1 00:00:00,130 --> 00:00:04,250 Well, GM, GM, everyone. We are without Farooq again 2 00:00:04,260 --> 00:00:05,550 today. I think he's on his way to 3 00:00:05,560 --> 00:00:08,690 Austin right now for the F1's. Pretty nice being Baroque. 4 00:00:09,040 --> 00:00:13,930 We have replaced him with OSF, who's Back and NFT Stats. 5 00:00:15,490 --> 00:00:19,360 Actually, just going by sand now, you're retiring the NFT 6 00:00:19,370 --> 00:00:23,180 part of your name, which is, I think, sad to see, but good to 7 00:00:23,190 --> 00:00:24,920 have. You It changes every day. 8 00:00:24,970 --> 00:00:26,570 Yeah, it changes every day. 3. Different. 9 00:00:26,580 --> 00:00:32,119 Forget your roots, man. My roots are punk ape stats. 10 00:00:32,130 --> 00:00:33,080 That was my original. Name. 11 00:00:33,090 --> 00:00:35,000 Ohh Yeah, yeah, yeah, I remember that. 12 00:00:35,010 --> 00:00:38,140 Yeah, you should go back to. That that was cool, Yeah. 13 00:00:41,120 --> 00:00:46,020 Anyway, that's you know each different text that. 14 00:00:46,110 --> 00:00:49,460 Yeah just just update it for the for the new flavour of the day. 15 00:00:50,550 --> 00:00:52,440 Yeah, we're going to do our normal show today so it's gonna 16 00:00:52,450 --> 00:00:55,430 be 5 main topics. We are sponsored as per usual by 17 00:00:55,440 --> 00:00:58,600 cracking NFT. They've actually got a mint live 18 00:00:58,610 --> 00:01:00,790 at the moment. Worth going to check that out. 19 00:01:00,800 --> 00:01:02,650 We're gonna have them show tomorrow. 20 00:01:02,660 --> 00:01:04,010 We're gonna go through everything then. 21 00:01:04,080 --> 00:01:06,650 But they have been sponsoring the show for the last month. 22 00:01:06,900 --> 00:01:12,790 You can check them out at kraken.com/rug radio. 23 00:01:13,880 --> 00:01:15,490 Right. We'll get straight into things. 24 00:01:15,540 --> 00:01:18,870 It's been a relatively eventful 24 hours. 25 00:01:19,780 --> 00:01:22,760 I think Bitcoin topped out like 28.7. 26 00:01:22,770 --> 00:01:26,200 You've got hammered down and then seemed to bounce a little 27 00:01:26,210 --> 00:01:28,280 bit, but we're all a bit lower today. 28 00:01:29,750 --> 00:01:31,980 What did you, what have you been making of macro markets at the 29 00:01:31,990 --> 00:01:35,000 moment OSF? So I think the thing to watch 30 00:01:35,010 --> 00:01:37,020 out for a macro at the moment, it's interest rates. 31 00:01:37,030 --> 00:01:39,430 Interest rates have blown all the way out to. 32 00:01:40,110 --> 00:01:42,820 Basically back to year to date highs which are. 33 00:01:44,000 --> 00:01:47,010 The same as 12 months which is the same as like multi decade 34 00:01:47,020 --> 00:01:49,650 highs depending on where looking on the curve but we're out to 35 00:01:49,660 --> 00:01:54,070 like 5.2% on two year or up to 4.9% on 10 year. 36 00:01:54,280 --> 00:01:57,550 I don't think there was any specific data, maybe there's 37 00:01:57,560 --> 00:01:59,230 something to miss, I'm not sure that caused it. 38 00:01:59,240 --> 00:02:03,210 But we obviously rallied a bit on the Israel, Palestine, 39 00:02:03,340 --> 00:02:05,970 Palestine stuff and then we just seem to have sold off. 40 00:02:06,040 --> 00:02:09,810 Oils up decent amount, all up to $88 per hour as well so. 41 00:02:10,919 --> 00:02:13,910 That's the thing, that's the one thing that kind of concerns me 42 00:02:14,180 --> 00:02:17,950 about UH risk assets right now just interest rates keep keep 43 00:02:17,960 --> 00:02:21,990 going higher and higher and we're still probably about two 44 00:02:22,000 --> 00:02:25,630 weeks out from the FOMC. But I think it's a bit of a 45 00:02:25,640 --> 00:02:28,480 concern here and that seems to be weighing on on macro right 46 00:02:28,490 --> 00:02:30,470 now. That's weighing on macro 47 00:02:30,480 --> 00:02:33,760 obviously oil pot again yesterday, I think it's about 48 00:02:33,770 --> 00:02:36,350 two or three percent today. And then there was that story 49 00:02:36,360 --> 00:02:38,710 out about NVIDIA. I don't know if you saw that 50 00:02:39,920 --> 00:02:42,650 they're gonna be blocked from their their chip sales. 51 00:02:42,660 --> 00:02:46,580 So they're down about 7% I think over the last two sessions, 52 00:02:46,590 --> 00:02:48,950 which is quite a big deal. Like if they're not able to sell 53 00:02:48,960 --> 00:02:52,670 their chips to various different countries, I think that's maybe 54 00:02:52,680 --> 00:02:56,330 gonna hurt the like general stock market because obviously 55 00:02:56,390 --> 00:02:59,570 it's all been carried by pretty much just NVIDIA and a couple of 56 00:02:59,580 --> 00:03:03,730 others so far. So yeah, it's definitely not a 57 00:03:03,740 --> 00:03:06,790 great 24 hours I would say, for macro. 58 00:03:06,840 --> 00:03:10,910 And then in crypto, Bitcoin dominance just kept going. 59 00:03:10,980 --> 00:03:14,280 It seems to have reversed slightly this morning, but there 60 00:03:14,290 --> 00:03:16,960 was a point yesterday where I think it was if you exclude all 61 00:03:16,970 --> 00:03:23,980 the stable coins, it was like 5758% and everyone just piling 62 00:03:23,990 --> 00:03:27,060 in on Earth. It seems like everyone's, you 63 00:03:27,070 --> 00:03:30,890 know, the usual commentary about, oh, it's not working, 64 00:03:30,900 --> 00:03:32,460 everyone should just go back to Bitcoin. 65 00:03:33,510 --> 00:03:36,400 It did feel like to me when I saw the time yesterday, it felt 66 00:03:36,410 --> 00:03:40,640 like peak. It felt like peak bearishness on 67 00:03:40,650 --> 00:03:43,390 ether versus Bitcoin. I don't know about you, but it 68 00:03:43,400 --> 00:03:45,330 definitely felt like everyone was like throwing in the towel 69 00:03:45,340 --> 00:03:48,870 yesterday. Yeah, I think so. 70 00:03:49,390 --> 00:03:52,550 It's. It's a funny one because like 71 00:03:52,560 --> 00:03:56,490 every time you get a glimpse of hope, everyone gets really 72 00:03:56,500 --> 00:03:58,690 excited and then it just gets stripped away from you. 73 00:03:58,740 --> 00:04:00,740 And at first it was like, it gets stripped away from you in a 74 00:04:00,750 --> 00:04:03,370 week. Then it was like in a few days 75 00:04:03,380 --> 00:04:05,010 and it was in a day. And now it's like intra day you 76 00:04:05,020 --> 00:04:06,200 just get that hope stripped away from you. 77 00:04:06,210 --> 00:04:08,440 And I think people were kind of throwing in the towel. 78 00:04:08,450 --> 00:04:11,320 But I feel like, I don't know, just like everything's feels 79 00:04:11,330 --> 00:04:13,950 quite cleared out. Like everyone who's my timeline 80 00:04:13,960 --> 00:04:18,380 is like mostly now people who I think are constructive for the 81 00:04:18,390 --> 00:04:21,589 next few months and I think. The last few days was an eye 82 00:04:21,600 --> 00:04:24,050 opener for that so. I don't know. 83 00:04:24,180 --> 00:04:26,080 It doesn't. It doesn't feel as capitulated 84 00:04:26,090 --> 00:04:29,310 to me as it did last week. It feels like there's some some 85 00:04:29,320 --> 00:04:33,200 hope back in the in the game now, yeah. 86 00:04:33,210 --> 00:04:35,420 What do you reckon, Sam? What do you think of general 87 00:04:35,430 --> 00:04:38,950 macro here? I think it's weird that you 88 00:04:38,960 --> 00:04:42,660 know, with interest rates where they are, with all this tension 89 00:04:42,670 --> 00:04:46,010 and geopolitical tension that you know, equities just continue 90 00:04:46,020 --> 00:04:48,650 to be really strong. Like you know, VIX is below its 91 00:04:48,660 --> 00:04:51,150 five year median right now. It just feels like there's a lot 92 00:04:51,160 --> 00:04:53,130 of. I mean. 93 00:04:53,810 --> 00:04:56,640 On the one hand, uncertainty. On the other hand, like you know 94 00:04:56,780 --> 00:05:00,100 that the economy feels hot, which tends in the past would 95 00:05:00,170 --> 00:05:02,800 would be a negative given that interest rates are what drive 96 00:05:02,810 --> 00:05:04,760 stock markets. But we continue to be resilient. 97 00:05:04,770 --> 00:05:06,420 So I don't know. I still a lot of money. 98 00:05:06,430 --> 00:05:08,500 It's stocks. But I definitely wake up nervous 99 00:05:08,510 --> 00:05:11,880 every day and I feel like I'm adding a little bit to my like, 100 00:05:11,890 --> 00:05:15,090 oil exposure. Yeah, it feels as though 101 00:05:15,100 --> 00:05:16,760 everyone is pushing crypto right now. 102 00:05:16,770 --> 00:05:19,740 Is isn't bullish because of the NASDAQ, they're bullish because 103 00:05:19,750 --> 00:05:21,600 of gold. They feel like everything's 104 00:05:21,610 --> 00:05:26,220 about to turn to ship rather than writing this new tech wave 105 00:05:26,610 --> 00:05:28,640 I. Think happens. 106 00:05:28,650 --> 00:05:31,550 You know, I feel like we always hope that Bitcoin is going to 107 00:05:31,560 --> 00:05:35,120 follow a lot of the narratives that that are the reasons people 108 00:05:35,130 --> 00:05:37,880 are bullish on them. But then at the end of the day, 109 00:05:37,890 --> 00:05:40,180 Bitcoin so frequently tends to trade like a risk asset. 110 00:05:40,190 --> 00:05:44,260 So you know. Certainly, you know, hope 111 00:05:44,270 --> 00:05:46,590 springs eternal for that though like I would definitely like 112 00:05:46,600 --> 00:05:49,030 crypto does feel like an interesting asset right now. 113 00:05:49,040 --> 00:05:52,190 It kind of as as you and I were talking about like if we get to 114 00:05:52,200 --> 00:05:55,950 a world where limited supply stuff kind of just becomes the 115 00:05:55,960 --> 00:05:59,410 focus, like yeah, it's certainly a decent play out thing. 