Yo-yo, yo, what up? What up?
Good morning, good morning GMG Woo.
Monday. Oh yeah.
Monday, September 23rd, 2020 fourth.
Look at that another beautiful day to have a beautiful day.
I got my Co host in the house. Tyler, how are you doing today?
We're doing great, has some green candles this weekend,
majors are are up, we've got ordinals up, some memes are up,
and we're building some momentum.
And you know what? October is coming.
Dude, October is coming now to see, you know how September ends
so well. This week should be an
interesting one. But one thing's for sure is that
October is is right around the corner.
You absolutely love to see that. Mando, how you doing today?
Hey boys, how are you? You good?
Yeah, great. Perfect timing.
I like this color on you, man,
Though you should wear more like bright, like, you know,
different colors. I like it.
Yeah. Compliment your skin tone.
Yes, Sir. I like the olive green.
It's nice. I'm used to watching you just
wear Navy blue or black. Absolutely mad.
It's true. It's true, right?
It's like, it's like your Dick. It's like your color.
It's your color anyways, so, so anyways, so now the show today,
two dates. What are the obviously we can
recap. We'll talk about this weekend.
You know, prices seem to be pretty interesting.
Over the weekend we opened pretty strong, so I'm sure we'll
get into the market side of things as we close this week of
September. Tyler's up 100.
I mean, let's see what Tyler's going to store for us, but you
know, there's been a lot going on at all times.
So it's so you absolutely love to see that.
I'm sure he's got a lot to cover.
We're back with the Arbitrum weekly roundup, if I'm not
mistaken, every Monday. So a little round up of what's
happening and the Arbitrum ecosystem.
And then last but not least, this show is powered by
Galaxies, a no code Web 3 platform that empowers creators
and communities to become owners.
Check them out. Galaxies XYZ on X It's right
down there on the stream on video if you're watching on
video and as a reminder, we are live on video all the time every
week every day, five days a week.
You absolutely love to to to see it yeah green shirt means green
week, that's for sure for sure. But anyways, anyways, anyways,
without further ado, let's hear all about this market.
I should move where I put my my buttons so they are easier to
access. I always forget I have like 3
screens. There you go.
GM everyone so feels like decent weekend if I'm honest.
Interestingly, bitcoins kind of where we left it around 63 K,
maybe slightly higher, but the main rally has happened in a
bunch of different altcoins and an ETH.
ETH has been outperforming. This is kind of what we kind of
flagged on Friday actually, that I told you I'd bought some for
the first time in a long time. Just looks like it broken out a
little bit there and was in a decent spot versus Bitcoin and
versus slum just on the charts. Just felt like it finally broken
out of its downtrend a little bit.
So ETH is now 2650. So I think it's up about 4%
since we since we were talking and then maybe even slightly
higher. And then I think Salon is
actually a little bit lower even I think Salon is down about one
or one or 2%. Nothing crazy, but obviously
there was a lot of bullishness around break point, all the
announcements there around Fire Dancer and a bunch of different
integrations of the different apps.
But but just sort of we've just sort off slightly since then.
In terms of narratives, it should have been pretty strong.
So meme coins are still doing OK.
I would say the strongest narrative since breakpoint or
even going into breakpoint has been AI and and a bunch of the
different AI coins have come back pretty strong.
The the strongest has been this coin Tau, the tensor, which
seemingly was like the number one narrative that came out of
token 2049. A lot of people got getting
bullish back against. Sorry about this.
Yeah, it's done about a 2X in about 2 1/2 weeks.
It's going back up towards its all time high.
So decent move. Kind of rallied initially after
the whole NVIDIA results and we saw a bunch of different AI
coins rally, but then towers really dominated the rest of
that rally. It's it's an L1.
It essentially works by allowing different GPU's to solve
problems on its subnets and rewards.
The best answer for any sort of question so it has.
The way it works with AI is that it's meant to improve the
training data given to AI by basically rewarding the the ones
with the best answers. So it has its own like LLM, it
has its own image generator. I think there's one called like
reply Tensor, which has been pretty big where we should you
can use an X. But seemingly they're, they're
saying like this is a way to improve how AI trains itself
rather than it being locked in with like big tech like Google
or open AI or Microsoft. This is like an, an open source
decentralized way to reward different AI models.
I don't know about that. Like this is me trying to
understand. And I would sell you 95% of
people who are looking at this thing.
I have no idea what it is, so I don't.
Know what a token does either. I just know it's popular.
It's built like the the Bitcoin token.
So bit is is because it's Bitcoin, it's only, I think it's
only 21 million and it's got halving cycle like all the other
Bitcoin style tokens. And the idea is just it's meant
to reward these different AI subnets based on the quality of
the answers that they give. And as that rewarded, they have
a bunch of validators which basically pick the right, the
best answer, so to speak. So a problem will be given a
bunch of different submits will like, or a bunch of different AI
models will compete against the other one who wins gets rewarded
in Tau. So I don't know like I honestly
don't know, but it's there's been some movement here for like
open source AI models. Facebook's been going down that
route with its Llama model, for example.
And this is just another attempt at that essentially by providing
some sort of infrastructure with which to reward different AI
competing AIAI models essentially.
Now, I don't think anyone big is really using it right now.
Like there's no, I don't think you've seen crazy amounts of use
uses by different people, but they there, there is legitimate
things being built in it. Like they have their own LLN,
they have their own image generator.
Like you can use it, but it's now a $10 billion FTV.
It's $4 billion current market cap.
I look, I just don't even know, but I think it's worth taking a
look at. It's something that I actually
thought was complete garbage up until a week ago because
everyone was mentioning it after token 24 and 9.
The part of the reason I thought was complete garbage is because
I thought nothing was really being built on it.
