Good morning. Good morning, GMGM
August 5th, 2020 Four. But I don't have it in me bro.
What's up y'all? How you doing Tyler?
How you doing man? Though I I I I can't even fake
this shit dude. I I I I hate today.
How you guys doing fuck. Trainers are born for days like
today, my friend. I am not a traitor.
Well, appreciate your comedic relief at at least.
Yeah, I think we, we, we all need a little bit of that.
Yeah. I mean, it's, it's Black Monday,
right? It's kind of Black Sunday.
Black. It's been black fucking every
day bro. This is selling May go away.
It's like it's smelling in January, February, March, April,
May, June, July and you sell in August.
I swear to God, if you guys do sell that September on my
birthday month, June, I'm done. Jesus Christ, Black Monday,
black Tuesday, Black Wednesday, black till this shit.
Definitely what a day anyways, Oh my Lord.
Well, we're back. We're we're definitely here.
You know what at least I get to I get to I, I get to feel this
way in my home. I get to feel this way my home.
Oh look I open the timeline says wizard is calling for recession
being cancelled so I guess wizard is going to save us
anyways. It's just another drop in the
water y'all. We've seen this before.
We went through 11 weekly red candles on the morning show
before. We've been through this shit
come on baby this year. What Mando said when we started,
she said traders were born for days like this with Guess what?
For all you non traders out there like me, you know Mama
ain't raised no bitch. All right, so we got this, OK?
It's just another drop in the water.
They're going to cut the rates. And in the In the words of the
wise Keith Grossman just texting me, he said grow a sack.
Swear to God. Yeah, he said when going through
hell, keep going. I remember last time he told me
that we went on to build one of the most fire media brands in
space. So it is what the fuck it is
today on the show today, today daily market report.
Mando, please, we will need you today to give us the best market
report you've given in your entire career as a Twitter
Space's host. I mean, dude, we've hosted like
fucking 900 of these at this stage.
This is already from our episode 172, bro.
So, so we, we've hosted at least like a hundred of these with
Tyler alone. So we, we're deep, we're deep.
And then Tyler's top 100. I mean, if we even get there, I
mean Tyler's top 100. I don't even want to know.
I don't even want to hear it. I don't want to hear it today,
bro. I, I have all charts closed on
my computer. I have not a single meme coin,
not a single major. I don't have AI have one tab
open on my screen right now. It's X and and the stream yard.
I guess I'll find out right now what my meme coins are at
Tyler's at Tyler's bottom 100, Tyler's book on Tyler's bottom
100 today, and then a new weekly sponsored segment on Mondays.
We'll be talking about Arbitrum, Arbitrum's weekly update.
So I don't know what we'll call it yet.
We'll figure it out. You know, ours weekly update.
What a day to start. Sorry y'all.
What a day to start a weekly update on the Arbitrum
ecosystem. Oh my God, dude.
I, I, I think I'm laughing out of hysteria at this day.
I had a great sleep. I woke up to this.
My my urine gave me 92% score on my sleeve.
It was the best score I've had since I bought the fucking
right. Well, I thought it was wonderful
as well King, until it wasn't. But anyways, Mando, you know I'm
giving enough to you. I already I already need a
break. Who is the man?
Michael? Daddy of the land.
Can you dig it? Yeah.
GM, everyone. So pretty horrific, I would say
all around when we went, when we closed up on Friday, Friday had
been not the best week for crypto, but it certainly wasn't
like this. Bitcoin was hanging out around
62 K. Those are the days Solana was
trading at about 1:55, I think 150 to 160 and ETH was was above
3000 like 3100 area. I think it it had been a little
bit surprising that week just how badly I think crypto have
been trading. We'd had a bit of a sell off in
the in the NASDAQ, but it definitely felt like there are a
few things coming together over the weekend things just got even
worse and particularly this morning now there's a few things
going on and I'll just rattle through them because it's
difficult to work out which is the worst.
The first one has been this yen carry trade, which has just been
the move in dollar yen. So dollar yen is basically
reversed all of its 2024 losses in the space of about a week or
less. And basically what that trade
is, just to really simplify it is it's very cheap to borrow
assets or it was very cheap to borrow assets in yen.
It was actually 0% interest rates over there.
So a lot of people did globally, they would borrow yen, they
would borrow in yen and then they buy risky assets.
So they buy tech stocks, they might buy Bitcoin, they might
buy, they might buy U.S. Treasuries, which are even 5%.
And your only risk there is the movement in dollar yen, right?
Because you, there's no, you're paying 0% interest often on, on
the, on the loan. So as long as dollar yen doesn't
move more than let's say 5% for for Treasuries or let's say tech
stocks are up 15% this year or Bitcoin, which is up 50% or even
more, you are going to be fine. Now what actually happened is it
moved 15% in about 3-3 sessions, 4 sessions.
And a bunch of people who were borrowing in yen had to hit the
eject button. And this has been a multi year
trade. This is not like something
that's just been going on. This has been going on for a
long time. Sometimes it's hedged, but even
the cost of those hedges blew out as well.
So you had a big unwinding and that happened a little bit on
Friday. The VIX hit 30 on Friday, which
everyone was like, wow, that's, that's a big move having been
low for a long time. And then as soon as Japanese
stocks opened on on on Monday, they went down 12%.
So the biggest single move in many different Asian markets for
decades. I think for since Taiwan, it was
like 57 years, biggest two day move in Japanese stocks since
1980s very, very big move. And people freaked out in crypto
as well. They have been freaking out for
a little bit, but that really caused us to go from 60K to 50K
pretty quickly. I was actually asleep.
