Well, GM, everyone I know on on again.
Oh God, Jazz. Jazz has been with us for a year
and a half and there's a double entry theme time for us.
OSF and Cows both decided they weren't going to go on stage,
but there are three of us here again today is the whole of the
Canary Labs team known each other for years.
This is basically like our morning meeting which you guys
will invited to. It seems like every day at the
moment we are, we are sponsored by Kraken NFT.
The whole of the GM show is broke.
We'll be back next week. You can go check out their new
exchange that NFT exchange on kraken.com rugradio, they're
obviously make it push into the NFT centralized exchange.
We haven't been particularly pleased with what's been going
on. Absolutely decentralized
exchanges things like blur. So hopefully hopefully this is
going to be a better place to reward to reward creators as
well as a better experience for people who are are not
professional traders. We are we are going to dive
straight into the same format as we've been doing recently top
five things to to speak about today.
At the moment it does feel as though markets are slightly
higher like we are. We are kind of pushing pushing
towards 27 K it looks like on Bitcoin Ethel Ready is pushing
towards maybe 1650. Who knows if we if we go a
little bit higher over the course of today, but definitely
better, better day to to have it started.
I'm feeling pretty pretty pumped about stuff.
The first thing though that big cause a little bit of FUD was
this FDX headlines, which again came out yesterday.
I'll bring you up on stage Cals as quickly OSF I still don't see
you. I don't know if that's an.
Interesting. I thought the way that you said,
it was like an invitation to not have to go on stage.
But I'll go on stage now. You're that much of a big dog,
are you? I see how it is.
Yeah, it is. I post the show by myself with
Cali for well and meet you for a week and then you just don't
know. The problem is I get the echo
when I go on stage. Hear it, You just can't involve.
It that would never be it. Okay.
So the main thing today, yeah, the headline that shows a little
bit low yesterday was FTX and then started acting.
So they hadn't seen this news before.
We've been flagging it for a long time that they were going
to get this approval. They got that approval.
It comes now. I think they can sell 50 million
worth of vaults this week, 100 million next week.
They have 3.3 billion worth of assets.
The majority of that is in Solana and then followed by
Bitcoin. Then it looks like they also
have some of the grayscale trust assets.
They have GB, TC and the GE. So maybe there's some follow
through there, but yeah, it's mainly those.
It doesn't look like they there's 22 interesting things I
thought here and I'll bring up Amanda Minutes just to to help
describe what's been going on. It doesn't look like they maybe
have to even sell the the the Ethan Bitcoin, they just have
to. They just have to hedge it.
So to a large extent, I think we could be in a situation where
where it's not actually that bad they they just have to hedge it
which which they can just do with put options.
So in terms of the alts that will be sold, I think it could
be some of the salon that they have, they have a bunch of
different like smaller alts which I don't think will be a
big deal for the broader market. It might hurt some of those
things like Actos. I think they have a pretty big
amount of and a few other a few other decent chunks as well as
stables. And then for Solana, I even saw
yesterday that they might not even have any salons to sell.
Apparently I didn't even confirm this because I I just there's
been so many different people saying stuff and I didn't know
if this was a this was something to to say as truth.
But this is Alameda's Solana wallet, which has the rights to
26,000,000 stakes, sold in 2025, two 1028.
This one's keys will be sold in the FTX liquidation, which makes
sense, not the Solano, which cannot be unlocked until 2025 to
2028 as I've been posting for weeks.
FTX Alameda only have 7 million sold and Rapsol which has
already been presold at the Solanos Foundation when the
transfers happened later this week, I will share.
But no, the 26,000,000 sold is locked and the only key holder
to this wallet can then stake in the future.
So, and it says here is the 7 million soul that's already been
sold for 17 1/2 a point. So I don't there's huge Solana
shorts been added and it doesn't even seem like there's going to
be any to sell. What do you guys like?
It could squeeze feels like it's textbook squeeze, right.
Everybody gets bearish for over some half true headline puts on
shorts and then lo and behold they haven't.
It's all locked up or it's all been.
We literally said these two things previously, right, I
think last week that an OTC buyer would step out from.
For some of these assets, which it looks like it has for that
Alameda wallet or that it would be locked up for varying degrees
of time, but it doesn't matter how long it's locked up for
really. It's just that it's not like a
market sell event like on Monday.
So yeah, it's kind of what we were saying last week, I think,
right? And it's just kind of validated
the view. I don't know if they would hedge
it though, right? This is like.
Bankruptcy proceedings where people have to get paid out
based on recovery. So hedging doesn't really solve
the problem like maybe they do some kind of like short term
hedging, but they also if that was something that was a concern
then they would have done it a long time ago.