Well, I've seen a little bit of like, yeah, like maybe things
get built in here. It's going to require a lot of
hope. I would say that people are
going to continue to build, want to build like AI models on the
on the back of it. But there is a story at least
there that people can pump for sure, like you know what I mean?
But it's interesting to see how the market is.
It's it's with it's with memes, but it's starting to move back
into other stuff. I think pretty quickly.
You've seen D5 pump, you've seen deep in do well.
And now this AI stuff is is really come back and Tao is
something that I think I would be very unsurprised whether you
believe it's anything or not. I think it could it could
continue to to rally here. Just my just my guess.
That's been the number one performer of the weekend.
You saw, like I said, mean coins have had an OK bounce, but
mainly it's been ETH mean coins as well have been ripping.
Nero hit 500 million. That CTO hit 500 million, which
I think is absolutely insane. And there's been a bunch of
newer means even on on ETH, which has been running.
So interesting to see some of that activity move back to move
back to ETH. You saw Suey continue to be
very, very strong. I think it hit 1.6 over the
weekend. So that was up like 60% in the
last two weeks. Again, like we've been flagging
it all the way up. It's broken above, I think 900
million TVL personally. Like I don't feel FOMO at 1.6.
That's that's it that way, 16 billion there's some stuff going
on Sui. I wouldn't say like if there's a
crazy amount going on Sui, I think it only has like a very,
very small amount of ecosystem. Coins.
I doesn't even tweet that there was three, right?
You probably saw the same tweet as me.
I mean, it has more than three, it has more than three, but it
doesn't have that many. Like if you just type into
Google Sui ecosystem coins, you, you were presented with a very,
very small amount. And the majority of the TBL on
SUI is is actually SUI itself. It's not really stable coins,
although they did get USDC on the chain.
So at 15 billion or 16 billion, whatever it is, I think it's a
bit more of a show me story like ton, for example, which is has
millions of different users. Is it 26 ish, 25 ish?
And I don't know if Sui flips ton, let's put it that way.
So and then, yeah, Tau, I think it's just like a it reminds you
of the of the altcoin cycles of old.
You know, it doesn't really matter what it is.
It's a dream. That could be something.
Oh, dream sell. It's not a complete scam coin in
my opinion, but it's there's not like a crazy amount going on
there. It's more like a dream that AI
will adopt this framework with which to improve their firstly
their data use, but also the quality of the the LMS and the
the the AI models. So let's see.
All right. Well, we'll see that.
I mean, Tyler, you got some Tyler or what?
I had some a long, long time ago.
I, I think Mandel summarizes it pretty well.
I'm, I'm pretty aligned. I feel like people love the
narrative of Crypto XI, the intersection of AI and crypto.
It's a very sexy story right now.
It feels more of like a narrative than it is pure
substance. I still think like betting on
the actual major devs and companies building AII.
Don't really see how how it's necessarily translates to being
bullish for for Tau. I think the most likely future
is that we we are. We do have millions of AI agents
interacting with crypto, but I think it's probably on just
cheap block chains using like stable coins is the most likely
outcome. And I don't necessarily know
that we it translates to other AI coins pumping.
So I'm not that I'm I'm not bearish because I think the
narrative is probably strong enough, but it's not, it's not
one that I'm super hyped to to jump in on right here.
Yeah, I mean, we'll see what happens on, on the macros front
this part this week. But Mando looks like we're a lot
of the overhang is kind of done, right.
Like we're ready to like we got the, the we got 50 bibs when
most people are pricing 25 bibs. You know, we've already had the
CPI and all these numbers like I it's, it's just looking like
most smooth sailing ahead. Or am I because I don't see many
different catalysts right? Like that could.
Didn't. Trust to go lower.
Yeah. Well, I think I've said before,
I think the main the main, the main thing here is the election.
Now, I think even even you know, you saw Kamala say some comments
over the weekend about, you know, being a bit more pro
crypto, at least less anti crypto, let's say.
And who knows if you believe her, But I think we rally in
either scenario post election. I really, really do.
I think what you've seen now again, we have above 50% odds.
The next rate cut will also be 50 BPS.
So people are now starting to price in pretty aggressive cuts.
You've seen the dollar actually some, some some of the reason
why everything's also hitting all time highs is because the
dollar's actually gone quite a lot weaker versus a bunch of
different currencies. The yen, the sterling, euro
dollars in like a multi month low right now.
Keeping up like with a Dixie chart.
And that's part of the reason why you've seen all these assets
rally as well. So part of this is all a
weakness. Just just to, to let everyone
know really. So, and that's because rates,
you know, they're, they're really talking, talking down
rates at the moment. So for me, it's a, it's a
positive macro setup. The, the, the economic figures
last week didn't seem so bad. This week.
We have core PCE on on Friday, which will be another inflation
figure. I think we've got GDP this week.
It'll be interesting to see that that doesn't fall off a Cliff or
that that stray strong. But if that comes in strong,
we'll really rally. Yeah, you've got to love this
market. I mean, we are pumping right
now, so should. We should we be concerned that
that Seoul isn't rallying harder and now the break point pump is?
I mean, I don't think so. I mean it's rallying as we
speak. You should see the candle on
Solano. I just want to see the entire
market. I've been pretty public about me
moving back into Bitcoin because I think the L1 trades has become
more competitive. I do think it's interesting.
It's interesting. Although altcoins are ripping
right now, it goes to your top 100.
And look at the last seven days or even the last 30 days.
This is an altcoin rally, which Solana has not really
participated in. It's it's kind of been pretty
stagnant. But if you go down that list,
the vast majority of them have have rallied back very, very
strongly and you're starting to see new A lot of people over the
weekend was talking about altcoin cycle.