I, I woke up to that. But that is the idea that people
suddenly realizing they have to pay back these, these yen and
also the yen moved as well. So payback the yen assets and
freaking out having to exit them.
So you had like a global risk off in all markets because this
affected this wasn't just in crypto, this affected all risk
assets. The NASDAQ opened futures opened
down 6%. It just felt like it was a
really ugly day and and that kind of continued.
Now, on top of that, there are a few other things going on.
On the weekend. You had Trump going behind
Kamala. Now Kamala was ahead in some of
the some more of the polls, notably Nate Silver, which made
people feel very, very worried. You had reports that Iran was
going to attack Israel in the next 24 hours.
They've been thought that it happened.
It could happen on the weekend, but now it's going to happen
before Wednesday seemingly. So people very, very uncertain
about that. You had you had different firms
in crypto liquidating. So the most notable one would be
Jump. Jump has been liquidating for a
while now. This has not been something that
it just really hit headlines because they start to liquidate
big, big clips of ETH over the weekend.
So they liquidated around 500 million plus of ETH in just a
few days. And this is happening on a
Sunday while all of this is happening as well.
So you get these like really horrific moves.
This is one of the things about crypto is that as it becomes
more of a macro thing, it is the one thing to trade on a weekend.
And this was a real culmination of a bunch of different people
freaking out on the weekend. So a bunch of people getting
liquidated, people getting worried about, you know, macro
politics. Then you had specifically to
crypto some people liquidating. And I've heard anecdotally there
were there were a couple of others.
So yeah, it just, it just seemed to all come together at a pretty
horrific time this morning. We were selling off before the
NASDAQ opened and then we've seemingly bounced pretty
aggressively on that open. So Bitcoin's back to 53 K.
Let's go back theorem. Theorem is back to 2400.
Solana is back to 127. So about 10% rise across the
board in risk assets since over the last half an hour.
Really, it had been looking pretty dark before that.
Yeah. I I don't really know what to
say. That was one of the biggest
liquidation days I've seen one of the like, even I look back at
that, that, you know, that nine week candle and ETH, this was
this was way worse than that. As in not in total move, but
like, this was none of the candles even came close to what
we saw over the last week. ETH erased all of its 2024
gains, all of its 2024 gains. ETH erased.
Yeah, proper movie we. Went to 19.
I must have been. It was like early your morning
then I was. I'm up at 7:00 AM and that's
when it was all her hitting, so I think Solana.
Had texted me at 2:30 in the morning saying I the 1st I I the
first thing I see this morning is Mando a text from Mando.
Hold on let me read it to you guys at two at 2:46 AM.
How hope you guys are all OK. This is a crazy move.
I wake up to this shit at 6:55 AM because I'm jet lagged and I
and you know what I do? I pray not a religious man and I
open quick market cap and then I was stuck in bed for an hour.
I was just like. I got, I got up and out me and,
you know, we had an emergency meeting about what we should do,
which we made some good calls on.
And yeah, look, I think it's, it was just a crazy, yeah.
When you see a move out in the VIX, the VIX is a really
important thing to to pay attention to because the VIX
doesn't really. Because everyone talks about VIX
this, VIX that, but I think 99.9% of us don't know what it
is, including myself like. Just completely simplify it.
VIX equals volatility. So the idea that the VIX blowing
out to 30 and it's, it's also implied volatility.
So it basically indicates that everyone thinks the market's
going to go a lot lower. Normally it doesn't hit sixty
that often. It hit 63 or 65.
Yeah, pre market. I've.
I only remember Vicks hitting that level in the weeks around
COVID. Like it would hit that on
multiple days. I remember, I remember sitting
in an airport hangar near this is how all the banks were set
up. So you'd like you'd sit during
that period. Like they put you to like
disaster recovery during COVID. So I was like in an airport
hanging near Heathrow Airport and just seeing the VIX hit that
level. It opened like that.
This just didn't feel that bad compared to this.
This felt as though a lot of people offside rather than
anything specific. COVID, right?
COVID was COVID, people thought the world was going to end.
If you track back to what caused this job, the jobs missed BY60K
jobs, there's an expectation OF115K jobs and it hit 175 S.
It was the expectation of 175. It hit 115 K.
So we missed jobs by 60K on NFPS and they didn't cut rates by 1/4
point and Vicks hits 65. That is not COVID.
So for me this was nothing like that in terms of how horrific it
was. It just tells you how big people
in this trade and that the unwind.
What's interestingly is that crypto.
I wouldn't have all the asset classes in the world.
Again, I would not have picked crypto.
I don't think many people are borrowing in the end to buy
Bitcoin. It's been very, very popular to
borrow in yen to buy real estate assets to buy anything with
risk, but not really crypto. It's not like a big you can't
even have like Japanese banks aren't really lending to a lot
of crypto people. Anywhere.
That's why I don't understand what's going on now.
Like I see all this stuff about Japan and as someone who's not
in finance nor I have a background in finance, I'm just
an enjoyer of the space. Why the fuck does Japan have so
much to do with my bags? Like what's the?
What's the? Yeah, I've read conspiracies
that like some someone attached to Jump was perhaps a was
affiliated to this as well. But to be honest, all this tells
me is that crypto, just because it's the only thing that's open
on a weekend, people just hammer it.