This has been going on for over a year now.
So I don't think they, I can't see them hedging.
They need to like sell these assets, realize real dollars and
then pay them out to creditors, right.
So I just don't see why they would hedge like they haven't
been. They haven't really cared about.
They've just got approval to sell the assets.
They probably never didn't have approval to hedge so I don't see
why they didn't have approval to do anything.
They never approval to literally do anything.
That's why they've kept all the same assets on the.
This is the first time they've been able to because there was
they've been competing claims about what to do with FTX like
some people have been trying to get it restarted so they didn't
know what to do with the assets. This is the first time I think.
I think I agree with you though. It's been a long time like they
I'd be pissed if now Bitcoin needs to drop like 30%.
You know it was just because they were they, they were went
dicking around, but. But think, but think about the
incentives, right? Like the liquidators and the
lawyers who are getting paid insane amounts of money.
They're incentivized to keep this going for as long as
possible. Like, the creditors who are owed
money don't really get a they're really get a say in anything.
So if you're the lawyer or the credit or the liquidator, you're
saying, yeah. It's just like those are the
incentives. That's how it's all set up.
So like show me incentives and I'll show you the outcome is
kind of the the way these usually play out.
The other thing to know was that in a second tweet this
yesterday. So the new FTX liquidation
proposal that would wouldn't issue advanced public notices
before we start liquidating assets, but would let members of
the creditor committee know the same committee with a bunch of
market makers and OTC desks on it.
So he's basically saying that there was a the they have to
change how they're going to do this sale that they can't really
tell you when they're going to do it.
They we can say we're going to do it on this day, but a
committee will know when they're going to do it and that
committee is full of the market makers and OGC desks that can
basically front run these trades.
So it's kind of a bit of a joke if you're a retail trader
because I think you're going to see market makers know and
they're going to do these sales. I suspect they can only sell 50
million of volts this week and it's 100 million.
They can go up to 200,000,000 but it's only going to start
with 100 million. I suspect they will probably
hedge the Bitcoin needs to start and they will probably look to
try and move some of the other alts they had even said that
they they can stake as well so they might just decide to stake
the I I have no idea but it really depends on how how risky
the the the estate is willing to be in this scenario.
But I agree with you, I said that I guess waiting has made
the money. Or has it lost the money?
Made the money because when after FTS crashed.
Yeah, we've. Sold it the next day.
Yeah. Yeah.
So it's not like, oh God, we're so down bad.
They're probably, they're probably thinking we don't have
to like, absolutely shit the bed here.
Yeah, I thought that was interesting.
The market did sell off briefly. We were doing rap radio last
night with Anson and it sold off during that period.
And then it subsequently bounced to a decent level and we're kind
of where we are today. They have some slight, a few
different macro things that already happened today.
You have the ECB raising rates. You had PPI coming in slightly
better than expected. And then you have a very big IPO
in the AI space, a lot going on in the AI today which is ARM,
which is, which is what do you call?
It AI ARM is a chip manufacturer, UK chip
manufacturer. But it's not AI.
But AI is AI is what's the right demand?
Yeah. I know it's not an AI company.
Yeah, it's NVIDIA. No.
Well, that's shit makers. That's like saying yeah, I don't
know, Alice. Alice aims fight here I can only
tell. Classic Pali fight in
government. I'm just.
I just want us not. AI they they're not AI.
They are big in AI and Internet of Things.
It's a computer company. OK.
All right, fine. I will give you that technically
it's sic 5/07/77 for an argument.
So ARM, which is a technology company may or may not be
released to a I is doing an IPO today.
It is owned by one of the biggest tech V C's on the planet
which is SoftBank. You may have heard of SoftBank
because they previously owned We Work.
They've also been involved in basically a number of different
private company pump and dumps which have gone horrifically
wrong. ARM I think is a decent company.
It's been priced at 52 billion which is one of the biggest IP
O's of the year. If not for the last two years, I
think you could trade up on the break.
I think that's an OK valuation. The last funding round that
SoftBank did they they thought it would be worth 60 to 70
billion. And I just think with demand for
this sort of stuff and arms a good company, I think I think
this will trade well that will define macro sentiment.
You actually saw a bunch of the other tech but related to a I
stocks like NVIDIA up premarket and that was driving the the
strongest stock market performance.
So you've got that you had higher PPI which is probably bad
and you had the the Eurozone randomly raising rates although
the dollar we'd be a little bit strong on the back of that which
I thought was which I would not have expected.