There was a few different things on the outside top ten others
index, which flashed a buy signal.
You'd have a lot of these not mean coin, but let's say utility
narratives coming back. So like I just said, defy always
at a 2 1/2 year high. Like that's probably the best
known defy coin that's that's broken out pretty substantially
versus a lot of different things.
You have Tau leaving AI and like a lot of those coins are also
pumping. You have deep in, you have
helium often in the top in the top performers.
So you're starting to see some of these altcoin rallies, you
know, the sort of things that used to watch YouTube videos
about of like random altcoin, like all.
Right, let me go see what Professor Crypto was talking
about today. Some of those sectors are coming
back. The meme coin sector, although
it's still there. And you have Popcap, you know,
going for a billion again today and you have Nero just kind of
500 million. What you're seeing is a more
broad based altcoin rally here for the first time in a long,
long time. And ETH is the only L1 it would,
well, it's not the only L1, but ETH is, is performing the best,
which I think is very interesting.
A lot. A lot of the time an ETH rally
is associated with an old rally. All right, well, let's see where
where this takes us, but definitely the market's looking
great here with ETH at 2627 Bitcoin 63 seven and Solana
1:45. So you know, I think honesty is
just being comfy in all three of those.
It's just like best thing anyone can do.
I don't worry. I just I don't know.
I look at all three of them. I'm like I I genuinely believe,
of course, NF50 wire that all three of them will be much
higher by this time in six months.
So you could probably close your eyes and buy any of them
Probably going to be good right? They see they they let you pump
together. So it's it's been good I.
Don't think they do. That's the point.
I actually, I actually, I've said this several times, I think
the L1 trade is really, really dangerous.
Yeah, so. I don't, I don't think
necessarily just sit back and forget these things.
Be very cognizant of when one coin is out forming another.
Like if you've been, if you'd said that with ether cycle,
you've been absolutely destroyed.
Absolutely. I think with Bitcoin, Bitcoin
rallies, yeah, most other things rally, but like be wary, be I
would pay attention. On here.
Even though I have quite a lot of Solana bags like pay
attention, other things are rallying.
Solana isn't pay attention just like if ether was getting
battered this time last year. Just don't don't be a maxi of
anything Like things can really shift Like everyone just faded
sui and it just went up 60% actually did like a 3 1/2 X in a
month and a half right? Like I think, I think now it's
time to pay attention to some of these things, in my opinion.
Yeah, yeah. Fair enough.
I guess we'll see. But here you go.
This is your chart so well, let's see where Bitcoin goes
tomorrow. But it's looking like it's going
to be a fun week. It's good.
It's looking at man. You got someone asking so long
or short now? I think shorting anything will
lead to like maximum pain. I wouldn't short anything.
Yeah, I'm not saying Sole's not going higher because I think, I
think Bitcoin's going to to like 90 to 100K by year.
I think Trump gets in. That's my gut.
And that that that goes higher on the back of that too.
I wouldn't short shit. But I'd be very cognizant of
when 1L1 or is not performing because it's so competitive
there. Yeah, 100%.
All right, well, Tyler, Tyler, Tyler, Tyler all.
Right, our top story. Somewhat controversial.
Kamala Harris came out and promised to help grow AI and
digital assets at a Wall Street fundraiser, to some very mixed
reactions from most of crypto Twitter.
We'll get into that in a bit. BNY Melt was given approval to
custody Bitcoin. They're the first major bank to
receive that ability. It stems from an exemption from
the SAB 1/21. The SEC also approved options on
Blackrock's spot Bitcoin ETF. So now an options product will
be available for that ETF. And then Coinbase announced
plans to bring CBBTC, it's wraps Bitcoin product to Solana.
So that was a nice headline for Solana and other Solana news.
Fired answer did go live on Solana mainnet over the weekend.
The team also shared plans for a new Internet fiber layer to make
the Internet faster. So not only do they want to make
Solana faster, they want to make the entire Internet faster.
Shout out to and Magic Eden surprise announcement 180.
They're switching to optional royalties ahead of the upcoming
Emmy. Total.
This comes almost a year after they switched to royalty
enforcement Layer zero. Share the zero claim period
ended, but there are additional unclaimed tokens for certain
eligible users, so go check that out if you are in the 0
ecosystem. Army, formerly Pack Moon,
announced a community takeover with the original team stepping
away. The price initially pumped, but
then did sell off shortly after. Then Hamster Combat, the big
Telegram game. They shared new details for
their upcoming Hamster token AirDrop coming this Thursday,
September 26th. Going to get this 131 million
eligible walls. On that air drop list.
So, so good luck there. And memes.
Meme coin majors did mostly job, but Moo Dang soared to $50
million after being featured in the Beeple everyday.
I think it's closer to 40 million now.
We saw moo moo shouts moo moo. We talked about them on the show
quite a bit. They jumped 50% after a buy bit
listing. And then Binance Nero hitting
500 million. Definitely one of the top
performers of the weekend. We saw Iggy Azalea share plans
for a new online casino Motherland along with her
upcoming Dream Vault product amidst well, I'll describe as a
raucous party at at break point which is also all over the
timeline. AI coins had a huge weekend as
well. Then ordinals.
Ordinals are pumping are. We back.
In the leading NFTS here over the weekend.
Are we back? Is the question.
Ordinals look like they might be back.
That was a nice pump on ordinals.
Love to see that question for you.
And then I'm going to move forward because I, I know
there's a few topics that I want to hit on that you talked about.
How do you, what's up with pups? They move to Solana, like how do
I do that? They don't get it.
Yeah. Did they move to Solana?