Like when they know they're about to get hammered on tech
stocks or they know they're going about to get hammered on
their other risk asset, which they borrowed in yen, which is a
very popular trade. Like in broader, broader trad
FI, they just go in and they just hammer crypto.
So it's something that makes me a bit scared about with crypto
is that whenever anything happens over a weekend period,
it's like, oh, we're going to drop 30%, we're going to drop
20%. Like the last time Iran
threatened Israel and then sent those send those drones, we
dropped 20%. It was like what is going on
here? So I think people use the
weekend hedge is just is crypto now and you've seen these
horrific, horrific move, but it doesn't feel crypto specific.
It just reveals the hand that crypto is a is the whipping boy
of global macro when it wants to be.
They will just hammer it if they need to hedge.
I also think that this sort of a sell off is the sort of sell off
that isn't V shaped in terms of recovery.
The crypto like if I'm sitting there and and ether's just a
raised all of it's yearly again, I know it has a bit of a balance
just now, like people will leave.
I think this is this is like this is a proper and even the
memes, right? People were were safe in memes
for a while. Like memes are down 50%.
Memes are down 50% in like 2 weeks.
Mog was trading at 2.3. Right now it's at 1:00.
That's enough. Pepe was trading at 1.2 now it's
at nought .6 like with with was at 2.5 now I was at 11.3.
Sorry, like these are these are. Bro last Monday last Monday
Solano was at 192. Yeah, I feel like Solano is the
first thing that people will buy back.
I feel as though this is going to lead to a drop off in wallets
throughout the board. Like why, if I'm sitting there
and I've been told, you know, ether is a great asset, I'm not
not against ether like that. You can just buy and hold majors
and you can have exposure crypto and then you see stuff like
this. You're just like, what is going
on? Why do we even?
Own this I just. Own Tesla.
Why don't I just don't, you know, like I think a lot of
tourist style people will just be like, what's the point?
You're right. I I have a question.
I have a question, but yeah, yeah, you're right.
I have a follow up question up, a follow up question on that.
But Tyler, how you feeling this morning?
What? What's the rate here?
I'm hanging in there. I, I remember, you know, the,
the COVID crash in 2021, watching families network drop
by what, like 5075% in a, in a matter of days and just being
like, well, guess we're going to keep going to work every day.
And I guess that that's kind of I am like like right now, like
it's not going to retire next month like that, that type of
thing. You know, Mando's brought up
some sobering points. And like I had this idea of AV
shape recovery perhaps more on the the stock side just because
of like this. This feels like such like a
technical sell off versus like a true like fundamental like we
talked about this on Friday. Like it doesn't feel like the
economy is like in this terrible state right now and like this
combination of all these different things that happened
at at the at the same time, it is driving everything down.
But on the crypto side, and I have to give Darren, Darren LX
credit. I mean, he kind of called this
like a month or so, maybe two months back.
He's basically said everyone who's been buying has already
bought. So so who is I?
And it feels like a lot of like a lot of the CT, like myself
included, like we've been kind of all in like this cycle.
We've been. And so now it raises the
question of like who is going to buy everything back up?
So I, I want to say it's going to be V shaped, but I, I don't
like, I don't have the, the, the backing for how that's going to
work. I think there's some macro
bullish things to come from majors.
You know, the, the I'll give some hope in them out there that
this morning, as I like to do. So we saw like the Morgan
Stanley thing on Friday that Morgan Stanley finally got the
green light to start pitching the Bitcoin ETS.
I think for folks who, who aren't in CT, who don't show up
to this space every day and see the panic on the timeline and
who've been wanting to get exposure to Bitcoin, they're,
they're probably excited for this dip.
I I think right like they they have a cheaper entry than they
did. Yeah, what's up?
My point in this is just that I remember the last time we've had
these sort of huge moves like off the FTXFTX when FTX hit ETH
went from 1800 to 1000. Is that right?
Something like that. What is it went down?
About 40%, I think that's not dissimilar to this move.
Like this is Ethan just went down 40%.
And what you tend to see is like big, awesomely thick
liquidations. Takes a little bit of time.
You know, it's like, it's like
jaws, Are you ready to get back in the water?
I think majors are the ones that probably recover the best, but I
think if I'm honest, the idea of us going back to like 70K or 60
Ki think we have to put in my eyes is probably now a post
election. And that's fine.
I'm just saying I think this isn't.
That's a. That is a proper Wick.
Like it was 20% dip on Bitcoin on the ETF.
Yeah, well, Bitcoin was at 70K on Monday, right?
It went down 30. It went down 30% from Monday,
Monday to Monday. Salon was at 193 that went down
45% roughly and ETH was at 3400 and now it's it hit 2200.
So again around the same. So 45%.
So huge moves. And I think the other thing is
that it it the final, the thing that everyone was kind of in as
their beta play, which was memes has just been eviscerated,
right? Like not like they could bounce
here. But this morning, what's the
first thing you want to buy? For me it was Solana and and and
bit. Maybe just even bitcoins,
Bitcoin. Probably Bitcoin, right?
I, I think it's going to take a little bit of time for people
to, to, to get back into like, I don't want to see a shield
thread on the timeline right now.
You know what? I.
Mean people shilling like low cap meme coins.
I saw. I saw a low cap meme coin shield
this morning. I was like, come on, give it a
day. Yeah, this is a question for you
and then I have a follow up for you man, though, boys, where,
where, where? Where are we?
Where are we on here?
Depression. Disbelief.
