
probably. Yeah.
Those have been like the best bounces I would say or like held
onto their gains. Solano has kind of drifted back
lower again. I don't think that's maybe not
there's. Just one.
It's 137 ish. 138, yeah. 37 yeah, ETH is yeah, didn't didn't
hold on to the gains really either hanging out around 2K
again. So I don't know it's it is
becoming obvious. I think like if I go to the most
the gainers over the last week, it's kind of been the same coins
for a bit there. Oh, Tonya Barrow again, number
7% a sui wow, Baratin guys is really like, I mean that has
been a great coin to hold during the there.
Has been a great coin, like we had him on yesterday.
Loved the interview yesterday actually.
Has caught a lot of the AI move and obviously this proof of
liquidity people people are doing more defy stuff.
So defy coins in general have been have been fairly liked
yeah. So so I I think defy L&L ones
are continuing to be the strongest apart from like the
the odd meme, the the like the daily runner isn't really
holding on for that long, it feels like.
And there are attempts to kind of get it going again, But it
does still feel like memes are in a tough a tougher for a while
and MFTS are doing OK too. That that, let's say that would.
I'd say that's. Yeah, punks are doing great.
But two what are you laughing? Yeah, it's just I didn't.
Say pups, I said. Punks.
Pups is always doing good man. We don't have to worry about
pups. Pups.
Goes UPS. Hey, NFTS are doing great.
Fucking ooty. Just fucking like bank like $20
million, brother. How about that Bitcoin spread
baby? We're.
Yeah, how about that punk Bitcoin spread, baby?
Let's pull up Tyler's spread. I mean, are we up 8086?
Five versus versus versus? Drum roll, 85, eight.
Not bad, not bad. It's honestly one to one.
It's been 1 to one forever. Yeah, it's, it's about the same.
Clearly somebody else was in this trade like I, I didn't
really know. But yeah, all I'm basically
saying is the macro fears. So macro fears back Mando and I
want to ask you. So yesterday, what I liked
seeing, I think Tyler, you mentioned that as well in the
chat is we got a lot of like technically negative tariff
headlines again and you're seeing them again this morning.
Tariff, tariff, tariff. That's obviously, yeah, we're
waiting for Liberation Day next Wednesday on April 2nd.
But Mando, it appears that we stopped aggressively dumping on
these headlines. Like there was a moment in the
past month or so where like every single tariff headline, we
just lost $1000 a headline on Bitcoin.
Like we just kept hammering down.
Do you think we just went to oversold territory?
Now we're just cruising for the time being versus the rest of
the market. I, I think macro people, people,
there was a report out yesterday, which is 51% of the
US think there's going to be some form of a stock market
crash. There's a lot of worry that
this, that the valuations in AI are not going to be sustained
here. And, and like a lot of people
being like, oh, this is going to be exact sameas.com.
It doesn't look as aggressive potentially in my eyes as
as.com, but I don't think people are like FOMO buying back in
like Tesla bounced, for example, and NVIDIA bounced a little bit.
But it doesn't feel like, I think that you have a lot of
like people who are a bit scared.
They're like waiting to see how the next few months evolve.
It's very clear, like with AI that you can catch up with each
other just like unbelievably and it's still difficult where like
where, how to actually create value with these or if you can
even hold on to value in that world.
So I, I think that's like a ongoing worry of the stock
market right now. OK.
Liberation Day. Liberation Day, What do you
think happens? Any big moves before then?
What do you think happens Tyler, you love your liberation day.
What is your? What is your outlook on a?
Few things have happened. So like in the auto tariffs, I
think part of the language that Trump uses, these are permanent
and non negotiable. So I think that was one of the
first times we've seen these hard line tariffs like change.
So like that is telling us that at least a portion of these
tariffs are real and they're going to be here for a while.
So like the whole camp that thought maybe these are just
negotiation tactics, at least for some of these, that's that's
out the that's out the window. So I think that's.
That's a bearish indicator. I would say that that that's my
read on it. On the flip side, we have seen
some of the some of the countries who are facing
reciprocal tariffs start to unwind their tariffs like
Vietnam was one. I've seen a few other countries
as well. I think India rescinded some
tariffs that they had. So we'll see if we get like a
mixed bag of results here in the next.
That could be a little bit on the bullish side.
I think we'll have more information on all this next
week. I'm no macro tariff expert, but
that's what I've seen and it just feels like no one's really
going to. We're not going to see any major
moves until a little bit more concrete info is out.
OK. The countries are going to
handle these. OK, OK.
OK, OK, OK. OK.
So I guess we'll see what this takes us in the market and that
near future. So I'm trying to post this
broadcast link just for us to know we are live every day on
audio and video. You can check us out on the rug
radio YouTube, but also we broadcast here, though the X
broadcast thing has never gone better, to be honest.
And you can always, you know, comment live on the show
anyways. So with that, Tyler, let's get
into let's get into today's topics.
Let's get into what you got first.