So yeah, macro feeling a little bit better.
Crypto has been bouncing a lot of people pointing to kind of
27, just over 27 K on Bitcoin and around 1700 on it is as the
first like targets that need to be breached before we start
getting out of this downtrend. It's been nine straight weeks of
us going lower, so hopefully we have a little bit of a stronger
base with which to, with which to rally on here.
The second thing that came out yesterday was Stoner cats.
Stoner Cats, which was the infamous project by Mila Kunis
And what's this? Ashton Kutcher.
Ashton Kutcher Yeah, which was kind of like a Stoner cat TV
show slash like IP play quite early on in the NFT space like
when everyone was piling into Nft's they raised $8 million
from their mint. I remember it being kind of they
they do remember they were like can we call Ethereum cuz gas.
Cuz gas was too high during the mint and they came out yesterday
and have settled with the SEC. They settled with the SEC for
unlicensed sale of securities. They're going to pay $1,000,000
fine. Semi cats actually rallied on
the back of it. They did like a 2X or something
stupid, but what do you think of it?
I kind of get that that it's rally because you have
regulatory clarity like that it you can't be, they can't come
after they've already settled, so they can't come after them
even more, right. Yeah, it's quite interesting
it's I have two interesting or like there are two interesting
angles on this. I think the 1st is that the SEC
is just getting people refunds on stuff and so that's 8 million
that's going to flow back into the ecosystem eventually.
I think they only well 1,000,000.
No, I think there are like 1,000,000 is the whole men.
They have to. They have to.
Be the whole men. Yeah, but who's do you think
people actually get go with that refund?
I think it's well, do you think people remember mentioning your
the Stoner cat? Yeah, I think so.
Yeah, there was a thing, there was a I mentioned this today
because there was a, there was a let me bring it up.
Actually, there was a another scam where people were giving
back their money and only like 33 fat bit.
Rex, you see this. Bitrex, which filed for
bankruptcy in May, may profit as customers failed to claim the
money. Only 36,000 out of 1.6 million
customers have withdrawn 143,000,000 worth of crypto
before the claim deadline expired.
Like people? Just and that's the NFT crowd
are a bit more. I think the NFT crowd are a bit
more involved and a bit more up to speed with what's going on
versus like random retail guys who put money into a crypto
exchanges then went bust and they probably forgot about it.
This is quite recent having. Said that, I bet is strong
having said. That I bet.
I bet the number of people, the number of NFT users has gone
down a lot. And I bet you the people who are
still here aren't the ones that meant to current donor cats.
So you all even want to miss it, you know?
You can't. You can't even reach out to
these people because it's all just like Ethereum addresses,
right? So you can't send.
Messages or emails, they might just they might just say you've
got to send this much Ethereum back to the address which meant
to that, like, it's a very easy refund process, right?
It's not a claim. Like in bankruptcy, it's a
claim. Whereas in refund, in a refund
situation, we don't know the details, we're not involved with
this project for the any scrutiny of any three, that's
their agency, blah blah blah. But that's a very easy refund
process. Also, the other interesting
thing is that like the SEC is going after celebrities who have
tons of money, like for me, Kunis and Ashton Kutcher,
settling for 1,000,000 is literally just avoiding a
headache like. And they went after the guy, Tom
Billy from Impact Theory. These people have much bigger,
more profitable profiles outside of Nft's and they just pay the
fine to avoid the headache like it's quite clever from the SEC
actually. Whereas if they go after
somebody like, I don't know, let's just say you labs where
they can't really afford to pay the fine because it's their
whole business model and everything is central to like it
not being a security. Then I think they're gonna come
up against pushback in the same way that they have done with
Coinbase, right? They went against Coinbase.
Yeah, yeah, exactly. And Coinbase were the people,
the one, probably the one out of one 2-3 people who would push
back Ripple, Ripple back. That was the other one.
But yeah, random enforcement action is not a substitute for
actual regulation. They're just basically in the
work for the regulation. So they're just like, well, OK,
well, we can just say you did something similar to them.
If you don't settle with us, we're going to.
Come after you? Yeah.
And once you've got two settlements, everybody would
just be like, oh shit, I should probably settle like it's yeah,
it's cynical, I think, but it's quite clever.
This is not like the other the other case in my opinion this.
The other case but the targeting, the profile of the
person of the people is Tom. Billy is highly successful
entrepreneur with revenue streams outside of our teams, of
course. Of course what I mean is like
this to me is far more like several other projects in the
space. Oh, I see.
Yeah, yeah, yeah. Wasn't they weren't saying
you're getting in at Series A for some.