116 00:06:00,730 --> 00:06:02,400 Yeah, we. Should what you been giving up 117 00:06:02,410 --> 00:06:03,640 with on Etherium though? Like what? 118 00:06:03,650 --> 00:06:07,640 What has changed with Etherium that suddenly has created a new 119 00:06:07,650 --> 00:06:10,060 narrative that's different from the past two to three years? 120 00:06:11,180 --> 00:06:13,970 You know what? I I don't know what it is, but I 121 00:06:13,980 --> 00:06:17,630 think a couple of things have happened recently which have 122 00:06:17,640 --> 00:06:21,010 changed is that the whole of the L2 infrastructure got built out 123 00:06:21,080 --> 00:06:23,830 and that wasn't really with us 12 months ago. 124 00:06:23,980 --> 00:06:28,310 And that has meant that over the course of the merge, we've gone 125 00:06:28,480 --> 00:06:30,750 from deflationary now to inflationary. 126 00:06:30,800 --> 00:06:34,690 So the whole idea that ETH would be deflationary now looks like 127 00:06:34,740 --> 00:06:36,580 it's going to be very, very difficult for it to achieve 128 00:06:36,590 --> 00:06:38,330 that. You can have a lot more activity 129 00:06:38,340 --> 00:06:41,760 happening on L1 that we'll get into it. 130 00:06:41,770 --> 00:06:45,050 But even like for example, the Pokémon cards drop that was 131 00:06:45,060 --> 00:06:49,010 done, that would have been 1-12 months ago, 18 months ago and 132 00:06:49,020 --> 00:06:52,270 now this is on L2. Like it doesn't affect gas. 133 00:06:52,280 --> 00:06:56,370 So all the activity is being driven to these L twos and that 134 00:06:56,380 --> 00:07:00,500 just means that ETH is no longer inflation, is no longer a 135 00:07:00,510 --> 00:07:02,420 deflationary. And the second thing is it's 136 00:07:02,430 --> 00:07:05,940 purely just an ETF thing. Like I was looking before at 137 00:07:05,950 --> 00:07:09,350 what's caused the big rallies this year in crypto. 138 00:07:10,120 --> 00:07:12,190 You could really be banging your head against a wall because it's 139 00:07:12,200 --> 00:07:15,610 really been like very small pockets, like two or three days 140 00:07:15,620 --> 00:07:19,670 of really big rips. And then we just slowly go down 141 00:07:19,720 --> 00:07:22,450 for like two or three months. So we rip and then we go slowly 142 00:07:22,460 --> 00:07:25,050 go down for two or three months. And each one of those rips was 143 00:07:25,060 --> 00:07:29,430 essentially scored by the ETS, like it was news about the ETS 144 00:07:29,440 --> 00:07:31,510 or that we're going to get close to that. 145 00:07:32,660 --> 00:07:37,010 And I feel like that's that's just got the dominant narrative 146 00:07:37,020 --> 00:07:39,330 at the moment that that somehow that's going to lead to some 147 00:07:39,340 --> 00:07:42,810 massive inflow. And the ETH futures ETF I think 148 00:07:42,820 --> 00:07:45,490 is only had 17 million of AUM at the moment. 149 00:07:45,500 --> 00:07:49,010 Like it really disappointed in terms of institutional demand. 150 00:07:49,020 --> 00:07:52,590 So people are somehow thinking that the Bitcoin one is gonna be 151 00:07:53,220 --> 00:07:54,810 is where all the demand comes in. 152 00:07:54,860 --> 00:07:58,670 So I think it's an easy thing just to bash at the moment 153 00:07:58,680 --> 00:08:01,110 rather than it actually being bad. 154 00:08:01,580 --> 00:08:04,530 I think the way the ether is created is perfect. 155 00:08:04,800 --> 00:08:09,650 I'm big Maxi when it comes to its long term potential, but I 156 00:08:09,660 --> 00:08:14,310 do think that, yeah, in the short term people just gonna 157 00:08:14,440 --> 00:08:20,720 keep on going at it. I think the the ETF stuff is 158 00:08:20,730 --> 00:08:23,040 probably. Being the biggest driver of 159 00:08:23,050 --> 00:08:27,440 Bitcoin price action this year. Um, maybe a couple of other 160 00:08:27,450 --> 00:08:30,290 things as well. But I think post Bitcoin you 161 00:08:30,300 --> 00:08:35,090 will see spot ETF applications as well and they're already are 162 00:08:35,100 --> 00:08:37,990 some that exist. So I just think the narratives 163 00:08:38,100 --> 00:08:40,970 that are pushing Bitcoin right now and there are some that are 164 00:08:40,980 --> 00:08:44,030 unique to Bitcoin, like. The bank stuff that happened 165 00:08:44,039 --> 00:08:47,760 this year and maybe this idea of like flight to quality of people 166 00:08:47,810 --> 00:08:50,980 trying to off ramp sucking like war zones and stuff like that, 167 00:08:51,290 --> 00:08:54,580 but. I think the bigger reason as to 168 00:08:54,590 --> 00:09:00,140 why Bitcoin. Is rallying translate to ETH and 169 00:09:00,150 --> 00:09:02,770 potentially other parts of crypto as well eventually? 170 00:09:04,240 --> 00:09:07,390 I just think this is not this now feels like more like a the 171 00:09:07,400 --> 00:09:11,310 start of a traditional cycle where Bitcoin rise 1st and then 172 00:09:11,320 --> 00:09:14,680 things follow suit. Because the the money coming 173 00:09:14,690 --> 00:09:17,100 into Bitcoin seems like it's outside of crypto right now. 174 00:09:19,080 --> 00:09:20,890 Yeah. I think I think as I said 175 00:09:20,900 --> 00:09:24,300 yesterday the the next 90 days I think they're going owns it and 176 00:09:24,310 --> 00:09:28,320 then we can see after that. But it does feel like on the 177 00:09:28,330 --> 00:09:30,660 timeline yesterday everyone was in the same trade. 178 00:09:30,740 --> 00:09:33,290 Everyone was in the same trade if right and you've actually 179 00:09:33,300 --> 00:09:35,350 seen eh open interest rise over this period. 180 00:09:35,360 --> 00:09:38,720 People are shorting at this stage to like versus their 181 00:09:38,730 --> 00:09:42,930 Bitcoin longs and I can just see one day without really goes 182 00:09:42,940 --> 00:09:48,090 against what the market thinks. It just felt so consensus on the 183 00:09:48,100 --> 00:09:50,130 timeline. Bitcoin was about to go to like 184 00:09:50,140 --> 00:09:56,240 6070% dominance and you know as we know that the most expected 185 00:09:56,250 --> 00:09:58,680 stuff that happens. The other stuff on my time 186 00:09:58,690 --> 00:10:01,220 yesterday was pretty rific. We kind of go into the second 187 00:10:01,230 --> 00:10:05,990 bit of this but for Rd got annoyed at this last week but I 188 00:10:06,000 --> 00:10:08,790 don't know was it the death of citizens journalism you think 189 00:10:08,800 --> 00:10:11,830 last night the last 24 hours have been have been pretty 190 00:10:11,840 --> 00:10:13,910 horrific. And I would say that right now 191 00:10:13,980 --> 00:10:19,470 my Twitter experience is not one which I'm enjoying and it's not 192 00:10:19,480 --> 00:10:24,250 just from the lack of like the style of content. 193 00:10:24,260 --> 00:10:27,330 I think it's the sorry like what's actually going on in the 194 00:10:27,340 --> 00:10:28,790 world. I think it's the style of 195 00:10:28,800 --> 00:10:32,850 content being written, like it's the debating and it's the lack 196 00:10:32,860 --> 00:10:38,820 of back in fact checking and just need to be first. 197 00:10:38,830 --> 00:10:40,260 Like we had a small taste of this. 198 00:10:40,270 --> 00:10:44,280 What happened with Telegraph overnight and then we've had 199 00:10:44,290 --> 00:10:47,120 kind of another taste of it the last 24 hours. 200 00:10:47,130 --> 00:10:50,810 But how do you fix this? Is this is just the way that 201 00:10:50,820 --> 00:10:54,160 Twitter is going to go? There was some, yeah. 202 00:10:54,170 --> 00:10:56,760 I mean, Elon still focused on bots, but like this. 203 00:10:56,770 --> 00:10:59,700 This feels like now that everyone's being paid, 204 00:10:59,910 --> 00:11:03,460 everyone's being paid to be as quick and as sensationalist as 205 00:11:03,470 --> 00:11:05,760 possible. I think it's really hurting 206 00:11:05,830 --> 00:11:10,640 Twitter, if I'm honest. Frustrating, isn't it? 207 00:11:10,650 --> 00:11:13,480 You just see. You either see a lot of fake 208 00:11:13,490 --> 00:11:16,520 news, or you see a lot of content that are clearly 209 00:11:16,530 --> 00:11:21,120 designed to. Create engagement Um. 210 00:11:21,840 --> 00:11:25,190 And especially with this whole like ability to create photos 211 00:11:25,200 --> 00:11:27,410 and videos from AI and deep fake and all that kind of stuff, you 212 00:11:27,420 --> 00:11:29,820 just don't even really know what's real out there anymore. 213 00:11:30,040 --> 00:11:33,800 And it's not like stuff. Citizen journalism that's posted 214 00:11:33,810 --> 00:11:37,950 on Twitter is not regulated. Or people posting it maybe don't 215 00:11:37,960 --> 00:11:41,130 have a reputation to uphold compared to if it's like BBC 216 00:11:41,140 --> 00:11:44,050 News or the New York Post or whatever it is that's like. 217 00:11:44,810 --> 00:11:49,360 Um, posting something. So yeah, it's a bit like, I 218 00:11:49,370 --> 00:11:51,890 think it's a bit scary really. Like I try not to look at any of 219 00:11:51,900 --> 00:11:54,550 it, but. It's generally not to trust. 220 00:11:56,300 --> 00:11:58,670 Yeah, that's what I feel. I just feel a bit scary. 