Yo-yo, what up? What up?
Good morning. Good morning, GMG.
What day is it? It's Tuesday, Feb.
March. It's March.
The hell. February.
Get out of here. March 18th. 2020.
Five, look at that, another beautiful day to have a
beautiful day. I got my Co host in the house,
Tyler Maddow. Mandos, burritos.
It's a nice thing. We should open a burrito spot in
in Portugal. I.
I just want I asked you yesterday for fucking realtor
number and you ignored my texts. So bro, you've asked me the same
question every month for about the last 15.
Months connected me. Come back with something and
then it's like, Oh yeah, no, no, it's gonna be another month.
I asked you for you want me to share my screen on WhatsApp
right now dude. It's every month.
My last text to Mendo says Do you have a realtor for Lisbon?
Dude, I remember sending you about 12 months ago, no 20
different apartments which I thought you could look at.
I don't want to look at like apartment websites.
I want a realtor to like plan a tour for me, take me through all
the different. Areas of there we go.
I want to be catered to. You know, when you come out
here, you're not just like Portugal's, not like fully
filled third world. You don't just come out here
with like $5 and you're like the king.
You know, you're just like showing around places because
you have like a little bit of money.
Hold on, hold on. I want a realtor to drive me
from place to place. I've got a little bit of money
to spend. I can spend up to 5000 a month
on on rent. Is that a lot in Portugal?
I feel like it's like. No, it's not.
That's the point. I feel like you can get a castle
in Portugal for 5-10 months, you know?
Not in Lisbon anymore, man. I feel like I'll be able to buy
like, like, like, like like a third of the city or something,
you know? We're set up in Madeira, Cali
sort the sort the same thing. When we went out to Madeira the
first time, he was like expecting to go out there and
just like be able to like own Fenchao, and we've got other and
Fenchao's like a proper city. That the Cali's different Cali
Cali even thinks Canada's third world country.
So that's that's all the conversation.
But I did ask you for realtor number because I do have one for
other areas of of around Portugal so.
I know one realtor. And yeah, we'll figure out the
background. Of that realtor is pretty funny
actually. Is he like a crypto scammer?
It's a she. Oh, it's.
A She probably. Used to work.
She used to work with me when I used to be in banking.
She used to work nice. Awesome.
And then she quit. She's a quad and I, I hadn't
heard about her for a long time. And then I was out.
Where was, I was out for dinner maybe or No, I was actually on a
flight back to London and she was just on the same flight as
me. And she was like, oh, it's been
great. Like, I didn't know you were in
Lisbon. Like, yeah, I'm Lisbon.
And turned out that she had pivoted to doing high end sex
parties in Lisbon. Yeah.
Excuse me? Yeah, she like organized them
and she was like, oh, you and your wife would love them.
And I was like. What?
Anyway, she texted me about a few months ago and was like yo,
I've actually pivoted now to being a high end real estate
agent in Lisbon. Oh yeah, there's a lot of those
in Dubai. That's the natural progression,
yeah. They're real estate agent.
She texted me and she was like, if you ever want to buy a house,
like let me know you know somebody so I can hook.
I can hook you and Vanessa up with a I'm.
Good, I'm good. I'll, we're we're fine.
We're, we're not really into that.
You know, I'm going to have to play the replay of being on the
show for Vanessa to hear that one.
But yeah, we're we're not. Sending a photo first that you
can decide, all right. This guy's about to connect me
to like the Glenn Maxwell of a Maxwell of fucking Portugal,
dude. I'm not trying to get I'll.
Send you a photo first, then you can decide.
The natural progression to go from banking at Barclays.
Wherever the fuck you were before, I believe you were at
Barclays or Goldman Sachs. Some shit.
She was at Goldman, yeah. Goldman Sachs to high end sex
parties in Lisbon, which that does make sense because that
does cater to the Goldman Sachs crowd.
She said she spent a year in Ibiza and then and then she is
like her. She is Portuguese, her surname
is Portuguese. I didn't realize.
That obligado and so to high end sex parties in in Portugal to
then in real estate. I mean, look in Dubai, you know,
they all double up, you know the escort, the nighttime real
estate Jane during the daytime. So I.
It's kind of, I think that's what this show could kind of
turn into, if I'm honest. Just like let's let's give
crypto people another option to show you how your life can
change. You know, like.
We are giving sex. Parties in Lisbon if you want.
To if you're in crypto, pivot to sex throwing sex parties in
Lisbon. You heard in here first.
You know the American dream over here.
You can do whatever you want. Tyler, what the fuck are you
doing buying another house in Chicago?
I mean, you pivot to pivot to Lisbon.
I haven't I haven't penetrated that the high end sex party
game. Interesting use of words there.
Oh my God, but. Brooke, I don't believe that
you're moving to Portugal. I actually thought you were
going to move last summer and now it's March.
Every time I'm trying to move, there's a bear market and I'm
poor. Trust me, one, one trip with
Kelly. Maybe he'll move.
Oh.
Her name is Kelly. God damn it.
Oh, God, you. That's the sort of name that
gets me in trouble. Oh.
The DMS are coming in asking for her number already so it's.
Not the right time. Did you guys see the Solana ad
last night? Didn't you guys see the Solana
advertisement yesterday? And you guys are starting to
sell like this today? Look at this moving, moving to
list the comments, man. Listen, listen, I'm even
supposed to follow this up. This is great.
I am this at least I'm coming. I'm going to, you know, I'm
going to come. I'm coming next month.
I'm going to whoop your ass, Mando for that.
Yeah, I already have my ticket. I'm coming on the 11th to the
26th. OK, nice.
Yeah, I'm coming for coming for two weeks to figure I'm going
there. I'm tired of figuring out from a
distance, I'm going to go there boots on the ground.