Remember they did that enforcement a couple weeks ago
and that was like, well, that's clearly a security.
Like that was really dumb in the marketing.
This feels like this is just a stone's throw away from how half
of the projects in the space actually raised.
Do you think entities are securities?
Depends. Well, it depends.
It just depends on like what the NFT is like if it's like, hey,
with these proceeds we're going to make a film and you're going
to earn a share of the profits of the film, then yeah, that's
absolutely security. If it's just like, hey, this is
a piece of art and it's not security.
So I think it depends on the NFT itself.
Like I think the the two things about the Tom Billy, one of the
and the millions one is yes, because they're celebrities have
big followings. It was easy for them to make a
case about it knowing that it would get to the mainstream
media. So I think that's definitely one
of the reasons why they did it. And the second reason is it was
quite clear in both of those things they were like trying to
imply that the energies would have higher value because of
like things that they were doing.
And I think that's not technically the definition of a
security, but it does give it an investment like.
Feel to the to what you're purchasing which I understand
because I think the whole point of securities laws like if
you're if someone is making an investment they need to be
protected by certain laws. So when you're like, oh, by the
10FT. And by the way, we're going to
do this, this and this and you know something.
But they literally said it's like investing in the seed round
of Disney. Or this one was like, yeah, like
we have Hollywood producers on board and we're going to like,
you know, say it like they're saying all this stuff, which.
Make the Just to quickly push back.
Isn't that just the same as like, Kickstarter, A
Kickstarter, you invest in something, they often say, like
you're gonna. Get started.
You don't invest Kickstarter. You have.
No. No you don't.
No, your starter is good. You don't own.
You usually get prior access to the good.
There's not a forward purchase agreement really.
They they often provide benefits.
I've done kicks up like that. If you do a kick start campaign,
you're often providing utility utility to the people who have
helped fund it. You can't resell your You can't
resell your your donation. So it's not like how to.
Get in market for it. Yeah, it's true.
But is is that what's the issue you think?
I think so because they then and if you look at the read the Mila
Kunis, the second point is they then applied a 2.5% royalty and.
It was phrased in a way that it would encourage like secondary
trading and market in the second like trading in the secondary
market. So it seemed it was like those
two things in conjunction. So if the is the NFT market
discruited? No, I don't.
I don't think the whole NFT market screwed.
I think there are some Nft's that have either clearly broken
securities laws of have have had complete disregard for them or
people who have done bad actors who have just tried to like.
Pipe their projects up by putting in implied values based
on what they're doing, which I think are also in trouble as
well. That's why I think a lot of
people who have been like distant, like we're going to do
this, this and this and like if we're going to put these
entities are going to go a lot higher.
And I know like a lot of the projects I've done that have
been smaller projects and they're not maybe going to be
the ones that will be made examples of, but I think a lot
of a lot of them will be in trouble.
Yeah not I don't. It doesn't mean the whole NFT
market is screwed because NFT market is very broad as a whole
thing. Like do you think wrecked guy is
screwed to this? No, because.
We haven't done any of that stuff right, but do I think?
I don't know. Why is regulation getting in the
way of technology? This is a completely
revolutionary way. The other thing is, and I'll
just bring it up now, is the there was internal descent on
the back of this again. So this this Hester Pierce who
is people say could be be the next Gary Gensler came out and
basically said we shouldn't be doing this like we are way too
early and too heavy-handed with what is clearly like leaked.
Like it says, where we apply the security stores to physical
collectors in the same way that we apply them to NF T's.
Creativity would wither in the shadow of legal ambiguity.
Rather than arbitrarily bringing enforcement actions against
entity projects, we ought to lay out some clear guidelines for
artists and other creators who want to experiment with entities
as a way to support their creative efforts and build their
fan communities. I just completely agree with
this. It's like, what the hell are
they doing? I agree.
I really highly handed without any writing any laws and just
being like, you know this is all crap.
But I agree with, I definitely agree with Hester Pierce.
I think regulation should come to provide clarity and should
come to encourage creativity and technological advancement.
But at the same time, it's just like I do think regulation is
required. Like there's been think about
how many bad actors ever have been in the NOT space, like more
projects than not projects have come from bad actors who just
walked away with the money and who's like paid the cost of
that. It's been retail investors.
So I do think it's needed. I do think they've gone for two.
The two projects they've gone for.
I do think they have legitimate, you know, reasons to go for
them. Like the Tom Bellier thing was a
joke. Like you see all the shit that
they wrote joking as a sort of thing that was obviously a very
obviously a cash grab. Stoner cats maybe is a bit more
of a Gray area, but like they did things that aren't within
the current framework. So I think in their original
road map they did have revenue sharing as part of the thing.