221 00:11:58,720 --> 00:12:01,260 Like, this isn't just your classic, you know, cultural 222 00:12:01,270 --> 00:12:03,410 wars. Like when you're in the middle 223 00:12:03,420 --> 00:12:07,280 of, like actual wars. This can really have 224 00:12:07,290 --> 00:12:11,260 ramifications, I think. And I think we're very close to 225 00:12:11,270 --> 00:12:12,760 maybe some of that sort of stuff happening. 226 00:12:12,770 --> 00:12:15,580 So just be careful out there on the time we have to go into it 227 00:12:15,590 --> 00:12:21,210 too much. But I think there is a lot of 228 00:12:21,490 --> 00:12:24,940 misinformation on every single side of this at this point. 229 00:12:24,950 --> 00:12:27,580 So just take a breather whenever you see something online and 230 00:12:27,590 --> 00:12:31,390 just and just take some time to work out what's true and not or 231 00:12:31,400 --> 00:12:33,650 like just give it time for it to become more clear. 232 00:12:33,660 --> 00:12:36,890 Because I think at the moment, you know, you will, you will 233 00:12:36,900 --> 00:12:39,270 read something and it will literally just tear your heart 234 00:12:39,280 --> 00:12:42,270 apart reading it. And then an hour later you 235 00:12:42,280 --> 00:12:45,490 realised that that wasn't true or or that was different or, you 236 00:12:45,500 --> 00:12:48,830 know, it was actually. I see it all the time. 237 00:12:48,840 --> 00:12:51,140 And this happened, this happened with Bitcoin, this happened with 238 00:12:51,150 --> 00:12:53,530 financial markets, has now happened with people's lives. 239 00:12:53,540 --> 00:12:56,190 And I think that's just something to be aware of all the 240 00:12:56,200 --> 00:12:59,980 timeline. Is I mean you got you got the 241 00:12:59,990 --> 00:13:02,440 change in incentive structure right like with people getting 242 00:13:02,450 --> 00:13:05,370 paid to tweet like it can get addictive and you start to 243 00:13:05,380 --> 00:13:07,930 figure out what are the formulas that actually work for getting 244 00:13:07,940 --> 00:13:10,620 people to read your stuff, follow your stuff, comment on 245 00:13:10,630 --> 00:13:12,900 your stuff. And I think it's a little at 246 00:13:12,910 --> 00:13:15,610 some level that incentive structure has always been there 247 00:13:15,650 --> 00:13:18,380 because in the past engagement farming is not new to 248 00:13:18,390 --> 00:13:21,040 monetization of Twitter like this was their long before Elon 249 00:13:21,050 --> 00:13:24,930 engagement farming like none of that is new, but I think at 250 00:13:24,940 --> 00:13:28,260 least before the Gold Star was just trying to build your 251 00:13:28,270 --> 00:13:30,480 followers and get more. Powers and stuff that was 252 00:13:30,490 --> 00:13:32,820 inflammatory, like sometimes it engagement firm, but it didn't 253 00:13:32,830 --> 00:13:34,720 always work. Whereas right now I think people 254 00:13:34,730 --> 00:13:36,960 are just more focused on getting more views on their tweets and 255 00:13:36,970 --> 00:13:39,300 getting more comments because that's what ultimately gets them 256 00:13:39,310 --> 00:13:42,170 paid. So I do think like there I think 257 00:13:42,180 --> 00:13:44,420 at least the Twitter structure and I've seen it in NFT's. 258 00:13:44,430 --> 00:13:47,880 I remember there was a big narrative around how frank 259 00:13:47,890 --> 00:13:51,200 delegates like about somewhere around D gods. 260 00:13:51,210 --> 00:13:54,450 When degats tanked from like 7 to 3/8, there was this narrative 261 00:13:54,460 --> 00:13:56,310 that they just did it for the royalties, which is like the 262 00:13:56,320 --> 00:13:59,410 dumbest thing you could ever say because you know, 2 days of 263 00:13:59,420 --> 00:14:01,840 royalties. Is never good for your long term 264 00:14:01,850 --> 00:14:03,900 inflow of capital for a company that has hired people. 265 00:14:03,910 --> 00:14:06,180 Like, it's ridiculous. But also the numbers that were 266 00:14:06,190 --> 00:14:08,080 being cited were completely wrong. 267 00:14:08,150 --> 00:14:10,180 Like people were literally just getting the numbers wrong. 268 00:14:10,230 --> 00:14:12,740 And I would go in and comment on this, make your data is 269 00:14:12,750 --> 00:14:14,800 terrible. And they give me the shrug 270 00:14:14,810 --> 00:14:17,560 emoji, you know, it's like there isn't that like integrity where 271 00:14:17,570 --> 00:14:20,380 you're like, oh fuck, I gotta, I gotta go delete that tweet 272 00:14:20,450 --> 00:14:22,600 because I don't want to be the source of bad information. 273 00:14:22,610 --> 00:14:25,180 Like these guys are like that's kind of the game I'm in, you 274 00:14:25,190 --> 00:14:26,780 know. And I don't know. 275 00:14:26,820 --> 00:14:28,680 Again, I don't think this is necessarily new. 276 00:14:28,690 --> 00:14:30,760 I think this has been around for three or four or five. 277 00:14:30,830 --> 00:14:34,300 Years, but I do feel like you're you're at the margin, you're 278 00:14:34,310 --> 00:14:36,460 seeing just kind of a change in incentive structure. 279 00:14:37,600 --> 00:14:40,060 Yeah, I think the incentive, I mean the incentives aren't even 280 00:14:40,070 --> 00:14:41,990 that big. Like it's not like everyone, I 281 00:14:42,000 --> 00:14:45,030 mean they were big at the start. I think everyone's seen a slight 282 00:14:45,540 --> 00:14:51,340 decrease in their amounts. But yeah, just don't know. 283 00:14:51,350 --> 00:14:53,260 That's what I feel like the timeline is right now. 284 00:14:53,330 --> 00:14:56,780 I think it's very, very tough. It's a tough dopamine choice to 285 00:14:56,790 --> 00:14:59,350 hit. It's a tough dopamine space. 286 00:14:59,360 --> 00:15:02,750 Like, I mean I think I got like $50 last week and I went and 287 00:15:02,760 --> 00:15:05,300 spent like about like a 12 pack and a bottle of wine for an 288 00:15:05,310 --> 00:15:07,870 event I was going to and like there goes two weeks of work, 289 00:15:07,880 --> 00:15:09,420 you know? So I kind of stopped giving a 290 00:15:09,430 --> 00:15:13,010 shit about about like those Twitter inflows, but like in 291 00:15:13,020 --> 00:15:15,360 that, you know, for for people who are out there playing that 292 00:15:15,370 --> 00:15:18,690 game, though, I think it's real. Yeah, yeah, maybe. 293 00:15:18,700 --> 00:15:23,960 I think some people will get a few 1000 bucks, you know, it's 294 00:15:23,970 --> 00:15:28,020 not nothing for sure. The big thing in NFT, well was 295 00:15:28,030 --> 00:15:35,210 this was this Yuga Labs CEO came out, Daniel Legre put out a big, 296 00:15:35,220 --> 00:15:40,990 big tweet thread about the future of Yuga Labs. 297 00:15:41,640 --> 00:15:43,960 I feel like this is not the first time I've seen things like 298 00:15:43,970 --> 00:15:45,470 this from the Unilabs team recently. 299 00:15:45,480 --> 00:15:49,570 Like they've definitely feel internally like they've lost 300 00:15:49,580 --> 00:15:51,910 their way. So there's a lot of this sort of 301 00:15:51,920 --> 00:15:53,960 commentary like we need to take it back. 302 00:15:54,000 --> 00:15:55,890 They obviously went through restructuring. 303 00:15:56,100 --> 00:15:59,990 The long and short of that I felt like was they are really 304 00:16:00,000 --> 00:16:04,160 going to focus on other side. There was some talk about more 305 00:16:04,170 --> 00:16:08,550 focus on the IRL events and like tease that the fact that they 306 00:16:08,560 --> 00:16:12,980 will do an actual clubhouse at some stage, which I think is 307 00:16:13,180 --> 00:16:16,790 I've been saying for a long time, I think is really, really 308 00:16:16,800 --> 00:16:21,750 important. But they also recognise that, 309 00:16:21,760 --> 00:16:24,990 you know, they haven't really done anything with me bits, and 310 00:16:25,050 --> 00:16:28,410 that some of the other bits that business have been have been 311 00:16:28,820 --> 00:16:31,590 under invested and just really cared about. 312 00:16:32,870 --> 00:16:35,760 I thought it was honest. I thought it was it was a, it 313 00:16:35,770 --> 00:16:38,480 was a fair reflection of what's been going on. 314 00:16:39,200 --> 00:16:41,980 But I I don't know, Did you come away from it feeling bullish 315 00:16:41,990 --> 00:16:43,120 that they'd be able to change it? 316 00:16:43,130 --> 00:16:47,240 I didn't know if the like the remedy was maybe what I would 317 00:16:47,250 --> 00:16:50,040 have gone for. I don't know. 318 00:16:50,050 --> 00:16:54,540 I think it's, I think the thing that I think is positive about 319 00:16:54,550 --> 00:16:59,380 it is that the CEO, Dan and we had him on the show. 320 00:16:59,390 --> 00:17:02,170 I think he's acknowledged the situation that they're in. 321 00:17:02,880 --> 00:17:07,050 I think it's acknowledged how difficult it is to appease an 322 00:17:07,060 --> 00:17:11,980 NFT community that's very like. You know, demanding or angry or 323 00:17:11,990 --> 00:17:14,640 whatever it is and I think he's acknowledged that's a very tough 324 00:17:14,650 --> 00:17:17,150 environment. So you know sometimes for people 325 00:17:17,160 --> 00:17:19,619 to turn things around or improve or. 326 00:17:21,260 --> 00:17:23,270 You know, pull some magic out the air. 327 00:17:23,380 --> 00:17:25,730 You have to just have an understanding or acknowledgement 328 00:17:25,740 --> 00:17:28,349 of the situation that you're in. And I think he gets it. 329 00:17:28,359 --> 00:17:30,290 And I think they get it as well like I do. 330 00:17:30,350 --> 00:17:33,040 I do genuinely believe that. I think they understand. 