So I, I, I pulled this up yesterday actually to, to try to
answer this question. I mean, still, if you're in the
Kobe mindset, like the cycle hasn't started, Disbelief.
I was going to be my follow up. Question.
Actually, the big dip in disbelief.
Is this this one? Is this it this this one here?
Amanda, what do you think? What do you think?
Where where we're at and what do you think of the Kobe's point
that's saying that this is very similar to 2019?
I think Quince Bernsky had a early tweet last year on the
last year saying that 2024 is going to look like 20-19 with a
sharp move up on Bitcoin going up 3-4 X and the cycle will
start after that. What do you think?
Look, if this is if this is a crypto cycle, it's been one of
the worst of all, but it's been the worst one by far.
If this is this is your cycle, like look at year to date on
coins, but every single coin is either at cycle lows or at year
as at all time lows, right? There's there's a very few
number of coins which are not are not don't fit that bill
apart from Tom Solana ETH. Well, Ethan cycle lows Bitcoin
and and a few of the memes, right?
It's it's been horrific in the top 100.
That is not what a normal cycle looks like.
So I don't know if this means you can pick a very rosy picture
for 2025, right. Trump gets in, we Bitcoin I
think then can go really quite high.
And I think Solana and Ethan go can go really high as well,
particularly Solana if he can get an ETF trade on the back of
it as well. So I just think he's delayed it
slightly. So yeah, your hopeium is that
you, you, you hope for a 2025 trade here.
I think if I'm sitting there right now, I'm down a lot.
I think have a game plan. Think about right now who is
coming in to buy your bags? Like do you own coins that
people are desperate to buy or do you own coins?
If they were not 30%, the holders would all sell because I
think there's a lot of coins like that as well right now.
And extend your time horizon. Like I'm not saying, I'm not
saying don't be have parabolic ideas where where things can go,
but I think we have a slightly longer time horizon.
This, this will be a few weeks of fallout, in my opinion, of,
of a move like that at least. And my, my view is also
simplify. So yeah, just just try and try
and be in, in things that you really, really like.
And I think the worst thing to do here would be to to to get
caught up trying to make it back and trying to like buy gambles,
because I think that's what some people will do.
And the people, if you're buying somebody else's gamble, that
person will sell it on a 30 to 40% rise.
Like if a coin is up right now with up in a few days, people
pretty large orders like fuck this, particularly in stuff that
might not be like multi cycle. So I, I be really aware of that
as well. It might even feel good today.
It's like, oh, I'm going to. FOMO and I'm going to make it.
All back and then in like 3 days it will be down 40%.
And I, I reckon Solana and Bitcoin and E probably will just
kind of be unchanged or like they might even be higher.
So I, I think it's not that even those memes will never come back
or those small coins will never come back or those gambles never
come back. It's just that these are the
periods where people go like, fuck, remember, there's that
classic thing of like how much liquidity there in there is
across all of meme coins, right? Versus the actual market gap of
meme coins. Just think about that like
people, people will be like, OK, I need to get out.
Yeah, I mean, hey, I'm in it for the tech, so.
JLP, baby, you got to be in it for JLP.
They're only down 3% today. I told you, I told you to be.
In there everyone got liquidated, so you.
Can plan to tell me you told me? Son of a bitch you could.
I had the short one and then and then I closed it a week earlier.
Jose, you're in short. Hold on.
You're in short. Bro I let the I let the bulls
shake me out of my Easter like 3 days.
He closed it due to the abuse on the show.
No, I'm so sorry. I think a lot of people when
Bitcoin hits, I mean, fucking hell, a week ago, not last
weekend, the weekend before Trump announced a Bitcoin
strategic reserve. Essentially, he would not sell
bitcoins. And the Kamala thing happened.
Everyone, Kamala's going to win. Everybody got spooked out.
Like the whole world is falling. Like there's also like, it's not
like there's also like civil unrest.
A lot of place in the world, Europe, what's going on in the
UK is absolutely fucking terrible.
There's a lot of unrest in your America right now with the
politics. Kamala also for the first time
going in front of Trump in terms of the of the of the polls,
which scares probably the market Trump to stabilize a Kamala
crash. But of course, that's I guess
that's it. That's a great time to try to
have those tag lines, right? Japan, which obviously clearly
spooked a lot of people in the market like Mando, you know, so
eloquently explained this to us, Vicks and all those big numbers
that you guys are talking about. So I, I, I'm not surprised that
even even in Bangladesh, there's a coup happening.
Bangladesh, we we should have had expert Bangladeshi Ovi on
the show today to talk to us. I've been telling him about
this. This fucking unrest.
For weeks he had barely any idea what was going on.
I've been putting on man and ministry, like, you know,
there's some shit going on man there.
She's like, oh, never really know about it.
You're trying to like kick her out or something.
It's like a coup. Happened actually.
She's she's bad, she's bad. The bunk people been killed.
Yeah, I don't know, I'm not a Bangladeshi like political
expert, but I I just, I just saw that it's like every time I open
my, my ex, I mean, you know, ex is pretty good at also showing
you like all sorts of like horrible.
Like X has become like the number one fear mongering app in
my opinion. Like it's pretty fucking bad.
I'm sorry. Like I'm not a woo woo like I
open X right now. It's I'll just say it,
anti-Semitic as fuck, anti like Islamic as fuck, anti anything
remotely happy AF. Like it's just become just like
a cesspool of like racism and race bait and rage bait.
