Yo, what up? What up?
Good morning. Good morning, GMG.
Let's see. What is what is Thursday Let's
go Holy fuck Thursday September 20244444 look at that another
beautiful day to have a beautiful day.
I got my Co host in the house. Tyler, how you doing today?
I'm doing good. I have a little bit of cold.
You might notice it in my voice feeling just it's that time of
year. Also, both my kids are in new
schools, new classes. This probably has something to
do with it, but I don't know. I'm I'm feeling more and more
bullish for Q4. October is coming.
October is coming to town, baby, you already know.
I'm feeling great about it too, dude.
I'm feeling so good about October.
You know, Look, every day the month of September ends up the
important event in September is over my birthday.
So now we can move along like the most important thing every
year is September, right? September 7th is when the bull
market starts boom, right? I told you guys.
I told. You.
We hit the 30th, it'll bounce, Cryptoliti bounce on on my
birthday, right? Let's turn 30 from 52 K.
And it's been a slow grind up. Now we're just going to, you
know, work our way up slowly but surely until October.
Then in November, Donnie T is going to take it home.
Shala, we hope so or not, and then and then we're we're we're
we're going to see a we're going to we're going to we're it's
going to be up only for super cycle, right?
That's super cycle of what he's talking about.
I even have a bull on my on my on my on my desk.
Look at that and and a Penguin. I have a whole ass zoo.
I have this they sent me this plushie, the toy that you can
like just like throw around. It's been helping me out on the
on the on the desk. Anyways Mando how you doing
today? Great, man.
Yeah, doing that pretty fun. Don't know market seems.
Good. We're back.
We're kind of back. Yeah, market seems good.
I mean looks like looks like it won 60K before the weekend and
it looks like it wants, it wants you know another couple $1000
after that. So the market is looking
fantastic. Anyways, today on the show
today, today, just a reminder, we are live on video every
single day. You already know the vibes and
I'll post the broadcasting in a second when I'm done with the
intros. But you can catch us on YouTube
as usual, etcetera, etcetera, etcetera.
And I'm pretty sure there are rewards set up on myriad markets
at all times on requesting platform to retweet, post and
get points for interacting with Mendel's minutes, with Tyler's
minutes and with my minutes. And I'm just kidding, there's no
minutes for me. Fuck that.
But there's two best ones here on the show, but with the show
in general, so you should check it out.
So today on the show Daily market report as usual, let's
talk about how we're going going to go head back right up to
sending $4000 with Mando Tyler's top 101 thousand 1,000,000.
Let's see what he's got in store for us.
But I think there's a lot to talk about.
So some crazy ape sale or whatever yesterday, and I'm sure
you want to get in the details of that and a bunch of other
stuff going on. Robot spits.
Two more. We tweaked the stuff yesterday.
Look, it won't be perfect, but one thing's for sure, we're
going to run it the same way as yesterday, but we changed the
raffle deal in the back end. Obviously we're not going to
tell you guys what the changes are, but one thing's for sure,
you have to come up on stage and you have to speak.
You don't unmute, you don't win. Sorry, that's what I'm going to
do now. Because you don't unmute, I'm
going to assume that you're bought.
And if you count on mute, I'm really sorry about that, but but
we're going to have to start doing that.
So you're going to have to come on stage and on mute to make
sure that you are a real human. Anyways, this show is also
powered by Galaxies, a no code Web 3 platform that empowers
creators and communities to become owners.
Check out Galaxies XYZ on X. You can see how to spell the
name right at the bottom left or right of the screen and check it
out. But anyways, anyways, anyways,
without further ado Mando tell me how the bull market is back.
Can you dig it? GM everyone.
So yeah, it does feel like we're a little bit back.
Bitcoin Sol ETH all higher looks like Bitcoin and Solana slightly
beating ETH today. Sui has probably been the main
mover in L ones that suffered another 20%.
I think it broke above a dollar for the first time in a long
time for SUI. So yeah, decent, decent move
there. The broader stock market had a
little bit of a wobble. Just when the CPI figure came
out and then decided that they liked it, everything started
rallying. Stocks are again now kind of
close to all time highs. So whatever wobble we had
seemingly even brought up, you had a big rally in chip stocks
today or at least yesterday after some comment by the the
NVIDIA CEO. It does look like it's going to
be a 25 bit rate cut. Now next week, we'll just be
looking for the guidance from what Jerome Powell says really
in the press conference. It's yeah.
So just everything seems to be OK again, like we're heading
maybe back towards 60K that that higher low looks a bit more
clear now, you know, so I think people are getting a little bit
more build up on that being the potential move.
We had that like drop back down and then we've rallied back
until now. We can kind of hope to build
upon that. I don't know where the
liquidation levels are, but I would imagine that there's quite
a lot of clusters around that 60K area.