MP and crypto analysis. Tyler T on FOMO Hour calls the
kids. Hand crypto major slightly red
amidst more tariff news 25% on all automobiles outside the US.
Bitcoin down a 6004. You can slow down about a
percent or so here as well. Hyper Liquid fell 10% on the day
after the protocol was left with short exposure to the Jelly
Jelly meme coin, which soared to $50 million.
Testing the network's integrity, Hyper Liquid validators
ultimately voted to perform an automated liquidation of the
position at a lower price point than their Oracle showed.
So that situation is resolved, though still some fallout coming
from that. GameStop announced plans for a
debt offering to raise 1.3 billion to two point.
So 2 days ago they approved bitcoins and treasury asset.
One day ago, OK, they're going to buy $1.3 billion worth.
So that was huge news. The blockchain group out of
France also bought 580 Bitcoin for its balance sheet.
That was €47 million worth. In stablecoin news, several US
legislators have shared plans to advance stablecoin and crypto
market legislation over the next few days.
I think we got a first glimpse of that stable act yesterday.
Wyoming announced plans for their own stablecoin, yst,
launching as soon as July, just what everyone in Wyoming wants,
their own stablecoin. And then USDC hit a new record
market cap crossing $60 billion and now command 25% of the
overall stablecoin market. And then Fidelity, they're
throwing their hat in the ring and they announced they're
testing their own stablecoin as well as they dive deeper into
tokenization, not necessarily crypto related, but Robin Hood
folks, they are going full on financial services mode.
They announced a new banking product, they announced a new AI
powered wealth management product and more.
In token AirDrop protocol news, Walrus, they officially launched
their main net and that wall token dropped folks open at 500
million and a $2 billion FTV. Huge launch over on Swede this
morning. Radium is preparing to launch
their pump fund competitor Launch Lab that's coming within
the next week. Polymarket admitted some market
manipulation took place by UMA Wales with the recent Ukraine
Minerals market bet stating though that it couldn't offer
compensation but will work with UMA to prevent this from
happening in the future. IDO announced $5000 in weekly
rewards for the top 50 appers and top 50 emerging appers.
So keep yapping. Then shout to Wasabi.
They open pre deposits for the baritone opening with offering
up to 300%. APY plus points for those
deposits. Rounding this out in AI and
memes, the NFTS AI down about 7% on the day.
Leaders are down about three to 10% across the board.
Memes similar down about three to 10%.
Ghibli was the meme runner of the day, $23 million right now,
$75 million in 24 hour volume. So.
Jesus Christ. We've had in quite some time in
NF, TS, Taproot Wizards, they shared new details.
That Dutch auction is happening today, I think. 11:00 AM
Eastern, right? After it's happening in half an
hour, Yeah. And you can bid and Seoul. 0.42
Bitcoin decreases by point O1 Bitcoin every 3 minutes and then
it's also viable and Solana like you mentioned, forgotten
universe flashback they're they launched their game, the access
mode RIP cash artist sold 64 editions of pattern recognition
for 2.22 each pretty hefty sale there.
NBA Top Shot They're still cooking.
They they debuted a fresh marketplace upgrade.
OK. A tab and a new way to filter
their moments. So Top Shot still still moving
over there. Wow, this is this is a lot.
I mean what do we even I think GameStop right like we feel like
this is the most fun relevant to to majors news.
That was that was out there that those guys, man, I, I fuck with
them. They they're like non-stop doing
the thing and buying Bitcoin. I mean, who's going to be next?
What is it $1.3 billion Bitcoin buy they're announcing?
Yeah, that's the thing. So GameStop has three to $4
billion in cash on hand and and they're not using it.
They, they are going to raise 1.3 billion through a private
offering of convertible senior notes and debt.
And then they're going to use it to acquire Bitcoin.
And as they also announced as a part of this, they're, they're
going to close a significant number of stores in 2025 as, as
a, as ongoing efforts to enhance profitability.
So it feels like they're kind of going that micro strategy route
right where they, they had an actual company model.
Maybe it's a little bit of a zombie company, it's a meme
stock. And now they're pivoting to a
Bitcoin company and it doesn't feel like they're going to be
the one, right? Like we were talking about this
in our group chat yesterday. It, it felt like, you know,
there's maybe 50 companies or so who have significant stockpiles
of Bitcoin right now. It feels like that number is
going to annex in the next couple of years, at least that's
my reading because it sure feels like it's accelerating.
Headlines like this are accelerating right now.
What does that mean for my alts? I'm just kidding.
What does that mean for pups? That's the question.
I mean it is on Bitcoin.
It is on Bitcoin. What does that mean for the
Taproot Wizards? Probably nothing anyways.
I don't love this by the way. So why, why, why don't you love
this? I don't.
As I've said before, I don't like it when public companies
are raising convertible notes. Convertible is debt, right?
What I was speaking about with with Sailor is that that it's OK
if it's if it's if it's pref shares.
But if GameStop were to go under, of which there's been
several times in its past where that could happen, that's 1.3
billion coming and it will get sold.
