Good morning, good morning everyone.
GMGN and welcome another episode of FOMO Hour today.
Today is Friday, April 11th, folks, a green morning out
there. It is a GMND crypto majors,
alts, memes are all rallying here.
We've got Grayscale saying hey, tariffs might be good for
Bitcoin. We're seeing some serious signs
of strength. The question for today is, is
this real or will this rally fail like the others?
We're going to break it all down on today's show.
No for Rogue. I think he is back next week,
but we've got Mando, we've got Logan and GM guys.
How you doing Mando? I'm doing great man.
Probably one of the most busy days I've ever had in the last
24 hours, but I'm doing good. Yeah, maybe.
Let's quickly talk about what the first day for ye. 2 million
volume, 1800 signups, 200,000 bets.
Yeah, it's still going like we just, we just hit 2100 signups
and yeah, closing on 250,000 bets.
So huge, huge day and tons of people who came on, yeah, like
we had some very early on, some performance stuff that we've now
dealt with kind of and we're we're dealing with a couple more
things now. But like the the problems that
we're having is just so much demand basically, which is I
think is a good problem have at the start of a product.
And yeah, not getting a lot of sleep but but but life is good.
We'll take it. So that's a good first day
report. We're excited to, excited for
you, excited to keep following along.
I feel like this weekend, yeah. Well, we're going to be doing a
lot with with for this show, right?
Of course it'd be a lot of fun end of every single show.
I think we'll we'll find something.
I'm just I'm actually trying to like optimize the site for this
show in some ways so that like this this can be done well, but
yeah, we'll we'll we'll play got Sims.
He's the producer he's been streaming for hours.
You might be able to come in there and help us for when
Feroke isn't here. Yeah, so I, I jumped into Sims
stream yesterday and he was going through some of the games.
I I watched him do the risky met game or risky click.
Risky click Risky click Yeah yeah Sims his streams basically
a guy swearing about 5 * a minute.
Fuck, you will quickly get a glimpse into Sims his life.
And all that you need to send tell the devil about that lamb,
because he fucked me multiple times on that fucking Rd.
yesterday. Multiple times that is, it is
devious. There's a game that's basically
shows you what you would have won if you yes, if you kept
clicking. And Sims also like we have a
game called Coin Race, which is basically like, you bet on
different currencies and everyone bets on fartcoin and
literally within millimeters. Sims lost one of these, and
that's like A70X. Hopefully we'll get a bunch of
them on this show. Actually, when I was showing
Faroch how we're going to do it for this show, it was like we're
just going to bounce back on every single show and then see
see who wins. Fast of course, although buck
coin might have it on the day, but in all seriousness folks, if
you want to see some of these games in action, of course go go
check out yeet. I will have the our our referral
code here on on the screen, but also jump in in Sims of the
streams like they are awesome. Yeah, and you'll get you'll get
a feel for these games. So yeah, we're at the youth.com
register with our FOMO hour code.
That's what you'll need to to be eligible for our on air games
starting at we think next week. Yeah, as long as it's going to
be. Monday, yeah, when Farooq is
back and you know, we'll see. We'll see how those prizes go.
We'll see, but we're excited for it.
Logie. Yellow Wall live from Peru.
Jim, how? You doing?
Hey, good morning, folks. Yeah, doing well.
Another beautiful day here. Got a really great coffee this
morning on my walk over. Feeling good, man.
Prices are green, nothing to complain about.
How strong is the Peruvian coffee?
If you're getting espressos, you can get some really strong
espressos. I've had some great espressos
this morning. I went with a with a flat white.
It's great. It's good.
So not super strong, of course, but it's doing, it's doing the
trick A. Little too soft for me.
Yeah, I know, I know. I'm just feeling something a
little different. I don't know.
I don't know exactly why. I'm normally black coffee,
Americano espresso, that type of thing.
Today I opted. I opted out.
I don't know. Nice.
Well, we'll we'll see. Happy you get to experience that
Peruvian coffee, folks. What are we talking about on
today's show? The the markets are rallying
here. We we've got crypto rallying as
the dollar sinks, gold is soaring.
The 10 year is up. There's a whole lot of
volatility. Hype showing some serious
strength in the alt streets. Fart coin showing strength in
the meme streets. Memes are pumping kind of across
that slot of board right now. We'll take a look at that prompt
debut. We'll have some more reactions
now that we're more than 24 hours in.
It's going up here this morning as well.
Logie wrote the story. Alien Punk sale, $6 million
seems good at first glance. Then you see the seller lost $10
million, maybe one of the biggest entity losses of all
time. And then this big coin Ponzi, we
we have to talk about it. It's over $10 million now,
closing in on $15 million. This thing is up only.
And we'll go around the horn on a few other topics as well.
Before we dive in. Shout out to our partners
starting with Galaxis. Galaxis is a web three platform
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We love our partners as always, and I'd love to have you back
here, Jim. Let's get right into it.
To it, who is the man Macro daddy of the land?
Can you dig it? Well, we're definitely having a
stronger day at the moment and you kind of hit the nail on the
head. It's mainly just this concept
that gold is going absolutely wild and people looking at
Bitcoin and saying this is digital gold.
Maybe this is the thing that we should be owning a bit more of.
You've seen the situation with China and, and, and the US has
not really resolved. They've both increased tariffs
again in the last 24 hours ago. They've both indicated they're
not going to increase them further.