Like you just can't do that within the current framework
that there is. There are projects have clearly
broken existing guidelines that are very clear and they have to
have, they have to be, you know, they have to be regulated after
they're going to get penalized because there is some clarity on
some things that is very clear and people have broken even
those. So I agree like with everything
that has appears to saying, I don't think the two that have
come for are bad things. I think they've come, they've
come for them within the existing framework.
I think they've broken laws within the existing framework.
But the next stage isn't just to come for everyone.
They haven't come for everyone is to create a clearer
framework. So I think there's merit in both
sides. We're gonna hear now the court
cases. I really hope the next move is
we are now gonna put together some sort of committee or to
look into like an independent committee alongside Congress or
whatever to look at some of the regulations of this, not just
right now. We're gonna go after you go
lapse. Is this just I hope?
I hope they go after every single project that's broken
law. I really do because.
All the all, there's quite a clear correlation between every
project that's violated SEC laws with the ones that ended up
rugging or ended up being cash grabs.
Like it's very clear the people who are hyping up their projects
saying all the stuff which was basically illegal, or also the
same guys, funnily enough, who just walked off with the money
and haven't done anything. So I really, really hope they
penalize all of them and find all of them and go after all
those guys. And in conjunction, they provide
some clarity and regulation for people who are acting in good
faith and they don't just come after people going in good
faith. But so far the two that they've
done, you can't contest them like they've done wrong.
They've done wrong things and they come for them.
I think that's absolutely right. But they do that and they don't
need to provide more clarity or change of framework to do that
because it's in the existing framework that they've violated.
Can I get a SEC? Hell yeah.
Yeah. I'm not.
I'm not pro. I'm not.
I'm not fed.
I will. There's completely a Fed outed
out there, OK? Cool.
What is the NFD market outed as an undercover Fed?
Wow. OK, so the next.
Thing's down in that scenario. I I've been.
I hope down. I hope down within within the
framework. Standing behind Gary at the
Senate. OK, so to mention is what's
going on. Talking about buying back of
Nft's. Cyrus posted a good post
yesterday and this has been up for debate for a long, long
time. But after months of theatrics,
matchy, matchy, Big Brother, famous, a collector slash
purchaser. Matches 8 point proposal to use
11,000,008 to purchase 8 mutants and punk and place them into
museums is finally going live for voting tomorrow.
It pass if passed, feels likely a new government's token dam
will be launched and we used for selection and creation of
Antise. You'll be able to get DAM
allocation by time locking APE. Probably to counteract the
selling pressure of 11,000,008 used to buy FTS, at least 50% of
the capital will be deployed in year one.
There's also a clause that prevents any buyer of buys of
Nfc's directly from Matchy. What do you think about this?
There's two interesting this is not to buy his own Nfc's or.
I mean. Well, it's buying my bags
indirect. And it's come on in the same
wallet and. But do you think this is a good
use of APE? Do you like Okay?
So what? What have APE been used for so
far? They did.
They did pass at the same day yesterday.
They passed the documentary. People have felt as though, I
mean, Ape has been using some of the games.
It's been useful, but largely Ape trades at just over $1.00
now. And that is kind of
understandable given all the unlocks and everything.
But there clearly has not been value created with Abe.
Should these sort of tokens just be used to just buy back the?
NFTS what do you think build circular Just like we're going
to use this thing which have we don't have A use for yet to buy
this other thing which we don't have A use for yet and it's they
need to. I guess they need to prop up the
value so that people can exit until the game comes.
There needs to be value creation until other side, which is the
main use case. We think for it.
Until that's ready. That's what it feels like to me.
It feels like a combination of that and I'm actually saying buy
my bags. I've been propping up the price
alone for too long and I need some help.
That's not too since. What do you think, NSF?
Look, I think it's maybe it's an exit strategy for Matt Machi, I
don't know. It's a bit of a weird exit
strategy because like he's bought ape and he's put this
through which has caused the price of ape to go lower and
then he's going to be able to sell his apes, but then in turn
like eight coin goes lower. So I don't really, I don't
really know what's going on and yeah it's just it's very
recursive isn't it? Like I didn't understand how
this solves anything in the long term.
I guess it takes some supply of apes off the market and maybe he
has a view that you know 1000 apes is what, 10% of the supply
maybe has a view that will wipe out most of the supply, but that
people want to sell and it has a big impact on it.
But I don't know like I think it'd.
Be pretty funny. It'd be pretty funny if this if
this did pass. Like it feels like it will.
