Yo-yo, yo-yo, yo. What up?
Good morning.
Good morning, MGM. When?
Yeah, Wednesday, Wednesday, January 37th, 2025.
Look at that. Another beautiful day to have a
beautiful day. I got my Co host in the house,
Tyler Mando. Good morning boys.
How are you doing today? Doing fantastic man, how are
you? I like it.
I like it when you're doing fantastic.
I like it. I like it.
Tyler, how you doing? I'm good.
Price action might be a little boring and choppy this week, but
the news cycle is is just accelerating by the day right
now, like the dozens of headlines yesterday.
Yeah, it's definitely non-stop. It's definitely headlines
galore. We have a lot to talk about as
our coins are racing to fill the Wick on the downwards.
So anyway, sit on the show, just kidding, it's Thursday, tomorrow
will be fine until Sunday. So today on the show today,
today market report as usual. So let's go through the market.
We got Tyler's top 1000 lot of headlines like Tyler said.
Actually yesterday was again like the headline galore.
Like it was really wild two days in a row non-stop.
So this is good, sorry. And then we got a Robit loot
box. Do we have a guest in there?
We don't have a guest today. Perfect.
So no guest today. So robit loot box plans.
Let's see if some man, we got to get out of this like red guy
winning. Look, I love wrecked.
I love red guy, you know, I love all that, but we got it.
I want to hit, man. I want to fucking hit.
Speaking of which, the code is pain, Pain.
Pain means bread in French, by the way, just in case you didn't
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Today, punks are flying, flying off the shelves.
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If you get drained, you won't get wrecked, Mando.
GM everyone. So it just kind of a sideways
day. I think people are starting to
get a little bit frustrated out there because I think people
were hoping for AV shaped recovery and you know, we just
didn't get that. I think there's quite a lot of
pain that people have felt over the weekend.
People were hoping that would all just be reversed and and
we're kind of we're not back to the lows by any sense, but like
a lot of the the gains maybe have been erased.
I'm thinking of projects like ARC, for example, back down to
like 230 AI 16 Z kind of hit another low or at least didn't
go high yesterday. A bunch of the memes are kind of
back down far going back down to 650.
You know what I mean? Like it's we're not at the lows
of the weekend, but we're probably up about more like 20%
rather than being up like 50%. So yeah, a little bit of wind
taking out the sales of the market here in terms of like
headlines around crypto. We, we had the David Sacks press
commerce yesterday, which is, I mean, more performative than
anything substantive. I think the same.
This is going to be a golden age of crypto.
They're going to move towards a, a Bitcoin reserve policy, which
they're looking at explicitly. It seems to say that like the,
the sovereign wealth fund is like slightly separate to the
Bitcoin reserve policy. So I don't know, maybe there is
going to be separate legislation or separate recommendations
about how to form a Bitcoin reserve.
But yeah, he, he, he basically slightly distance crypto from
that sovereign wealth fund, which was slightly interesting
given what Loomis said. And we did see the introduction
of a stable coin bill in the US, which has been largely expected.
I think everyone's been expecting the stable coin bill.
And to be honest, we're expecting it most of last year
and it never really came. But it's good to see that now
finally come. I mean, we are definitely
heading towards regulation around Defy and around stable
coins here. Interestingly, Santa Loom,
sorry, Hester Pierce, who's now running this crypto task force
at the SEC. There are a few things from the
SEC actually yesterday, she came out yesterday, yesterday and
basically said, look, you do you, you know, if you want to
buy vapour Ware, you can buy vapour Ware.
We're not going to project you. And then the second thing
basically came out as a headline, which we've been said
the day before was the SE CS basically power to start new
investigations had been curtailed and that they were
downsizing the crypto investigations team.
So we're heading for full crime season, it does feel like at the
moment. Gloves are off.
Gloves are definitely off dude. If you are involved in crime and
crypto, you've you've got a, a golden age here.
SE CS basically saying like we're not going to reject
customers here. They'll they'll protect people
on the exchange side and the stable coin side.
But when it comes to. Coins.
Yeah coins, which is to be honest, it's like a stated goal
of a lot of of these financial regulators is like provide some
level of consumer protection and and, and that's how you get
policies like professional investors are only able to
invest in certain types of stocks.
You know like that is often the stated stated goal of financial
regulators. It feels as though they're
basically saying for crypto we can't regulate 10,000 coins a
day. No, if you want to be involved
in this, that's fine. We're.
Going to. I mean, it's impossible to
regulate 10,000 coins a day. Right.
So that they basically said we're probably going to bring in
regulation around how the exchanges act and around around
stable coins, but everything else is kind of Fair game.
So we are, we are really entering crime season in my
opinion here, which is, which is, which is very interesting.
ETH slightly outperforming interestingly over the last 24
hours continuing on the back of that Eric Trump tweet.
But you know, it's ETC still comfortably below nought point
nought 3 at the moment. And hyper liquid is probably in
the the biggest performer in in L ones.
I don't think we need to go through that again.
But yeah, that's that's back up to around 27.
So that's been the strongest, the strongest of the coins.
Other than that, I, I would say the majority of the of the rest
of the market is, is lower apart from maybe Trump, which is is is
trying to reclaim 20. It looks like in terms of macro,
yesterday was a bit of a bounce back.
People basically getting more bullish on on the trade wars
being less, less punitive than initially thought.