So you are kind of teeing yourself up for here for like
precarious scenarios in the future where yeah, it could get
sold and in not a like a nice way.
So GameStop, I'm saying they have roughly 4.8 billion in
cash, in cash. Why walk walk us all through?
Why would they choose not to use that and go this debt route
instead? Because it is a riskier.
Yeah, because debt, debt is OK for like if you're in your map,
if you run GameStop, right? Yeah.
Do you want to dilute yourself or do you like it's debt is good
for management and at times it can be good for equity holders.
Like there's some stuff in like capital structure formation
about that. But in a case of a bankruptcy or
a company that is club has been or you know, never.
I don't know what Gamestop's free cash flow is.
Let me just have a look at it. GameStop free cash flow last
year, but I imagine they're burning cash.
Who knows. Yeah, they so they burnt 225
million of free cash for last year.
So this company is like, it's probably fine.
That's not crazy versus cash balance, but in the past it's
been through a lot of trouble. And then like, I wouldn't, I
would never bet that in 20 years GameStop doesn't go under.
And and then that that can lead to a messy, messy sale
essentially. And maybe it's OK, it's only
1.3. But if, if they continue to do
this and they raise like 10, that's not, I mean, that's a
risk. Again, that becomes like sailor
style. And not everybody's sailor.
In many ways said he's in a much better like his free cash flow
burn is is basically very, it's very low because he actually
does have a residual business which covers quite a lot of the
interest expense. GameStop is burning 250 million
of free cash flow. Fuck.
Wow. OK, so like all these it's.
Crazy. But it's like, you know, that 3
billion is is going down lower and lower and lower each year at
the moment. And in the past, it's been far
higher than that. BLS is asking you.
He's saying they have a ton of cash on hand.
What's the issue with raising debt when they have 4X what
they're raising in cash and then the switching to a Bitcoin
strategy help them avoid going under?
So does it, does it help them avoid going under that?
That is a relative question, right?
Yes, it may, it may improve their ability to not go under.
But if they go under, it's worse for us, right?
Like, I don't care if GameStop goes under right now, but like,
does it, does it, does it make it a less?
You could say, yeah, Bitcoin's better for them as a, as a,
something to hold. But that that does that means
that suddenly your Bitcoin does have a default risk.
And that's just not really the case elsewhere.
OK I understand this is about my pay grade.
I just hope none of this fucks up because then it fucks up my
bags and all that. Just step back.
Companies raising debt, which is happening a lot to buy Bitcoin
is like, if your friend did that, right, your friend comes
to you and says, hey, I'm going to raise a billion dollars and
let's say they have a lot of money already, but I'm going to
raise some debt to do that. You might think that I don't
know, maybe my friend goes bankrupt in 10 years.
OK then. What happens in in a bankruptcy
scenario often? You have to upload.
It doesn't even have control about what's going to happen.
It can. Get very mad, right?
So that's what happens. And what we're seeing here is a
bunch of our friends are saying, hey, we're going to raise some
debt to buy Bitcoin and that that that's not necessarily a
good thing. It, it, it, yes, it's good for
pumping our bags in the short term, but in the medium term, if
you have a bunch of debt against Bitcoin, that can mean that that
things can go wrong. So.
I'm I'm talking long, longer term, like, yeah, it's like, I
don't know, I don't think game stocks going under in the next
year. Like no, I see what you mean
cash and it's burning 250,000,000.
Like, you know, it's that's 12 years of free cash to burn there
unless they want to do something else.
But but who knows? Gamestop's made some terrible
decisions in the past, so. They have, but maybe they're on
the pathway to making better decisions or.
Not maybe. I wouldn't.
I wouldn't look at Gamestop's credit rating.
Out of the whole thing, I like that they're doing it with
Michael than kind of on their own.
Like it looks like they could be advised better, right, right.
But I see your concern very valid.
I don't know if Tyler's have more thoughts on that, but
that's that's actually a very valid point Mando's bringing
forward. How is Meta Planet doing it
versus GameStop, for example? What's the difference here?
They do a mix. They do a mix.
A lot of it's been equity and I need to I, I they're not as big
in general metaplanic Bitcoin holdings as as got it.
So I'm really asking ChatGPT these sort of questions.
They have 3350 Bitcoin as of March 25th, 2025.
So I don't know what that in dollars, but does something.
You had 86,000. They have 276,000,000, right?
Yeah. It's about 290 million these
prices. So it's smaller, that's
significantly smaller. How much, how much debt do they
have? I'm just going to ask how much
do they have? This is always the word like
liquidate, sailor. Like if you if you do this with
debt, there's always a liquidate.
There's. Always a liquidating point.
So they've been doing debt sales, but like smaller, like
there was an article from 2024 hours, they're like doing a $11
million debt sale. So they've been doing like
smaller batches versus? Right.
That's that's so they have 75 million of debt.
So yeah, it's not, it's still not great, but it's not, it's
not as good as what Sailor is, but it's better than when these
guys have. OK, that's fair.
That's that's a good point. I like that.
I like that intern. That's a good clip.