So I would say this, it's an above 50% probability here that
we had, we had towards 60K in the coming days.
Like I would put like 70 to 80% probability that that happens
just because it was a high low and let's just see how far we
go. But it feels as though you'll at
least have some sort of resistance around 60 K and
we'll, we'll see what happens around that.
The the obviously you have token, you have break point,
which I think people getting getting more bulled up into a
lot of expectations, particularly on Solana.
There, there was some news today that FTX, their estate is
actually unstaked 25,000,000 of Solana and may look to sell it.
They still have around a billion it seems, which I actually
wasn't aware of, but I thought they'd gotten out of everything.
So but yeah, it looks like if that becomes obviously we've
already spoken about the fact that we have some large unlocks
happening early next year, but just expect to see quite a few
of these headlines over the next three months, I would say.
And people making a big deal out of them.
I actually think versus Solanas inflation is actually not that
they're not like it's not like crazy.
We're talking about like probably closest to like 3%
unlocks here three 4% and Solana inflates at like 6 to 7% a year.
So but just like you've seen with when Vitalik sells like 400
gram worth of ETH, it's it just creates a lot of flood.
So yeah, there was some light flood around Solana there.
Sui has been just gaining ground as like not necessarily in users
or anything else like that, just in terms of an L1 that people
are seeing as as being a good play here.
I I own 0 Sui but yeah maybe something.
I think the I think that the Grayscale Trust went launched
today. Yeah.
So, yeah, the grayscale which was previously announced, they,
they, they, they went, they've launched, I think we also
launched an XRP 1 today. So that that's probably partly
for it, but yeah, people just generally getting more bullish.
So I. Can feel in the air, right?
Yeah. Meme coins had an OK day today.
It feels as though Pop cat is probably the best performing one
out of the major coins. Fog is kind of heading back up
towards all time high. The the cat cat.
Simon's cat coin of Binance had a big AirDrop on the back of I
think from Floki holders. That's rallying pretty hard.
I think it's up to around $200 million now.
So yeah, good, good, not incredible.
It still feels as though meme coins as a whole are not the
best thing. Best sector, at least at the
moment, but still not like completely down the dumps.
Yeah. Well, guess we'll see where that
takes us. Do we have any?
You already talked about the numbers we got coming on, but
it's it's pretty well that pop cat.
Someone's saying pop cat flipping bunk next month.
I mean we'll see. The pop cat's been like really
like performing like crazy, huh? Like even versus MOG, when you
look at it, it's like 2 XDI think it's like nearly two times
the the market cap. Yeah, Pop cat's done.
I have all the major Solano meme coins.
I mean with with depend on a decent bottom like it's it's.
I mean, look at this right? Yeah, but yeah, pop pop, pop.
Hat looks good. Looks like it's heading towards
a billion. Wow, what about whiff?
Let's see. I mean, I feel like every time I
look at whiff it's at 15. Yeah, we've just put in a
bottom. It feels like a pretty strong
bottom around 15. So we'll see what happens there.
Pop Cat looks like it might. It might push on.
What is killing us in the DMS? Look at this Sun dog shirt.
Shit, that's actually not bad. You're.
Joking about it. Jesus 300.
Million. They got to buy this thing
yesterday I think. Oh, it's true, yeah.
So so sun Dog as the I mean, it's that was also around that
sort of level for for a bit. Sundog is just kind of stay
where it's at the whole time. Tron meme twins, people talk
about them a little less, but it does feel as though Sundog is
going to be the what was the one on Avax?
The cocky new feels like that's going to dominate that chain for
sure. I think a lot of people thought
they were just going to go to 0 like super fast, and I guess
probably most of the downstream ones did, but.
I mean, AVAX is the next, next month, right?
If we're, if we're going to trade events, right.
You have Solana's break point next week, which, you know,
usually gets it's pretty strong. And then you have AVAX summit.
I think it's in Buenos Aires. Yeah, was invited.
So like maybe I should go to Argentina, have some nice
steaks. I'm just kidding.
I'm. I'm not leaving.
You'll have to like either pay me a fuck ton of money or put a
gun to my head to get me off my chair.
But I know they have their events so maybe, maybe that'll
be something. We'll see.
It seems like we're rallying around the fence.
People are saying the same about Siri.
Siri's got its its conference next month, but.
I guess that's going to be a new meta, right?
Like we we bind to events and we dump into news, you know?
That's what we've got left, you know, it does.
It does feel as though, yeah, we're maybe returning to the
tech, so to speak. So any of these big
announcements around the conferences, people get pretty
pulled up about. I think, I think we'll, we'll
probably return to like more the left curve stuff when Bitcoin
heads back towards yeah. Of course, across the board,
like even ordinals and stuff like that, you just, we just got
to wait, man. We just got to wait anyway.