Although there are some weaker tech tech earnings yesterday
from Alphabet and, and there was a there was a probe into Apple.
So I think the stock market is slightly lower today, but the
one thing to pay attention to maybe here is that gold keeps on
hitting an all time high. Gold hit 2900 yesterday.
Wow. So that is that is very, very
strong at the. Moment What's the market cap of
gold? You know, I don't know, but it's
in the 10, just over 10 trillion.
It's ninety 19.4 trillion. Yeah, that maybe makes sense.
Yeah, something around that. Yeah, it's 19.461 trillion.
Yeah, wow, wow. We have a long way to go, lads.
What's the market cap of big of all crypto?
But but what if what Just Bitcoin?
It's difficult to say, but right because I.
Mean no bitcoins 1.9 trill. No, but the reason why people
people get like unsure about gold is for example Uganda and
has reportedly found $13 trillion of gold underground and
that was found like in the last few years.
So like it's it's a semi finite resource to a certain extent
like. I mean, that's the bullish case
for Bitcoin, right? Yeah, I don't know if you get, I
mean, I don't know if Uganda is going to be able to get it's $13
trillion of gold, but but it does have.
Then Salvador also find gold or some shit.
Essentially tabbing because they should get a bit more smart
about this. Uganda gold.
Yeah, Yahoo Finance. In July, the Ugandan government
said exploration service in the country revealed vast amounts of
gold deposits, around 31 million tons of the behemoth fined
around 320,000 metric tons of refined gold with an approximate
value of 12.8 trillion. So I don't know how easy that is
that is to get. Obviously that's like an insane
amount of gold. But it is worthless bro.
So like to say that there's $19 trillion of gold like there
actually could be more like 50. It is definitely a semi finite.
Result. As you get closer to the Earth
core, there's there's decent deposits and, and under a a lot
of different countries there is, there's very, very deep, deep
gold reserves. Yeah, it's it's it's definitely
interesting. It looks like there's a lot of
gold for everyone. All right, well, look,
everyone's. Thinking about going to Uganda
right now, right? Dude, isn't that where the the
interviewer is from? Yeah, we can get him on the
show. Uganda.
Oh yeah, yeah. Idiot.
Yeah, yeah, yeah. Well, what's his name again?
What was the #10 trillion? 13 trillion.
That's enough to make Uganda like effectively as wealthy as
India and like they're this that would make them like the 8th.
What in the GDP sense? Right, but GDP is annual.
I think they would. I don't know what they would do
like this. This.
This was discovered a few years ago.
The Gaga mine and refinery is granted a Freeport.
So basically it's 0 tax and it seems like they're partnering
with someone in China. The Chinese are are are pretty
heavily invested in in in in Africa.
There's a lot of talk about gold, like gold is also also
often found on deposits, right? So there's been a lot of talk
about the like, SpaceX could be used to land rockets on
asteroids or potentially and mine rare metals.
On it's true in space. Gold is not just a.
Gold is literally a shit coin right?
Like it's literally a shit coin like dead ass.
Like I'm sorry like everything you're talking about.
Like it's literally a shit coin with infinite fucking like it's
like just another one of planets like.
Gold is a shit coin. Gold is a shit coin.
Clip that. It's an infinite time horizon,
yes. With infinite time horizon like
gold is like you know what gold is.
Gold is like you know. If gold was on dex cleaner it
would say this token is mintable.
Yeah, this token is definitely mint.
That's basically what I'm saying.
I don't know what the market cap of gold is, but.
Dev Dev is constantly. I think it's much higher.
Dev is planet Earth and it's constantly fucking mining.
You're minting new gold bricks. You know, gold, I guess.
The Bitcoin is going to have to be mintable at some point.
Good question, Tyler. Yeah, the very.
Good question, Tyler. The.
Men pool is is is empty at the moment.
Because I mean, if you guys are. Because you, you guys are
trading like one rune a day. Yeah, yeah.
Yeah, trade. I as a as a big runes trader, I
can say this is true. I mean, if you ask Drake Justin,
you know, he says that the Bitcoin blockchain is cooked.
So Speaking of Bitcoin and if I saw that headline, I thought it
was funny from the guy who on the Ethereum side did you guys
see what he said? Drake Justin, you know Drake
Justin, right? The researcher, he said in my
own the Bitcoin boxing is cooked.
It takes roughly $10 billion in access to 10 gigawatts to
permanently 51% attack Bitcoin. The cost is peanuts for nation
states. As for the power of Texas,
single state of single of a single country can produce 80
gigawatts. Right.
But then he you need to touch a 51% attack requires you to
actually control 51%. It's not just, it's not, it's
not just an energy calculation. Gold is a shit coin and the
token is mintable. But I but there is a there is a
a non zero chance, right. And let's run this through
Bitcoin supply will run out. Miners validate the network at
the moment. How who if there's no more
Bitcoin, there's no more rewards.
How do you incentivize people to do that Now previously there was
a hope that fees would increase naturally, and that's what like
people getting so bullish about ordinals and ruins about.
But that is still now like an undefined question of like the
long term security of Bitcoin potentially relies on like some
form of ongoing reward to people that are are going to validate
the the network. There's been some talk about
like maybe AI comes in and like does this, but like, I don't
know. I don't know.
Yeah, yeah. All right, we'll tell you our
gold and straight coin. Tyler, Tyler, I'm never going to
reiterate the markets. It's just chopping, dude.
So analysis. All right.