Let's ask the people. What do you think after that?
Post this up, Tyler. There was a few other things I
see. I see Jose in the studio.
We'll go. We'll get to you in about
7:00-ish minutes to talk about what you're building.
But Tyler, what else do you have for us?
It feels like you had quite a few things.
A. Few things and I want to talk
about hyper liquid here in a second because we talked about
yeah. We have to, yeah.
I quickly want to talk about the Stable Act of 2025.
So we had the full text released yesterday.
Nick Cannon broke it down. Some highlights here.
No yield bearing stables are going to be included, so those
are prohibited. Banks, credit unions, non banks
are approved to issue them. They have to be 1 to one
reserves of cash, treasury bills less than 93 days, or other
highly liquid safe assets. Let's see.
States can certify their own stable coin regimes as well, but
they have to meet or exceed the federal standards and the no
algo stables or at least the next two years.
So those are the the quick highlights.
We'll see how these progress. It does seem like, at least from
what the congressmen are telling us, this is a priority right
now. They're trying to push these
through Congress. So expect more news on that
front. I think that's the story.
I do want to talk about hyper liquid now.
So we, we went through what was happening yesterday on the show
and then shortly after, say probably within about 30 minutes
after we close out our conversation, we got the
resolution. Effectively, they implemented
this rule where if, if someone is exploiting the protocol, it
goes against their terms of service, they have the option to
perform this automated liquidation.
So effectively, I think as I understood it, Jill Jilly was
trading around $40 million and they liquidated the position at
around a $9 million price point after hyper liquid validators
voted to do that. So that that's my situation.
Mando, I don't know if you have a better read on on how it
played out. I thought, I thought initially
the finance and OK X have been the good guys and taking over
their position. Since that they weren't.
And it seems as though actually this was them now, everyone.
It was crime season, baby, like crime from everyone, like I are
they the one that did The Who did the Jelly Jelly?
Who knows, But like let's say that person's a independent
third person. Maybe you'd call that crime or
like you say that an XI, don't know if that's crime.
But can I ask you if this is crime if a hyper liquid platform
allowed this for this to happen? I think what hyper liquid did
was the most crime. Because the Oracle thing is not
like they're calling it suspicious market activity that
goes against the term services. Therefore they settle for their
own Oracle price. Is that what happened, Mando?
I, I, I mean, it's, it is a grey area because like, is that
market manipulation or not? Or is that just that's crypto?
Like you put, they were the people that put that on there.
They put the LP on there. Like, like they knew the LP of
the position they had on there. And it's a, and then it's a
market for other people to see that exploit or see that that
risk and go for it. That's not a there there must
have been hundreds of people involved in buying Jelly Jelly
yesterday, right. So for me, I feel like hyper
liquid were the ones that did the most crime, but they I maybe
would have done the same. I mean, almost 100% would have
done the same thing in their scenario too, right?
Like perform a little bit of crime.
Same. Save, save the protocol.
Yeah, why not? Like I said on this show, I
thought there was a there was a 10% or more probability there
that they could lose 50% or more of their of their treasury and I
think that what happened. They ended up in profit of
$700,000. Right.
So it was at Max. It was Max crime.
Like they decided the price sometimes.
You just got to shut off the fucking exchange.
I mean, you know, it's happened before sometimes.
You got to do what you got to do for the sake of the people you
know. This is crypto man like TIC not.
Impact. So that's what happened.
So this will happen exactly right.
Like shout out to Abby here. So validators rapidly decide to
delist Jelly perps. So they delisted it adjusted the
Oracle price significantly down to a point OO nine $5 per Jelly
closing all open positions publicly communicated, quick
actions transparently. True story.
They they were very quick to to communicate normal users
excluding flagged wallets automatically compensated no
action needed. So the financial outcomes that
hyper liquid turned potential multi $1,000,000 loss into a
$703,000 realized profit after adjustment HLP depositors fully
protected and even profit is $687,000 daily profit despite
initial care. Now the market perception is
true. That's another conversation
right like the old decentralized centralized conversation.
Then Zack XBT came up at at them saying, well, you didn't do it
when it was North Korea, but you're doing it when this is at
stake. So I think then it's just a
matter of the court of public opinion, right?
This what's happening right now, I guess.
What are your thoughts, Tyler? Like, because for me, it's like
what happens to the people? And that was a question that was
in the comments at all. A lot that cashed out scared of
what was potentially about to happen.
Yes, you make the people were in the trade hole, but there's no
way to make people whole if they cashed out.
Zero way. Which was me.
So I I end up selling my high position basically at the bottom
and I withdrew my funds. It was it was an amount that I
wasn't comfortable losing. I see.
I made the risk decision and now I've been sleeping on trying to
decide if I want to buy the position back or.
Not should. Maybe wait for this to play out
of it. Yeah, there's other, there's
other factors playing on macro right now as well, but I still
haven't seen the response of, OK, what are they going to do
moving forward? Like take these tokens?
Like how what are your risk procedures to take these tokens
off your platform that have these tiny liquidity pools that
have these tiny market caps relative to crypto majors?