Yeah, that's what I think, like it's it's kind of reminds me of
what the nouns that we just spoke about.
It's just we tried some, we tried something, It didn't quite
work out. And now we're just buying back
the original thing that we had because we think that's the best
thing. Would you be happy to see board
apes in museums? Were you going to see that board
apes in museums? That's where.
That's where he wants to showcase them.
I mean, I. Think it'd be a pretty cool
exhibition I'd take. Take my mates.
You know, like there was a time when that board apes had this
board apes for like the thing about board apes was so amazing.
Like they went from there just being like the coolest thing in
the world to the least cool thing in the world is.
That off you help them? Well no.
Like I think that I think that was already in motion at that
point in time like you just, I don't know like.
I know what you mean. Price lower.
Blood and bloods like they they they look behind.
As they go lower, they'll look better as they go higher.
Suddenly, crypto punks just like incredible again because of the
highest Has anyone, Has anyone ever hated crypto punks as
they've gone lower? Like, I guess people have hated
the elitism of them when they've been at higher prices.
I think that's something that's existed.
But is that a bad type of hate? Or is that an envious type of
hate like? Well, I think it's a bit of, but
I think it's a it's kind of a bit is the psyche of it is a bit
like, well, we don't need to do anything.
We were first. It's kind of like that Bitcoin
psyche that everything came after us.
It's just it's just a bit crap. Interestingly, most Nft's are
being absolutely hammered right now.
You've seen Friend Tech again, just, like, smashing.
The the volumes going into NF T's I think crater royalties in
Franteca something like 6 times what's going on F T's and you've
seen kind of across the board all dates are down.
Even on the back of this, like we're talking about buying
hundreds of apes, all dates are down, sent today into down 10.
We will get on to the number three now, which is Nakamigos
are down. Checks, notes, 22% they were
down. As much as 40% they came out.
There were a lot of hype going into what they were going to do
and they really changed the game.
Actually, they really changed the game.
They came out with A20K20K Mint at nought point nought 5.
If you own an akamigo you get exactly nothing.
Same price as the public mint. And I forget what they called
cloaks. Cloaks.
Yeah. What did you guys think of
Nakamigos, Cloaks, man? Like that was one of the
projects that came this year. Everyone was like, yeah, so
good, like organic vibes and all this stuff.
And then they just like, yeah, and then there's like fall is
coming and they just come to the market.
It's like, hey, we're just doing another 20 K drop in the 0.05 E
we're trying to take out thousand ETH of this market and
they're not really doing anything that wrong.
Like they never promised anything.
They don't have a road map. They a lot of what's happened
has been speculation and hype and there's not like anything
specifically wrong that they're doing here.
But it's just once again like a sign of there being no
creativity or like innovation. And these guys are obviously
experts that they're they're who knows, there's a lot of
speculations to who they are, but these guys know what they're
doing, right? So they haven't done this
without knowing that it's going to get fudded.
But I think they're like, you know what, let's just try it and
see if we can get away with it. If not, we'll move it back to a
free min. And now it's free min to.
Be Yeah, to be fair, they responded to the feedback and
now it's free for holders. Yeah.
But corn, do you think, do you think these guys didn't know
what they were doing like Corset is like?
I really love. It only and I just, yeah,
literally that. Option 120 thousand 3 = 3 Option
220 thousand and oh .05 = 1000. I just think option two is
significantly better. Five so true, I just.
Don't understand, like I don't understand that every element of
this, right like the team, like we've seen this strategy fail so
many times. Everybody knows that you can't
just extract that much value without.
Impacting the current collection, Maybe they don't
care, whatever, but also they were tricked.
Like how many times have we seen this happen from people in
retail buys, in buys, the announcement, and then the
announcement is more NF t's? Well, that's the only.
Way I feel like, I feel like we've seen this on repeat this
year and I know that's the end because the business thanks to
Blur and I know you can see to be fair, there's no creative
royalties, but I feel like. We at least deserve some
ingenuity or innovative way of creating value, rather than
there's another 20,000 NFTS that nobody wants how you left.
It is literally the only way to make money unless you go down
the alternative revenue streams like we're going to use the IP
to build build consumer products business or I don't know, maybe
some tech business, the only way is just to give you more NFTS.
So expect expect this from literally every team that has
some sort of a bun. What I would say is Nakamigos is
not the one I would have chosen for this.
Like I could imagine, I don't know a Doodles or a Yugo or a or
being like what we have significant cash burn guys like
we need to need to raise some cash.