331 00:17:33,810 --> 00:17:36,020 Some of the mistakes they've made or where they've gone wrong 332 00:17:36,030 --> 00:17:40,290 and where they can improve, so can they actually, you know, be 333 00:17:40,300 --> 00:17:44,170 successful in turning it around and doing well out of it, You 334 00:17:44,180 --> 00:17:47,200 know, well that will remain to be seen because it's a it's a 335 00:17:47,210 --> 00:17:49,740 much different they're trying to achieve now compared to when 336 00:17:49,750 --> 00:17:53,060 they just started out, but I think so far. 337 00:17:53,640 --> 00:17:56,480 They have made the right steps and I I actually like him. 338 00:17:56,520 --> 00:18:00,970 I like he's he's a proper CEO and I know there's lots of like 339 00:18:01,180 --> 00:18:04,590 criticism or animosity to people who are coming into this space 340 00:18:04,600 --> 00:18:08,250 who are not native to the space. But I also think he hasn't come 341 00:18:08,260 --> 00:18:10,590 in saying like oh I'm like really smart. 342 00:18:10,600 --> 00:18:12,610 I know this this and this. I have all this experience so 343 00:18:12,620 --> 00:18:14,390 I'm right. I think it's coming in saying 344 00:18:14,400 --> 00:18:16,980 like ohh shit I need to like understand the space and listen 345 00:18:16,990 --> 00:18:20,610 to you guys and maybe I can overlay that with my expertise 346 00:18:20,620 --> 00:18:24,170 and and try and get some success here so like. 347 00:18:24,340 --> 00:18:25,860 It's difficult to come away from that thing. 348 00:18:25,870 --> 00:18:28,430 Ohh, I'm really bullish. I'm really bearish, but I think 349 00:18:28,440 --> 00:18:31,770 it's, you know, moderate, modestly constructive. 350 00:18:32,950 --> 00:18:35,780 That I think they have an awareness of the situation and I 351 00:18:35,790 --> 00:18:38,600 think that's a starting point for for improvement in my 352 00:18:38,610 --> 00:18:41,960 opinion. Yeah. 353 00:18:41,970 --> 00:18:44,880 What do you think, Sam? Man I have a lot of thoughts. 354 00:18:44,890 --> 00:18:48,720 I I think on the one hand there's kind of like this core 355 00:18:48,730 --> 00:18:51,200 problem right. Like which is that the way that 356 00:18:51,210 --> 00:18:55,620 Apes got to where they are was through kind of you know it's 357 00:18:55,630 --> 00:18:58,340 there guys like Pharaoh going on clubhouse and like making ape 358 00:18:58,350 --> 00:19:02,640 sounds into a clubhouse room and then you know then Gordon Goner 359 00:19:02,650 --> 00:19:05,910 dropping Fucket mutant Saturday and like the Founders going into 360 00:19:05,920 --> 00:19:07,520 the Discord and everyone like holy shit. 361 00:19:07,530 --> 00:19:10,710 Like there was this whole vibe that got apes to where they are 362 00:19:10,770 --> 00:19:15,330 and then you know, gets you get to, you, got to 144, whatever. 363 00:19:15,430 --> 00:19:17,780 To a peak is also waiting for eight point waiting for other 364 00:19:17,790 --> 00:19:19,260 deed. You you know you did a $4 365 00:19:19,270 --> 00:19:22,980 billion valuation fundraise and then you bring in a team that's 366 00:19:22,990 --> 00:19:25,000 trying to turn that into a real business. 367 00:19:25,010 --> 00:19:27,980 The problem, the problem is like what got you here was something 368 00:19:27,990 --> 00:19:31,620 just so different and now you have this these huge shoes to 369 00:19:31,630 --> 00:19:34,620 fill and you're trying to shoehorn it with something that 370 00:19:34,630 --> 00:19:36,560 may or may not work. And I think, I just think that's 371 00:19:36,570 --> 00:19:40,700 a monumental task for for someone to come into what I 372 00:19:40,710 --> 00:19:42,820 thought was really interesting about this tweet. 373 00:19:43,530 --> 00:19:46,400 About the tweet was like the whole thing had such as Co 374 00:19:46,410 --> 00:19:50,060 feeling like it was very kind of like Cos and then at the then 375 00:19:50,070 --> 00:19:54,740 like then the second tweet was such a was such a degen tweet it 376 00:19:54,750 --> 00:19:58,080 was like PS also clubhouse it was like I'm going to give you a 377 00:19:58,150 --> 00:20:00,320 I mean that reminded me of like fucking mutant Saturday. 378 00:20:00,330 --> 00:20:03,490 It's like just like build this anticipation, give you something 379 00:20:03,500 --> 00:20:06,880 that like is not explained that has mystery that's like so kind 380 00:20:06,890 --> 00:20:09,060 of like the gas that fuels NFT's. 381 00:20:09,170 --> 00:20:12,310 And it I just thought was so funny how you had those two 382 00:20:12,320 --> 00:20:15,020 tweets side by side. The third thing I say about me, 383 00:20:15,030 --> 00:20:17,100 but I was kind of bummed about the music comment just cause 384 00:20:17,110 --> 00:20:18,590 Danny Green is like a very good friend of mine. 385 00:20:18,600 --> 00:20:21,090 I went to college with him and you know we we go back 20 years 386 00:20:21,100 --> 00:20:22,790 and he got let go like 3 days ago. 387 00:20:22,800 --> 00:20:26,090 So I was a little bit bomb that like a couple days after Danny 388 00:20:26,100 --> 00:20:29,320 got let go, there was a comment that's like this has been the 389 00:20:29,330 --> 00:20:31,720 failure or something like that. Because you know, I know, I know 390 00:20:31,730 --> 00:20:33,810 Danny's putting his heart and soul into it. 391 00:20:33,820 --> 00:20:37,510 And to have someone like come build up, you know, what was a 392 00:20:37,520 --> 00:20:40,230 larva Labs AirDrop and just you know, 20,000 NFT's in this 393 00:20:40,240 --> 00:20:41,750 market and something big is very hard. 394 00:20:41,760 --> 00:20:43,810 So I was a little disappointed by that. 395 00:20:43,820 --> 00:20:46,050 But that's just like a personal thing and probably like 396 00:20:46,120 --> 00:20:49,240 Unrelated and me, just like kind of bringing my more players into 397 00:20:49,250 --> 00:20:51,540 it. I think they said, you know that 398 00:20:51,550 --> 00:20:55,100 that me bits had just been like they haven't flourished it, but 399 00:20:55,150 --> 00:20:58,080 I thought the comments around crypto punks was maybe even more 400 00:20:58,090 --> 00:20:59,780 interesting. Like you said, the relationship 401 00:20:59,790 --> 00:21:02,040 between function and you go when I joined was, I have to say, 402 00:21:02,050 --> 00:21:03,950 strained. What we continually heard was 403 00:21:03,960 --> 00:21:06,550 that you didn't care, but at the same time there's a strong 404 00:21:06,560 --> 00:21:11,070 desire to be left alone. Like, what do you think happens 405 00:21:11,080 --> 00:21:15,040 with that brand going forward? Like, do you think that stays 406 00:21:15,050 --> 00:21:18,280 with Yuga Labs? I can imagine that then they're 407 00:21:18,290 --> 00:21:20,370 even selling that down the line. Like it does feel like a 408 00:21:20,420 --> 00:21:25,220 slightly poisoned chalice of an IP for them to have, because it 409 00:21:25,230 --> 00:21:29,010 feels as though it's still not. They're not quite accepted by 410 00:21:29,020 --> 00:21:31,730 the punks and I saw some well known punks even discussing that 411 00:21:31,740 --> 00:21:34,630 yesterday, as well as with the medias like so Jito I think came 412 00:21:34,640 --> 00:21:39,490 out and said. Made some, you know, not 413 00:21:39,500 --> 00:21:41,520 disparaging, but like basically saying, you know. 414 00:21:43,120 --> 00:21:45,460 It doesn't know how the feature of me, but it's just gonna go. 415 00:21:47,150 --> 00:21:50,410 It's always felt like a weird combination at some level and 416 00:21:50,420 --> 00:21:52,780 they don't get paid for crypto. I mean they they at least have 417 00:21:52,790 --> 00:21:54,690 you know presume I mean royalties don't exist anymore 418 00:21:54,700 --> 00:21:56,410 but on crypto punks it's always 0%. 419 00:21:56,420 --> 00:21:59,310 They just own a few hundred of them which is their full 420 00:21:59,320 --> 00:22:02,130 exposure. I mean it it always kind of felt 421 00:22:02,140 --> 00:22:06,360 like a weird combination at some level when they bought him but 422 00:22:06,370 --> 00:22:09,350 they bought him at such a different time, that strained 423 00:22:09,360 --> 00:22:10,750 relationship he was talking about. 424 00:22:10,760 --> 00:22:12,950 Like I've seen that from the start like right when they 425 00:22:12,960 --> 00:22:15,300 bought him you had a bunch of like OG crypto punks who were 426 00:22:15,310 --> 00:22:19,750 saying like yeah like you know and Noah when Noah joined the 427 00:22:19,760 --> 00:22:22,530 first representative for you to talk about crypto punks he, I 428 00:22:22,540 --> 00:22:25,570 remember we were at a breakfast for crypto punks and Gordon was 429 00:22:25,580 --> 00:22:29,040 there and guard was there and he got on a on a on a table and 430 00:22:29,050 --> 00:22:31,010 said we're not going to do anything with crypto books. 431 00:22:31,080 --> 00:22:33,630 You know we're not in the famous line was we're not going to give 432 00:22:33,640 --> 00:22:36,940 you lunch boxes and everyone's kind of like you know and some 433 00:22:36,950 --> 00:22:38,500 people love that. People love that because they 434 00:22:38,510 --> 00:22:39,650 like. And I was kind of like I 435 00:22:39,660 --> 00:22:41,650 wouldn't mind getting some point if you if you got a little bit 436 00:22:41,660 --> 00:22:45,430 extra around but I'd totally be down with that. 437 00:22:46,020 --> 00:22:49,560 But you know they're always kind of was that conflict within of 438 00:22:49,570 --> 00:22:52,700 like some people were like well maybe you can you know, I don't 439 00:22:52,710 --> 00:22:54,380 know. Like I still haven't figured out 440 00:22:54,390 --> 00:22:56,870 what like do something means even in the NFT space and 441 00:22:56,880 --> 00:22:58,550 certainly not for something like punks. 