Like how are you going to prevent this from happening
again? Because as I understand it, it
can happen again right now with with other tokens that.
Are well, they have a ton of like they sound like chill guy,
for example, on there right or like.
There's five other coins that have similar.
Like chill guy USD, chill guys are trading at what like 3-30
mil or something? 3 mil.
I don't know where it's at. Yeah, exactly.
Goat is similar and they're still there.
So I'm I'm I'm definitely not going to be buying back until
they've at least addressed that. With that said, my gut read is
that most market participants here have memories of goldfish
and they're going to move past this and as long as hyper liquid
volumes continue to grind up, they continue to eat into market
share. I think the the bulls, the hyper
liquid bulls will continue to be loud and that may be enough to
continue that. I saw some like beef within that
as well, right? Like I saw like Stow Stow like
Savage. He's a pretty big hyper liquid
guy. And I get kicked out of some
chat and there was a whole thing and Kobe commented like there is
also some people that are not really happy part of the hyper
liquid like bulls. Like it was the first time I saw
like hyper liquid bulls themselves and being very happy
about this honestly. Hyper liquid TVL and TPL
obviously is important for like. That was ironic by the way, the
big ass founder trying to play higher.
Anyways, go ahead. So that was funny.
You can tell it's scared. Was it 690 million on February
10th and it's now at 270. So that TVL has gone down a lot,
which is like the money that's gone into it.
I actually like I like hype liquid.
I had money on there yesterday, you know, and I didn't really
care about the eve stuff. But like I all this is for me
and this is not really their fault.
They are going to like people are going to continue to try and
attack them. Well, and rightfully so because
they're scared of them, right? I'm not saying it's right to do
it and knowing that it's not criminal, but like you can tell
Binance and Co are kind of like worried about that 2. $175
million or $250 million of Treasury, right?
Yes. And remember their whole
insurance fund, the whole point of only hype, right?
They, they have an insurance fund which they make money from.
What have they been doing with that?
They've been buying hype. So it's not like they have like
if something goes wrong, we've got USD.
If something goes wrong. Liquid.
They're going to have to dump hype, right?
Right. So I don't know, but I'm sitting
there going like 275,000,000. You need to switch it down by
Jelly Jelly like that's not that.
Long bro, just. Go and do something and they you
know you can do 200 million plus trades on there.
A lot of whales can do unbelievable size of trades on
there. So it's more like if you were, I
don't have to describe it. If any of you trade futures,
you're always aware of your liquidation price and think
about the size that's going through hyper liquid and the
size of, of collateral that you can deal with that.
And I would say that it's, it's started to get a little bit
like, I like hyper liquid. I have money on the estate.
But the fact that it can get taken down by, by Jelly Jelly or
could have been points to the idea that like one thing could,
could wipe out like 50% of their, of their, of their
treasury here. And the only way to save that
would be then to dump hype, which they've been buying.
And that's been the pitch. OK, OK, we'll see.
I mean yesterday CZ was like retweeting shit like do you guys
see like also like is it his girlfriend, his wife that runs
it? It's like comments like OK, got
it Like someone's like, hey Binance, you could do the
funniest thing to Jelly Jelly, whatever.
And then she's like OK, got it. But like CZ was because me too.
At first I was like, wait, are OK X and Binance come in to help
out and bail him out and no, turns out they I think they were
trying to like, you know, to the opposite, but.
And then a lot of other founders came out again, so you can tell
they're genuinely like kind of scared of that hyperliquid mind
share in a way. I guess that's bullish for
hyperliquid well. That's one interpretation.
So this is this episode is not closed.
I think that's the we, we need to see their response and then
let this have some time to settle a little bit.
I know we're going to go to our, I quickly want to talk about
this Walrus news. We've been talking about Walrus
on this show for the last few months.
Now you all know why their main in their Walrus token opened at
$650 million market cap, $2.6 billion FTV this morning.
So again, that token, it's included in their decentralized
storage ecosystem, payments for storage staking, for security
governance. They're also going to have a
deflationary burning mechanism. They announced the launch
partner the Clano stores are coming over to to help them
launch a a notable NMT project from Salaam.
Oh man, huge day for Sway. Huge day for Walrus, I think.
This, but Clano is moving. My expectations were high.
This this beat my expectations for where this was going to come
out. No, me too.
I mean, I've said before, I mean they've come on our show as show
partners and they're partners on the decrypt side.
So not on less on the rock side, but more decrypt because we're
storing our data and like the article stuff, as I've explained
there and they're a good partner and they have a lot of big.
I mean, it's missing labs, right?
So it's not like nobody's launching this thing.
It's like actually like really big team and for respected in
the industry, I say Sui looks good.
I mean, Sui also caught a good bit on the back of that, right?
So it's good to see whether the market's bouncing nicely, guys.
I like it. 187 No 139 turn around Thursday, baby.