It is. It's.
The clicks, man, We spoke about it on Friday, but you there were
you there on Friday's Show it. Was the show that was me and you
man though I think when we were talking.
To meet you. Yeah, yeah, exactly on Friday,
like this exact topic. I mean, I I've watched people,
I've watched maybe 10 people get shot this weekend on video.
I was not even trying to watch. I it's not like I searched like
person getting shot in the fucking face.
I was just, I saw some dudes stab people in Brazil on my
feet. What the fuck do I care?
I love Brazil and football. What the fuck do I care about
what's going on in Brazil? You know what I mean?
It's still being shown to me. I'm just friends who they're
just not using X anymore. It's.
It's, it's insane, it's insane, it's insane.
It's, it's crazy. Like I, I try to avoid it.
It's like they're like, oh, create your followers.
Fuck you. I create my followers.
It's just, you know, I'm not saying anything as Brazilians.
I like you, Mr. Olivus Blaster in the chat.
I'm just saying I don't care to see a Brazilian dad stab
somebody else on my timeline like.
I saw that exact same video and what I only follow NFT and
crypto. Like I tweet about crypto all
day long and I'm being fed like, like, you know, being fed like
something from another place in the world.
Like, you know, yeah, OK, sure. You can show me some content
about the Iran Israel stuff because I I've talked about it.
I follow it pretty closely because I care, you know, but
like, I don't know, it's a, it's a if you're like, I feel like we
are like becoming like a like we are like creating, like
radicalizing people on both sides right now on social media
in the worst way possible left and right.
Like I actually saw that. I actually went deep in the
whole like UK rabbit hole last night, like 2-3 hours and on
both sides, like the radicalization happening from,
from, from the social. I invite everybody to just like
try to spend as little time as possible on, on social media
right now, 'cause it's a, it's a, it's, it's actually really
crazy right now. It's a, it's, there's enough
content to make you hate Muslim people, hate Jewish people and
hate white people. Like, you know what I mean?
Like there's enough content to make you hate all sorts of
people on timeline right now. But anyway, Tyler, let's talk
about your bottom ones. Thank you for that.
Yeah, certainly a more sober rundown here this morning
headline we saw crypto majors crash 15 to 20% biggest single
day dip since 2021 jump Crypto. Seemingly unwinding huge
portions of their book and lighter news brought up earlier,
Morgan Stanley has given the green light to its advisors to
offer the Bitcoin ETS to their clients, starting with ibet and
FBTC Jupiter. They announced their latest
proposal to slash the token supply by 30%.
That has passed, so look for that token reduction here to
come. Blast stablecoin USDB.
It briefly depict during all the chaos yesterday it hit like
$0.94, but it is back to a dollar here this morning.
Memes and NFTS, folks, it was a bloodbath.
I won't go into a lot of detail here.
When I woke up this morning, the top 75 meme coins on Solana were
all red by market cap. Top 75 are red over on ETH, just
one one of the top 96 meme coins were green.
I have to give a quick shout out to Nero.
Nero coins up 50% on the day to 160 million.
So it is clearly the top performer right now.
Another meme coin is we saw Pack Moon tease a big move off of
Blast. So the timing now isn't great.
They have narrowed their choices down to either ETH or Solana.
That token was at 4 million here this morning over an NFT land.
Not great. Most leaders down 7 to 15% on
ETH. Bitcoin NFT leaders down 10 to
20%, down 10 to 15%. A lighter headline here before
we wrap things up, travel swap. They shared their yearly revenue
numbers on Friday. They jumped from $2400 in 2023
to 234,000 in 2024. So I'd love to see a success
story on a on a more red day. Yeah, yeah.
Big fan, big we, we work with them a lot.
They do like all our we, we. I had a call with the founder
Eric a couple weeks ago to two weeks ago.
And so they help us a lot with all the bookings, like all the
hotel stuff, even flights and stuff like that.
It's it's really good. I think they're they're
launching flights soon. That's not a secret.
Like it's he's been talking about it, but but it's really
cool. Like they help actually a lot of
businesses as well, like B to B do a lot of this stuff.
Sometimes now you have to move team members and stuff like
that. So complicated.
So it's actually a great company.
I actually was talking, I was in Germany and a bunch of family
members like work in the travel industry for some reason.
And they were like, oh, we haven't seen any applications of
crypto in travel. And actually was talking to them
about travel swap because I thought I thought it was really
cool. And we were like, yeah, but
there's no way to really make money.
I I should show them the revenue stuff.
But because there definitely is ways to make money.
It's funny, I think I was talking to Eric because like
when meme coins pop like that the the amount of people that
use meme coins to to book travel.
OK, being a trip, yeah. He was saying something like
Pepe is the number one coin you use for for, for for travels
because that's the one where a ton of people make a ton of cash
early on, You know what I mean? Well, I mean, if you think about
like the concept of going bank less, which like on days like
this, I think a lot of people like this, the last thing on
their mind. But like in a in a future where
that is, you know, a real possibility, you need apps like
this, right? You you need apps where you can
spend crypto to do things in the real world that you want to be
able to do. Yeah, I feel like there hasn't
been a ton. So I I think we got we have to
root the root, root these apps on root root through success.
100% by the 100% I told him I said, Yo, he's like I want I
need Ryan Reynolds to be the travels face travels like yo,
let me be here Ryan Reynolds, you know, but but I think I
agree with you. When I, when I had money, I
booked myself that first week in Solana with some Zach profits
and, and it was really cool and seamless and
betterthanhotels.com because connect your wallet is way
better than opted via e-mail. And that's just a fact.