I mean, Bob Lucas Bush as fuck. I mean, I won't get ahead of it
because I know Tyler, I think you got that set up and we got a
few conversations to have. So why don't we segue right into
that Whoop 4 daily NFT and crypto analysis.
Tyler D on FOMO our calls the kid.
Can our top story from today it's it's an NFTS so that an ape
crypto punk sold for 10 ETH. It was being called the great
the greatest crypto funk heist of all time tied to a
fractionalization protocol which is now defunct.
We'll get into the story in more detail here in a bit OSF shout
out to OSF. And that's he will redirect all
of his personal royalties into wrecked brands signing alignment
with the community ethos in the fund growth.
And then people is going to host a live election night event at
people studios not requiring an NFT and for so if you're around,
oh fun. That's gonna be a good one if
you're around. We got a lot of macro and
international news this morning. Mando touched on it.
We saw Grayscale launch the Sui trust.
It's up 20%. They also announced that they're
set up to launch the XRP. That's up 8%.
E Toro settled with the SEC for 1.5 million and agreed to reduce
its crypto services. We saw gold hit a new all time
high Coinbase offering a wrapped Bitcoin.
I think it's CBWBTC. It's too many letters.
CBBTC. Right.
CBBTC, yeah, that's it. It'll be usable on ETH and base.
That is a big headline. We saw SWIFT announced a
partnership with major banks to connect SWIFT to ETH, Sepoya as
it experiments with digital assets.
Promethium, this was an interesting story.
They went live as the first fully registered crypto special
purpose broker. So they're basically the first
potentially SEC compliant and they are going to allow trading
crypto tokens as securities. So they're effectively saying
they are securities. They've got ETH, UNI, ARB, OP
and GRT to start. They did international news as
well. So Reuters reported that India
has led the way in global crypto adoption for the second year in
a row. So crypto growing the most in
India. Singapore's usage of stable
coins has doubled in Q2 compared to Q1, up to a billion dollars
now. Then the UK introduced a bill to
classify crypto assets and entities as personal property,
giving them certain recognition and protections.
A couple pieces of protocol news before we round out the list.
Myriad. Shout out to Myriad share new
details about prediction market in a long form article on X,
sharing its vision of an interconnected media system
where users, creators and advertisers are all rewarded.
Go check that out. Also, interestingly, this
morning right before the show, the judge from that prediction
market Kaushi case, she provided her longer opinion on the case.
She actually did cite that Chevron ruling and how the CFTC
does not have authority to go after Kaushi.
So it it does seem like the door is opening in the United States
for election markets. And then Radium introduced a new
burn to earn feature regarding locking concentrated liquidity
more easily. And that's it.
There's a lot of the a lot of stories to unpack and get into
there. There is definitely a lot to
unpack. Definitely check out the married
article. I actually pin it to the top as
as you mentioned. I mean let's start with this
punk set. I mean that was and the story
got crazier and crazier and crazier as the day as the tweets
started going out. I mean which which which who
wrote the best thread so I can share on stream is this.
I think SIGAR did, but this was. The one I retweeted I think was
the one that broke the story. I think that was a good one.
And I, I can kind of help retell it here this morning.
So to set the stage, just six days ago, an ape crypto punk
sold for 628. They're about $1.5 million.
So that's how valuable these assets are.
Well, yesterday afternoon, one sold for 10 ETH.
That's why it's being called the greatest crypto punk, highest of
all time. So what went down?
It was purchased due to what I'm calling like a contract loophole
and a now defunct fractionalization site.
It was fractionalized on Niftex years ago.
That site is no longer functional.
There were 10,000 shares of the punk distributed across several
holders. It remained fractionalized on
the site and in the ESCO contract even though the site
had become dysfunctional. Fast forward to roughly 2 weeks
ago, someone figured out the the loophole in this contract
allowing a buyout with a 14 day grace period for holders to
accept or reject the buyout. But if they didn't reject it and
they had to reject it by bidding a slightly higher amount so you
just couldn't say no, you had to effectively do a counter bid if
if the if no shareholders did that, the buyout would go
through. So the high star submitted a
.001 ETH bid per share. That's 10,000.
That's 10 ETH in total. Yesterday it went through and
they're able to acquire the the Punk for 10 ETH.
But the story gets worse. So there was a failed block
attempt. Notable 8 Punk owner G Money had
tried to block the buyout from happening.
He was apparently alerted to the situation late on Tuesday.
He is notably an 8% holder of the share, so one of the bigger
holders as well. He tried to block the buyout by
betting .0000018 per share. That's not enough.