By the way, the codes for Robit today, GameStop, GameStop is the
code. So if you go to raffle bot dot
XYZ, raffle bot dot XYZ that that all the details are on
screen. The code is GameStop you can
have today I put 10% chance to win a Penguin, still put the
punk too. So we're being generous.
So come and try and win. And then there was one more last
thing. Do we want to push the Poly
market converter tomorrow, Tyler, just because it's kind of
a big topic? Yeah, we need more time.
We need more time for that. We need more time for Ghibli
and. Yeah, let's do that.
ChatGPT 04. That I actually have a call with
Uma tomorrow after the show. Let's talk about the Poly market
news tomorrow because actually big it's, it's relevant.
I'm sure a lot of people want to know also how we would react to
that. So it's important.
And then also the jibly stuff is fun.
I have to say though, I really like it.
I want to go deeper into that. I think it's fun.
I was called out yesterday by the time I was called poor.
We're not paying for open AI Chad GP.
You guys pay $25.00 a month for it?
Yes, we do. It's it's a it's a Starbucks
bill. And I spend more than that on
coffee every. Week it's not a Starbucks bill.
Have you seen bongos meal for 40 bucks?
I think O four image generation is the biggest zero to 1 moment
since Chad since ChatGPT launched.
Mando's like a ChatGPT maximalist like that
motherfucker like uses it like not.
Of course it's amazing. Yeah, so there's Vanessa.
Vanessa uses it for like recipes, calorie counting, all
sorts of shit, health, Wellness. Like she's like always talking
to ChatGPT like you're all day like asking questions to the
thing. She's fully replaced Google.
I need to get to that. I just started like last two
weeks ago. I wanted to do like a average,
my average Sonic buys because I bought so many different levels.
So I threw it on to ChatGPT and I got my average.
I was like forget. So that was good.
I was like, if I bought X amount at that price, X amount of this
price and why am I on this price?
How much is my average? And I was like, fuck yeah, but
but yeah, OK. Well, I like the Ghibbly stuff.
Ghibbly Ghibbly Tyler messed me up.
So anyways, yeah, I I post on my little Instagram like a picture
of me and my family from from Persian New year in in ghibbly
style. I thought it was super cute.
I love the colors. It's a good vibe.
I also got my office ghibbly fied.
I'll show you guys. I'll post it after.
Anyways, shall we get to our today's show partner, Jose
Pereira? Jose, Are you ready as your
cameras up there he is. There he is.
Jose.
Jose, what up? What up?
Good morning. How you doing today?
Thank you much. Good morning to all.
How are you? We're good.
We're here. Great.
Thank you. Thank you for being here.
Thank you for being a show partner.
Jose, where are you? Where are you calling in from?
Dubai. Dubai, we'll be there.
Hi, baby. Hi, baby.
We'll be there. We'll be there in exactly,
actually exactly a month from now, I land in Dubai for a token
2049. It's going to be fun.
It's amazing. Yeah.
We're throwing a banger of an event.
I hope you're going to come. We'll send you an invite for the
show. She got to be there.
It's going to be fun, I think. I think always going to be there
too, man, though for the wrecked side.
So that'll that'll be good. Anyways, Jose, we're not here to
talk about Dubai in order to talk about us.
We're here to talk about you and own and what you guys are doing
RW as are hot, hot, hot, hot. It's the number one thing Tri Fi
is interested in for the last report, the number one thing Tri
Fi is interested in real world assets, which is really cool.
So why don't you give us the introduction of yourself and
what you guys do over at OWN? Yeah, no, Thank you very much.
My name is Jose Peda, Director at at OWN.
And what we're doing is basically solving an access
problem that a lot of markets have to high quality assets.
We've started with an exchange called Facets.
We're regulated across 9 markets.
We have 220,000 users that are already buying tokenized assets,
NVIDIA stocks, Apple, S&P 500 bonds.
And the reason is because in the markets where we have started
growing our user base, they solve a fundamental problem
because in markets like Pakistan, Indonesia, for
example, you cannot just open an account in Robin Hood.
So the benefit that we have here is, is, like I said, it's more
impactful than a convenience benefit that you have in more
developed markets. I think that in developed
markets, there's a different thesis for other days.
The B2B proposition is completely different, but what
we're doing is that we are leveraging the distribution
power that we've built over the years of the portfolio of
licenses to combine it with an infrastructure that's open for
developers to to build permissioniency and the vision
is to become the go to chain for real world assets.
Wow, OK, this is really cool. And so you guys are in L2,
right? And, and there's obviously a lot
of L twos right now, Jose, we talk about that a lot on the
show actually. And so why don't you tell us
like, you know, obviously there's many L twos launching
every month, a lot, a lot of L twos.
What's the reason for the RWA focus behind yours?
It's the concentration of the RWA ecosystem.
So like I said, we have an starting user base of people
that are already interested in buying and that is our funnel to
D5. So they started by the 1st
stocks, we sent them to D5 where they can have more advanced
yields, more advanced products. So you have all of the benefits
of composability. Our Chinese built in partnership
with with Arbitrary and Gelato. And what we want to do is
basically unify the whole user journey from your local currency
called your Indonesian rupiah all the way to your most
advanced, I'd say the D5 product, having everything into
into one seamless user journey. OK, OK.