Nakamigos was a free mint which they made a bunch of trading
fees. It's very difficult to say how
much because of because the volumes were.
Post blur and it's it's very very difficult to work out.
But let's say they made millions, low millions in
trading fees. They didn't really need to do
this like it was just an artist and seemingly some devs.
Which have been is it, what's the name of it?
High, high, high for labs. Yeah, high for labs.
They're all anons. I don't know, like the community
didn't never really felt like it was expecting anything.
From what I saw it. Just might sell out.
We don't know. It might sell out. 100%, it's
going to sell out 100%. Is it the wrong play?
Are we just being kind of snobbish because we think it's
there are too many Nfds? Everybody's doing this, but if
it sells out, isn't that telling you that there is demand for it?
Well, I just tell any of that people wanna gamble.
Yeah, that's just people wanna gamble, in my opinion.
You have people a way to gamble, that's fine.
But the medium term prospects for that project now in my eyes
have been massively hurt. It was already A20K project,
right? Yeah.
Like Amigos, so now you have 40,000 NFT.
Broaden the community. It's a broad church.
Everybody's welcome. That's the more the more the
merrier we. Just want to get more people
into NF. T's just a million We want to go
mainstream. Yeah, I think it will 100% sell
out just like any project, like any project with a floor of
nought .5 plus or around nought .5 that decides to do a mint, it
will probably sell out at that level.
But then it's just the wrong play.
I don't agree with it, and I agree with you that it hurts me
then. So the team is a great play and
at the end of the day, they're going to do what they want.
They're not. They're not going to pay
anything in trading fees now. Now that is sitting there going
like, well, if we're not going to get paid trading fees does
it, We can just do what we want and you'll see that more and
more like there's now a bit of a competition I think situation
between holders and and teams because why should you?
I shouldn't you mean? Yeah, exactly.
Why? Why shouldn't?
Why shouldn't you do this sort of stuff?
Because no, no one's paying anyone so.
I just think it's an interesting one.
That's why you need your founders to not be, not be
desperate for liquidity. We will move on from that to the
moving on. Swiftly moving on from that to
the comments by CZ, there is obviously we've mentioned this
yesterday, there was Token 2049 going on in Singapore right now,
a couple of different. Comments which were made.
Their first one was Brian Armstrong.
He was basically saying he thinks defy should take the CFTC
to court, which I kind of agree with.
I think it's this random enforcement action over
regulation. It's just a joke.
People need to start regulation and then work backwards.
And then the the other one was CZ who basically came out oh
isn't that working? And said finance CEO's signing
up for 100 million Crypt users will be a big challenge unless
they can buy crypto cash. There he is looking.
Look at him. Look at him.
He looks pretty happy. That's a four right there.
He looks like he's already in a fucking cell.
Does it look like he's in a cell?
Is that a mugshot? Focus, yeah.
He's only got 2. He's only got 2 fingers.
Up there, he's the other one handcuffed to the wall man.
Two is the new 4 for CZ, according to this photo.
Yeah, he's basically said that finance CEO has difficulty
converting Fiat currencies like the dollar to crypto.
A big hurl to bring on the next 100 million users.
We're seeing a lot of traditional investors
institutions. That used to provide Fiat ranch
house pull away. This is basically what we said
two days ago. It's very, very clear that they
are being choked through the trap fight channels that they
can use to get money in and out of finance and finances.
Market share continues to plummet like it went.
It's gone from 60% of the whole market to now 40% and it looks
like it's down only at the moment, do you think?
Do you think we will get another 100 million uses into crypto?
Are there even like 1000 people here at the moment?
Like 100 million seems like a pretty high figure to be going
for next, but I think it's something that he was talking
about during the bull market. Do you think do you think it
will that is a general problem for the for the industry or just
a problem for buy Nets? It's just a market cycle thing
isn't it? I think more than being an
industry problem or a buy net problem.
Yeah I don't, I think it's I think it's just a balance
problem but I think I think there are it's more difficult to
do fear on off ramps but like we've just said BlackRock coming
in bunch of different massive money managers are coming in.
I don't see an issue in on boarding 100 million people,
just perhaps not too centralized exchanges in the way that they
have been. And to be honest, the market's
history of centralized exchanges is pretty fucking terrible so.
I'm not really that worried about 100 million users not
joining crypto via centralized exchanges.
I think it's it's kind of a bit of misdirection there from CZ to
make a generalization that that is going to be a problem for
everyone is the calendar just drop off because this final
story was to be like his big one.
Where? Did you go Cass?
The Wi-Fi in our area has been super patchy.