Yeah, like 5 miles. So, so that's, that's, that's I
like that shout out. I really, really like that shout
out. Wait, we're in your headlines.
Look at that. We're up 42%.
Roggenesis baby Roggenesis, one of the top movers.
Are we? That's crazy.
I just, I, I, I stopped looking at everything across the board.
I I complete disconnected myself from anything.
In my newsletter, every every day I, I, I do the top five meme
coins usually just across Ethan's salon and I had to, I
had to put in a this morning. My 10 million is my cut off.
I don't generally report on tokens under 10 million and and
there wasn't a single token in green above 10 million.
No, there's nothing right now, bro.
There's absolutely nothing. You know what now?
There's Nero. Nero is handling up man like
this is wild on a day like this. It really is.
That's you know, how about the wrong cobalt coin?
Shit, that's that was the one, the Solano, the Ethereum 1
right? Yeah, the Ethereum I'm trying to
search here so Pepe. It was on the back of Vitalik
dumping his allocations. You see that.
So Vitalik was like up holder and then I think dumped what, 44
eighth of it also does. Does Vitalik know how to read a
room? Like, have you seen his tweet
this morning? Yeah.
I, I love Vitalik. I, I don't get me wrong, mine's
a genius. But like, do you think the first
thing someone wants to read when they wake up in the morning like
this is, I think people will be surprised by how quickly cross
out to into our operability problems, stopping problems and
we get a smooth, I copy pasted it this morning.
I don't think many people got it.
Yeah, it's being memed a lot. Maybe that that was his, you
know, in his genius mastermind. He knew the timing was bad.
He knew it would get memed and then it would get his message
out amplified. You're right even further.
Terrible timing. But that message is important,
right? Isn't that that's like the main
reason we've been kind of a lot of people have been nagging eat
is like the difficulty of L2's and fragmentation.
I totally agree with you. The other thing is I know you
report on that. I have not seen this prices
since I got into crypto. That's when I go into space.
That's exactly what the floor was Feb 29th, 2021.
I think the lowest pump was 15 to 19 eighth.
And then when I really, really got into the punks that my first
pump was exactly at this price. It's 198050 K.
So ETH was slightly higher, but was that was exactly where I
bought my first pump. How long do you think it's gone?
I think 50K was like the the magic number for a lot of folks.
Clearly we're not seeing like a, a massive buy spree here.
So I still feel like we're we're, we're probably going to
see teens and eat prices and then like a lot depends on how
low does eat go here. Like I think we can see 40 like
if I'm being honest, like where I'm going to pull the trigger,
like really move things around to buy a punk, it would, it
would be below 40. Like I'm not going to like, you
know, go out of my way right now to to try to catch the punk
falling knife at 40K. I'm.
The same like this will get punk like this 24 eighth on the floor
that just really no buyers. Yeah.
I mean, yeah. I mean, and Andy was saying,
right, you got to think about like who who's going to, who's
buying your bags, who's potentially sellers Now, I don't
think like if punks run up 30%, everyone's going to be racing to
sell their punks, right? Because we know that it's the
older base, but no one's racing to buy in right now.
You know what, like show that's a bored Ape.
Bored Ape's held up stronger than just about any other major
NFT. They're out.
They're green on the week. I think Gordon was tweeting all
night, right? I may have missed those if he
was, but like, you know, there's been this like infamous, like
I'm the lady's going to flip board apes in 2024.
And you know, I mean, apes have been the, the dunking, the, the,
the dunking board basically, but they're at 9.3 and they're
green. Still tennis and eight, it's not
bad. You know, about 1/2 a punk.
Little, little, little lower than that.
ETH, ETH in ETH the nomination, the prices are holding pretty
well on the NFT side, but you know obviously that the dollar
value is not is not the same. What else do we got?
Let me see, let me go through this.
I mean the pack one stuff I thought was interesting.
What, what, what? What do you think they're moving
to? I mean, it's a sign of times,
right? I I hate to say this, I'm not
trying to flood blast and there's a lot of good people
building over there, but there's there's there's nothing
happening right? There's fancy top.
There's nothing happening, brother.
There's only fantasy top right. We talked about this Friday.
Like I asked you guys, what is going on?
Like is there any? I didn't mean to FUD.
I'm like, is there anything going on on the chain?
I don't even see the Blast influencers really talking about
anything right now. There's anything to talk about?
But what are you going to like? What?
Even though you said USD, BD packed for a moment.
Yes, it did. I think last night it got down
to like $0.94. I, I don't know that I don't
think anything necessarily bad happened.
Like I, I don't, I didn't see like any big like liquidation
cascades or anything, but it D pays.
I mean, the Pacman chart does not look great.
We've known they've got a team, you know, who's been working and
driving this thing forward. It's an interesting choice.
I actually don't have a strong read if they go either Solana,
you know, we've seen there's there's historical success like
the pups token bridge to Solana and that is arguably what drove
their massive leg up before it it fully round trips.
But the ETH meme coin landscape is much more open, right?
I think that's one of the benefits of ETH right now from a
meme coins make it right. There's less competition versus
Seoul where we've got pump launching 10,000 coins a day and
people hold on to a coin for three to five days the longest
seems like. Yeah.
So I I'd get ETH right now if I had to bet, Where'd they go?
But I think it's pretty much a coin flip.