And there was a slight olive branch before we went live,
which was, I think the White House said to she, you know,
let's start some talks and let's see what happens.
I, I, I don't really know. I, I don't, as I've said before,
I don't really feel like those two are going to come to any
sort of a, an agreement. But I think, and I'm, I'm not
too sure even how good this is for stocks.
Like still pretty high tariffs. You have bond yields going
higher, which is never really that good.
And people are, I think, just nervous when bond yields go
start to go back up again, because, you know, we keep on
hoping that they're going to come back lower.
Gold going higher is the main reprieve, I think for for
Bitcoin here. And I think there is a, there's
like a strong feeling that this is the time potentially for,
for, for Bitcoin again, to really assert itself as a
currency or like a store of value here.
That is, that is impervious to kind of what's going on in, in
broader macro and also may benefit from a slight collapse
of dollar power or any major currency power.
So if there's a time for Bitcoin, it does feel like it
could be now. And that narrative is kind of
coming, coming stronger. Part of that is also just
because money printing is starting, starting out again,
very, very strongly on the back of these tariffs.
A lot of countries moving towards the, the idea that the
only way to deal with it is to pump up liquidity, save the
domestic companies. We've spoken about that a few
times. So you know, I was bullish at
bullish at the local lows 2 days ago when we did this show.
I still kind of think that that's that is a medium term
narrative. Now these tariffs have brought
on brought forward a lot of money printing and I think
you're meant to buy dips in Bitcoin.
Things might get worse in macro before they get better.
But if that macro then spills over and causes Bitcoin to fall,
I think you're meant to buy Bitcoin.
Do you know what I mean? So let's see let's see how it
does in terms of what's actually rallying the most.
Interestingly, hype has probably been the the best performing L1
off the lows. I think part of that is just the
the volumes going through, obviously the buyback people
kind of time to forget the recent I guess I would call them
exploits. But yeah, recent issues they've
kind of had. Salaam has actually had a good
24 hours. I think part of that is just a,
oh, maybe we are with fat coin back at 900 million, we could we
could start to see some more activity in in on those streets.
AVAX got an ETF it looks like coming from I think it's Vanek,
which is a pretty good sign. And yeah, just a kind of a
rebound across the board. I would across the the a broad
range of of L ones here. But for me, I'm still really
just focusing on, on, on on Bitcoin here.
I I just think it's the most obvious one if, if stocks fall
out of bed, I think the L ones are the ones that probably go
down. Whereas Bitcoin I think will
continue to outperform. I haven't looked to pick on
dominance, but I assume it has not gone down over the law.
It's just going higher again. Just bring it up now.
Up only. Yeah, 63 and up only.
Yeah, So it's up again today. I oh, I just wouldn't short that
here. I think.
I think just don't I wouldn't overplay it necessarily.
It's interesting that memes have have outperformed everything
kind of on on this bounce, really just one meme to be fair.
But like does feel as though people feel like those have
bottomed out slightly, at least the main major ones.
And and you're seeing some nice recovery across the board.
So. That has been interesting to
see. I want I want to dig into all
that. I think maybe we start with with
Bitcoin. A couple interesting more TA
related posts that I saw easy, you know on the nitty show does
several he he's got his trend line here saying basically
Bitcoin keeps bouncing off of this trend line.
But this is these these levels to watch.
It's been bouncing off all the way down key level around 83.
I think we're right above the trend line right now in the show
like 82 five as I look at this. So what if we get to 85?
Does that mean we're like, really?
Is that the sign that we're breaking out if it gets to 85?
And then Bollinger, John Bollinger himself coming out and
saying there's AW band bottom. We're bringing out the Bollinger
Bands. Wow.
Yeah, it does. It does feel like Bitcoin has
ranged here enough. That's that's what I would say.
So I think that that is a it's a sign now that if if we get any
sort of stability in macro, I think there'll be a question
about whether we'll follow gold and general global M2 here going
higher. I think this is quite like a
Western centric show or like obviously we have a lot of
people in the USUK who look at this sort of stuff.
But I think globally, like for a lot of currencies right now,
Bitcoin looks just looks attractive, Looks attractive in
the trade war. Yeah, I I think it's not just
the dollar. I think people will look at this
for a lot of if you're only domestic currency into a trade
war, Yeah. I just kind of felt like people
want to own on the dollar, own Bitcoin potentially.
Yeah, I mean the dollar was going down.
I think that was one of the, the louder cries in the timeline
last night was just how how rapidly the the dollar index was
dropping against other currencies.
I'm with you. I feel like that there's kind of
a growing sentiment that now is the time for Bitcoin like the,
the US is coming out and kind of overtly saying that they're
ready to move away from the US dollar as a global reserve
currency. We've got physical gold
rocketing up. Like if not now when right there
there's there's more global volatility and chaos than we've
had in what feels like a a fairly long time.
Grayscale came out, they released a report, there wasn't
a whole lot of meat behind this, but they were talking about how
tariffs could be a boom for Bitcoin and then effectively at
this point to how it has been holding up relatively strongly
compared with stocks and other indices over the the last months
and during this decline. So I think we're seeing more of
that. Yeah, I actually, I wrote an
article about this report as well.
One of the interesting points to me was, you know, they pointed
to stagflation potentially coming as a result of the the
higher tariffs and how scarce commodities outperform in those
periods of time. Like they, they showcased gold
appreciating 30% annualized in the 70s and sort of leading
itself to say that, you know, even though Bitcoin hasn't had a
period of stagflation in its history, it would seemingly, you
know, fall, potentially fall in line just like, you know, gold
did. So we'll see, we'll see.