Like what's going on with that? Well, so they originally moved
to Solana and that's what caused the that, that first major
parabola up. But then they did the when they
launched the Ordinals token, there was the the token split, I
think it was 101 that didn't impact the Solana token.
So that that Solana token became effectively untradable because
it it didn't have the extra 100 to one.
OK. What they did is they opened up
effectively like 100 to one conversion for the Solana token
as well to make it effectively tradable again.
So you're supposed to keep it on Bitcoin or Solana?
I'm so confused. I've kept all mine on on
Bitcoin. This is I never actually
bridged. OK.
I know there's a strong reason to.
OK, cool. I just thought I missed
something. I thought it was a deadline to
move out of Bitcoin. I thought they were completely
moving out, but that's my bad. Then it looks like OK, cool.
I mean, hopefully we're, you know, we're going to pump,
right? And Donuts, really, they're kind
of just hanging out. Yeah.
Cat rebounding a bit. I mean, the dog dog's holding
250 million. It's not bad.
Yeah, that one's really that, that one is, is extremely strong
anyway, so talk to me about Kamala Harris.
You know they they're saying that they want to support
digital assets, but I I didn't hear a plan, so I was looking
for it before the show. So we can talk about it.
But like what, what part of it was that?
Because you said crypto, but I don't think they talked about
crypto, did they? Not specifically so, I mean this
is a a lighter headline. So the reason is a big deal.
I think this is the first time she has made any even crypto
related remarks since she's been on the campaign trail.
Her exact words I'm quoting. We will encourage innovative
technologies like AI and digital assets while protecting
consumers and investors will create a safe business
environment with consistent and transparent rules of the road.
That was at a Wall Street fundraiser here yesterday.
This did come somewhat notably after Anthony Scaramucci.
He was speaking at Token 2049. He says he has been working with
the Harris campaign to help them develop crypto policy.
With that being said, we don't know what the the policy is.
It certainly has not been published.
I think that's one of the the differences between the two
parties in the the Republican platform, crypto is specifically
coming out. It is not specifically called
out in the Democratic platform, which I think has led to some of
the questions. And it's also why folks aren't
really believing that Kamala's words here.
And you know, everyone keeps coming back to action speak
louder than words. And as he sees certainly still
kind of going after a lot of crypto companies right now, he
nabs, he came out and spoke. He's the one probably doing the
most viral. He really like, I think some
people called it like an endorsement.
I mean all he did was retweet a post about it and said I.
Mean. That she's going to encourage me
things and that it's, it's a positive outcome.
That he he goes on to clarify that he agrees that Biden has
been terrible for crypto and tech.
She's signaling that she's going to approach it differently.
Fine if you don't believe it, but he's basically saying like
why not extend the olive branch? So I'm on his side.
I got to be honest on this one, I don't see the point in being
super combative. I think it's fine to be stupid.
Being combative is stupid, but I do think he's being a little
soft here. Like he's really like if you
look at his replies, he's like, Oh, but I didn't say that.
Oh, but every time someone says oh, they they've been pretty bad
for crypto, he goes, Oh, I agree, but it's like digital
assets doesn't mean crypto. By the way, she didn't say
crypto, she said digital assets. Right.
But I think digital assets is like a synonym at this point,
right? Like and that's what I think
about. But wasn't she?
Maybe you think crypto's a negative word?
Well, that's, but it shouldn't be.
I would agree. Right.
But I think their it's their job on both sides, Republican,
Democrats, to make the word crypto not sound like it's like
a criminal activity. No, I just win their job.
I don't. I mean, I don't know if that's
their. Job and the striers that made it
their job to make sound like we're criminals in this space.
So if they could undo that it'd be great.
Like trust me, I've done a lot of interview last week and all
of them think that crypto is criminals.
Yes, I I agree with that. And, and I've had to like check
a few reporters on that actually.
I mean, that's just that that jives with this when I talk to
people in general, right, I think.
That's what. The average person thinks.
I think he caught a lot of Flack because they're literally suing
him. Right, right.
I think that's what gives more weight to his statements.
Like if anyone could be like angry and combative, like it
could be him and he's like, maybe he just doesn't want to be
sued for the next 4 years. He actually wants to get past
this, and I don't really care about the opinions of people
commenting who've got no skin in the game.
Like I, I certainly understand, yeah.
If someone has no skin in the game, fuck them.
But I understand people who who say, you know, we need to see
it. But at the same time, like I,
let's just put this out there like we're going to argue about
this for the next 50 days. Exactly.
She's not going to. Do anything like it's still
Biden's administration. She's busy campaigning to be
president. She's not sitting down trying to
meet Ginsler and make crypto policy changes in the next 50
days. No, absolutely not.
You know what though, this is a good comment though here.
Like digital assets does not equal crypto.
CBDC's are digital assets. Like that's my only thing was
like, I want to hear the word crypto, you know what I mean?
Yeah, I think that's fair. That we're buying, right?
Like Bitcoin is a cryptocurrency, Bitcoin is.
Do you see Bitcoin as digital asset?
Maybe NFTS or digital assets? I think it's a digital asset.
Yes, I can. I can see the argument that
digital assets are wider than than just crypto.
I guess we'll see. I mean.
We hung up on the words. Yeah.
I mean, keep in mind, it's not, it was not in their platform,
which you and I covered back then.
But we'll maybe they just maybe they adjust.
I mean, maybe the louder Trump gets on that, maybe they'll want
to say, hey, fuck it, you know, like we're going to start doing
the same thing, right? Yeah, and threat guys making him
be louder. So he got he got his questions
out there. I saw that at.
Mar a Lago so. No, it was in the golf course.
Oh, OK, that's a Jupiter. Yeah, they said I was in
Jupiter. The golf course.
I'm I'm assuming it's Marlo goes into construction right now.