Interesting. This is good.
When did you guys launch this? We haven't launched yet.
So we're going to have our test set up in three weeks and then
that's when we're going to have an onboarding for developers to
to come and start integrating. But we plan to launch our our
main net after summer. OK.
And you guys work with Arbitrum? Nice.
Yes. So you're like an orbit chain?
Yes, exactly. Arbitrum, Arbitrum Orbit.
So right now we're settling trades on, on Arbitrum.
All of the, the trading volume that we're already having in
facets is going to migrate. All of those assets are going to
migrate to to our own chain. So that's one of the reasons why
we're launching our our own because we have that starting
volume, starting user base that we can leverage from day one.
Love I I totally get it. Chat to Arbitrum good people out
there. So obviously RW as I was saying
earlier, because I just read a report from paradigm that the
like the biggest sector that ratifies most the number one.
So why do you feel that OWN is in the best position to make RW
as on Chain of Reality? Why you guys?
Yeah. So that's where you see that we
see incomplete solutions across the the spectrum and you that
means that you have industry trade-offs.
You have some that specialize in one thing could be the
regulatory, others are going to be open, but you cannot have all
of these in one. What we're doing with the
integration of own and fasted is trying to provide the complete
solution, which we think is actually the the, the real
solution. So if you look on the left, you
have ones where you need to sort out all of your licenses as a as
a builder, whereas and, and it's it's difficult to have the
openness and the regulatory. So you have other players like
for example security Plume and have high specialized tech, but
their licenses are more focused on certain jurisdictions.
What we want to do is, is have the broadest access tech, the
distribution with facet, yeah, and the accumulation of of
builders. OK, I see.
So how can people like anyone here listening to you today get
involved with own like because obviously you said you haven't
launched yet. So when something has launched,
you see the opportunity for players to come in and do
something, you know? Yeah, No, we're looking for a
new one that is aligned with a vision.
If it's a builder that wants a regulated path to distribution,
we can facilitate that. Our infrastructure is open to
all the builders and on a case by case basis, we can leverage
our portfolio of licenses through integration with Facet.
So I think our main, our main priority right now is, is
connecting with all the deaths and builders in the community
building something in our degree and any, any community members
that would want to be part of our our token launch eventually
that would also be the people that we would love to connect
with. OK, so you're here to hear
first. There's also points on there.
We love points. We love points over here.
So there's definitely a place to farm and stuff.
Last question for you, I guess. So just like what, what excites
you the most about being in all this?
Like what? What do you, what do you see the
future for you guys? Well, Sir, can you repeat that
please? What excites you the most about
what you guys are doing? Like what excites you the most
about what you got coming up? Well, we're seeing our numbers
grow on a, on a monthly base, monthly base.
So we're just excited about seeing real adoption, real
assets. I think like you were talking
before, there's a change of sentiments in the markets
because there was a burnout from all the speculation like the
normal market bubbles that we see in crypto, the assets that
were not back, the things that happened with main coins that I
think that people are waking up to investing in something that
is backed by assets that are actually productive.
So what excites me the most is that we are, we've been building
this for, for the last five years as facets.
So to have the narrative actually catching up on the
value proposition that we bring by by connecting these assets to
blockchain is is what excites me the most.
OK, I love that. Yeah, but we love RW as Tyler's
always reporting on how much money's on there and everything.
So definitely a lot of stuff to to to get a lot of alpha.
So check them out. It's I own that XYZ nice domain
as well. I own that XYZ.
You can follow them on own under score XYZ, own under score XYZ
and I own XYZ and get involved, y'all?
I mean this another opportunity to farm something, something
that's about to launch. Looks like there's a lot of
launches coming up this year, so this is another good one.
I see you can even go win a gold chain.
Love that. So there's a lot of different
opportunities here to get involved.
Jose, thank you so much for partnering with us today and
thank you for coming here and best of luck.
Thank you so much all. Right brother, have a good one.
All right all right, all right so are we ready to win?
Are we ready? Wow, this market is back.
I I love this. I like this market, boys like
I've been, I would say I'm back in like pretty bigly and so I
look a little more and like every time like we've been
defending certain levels pretty well.
Boys like even Bitcoin stole everything.
I like that. Give me that give.
Me that 89 K by Friday 0. Shit, the Myriad line I forgot,
but let's check out Myriad for a second before we get to these
things. So shout out to the poker
tournament that happened yesterday.
So Mando by the way, by the way, keyboard monkey did win the
market just to tell you. But hold on, hold on before you
laugh on some won the most. So he came first, KBM second and
your boy 3rd. So I know you were laughing and
saying oh did you even play poker?
Mother fucker? I came third and I make money.
Nice little $3000 paid it for your boy.
So that was not bad. It was like 2530 K at hand at
most. So KBM beat me for hand one.
This is where you won first hand.
We get in first hand of the game.