But this, this, you're right, Tyler, I mean, this is, it's,
it's time to shine. I, I feel like I saw a tweet
from Bob Lucas the maybe today or yesterday that said though,
that he thinks it's, it's failing it's opportunity right
now to shine. Because we said, was it the same
poster where he said. It was a different one, but I'm
not sure if I was viewing my feed chronologically or not.
So it could have been from, it could have been from days ago at
this time, but yeah. I mean, it's, it's lagging gold
in this rally for sure. But then I think I've seen other
posts, other people saying that's typically how it has been
gold rallies first, then then Bitcoin runs further.
I think Arthur Hayes was saying that.
So I don't I don't have the data to back that up, but I did see
that take it. It's so hard to predict on a
day-to-day basis, right. And so much of this is just at
the whims of Trump, China rhetoric and any other, you
know, surprises that that may come out.
But it does feel like it. I mean, it's held up really,
really damn strong. And the double bounce now off
75. I think it's a, it's a comfier
hold now that it's yeah, I think it has been for a while.
So I like it at these levels. You kind of know your downside,
right? And and there's a lot going for
it right now. I think that the main worry is
still the US tenure, you know, like if that continues to go,
oh, that's. Nice just going on, in fact.
To go higher than then people will just get worried about like
a global meltdown because there's a lot of debt around.
And that for me is bullish for Bitcoin.
But some people might be like that initial move.
If you start to see, if you start to see like, like things,
things starting to break, then then we kind of already saw what
happened to Bitcoin in that time.
So yeah, I obviously don't know. But I also think people might
reach for it even more in that time.
That's what I'm kind of like saying it's very difficult to
judge like how quick the secondary reaction will be
there. Right.
So do we, I know you, you've been busy and, and neck deep in,
in the, the launch. Is it the the Chinese selling
their U.S. Treasuries that that's driving
this this massive move? Something that.
Details. Yeah.
Look, it's something I think that maybe people in the US
aren't really aware of, but like the biggest holders or most of
the biggest holders of of U.S. debt as in like who, who funds
your budget deficits is other countries.
China owns 750 billion. Japan reportedly owns like 2-3
trillion. Right.
And there's a, there's a, there's tons of countries that,
that own U.S. Treasuries, like just tons.
So like when you like when people say, oh, how do we get
this money from, it's from other countries, like saying, Hey,
it's OK. We're like, we're OK.
We think you're a good lender. Like we'll get your money back.
The, the the comment was it was Japan, potentially because they
were trying to defend their own currency, but it's if you're
going to start a trade war, just know that the budget deficits in
the US are essentially funded by other countries and that's
that's why the bluff was called, let's put it that way it.
Is a very interconnected world order right now.
I think this other this flashing headline here on CNBC.
Consumer sentiment tumbles in April as an inflation fear
spike. I think that does match the
reality. Like on yesterday's show, we had
Sam stats come on and he said he's already starting to make
like some soft changes. They go out to dinner and like,
let's go somewhere a little bit cheaper today.
And Logan. Logan, we were chatting after
the show. You said that caught you off
guard a little bit. Yeah, it did.
It did catch me off guard. And you know, some of that is
perhaps my own ignorance, you know, in just the way that I'm
going about things. But those are, those are the
very real anecdotes that I think it's difficult to to receive
sometimes because we're so enveloped and isolated in ZT,
right? And it's, it's really difficult
to get outside kind of our own little Chamber of individuals.
But it, there is a very real world out there in which people
have to be cognizant of how much they're spending each and every
day on food, at restaurants, on groceries.
And those things, those things definitely matter.
So don't, you know, despite my own ignorance, don't want to
downplay the importance of those things.
So yeah, that, that type of stuff and that that feels like
I'm not an economist in any way, but that's, that's the type of
stuff that feels lagging right in in a way, right like.
I don't know how I'm trying to say it, but like the we, the
numbers themselves will will catch up in in the future as
less people buy things because of it, right?
Right. Yeah.
So people are tightening up now that's not maybe right, right
shown that'll be in the next round of earnings reports all
that. So I am looking at the the
details now on this consumer sentiment there.
The the consumers who were surveyed here are projecting
expectations for inflation to be up to 7% next year.
So clearly there's like a lot of concern over the tariffs that I
mean that that is a massive jump, especially when the actual
trueflation numbers like right in front of us are are going to
to new lows. I think I actually tweeted this
yesterday. I'll see if I can pull this up.
Kyle over from Milk Rd. I guess he's been tracking the
the trueflation numbers compared to CPI and effectively 11 months
in a row Trueflation has predicted the CPI number exactly
with a 45 day lead. And if you look at it right now,
Trueflation is showing a 1.75%. So the next CPI he's he's
predicting will be right there if this trend holds.
So as of right now trueflation is going down rapidly.
But that's also to be noted that that the tariffs haven't really
started hitting us yet, at least that I've seen.
So a lot of uncertainty, but maybe consumers being overly
afraid as well. Could be, could be mixed in, But
we'll we'll certainly see how that continues to impact a lot
of other stories on the day. I think that was a pretty good
macro roundup. And we we got to talk about the
hype strength here. Hype.