Today we'll start with David Sacks introducing the golden age
of digital assets as the Crypto Working Group officially
launched. In a press conference yesterday,
we also had Hester Pierce laying out her vision for her SEC
crypto Task force already reducing enforcement actions and
staff. In other news, we had bear chain
announcing its mainnet in TGE. We've got mega ETH sharing plans
for a mega entertainment 10,000 entities, one ETH apiece.
I'm sure we'll get into that here in a minute.
Decent amount of Bitcoin news. So in Ohio, senator introduced a
Bitcoin reserve bill. They're the latest state.
Meanwhile, South Dakota Rep said they are the the likely first
state to pass a Bitcoin reserve due to their short having the
shortest legislative process. So many look out for South
Dakota. We saw Hong Kong legislators say
that Hong Kong needs to accelerate evaluation of their
own Bitcoin Reserve. So something to watch there.
A Peter Thiel backed bullish Global Fund is considering IPO
for its crypto exchange, and we saw the XRP Ledger go offline
for about one hour. Oh shit.
In Token Protocol, AirDrop News Abstract released their their
first week of of experience points, so go check those out if
you haven't already. Helium Mobile MERT folks may
know MERT they launched their first free phone plan for crypto
users using code Helium CEO. So go check that out and AI,
it's kind of chopping like everything else, down 5%, not a
whole lot of big headlines yesterday, Hollow world, the Ava
team, they announced that pudgy Penguins could be powered to
life and effectively turned into agents via their platform story
protocol introduced a new peer-to-peer IP system with AI
integration. Then Eigenlight also introduced
verifiable agents in a new AI framework.
So it's definitely spreading in memes and NFTS.
This SSC tokens tied to kind of like a a social layer data for
social layers on Solana that was the runner of the night reached
$40 million in market cap 100 million in volume.
We saw this Calico Calquan meme reached 10 million.
And then Enron, I'm sure we'll get into Enron, Enron.
Was more of a fucking run. Disaster.
I forgot about it, fuck. You.
God damn it. But a couple NT headlines, we
talked about Mega ETH Beeple introduced Human 1 Chapter 5,
like the latest iteration of his big digital sculpture, it comes
with a hidden seed phrase. So if you're able to figure out
that seed phrase, there's a couple NT's you can unlock.
I don't think they've been unlocked yet.
And then punks. Punks just continue to move at a
relatively slow pace. But some some really nice punks
sold yesterday, and it feels like the more aesthetic ones are
just kind of slipping. Slipping away by the week here.
Oh yeah to the punks that are selling they're insane bro like
they there's some beautiful punks I'm just going to go over
2 seconds right now because you just finished on that but it's
like like the where is it there you go like this one, this one
like look at this stuff, this sick right 'cause.
I feel like I'd like the cowboy may be a touch more, but I would
be very happy with either of those.
In my opinion, they're both perfect parks.
But yeah, I agree, like the cowboy one is is like a perfect
cowboy, right? It's like the big shades got the
beard going, but it's ATS crypto right?
It seems to be buying them all. They've got 25.
Geez. Oh my God, but they're 25 nice
ones too right like they're very well like curated as well, like
this one's fire love these two the they're nice.
Oh wow, this VR glasses with the cigarette.
Wow. Well, this is nice lots of
punks. What's the punks float right now
despite I mean ETH is dragging every asset down. 40. 40 So
what? What are we at in dollars right
now? Like 120 on something?
Yeah, 120, yeah, hundred 10110. Well, hopefully someone wins the
punks down the show. There you go.
Anyways, Tyler Cryptozar yesterday took the mic and then
I know what's up with the agriculture guy talking about
crypto, but can you give us the TLDR of yesterday's headlines?
TLDR So David Sacks, he's the Cryptozar.
He announced the forming of the Crypto Working Group in front of
the House and Congress. They basically acknowledged that
there's been four years of crypto persecution with no rules
and really just enforcement by prosecution.
They enforce the message. They want to bring innovation on
shore and develop clear definitions and rules that say
consumer protection is easier on shore.
There's a big focus on stable coins and how stable coin
legislation can create trillions of dollars and buy pressure for
U.S. Treasuries, help lower rates and
help strengthen the dollar and make it the global reserve
currency. Yeah, so those are big points.
There wasn't really a whole lot of, I would say new information.
It's kind of like a reiteration of what was in the executive
order. But I think it's still good to
to hear it here first hand. There's a bit of AQ and a
afterwards. Most of the questions kind of
resolved around revolved around stable coins.
Not a whole lot of interest there.
They did. The last question was regarding
the strategic Bitcoin reserve and the sovereign wealth fund.
And I think the take away is Sax's crypto working group will
be the ones drafting the plan for the Bitcoin strategic
reserve. And the sovereign wealth fund is
totally separate. So it it does feel like kind of
a separation of duties. And I feel like that's going to
be an interesting kind of speculation here here for the
new near future. So it's almost like my take is
strategic Bitcoin Reserve is going to be done by the book.
You know they're going to develop.
The plan? The sovereign wealth fund feels
like it's a little bit more rogue Lutnick, Besant, Trump are
kind of maybe going to be able to go do a little bit more what
they want. I'm not really sure what the
oversight of that looks like. So it's going to be interesting
to see the kind of balance between those two.
And actually, if I had to better like which of those two funds
I'm more excited about from the standpoint of accumulating
crypto assets, I'd say I'm probably more excited for the
sovereign wealth funds. Same here.