I think there was a. Big like water leak and now it's
run through all the utilities and then drilling and stuff like
this. It was out for a bit yesterday
and it was out. Keeps going back today.
Well, this is the this is the big story, the final story that
we'll end on which is alien corpses shown to Congress that
this is in Mexico as USUFO expert forced to not to testify
under oath. What do you think of this?
They look kind of like the the. They kind of look fake, let's be
honest. Like they if I was to picture
right we're alien folks with my mates.
This is, this is what I would go with.
And they've been revealed. They they're apparently 1000
years old. I mean, look at those.
Dragons. What do you think of this?
The first thing which is great is why are they not in like an
airtight like moisturizing like? Case right rather than a coffin
with silk lining? Seems odd like.
Anyway, The thing is, I think people have the the relationship
between everyone says like, oh what a coincidence it looks
like, ETI think people have that relationship the wrong way
around and that like people will have known about this, whispers
will have got out and like Hollywood will have made aliens
based on these things if they are real.
You're in that. You're in that.
Okay, but I don't know if they are real.
But they why not I think. Apparently, I'm sure. 40% human
According to this, the event was spearheaded by journalists not
looking great, who claimed under oath okay that a mummified
specimens are not part of our terrestrial evolution, with
almost a third of their DNA remaining unknown, reported
Mexican media. That's huge because, like
humans, I can't remember what the number.
Is but by a journalist, right? Yeah.
But humans share like 97% DNA with bananas, right?
So like 60% share is very low, right?
So people have said this could be just a collection of animal
parts which have been put together and done as a hoax.
Apparently that's been done a few times as other as other ways
to to fake this sort of stuff. I'm not a UFO expert.
These do not. I believe that we are not alone,
but I do not believe that This Is Us finding aliens.
What do you reckon, OSF? Aliens or not aliens.
I think they are aliens. I think he.
Just loves the conspiracy. That's true, I mean.
Is it just? Yeah, 100%.
What do you think the chances are that we have this idea of
like, what aliens look like? And then when you get the
closest thing to actual, this is what I.
Just said image of aliens. They look like what we thought,
what has been in like mainstream media for a while, like I think,
but that's. Because people will have known
about these corpses for ages, they will like exactly the other
way around. Exactly.
Yeah, that's what I'm saying. Like.
You had like, you're just believing everything together,
agreeing on literally everything.
And then it I think it's true. And if you think about like the
Roswell incident and how that was all covered up many, many
years ago, like I think there's been clear sightings of aliens
and in the past and every time someone tries to raise it, they
just get like shut down. But enough people know about it
such that we've had that idea that's built of what they look
like, etc. And this is the closest, you
know, all this information I think is going to start to come
out now. It's very clear.
It's all start to come out. This is one of the closest
things we've seen to it, like being pretty legit.
And yeah, lo and behold, they look the same as what we thought
they look like, like slightly big heads, like smaller bodies.
So I think. Lo and behold, yeah, I think
this is for me, it's more proof that they exist.
I'm not sure I would. Sure, I would sure.
The Mexican place, because they're probably doing this to
deflect like attention away from the fact that something really
bad is about to come out about the Mexican government like
corruption or something like that.
That's the. I saw that, yeah, I saw that,
like. Traditionally they that.
Events ahead of something for Rick happening so.
That's the same in the US as well.
Too far. And the other thing was.
Bullish or Baish or crypto is saying for aliens, I think it's
bullish crypto. Everything's bullish for
Bitcoin. OK, cool.
Can we fix? This Bitcoin fixes this.
They can't steal your money in Bitcoin.
The aliens can't take your money if it's in Bitcoin, Exactly.
It feels as though the tone of the show is significantly
deteriorated over the last few days, but it's a good ending.
Point. How?
Poor cows. Actually, you're the one who
returned cows. It's basically whatever
conspiracy theory gets brought up.
You and Cali both dives. Head first into it.
They've all been through. All conspiracy theories have
turned out to be true in the like in the past two or three
years. They're always true.
They'll never get debunked. No smoke without fire, yeah.
No smoke without fire. That's really the new name of
this chat. No smoke without fire.
OK, we will. We will be back in tomorrow with
the top five things across crypto and T's macro general.
Whatever the stuff that we thought was fun, We are
sponsored by Kraken and FT They are the new exchange making big
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Radio. Tomorrow will be the final show
of the Mando takeover next week for we'll be back, I think.
Actually, he may away for another week, right?
I know he's going across Europe, so we'll find out.
So maybe another week of us three, maybe it'll be US four
next week. Cals can come back on.
But thank you for joining us and we will see you again tomorrow.