Absolutely one of the top alts out there is over $15 this
morning. Since that, that local bottom
that we hit what Sunday night? It's up about 50%.
So other than fartcoin and maybe a handful of other memes like
this was one of the better tokens to trade off that off
that recent rally. So it's it's becoming, it's hard
to ignore that. I think if you're in here
looking for day-to-day trades at this point.
And then Moon Overlord who actually haven't even seen him
tweet about hype all that much, if I'm being honest, says it's
the only coin that would survive stock market evaluations and
that we're going towards that route, which it does feel like
we are going a little bit that route.
Like at least anecdotally, when I read the timeline, there's a
little bit more focus on revenue, buybacks, things of
that nature. Logan, any reactions here to
this? I know we've been talking about
have a lot but. Yeah, I don't, I don't know the
best way to characterize it. Not necessarily shocked, I don't
think. I think the narrative has
shifted. Maybe sentiment has shifted
around hype a little bit, no pun intended.
But my timeline seems to be a bit less hyped about it than it
was at, you know, one point in time.
But in terms of the mechanics here, aside from, you know, what
Mando was mentioning in the beginning, those few little
blips of, you know, kind of exploiting or taking advantage
of HLP in the vaults, it's still operating as it was previously,
right? There's tons of trading
activity. They're still buying back tons
of hype, which is what Moon is alluding to.
I mean, until people stop utilizing and trading and they
stop buying hype, it's it's going to remain pretty strong
I'd imagine. Yeah, I agree.
And I I've so I talked about on the show, I closed my position
during the exploit. I was eyeing it on the dip.
I did not get back in and now I'm like the FOMO was starting
to build a little bit. So this is 1 I'll continue to to
watch out for on dips. I think the other another story
here we've been dancing around. We've been talking about it a
ton on this show. I don't think we need to spend a
whole lot of time. 860. My God fart coin that the cup
and handle breakout looking picture perfect there.
It was like 370, I feel like when we were on the show.
I got you. Yeah, when I was on the show
last week, I feel like it was like 370 million and you could
have gotten it way lower than that, like days before that too,
I think. It was very viable at 400 for
for basically all several days last week.
I mean it chopped, it chopped at 300 for three weeks with lows,
hit 200 million at the bottom. So now a full 4 1/2 X almost.
It hit 920 this morning briefly. This is the the fastest horse
and it continues to be and it does like the parallels to Pepe
from the 2023-2024 era. I think are are striking where
Pepe was the was the the meme coin brought up the most.
It was usually the fastest runner off the bottom.
And now you don't really see as much Pepe talk and you see a lot
of a lot of far coin talk. I mean, it's the mind share
winner every single day. Like I look at this cookie board
even on prompts debut which was heavily flooded 4 coin's still
#1. Yeah, I think far coin might be
1 like the number one coin for mindshare and crypto, but I see
right, like it's wild people, people just love this thing.
Wait, did far coin ever get it? Did it ever get a listing from
anywhere? Any Tier 1.
I was just, I was trying to find the Gordon Goner tweet, the
very, very first one from like November in which he outlined
the thesis about like, you know, how everybody's going to make
fun of this and it would be the the biggest mind share winner,
which is largely played out thus far.
But yeah, I was reading back in January in my attempt to find
that he said this is a once in a cycle onboarding opportunity.
Man, he he's he's been spot on about this basically the entire
way. That is crazy that it hasn't
gotten a listing. I'm I feel like I'm, I'm going
to really, I own like 100 far coin on a Ledger that I sent
there as a test to get my Ledger set up and everything like that.
I have what I have 80 yeah, I've got like what 86 dollars or
something like that in far coin. But I feel like I'm going to
really, really be kicking myself for not adding in that 300 range
the first time it started to showcase like even a blip of of
strength in the face of everything else should have been
signal or should have been a signal.
Yeah, exactly. But of course, that's when you
know, I I didn't have the balls to be to be greedy when others
were fearful. I mean this as it is the.
Bottom About a month ago, March 10th, was when I wasn't even
opening my phantom wallet on a day-to-day basis because I
didn't want to see what the numbers were going to tell me.
And historically, at least for me personally, that has been a a
bottom signal. What's also interesting at this
level is now if you remember that the fall from 270 that the
peak Trump weekend back to a dollar happened in it happened
in eight days. It was rapid and we were
euphoric and not that many people took profits in that
range. So we're a lot of the, the first
group of whales really started to capitulate their bags is now
lower than we're at right now. So I think like Tykey, you know
who, who who tried to become the face of our coin there for a bit
sold a lot. I think he capitulated at 600.
So now we're 4040% above that level.
So if you waited, if you didn't catch this move, now you're,
you're buying higher. I think there are still marginal
buyers for this and I think they're continued there.
There will continue to be. And what I mean, Pepe went to 11
billion, I know. I need to, I need to be a buyer
here at some point. I just, I feel bad, you know, it
just feels so bad. I'm so bad at the buying the
winners thing. I've said that a lot before, but
I'm, it stinks to buy the 300% gain in the month, especially
when I was here every single day.
You know, I was here every damn day.
It's not like I I wasn't around. It's hard to buy these candles.
I, I can understand, I, I, I think you'll have another entry
like I'm, I'm not telling everyone to go race out and buy
the, the 100% move we just saw in three days, but some clear,
clear strength and another token that's showing some, some nice
strength. This morning was prompt went all
the way up to $0.28. So back at 250 million FTV.