I mean, that's what I picked up from yesterday, man.
And this is the whole thing was the presser after like my main
take away was that there's a clear the separation within the
government between the sovereign wealth fund and the Bitcoin
strategic reserve team, which is kind of obvious, right?
But now we now we know and Lutnick is a little more
aggressive on that stuff, right? And seems like he's going to
have a little more leeway to to, you know, make moves and and
acquire Bitcoin. So it looks like that is most
likely to happen. I'm liking these these pressers
that all end on Bitcoin to see reserve questions, honestly.
And Bitcoin questions. I have to say the mindshare
crypto has within the US government right now and the
media is pretty big. Pretty much if there was a
cookie dough fund for crypto mindshare at the government in
the US, it would be all time high right now.
It just feels like everything's a bit more transparent, like, is
this happening in in public? It's amazing.
And on the back of that, take us through the SEC announcements,
there was two of them. They're both just as I think as
on the founder level. I texted Loxy right away and I
was like, dude, this is amazing for us.
Like it couldn't get any better. Yeah, a lot happened at the SEC
yesterday. So one, it seems like they're
kind of reducing their their task force.
They're not allowing agents to kind of go after funds.
They're also kind of saying that, hey, we're going to walk
back effectively all the open enforcement actions that are
under investigation. So like it, it kind of feels
like I, I saw the mean that a tester appears on the swing and
then behind her is just the fire of the old administration under
the SEC. It's kind of like they just slit
a match and they're kind of just going to start over fresh.
It's my view of that piece. And then she also wrote a nice
statement as they spun up this new crypto task force.
She's at the helm. She introduced the vision
effectively. They want to enable freedom in
the crypto markets while avoiding fraud.
They want to create a regulatory framework to protect investors
and preserve innovation. And then they're going to
provide exemptive relief for those previously impacted.
And Mando kind of went there, but this was a notable quote.
I think it's worth reading to buy a token or product that
lacks a clear long term value proposition.
They should feel free to do they they should feel free to, but
should not be surprised if someday the price drops in this
country. People generally have a right to
make decisions for themselves. So on and and so forth.
A little bit deeper specifics about some of the key focus
areas around like token offerings, exploring temporary
relief for tokens, meeting transparency requirements, how
to handle registered offerings. Amazing.
Broker dealer rules statement lending.
All the primary after shipment ETFs are in there as well.
Wow. My overall read is she wants to
bring common sense back into crypto and crypto regulation.
Thank you. America.
My goat. Can she just come on the show
All right? Did I like honestly this woman
just gets it bro and we've been seeing this for like a year now
because she's been criticizing Gary.
But people want to buy a token or product that lacks a clear
long term value prop. They should feel free.
Don't be surprised if someday the price drops like.
So that's the thing. So like, it's so popular.
I'm not not picking Amanda, but everyone's saying it's crime
season. I think this is going to fix the
crime season. Crime season if everyone keeps
buying the tokens, like that's what you're referring to, right?
It's like anyone can kind of come in and launch a token
effectively at this point. Yeah, I think, I think it's by
crime season, I just mean that like, yeah, like if someone just
rugged tomorrow, I don't even think the SCC would look at it,
no. Like it's like tagging Zack XBT
on every fucking tweet, bro. Like they're doing the same
thing. Like the government's not, you
know what I mean? They're pretty much doing the
same thing. He is right.
If someone did a pre sale and just walked over the funds, I
don't think the SCC is even going to come after them here.
That's my genuine view. They they're not.
And another thing that I like that she said.
Oh, fuck, I forget. It was along the lines of God
damn it, I forgot. Oh, yeah, no, sorry.
It was David Sachs, right? Speaking of the Cryptozar speech
yesterday, Tyler, why am I getting OK, go on.
I this is it was. Oh, no, sorry, sorry.
It was, it was if we bring the companies on shore, then we'll
have a better grasp on them and what they're doing, whether
legal or illegal. He's like, and he quoted, he
said that SBF, the biggest scam in the history of crypto
happened in the Bahamas from the Bahamas, but affected the
American people. Why?
Because we've pushed these companies offshore for so long
that they go offshore, they commit their crime against
America. This is like the most accurate
thing ever, right? He's on point when he says like
bring him back in so we can enforce the right regulation
framework on them. So in a way, crime season meme
is true, right? It's funny, right, Armando, but
in a way it's also to avoid that right?
It's a yo bring them in and regulate them properly.
It's what we've been asking for forever, bro.
I'm tired of we spent like we spent like almost $1,000,000 on
the fucking Cayman Foundation, bro, like this is not it's like
we're not multi million, like fucking balling on, you know, on
budget. But I.
Think that's basically the same as no regulation.
It's not regulated properly. I think they're basically saying
you don't need to trust anymore. Like we're not going to come
even come. After, well, they're breaking it
apart so that they can rebuild it, right?
Meadow in the way, right? I think that's what Tyler was
saying. I think part of it is that.
I think part of it is they're just recognizing this isn't
something they can even have oversight over.
It's like going to the casino and suing the wind for losing at
the roulette. I think it's a little bit of
both. So like they are not going to
come and protect you because the the calico coin rugged after 12
hours last Yeah, and it didn't. I'm just using an example, but
like one of the the key focus areas is registered offerings
and adjusted reggae and crowdfunding rules for crypto.