442 00:22:58,560 --> 00:23:00,810 It's it's just kind of a weird word that we throw around. 443 00:23:00,820 --> 00:23:04,000 And I, you know and I don't even know what like the best examples 444 00:23:04,010 --> 00:23:07,360 of people doing something with the PFP project have been in the 445 00:23:07,370 --> 00:23:09,550 past. But I agree with you though I 446 00:23:09,560 --> 00:23:11,080 wouldn't be surprised if if this is. 447 00:23:11,090 --> 00:23:12,850 I mean, I certainly don't think this is like a permanent 448 00:23:12,860 --> 00:23:16,090 relationship. Although Natalie Stone, but they 449 00:23:16,100 --> 00:23:19,150 brought in has been really active and I think she's doing 450 00:23:19,160 --> 00:23:21,690 all she can do. She's like get content out there 451 00:23:21,700 --> 00:23:25,170 like make more people aware of the crypto punk story, like talk 452 00:23:25,180 --> 00:23:27,650 about crypto punks owners talk about the history like that's 453 00:23:27,660 --> 00:23:30,540 the best thing punks have like just and I do think that you go 454 00:23:30,550 --> 00:23:32,320 like they're hiring one or two people to do that. 455 00:23:32,330 --> 00:23:34,710 They're saying this is our contribution, it's not going 456 00:23:34,720 --> 00:23:39,260 over the top and I don't know. I think that's I I kind of take 457 00:23:39,270 --> 00:23:40,900 my hat off to it. I don't think it's been it's. 458 00:23:40,910 --> 00:23:43,320 I think it's hard to frame it as negative, although some people 459 00:23:43,330 --> 00:23:45,190 do. Yeah, I think they put it to 460 00:23:45,200 --> 00:23:48,160 what what what They are blocked team have basically done with 461 00:23:48,170 --> 00:23:50,110 squiggles. They've just got to try and make 462 00:23:50,120 --> 00:23:53,510 it feel like as much as possible, put it in as many 463 00:23:53,520 --> 00:23:56,330 places as possible, but at the same time they're not making any 464 00:23:56,340 --> 00:24:01,320 money from it clearly. And they seemingly are going to 465 00:24:01,330 --> 00:24:04,480 piss off their community whenever they try to do anything 466 00:24:04,490 --> 00:24:08,410 so. It is a is a peculiar one that 467 00:24:08,470 --> 00:24:12,080 like I can see that maybe not same with you forever, but I 468 00:24:12,090 --> 00:24:14,290 don't know who would buy it because you don't ever buy it if 469 00:24:14,300 --> 00:24:16,560 you had some form of commercial need for it, right? 470 00:24:16,600 --> 00:24:19,420 I feel like you could bought it so that they would be seen as #1 471 00:24:19,570 --> 00:24:21,580 and that kind of now cements them. 472 00:24:21,590 --> 00:24:24,530 But other than that, I don't really advise Parks would you 473 00:24:24,540 --> 00:24:28,130 buy when they bought them. It was also like, first of all 474 00:24:28,140 --> 00:24:31,820 there was this huge punk versus thing going on at the time and 475 00:24:32,110 --> 00:24:34,220 were worth more than punks. And like, one of the big 476 00:24:34,230 --> 00:24:36,800 narratives was like, well, now punks will never be worth more 477 00:24:36,810 --> 00:24:39,860 than apes because you go will always make sure that apes are 478 00:24:39,870 --> 00:24:41,160 #1. Like, that was one of the big 479 00:24:41,170 --> 00:24:44,360 narratives going on back then. Like, also Matt and John from 480 00:24:44,370 --> 00:24:47,420 Larva Labs, like, just didn't want to run a big company. 481 00:24:47,490 --> 00:24:49,510 Like, I think they were uncomfortable with how many. 482 00:24:49,550 --> 00:24:50,890 I talked to Matt about this once. 483 00:24:50,900 --> 00:24:52,670 He's like, I like, couldn't sleep at night. 484 00:24:52,680 --> 00:24:54,340 I had too many punks on my Ledger. 485 00:24:54,350 --> 00:24:56,000 Like it just it just like, I couldn't like it. 486 00:24:56,010 --> 00:24:58,030 Just it was not what I was meant to do. 487 00:24:58,090 --> 00:25:01,960 So for him to get rid of, like, you know, people were going 488 00:25:01,970 --> 00:25:04,810 after them for V1 punks. People had gone after them about 489 00:25:04,820 --> 00:25:07,150 IP nonstop. People were selling and slamming 490 00:25:07,160 --> 00:25:09,770 the door on the way out. And John, just like this is just 491 00:25:09,780 --> 00:25:12,810 like our project like this is not what we bargained for. 492 00:25:13,870 --> 00:25:16,500 So but yeah, it was such a different time back then. 493 00:25:16,510 --> 00:25:20,020 You know apes were worth like 7080 E Punk Floors like 50 E the 494 00:25:20,090 --> 00:25:22,670 you know everything. Things have changed so much 495 00:25:22,680 --> 00:25:25,500 since then. They do own 4 or 500 of them 496 00:25:25,650 --> 00:25:27,520 like that. That was like that's the really 497 00:25:27,530 --> 00:25:32,080 only kind of financial exposure is the fact that like Yuga got 498 00:25:32,090 --> 00:25:34,000 all of Matt and John's punks other than 10. 499 00:25:34,010 --> 00:25:35,620 So they do have that financial exposure. 500 00:25:36,660 --> 00:25:38,670 Yeah, that's true. They do own them. 501 00:25:39,360 --> 00:25:41,520 I wonder what happens if they just sell them. 502 00:25:42,160 --> 00:25:43,800 How would they ever monetize them if? 503 00:25:43,810 --> 00:25:46,470 I'm not really sure. I think with that thing you just 504 00:25:46,480 --> 00:25:49,190 gotta get on like a plan. Like people always talk about 505 00:25:49,200 --> 00:25:52,680 how this project, this idea of owning your own NFTS doesn't 506 00:25:52,690 --> 00:25:54,170 work because people fudge you when you sell. 507 00:25:54,180 --> 00:25:56,810 I think like you just say, hey guys, on the 15th of every month 508 00:25:56,820 --> 00:25:58,170 we're going to list one at the floor. 509 00:25:58,240 --> 00:26:01,150 Like that's not us funding. This is just, that's the only 510 00:26:01,160 --> 00:26:03,610 way we can afford to pay Natalie to work here. 511 00:26:03,620 --> 00:26:06,310 Like I I feel like that there are ways you could just throw 512 00:26:06,320 --> 00:26:09,210 this system like you know the the market can digest a few 513 00:26:09,220 --> 00:26:10,670 every month like you don't have to. 514 00:26:10,680 --> 00:26:14,090 It doesn't have to be this this huge thing if that's the 515 00:26:14,100 --> 00:26:16,190 business model that like you're stuck. 516 00:26:16,200 --> 00:26:18,050 Yeah, I mean. Good thing we don't own loads of 517 00:26:18,060 --> 00:26:20,890 rec guys then, huh? Hey, we have Are you guys doing 518 00:26:20,900 --> 00:26:22,000 the. I prefer your approach. 519 00:26:22,310 --> 00:26:26,120 We have a museum coming. We have a a right guy gallery. 520 00:26:26,130 --> 00:26:27,410 Coming. Well, the Hell's Who else? 521 00:26:27,420 --> 00:26:30,280 Who the Hell's gonna accept a rec guy museum? 522 00:26:30,890 --> 00:26:32,900 Which city? We put in that in. 523 00:26:33,210 --> 00:26:36,190 We're just going to moments like, hey, we've got over the 524 00:26:36,200 --> 00:26:42,720 last five years we've acquired 5332 rec guys, here you go. 525 00:26:44,770 --> 00:26:46,580 Maybe they bought him. I think he'd get somebody 526 00:26:46,590 --> 00:26:50,750 friendly inside, maybe donate a few to get a little taste, and 527 00:26:50,760 --> 00:26:56,020 then look up a wing, a great guy wing, when he goes to 10,000. 528 00:26:57,370 --> 00:26:58,780 Right. The other thing that's going on 529 00:26:58,790 --> 00:27:03,770 in the crypto NFT space is what's going on in Reddit. 530 00:27:03,810 --> 00:27:06,930 So, Reddit spin. Making a few different forays 531 00:27:06,940 --> 00:27:12,310 into crypto they. Its manatees, the avatars, which 532 00:27:12,320 --> 00:27:13,460 they continue to sell pretty well. 533 00:27:13,470 --> 00:27:18,450 They also had these community points tokens, which I think ran 534 00:27:18,460 --> 00:27:20,440 all the way up to about $50 million market cap. 535 00:27:20,450 --> 00:27:22,830 One of them, the most famous ones were moon and brick. 536 00:27:23,830 --> 00:27:28,040 Um, they you would get them. It was basically seen as part 537 00:27:28,050 --> 00:27:32,290 ownership of your. Subreddit. 538 00:27:33,670 --> 00:27:40,400 Video channel and it was kind of in the wake of all the Wall 539 00:27:40,410 --> 00:27:44,640 Street bets stuff. So each different subreddit had 540 00:27:44,650 --> 00:27:49,090 its own token and obviously the most famous for these moon and 541 00:27:49,150 --> 00:27:51,800 brick ones. They said yesterday that they 542 00:27:51,810 --> 00:27:55,230 are shutting this down. They said they were going to get 543 00:27:55,240 --> 00:27:59,190 rid of all the community points. They were. 544 00:27:59,200 --> 00:28:01,820 They were on arbitrium. They could be redeemed for all 545 00:28:01,830 --> 00:28:03,870 these different things. But they basically said due to 546 00:28:03,880 --> 00:28:08,270 regulatory uncertainty, they're going to have to shut them down. 547 00:28:08,280 --> 00:28:11,330 Both of these tokens, I'll bring them up, but they think they 548 00:28:11,340 --> 00:28:17,350 dropped about 90% overnight. And this wasn't just some tiny 549 00:28:17,360 --> 00:28:21,850 token like these were. These were decently priced. 