Am I going to figure the fuck out?
Because we're also looking for commercial real estate because
we're going to. We're moving like.
Everyone. Like 15 people team out there.
15/16/18 Tyler, you're going to be able to take vacations with
Tyler dated household to Lisbon and come hanging out, hanging
out of the office. You're going to have an office
there. So we're we're going to build
offices for everyone. I mean, we do have a team,
right? The whole the whole Myriad
Markets team is based out of out of Lisbon so it's an office of
like 10 people already. So anyways.
Anyways, DM Mendo if you're interested in a high end sex
party. Real estate.
I can get you sorted, you know. He's got you, bro.
He's got you. He's got you.
Anyways, today on the show today, today markets, news and
pronouns. That's the topic.
Today Daily market report with Mendo, followed by Tyler's top
100, followed by our guests. Couldn't make it last week,
daylight savings kind of fucked up the timing there, but we're
back. So he's going to be joining us.
He's going to be joining us today.
Ionet today's show partner. And then we have a real bit loot
box spin. I was just setting up the spins.
These punks are getting very cheap, not going to lie.
So they're nice. 5% chance, five whole percent chance to win a
crippled punks it on the show. That's big, dude.
That's big. Were you there, man?
Only we hit a punk on the show. I wasn't there, yeah.
The day I went to the White House on the Friday right before
going, we hit a punk. It was insane. 3rd Punk.
It was it was insane. Yeah, we hit a punk.
We, we, we retired someone from the trenches.
It was nice. And then last but not least,
this was powered by Galaxies Galaxy Web 3 platform empowering
creators and brands to build unstoppable communities with
full ownership and independence trusted by icons like Donald
Trump, Steve Aoki, Mike Tyson and the NBA, shaping together
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Telegram to stay ahead of what's next.
Mando, you tell me what's next, if I can remember where you're
taking. There you go.
Who is the man? That GoDaddy of the man.
Can you dig it? GM, everyone.
So we did have a a slightly better day in macro yesterday.
We had a bit more of a bounce across the board for stocks.
We'd said everything slightly oversold and we did see a bit of
that bounce today. Stocks are lower and and a
decent amount lower. The Nasdaq's down another 2%.
S&P is down 1%. Definitely looks like we're
we're retesting if we're going to keep on heading lower.
We've already said this week is going to be very, very big.
So tomorrow we have the Fed, which is going to be and we have
the Bank of Japan and we have the Bank of England.
So right now, I think we've already spoken about this.
But like globally what we're seeing is China's stocks
continues to do really well. U.S. stocks do very things do
pretty badly. And in terms of like overall
risks out there, I guess the tax sell off, like everyone's
getting very bullish on AI in China and what that and the, and
the impact that could have on on USAI And that's been driving
some of the like the out performance of Chinese stocks.
And then there's a little bit of worry about what's been going on
in why the Bank of Japan meeting tomorrow is important.
Bond yields are hitting the highs since 2006 now, so nearly
20 years. And we've already spoken about
how like Japan has a lot of debt.
So if that happens, it can spiral.
They're going to have to raise interest rates to tomorrow, it
seems like, or likely to talk about future interest rate rises
too. So that's causing the main
amount of worry away from like US tech stocks and and that's
yeah, that that seems to be dragged crypto lower again
today. Not crazy like, you know,
bitcoins AT81K, but kind of goes back to what we were saying
yesterday. So like I'd just be really wary
thinking that we are going who've like run out of this
soon. It just feels like a sort of
period where you're going to get chopped horrifically even on
Bitcoin. So yeah, this just feel periods
where honestly we could be talking in July and the price
could be exactly the same. I said that today in like one of
our internal group chats. It's like, I just think, I just
think that you're going to do stuff a lot of damage almost by
FOMO ING or freaking out. I don't think we're going that
much lower. I don't think we're going to go
a decent amount higher though. I'd be very unsurprised if we
like touch 75K or maybe 73 K and we also touch 91K from now until
July and then we just kind of end up where we are.
So in terms of like maybe catalysts, it's only really
macro on the on like the horizon right now.
We are looking like I said for some more stable coin revelation
through. There was some like a vote on
the in the Senate, which is coming up.
But yeah, not much from from like a political standpoint
that's going to push us, push us through.
There's there's like varying technical indicators right now
about like notably the founder of Crypto Quant put out a tweet
yesterday which I put in our group chat for the.
LARP well. Yeah, he's the founder of Crypto
Concert and if he's LARP or not, but he.
Yeah, sorry, he did. I mean, because you sent us the
two where he called the bear market.
But yeah, I. Mean three weeks ago he was
like, you're an idiot if you don't buy.
I didn't. Mean to call the founder of
Crypto Coral LARP? I'm just saying what you just
said. Yeah, yeah.
Let me, let me get up. I got, I got the three.
I got you here. Ki.
Jung Yu, Right. Ki Ki Young Ju.
Yeah. There you go.
Bull Bitcoin bull cycle is over expecting 6 to 12 months of
bearish or sideways price action now 3 three weeks ago this same
guy was saying the the dip was healthy buy the dip and that
everyone who was who hadn't bought it yet was a noob.
So I don't know, Crypto quant does post a lot of like
contradictory sort of statements.
We've seen other technical indicators that point to us
being oversold. The correlation with global
liquidity again points to US turning back higher.
But yeah, the, the fact that technical indicate like
technical, technical indicators like this are getting 1.7
million views and 5.4 K likes kind of tells you the market
that we might be back in again. Which is that like a bunch of
technical traders are going to be looking at like lines and be
like, Oh my God, we're going to lose this and go down to like 10
or like we're about to go to 400.
There's going to be a lot of crazy predictions.