It was a lot of construction golf season.
It was like, yeah, it was it was actually a lot of it was just a
bunch of shit going on there right now.
I didn't Did you know West Palm Beach doesn't open till
November? Like the whole ass city like on
Sundays, like everything was closed.
I. Did not know.
That so everything was closed. Too hot, No one's there.
Everything was closed on Sunday because the snowbird season
isn't start till November. Like even Mar a Lago is closed
and and it opens until November because you know, all my people
from Quebec, you know, they go down with snowbirds.
So it's funny. It's a thing like all the older
people in Quebec go down to Florida.
It's all Canadians, it's all Canadians, all Quebec people.
Like it's go. You can hear people speak French
all over Florida from like November to, to, to, to April to
March or something. But it's so cold here.
But Tyler, Tyler, Tyler Tyler, what else?
There was another big headline in there that you talked about.
It was a fire dancer. But we talked, we we covered a
bit, but that wasn't mainnet. Yeah.
So I think so Friday we we spent a good time deburging on break
point. But as of Friday fire dancer was
just on test net. So they they did subsequently
come out and say yes live on maintenance.
I think that was the the biggest news that broke out of Out of
Break Point since we did the show on Friday.
And. Then it seems like, you know,
folks kind of had some fun, rounded out a little bit of
partying, perhaps sponsored by Iggy Azalea, before the before
the conference ended. Oh my God bro.
It was all over the timeline. Jesus Christ the timelines
losing their minds bro. Like, I don't know dude, there's
like so many bigger fish to fry and big problems to have in the
space and people are like arguing about what's good or bad
for the space. You know what I mean?
I I'm assuming you're the type of guy that can't be bothered
with this conversation. Yeah.
And this is like the the nonsense, like we're about to
head into Q4. We we think it's, you know,
historically it's been up only for crypto prices.
Future is bright. There's a lot of very positive
macro things. And this is what people are
spending their time talking about.
And it's, I mean, it's a bad luck for, for crypto Twitter.
So I think we, we talked about this a little bit offline.
And you know, coming out of your Trump interview last week, he's
like, this is a great onboarding opportunity.
Like you, you've got the the receipts folks who want to get
into crypto but don't know how to do it.
Well, guess what, Like after Twitter is just talking about
Iggy Azalea stripper parties and not talking about anything else.
Like that's not the most welcoming onboarding
environment. And I think what Eric Trump said
like it's not the most hospitable industry.
I don't think it's very hospitable right now at all.
I think that is something that like we can.
All Oh, that was that was that was an interesting.
I have the interview of that I should post that.
I thought his comment was interesting about the
hospitality and crypto and how crypto should be more
hospitable. By the way, that's despite
anyone's political opinions. That was not a political
statement they made. It was just like, hey, like, you
know, it's just from a hospitality standpoint at a
hotel, you make sure we make sure you never carry a bag from
the door to the room to the this to the that, and then crypto
should be more hospitable. I was talking to someone at a
major crypto company. I don't want to name who, but
who company few weeks ago in in Korea and they were saying it
takes like X amount of clicks to be able to create an account And
it's like 30 clicks. And I was like, why did it
shouldn't take 30 clicks to make an account with set company, It
should take like 2 clicks and then they're, they're up and
going. So yeah, there's still, there's
still like there's still a lot of friction, but hopefully, you
know, I think I honestly, I mean, The thing is, I'm, I'm
always positive. So obviously it's tough for
people. I do think that we're getting to
that point where like we, we, we understand, we acknowledge that
and a lot of teams actually solving for it.
So it seems like we're doing better on that front, right?
Like you're I know you're about to talk with magic eating, for
example, because you know, it was quite a big headline, but
like they've made their own wallet and this and like they're
making it easy and more seamless to like buy shit, right.
So it's like I think we're focused on.
Yeah, yeah, I'm still bullish and optimistic.
I think a lot of the, you know, we had plenty of builders who
were trying to tackle the usability issue.
Like I don't, I don't think it's a surprise or something that's
not known. You know, crypto has
historically not been very usable, user friendly.
The onboarding has been terrible.
It's getting better. And like we're seeing the mobile
first focus. That was one of the takeaways
from break point. We've got Pac-Man and blast.
Whatever you think about blast, I mean, at least he's he's going
all in trying to to do like the mobile stack, which is a a good
vision, right? And we we've got the team in
abstract doing similar. So clearly there is a lot of
focus on and and guess what? It's still, it's definitely
better than it was three years ago.
Well, what happens if like so I happen to say this, a lot of
phone becomes extremely successful.
It actually becomes a better phone, like hardware wise
everything and starts popping off the app base.
Or what I find is if like Suey's Game Boy, like they have a Game
Boy thingy that they announced months ago works out.
What happens if I don't know, some developer on Ethereum, you
know, built something that you know will be used like mass
adopt etcetera. So I think we're pretty close to
it, dude. Honestly, it's just going to
take a little bit of time, but we're we're definitely getting
to that point where where I think, you know, crypto's going
to be more adopted through actual stuff that people
actually want to use anyways. So what else you got in here?
I mean, we could talk about the point of view.
I call it magic Eden stuff, but it seems to have pissed off a
lot of people on the timeline. But don't you think it's like it
was bound to happen at this stage, like we still having the
conversation? What do you think?
Yeah, I'm ultimately fine with it.
I think it might piss people off because I was actually going
back to my old newsletters. So I I wrote this up last
November. So they made news last November
and it was Magic Eden and Yuga board apes they teamed.