550 00:28:21,860 --> 00:28:23,290 Yeah. So um. 551 00:28:24,070 --> 00:28:30,470 This moon token. Was down 80, well, yeah, 82%. 552 00:28:30,760 --> 00:28:32,450 Ohh. Fuck. 553 00:28:32,520 --> 00:28:36,230 Have you got a market cap that peaked, that peaked in August at 554 00:28:36,240 --> 00:28:41,900 $54 million? And now it's all the way down to 555 00:28:41,950 --> 00:28:44,620 $3,000,000. So big, big moves. 556 00:28:44,790 --> 00:28:48,710 The other one was called Brick, and I forget which subreddits 557 00:28:48,720 --> 00:28:50,990 these refer to, but I think one of them is the Wall Street Bets 558 00:28:51,000 --> 00:28:52,840 subreddit, and one of them is another one. 559 00:28:53,850 --> 00:29:02,130 Yeah, that one's down to. 47 1/2% and that one peaked at God. 560 00:29:02,300 --> 00:29:03,990 Both peaked at around 50 million. 561 00:29:04,080 --> 00:29:07,010 Wow. What do you think? 562 00:29:07,070 --> 00:29:09,610 Like this this is? I mean, we're trying to get the 563 00:29:09,620 --> 00:29:11,580 whole Reddit community on board with crypto. 564 00:29:12,570 --> 00:29:15,150 This is kind of wild, I think. Um. 565 00:29:16,160 --> 00:29:17,960 And obviously caused a lot of pain. 566 00:29:18,050 --> 00:29:20,820 So yeah, what you guys take on this? 567 00:29:23,410 --> 00:29:26,620 What my initial reaction is what will happen to the NFT's they 568 00:29:26,630 --> 00:29:27,410 have as well? Will that? 569 00:29:27,420 --> 00:29:30,520 Will they just stand still and just the tokens are worried 570 00:29:30,530 --> 00:29:33,060 about or? I think they were worried about 571 00:29:33,070 --> 00:29:38,100 the tokens being deemed security security because they were given 572 00:29:38,710 --> 00:29:42,600 in response for doing things and you could redeem them for. 573 00:29:44,080 --> 00:29:47,310 Or different parks, essentially on Reddit, the actual avatars 574 00:29:47,320 --> 00:29:50,800 themselves haven't really moved because they're seen as just 575 00:29:50,810 --> 00:29:53,980 avatar trading or owning avatars. 576 00:29:54,130 --> 00:29:58,680 But this kind of points to the SEC getting involved, saving 577 00:29:58,690 --> 00:30:03,540 everyone's bags, and then this sort of stuff happens. 578 00:30:03,550 --> 00:30:06,810 Now arguably you could say that Reddit shouldn't have been 579 00:30:06,820 --> 00:30:09,200 selling tokens like maybe like this in the 1st place, but. 580 00:30:10,120 --> 00:30:13,070 I don't know, like you see all this other all these other 581 00:30:13,080 --> 00:30:16,600 tokens out there, but like football clubs and then you see 582 00:30:16,610 --> 00:30:19,390 stuff like this and it feels not too dissimilar. 583 00:30:20,170 --> 00:30:23,390 Um, this is kind of a wild, a wild move. 584 00:30:25,160 --> 00:30:29,510 I think there's a little, like, I think every token is taking, 585 00:30:29,520 --> 00:30:33,110 especially in the US is taking some regulatory risk. 586 00:30:33,200 --> 00:30:37,130 And I think that there's a little bit of a FAFO mindset to 587 00:30:37,140 --> 00:30:38,790 it. Like let's just, you know, fuck 588 00:30:38,800 --> 00:30:40,710 around and find out, let's see what happens, right. 589 00:30:40,720 --> 00:30:45,020 And it gets risky when you deal with big real corporations 590 00:30:45,030 --> 00:30:48,560 though you like. And I think that's like it works 591 00:30:48,570 --> 00:30:52,270 like when you're something like Blur, you know, you're starting 592 00:30:52,280 --> 00:30:54,260 up, you're like, let's push it, let's go. 593 00:30:54,310 --> 00:30:56,740 This is our core business. This drives the entire thing. 594 00:30:56,750 --> 00:30:59,810 Like let's, you know, let's make people check a box that says 595 00:30:59,820 --> 00:31:02,100 they're not the US. But when you're coming like 596 00:31:02,110 --> 00:31:04,520 Reddit, which probably has some lawyers who just got out of a 597 00:31:04,530 --> 00:31:08,580 law firm and like, you know, and are probably more in risk 598 00:31:08,590 --> 00:31:14,170 aversion mode, that risk becomes bigger and a much bigger 599 00:31:14,180 --> 00:31:15,850 business is on the line. I have no idea. 600 00:31:15,860 --> 00:31:19,630 I mean this like, you know, I worked at Uber for eight years 601 00:31:19,640 --> 00:31:22,570 and I continue to think the biggest competitive advantage 602 00:31:22,580 --> 00:31:24,830 Uber had was our willingness to break the law. 603 00:31:24,900 --> 00:31:28,170 And like that was the only way we were able to disrupt an 604 00:31:28,180 --> 00:31:30,210 industry that had been the same for 60 years. 605 00:31:30,220 --> 00:31:32,730 But if you don't have lawyers who are willing to do that, you 606 00:31:32,740 --> 00:31:33,830 can't do it. And. 607 00:31:33,940 --> 00:31:36,590 And I feel like I could see that there was always this tension 608 00:31:36,600 --> 00:31:39,630 between legal and the business. And I could see where in a place 609 00:31:39,640 --> 00:31:42,940 like Reddit they're like, is this worth when this is such a 610 00:31:42,950 --> 00:31:47,520 subset of our business, is this worth it for the for the big 611 00:31:47,530 --> 00:31:49,210 ending? And I have no idea. 612 00:31:49,220 --> 00:31:51,480 They mentioned regulatory kind of in their quotes though. 613 00:31:51,490 --> 00:31:54,120 So that's kind of what made me, made me ask about that. 614 00:31:55,470 --> 00:31:59,560 I mean, I mean this was a thing when it asked than $1,000,000 615 00:31:59,570 --> 00:32:02,140 market cap. I mean these things, these 616 00:32:02,150 --> 00:32:05,940 things are trading, it's only really picked up let's say in 617 00:32:05,950 --> 00:32:08,580 February of this year and it was about $1,000,000 market cap for 618 00:32:08,590 --> 00:32:10,930 a long, long time. It was only during August that 619 00:32:10,940 --> 00:32:13,180 it just went absolutely fucking wild. 620 00:32:13,220 --> 00:32:16,740 So they may have just been interested 50X. 621 00:32:16,790 --> 00:32:19,260 So they met during that whole meme coin season. 622 00:32:19,270 --> 00:32:22,060 So they may have just decided they didn't want to have the 623 00:32:22,070 --> 00:32:24,140 headache. It was OK when it was worth 624 00:32:24,150 --> 00:32:25,840 barely anything. But now? 625 00:32:25,960 --> 00:32:29,470 It just left like a big, a big risk for them. 626 00:32:29,510 --> 00:32:31,550 I think that's what we can imagine. 627 00:32:31,620 --> 00:32:34,430 Because I agree like, yeah, you need to sometimes you need to 628 00:32:34,440 --> 00:32:38,910 break the law to win things as a big corporation. 629 00:32:38,920 --> 00:32:42,270 Regulatory capture is a real thing. 630 00:32:42,830 --> 00:32:46,910 So I think. I I thought it was good to see 631 00:32:46,920 --> 00:32:51,250 all these big, big social media giants kind of moving into 632 00:32:51,260 --> 00:32:53,600 crypto. We've now seen Reddit kind of 633 00:32:53,650 --> 00:32:57,000 moved back. Instagram kind of retrace 634 00:32:57,050 --> 00:33:00,860 everything, right? Matter seems to be kind of going 635 00:33:00,870 --> 00:33:05,460 forward still. On maybe not on Facebook, but 636 00:33:05,470 --> 00:33:08,790 some of their other brands. Not Instagram or Facebook 637 00:33:08,800 --> 00:33:09,970 really. But it feels like we're still 638 00:33:09,980 --> 00:33:12,130 going ahead with their metaverse plans. 639 00:33:12,950 --> 00:33:16,490 Twitter Twitter still seems to be pretty crypto friendly or 640 00:33:16,500 --> 00:33:19,180 heading that way. So it feels like we're kind of 641 00:33:19,190 --> 00:33:21,600 all our eggs are in Twitter basket this time. 642 00:33:21,610 --> 00:33:24,060 And I guess Telegram, we called Telegram social media. 643 00:33:24,070 --> 00:33:25,230 Is that just like a messaging app? 644 00:33:25,240 --> 00:33:27,830 Telegram. I feel like it's all in at the 645 00:33:27,840 --> 00:33:30,770 moment on crypto, but that's it. Telegram and Twitter is all we 646 00:33:30,780 --> 00:33:33,500 have left. It feels like everyone else is 647 00:33:33,510 --> 00:33:36,430 gonna. It's gonna leave us for the time 648 00:33:36,440 --> 00:33:39,860 being. The final topic today was what 649 00:33:39,870 --> 00:33:41,750 we've been seeing with Pokémon cards. 650 00:33:41,820 --> 00:33:46,810 So we've spoken about this so many times, but real world 651 00:33:46,820 --> 00:33:52,230 assets moving on blockchain, they sold another 50 grand of 652 00:33:52,240 --> 00:33:57,150 Pokémon cards in I think it was a minute or something crazy like 653 00:33:57,160 --> 00:33:59,170 that. And they've been doing this 654 00:33:59,180 --> 00:34:02,450 fairly regularly recently. Like this isn't the first time 655 00:34:02,460 --> 00:34:04,010 that they've done one of these sales. 656 00:34:04,320 --> 00:34:06,350 I think this is the biggest one they've done. 657 00:34:06,600 --> 00:34:08,290 Courtyard is another company they've. 658 00:34:08,360 --> 00:34:10,100 They actually been around for a while. 659 00:34:11,530 --> 00:34:13,639 I wasn't actually aware of that until I checked them out, but I 660 00:34:13,650 --> 00:34:17,830 think we've actually been around for over a year now. 661 00:34:19,030 --> 00:34:21,040 Yeah, they joined September 2021. 