And my, my honest view is that we'll probably just, we'll
probably just range in this sort of area.
But yeah, right, that's, that's kind of it in terms of like the
the top down look, if you were to look at all the individual
assets, BNB and Tron interestingly continue to be the
strongest L ones at the moment. BNB is having like CZ continues
to kind of push various things there.
They they announced the finite alpha season 2 of which they're
looking to list a bunch of basically nothing tokens.
One of them was like this token called Mubarak, which I only
assume is to do with Ed, but that went up to 160 million.
There was one called I think it was test or SIP something
similar. What was it called?
TST. No, it was called Tot and they
said they would list bubble maps.
So this finance alpha has like been the again.
It's like becoming the the more important thing for like meme
coins. Solana.
Solana has not had a great 24 hours.
Obviously had this video, which I'm sure we're going to get
into, which was like a backlash, but also.
What video? Volume's going down a lot in
terms of decks and just this mind share sort of stuff.
I saw a wild stat which was that Pump FUN has still made more
revenue than all ETH protocols combined this year.
Yes. So it's still pretty.
Wild how much money they're making, but there's still
250,000 coins created on Solana last week, which is still kind
of a wild stat, but it does feel as if there's not a lot of value
being created, let's say. And I think as Tyler mentioned,
it feels like some of the Solana first narratives, like we spoke
about yesterday, that they're not really winning on the NFT
stuff at the moment. They're not really winning on
the meme coin stuff at the moment.
So you really had them to try and win on like deep in or on
what was the other one or like Defy or AIAI took a big hit
again over the last 24 hours as a like a sector that people are
paying attention to. So you really got to hope that
like Solana hits on deep in or Defy.
And the moment I see a lot of the Defy stuff are happening on
Hype or Sonic or even like Athena, which is now announced,
it's going to do its own chain it feels like.
And all the RWA stuff is happening on Eve.
So. So I think it's a bit of a
challenging time on a fundamental basis for Salana
here. And you can kind of see that,
like the main thing holding up Salana here is that it's down so
much, rather than like people are super bullish on another
narrative. Yeah, not so.
I mean, I don't know. I don't even know what you think
this morning. And forget like just don't look
or just I don't know. The only the only reason why I
look at the prices because the myriad market lines.
So instead of getting liquidated on the way up or down com
predict on myriad markets, it's you know, it's probably more
money to be made than trading. You know, NFA, it's more fun.
It's definitely more fun. At least they don't get
liquidated on prediction. $500,000 of volume I saw.
$500,000 Sir, we had that yesterday and that's just
limited market. So it's pretty good, like after
one full week of predicting. So it's good.
It's good. We're probably going to hit
10,000 active traders in the next 24 to 48 hours as well.
So that's big numbers, which is really, really good.
There's like this crazy A16Z stat that says that like each
trader adds like X amount of like market cap to like your
valuation or something. I should bring it up at some
point. Locks has it, but I was like,
whoa, yeah, 800 traders found $30,000 worth of volume.
So it's good. We're trying to we're pushing
for $1,000,000 weeks now in terms of volume.
So we're going to try and open as many markets as possible, you
know, and sustain that liquidity and then do the whole thing.
So so a lot of fun. Anyways, markets are not looking
great today, boys. 1886 man ETH. There was a wild stat yesterday
and then if you saw this report that came out from.
Standard. Standard Charter.
Chartered who said they because of how much fees base is taking,
they're reducing the the value their price targets for ETH by
60%. Can we talk about how bad L twos
are for Ethereum or is that like not consensus?
Is that still not a consensus thinking?
I think it's. Incredibly consensus.
Thinking it is now OK, The one is for the longest time right?
The, the weirdly thing, like I'm not, I'm not saying by Eve, but
it does feel as though they are starting to steady the ship a
bit more. I, I would say that like, I, I
think I, I see signs that like they are now really going to try
and push for, for some of the changes they need to make it.
But it still feels, unfortunately, with some L1's,
like decentralization is important, but it's also can be
difficult when you're trying to continue to upgrade a network
and, like, do things to it. And it feels as though Ethereum
is slightly too decentralized, at least in its decision making,
that it's been slow to adapt to some things.
Yeah. You know when when he makes a
mistake, it's going to take like five years for it to get fixed.
I mean, for me, and then we talked about this on the show
with Tyler last week a little bit like Ethan will always be
the theorem will always be the better technology and the best
layer to build on. We're building.
Marriott is an Ethereum company. I always joke people like, oh,
Frug's bullish bearish. I'm not dude.
I'm really building my entire my, my, my bag is not my my, my
real livelihood. My real livelihood is this
fucking company. You know what I mean?
And it's being built on Ethereum.
Well, you build on the abstract. That's the.
Key. What we're all talking about
here is that like, everything's been built on the L twos.
Yeah, Base gave, you know. You're right.
A few 10s of thousands of of dollars to eat each month at the
moment. L2's is the most the single
handling like it's, it's, it's hurting if you're more than
Solana has ever earthed hurt Ethereum or any other L1 for the
matter. L2's fight one another.
L2's literally like hate each other, the BDS and the devs and
the things and the that. Yes, it was the first time every
L2 even agreed and that was because of Solana's
advertisement. But we'll we'll get to that.
But L2 is behind the scenes are eating each others lunch,
bidding on teams, trying to post teams for one another.
Trust me. You know, I mean like I see it,
I seen it happen first hand to us, you know.
So it's just like they just, it's the vampire attacking
Etherium. That's what L twos are doing.
And anyone who doesn't think that, then just go hang out with
a couple B DS from different L2 teams and you'll see how they
talk about one another. They definitely don't have the
common good of Ethereum in mind when it comes to that.
That's just my take because I've seen it, but it's Tyler.
What do you think here? What's up with the market?