Up. To launch royalty enforced NFTS
on Ethereum, that's kind of how Magic Eden made their debut for
ETH NFTS. And it was kind of hand in hand
with Yuga. And this was the move away from
Blair because Blair was was still the dominant player at
that point in time, November 2023, and had, you know, lion's
share of the market. And now Magic Eden has made
tremendous gains. Like they've, they've got the
lion's share of the market or at least a majority.
And now they're kind of going back just to on their word 10
months later. And like hand in hand, they're
both flipping. So, so Yuga, they're going to
optional royalties. And then Magic Eden is also
here. They're saying we've heard your
feedback, we're enabling optional royalties on our
chains. So like they're kind of like
pushing it to like, oh, we're in response to the community.
I don't know, I guess I haven't seen a whole lot of chatter from
the communities like just demanding optional royalties at
this point in time. I feel like I haven't heard much
out of that discussion in in months.
Yeah, me neither. I mean, NFTS in general haven't
really done really well, so it's not like royalties have been
pretty high. I mean, look, I'm always been
priority, always was. We were some of the last people
on the front lines of that, you know, defending them on this
very show with Ovied Mando when the open sea founders came on,
which after that they hated me for life, which is OK.
They were really pissable that show, by the way.
Anyways, we're a year later, right?
I can see it. Think they unfollowed us and
stop talking to us and they didn't want to do anything ever.
We'll agree to again. But it was funny anyways.
You know, as much as I believe Creator Rhodes is, is what lit
up the space, reared your feedback a little with magic.
You didn't believe that this is the right move.
This change in tune look like, I don't know, feels like a dried
out conversation at this stage. Yeah, that's one of my
takeaways. Hopefully this is just the end.
Yeah, it's we can. We can move forward.
Yeah, also then you make the mistake of you're putting art
and PFP collections that are more like meme coins than art in
the same basket. And then you're you know what I
mean? Like I want my boys art to get
his royalties. And as a matter of fact, guess
what? Collectors that art collectors
pay their royalties usually after the fact, even if they do
a private sale, very often they'll like send money to
someone or like, I don't know, even now, like all the you saw
superheroes doing private sales as a lost Robbie that sold for
200. But you know, super is on the
private cell business. You have what fountain and then
you have this new huge platform. By the way, we should do a we
should get Roger Dickerman at some point, maybe this week.
Let's do an art because it's a fuck ton happening in the art
world of crypto right now. Did you see the new platform
that's backed by the guy who sold the Salvador Mundi for $450
million? I saw the headline but I have
not dug into it the. Guy who sold SO or Guy Slash the
people who sold the Salvador Mundi for $450 million launched
a platform for crypto art. This is mega news.
So we should we should we'll do a round up for for the art side
of things, But and there's a lot of big sales happening X copies
as so The thing is like with like the crypto art,
specifically the roads is being taken care of.
But you know, I don't know, it's like, I get it, I get it.
It's just it's just completely different conversation that's
happening now versus versus before.
So and also like, I feel like, look, we're never going to get
NF TS 2021 back again, right? So it's like, you know, and then
ordinals showed that like the royalty things did, like
ordinals came in pretty much like, fuck this.
There's no royalties for ordinals, right?
Speaking of which, Tyler, I saw that in your in your top, but
wow, some green across the board here.
Yeah, let's go through it. So no monkeys at .187 that
they're up like 80. So they're at .1 maybe a couple
weeks ago. So they're up 80% pump its back
over .1 or .11 OM BS up 19%. It's interesting.
So qualm, oh, qualm cats have moved a little bit.
They actually weren't up much this morning.
They're up back to 1/4 Bitcoin. So they've moved less, but they
also they didn't really they weren't hit as hard in in the
downturn. So they were the most stable of
any, the clear leader in floor price.
But now by market cap, I mean node monkeys are are clearly in
the number one because there's 10,000 of them.
So what what is .2 Bitcoin? That's roughly was that 4/4 and
1/2 ETH, 5 ETH. I'm trying to figure out you.
Know where ETH OK, so it's 12.6 K ETH is 2650 it's 475.
Yeah. So this is kind of a notch below
Uzuki then on on four parts. That's right, actually mean
Uzuki here. Here you go.
Yeah, it's 8 is one ETH on the Uzuki.
So it's about 25, twenty, $600.00 less than the Uzuki.
It's half of a Penguin, so the node monkeys.
So the biggest collection technique.
I don't know, I guess. Yeah, yeah, half.
Yeah. I mean, there's to me that means
there's so much upside on ordinals still.
You feel like there is an upside on ordinals.
That's your take. Yeah, Yeah, absolutely feel that
way too. I think we're kind of waiting
for the bottom. It it seems like the bottom
probably is behind us. Yeah.
What's more promising is the volume is volume is coming back.
I was coming back. No monkeys are at 14 Bitcoin
volume that's that's almost 1,000,000 bucks.
I was never worried about my, my, my puppets bag, not gonna
lie. I, I had every single one of
them and I even when it was point O 8 point O 7, whatever.
It's like I The thing is for me, like it's the same thesis that I
had in 21 with the like some of my Ethernet.
She's like, well, in the run when ETH goes up, like the major
collections go up and like, you know, the Fantastic Four of of
of of Bitcoin is like what puppets, puppets, monkeys, OMB
and and quantum cast right, And that's the what I think, and I
think Woody even seems to agree, right.
I think he had made a post about this a while back.
Was it Woody? I think Woody made talked about
this right? I think so and so and now this
morning I look it up. Every single major collection is
up the same 20 points, monkeys, puppets and and the OMB and just
confirms my my thesis with Bitcoin being up right.
So it's like it's it's a good, it's a good.
I wouldn't be surprised. For example, I must think, yeah,
sure, like my moon boy math was like 2 1/2 Bitcoin per puppet.
That doesn't mean that's going to happen.