It had to be at least point OO1 ETH or higher for a successful
block. No one realized this,
apparently, including G Money. The block failed, but the
heister ended up getting the Punk for 10 ETH and it already
has a 600 bid on this thing so that the person is looking at a
$1.4 million flip here. I mean congratulations OSF
that's that was impressive eyes that he just pulled.
I mean he's got 2 aliens and an ape now, which is really
impressive. So here's the craziest part
right? So they had to bid 0.0010000001
ETH and they bid 0.001 and so they missed it.
So G Money submitted counterclaim of 0.000001 ETH.
He was short by one. Sorry he was short.
At this point. If any other shareholder could
have been 10,000 way 210 trillionths of a cent, it would
have blocked it. So they were short by 2/10
trillionth of a set. This is insane.
Can we? Also, is this really a heist?
I think that that's the debate. I mean, clearly, like it's not
like they didn't actually steal it.
Like they, they went through the rules of the smart contract.
So, so there's nothing illegal about it.
I think there's debates of whether or not it's ethical.
I, I'm on the camp that it's likely an unethical thing to do.
Just kind of putting myself into camp of the, the, the
shareholders here. My I've got a little bit of a
it's not quite tinfoil hat, but I guess the as I've been
thinking about this and and chatting with a few friends.
Why did anyone go public with this like that?
That's my so at least a handful of people knew about this and
apparently we're all just chatting in DMS about this.
Like you're going to let a $1.5 million asset go for 23K without
alerting people who like the people the the devs like OX,
Quint, Segar, these guys could solve this in 15 minutes but no
one did. Why not?
Like were they all planning to to do their own take orders?
That's my tip. I I saw G Money tweet about this
the day before he actually put it up.
Oh, he did. Yeah.
So he did tweet, but he didn't
say why. No, he didn't exactly, he said.
Who's the founder of Niftex? He didn't.
He said, who's the founder of Niftex?
I need to speak to somebody urgently.
And I mean, I was just like, oh, I have no idea what's going on.
He could. I mean, what he did there was
the minimum increase in bid that you possibly could do, right?
So maybe G Money was also trying to steal this.
That's why I think so too. Or maybe he was trying to do it
in a funny, like maybe he wasn't trying to steal it, maybe just
guessed that the like it was going to be a pointless thing
where they'd both be driving it up and and that would be dumb.
But G money increased it by the minimum possible amount, which
makes me think that yeah, like he wanted to play a game maybe
and see, and he just didn't calculate it correctly.
Yeah, I mean, that's crazy. Giovanni didn't call his hat.
He said it's an ARP. The smart contract worked as
intended. If you want decentralized
systems, you have to take the good with the bad.
It's part of the game. It's why we're here.
If you don't like those rules, you probably shouldn't be
playing because last I checked I don't think code is law.
He's defending the high star gives more credence to.
I don't want to come out and accuse him of too much, but it's
also it seems like the rationale with someone who perhaps was was
looking to play the the same game themselves might say.
Yeah, sure. He was trying.
I mean, he's, I think he's pretty open that he was trying
to play the same game. Like you would only do a bit
like that if you were, well, you were probably maybe did it like
as a joke, you know, like, oh, you missed that.
Are you guys saying G money's behind this?
No, he's not behind it at all. I don't think he's behind it,
no. But he, I think he was clearly
trying to do the same sort of, I don't know, funny win as this
other guy was. He just miscalculated it.
But it is crazy he didn't tell anyone.
Yeah, like, hey, even I kind of because it was then be another
two weeks, right? You would assume so.
Funny. Maybe he hoped that it'd be like
a an auction in the back where he he would be able to win it if
it went up to a certain level or something like that.
He said he was informed by rent. And it wasn't his bid, was it?
It was actually the gas that he didn't put up.
He went for the minimum, but the gas didn't put it through
because it was on to the gas. Which is kind of why when you
think about it. That's it.
It's a 10,000 weigh. I reached out to two blocks in
Chaz. I know Jason the owner.
That's crazy. He was 0.00000000000001 ETH off
it's. Brutal.
And now there's a 600 ETH bid. We know the guy who's got it,
right? It's he PFP D it.
What's his name? Really.
Yeah, yeah, yeah, it's we do. Hold on.
Dee's told me. There you go.
It's this guy. Apparently it's this guy.
DX Cozy. Yeah.
Wow, I missed this detail. Apparently it's over here.
Yeah, yeah, that's what Sobi and these were saying.
And then they sent me this link. Did he post about it?
He did. Yeah, he did, he says.
You know, when you think about in GCR terms, tennis is fair
value in USD so. Wow, yeah, it looks like this.
This actually might be the person's one it.
Is it is? And then he answered.