So like that actually applies to things like this Jelly launch
and like Internet capital markets.
So what did they say on that? Because they didn't catch that
part on the Icos and everything. Do you want to on token
offerings? Let me see if I can get into it.
I mean, that pertains to a lot. Task force will consider working
with staff to recommend the Commission modify existing pass
to registration, including reggae and crowdfunding so that
people interested in registering token offerings will have a
viable path for doing so that's. Amazing.
Laying out a framework. That's really amazing.
That's really the pathway to have American make crypto like
when you think about the whole everything is setting up between
Trump sayings and sacks and then Hester peers here, like there's
such good correlation right now. It seems like for the first time
we're going to have a a clear pathway.
How long do we think this takes? While she kind of started with
that like early on in her her essay here, it's it took us a
long time to get into this mess. It's going to take us some time
to get out of it. So it it kind of feels like,
yeah, we were in this period where I think Mando's right,
like. There is a period where crime,
all crime, is going to be permitted.
I know a lot of founders in crypto behind the scenes are
starting to cancel their founding, close their
foundations and merge the two. Blast did it in public.
I know for a fact a lot of founders in America are
considering cancelling their Cayman foundation with BBI Subs
for the token entities and finally merging it.
And let's be honest, it's so crazy the whole thing like a
foundation is thing is, we all know what's going on here, bro,
you know, not to incriminate anyone, but you know, I don't
know, it's, it's been very tough and expensive dude.
You know than the law firms in the Cayman Islands, US is coming
to eat their lunch right now. When?
I first started working at Accenture in 2008.
I saw the company was headquartered in the Cayman
Islands and I was like what? What?
What is this? It's not a choice.
It's almost by force, brother, you know.
I know, but that's just it's just such a like that goes
against common sense. Like, it goes against all common
sense. It's like, you want to know how
nonsensical it is, you have to go have a board meeting.
And it came in twice a year. So all you have to do is you
like take a trip to Cayman Islands, take a vacation for
three days and then you have to have a lawyer there.
Then you have to start a BBI sub.
It'll run you like it'll run you like 250K to start a foundation.
Then it will run up to over to up to $1,000,000.
Like it's a ridiculous amount of paperwork and money and
regulation going behind that. So it's insane.
Having gone through it, I can tell you guys that it's a lot of
work and it's it's annoying anyways.
Yeah, I mean, it sucks for anyone who just went through
that process recently, right? And and.
Yeah, I mean. Wasting capital on time.
Yeah, wasting capital and time and also like sucks for the
people who like all this time we're scared of dropping that
token and not doing it at this stage.
If open C doesn't drop this token, I'm going to start
fighting myself too because they they got to get going anyways.
Barrett chain, Tyler, Speaking of hype, there's mega ETH and
Barrett chain. Let's talk about the two of
them. So feel like it's Stabies are
coming to town. Yeah, Bear Chain, I think the
big news is mainnet launches tomorrow on on Thursday and I'm
I'm pretty sure yeah, tge is at the same time.
So the tokens are coming, the tokenomics and the AirDrop
checker are coming today. They have not been released yet.
I'm on their page now. So unless it breaks during the
show, we don't really have a whole lot of of other news.
This is going to be a big capital influx.
I don't really have a read on on the token itself.
This feels kind of like an ecosystem where you had a group
of whales and players who committed and they were in there
for the last year to 18 months. This is kind of like, it feels
like this is kind of like their final exit.
So like these people, like CBB, he's got mid 7 figures wrapped
up in these Bond Bear and other the bear Chain NFTS, the folks
who've been grinding this vet capital locked up for a long
time now. It was very unclear when this
was actually going to launch. Yeah, like we're going to have
some from cell pressure from there.
I think folks are kind of looking for something to farm.
I see like the interest in the chats, like, oh, like what can
we do in Bear Chain? But it also feels like it
doesn't feel like the core, like CT hot ball of money is going to
flow to Bear Chain. So I don't know, it kind of
makes, I don't have a great read on how the launch is going to
go. So it might just be kind of play
it by ear and and and watch and and see the flip side of this is
now we've got kind of more info around this this mega ETH launch
and they they did their raise the Kobe's echo, right?
I think that was the first chance of like, yeah.
It was massive. Like to invest?
I forget the specific numbers on that.
I think they raised $10 million, like 3 minutes or 30.
What was it? But it was like some big
headline, yeah. And yesterday they announced
this, this new NFT collection, it's called the Fluffle 10,000
NFTS. They are soul bound.
They're going to be priced at one each each.
So on the surface, that looks very expensive.
But then they go on to say that this is effectively ownership in
the network 5%. So these NFTS will represent 5%
ownership of mega ETH. So it's not hard to kind of go
down the line and say, like, OK, that means 8 tokens Oklahoma.
Are you guys you guys going to try for it?
I'm still thinking through like it.
It feels it's it's a no brainer. 1/8 is.
But how do we get it like 80,000?
People, that's the that's the challenge with it.
And I want to hear from Brad. I hope we can have Brad come on
the show. Yeah, I invited him too.
Apparently they collected 80,000 wallet addresses for the 10,000
NFTS. There are two stages.
So some folks will get to admit a day before with no gas war.
But it seems like the majority of folks are going to be in this
like more public white cell white list and that is going to
be a gas war. So you're really going to have
to factor in like what do you think your chances are of
getting through versus how much you think you're going to pay in
gas and is it worth it? I think from we started to see
some of the back of the African math estimates going around.