But like will we go back to .4 Bitcoin per puppet at like 75 K
Bitcoin I mean. I don't.
That that would be, of course,
by the way, fully backed bias got a bag of them.
But I do think there's a possibility, I don't think it's
out of like, OK, think about this, 1/4 of a Bitcoin per
puppet. Do you say that's possible?
It's not a twist. So there you go, right.
And but Bitcoin's not going to go much lower from here, right?
So it's with Bitcoin being up. So let's say Bitcoin's like 75
K, you could see puppets keep going forward.
And that's what happened. The first one's 74K like
puppets, OMB. And, and when I say puppets, I
mean really the Fantastic Four, like top 4 collections, we're
all grinding up with it. And it's always an old monkey.
So old monkeys are kind of the like when no monkeys go up, like
puppets have been following that.
It's kind of the deep Bitcoin of Bitcoin, right?
I don't know how to put it the other way, but it's good to see.
I will say the only thing that gives me some pause is so we
know that the magic eating AirDrop is coming.
So like how much of this is farmer driven?
And then like 4 listings are thick, like like listers are
using four and five decimal points edge each other out right
now. And so like sweep of 10 or 15
really doesn't move the needle on these.
It's like that's the thing that's like giving me a little
bit of a pause. And I thought that was what was
different perhaps of the rally back in Q1.
And that's probably why we saw a little bit more violent
movement. And I'm talking about known
monkey specifically. I haven't been as close to the
puppets floor. It's not bad.
Actually, it's not that bad. But yeah, it definitely takes a,
it was going to take a lot of volume to move these markets
though, you know what I mean? I see what you mean.
I see the, the, the, so we we talked about the bowl case.
The bearing is also I'm not, I don't see any node monkeys or
puppets on the timeline much at all these days.
Like the folks who had their, their PFPS switched to puppets.
I got I feel like they switched them back and they're just not
as not as loud. There's these guys around them.
They have their puppets right these.
There you go. OK, as long as these two?
These two guys popping up. Yes, he moved back after that
punk sail. He was like, fuck this, he's so
funny. But yeah, he he he he moved
back. Yeah, these and TG still on the
puppet wave. You know, that one was Sobby,
but Sobby moved to his D God, anyway, Sobby's washed like, OK,
I love you, Sobby. I love you.
So. All right, well, that's that
that front. Anything major that I missed
before we move on to our Arbitrum update, Tyler?
Yeah, I think that was it. Our Army announced our CTO.
And it's. Kind of a sad story.
I don't know. We ready to get into it.
I mean, we can, I think it sucks.
It's just, I know, I know a lot of people flower money this one.
So I think it's kind of it's kind of blows.
Well, the, I mean, yes, they did well, a lot of people are just
round trip bags that were given to them.
So like as like I was given large amount of tokens from the
initial PAC moon creator program and you know, I was holding and
it was doing well. I could hit 60 million market
cap, 180 FTV at peak. It's interesting to see Bobby's
thoughts here. So he kind of shared the note on
like their their X6, the team is left effectively, he felt that
they're fighting an uphill battle and blast that blast
wasn't really giving enough incentives to people for people
to hold tokens, which I don't know, PAC moon was like the
number one lottery winner or on on the the blast Lotto wheels.
I don't know if you can really make that argument.
He goes on to say how Elon the Twitter change kind of destroyed
their social fight component, which yes, that that did.
That's true, but The thing is also you're trying to build a
company on somebody else's API, right?
Right. So, yeah, that one, that one,
But I feel like they moved past that.
He goes on to say that he thought that pack was likely
going to bleed to zero with the in line with the blast price
action. Because blast price action was
bad. They decided to bridge to
Solana, but then they effectively rushed it and they
didn't do a strong enough launch plan.
And then a negative, a negative loop began when prices started
to fall. Yeah.
I mean, I think we even said it like.
We called it. I was, I thought I gave them, I
thought bin Salman could go out OK, but they had to have no
chance a plan. And this didn't make it clear
this didn't have a plan. They, they launched like the
weird campaign where it was an army against like they, they
tried to make it like a political army thing against one
of the the French candidates. I forget the details, what
behind that, what? Or you could like earn points by
you know, making army related posts on this specific specific
topic. It didn't really go anywhere.
French. Candidate, I'll have to go back
and look at the details. OK, I hadn't heard of that.
I man, it's a painful chart to watch.
I think it's over now. I was super, I was a fan.
I never owned any PAC Moon, but I was always like a fan of them
because I liked like how they were running moving on blast.
Look, I said same thing that OSF in the back and he kept
believing till the end. So I'm assuming a lot of people
were like this. But like the move to Solana was
just terrible mistake. Like I think it talked to Lambo
land all the time. Lambo to say, Hey, why do you
like like being a bigger fish in the bigger pond?
Like my mom had this one fun saying when I was growing up.
Always let me see if I can translate it to English.
But how it sounds like be a big fish in a small pond.
Would you rather be a big fish in a small pond or small fish in
the big pond? And very often, like people
should realize that being a big fish in small pond is better,
right? And and you can achieve more.
And like we move to Solana, which was already getting that
was peak Solana fun, like meat pump.
Now we're back, right? But it was like peak Solana fun,
like meme coins being created every day.
Too many coins. Everything's drugging.
You're moving in the worst time ever for Solana, right?
It's almost like the pico top of Solana.
They're moving into this thing and they're leaving blast.
But like the problem is not blast like and I'm not a fan of
blast right. We talk about all the time.
None of us are big blast guys either.
Like we don't do anything on them besides fantasy top.
Look at fantasy top. Fantasy top is thriving.
Fantasy top is doing they're they flipped a positive, casual
positive for a second, right? Like they are killing it.