662 00:34:21,050 --> 00:34:24,500 So they joined at the end of the of the bull market and then 663 00:34:24,510 --> 00:34:28,699 they've moved into this tokenizing of Pokémon cards on 664 00:34:28,710 --> 00:34:32,000 blockchain. This is easy to understand. 665 00:34:32,080 --> 00:34:34,040 I can explain this to all of my friends. 666 00:34:34,170 --> 00:34:36,940 Um, all they need to do is set up a crypto wallet to start 667 00:34:36,949 --> 00:34:39,900 trading on it. This is the sort of stuff that I 668 00:34:39,909 --> 00:34:44,190 think could could be the like the foothills of of getting 669 00:34:44,199 --> 00:34:46,780 people back on blockchain. Like it's much more difficult 670 00:34:46,790 --> 00:34:49,590 when he tells them to buy like monkey bit jpegs, but when it's 671 00:34:49,600 --> 00:34:51,620 just. You know, it's actually just 672 00:34:51,630 --> 00:34:53,840 trading different. Um. 673 00:34:55,210 --> 00:34:57,640 Different Pokémon cards. I think I I can get it. 674 00:34:57,900 --> 00:35:03,740 What do you guys think of? It makes a lot of sense, I 675 00:35:03,750 --> 00:35:05,290 think. Um. 676 00:35:06,840 --> 00:35:08,140 Don't really. There's not really. 677 00:35:08,150 --> 00:35:09,690 I don't know what else to say about it. 678 00:35:09,700 --> 00:35:12,960 There's not really anything particular or specific to get 679 00:35:12,970 --> 00:35:16,470 excited about. In this contained context I 680 00:35:16,480 --> 00:35:20,740 think, but I guess you can expand this to other like in 681 00:35:20,750 --> 00:35:21,940 real life collectables et cetera. 682 00:35:21,950 --> 00:35:24,540 But it's also not really anything new as it. 683 00:35:24,910 --> 00:35:27,920 Well, Sammy says there are 53 billion Pokémon cards. 684 00:35:29,520 --> 00:35:34,930 Only 696 K have been graded so far, and 2.3 of those are 685 00:35:34,940 --> 00:35:37,530 unchanged. There's 53 billion Pokémon 686 00:35:37,540 --> 00:35:39,470 cards. I was like, what the fuck? 687 00:35:39,480 --> 00:35:41,330 I mean, I know I have some back at my house. 688 00:35:41,340 --> 00:35:44,230 They are, they are terrible. They're like the elements to 689 00:35:44,240 --> 00:35:47,580 get. I forget how to even play the 690 00:35:47,590 --> 00:35:50,650 Pokémon Card game, but there were definitely some crap cards 691 00:35:50,660 --> 00:35:53,780 that used to have. Lost mental I think it's 692 00:35:53,790 --> 00:35:55,020 interesting. I'm like. 693 00:35:57,410 --> 00:36:01,040 I see pros and cons like. I I think like the tokenization 694 00:36:01,050 --> 00:36:06,400 of things like I think the best use cases are trustless use 695 00:36:06,410 --> 00:36:08,480 cases. I think like that like that's 696 00:36:09,250 --> 00:36:12,020 you know, when things are trust like that that's kind of the 697 00:36:12,030 --> 00:36:13,580 innovation that blockchain brings. 698 00:36:13,590 --> 00:36:14,940 None of this is trustless, right? 699 00:36:14,950 --> 00:36:17,560 You have to count on a security team to guard the card. 700 00:36:17,570 --> 00:36:20,500 You have to count on the people in the back end to not be 701 00:36:20,510 --> 00:36:22,720 fraudulent. You have to count on the 702 00:36:22,730 --> 00:36:26,520 gradings to be like there are all sorts of aspects you have to 703 00:36:26,530 --> 00:36:28,840 count on the company not to go bankrupt that's doing the escrow 704 00:36:28,850 --> 00:36:31,060 services. So I like, I don't know if 705 00:36:31,070 --> 00:36:34,280 blockchain in itself and the downsides to blockchain, the 706 00:36:34,290 --> 00:36:36,490 biggest one I see is just the amount of scams that we see in 707 00:36:36,500 --> 00:36:38,820 our space where people get things robbed. 708 00:36:38,830 --> 00:36:41,700 I think like you insert some sort of like this feels like 709 00:36:41,710 --> 00:36:44,100 something where almost a centralised platform that has 710 00:36:44,110 --> 00:36:47,040 more insurance, that has more fraud protection might be a 711 00:36:47,050 --> 00:36:51,570 better kind of environment than a blockchain based ecosystem. 712 00:36:51,610 --> 00:36:54,380 But you know, but the good thing about blockchain is we already 713 00:36:54,390 --> 00:36:57,780 have so many users and you have so many people who are excited 714 00:36:57,790 --> 00:37:00,740 to be part of this ecosystem and you have a global user base and 715 00:37:00,810 --> 00:37:03,780 people who want to prove out these content, these use cases. 716 00:37:03,790 --> 00:37:05,810 So you just get massive user bases. 717 00:37:05,820 --> 00:37:08,400 Whereas if I were to go start like a web two platform that 718 00:37:08,410 --> 00:37:12,070 allowed people to trade shares and loans on this stuff like 719 00:37:12,080 --> 00:37:14,570 where I wouldn't where I would provide the insurance and the 720 00:37:14,580 --> 00:37:16,110 fraud protection and stuff like that. 721 00:37:17,420 --> 00:37:20,880 You know you you'd have to spend millions or 10s of millions of 722 00:37:20,890 --> 00:37:23,400 dollars on marketing to get your user base which I I feel like 723 00:37:23,470 --> 00:37:25,260 that's the biggest advantage blockchain brings. 724 00:37:25,270 --> 00:37:28,560 It's just a user base that's not already here but not only 725 00:37:28,570 --> 00:37:32,960 already here but very excited to to retweet Cyrus to prove this 726 00:37:32,970 --> 00:37:35,370 stuff right and suddenly you actually just have a huge 727 00:37:35,380 --> 00:37:39,040 marketplace whereas you know, so I don't know I see kind of pros 728 00:37:39,050 --> 00:37:40,900 and cons. I I feel like there's like an 729 00:37:40,910 --> 00:37:45,440 80% fit with just a little bit off because there is a whole lot 730 00:37:45,450 --> 00:37:48,890 of trust you have to place in whoever these escrow agents are, 731 00:37:48,900 --> 00:37:51,350 whoever does the charity to whoever is evaluating this 732 00:37:51,360 --> 00:37:52,680 stuff. And that's like human to human 733 00:37:52,690 --> 00:37:55,200 trust. Yeah, that's true. 734 00:37:56,380 --> 00:38:00,230 Like it's this is not trustless in the same way that you know. 735 00:38:00,730 --> 00:38:05,180 You trade a monkey JPEG and you can prove it. 736 00:38:05,270 --> 00:38:07,820 Prove authenticity. You can prove provenance. 737 00:38:08,350 --> 00:38:11,860 There is some level of trust that somebody at this escrow 738 00:38:11,870 --> 00:38:17,560 house has decided that yes, it's the real deal and is tracking 739 00:38:17,570 --> 00:38:20,280 all the different transfers correctly. 740 00:38:20,290 --> 00:38:26,070 So it's trust. In a closed environment, let's 741 00:38:26,080 --> 00:38:28,000 say, I do think there's money to be made. 742 00:38:28,010 --> 00:38:31,210 They're like if you set up one of the escrow services, it feels 743 00:38:31,220 --> 00:38:33,650 like that could be a trend. Is that the trend here? 744 00:38:33,660 --> 00:38:35,980 We should all be setting up our own escrow services, open up 745 00:38:35,990 --> 00:38:41,510 warehouses in London and and claiming that we do all the 746 00:38:41,520 --> 00:38:44,010 provenance stuff. It feels like that could be the 747 00:38:44,020 --> 00:38:46,710 trend if people really get behind all this stuff. 748 00:38:47,060 --> 00:38:48,890 I watch out for that scam for sure. 749 00:38:48,900 --> 00:38:54,230 Like the dude who's putting new escrow rookie baseball card lone 750 00:38:54,240 --> 00:38:57,830 lone it on arcades sent me 88 and I'll send you 85 tomorrow. 751 00:38:57,840 --> 00:38:59,750 And it's backed by a piece of cardboard. 752 00:38:59,840 --> 00:39:03,180 I bet that I feel like this. The scammers are the ones who 753 00:39:03,190 --> 00:39:04,880 always like, show us where the flaws are. 754 00:39:04,890 --> 00:39:07,210 So. I mean, I just came up with the 755 00:39:07,220 --> 00:39:09,470 idea, so maybe maybe you're going to see a scam from me 756 00:39:09,480 --> 00:39:12,600 pretty soon, like. Pretty sure Gary Vee was 757 00:39:12,610 --> 00:39:14,780 chatting about this like he was like, I'm open up all these 758 00:39:14,790 --> 00:39:17,800 warehouses in New York and then I just haven't heard from Gabby 759 00:39:17,810 --> 00:39:18,930 in three years. So. 760 00:39:19,320 --> 00:39:22,870 But I do think there's a there's something to be said about 761 00:39:22,940 --> 00:39:26,230 physical locations which track provenance if this stuff does 762 00:39:26,240 --> 00:39:28,470 pick up with watches, with wine with. 763 00:39:29,160 --> 00:39:32,060 With Pokémon cards, all these collectibles, and there's going 764 00:39:32,070 --> 00:39:34,730 to be all these services that make money off the back of it. 765 00:39:35,380 --> 00:39:37,950 Although I can imagine there's gonna be some hilariously 766 00:39:37,960 --> 00:39:41,930 massive scams when people realise that, yeah, I tried to 767 00:39:41,940 --> 00:39:46,470 redeem my. Whatever is Grade 9 Charizard 768 00:39:46,540 --> 00:39:49,670 and then end up getting the Jigglypuff. 