I think they're saying that you're effectively buying this
at like a $550 million FDV. So if you think mega ETH is
going to open up higher than that, then it's a good buy.
And there's, there's a lot of Eve, although just know like
you're not flipping the NFT there, there will be no market
for the NFTS and we don't really know a timeline for when the
network will will be live. OK, you.
Could be locked, locking capital for a bit.
All right, we'll see what happens, man.
Are you going to try minting that or what?
No, that's it in in. These like I'm going to try but
it's mega ETH bro it's ETH but mega.
Mega ETH monad Berra chain I just.
Honestly, you're too rich for that.
Like it's let leave that to the little people like us.
I. Don't know if it's little people
like I just my experience on these is it's shifting for the
people who aren't little like I think people a lot of people
chase these things and this might be the one, but I reckon
maybe one out of those 3 will properly cook and.
It's a lot. If you invest a lot of money in
these things, we spent a lot of time like we've seen it, like
I've played this game so many times.
So I I just don't even know. So monad Berra Mega.
Those are the three big ones, yeah.
You know, for all this, like abstract's been sketching
online, like I saw a few people complain about Abstract and
their tiny TV out, which is like what 1012 mil?
I actually really like their approach.
Like I feel like it's like it's refreshing versus the others
were like you make deals, get a ton of TVL through this whole
building silence thing where like nobody knows what's
actually going on, but all of a sudden you have a massive TVL
and you make a lot of those coming out.
Of course early people will be rewarded heavily on those, but I
don't know about the common folk versus abstract has just said
fuck it. Like we'll get a raw dog a
blockchain. They launched it with streaming
capacities are not catering to any D Jens on not catering to CT
at all, like at all. And in a way I kind of like what
they're doing. I agree.
I I don't necessarily think that TBL is is.
What is TBL the? It's like AFDV meme, you know?
Base sorry for example blah said very very high TBL remember.
It was like the TV, remember? Like the whole thing.
But it doesn't necessarily mean value.
Whereas base had very low TVR for a long time, focused on
consumer products and then built gradually as some of those.
I like that or. Has showed it up.
So I don't think TVR particularly the the start of
ATVR at the start of the chain essentially means you have a lot
of rewards that people are coming in to.
Farm and people are jumped exactly like TVR will.
Abstract now first of all, can only go up.
So that's a good notion, right? That the track's going to look
good and like for example, like for example, us like we don't
have USDC enabled, but it's going to be a point where you're
going to be able to like load up your myriad account with a ton
of money and then like you know place your predictions and
that's going to bring TVL to a chain like that so I don't know
I I I really like that I was asked a lot this week like yeah
like how do you feel about it because obviously we launched on
on there last week and I'm like really stoked about the fact
because you I by the way, big fan like merry chain monad mcate
like all of it I'm a fan of all the crypto general.
I'm always bullish, I'm always positive.
You guys know me, but I like that different approach.
What do you think, Tyler? What?
Do you think the TPL of Cadano is?
I don't know. I had.
Let's go on D53. 175,000,000. But there you go.
So pointing case right? 30 five, $35 billion FTV.
Pointing case here so. I like it.
I do think they've got. If I'm being objective, I think
abstract has a long road ahead. I think watching this style like
it's not going to be a huge launch in three months.
No, like it it like we're talking more like 6 to 9 to 12
months probably. Oh yeah, yeah.
I mean, it'll roll over to the next bull market like.
And that's good. So like they're they're building
for the long term. I like that approach versus just
Big Bang. And then we're not going to be
talking about it in six months effectively, which is like
objectively that was that's what happened with Blast.
It was the talk of the town. And now there is 0 talk about
blast like it it is. Even after all their
announcements. What is the TV out of blast now?
But, but I'll go to that in a second.
Remember when Arbitrom's biggest selling point was the TVL
streaming at $0.44? Now, and that's not a knock.
I'm just saying all these things where we were like, oh, look at
the TVL, Look at where they are now in terms of user adoption,
like anime launcher token on L2 Arbitrom.
And sadly it's not going as well as it I think it should have
because it's actually a really cool token.
I love the community shot Suzuki, but you know what I
mean? Like, I don't know, let's see,
you were asking for which chain blast.
What's the TBL? Now let me check 250 million,
see how much would I think like Ovie put $250 million into
black? That's a good, That's good,
yeah. I think also the.
TBL people have to understand is for for, particularly for some
of these L twos which are more D5 heavy, there's a lot of
looping that goes on. So TBL, you know like if if for
example theoretically 100% of the TBL goes into a lending
platform and then you borrow 80% against that TBL.
OK, right. I see. 60%.
Yeah, I see. You can that 10 billion of TBL
becomes 18 billion of TBL, Yeah. Yeah.
So ones with big lending platforms or big D5D5 protocols,
often you get a lot of double counting.
Yeah, OK. I see.
Go ahead, Tyler. Well, I will say I feel like I,
I read a lot of the feedback against abstract and then I
think a lot of it has been negative at the beginning.
I think people are very interested to hear like what is
the path to becoming the consumer?
So like, what are consumers going to come to?
Stream like media which is why I'm in media.
Personally speaking I'm I'm not doing it just for the lols right
Like this is how I put food on my table and tables of like 40
plus people. Media is a great way I think
they'll consume. Yeah, I think streaming is
probably the best, the best bet. I mean look at how everyone's
always talking about the elevate cabal 24/7 so clearly they're
fucking consuming content the most.