What are your quants saying, man?
Well, I think for Ethereum, it's still like, to me it's even
simpler. Like, what is the pitch?
Like this has been like kind of what we've been struggling with
for months now. Like if you had to pitch your
friend on, on buying Ethereum here, like what is the message?
And I feel like it's been getting cloudier and, and
murkier and bad price action certainly hasn't helped.
I think the, the folks I'm trading with chatting with have
largely checked out. I think everyone's kind of
resigned to months of job and largely I think we're getting
into indifference and like there are some opportunities that come
up in indifference. Like, I mean, we're seeing like
this like this bubble maps token.
This was a 3X and. Jesus Christ.
Few days like even like I'm not saying memes are back, memes are
far from back, but there have been opportunities in those
streets like everything is a much less crowded trade now.
So I mean, I think you have a couple options you can just
check out till July. And I think checking out from
trading intraday Bitcoin swings makes a whole lot of sense
because it's a good luck and I've tried.
I lost my last myriad bet trying to write Bitcoin on a specific
day. It's not that easy to do.
OK, it's not that easy. I made it sound easier than it
is, but 73% accuracy rate is better than any other anywhere
else in the market right now. Yeah, it's a it's a it's a tough
one, but but we'll see, man. We'll see where the market takes
us. But yeah, everybody I if we've
been talking about this truck forever, you're I think
indifference is the word feel like everybody's just
indifferent this stage, like a lot of people are just giving up
the isn't it worrisome to you guys that we can't liquidate
this whale that's like publicly. He he closed he he made $9
million. Oh, he closed.
He closed. He made $9 million.
Jack XPT basically confirmed that we we knew that he's just
some scammer from from OG scammer who I think lives in
Dubai. Who would have guessed who?
Would have guessed. Who would have guessed?
I swear to God. Dubai.
Where are you from? Dubai.
OK. Oh man.
I swear to God.
Dubai. Anyways, Speaking of Dubai,
Tyler, I don't know why that's the segue.
Yeah, folks, crypto majors are red today following equities.
Bitcoin down about a percent, Solana down 4%, down the most
here on the day. Speaking of, Solana dropped a
very controversial new promo video yesterday mocking woke
culture and saying America is back, time to accelerate, and
then deleting the video after wide pushback from crypto
Twitter. So we'll get into that in a
minute. Canary Capital filed for a spot
suite ETF that would be the first ever suite ETF in the US.
Trump's world, Liberty Five. They closed their second token
sale. They've raked in $550 million
across 85,000 participants. So some big numbers there.
As we mentioned, Standard Charter dropped its end of year
ETH target price from 10K to 4K, blaming L twos for siphoning off
value. A top European Central Bank
official warned that Trump's pro crypto stance could lead to
future financial crises. So the increasing division
across political parties across countries on on crypto feels
like it's getting deeper and then some news out of Michael
Saylor. So this past week he acquired
130 bitcoins. Today he just announced a new
preferred stock offering for. Sure, let's go.
STRF to raise more capital for Bitcoin.
So, so Big Mike is still buying in token air, dropping protocol
news. Robin Hood announced it's moving
into prediction markets powered by Kaushi.
It's going to start with March Madness and a federal interest
rates market. We had Backpack announced its
seasons are going to start this Friday.
We typically know what seasons mean in this game.
Myriad shout to them. Crossing 500,000 in betting
volume 2400, returning vetters on Monday and then Athena and
Securitize announced a new chain called Converge as a settlement
layer between trad Phi and D Phi.
Rounding this out, AI and crypto AI market was down leaders down
about 5 to 10%. The more interesting story here,
AIXBT lost $100,000 in a security incident or someone
gained, that's why unauthorized access to a part of its
infrastructure. Not exactly sure how this played
out, but AIXPT sent someone 55 ETH ARC down 33 percent,
45,000,000 out, nearly out of the top 15 at this point.
So, so quite the draw down there.
Meme coin leaders, mostly red and we talked about Mubarak and
BMT already. Those were leading the way.
And once again, it seems like Binance B&B, that's where the
alpha is right now in the meme streets.
The meme streets on binance we've seen this movie before
love to see that anyway so where do we even start here today
Tyler there's. Quite a bit of stuff.
Yeah, there's this amount maybe we quickly talk on the Sailor
topic. So I think whenever Sailor makes
this announcement, people instantly point to his
liquidation price going up. But Mando, if I'm correct, him
releasing preferred stock as an equity sale would not impact his
liquidation price. Incredible.
This is the best thing that could possibly happen for the
general Bitcoin mark. If I owned if I own micro
strategy common stock, maybe not so much.
I'll detail that a little bit. But you there was a real risk
that if he uses debt, IE converts or even like secured
debt or anything like that, there there's a chance he could
get liquidated and then that could be very messy if he's just
using equity kind of feels like a very it kind of feels like
it's a it's it's it reduces that risk almost to a miniscule
amount. Now.
Now what it does do is it does layer the common stock.
And by layer, I mean that preferred stock gives are
normally given first rights for any dividends.
They would also give them first rights in in various other
scenarios, but mainly around dividends.
So for example, if Microchette only had certain amount of cash
to pay dividends, they would have to pay the preferred
stockholders higher before they paid any common stockholders.
So like, if you're a common stockholder of strategy right
now, I'm not too sure if it's like it's not 100% positive
because you're getting layered, but it, it it is long term
bullish. I would actually say, because it
now means that there's a high chance he wouldn't get
liquidated over a long period of time.
And there's maybe a chance in the future that, you know, he
does something more equity like with the Bitcoin, like becomes a
Bitcoin bank or, or creates a yield for it.
So I, I like this a lot. I like this a lot for the
market. I like this a lot for for micro
strategy as a company, not necessarily for the common
stockholders, but but yeah, it's, it's good.