Logan, we talked about this at length yesterday.
I don't know that we need to go in super detail.
I think 1 development was Kalos. We had them on the show a week
ago as we've talked about Wave Finder and all the different AI
agents. And then there was a lot of fun
on the timeline Yesterday we talked about the fun.
He he came out and responded to it head on.
Curious for a few lots of reactions.
I, I really appreciate that and I, I know I have a little bit of
bag bias here because I have a prompt air drop the claim, but
I, I just appreciate founders who are willing to be
transparent. You know, he says right full
well, right in the very beginning.
We could have communicated better, of course, things didn't
go to plan or, you know, as smoothly as they could have
been, but just the willingness to kind of face this in, in the
same day, basically as everything is falling apart.
We know how how infrequently that type of stuff occurs in
this industry. So I, I huge props to Kayla's
for that. I still don't I still don't know
what the future holds for this token, but I am convicted in a
product like it succeeding, you know, whether it's Wayfinder or
not, something that is going to allow you to participate in
crypto in that way with the, you know, very easy chatting with a
an agent to accommodate all of your needs on chain without the
difficulties that the in the current technological barriers
for many, something like that is going to be necessary if on
chain activity is going to persist in my opinion.
So definitely bullish on something like it succeeding and
right now the only bet you can make is on prompt and so you're
not financial advice, but that's why that's why I'm participating
and holding this token. I think you nailed the bull
case. I said that the comments are
asked for my 3K3 takeaways from our interview with Kaylos and
and the team and like my very first one was they're in pole
position for on Cheney. I copilot and I do believe that
is a need that a lot of folks will will want and they may not
even know they want it yet, right.
It's just like ChatGPT like a lot of us didn't know we need
it. And then once you actually start
integrating it into your daily life, you, you get to a turning
point where it becomes harder to do your daily tasks without it,
like once you start becoming more reliant on it.
And I'm finding myself kind of getting to that point.
I'm there. Yeah, I'm.
I'm there too. People aren't there yet for
their day-to-day crypto transactions, not even power
users, right? But as you become more and more
comfortable to these tools and and the trust builds over time,
I do think we'll, we'll cross that chasm.
Yeah, I think one of the potential like really big
unlocks. Maybe this is a segue to some
other topics as well. For example, like I, I was out
this weekend doing stuff and I, I saw you talking about Bitcoin
and some other things like that. It was just too difficult for me
to do all those things in where I was at the time, right?
Like I would have had to bridge some more money to abstract or
do all this shit. Consider I had the opportunity
and I don't believe wave Finder prompt has abstract connections
at this point in time. But you consider in a future
where I could have just said, Hey, I want to participate in
this, can you help me? Right.
And it's conceivable that it would have been able to and I
would had exposure to that. But instead I didn't take all
the steps necessary with which I believe there would have been
many for me and I missed and then I just sat out.
So. And I think there's always an
open question of what do you need the token for?
I actually think this is one that has one of the more clear
use cases for the token like they they said as much as
collateralizing these paths, paths here being transaction
path. So how does Logan use the Midas
agent to bridge USDC from ETH to abstract to enable him to buy
the Bitcoin token? So that's what it'll be used
for, among other things. And man, should he have bought
that Bitcoin token? He is.
He is more poor today than he would have been if he figured
that out. Because folks, this is this
token's off the chart. I tweeted last night.
It looks like a honeypot chart more than it does a Ponzi game.
Maybe those two things are are usually similar.
I haven't. I don't think we've seen a
successful Ponzi game like this in quite some time.
Like, what's even the last one you could remember that had?
I mean, granted, it's still pretty new.
The five kingdoms or what was that one that that that was on
blast that. Crypto valleys.
Did anyone even did people went
on crypto valleys? I feel like that one like shot
so high so fast and then it was down only.
Like the first week 1 maybe? Yeah, I mean crypto values was
the last one that was that had a lot of money pumped into it and
like orders of magnitude more capital then then it's been
pumped into defense. But yeah, what is, what is it?
It's just a Ponzi. Yeah.
So so basically a mining game Bitcoin mirrors the tokenomics
of of Bitcoin and everyone had the chance to to start out and
basically mine for free. So you could get this this
potato, which would allow you to to mine like a very low amount
of bitcoins every day. But then if you wanted to
invest, you could actually buy like higher end like this is a
NVIDIA ZPU which which mines. So I put in a decent bit of
capital the first day, reinvested profits, upgraded on
the second day, and then I've been kind of selling and and
taking promise and choosing not to upgrade since then.
Right now I. Don't know.
No one texted me about this thing.
I only found out about it at like 5 or 10 million.
Was this was this going on? Well, I've had another chat.
I put the referral link in the formal chat.
One mil Michael, you didn't click it, that's why.
Yeah. I put my referral link in there
at 1,000,000 as well. And I don't think anyone anyone
clicked that like. Shit.
I I will say in in hindsight a potential mistake.
I think you have two routes you can play if you think these
games are going to make it. You can buy into the game in the
assets and and try to do the mining and play the game early
on and then try to recoup your investment.
Or you just play the token. I bought the token for at $1.30.
I should have just held the damn token instead of buying all this
equipment and and then mining it over time.
Of course, I didn't think that it would have this kind of a
run. So now it's up a clear 12X it.
It was buyable. It was buyable at a dollar for
most of the day. On the eighth, yeah, it was just
sitting around. There I think.