Even the D Jens, right? I think being a hyper liquid is
showing this right now. Being good at one thing and
dominating it often can be the like.
And Hyper Liquid doesn't even have a billion dollar TVR
brother. Right.
So like I think Hyper liquid's value is is is being an ACT
chain. Abstract, I think largely is
trying to be like a a kick or twitch of web three.
Now they have to succeed at that.
Of course, of course, like you're competing with twitch and
and and kick is not easy, right? Even rumble rumble, right
Rumbles crypto native, not native, but they're getting
involved. I don't know.
I like the approach. Look at the hyper liquid right,
Hyper liquid, a sub 1 billion TPL.
Let me ask you something. Would you guys rather own Hyper
liquid or Tron with six billion TBL?
Well, they're very. I actually think both of those
are doing all right. I know, but if you go TBL for
TBL right? OK, fine, Ethereum.
I think Ethereum's probably a best better shot.
Tron looks I don't forget Tron. Tron looks pretty strong all
year. For the last year, Tron's been
one of the best performers. And they're the Trump support
now, so Tron feels like it's probably.
Fair. Oh, that's TRX, right?
Is it TRX? This time last year it was
trading at 10, so it's done at 2:00 and 2:00.
So it's kind of done what same as what Salon has done over that
period. Well, what was this?
A rough 2X, just over 2X, but but it's also down 50% from
where it was on December 10th. Wow, that's crazy.
Is that is that what the Tron meme mania was?
No, no, this is this is the world liberty stuff, the crypto
Trump stuff here. That's December.
The mania was April 20. No, it's here here, Tyler.
Around here, I think. Right.
I was here. This here.
Oh, you're, you're like on the year chart.
I'm I'm thinking. Yeah, Yeah.
No, weekly. Sorry.
It's the weekly. Yeah, Yeah, I think it was
around here. Yeah, yeah, yeah.
Anyways, Raffle bot dot XYZ for those listening.
If you're not listening, if you're watching, I mean, you had
the code, you gotta gotta watch the show on air video.
It's much better. Raffle bot dot XYZ.
This is very simple website that we put together.
You connect your X and you put code.
Payne. Payne is a code APAIN Payne is a
code. Raffle bot dot XYZ.
Anyway, just take a little bit of time.
So anything we must have missed or any dude, I mean, Speaking of
Payne, let's talk about it. Tell us.
Tell us more. So the pain pre sale ended a
couple days ago. They raised 185,000 soul.
So that was about $40 million at the time.
I think there was some fun, you know, a that that you know, we
just had this big meme coin fall out and then everyone Deejin's
go and send 40 million and then there was this other round like
price action. So like how's the price going to
go up? You know, 40 million funds.
They didn't tell us anything for a day and then they came back
this morning and basically said, hey, we've been thinking about
this, this is too much. We're going to return 80% of the
soul that was sent. You are effectively going to
have the the tokens the same pro rata.
So whatever your percent of the 185,000 soul was, you're going
to have the same percent. But effectively if it was going
to open at a $40 million market cap, now it's going to open at
8. And that's just ballpark because
I don't know if they're giving tokens to like the mean land
stakers or what. So those are just approximate.
But basically the market cap is going to open up 80% lower than
where it would have. That's amazing.
My view is it from a trading perspective, the question on on
any uncapped pre sale is who's the marginal buyer?
Where does the FOMO kick in now? Who committed 5 sold to this
because they they had five sold to play.
We just got 4 sold back. They're going to eat it right
back in. And it's not a huge stretch that
to say like, OK, now that was money that they earmarked for
this. Like they were, they were fine
gambling 5 soul. It's not a huge stretch to
think, OK, they're they're going to fire 4 back in.
And then like when you get that positive momentum in a in a
chart, if it plays out that way, that's a totally different ball
game than if you open up at 40 and you just chop and everyone
just slowly sells because like I've seen pre sell play out like
that and no one, there's no fun when no one gets.
In you can tell Ovie sent like half $1,000,000 to this thing,
like he's so invested and involved right now on social
media, like Mando, you know your boy, like you know he sent his
figures if he's that's involved. Oh he 100% it.
For sure if he'll steal. That money on fucking Enron.
Dude Ovie and I got clipped for like, Dude, Ovie Wiz and I got
destroyed on Enron. Destroyed.
Should have known when I saw his fucking face.
Dude, honestly, he looks like a fire festival Muffa.
He looks like the fire festival guy.
What's a fire festival guy? Billy McFarlane?
Bro, like literally they both have a scammer face.
It's so crazy that bro, they could be cousins.
Oh yeah, they're cousins for sure.
I'll admit I bought a little bit and then I I sold quickly when I
was scanning through their site and I saw a like the tokenomics
that they had like 7 day locks for the team.
It's unclear they even even had a real lock.
No, no, no. There was no lock.
There's an insider that stole $5,000,000 right away.
There is no lock. That's 100% this type of cell
pressure. There's no lock.
And they had these nuclear egg reactors, so they're going to
get in people's houses. It was just like, I mean, it was
funny, but it's not funny that people lost money on.
I mean, yeah, by the way, we were like dying laughing, like
on the way down. It was super sad.
But I I busted my fucking trench wallet over this shit.
I suck but. If you won't prevent crime
season, then don't participate in crime.