New punk floor was just set. So what are we thinking?
What do they think they do? Are they going to sell it?
I think they're going to hold. It, I mean, I've already slammed
this. I wouldn't take 600 E, dude,
this thing is worth. Let's go look at how much this
thing is actually worth. Yeah.
It's a fair, it's a fair offer. 620 the last one before.
I think you take 6, I mean liquid.
I take 600 right away because you know, money's money, you
know? Yeah, but I also mean like, you
don't want to be sitting there with a.
It's a weird punk. With a lawsuit on your hands,
you know just. Yeah, but who's going to sue
him? That all the people that
collectively own the piece when the guy with 8% just admitted
that it's fair game? Like literally G money went on
the record saying it's fair game, right?
So who else was the major owner of this?
Who was the original owner? Surely they probably had the
major chairs. Let's find out.
So let's go to the apes. Let's go to ape.
It's 24. I mean, it's this one, right?
Yes. Wow, it hasn't had.
Wow, it's been Look at Danny bid on this in 2020.
So funny. Of course it.
Did Broken Angels sold it to Mr. T Punks?
Mr. T Punks wrapped it and you It looks like there was this guy
that then wrapped it, right? Transfer look to this.
Yeah, on September 11th. No, see, that's what that was
yesterday, Yeah. That was yesterday.
So it looks like it's this guy Mr. T Punks.
Held it for four years. How did you assume that he
would? He would still have owned.
You know, normally when they did this fractionalization, they
kept people, kept hold of the majority of the shares.
Yeah. It looks like it was Mr. T.
It looks like. Wow, look at the bids on that
thing back then it was 900 E. Fuck.
What's the heck? OK, so what's the top bit on an
ape right now? So floor 8, last ape sold six
days ago for 628. So yeah, I guess 600 is fair
value, though this is a nicer ape.
You could argue, but I don't know I guess.
It's nicer but it's tainted it like now.
This is the Heist ape. Yeah, but that's.
That's bullish, though. That straight away at six. 100
I'm taking the six. 100, I mean, 600 is a lot of Solana,
absolutely. Why not just go straight to
Popcap? Dude, absolutely, you know buy
some fucking mog and and and buy some Solana.
You know that's 600 is a lot of soul, you know anyway, so look,
congratulations to the winner here.
You know, it looks like looks like you just backed the 600 ETH
day. So Congrats on on that for sure.
Maybe more to unfold the story. Let us know if you guys think
it's the highest in the comments.
We'll be able to read some out loud.
But it seems that the people seem to people seem to think
that this is our heist. So, so we'll see.
We'll see where that takes us. Everyone likes a good heist
story, you know what I mean? What are some of the crazy?
I feel like there's been crazier heist though.
Like when we talk about heist like these like crazy, like
hacks, like people have lost, like I don't know how many apes
in one go. You know, I feel like there's
been like some crazier, crazier, crazier heights here.
Anyways, Tyler, what else he got for us?
So Ovie, I mean, it's it's ironic that Ovie goes full
generous on his art. The day that you know that he
wins an 8. You know, he just made six
degrees. Unbelievable.
I saw you respond to him, Amanda.
I'll call him a bloke. I mean, tell us more about that.
Couldn't stop being such a good bloke.
You know, he's just always doing this sort of random stuff.
I mean, I knew about this for a long time, but it was, it was
just kind of funny. He just, he just always can give
new ways to just like give out it for free.
That's like basically his whole mantra.
I like it. Yeah, I like it too.
I guess I'll share some some more details of the story for
our listeners here. So yesterday OSF didn't announce
100% of future revenues and royalties from all of his new
artwork will be earned by Wrecked Brands.
It's a rolling 12 month agreement.
The funds will be used to to fund the growth of Wrecked
Brands and also he noted to to give an edge in working with
larger brands. I want to come back to that in a
second. He also tasted some exciting new
drops coming. So look out for more coming from
OSF here and perhaps Q4. I like the the brand equity that
you build with with this, like with the community ethos that
they're giving it back. I think it is a differentiator.
You know, I think for partners kind of looking to see who they
want to connect with, advertise with, partner with, it's a good,
it's a good story, yeah. I think, I think some of the
previous like it when I don't know doodles or one of the other
people, like they actually partner with a web 2 firm, it's
often like, Oh yeah, this is a big deal.
This helps our bags. But this is more like because
they everyone owns equity now in this company, right?
Like this is this is purely like you, you basically get a a
marketing group, right? Like people that will probably
buy the product, but also want to tell all their friends about
it. Whereas before it was more like
you got some exclusive digital collectible that like you hoped
some, some person in the future would come in back.