Or I guess. This is loudest on my timeline
right now. And yeah, you, you guys are
participating days ago. I mean, I, I think it's still
going to have based on my limited frame of reference for
successful ponzi's or whatever you'd like to, you know, equate
this to this definitely still has some, some juice in it.
I I would imagine based on the the sentiment that and the the
stuff I'm seeing on my timeline. Yeah, that's the question.
I mean, for everyone who's out there, it's it's riskier to get
into this game now than it was yesterday and the day before
that. So just be totally aware of what
you're getting into because it is very likely to end up being a
0 as most of these are what part of the reason I sold yesterday
is because for me to upgrade, it was going to cost me like $5000.
And that felt like to me, that was a lot to me.
And also is like, is that what if that's what the new, the next
marginal player is going to have to do?
I feel like the appetite for that type of investment isn't
huge right now given these market conditions.
But then we had whizz of Soho pranksy mean all like show up
basically for the first time yesterday and then they're
touting it. So I think that's what's driven
this last run. It's going to be even more
expensive today. I think it's these miners are
going to cost you like something like 5 to $10,000 each.
So we're on a limited timer here, but it's been a fun game.
I think it's been a nice boost for abstract like that abstract
clearly a a winner here. Some other tokens starting to
see some green on the day the NFT board in green och heroes,
that's one to watch. So I think everyone knows like
the Bitcoin Ponzi game, it's not going to last forever.
Maybe it last another week, maybe it lasts a month.
I don't know. Och, Genesis Season 2 is around
the corner, and now there's a little bit of a wealth effect.
A small wealth effect. Not huge by any means, but
people made some money on Bitcoin and now maybe more folks
are farming abstract and they're like hell, maybe I'm just going
to stick around here for a bit and the capital got a little
stickier. All the eat streamers are on
abstract. They're all they're all going
there feels like there's to have a beautiful friendship.
There is a yeet streamer group slash meta forming.
I'm not seeing it. We've got Wizard of Soho, Kook,
Wow, Sims, obviously us wrecked radio.
We got a, we got a bunch of people.
Nice. Well, I think there was some
early FUD on the streaming of Abstract, but now we're we're
starting to see it the the plan is starting to come a little bit
more to fruition. So you got to let these guys
cook a little bit. Everyone just loves to race to
judge. Lucas an investor so so he's
he's keen to make this also work.
Yeah. Yeah, I've been, I've been one
of those folks, Tyler and we've talked about I've I've been
quick to judge perhaps unfairly or maybe definitely unfairly,
but I just haven't haven't seen or experienced, you know, too
much on this that that really deviates.
And it's tough to deviate too much from other chains, right.
I mean, there's, there's a limited amount of things and
applications you can realistically put on chain.
So that's not a, you know, an explicit knock at abstract
versus others, but I just wasn't seeing much of a reason to
participate on a daily level here.
And so I really haven't, you know, too much it.
It might bite me in the ass in the future though, that's for
sure. And I'm, I'm, I understand that
and hope, hope people do really, really well.
Bitcoin being a a really nice catalyst hopefully for the
future of it, but I don't know, I don't know what I want to do
on chain right now anyway. I mean, I think that's a big
problem for everybody with the current state of things like
what are you going to do on chain right now?
Wait, is this right? Bitcoin is the sixth highest
volume token across all chains, Is that right?
It feels wild. Let me, I mean it's, it's it's
right up there with the with the Solana board.
And if the other Ecos are are quiet, then yeah, maybe that
that's right. And that's I'm from the.
The air up, Logan, you know you're in Peru.
Yeah. For a while longer, maybe.
I need to. I need to turn up the volume,
unplug my headphones so the rest of the folks in this complex can
get a little bit of heat. Advertising.
Yeah, I mean, I think. Where are you in the in in
Perusa? Are you still up in the North?
Yeah, I'm still in Trujillo. I'm here the entire time.
So another three weeks, yeah. Wow, so you've seen that the
whole time? Yeah, my fiance's rotation is
here, so this is where she's based for that time.
Yeah, yeah. That's about to say that's you
must really like it there. Nice.
It's not so bad. I'm I'm man, it's tough to beat
the weather, the cheap prices. We're going to do Machu Picchu
next week. We'll see.
It's a good time, Yeah. Get the train up.
I did the train so you you can fake it, fake it and act like.
Are you going to hike? Yeah, we're doing a, we're doing
the short Inca Trail, but just the one day of hiking.
So it's like an 8 hour hike and then he's.
Training it. That means he's taking the
train. And then the the second day, I
believe they take you up in a bus or something.
So we don't have as much time as we'd wish to do.
But yeah, we're going to, we're going to do one day of hiking.
Yeah, I feel like I have to train for that.
Take some coca leaves, you know. Yeah, yeah, They sell the, I
think it's called alcidazolamide or something.
The it's a altitude sickness thing over the counter.
So we've got those too. It's everywhere.
The altitude sickness pills are everywhere.
Yeah. Well, that is fun.
I think coming back to your comments, I think very fair.
I think what abstract needed was more winners, right?
There hadn't really been a whole lot of like meme coin action.
Like I've seen the screenshots and the folks who've been who
are really grinding it every day have hit some, hit some runners,
but there haven't really been any more.
Like larger scale breaking out of the abstract bubble into
broader CT winners out there. Like OCH maybe got there.
OCH was was pretty big when it was at its peak.