This, this is very good. But largely we had heard this
before. It's like, it's like, it's like
the second announcement because remember we already announced he
was he filed a shelf. For. 2 billion of of of
preferred stock. What was it 2 weeks ago?
This just this is this actually coming to market?
So what you do is you you fire, you fire, you file for it to be
on the shelf saying hey, it's going to happen.
And then this is the first one that they've they're doing.
Yeah, makes sense. I think my take away from all
this is very few people who who comments on sailor getting
liquidated have a comprehensive understanding of of the reality.
I would say there's almost no chance of him being liquidated
if this goes through. Yeah, love that he's the best.
We got to get him on the show. I don't know how big it is
though. It's at 5 million shares, but I
don't know if what they are valued at because this is a
prime, this is, this is prep stock.
So I, I, I just didn't know how, what, what size that was in
dollars, right? Yeah, I I don't think that was
included in the announcement. So we'll have to we will have to
see. But positive news there.
I don't know if it's positive like the Trump's world Liberty
five thing. I've I've been going back and
forth. I it's messy.
So they completed 550 million. I think there's, I don't know
the answer to this. Like I, I've seen reports that
Trump's going to get $390 million of the token sale money.
That was like hard for me to wrap my head around how that's
how that's going to work. I'm not been running pre sales,
but that that was the news. A completed second token sale,
550 million now raised. And I don't know that we have a
whole lot of detail on on future plans, how they plan to use the
the capital, other than some detail on how you know who's
getting the tokens and who's going to cut the revenue.
I didn't realize that the the Trump company gets 75% of all
net protocol and that does that seems like a lot.
What a cook. Yes, it's I don't know, we
don't, I know we're, we're light on time.
We don't have to get into that one today.
Like the Solana ad. I feel like we do need to talk
about. We've been kind of dancing
around. That dude, the Solana ad man
wow. I got to say though, I do like
totally's reaction post that I thought he was like he really
came out against he was like, what the fuck is this?
I don't know if you guys saw that he was like really making
fun of himself and and he was like retweeting people like, you
know, that were also against it. I mean, what did you guys make
of it? Tyler?
What do you I? Have a lot of questions.
I have a lot of thoughts. First question is like how?
How did this get through the approval process to posting?
If you ever find yourself posting a highly produced ad
campaign video and deleting it within two hours, you've done
something wrong. It was.
Better ad was better. Someone probably needs to to
lose their job. I mean anyone who watches.
I rewatched it before the show this morning.
It was clearly just too heavy-handed and my my hottest
take is I actually think they could have slipped like one anti
woke joke into this ad and it would have been fine.
Yeah, it's one little joke. Like whatever.
Like you made it such like a a central theme of this and it was
just not funny and just just cringy.
I mean, I had to stop watching it the first time.
It was just hard to it was just hard to sit through.
It's unfortunate because I think the the core message to
accelerate along with America getting on back on track is a
fine message. They just, they just went about
painting it in a bad way and probably like getting too
political. I think is is a mistake.
The memes are great. The memes are amazing.
Meme today. I Matt, was having a field day
with that one though. Really, Microsoft, when my
parents ask, well, I'm 30 and don't have a job I want to
invest in. Oh, my God.
I mean, Amanda, what did you, how did you make of that?
I did. I feel like I can guess what
you're going to say, but. Yeah, I just thought it was
strange, like, yeah, it's just deleted it though.
It was a really good. What did somebody else put?
We just kind of harked back to what we were saying before,
which is like, the good thing is that they deleted it.
If it was the theorem, they would have doubled down and kept
it up. Yeah, the slide buck, I really
spoke to me on a personal level. Yeah.
I mean that thing I don't even need to double down here was
it's like they're like the anti woke thing worked out and and
and like Trump won my landslide already.
It's like you don't need to like keep going at it.
You know what I mean? It's like it's play, it's OK.
Like you're like four months late here, you know, like get
over it. You know, also like I'm not a
fan of like, by the way, Yeah, these guys definitely did a
better ad for Avalanche than. I think we're going to do a
parody. Yeah, I know.
I I tagged them. And then the avalanche bit.
Yo, I want 510. I want 10% of that deal.
But dog goes. And I thought Ryan Sulkis
directed it, but he's hating on it.
I figured. I figured it Ryan.
Sulkins, the left-leaning team, wrote it.
What? That sucks.
His take? Sorry, you can tell it was a
left-leaning team that wrote or proved it not OK.
I, I this, this is Yeah. This is not even, let's not even
go into that conversation. But but it's just, yeah, it was
just cringe. Everybody knows it was cringe.
And it was. Yeah.
It was so funny because then people started retweeting the
BLM stuff from 2020 to get to see that.
Yeah. And, and I thought it was funny
that, you know, that they did that.
And then apparently, well, there's a new Coinbase ad too
now. Coinbase ad I thought was good.
Coinbase is good at ads. Historically, they've made
really good advertisements. Political just just basically
being like cryptos. The thing is, the political war,
whatever you want to call it, has been 1.
You know what I mean? Like they want it so it's like,
no need. Are you sharing your screen man
though? Do you want me to prove it?
What was? That no, that was from before.
OK, but it's, but they they, it's like the political war was
already like kind of worn, right.
It's like crypto's in the White House now.
You don't need to keep pushing it, but they know that and and
it looks like they're going to fix that and they're already on
it. The best thing they could do
right now is just drop another accelerate ad, but like a
banger, you know what I mean? Like just like go go back, hire
a bunch of creators like from the Solana Eco or something and
just come up with a banger to accelerate.
Who, who, who are you going to get from the Solana Eco to do
that? Vakoball.
The Vakoball. They're guys black.