I would like if you do this with consumer goods, like people will
come in and really wanted to do well and they'll tell a lot of
people that you have like, you know, I don't have any
shareholders we have, but I think it's like 1000 / 1000, I
think something around that sort of level.
But yeah, it's it's a good, good spot to be in, I think.
And then this is another example.
Yeah, you can do different deals.
Yeah, I mean, I guess we'll see what comes next.
I can't wait to see his next art, that's for sure.
It's been a while since he dropped some one of ones.
Got a big one, got a big one coming.
Oh, really? You.
Got some alpha for us. No, no.
It was a good break. I mean, the market, like I feel
like we needed the slow down, but it feels a little bit the
water's a little warmer. It's not ice ice cold in the,
the digital art market these days.
You know, we've seen the momentum in X copy.
Yeah, so I mean, we could use another like open edition
season, you know, open. Edition season.
I don't know if we'll have another one of.
Those I'm playing, so that's good.
That's what's happening on base. Now we know what their orange.
They're teasing the orange logo yesterday.
Now we know what the tease is. Exactly, but they base has been
teasing this orange logo thing, right?
I don't know what it is. Is this is that the Bitcoin?
It's. Bitcoin Orange.
Yeah, yeah. It's for their Rep Rep Bitcoin
product CBBTC. Yeah, yeah.
Yeah. So tell us more about the CBBTC
announcement. Yeah.
So Coenbach's rolled out CBBTC. It's an ERC 20 token.
It's back to 1 to one by Bitcoin.
It is held in Coinbase custody. This allows users to bridge
their Bitcoin into the ETH and base ecosystem.
So this allows them to access and basically use Bitcoin in D5.
That's one of the big drivers for this.
You can use this Ave. compound curve so you can lend borrow.
You actually use your your Bitcoin as more of a collateral
in these platforms. They say the process is pretty
streamlined. Send Bitcoin to an Etherbase
address via Coinbase. They'll automatically convert it
into CDPC for you and then conversely do the reverse
conversion if you want to, to exit.
So I think it's, it's got to be like slightly bullish Bitcoin
here, right? You know, it's more potential
supply locked up in the Ethereum defy ecosystem.
I think it's bullish base, you know, they're continuing to to
drive and push more assets and liquidity into the base
ecosystem. So seems like a pretty positive
all around. Yeah, absolutely crushing it.
Defy's so back. Vitalik in shambles.
In other news, I mean, Defy seems back.
I mean, that's the main narrative on on the timeline
since that article has been defy honestly, a lot of positive news
coming up. So you absolutely love to see
that. In other news, I mean, you know,
that's also I guess that's why that's why OSF decided to to do
this thing again. OSF leading in charge.
India leads global crypto adoption for second year in a
row and that's how many users, how many users are we talking
about he's. From Bangladesh.
Well, at least his his parents are, so that's pretty funny.
No, he's not. Yeah, they are.
There they are. Well, my bad.
How many users are we talking about in India, 'cause I think
in China there's like 40 million crypto holders.
So you're telling me they're beating that?
So I'm trying to skim this article.
This is from Reuters. They they broke the news
yesterday. So he's in crypto adoption?
Because that's impressive, because I look for a fact like
China's like 40 something million holders of
cryptocurrency, right? Which is which?
Is a well, China, China probably does, but no one's going to
report that they aren't cryptocurrency.
It's all illegal. India easily wins this.
I think in terms of crypto adoption.
It's like I think after India, like it may be the USI.
Don't. I don't know.
It should be the US, right? Countries with most.
Well, this is this is growth though.
So this is looking at which countries I believe.
I'm trying to see this, I don't. Think India would beat the US
for even just our right holders as well?
So by percentage of this so here check this out.
I don't know what yours this from what's yours this from Hold
on, let me OK in 2023, right, which is actually pretty
interesting. This is percentage of people
actually live in the percentage population, right?
So the UAE is number one because 30% of its population owns
crypto. But obviously the population is
like very small. So it's like, you know, nine
people, Vietnam, USA, Iran, let's go Philippines, Brazil,
Saudi, Singapore, Ukraine and Venezuela.
I mean, India also has like a ton of people live in a country.
So it's probably that's why it's slower per percentage of its
people. But it's pretty impressive
numbers here. Sometimes in these countries
like in India and things like Indonesia, like a lot of it is
held only on exchanges I think. I think that's why there was
that recent hack was Xerox which was hacked in India.
And that's a. Massive deal in India because I
think the vast, vast majority of people hold it on the exchange
itself. I actually don't even think you
can withdraw to crypto from some of the centralized exchanges.
You can only withdraw to rupees. So for a lot of there's a lot of
Indian people on chain, they they hold it on exchange.
I think that's the case with a lot of different Asian
countries, but I'm not sure about Indonesia.