I know, I know, it's my fault, it's my fault.
I'm redacted. It's it's 100% my fault.
By the way, season happens with best of.
All you. Know.
Yeah, I got cooked. I heard Frank had inside
information on it. Of course, yeah, every single
person who's launching a token calls Frank before they.
Yeah, they ask him for his permission.
Frank's been getting some heat. Yeah, I mean, I I love Frank.
I'm going to be on T GS stream later.
I'm sure we'll talk about that. It's like 5 PMI.
Saw that, I saw the I love how like there's goddamn posters
before people goes on on a threat guys.
Right, dude, listen like the guy when in in interviewed, what did
Rams Rasmus say? He said the guy interviewed the
most influential man on Earth interviewed by the guy who
interviewed the most influential Zoomer honors.
There you go it. Just quickly reflects you you,
you said Rasmere that picked my memory when we when we did the
clip of that like 13 year old kid who who flipped off the
camera and rugged his coin. And he met with.
All of the I call it his audition tape for the LA Vape
cabal. And then Rasmere met up with the
kid. That was so funny.
So funny, Like it's it? Like he's the new protege.
These guys catch too much slack, but it's normal.
Like dude, like what do you expect?
You're like him. You're doing all these trades
you have in the audience. Like this is like name of the
game. Like this is like rookie like,
like it's like. Can we bring up this poster?
I just really want. To this happened to me every
day. By the way, they just burned
$150 million worth of Pengu breaking news.
Oh, the claim ended, Yeah. Yeah, just now 13% Wow, 13.6% of
supply was just burnt. We pumping.
Spencer probably going nuts. Spencer Spencer Ventures
Spencer. Percent.
It's still down, but I don't know.
I mean, I'm bullish too, kind of people.
Need to reprice like need to come to terms with how Solana
meme coins have repriced right I've said this in the chat when
Enron came out and it was like a 500 million yeah it's true
fartcoin is A7 is 650 and that's like the fifth biggest meme in
all of all of. On Solana right now.
Here, here is it's happening. Sorry, I didn't mean to cut you.
Off I was to say only Trump and and Bonk are above a billion.
That's true. Everyone's just looking for
these bundled coins and like, oh, can this push higher?
Because it's actually only got 10% float.
I think that that's the only way you can like look at Enron at
600 million and think that there's any chance ever that you
could hit the buy button. Yeah.
This is actually only 60 because it's 90% bundle.
No, it's not because the team is actively selling.
Yeah, 100%. No, I agree.
What did you want to bring up Mendel before?
I wanted to see the poster. I thought we should we should
analyze this I've seen. It enough dude like you just.
I want to see it as a group. It's ABO Gen. cooked.
She's probably listening to the show.
She really cooked with that one. Where is it?
I just really enjoyed it. I think it's really cool, no?
You look like Jesus. I've been.
Told. What is?
That that's his when he went to
the gala, right for Trump, that he had this outfit.
Yeah, the gala. He always uses this picture.
I thought it was hilarious to use it here.
Oh. My goodness.
Little LA Vape Cabal mention here.
Guys, hang this poster in in my house.
Yeah. Can I can we all get a copy of
that? Is it isn't it a bag or poster?
OK, Jen, like it looks like we OK, so I'm going to remove the
time here and I'm going to make you guys a poster, like a
physical poster and send you guys.
OK, I'll do that. Please, it looks like an album
cover. I mean, we can't send shit to
Portugal, so maybe I'll bring it to France.
No, you. Can't.
Send something to Portugal. Get there in seven years.
Will be the best way. Dude, you, you know what's
crazy? You still haven't received that
cable I sent you like four years ago?
No, no, no, no, no. You never sent it.
You sent it to the UK apparently.
OK. OK, OK, OK.
This is where we're going all. Right.
Oh my God, are we really going to be doing this for the next
six months? It feels, it feels like it's got
that sort of energy, doesn't it? It feels like.
I don't think so. I'm still hoping for.
We are we are going to do this for next.
Time I might take a couple months out, you know.
Thank you for understanding. Thank you for understanding JLP
Portuguese Portugal, Portugal Day for for all of the spring.
Yeah, we should. We should go.
You know what, we should go for Portuguese mode at some point
this summer. I do.
I do think if you come and live out here we should do a few
shows on the road, you know, like we should go do a little
travelling and get a car. We should do like Anthony
Bourdain type. Shit, Yeah, exactly.
Lots of places. We we could do.
OK, I'm in, I'm in, I'm in, I'm in.
I already have a whole team. We can walk the Camino together.
There you go, Tyler, you're going to have to pull up.
You know, Tyler, you're going to have to, you have to move to
Portugal, even though it's a, it's AUSA super cycle.
Honestly, I'm getting really bowled up in USA.
I'm not going to lie. In case it didn't show already
on the timeline, I got called a radical the other day.
I I apparently Trump radicalized me to hate Canada.
That's what I was told. But I love Canada, dude.
But if they want to trade Rasmere for me, like Doncic and
Anthony Davis, you can, you know, you know, me being Doncic,
of course, you know, yeah, I'm hitting my prime 30s, you know,
Anyways, you know, technically speaking, Vanessa can claim an
American passport. She's her mom's born and raised
in Atlanta, so. Is that how it works?
She's she technically, yeah, yeah, because she was like the
soil, like it's like, it's like the French right from blood I.
Actually. Just didn't know the song.
You know the song, the blood anyways.