I'll bet so I'll take the other side of that for the only reason
that blast is technically on Ethereum.
Technically. Technically, you know, but
obviously much easier to, to access than than than actual
blast because you have to do the whole Brit shit rich back and
all that stuff. But I, I wouldn't be surprised
if they moved to Solana because it seems like for what they're
trying to achieve, like the whole social validator stuff,
you know, all this kind of stuff.
I feel like I know it was really axed.
I played with that, but I don't know, we'll see.
Anyways, nice bouncing Solana now, I don't know if anyone's
watching the markets, but back around $130.00 mark, I don't
know. It would make sense for this
cycle, but I don't know. I don't know the whole tweet
also like them asking Frank which one to pick.
I don't know. I just I wasn't picking Solana.
I saw them, I saw them, I saw them do that while Pups is 20
mil, that is absolutely. Max Max Payne that folks don't
remember that hit 900 million. Shut up dude, are you serious?
Hit 900 million and then I was just doing the classic like
what's my bag going to be worth if it just double S for me?
Yeah, we can say now because we're all commiserating.
I had about half a million in pups at the top and it is worth
much less than. That yeah, like 1/2 something
like that along those lines happens to the best of us,
happens to the best of us. And then but that's why.
But let's see how are we doing on the inflows?
I mean, I listen the I just I just retweeted something from
arkamentalogens just for some from for people to say like we,
you know, we can do the whole like acting down bad this and
that. Obviously it sucks to wake up to
see like your net worth decimated over the last couple
weeks. But arkamental just tweeted you
guys stole all your coins, but BlackRock, MicroStrategy,
grayscale fidelity did it and they haven't touched a coin.
And you also have Hunter Horsley steal Bitwise talking about Hey,
how like the like not a single one of their I like this one
this morning here, but I steal bitwise.
He said, I'm going to show you guys right now.
Where's the zero? He goes 0 phone calls from
clients so far. Know your game.
If you're trader trade if you're buy and hold buy and hold.
Nothing changed about thesis for Bitcoin and crypto today.
In fact, one can imagine the moves ahead now that will even
be better for the asset. So, you know, I mean like, it's
like buyers are buying, you know what I mean?
And I think that we all get like sucked into the trader mentality
even though if we don't trade, because on Twitter, most of the
big CT dudes are like big traders, right?
Like most of the prominent voices and influencer are all
like actual traders, some very successful, some not so
successful, but still have a large audience.
So I think that everybody gets pulled into that mentality of
like, I'm a trader. But like truth is you just buy
and hold. If you're most of people listen
to the show, you guys just buy and hold.
So, you know, I think that's probably.
I was thinking about this right when I had my corporate job, I
think I checked stock and crypto prices like once a week.
Like it didn't impact my life like I was going to.
I had to go to work every day, right?
And if the board was green, if it was red, like my day-to-day
didn't change. I think so many of us on CT just
get sucked into this like trading vortex and like the
Sky's just go outside, right? The sky is involved.
Everyone's going about their lives like normal and hey, it
looks like we might be getting a little bit of a bounce.
And like, we asked who the buyers are, ETFs are buying like
that. That's who's buying.
Right. Oh my God, imagine Larry Fink
woke up this morning was $1900 ETH.
Motherfucker was like yo. It's 2420.
They've been buying since this market open, guys.
Are gobbling up. I cannot wait to see the
statistics on the ETFs tonight. It's going.
To be a big day, I, I, yeah, I think, I think that I think we
may see the biggest inflows in a while for, for 10.
Percent since market. It was 2190 I think.
I think today's going to be the biggest day for inflows across
the board. Bitcoin and Ethereum.
I wouldn't be surprised. I honestly wouldn't be
surprised. Like the biggest inflows for for
ETH was 106 M in one day and for Bitcoin it was like we near the
what is it half a billion dollars in one day or something
like that? I don't know.
I don't have I'm looking at D jams.
I don't think I can Scroll down lower than what I'm at now, but
I'll I'll call it here. Like I think, at least for them,
we'll have the biggest Ethereum infill day forever.
Like this is like this is great. I mean, you have jump out, you
have you know what was, who was signed there.
As I saw it, maybe they sold more overnight.
I thought they sold like 50,000 so I need to get updated
numbers. Don't take those to the bank.
We'll talk about it tomorrow. Yeah.
We can talk about it tomorrow, but anyway, so let's get over to
our to our to our last segment. Every Monday from here forward,
we'll be giving you guys a little update on the arbitrary
ecosystem. As you all may know, if you've
paid attention to to rock radio this time decrypt our
announcements, You know, we're going to be building an
arbitrary that we are building an arbitrary what you guys are
going to see roll out, you know, soon.
And so they've got a lot of cool stuff going on.
You know, we're talking about chains and stuff going on
between, across the board, you know, between the orbit chain
news, between Sacco, between Zai, between Pirate nation.
I mean, Tyler, what, what, what have you been seeing on there
lately? Yes, Layer threes have been
growing in popularity and Arbitrum has had a lot to do
with that success. And I think sometimes like
they've heard the term, they may not really know like
conceptually what layer threes are.
So just to start with the, the basics.
The goal of layer threes ultimately is to be DAP specific
so that a single DAP can perform optimally in a more controlled
environment because you have if you own the entire chain.
So the intended function of a layer three network is to
improve scalability and efficiency of the Daps
decentralized applications built on top of it.