Sol Jakey. I have to say though, Sol Jakey
did the. Liberty, Yeah.
Hayden Castor ventures, you know, like LA Libertad.
What about that fucking idiot Milay can't even handle his own
country. Anyways, that's another
conversation. Tyler, is there anything else
then I'm going to go to to to see if he's in, He's in the he's
in the studio. But is there anything that I
didn't touch on? Quick pull up the I just sent
you a tweet about the AI XPT situation.
Oh my God dude this is like. Summarizes where we're at this
broader AI market down. You're right at the bottom.
It just keeps on getting worse and worse and worse and worse.
You're like, let me pull up Supreme Leader's tweet because
he's a, he's a funny ass reply guy.
There you go. Yeah, so I don't know exactly
how this fungus man who's now deleted his account somehow I
don't like he he tweets Fungus man and a XBT tips him 55 and a.
Half E the the devs just come out with an explanation.
It was a hack. If you go into the devs page
he's put what's. The dev Who's the dev?
I can't remember his name but basically they hacked the back
end so that it would it would reply on purpose with these
replies. OK, so.
Who is the dev of a XBT? It's like DTRDX.
RI didn't even know he had this ability to do things right.
I actually just genuinely didn't.
But kind of, it's kind of wild, but this is what we already
spoke about with these AI agents, like you want to give
them this much money. And this slop has a 1600 score
on Ethos, Yeah. Yeah, let's go after him on
Ethos. Let's get him where.
He goes. Let's go.
No air drops for him. You know what?
Let's go speak about him on Ethos, bro.
There you go. Can't.
Even can't even can't even. I don't know whatever anyways.
Yeah, I'll go. I'll I'll go slash AI XPT after.
This yeah it was slashed him bro sees Christ but it's stupid ass
slop has better score than me but what do you mean so.
Like last week, Bankerbot had unplug access to Grok because
Grok was getting tricked and manipulated into launching so
many meme coins. Oh, you missed that man though
that was good. You ready?
Grok launched 7 tokens and then deleted its own tweets about the
tokens and made almost $1,000,000 in fees.
I love it. Yeah, it's still got like 700K,
so the fungus man's probably going to come after Grok next.
It's. Like me, I don't like the
username Fungus man. That's a good tweet, fungus man.
You should have been that man. You should have been that it.
Was once and I will continue to be eventually.
Yeah, you were the fungus guy. Yeah, the fungus.
Man, oh it's Sims. Sims hacked AXAIXP team.
The guy who had a fucking project about like fungus or
some shit, That was you. Be fucking here if I didn't
fucking 55 eight overnight. Believe me.
That's the I've linked it in the WhatsApp.
That's the guys explained how it was done.
Let's see, hold on, where is that?
Let me see, let's pull it up. It appears as if the XBT was
tricked into Hungus Man. Now deleted and both the authors
are in response. No, no, no, 710, I'm trying to
not going to make it. You're the.
One that Sims just said. But at 55 E, like the guy made
like $55, you know what I mean? Like it's not a crazy hat.
So what's? What are you doing with the
money, Sims? Yeah.
What are you doing with the money Sims?
Trying to find a casino mate to put it in straight away.
Every chance I have to scream that.
I have to. Say is a pretty good name.
Anyways, Tyler, I think we went around the horn.
Shall we bring our homeboy from Iowa now on stage?
Let's do it all. Right, Let's do it.
Let's do it, Let's do it. What's up?
Tell Steve how you doing today? Good morning.
Hey guys, good morning. Thanks for having your.
Name right? Tell Steve.
Kasif, yeah. Got it Yo, that painting got
behind you the the biggie Smalls 1.
So I was at the dialectic headquarter in Zoog once you
know, it's this big like crypto phone.
They have like the people one etcetera and they have the
original crown from the from Biggie Smalls from the clip.
It's crazy. Yeah bro, I was what the fuck is
this? And they're like yo, that's the
fucking crown. They have like APSA 10 charge on
like everything on the walls and shit.
Then you have like the fucking crown.
It's like sign like notorious. So there was 2 for that clip and
I have one of them anyways. Actual grill right there.
Yeah, actual grill. I was like down, you know, turn
around real quick, run away with the thing.
Anyways, tell Steve what's up, man.
Why don't you give us a little intro and, and tell us more
about, you know, Ionet and what you guys are up to?
Sure. Happy to do that.
Yeah. So my name is Das Baumad.
I'm the Chief BD Officer at IONET.
For those unfamiliar with Ionet, we're essentially the Airbnb for
GPU's. So we basically take all this
latent GPU compute capacity that's spread out all over the
world, whether that's an independent data centers, former
crypto miners, all the way to people who have gaming rigs with
forty 90s, thirty 90s, like souped up consumer cards in
their in their PCs. Pull that into our network and
offer that up as a front end to AIML developers everywhere,
whether they're at startup, enterprise, research lab,
university, and just make it super easy to get access to GPU
compute. I love that I just realized you
have a Bitcoin puppet PFPI. Love that.
I'm so bullish on the Internet now.
Holy shit, wow, so bullish. I mean, Tyler and I, we love the
pups. We love that we forgot to do our
special. We got one hour special on pups
for a piece ANYWAYS, love that, love your PFP and I think this
is actually really smart. Nice domainio.net.
You guys are absolutely cooking and seeing.
So why don't you break down a little bit of, you know, you
said Airbnb for GPU is all that stuff that's a little above my
pay grade. So why don't you give us a
little bit of an explanation is like, what's your strategy to
top AWS as the largest provider in cloud computing market?
You know, because a lot of our shit's stored on there.
If AWS goes down, feels like there's always that meme, right?
Like PWS goes down, like almost all crypto goes down or
whatever. So how are you guys going to,
how are you guys going to change that?