Now Bitcoin has gotten there. Yeah.
And those, that's what you need for onboarding.
That's what you need for more people to be like.
OK, yeah, I'll, I'll put some money there.
So this is this is a a pretty, pretty notable event in that
case. Yeah, nice win for abstract.
Let's move on to a story that on the surface felt like a win.
But maybe that was not the case. So am I looking at the right?
Yeah, here it is. So Alien Crypto Punk 3100 sells
for 4000 ETH $6 million. The problem is the last time it
sold, just over a year ago, 4500 ETH.
So a 500 ETH loss, $16,000,000 was a $10 million loss on NFT in
a year. That's a tough one.
Yeah, that's your story. Tell us.
Tell us a little bit more about this.
Yeah, it's a really tough one. So Punk 3100, this is now the
third time that it's it's in that that leaderboard, you were
just on top of the top sales. It's listed there 3 * 1 of them
being, of course, the third largest being that $16,000,000
sale last year. Yeah.
And then it sold in 2021 for seven and a half million.
Yeah, it was broker allegedly brokered by Fountain, which I
know Noah from Crypto Punks and Christie's formerly of Crypto
Punks and Christie's I think works and or maybe runs.
I tried to reach out for the story I was writing to get some
additional commentary about who initiated this, whether it be
buyer or seller, but unfortunately didn't get a
response back. But I don't know man, this is,
this is wild. But you can understand a little
bit, right? I mean, if, if people are, if
someone who has committed to Ethereum in some way by
committing a $16,000,000 sale or purchase of a, a crypto punk is
just capitulating on ETH and wants to lower a tax bill, You'd
imagine they are a, a pretty active crypto participant.
I would, I would guess right. So probably some some gains to
potentially offset doesn't feel too bad, I guess in that way if
you're going to if you're going to wipe them away.
But it was a newly funded wallet private offer to that address in
particular, which speaks to the the brokering.
Yeah. Otherwise we don't we don't know
too much more. And I saw some some tweets about
3100 had a small rider rips drama back in 2021 wasn't worth
including in the story. But so there there is a little
bit of history with this particular punk as well.
I mean, this has are going to be one of the most interesting
histories I'd say of of many, most of the punks out there.
It's probably the IT has to have the highest volume traded.
It's probably one of the the the highest cumulative volume traded
digital assets in existence. Probably, yeah, because it's
trade. I think on that top leaderboard,
maybe only one other punk is listed there twice.
So yeah, it's. It's done like $30 million in
this signal. NFT is done, $30 million in
volume. The timing is interesting here.
So I, I say there's a chance this person wants to offset some
gains. Clearly they've, they've got a
lot of capital to work with. They're since $16,000,000 into
a, a punk. Maybe they're in ETH.
Well, so they were thinking about it more in ETH terms.
I think the way you look at this is, is very heavily skewed.
If you're looking at an E terms versus USD terms and USD is a
huge loss and ETH is like 500, ETH not I mean it was a 10% loss
basically. Yeah.
Not really that bad. Not that bad.
If you're bullish on ETH rebounding, it's actually a very
sharp time to sell. If you're bull ETH, right,
because you're, you're, you're, you're, you're getting the tax
loss and then you're going to ETH at $1500.
So great time to sell if you're an E bull.
Also, it's right around text time.
Yeah. Was this a sale to help fund?
Coverson Yeah, a lot of. A lot of potential scenarios on
the table. I like the headband.
I I, I like the simplicity of this one.
I think the top sale is the one with the pipe and Nope, sorry.
OK, that's a yeah. Then the one CEO I'm I'm
blanking on his name came out and did the splashy 24,000,000
dollar 8008 sale. And.
I don't remember it up to buy that one.
The Perugia one does feel like the best alien.
To me, Oh really? I like the bandana with the
glasses, personally. Number six there.
It's a nice one. Yeah, the pipe.
I don't know. I love the pipes.
The cowboy ape and the hoodie ape or they might be better than
some of the aliens. I don't know.
They're they're, they're pretty damn good.
Let's check in on the, the, the punk Bitcoin spread here.
Not much movement from yesterday. 66K82K.
So we're still down 20%. Not not great, but Logie likes
the headbands. Let's see if there's any
headbands out there. I think that the one headband
female that for Oak likes. Yeah, he's dancing around.
He's not that serious about it or else he would have bought it
because it's 75 Ki paid significantly more than that for
for the punk that I bought. So and I know he I know he's got
it, so he must not want it that bad.
Sorry, V, but that that is a nice one.
That's actually one of those 150 Ki.
Like that 2nd row, second from the left, the female with the
shades and the. I kind of like that it's.
Kind of aesthetic for the the the squiggly hair.
On the I want something a little better, Yeah, I want something
sort of minimal ish. I'm pretty basic guy, pretty
plain guy, so yeah. It could it could fit you,
though they're low. I want to see.
I think we went around the horn. There's not a whole lot else.
Did you have a chance to look into the no one interesting
story here. Let's if I've got the tweet
pulled up for this, but Binance listed virtuals before Coinbase
did. So the the Coinbase angles of of
Fudd are are going to continue. Yeah, the results of their
second batch of vote to list Ondo big time and and virtuals
were the were the winners. So virtual going live for
trading here today at 11:00 AM. So I think it, it's coming up.
It's I think it popped a bit on the news and it's up 13% still
hanging out 340,000,053 cents. I mean not not the best looking
chart but I think you you wrote a Coinbase article that with arc
the the arc like Kathy Wood made.