769 00:39:50,420 --> 00:39:54,470 I read the book number go up. It's like the latest like Carly 770 00:39:54,480 --> 00:39:56,950 Reilly had the author. It's just the latest very like 771 00:39:56,960 --> 00:39:59,740 cynical book about the space and one of the things one of the 772 00:39:59,750 --> 00:40:04,070 staff, I I don't remember the exact quote otherwise I would 773 00:40:04,080 --> 00:40:05,640 tweet it. But it was something that the 774 00:40:05,650 --> 00:40:08,320 effect of the amount of money that has been stolen from people 775 00:40:08,330 --> 00:40:11,210 in crypto is more than every bank robbery in the entire 776 00:40:11,220 --> 00:40:14,590 world. Times 100 per year, you know? 777 00:40:14,790 --> 00:40:19,050 It's like absolutely mind boggling the like, you know, and 778 00:40:19,060 --> 00:40:21,650 I, it's such a vulnerability in this space and like what? 779 00:40:21,660 --> 00:40:24,470 So anytime people bring things on chain, I'm like, you realise 780 00:40:24,480 --> 00:40:29,090 you're opening up yourself to like the greatest that system 781 00:40:29,100 --> 00:40:30,650 that exists in the planet right now. 782 00:40:31,480 --> 00:40:34,950 It's very true. I think it's in the billions for 783 00:40:34,960 --> 00:40:35,630 sure. So far. 784 00:40:35,640 --> 00:40:39,230 I think if you're going to defile ARMA, they have a total 785 00:40:39,240 --> 00:40:43,470 value stolen metric and it's something like 5 trillion. 786 00:40:44,810 --> 00:40:47,440 Billions. Uh, stolen so far. 787 00:40:47,530 --> 00:40:50,540 Which is, yeah, it's a pretty wild wild stat. 788 00:40:51,730 --> 00:40:56,160 It's true to accept. People who? 789 00:40:57,500 --> 00:41:01,510 Who claimed that we that we have this perfect system like we 790 00:41:01,520 --> 00:41:04,750 don't like? It's funny, I remember I was I 791 00:41:04,760 --> 00:41:07,480 was out with a couple of friends when that person put in and it's 792 00:41:07,490 --> 00:41:09,500 still unknown. Like I think it seems like more 793 00:41:09,510 --> 00:41:13,300 and more that cryptos that was spent 1050 Ethan. 794 00:41:13,310 --> 00:41:18,260 Like it increasingly feels like it increasingly feels like it 795 00:41:18,270 --> 00:41:21,720 was kind of money laundered money because the buyer and 796 00:41:21,730 --> 00:41:23,780 seller had been through tornado and stuff like that. 797 00:41:23,830 --> 00:41:26,900 But before we knew that I was like there have, I have seen 798 00:41:26,910 --> 00:41:31,130 someone sell what was at the time a $300.00 crypto or $500 799 00:41:31,140 --> 00:41:34,970 crypto punk for 5.555 E because they were European and they 800 00:41:34,980 --> 00:41:37,950 mistook the comma for the period and like you know and it got, 801 00:41:38,000 --> 00:41:40,990 you know they listed it for 5.55 and it was worth 555. 802 00:41:41,000 --> 00:41:43,890 Like, I that stuff does happen. I was with these friends one of 803 00:41:43,900 --> 00:41:46,250 like very senior business guys like well, can't they do 804 00:41:46,260 --> 00:41:49,850 anything about it Like like well like So what are they gonna do? 805 00:41:49,940 --> 00:41:53,390 I'm like not like there is no police officer. 806 00:41:53,440 --> 00:41:56,510 That shit is in some other country right now and there is 807 00:41:56,580 --> 00:41:58,960 absolutely nothing you can do. I would like to the real world. 808 00:41:58,970 --> 00:42:02,420 That's just so, like, weird. I was speaking to Archive 809 00:42:02,430 --> 00:42:05,880 founder Ben Cowley's. Come on the Show a few times. 810 00:42:06,030 --> 00:42:09,060 I We used to trade. All day, right? 811 00:42:09,070 --> 00:42:12,190 Like hundreds of trades, thousands of trades each day you 812 00:42:12,200 --> 00:42:14,670 would probably make a mistake on. 813 00:42:15,530 --> 00:42:18,370 One in every hundred threads. Right. 814 00:42:18,560 --> 00:42:23,320 And then needed to be a way that the trades actually wouldn't 815 00:42:23,330 --> 00:42:24,930 settle. We had this thing of delayed 816 00:42:24,940 --> 00:42:27,960 settlement. So it would take three days for 817 00:42:27,970 --> 00:42:29,820 a trade to settle. So you could still in those 818 00:42:29,830 --> 00:42:32,980 three days normally like? Prove that there was an error. 819 00:42:33,380 --> 00:42:37,350 The issue with these immutable blocked is that like there is no 820 00:42:37,360 --> 00:42:40,810 room for human error, there is just none, right? 821 00:42:41,020 --> 00:42:45,700 And I know from you would be amazed how many mistakes are 822 00:42:45,710 --> 00:42:48,590 made on a daily basis in trad file. 823 00:42:48,660 --> 00:42:50,310 You might think it's all perfectly done. 824 00:42:50,380 --> 00:42:53,650 It is a shit. Show amount of errors that get 825 00:42:53,660 --> 00:42:57,180 done on trade or we booked that wrong or that's been inputted 826 00:42:57,190 --> 00:43:00,950 wrong and then it gets changed and we have they have whole 827 00:43:00,960 --> 00:43:03,330 systems they employ people. Look through every trade just 828 00:43:03,340 --> 00:43:05,920 for those errors and even then they get, they get found out to 829 00:43:05,930 --> 00:43:08,500 be wrong. So the idea that we're going to 830 00:43:08,510 --> 00:43:11,700 move these all of trad file onto blockchain, like they're going 831 00:43:11,710 --> 00:43:14,440 to be shitting themselves because there's no room for 832 00:43:14,450 --> 00:43:17,630 errors, that sort of stuff happens or we have to have 833 00:43:17,640 --> 00:43:20,480 delayed settlement in some way that we have to say that the 834 00:43:20,490 --> 00:43:23,160 trade isn't actually put on the blockchain for three days or 835 00:43:23,170 --> 00:43:26,560 something like that. That's the only way I can 836 00:43:26,570 --> 00:43:29,180 imagine it happening. Yeah. 837 00:43:29,250 --> 00:43:31,980 I mean my one of my close friends, like back in the Crypto 838 00:43:31,990 --> 00:43:34,790 Punk bowl, like I was, I bought a punk and he kind of was like 839 00:43:34,800 --> 00:43:36,740 got into it. He decided to buy one and he 840 00:43:36,750 --> 00:43:39,820 lost it within a week, hundreds of thousands of dollars. 841 00:43:39,830 --> 00:43:41,820 So that's and this is a smart guy. 842 00:43:41,830 --> 00:43:44,060 This guy was a very senior guy, Uber just, you know, he was a 843 00:43:44,070 --> 00:43:47,460 big Bitcoin guy. But he like, saw something about 844 00:43:47,470 --> 00:43:49,700 something crypto punk owners got, I got, you know, you went 845 00:43:49,710 --> 00:43:51,450 to that website and signed away his bum. 846 00:43:52,970 --> 00:43:56,080 Yeah, we had someone who minted like 3000 Rep guys and was like, 847 00:43:56,090 --> 00:43:59,640 Oh my God, I minted them all. I got them like really cheap as 848 00:43:59,650 --> 00:44:01,560 well. And we were like, no, man. 849 00:44:04,170 --> 00:44:06,960 Sorry. He it was. 850 00:44:07,010 --> 00:44:08,090 Who was that guy? Yeah. 851 00:44:08,100 --> 00:44:08,700 Was it? Recognised? 852 00:44:08,710 --> 00:44:10,740 It was something else. Record was a free mint like he 853 00:44:10,750 --> 00:44:12,900 must. He was something like, yeah. 854 00:44:13,750 --> 00:44:15,880 Because we definitely brought in a bunch of traps like people, 855 00:44:15,890 --> 00:44:17,780 just because we knew them when we came on. 856 00:44:17,850 --> 00:44:22,520 And yeah, I think, I think the about 20 to 30% of them were 857 00:44:22,530 --> 00:44:25,200 dead within a week. They lost everything. 858 00:44:26,430 --> 00:44:28,600 I have the same thing. I got the head of the museum 859 00:44:28,610 --> 00:44:30,570 here, the Art Museum, bought an NFT. 860 00:44:30,580 --> 00:44:33,370 We would always talk about 1:00 and also, you know, signed it 861 00:44:33,380 --> 00:44:36,690 away within 48 hours and this guy was like this. 862 00:44:36,700 --> 00:44:39,360 Guys like a museum guide, an expense of me, like, I don't 863 00:44:39,370 --> 00:44:41,050 know, I've had enough experience. 864 00:44:41,060 --> 00:44:44,370 I've had three normally friends who've done this, and these are 865 00:44:44,380 --> 00:44:47,560 not Dum Dums like these are like it's just it's a very difficult 866 00:44:47,570 --> 00:44:51,550 environment. Yeah, yeah, Stay safe out there. 867 00:44:51,600 --> 00:44:54,690 Stay safe in many ways I think has been the theme of this show, 868 00:44:55,340 --> 00:44:56,540 right. We're gonna end it there. 869 00:44:56,550 --> 00:44:59,390 We have the rec show later today in London. 870 00:44:59,560 --> 00:45:04,450 We're also doing Brett radio in an hour with Crypto ISO, so I'm 871 00:45:04,460 --> 00:45:07,470 going to check that out. This has been. 872 00:45:08,760 --> 00:45:11,640 Was it by cracking NFT? Go check out their min, go check 873 00:45:11,650 --> 00:45:15,300 out cracker.com rug radio for everything on them. 874 00:45:15,310 --> 00:45:17,950 We have them on the show tomorrow for a longer segment I 875 00:45:17,960 --> 00:45:20,700 think for rock and reggae. Gonna lead that all the way from 876 00:45:20,750 --> 00:45:23,940 Austin where they could be at the GP. 877 00:45:25,050 --> 00:45:27,790 All right. Thanks again and yesterday. 878 00:45:29,490 --> 00:45:34,080 Crypto ISO is our guest today. We've had some like we've had 879 00:45:34,090 --> 00:45:36,460 some OG traders, we've had some traders on recently. 880 00:45:36,470 --> 00:45:39,570 Last week we had Blood Shiller who's like I think he's really 881 00:45:39,580 --> 00:45:46,490 good and then we got this week. So we'll be degens who are chart 882 00:45:46,500 --> 00:45:47,940 following. I think we're going to see a lot 883 00:45:47,950 --> 00:45:53,340 more Bitcoin today. All right, guys. 884 00:45:53,430 --> 00:45:54,860 Well, yeah, we'll see you again tomorrow. 885 00:45:54,870 --> 00:45:56,340 And thanks everyone for.