Yeah, yeah, for sure. So I think there's like three
major things we kind of focus on right when we're talking about
how we're going up against AWS. And it's actually kind of like
better to walk through sort of like like an example of what
your experience would be if you're like an AI startup trying
to get compute from AWS, right? So one of the first things is
just price, like AWS is really, really expensive.
And especially if you're like a startup coming in trying to get
access to like an H100 or A-100, which are, you know, kind of
like top of the line GPU's that you need for AI training, you're
going to get priced out immediately because you're, you
know, probably bootstrapped. You're trying to raise funds
like you can't just throw a bunch of money at at computer.
So in IO net, we offer like pricing that's about 70 to 90%
cheaper than, you know, AWS, Azure, GCP, because of sort of
how we're able to source our computer in a decentralized
manner. The second, second sort of
aspect of that is just availability, right?
So even if you have the money to go pay AWS for GP US, like they
might not have the GP US that you need actually available
because they have all these like bigger customers, like, you
know, like JP Morgan, Epic Games, like Snap, Meta, all
these guys who are spending hundreds of millions of dollars
a month with them. So they're always going to get
like first priority before any random startup that comes up.
So we're able to offer that availability for startups to,
you know, just log on to our platform, get access to the GP
us you'd need, deploy them quickly.
And lastly, the way we do it is just offering more flexibility.
So for that same AWS example, if you have the money, you are
actually able to get to the front of the line and you know,
get the GP us you need. AWS is going to make you sign up
for a 2-3 year like contract to lock those in, right?
Which if you're a small start up, that's going to be pretty
hard. So we offer a lot of
flexibility. Anyone can go on to our
platform, deploy a GPU cluster within, you know, within two
minutes and then you know, we don't have you commit to long
term contracts unless, unless that's what you need.
So if you want like GPU's for an hour, a day, a week, couple
weeks, we leave it up to you. I love that.
Well, that's so you actually just saw your bio.
You actually went well. First of all, you went to
Harvard, that's fire. And second of all, you worked at
AWS and then, you know, you decided, seems like you decided
to make the leap of faith and, and who pissed you off at
Amazon? Who pissed you off over there
for you to go a full decentralized route and, and
build this, You got to tell you who, who, who grinded your
gears. But you know, are the more
serious though, you know, given your background, obviously, you
know, you worked at AWS, all that good stuff.
So it's clearly, you know what you're talking about here and
seems like, you know, your company's really successful,
actually. So Congrats on everything you
guys are doing. You know, how do you see the
intersection of decentralized infrastructure and traditional
cloud services evolving in the next 5 years?
Because I feel like this is one thing, even though I'm not an
expert on cloud computing and all this stuff like cloud
storage, we talk about it a lot in this industry and I feel like
I've never seen the solution to AWS.
So where does decentralization come into play, and how you
know, how do you see that evolving?
Yeah, it's kind of funny. We're talking about, you know,
like me going from AWS to do what we and Hoopis be off at AWS
and things breaking over there. Because I actually wanted to
jump into crypto back in like 20/17/2018.
But then the whole industry blew up back then.
And of course there were no like, you know, business roles
like for someone like me, unless you were a dev.
So I ended up at AWS and within like the first few months I was
there, one of AW s s biggest services S3 like their storage
service happened to go down for a few hours.
And then I read this crazy statistic after it happened that
a third of the entire Internet went down with it when like one
of these core services went down.
So it kind of really like almost showed me like, you know, like
the follies of like a centralized like provider,
right? When you have like that much
centralization risk, like it's like everything can just go down
at the same time and like you won't you won't really realize
it until it's too late. So I think in terms of like
going back to your question of like, you know, how does the
intersection of like decentralized infra plus
traditional cloud like sit together?
I think, you know, one's not going to replace the other.
Like I think both there's a room for like there's room for both
to coexist and they're going to coexist for a long time.
And I think that's because kind of like they solve like
different use cases for like different reasons, right?
So one of the things that we've kind of seen is like a lot of
like AI start-ups who come to us, you know, they, if they're
going to train like a whole like foundational model, like from
scratch, like they actually want all these GPUs to sort of like
exist in the same data center that like they're literally like
plugged in, like with actual physical wires because they're
like trying to get super, super like look like high speed, low
latency. And they want to like train that
model as fast as possible, like decentralized training.
It's like there's a lot of like cool stuff that's happening
right now, but it's it's not quite there, right?
It's like it's, it's, it's a little bit slow, but it'll get
there. But I think for decentralized
infrastructure, where we've actually found like a lot of a
great use case has been actually with inference.
So, you know, inference is basically like whenever you
actually use like, yeah, so you use like ChatGPT and you give it
like a input and it gives an output.
Like that's, that's what AI inference is like, basically
using a model. But the scale of that is, you
know, like chat GPD is doing that billions of times, like
like a day. And that workload is spread out
everywhere, right? It's not just like I just need
one data center to do it. Like your servers might be in
like Northern Virginia, but your users might be in, you know,
Indonesia, like Dubai, Australia.
So when you actually have like decentralized infrastructure,
you can actually reduce the amount of time it needs for that
inference to take place because like all the nodes are closer to
your actual customers, right? So in those situations, we've
kind of found that like decentralized infrastructure is
better than centralized infra. And, you know, I think a lot of
people kind of come to realize that, especially as more people
start depending on AI for various reasons.
And, you know, I think people really hate waiting for stuff to
work on the Internet. So I think you know that latency
thing is going to be super important going forward.
Wow. And you guys are?
This is impressive. Also, you're really good at
explaining something so complicated, right?
He's like, I've been talking about this stuff all day, like.
I'm not even faking this time. There's a few times where I have
to fake with some guests and like, yeah, it's fascinating.