A big Oh yeah, yeah. Right before the turn around
they bought it's there. Yeah, so Arc and Kathy Wood, the
manage, the actively managed ETFs, they bought around 200,000
shares, which was around, I don't know if it was like $31
million worth or something like that.
This was literally the day, well, the, the days preceding
Trump's tariff announcement, they they bought that.
So they are up. Yeah, quite a bit on that.
They're one of the largest institutional holders of of coin
They have, they're like a top 8 holder.
They have about 3 million shares of Coinbase, which is like
probably over $500 million. Now.
I'm not doing the math in my head right now, but 480, yeah,
$510 million something. So yeah, there there wasn't any
commentary attached to that. I'm sure Kathy Wood has provided
in the past. But they, they of course have a,
a pretty strong tie to crypto. They have a, they have their own
Bitcoin ETF. They have of course those ETFs
themselves, the ones that hold COIN are like the next
generation of the Internet fintech innovation.
So they're very much committed to the, the 'cause right now.
So it makes sense for them to be holding something like COIN,
but. Yeah, that was interesting.
Also interesting that that Coinbase just hates to to list
some of the base native tokens for whatever reason.
So, well, maybe they'll get out of their way on that.
They listed prompt day one. Yeah, I think which which makes
you even madder if you're, yeah, if you're in the virtual
ecosystem, right, for sure. I mean, kudos then for listing
prompt. That's a that's a great token to
to list day one, but we can have a longer conversation about
that. Kudos to listing my bags.
Yeah, always. Did you have a chance to look
into the Subs dot fun last story before we wrap things?
Up. Yeah, it did.
So Subs dot fun more or less is sub forums and you can kind of
consider it something similar or akin to like Reddit, you know,
in terms of like the the actual mechanics of posting and and the
topics and niches. And each one sort of gets its
own token and the AI agents kind of manage and reward based on
upvotes and stuff like Reddit would provide right?
Basically reward those who are participating and providing
quality content. So it's something that I think,
you know, it hasn't really been done here all that often.
I I think you could sort of think of Kaido in the same vein,
right? Sort of like this info Phi
creator, Phi type platform where they just want to be able to
better align creators and quality content.
That's that's what I'm taking away from this.
And actually very similarly, and this is maybe a close tie.
I don't know if you saw the the dig stuff from yesterday, but
dig is using Privy. Did you see that?
Maybe that's maybe that screenshot was fake.
I have not had a chance to investigate that so sorry if
that's fake news. But dig is the Kevin Rose
platform that he and Alexis Ohanian are re spinning up to do
something in my mind very similar to this, which is use AI
agents to moderate and create sort of these community sub
forums for consumption and and creation as well so.
So maybe this is the next friend These tokenized Reddit forums,
effectively like Reddit did have this right?
Like they had that moon token. Yeah, they kind of did.
Had a. Few.
But I, I think the, well, I, I could be wrong here, but I think
like the way the moderators basically had to reward that
token, Is that right? So there there was a level of.
Yeah. Yeah, there's a level of
involvement that was like maybe unfair or whatever this is
being, you know, you're being rewarded based on the community
and then the agents that are sort of running the the
platform, if I'm explaining that correctly, it's AI, so I haven't
had a chance to use this. It's in invite only.
So there may be some things in there that I'm, you know,
misconstruing, Apologize if so, but that's the way that I was
interpreting things just on on reading.
It's an interesting concept. So insert world event takes
place, you launch a sub, people talk about it, community grows,
you tokenize the community, contributors get rewarded.
I get that. But who's what's the incentive
to buy that token? And that's always the question
for for tokens, but I don't have.
Well, I think. Like this is the first token
that launched from Subs dot fund.
So this is the token for the crypto IAI sub community, one of
the highest, you know, highest growth areas of sub communities.
I think in crypto right now in in general, I don't know about
the specific form, but at a conceptual level, it's trading
at 5 million. Yeah.
So I I don't know, I don't have the bowl case for why you would
why you would purchase this, but in in terms of like what could
make something go up or you know, why you would maybe want
to be tied to it, It's just general demand around a
particular topic, right? Like, so think about the Reddit
sub forums that generate the most posts every single day.
Those to me would be in a perfect world, in a world where
Subs that fund does really, really well.
Those to me would be the ones that would have the highest
market cap tokens right doesn't. Did Reddit ever try to monetize
their sub forms by like with via ads?
Like that's a way you could potentially.
I think there are ads on them, aren't there?
I don't know, I'm not a Reddit user, I should probably know
before I just blindly say things like this, but.
Where's that my name's? Crypto, yeah.
She was our Reddit expert. How else is Reddit making money?
I mean they make tons of money right?
They have to be doing ads somewhere I'd imagine.
Sure. We'll, we'll continue to follow
up on this interesting new product that launched here this
week. Some success, 5,000,000 bucks,
not easy to get a token to that to that level certainly as we
have seen. But folks, I think that is going
to be it. We went around the horn fun
conversation here today. It looks like how are how are
coins doing? Looks like we're we're still
hanging out in green. Hopefully we have a green
weekend. We will break it all down for
you on Monday morning. As for today, that's it.
I want to thank our listeners, thank our partners, thank my Co
host as always, Mando Logie. Folks, we'll be back Monday 10
AM Eastern. Until then, go make it a great
day. Bye.