I'm nearly all in half my stack. I get a king high flush and he
still manages to beat that with a king over 7's full house.
Pretty wild, right? That was like, that was the
hand. I thought that was crazy.
Yeah. Comeback of the year.
I know, right? I had 100K tokens left.
I left with 700,000. That was pretty big.
I think Jintao lost at 1.2 million Pengu, but we're going
to run these back a lot. You guys should play nice.
You guys play poker? A little bit of poker, not, not
for a while, whatever. It's very popular in my in my
track five days. Yeah, of course.
Ty, you play a little poker. I'm a I'm a fish.
I get run over by the guys. I'm a fish too, though, and
there's a lot of sharks at the table.
I just play, you know, I just put your balls on a table, you
know? I mean, the code is GameStop.
So let me go through these myriad markets for a second.
So give people another minute to put the code raffle ball dot
XYZ. The code is GameStop.
So, boys, this mark is very interesting.
It's got $55,000 worth of volume, I'm not going to lie.
The yes at 13 percent. 8 to one, Yeah, I mean 8 to one, we hit
89. Mando I don't know about that
but I only 13% of people have Bitcoin price above 89,000.
Priced that is missed. Oh by tomorrow.
Where is it now? 87 two bro.
Yeah, that's mispriced 2%, 2% moving Bitcoin.
Is it? Is it, is it?
Yeah. Is that 13%?
Yes. For sure.
Also like you have to remember there are a lot of options.
This is a really good day to do this by the way, because this is
1/4 end, 1/4 end means that like a lot of options expire.
So you get like, and it's a Friday, right?
So you're going to get like billion.
I don't know what the figure will be, but I reckon you're,
you're talking, you know, and you always like, is this a big
deal? It'll be a big deal tomorrow.
There'll be, there'll be billions of options that expire.
I think tomorrow some may have expired on the 20th but the
majority will will expire tomorrow.
Damn you're. Going to double down.
So that's not, that's not, yeah, I don't think that probably
takes into account that level of volatility because I imagine a
lot of them are probably set around 90K.
Yeah, I don't know man all. Right.
I I, if I was putting money on this market, so I I can't really
at the moment like actually do it if I were to do this.
I mean, you guys know me. I also like to gamble a little
bit but but 89 K I know that. Now for OK.
What? But you like to gamble a little.
Bit yeah, you like that? I'm like top five in the year
Leaderboard. I can't post.
There you go. Try boosting.
No, fucking I'm like boosting my post.
I don't need to boost my post. Everybody go retweet my shit.
But we're nearing $1,000,000 of volume at Marriott, so we could,
you know, use everybody's help. That's why, yeah, I do love to
gamble, man, though. I'm cooking though.
Like literally like I'm fucking you.
Actually have a pretty, yeah, you have a pretty diligent
strategy. You've you've gone more
defensive in in your trading strategy.
And then when you get that flutter, you just kind of go on
and do a little flutter. I think that's probably good for
you. I think that's probably good for
a long a lot of people. It's helped my edge a lot.
Like I do play a lot of blackjack lately.
I'm not even going to lie. Like I played a lot of this
morning, I played last night, I played.
I play a little bit every day, but if I lose, I lose.
I have a daily budget and if I win, I win.
But I cash it all the time and it's taking me away from the
trenches, which is amazing. And I just let my spot right?
So I'm all spot in. I'm all I'm spot on it, right?
You like actually spend. You put it straight to the
spending. So since in Canada gambling is
non taxable exactly right, every dollar is a whole dollar.
So I put it directly my crypto credit card.
So I can't even I don't even cash it out so it goes directly
my crypto credit card or I can give money to my mom type shit.
You know what I mean? Like stuff like that and.
You tell the Canadian tax authorities, then you leave, you
know. Yeah, that's it.
And it's real. I mean, you know, I get I get
my, you know, Yeet and Robin or whoever can get me a little
statement of my winnings. You, you, you prove it.
It's it's real gains at casino. So you know, so it's.
Really. Gambling in Portugal is also not
taxable. Incredible.
That's amazing. I, you know, listen.
Unless you are a professional gambler.
Same here, unless you're professional.
I'm not a professional, I'm a professional media company
founder and I gamble and I gamble on the side.
You know what I say? Anyways, checking up also the
Tyler, we have the fear and grade index over under 45 March
29th. Where is it at right now?
It's at 40. Oh, it's going to be over today.
Look at this chart, boys. Look at this chart on the fear
and grade. What do you got, Tyler?
I don't know. I feel like people are afraid
right now. I think I'm on the, I think I
would be on well at 65%. The the lines are kind of
correlated to a degree. Oh, so we have more time on this
one? Yeah, one more day.
It's 89 K We'll probably go back to 45, but.
Then. We can sweat.
Yeah, it really reeks of bits on our timeline.
We're in this weird phase where people are not scared to go risk
on risk. Go fucking risk on and wait.
Well, this is down if you're spot.
Every major bank just revised down their the S&P 500 price
targets for the year. That kind of spooked some folks.