Bro. I am actually understanding
this. You know?
Amanda, we're going to quiz you after this.
Hope you're ready. No, but seriously.
Quick question though. You're building all this in
Solana it seems. Why Solana?
Because it seems like because yesterday we were talking about
some, I think Mandelbrot, like it was all deep end.
Like Solan needs a new narrative, like, you know, this
deep end are really blah blah. And it's so happens that today,
you know, show partner is building something massive like
this on Solana. Can I ask you why?
Yeah. I mean, that's actually kind of
an easy question because like Solana, for lack of a better
word, is kind of the fastest horse in the race, right?
Like when you kind of think about deep end, like you
actually need to coordinate like this global network of like, you
know, like millions, if not like hundreds of millions of nodes.
And they need to communicate with each other like very
quickly with low latency and almost like also share kind of,
you know, like microtransactions and payments, right?
Like I think like for us, it's like, you know, depending on the
GPUs that are being used, like payments can be a little bit
bigger. But when you start going to
like, you know, like some other deep ends, like, you know,
there's like Hive map or Helium where there's like much smaller,
like micro payments that need to be made.
Like Solana is just a lot better at handling like those tiny,
tiny payments that, but just at massive scale, right.
So if you're building like a deep end, like it just, it just
has all these things that are natural part of the network
where it just doesn't make sense to like do it anywhere else or
build your own like L1 unless it's like something very, very
specific, right? So I think the choice to build
on Solana was super easy. And that literally we could like
cut this up and that's a better ad than yesterday's for Solana
and. That's a low bar.
You know no, but that ads like because that you kind of made
the case. It's funny.
I I know it was, I didn't plan to ask you this, but it's just
like Mando was really bringing this up, but Solana has these
like different stories, like are they deep into some of them?
And it is the home of deep. And someone just brought this up
in the comments here. I'm seeing it.
But, and this actually makes perfect sense in what you're
talking about makes sense because of all these
microtransactions, the fastest horse in the race.
Therefore, it makes sense that it's on Solana.
So that's actually a really good bullish case.
Last question for you here, Toast FS.
You know, you guys is focused on GPU compute capacity is is and
the rapid expansion of data centers.
Do you think the availability of GPS will remain limited?
Because I heard those are like not, you know, easy to come,
come about? Yeah, it's, it's kind of funny
you mentioned this, that actually, you know, the industry
and availability kind of like ebbs and like flows about like
12 to 18 months ago, like the high end GPS were impossible to
find. And then about six months ago, a
lot of them came back out into the.
Market. And you know, a lot of it has
kind of has to do with like all these stories you hear about
like open source models and DeepSeek and things like that,
right? Like 12 to 18 months ago, it's
like everyone thought the game was like, hey, I need to train
my own foundational model because that's how I compete
with chat GPD. That's how I compete with in
tropics. So everyone sucked up all these
like H1 hundreds, like the high end GPUs from the market and
they just like sat on them to try to, you know, like train
their own model. And then, you know, 6 to 9
months ago, Mehta came out with Llama 3.3 or I forget what the
number was back then, but their state-of-the-art open source
model and they just like released it, correct.
And then Deep sea came out and just released another
state-of-the-art open, open source model that competes with
the big boys. So people were like, oh, wait,
like I don't actually need to trade, you know, spend like
billions of dollars and train this thing myself.
I can use this. And then, you know, sort of
build on top of that. Fine to you net add my own data
and you know, just make it more efficient.
So it's sort of like shifted the dynamics of it.
But like now we're actually seeing like the supply crunch
start to come back. And it's like for a couple
different reasons, right? So like, first one has been like
the shift from like training AI models to like inference once
again, right? It's like once people are like,
OK, I don't actually need to train these models.
I could just put them out there, like and get more people access
to it. The the workload shifts from
like, OK, now we don't need to worry about GPS for training,
but now we need like all those GPS to just handle like the
amount of inference and usage that we're going to get from
customers. And then also like secondly,
it's the idea of like more open source models.
Like it's just making like state-of-the-art AI available to
everyone a lot more easily, right.
And like what has happened in the past, too, is like when you
increase accessibility for everyone, you are also going to
correspondingly increase demand. And that's sort of what we're
seeing too. It's like there's more people
incorporate AI into their lives, more products incorporate AI
into themselves. We're just going to see that
demand for inference keep skyrocketing.
Wow, fascinating. That's really cool.
Well, congratulations on the success here with what you guys
are building with with IO net. I just saw someone in the
comments like, yo, I I made 500 bucks from the AirDrop.
Hell yeah. Love to hear.
That. That's awesome.
So the whole thing's tokenized, right?
The IO tokenize, Yeah, it seems. OK, cool.
That, that does make a lot of sense.
Awesome. Matosi, thank you so much for
for partnering with us today. That's awesome.
You're welcome to stay. We're about to do a a giveaway
or a little raffle. So if you want to stay on, you
can. If not, have a wonderful day.
Awesome. Thank you, guys.
I appreciate it. Thanks.
Appreciate you, man. All right.
All right, all right. Well, that was good.
Yeah. Hell yeah.
That's a good interview. I think we should clip the whole
thing at the end. He just outlined the bull case
for for AI and compound. Literally.
He's good explaining it, yeah. He's.
Very sharp guy. Yeah.
Damn, that, that was good. Like all the sometimes, like
when this shit is like we like, yeah.
So you know, when it's when a lot of stuff is, is like all
this like really big brain and stuff, you know, it's, it's
tough to understand, but it seemed he explained.
Wow. Also like that Solana like
thesis. It was laid out for you guys in
like 120 seconds. I mean, so that doesn't make
sense. It's good, it's good.
This is why we need more builders on the show, so that we
can talk about all this shit anyways.