They don't care about the fucking chain they're building
on, dude. Like I think a lot of people
don't realize like, and I'll say this, a founder who's like
building on L2 and you know, obviously we get every L1 and L2
like messages us to to talk about Marriott and where we're
going to next. You guys about to see some crazy
shit. Now I can focus on that again
after the Trump and stuff and everything.
But like it's not about the L1 or L2.
It's about the team actually building the fucking thing.
And a lot of people think that it's about the the inherent
L1L2, but it's not right. Like it's, it's, you know, you
could, you could, it's, it's just, I don't know, I think I
think you should sit on blast. I should have, they should have
stayed a big fish in the in a small pond.
They should have gone to token 402049 been part of the events
with blast. You know, like from a, you know,
from a thing standpoint, cause some people also didn't care
about pack moon. People are using pack moon cared
about their ecosystem on top of that.
So on top of this, they move from from EVM to an alt L1,
right? So as long as they went from
like Blast to I don't know dude, Arbitrome or any other one.
Yeah, it's it's only left the ecosystem, perhaps even worse is
like they basically bottom tick blast, blast. 2.
Up 25%. Is it and in the theorem's about
it seem I mean Mandel's pretty convinced about it and I agree
with him. Like theorem's about looks
pretty good man, you know, so so anyways, you know, not to to
double down on that, but look at it is what they tried.
They definitely tried like, you know, label and and and and, you
know, and fuck, fuck. God's name.
Yo, I'm sorry about that. Sorry, that's Monday morning.
But but you know, if they tried, they tried, but it's that's too
bad. Well, anyways, so Tyler, sorry,
let's get into our last segment. Oh, it was to support the
founder of Taigram, Pavel Durov. It wasn't like I just got a
message. Yeah, yeah.
That's what. It was for us to support Pavel
Durov doing the thing as well. So look like that that that's
not a bad stint, but stunt. But like, you know, it's just
too bad. And we'll see where where this
the community takes it next. You never know.
You absolutely never know. Anyways, let's get into our last
segment here, the Arbitrum weekly update.
We had a great Arbitrum event last week.
Shout out to our for sponsoring our event, Co sponsoring our
event last week in Singapore as well as the Zuki one.
It's funny, they were both in the same location.
I didn't realize that Zuki had an event in the same location as
us the day before at Coma Singapore.
I only got some positive feedback from the Marriott Tides
event that they they Co sponsored.
I absolutely love to see that. So I do want to, I do want to
say a big thank you to them for that and for supporting the
ecosystem. But Tyler, what's new in that
ecosystem this week? Yeah, we got some big news
across institutions, NFTS and games in the arbitrary
ecosystem. So I'm going to start the
institution. So Franklin Templeton launched
their Benji platform on arbitrage.
So if you're not familiar with Benji, it is their Real World
Assets Treasuries platform. This enables tokenization and
servicing of mutual funds on block chains.
So like when we think about the future of tokenization, real
world's assets, and this is right in that bullseye, this is,
it's a big deal. They launched their first
digital asset security. It's the Franklin on chain U.S.
government money fund. It goes by FOBXX, kind of a long
name. And then one share of this
mutual fund is represented by 1 Benji token.
So that's what it is. The news here, it's live on
Arbitrum. Previously it was just on
Polygon and Stellar. Guess what, it only reached
about $2,000,000 in market cap on Polygon, over 17,000,000 on
Arbitrum. So it's already out of the gate.
It's seeing quite a bit more action here from Arbitrum.
So that's the big news institutions and real world
assets and the NFT size of Stylus.
We talked about Stylus quite a bit.
This was their change to make it more interoperable code based
platform. You could it would bring
languages like Rust on to Ethereum.
Russ, known from the salon as a developer programming language
in the salon ecosystem now available on Arbitrome as a part
of the data commemorative NFT launch.
They've already seen 800,000 mints on this GMT is called
infinite rainbows by him Buena Buena Vida.
It's a free mint generative art rhythmic motion piece.
The mint is open through October 6th and then you can redeem for
physicals. So if you burn the NFT, you have
through November 4th to burn it and then you'll get the the
actual physical piece. So clearly there's been a ton of
demand on. This.
I gotta get that. I like him and I remember her
from Clubhouse and stuff. She's been around.
She's a hustling Jesus. Yeah, and the piece is cool.
The physical's cool in the digital.
The NFT is as well. And I mean, it's free, so you
can't get longer. There's no gas.
There's no gas in arbitration. We are, Come on.
It's good for the soul, everyone.
It is, but you know, we need those bright colors.
We do. As you know, some of us head
into winter here. Yeah, you and I both, huh?
Well, mine doesn't. Fucking Jesus Christ.
Anyways. And then shout out on a couple
games headlines. So King of Destiny hit 1,000,000
downloads. That's a big number all there in
there, you know, Web 3 gaming space on Arbitrum.
And then you mention so be Zye that they've got this other game
Rift Storm is is coming to Zye as an exclusive flagship title.
So the game ecosystem on Arbitrum continues to to cook as
well. So there we have it, NF, TS,
games and institutions. I mean, they've got dookie dash,
the whole thing. Everything's I mean there's like
ape chain by default, right? And everything like it there.
They're on the tear. Jesus, they are.
They're on a tear. They're on a tear.
And then you had more news. Also new features on on Sanko as
well. Dude, I'm seeing Sanko all over
my timeline all the time. Like actually all the time.
These people are all over my timeline.
So wow, a lot of a lot of positive updates on the Arbitrum
side anyways. Anyways, anyways, fam, well,
that's that. That's a wrap for today's show
and we'll see you tomorrow morning, 10:00 AM Eastern
Standard Time for another episode of FOMO Hour on Work
Radio. Let's go.