In in theory, I think the end goal you only want to hold house
1 DAP potentially and enabling it to perform at the highest
speeds without the congestion you're going to see on layer one
and two networks. Where layer twos focus more on
improving scalability and efficiency of the chain they're
on top of, layer threes are more intended to address issues like
user friendliness, efficiency, and functionality.
So Arbitrum Orbit has had a lot of success here.
They have been used to help build D gin chain.
So D gin chain was built using the Orbit layer 3 architecture.
Over on base. We've seen Zai designed for
gaming apps that's offering reduced fees and account
abstraction not available on other L twos.
I think a big one that's jumped out to me is pirate nation.
So if folks have been following the NFT market at all like those
Pirate Nation NFT has been one of the the steady out performers
that pirate token has performed very well.
I think it went over 100 million.
I haven't been checking it this morning in the crash.
And there there's CEO, there's actually a really nice Decrypt
article about Pirate Nation that I would point folks to who who
wanted a deeper dive. He basically says that every
major game is going to have its own chain, its own L3.
This comes from his experience building games like FarmVille,
and he said during FarmVille, they're operating 64 different
databases to keep the game from crashing.
They had 30 million daily active users at peak.
So when you think about Web 3 gaming and the infrastructure
that is needed to have that level of success, blockchains
are going to need that level of scale.
And that is why builders think layer threes are needed.
And Pirate Nation. They moved to Arbitrum Nova from
Polygon due to rising gas fees and then they actually saw
issues being on a shared chain on Arbitron Nova, which led them
to build their own L3 called Apex.
And I'll read a quote here. This is from the Pioneer CEO.
As soon as you're in application with any level of scale, you
need to be able to predictably control your gas cost.
My prediction is there's going to be thousands and thousands of
chains as people split off from the shared L twos to application
specific chains. So I thought that was some
pretty interesting insight to me.
And I I've heard about L threes, but I didn't, I guess I didn't
totally understand the, the, the use case.
And when I hear it from him, you know, a proven vet who who's
had, you know, a lot of success. I think it makes the picture a
little bit more clear. I didn't realize he was, he was
on the FarmVille stuff early on. I, I, I, I actually tried Pirate
Nation at GDC because I went to the arbitrary booth and, and
they were there. So I was just talking to them
going over I thought it was really smooth and seamless and I
know Danny's a big fan of it and I've seen a lot of good chatter
like the the gaming side of web three of of Twitter.
Sorry, talking about piration in good light like the NFTS were
really performing very well. Look, today's prices don't count
right? Like everything's down because
I'm sure if I show I'm going to pull up a chart right now like
of pirate me like, oh, look at today, but like they've actually
done really well pirate on that front on that front.
And then Xia, of course, like obviously everybody knows we're
close to Sobey, but in general, like he was really the one that
like made me realize what Alfies are are and stuff and like why
you would need one. And I thought it was really
impressive the amount of BD he's done to be able to bring games
over. Like similar to pirate nation.
He brought crypto unicorns over from from from Polygon as well.
And it's like every other week there's a there's a new game
being built on there. I know a lot of people want to
like discount web through gaming because of token prices, because
also of a lot of tokens that were not necessarily useful or
or necessary at the ecosystem, but there's still a lot of stuff
going on in that front and it's still probably going to be a
leader in the other quick thing that I perceive.
I've mentioned that a lot. That was that was way before we
started doing the the whole like Arbitrum update on this show.
That's the first one. But you guys have heard me talk
about Songko TVA lot like this something like being in media.
I personally think it's fucking sick.
It's what ticker design DMT, which I always thought was funny
that DMT was a ticker. Again, I'm not going to pull up
tickers today because it doesn't do it justice, but it's actually
like it's actually it's actually something I followed closely
before. I'm pretty sure that team was
trying to build frames on the arbitrary at some point if not
had built it. I remember once I was talking
about how I wish I could stream the show live on forecaster when
shit was hot and they were they were working on it.
So it's pretty much like a decentralized like twitch in a
way. And they've got a lot of cool
stuff going on, a lot of activity and I I presumably like
the whole vibe of it and feeling, but check it out song
called TVI always thought it was really cool and A and a great
platform being built for some pretty smart founder.
Actually, it's the type of person I would have on the show
to come to come to come talk about this because.
There's a lot going on in Seiko TV and it's an ecosystem like
I've been trying to get more access to and I just, I haven't
buckled down and, and spent the time, but there's a lot of apps
and like that. I mean, of course the tokens are
down today, but DMT was, was one of the top performing alts.
Like it, it's hard. I think it hit like $150 million
market cap. So like they've had some some
strong success. Yep, they were.
They were it was a it was a pretty love coins for for
altcoin for for a very long time.
And I know for a fact that there that those founders are doing
some cool stuff. But anyways, look, every Monday
we'll present you some some cool stuff being built on Arbitrum,
including what we're what what we're up to.
I really like that team and obviously, like it's always a
pleasure to to partner with, with builders in this industry
that that are pushing, pushing boundaries and pushing the space
forward, especially the etherium ecosystem, which we love, right.
So it's awesome. Anyways, Tyler, Tyler, Tyler,
we're on time. This was great.
We survived the show. I woke up not sure how we do it,
but we did it because remember, remember in the words of the why
CZ who's watching this from prison, wishing he could buy
this dip. He says if you can't hold you
won't be rich. So with that with that with that
we'll see y'all tomorrow morning, 10:00 AM Eastern
Standard Time for another episode of formal hour on rock
radio. Let's.