I know there's an Indonesian hack recently as well, but like
on chain is actually not that big a thing for many countries
in crypto. Got it.
A lot of it's a lot of it's through the exchanges like South
Korea as well. Like majority of stuff is
Unchained. Like that's why all the
telegram, you know, the the like the whenever there's a telegram
new coin on the ton ecosystem. I mean like dogs, they're always
like the AirDrop is actually done via Binance or via OK, XI.
Don't know if you ever see that, but like generally they'll do it
via a centralized exchange. Interesting.
OK, OK. Yeah, that that's the thing,
because the government over there does not align with crypto
at all. I mean, we got someone just
writing this, but I remember having we had someone working
for us that was based there and we had to stop paying crypto
because it was actually. What is the 30% tax?
I think if you take it out and. It taxes right away, yeah.
Only off ramps are are not even to banks.
It's like the P to P services. So like, it's like a disaster.
Yeah, yeah, yeah. It's tough from.
India and you have to pay them, you have to pay on PayPal
because it's just such a you have to 1st you tax 30% and the
second thing is it's really difficult to get on and off even
though there's a huge amount of you have to do it via
centralized exchanges. OK, Yeah, it's true because
recently Arjun's saying, and it's true, we reported on that
news. Finance was banned originally,
but then recently, yeah, right. So so there was, they came back
there. So it seems like, it seems like
we have some people reporting live from there.
So it's awesome. We had live news.
Anyways, Tyler talking about protheum.
I'm interested about this one because isn't that literally a
like, aren't they literally feds?
Like is that literally the SEC that planted protheum?
So this is like the the group of people who are going the the
purely compliant path. So for me, but nobody.
Knows them right? Like they're non existent
people. Oh, yeah.
I, I don't recall in, in the research I did this morning, I
didn't see, you know, who's behind this and I didn't know
that, but well, what they are, they're crypto platform
registered as a special purpose broker dealer with the SEC.
Yesterday they officially launched their custody services
for digital securities. They're going to support ETH,
Uniswap, Arbitrum optimism and the graph.
GRTI thought that was an interesting 5th inclusion.
They're positioning themselves as a compliant one stop shop for
crypto custody and then in the near future they plan to expand
into to trading. I think that that the
interesting part of the story here is they they are trying to
test the assumption of crypto tokens as securities and then
aim to to prove that they can enable got legal custody and
interning of crypto tokens as securities.
Assuming that they are, they're they're Co CEO Aaron Kaplan, he
said. We're trying to be the PayPal of
the digital asset industry. But these guys are literally
feds. Look at them like there's an AI
that made those photos. Fuck these guys, I hate these.
Honestly fuck them and look at the comments.
I love how their news got like 7 likes right and the comments are
comment #1. I believe I speak for the entire
space when I say you're bad actors attempting to profit off
the pulsalization of the SEC. It's unethical at best, scummy
at worst. CT does not welcome you.
Second comment. No one cares about you and your
ties to Gare bear trash and then you guys are criminals.
I mean these guys must be the most hated people in crypto,
right? Tyler or Fed?
Wait. Tyler, are you?
I'm just reporting on the story. Who told you to report on this,
Tyler? It's all over.
Oh, fuck. OK, OK.
Hold on. What's interesting about this I,
I think I saw a tweet I saw on the other side.
So you know that in the etoro settlement, they basically said
that ETH is not a security. I just saw that right before the
show. Yeah.
Does anybody? Use these names aren't superior.
It's like why? Why does the Birmingham business
model matter at all? That's the that's the question
are. You.
Defending. That's something a Fed would
say, A. White guy from Chicago too.
That's crazy though. PNC was just there, you know.
Yeah. Isn't she?
Probably. Super democratic and everything
too. Yes, that that is a fact.
Ando. Where's Promethean based?
Yeah, actually where's? Westwood, Chicago.
You know what? You.
Know what? We're definitely taking this
one. Let's so from let's let's, let's
do some research. Let's yeah, when you see in the
future of markets, let's see a a company, a company contact us.
What are they saying? Oh yeah.
They don't want anyone coming to that where they live, it seems.
Company. Surely they have an address?
Promotium, I mean I'm sure you can search in the registry
Promotium Capital company database.
All X bank employees kind of similar to Tyler Well that's
gonna be fun about these guys all right I'll get back to you
when I when. I I might be in trouble here.
Promotion Ember Capital. Promethean Exchange.
Oh no, this one's Wall Street. If that's no, they're not Ember
Capital. That's not them.
Oh, no, they're they're based on Wall Street.
They're based on Wall Street, yeah.
Mark's safe. And nobody look, nobody has ever
heard of these fuckers. They all look the same.
No one's ever heard of these people that this guy doesn't
even have a LinkedIn. Let me let me let me check out
Aaron Kaplan's LinkedIn. All right, let's.
Go, I think that aligns with most crypto companies.
I always think about this during conferences.
I feel like there's these these the two cohorts, there's like
the crypto Twitter cohort and there's different niches in
crypto Twitter and then there's like the institutional side and
the two do not seem they had any overlap.
Like what's so? What's so?
Yeah. I know there's one employee in
there. No, they have a, they have a
number of employees it looks like.
But for now, it looks like they've they are based in yeah,
they're based in New York, which is a shame.
But I guess I guess you're in the clear for now.
Yeah, I agree with that. And there's also like the whole
beak Bitcoin ecosystem as well. I feel like it's so separate to
a lot of the rest of crypto. Like there was a big thing today
that like Pendle as well as doing a Bitcoin yield product
and like it gets immediately snapped up like there was that
what's the name of the, the, the, the doing liquid staking on
on Bitcoin natively. I think it's like Babylon or
something but like. Huge amounts of capital just
moves into these things and everyone else just doesn't
really hear about what's going on.
Yeah, it's, yeah, it's a, it's definitely an interesting one
for sure. Just a little update for
everyone on this thing. Looks like a raffle bot is down.
Yeah. Yeah, let me try it.
Looks like a raffle bot. It's not loading.
Yeah, it's not loading for me either.
So it's not loading for anyone. So here's what we're going to
do. We we're still going to go on
for a few minutes, so we have more topics to cover, but let me
make the rules very clear now. So everybody's on the same page
here. You need to be all the spaces
you need to follow Myriad markets, Robit and FOMO hour, of
course. So all three of them, Myriad
Markets, Robit and FOMO hour and you need to retweet the pin.
The tweet that's pin Hell yeah, I'm going to I'm going to push
my own shit. So so repeat the pin link hello
myriad Robit and FOMO hour and be on the Twitter spaces.
I'm going to pick 2 lucky people to win crypto punks today
because let me tell y'all, y'all are going to win crypto punks
today. That's for sure.
But but that's why it wasn't working site is working.
I mean, sorry, I guess it's. The entry code part you can't
enter the code so we'll just. Go with what you've said.
OK, it's the, it's the entry code.
It's not the website, it's not that that's not working.
Is the entry code part? Yeah, you can't submit a code at
all. So it's not the website's
broken. I can't enter a code at all.
Sorry guys. So this is how we're going to be
in Today's code was funny. Today's code was Mendel's shirt.
So maybe we'll keep that code for another day as as that is
not working. Tyler, Mr. Tyler, what else you
got for us today? This seems like you've had a lot
to share. Today a lot came through this
this morning yeah dude, I gave the lead in so relevant to to
myriad and prediction markets. Yes, we we got Judge Gia Cobb.
She published her long form opinion on that that Kaushi
ruling where she ruled in favor of them and their lawsuit
against the CFCCFTC trying to say she basically says they
didn't have the authority to conduct this review that led to
them blocking Kaushi from from listing political prediction
markets in the US. And this is important because
the CFTC is considering banning all exchanges on its watch from
listing these prediction markets and she says they exceed their
statutory authority. Contracts do not involve
unlawful activity or gaming. It does look like she yes.
So she did in fact cite the previous Chevron defense
precedent. So we talked about that when it
broke and how that it would be important.
Now we're already starting to see some examples of where it is
having a major impact in court rulings, impacting protocols
that we all are potentially going to use.
That's interesting. I, I didn't know that it was
because of Chevron ruling. That's actually super good.
I mean, good for us, right? I think so.
I mean, I'll take it. I'll definitely take that.
Which is, which makes everything a little bit easier.
I mean, damn. It's a weird entry, right?
When I started getting deeper into prediction markets this
year, it was largely because Bunny wanted to to bet on, on
Biden dropping out effectively it just and they didn't want to
do it. They didn't want to go through
like the VPN hurdles and whatnot.
So I think if if those get broken down, it will be in the
on board, a pretty big on boarding advantage at least for
folks in the US. Yeah, that's, that'll definitely
help a lot. I mean, I find it ridiculous
that you have to like geofence, like the position markets that
are in USDC markets, etcetera, just like it just makes no
sense. Like it's just a regular, you
know what I mean? Like you're allowed to gamble in
most places, right? I don't know.
It's, it's going to be interesting to see where that,
that, that legislation goes. But even before though, like it
wasn't much, like it wasn't even the SEC level.
It was like CFTC had a bunch of like no action letters that were
sent out to Polymarket and whatnot.
And the past, I think Polymarket had to pay like $1,000,000 fine,
$2,000,000 fine in, in a couple of years ago.
So it was. It was never much.