Good morning. Good morning, GMGM.
Everyone. Thank you for joining us here.
Welcome to another episode of Bobo Hour.
This is episode 193. Today.
Is Wednesday, Wednesday, September 444 folks, it is
another beautiful day here in Chicago.
The sun is shining at 70°. Just absolutely beautiful out
here right now and I can say it is a healthy distraction from
wrecked timber stocks losing 1 trillion in market cap
yesterday. NVIDIA now facing an antitrust
supotento majors falling hard. We are here today to help you
cope and break it all down. No faroke.
He is still gallivanting around the Asia Pacific.
I think Amanda will join us here in a bit.
But I've got my Co host Logan Hitchcock, our editor in chief
over the trader. He's been following this.
Oh boy, how you doing? Hey, good morning, Tyler.
Sorry, I lost you there for a second.
I'm doing well. Weather is is nice here as well.
Nice distraction as you mentioned from a market that you
don't really want to pay attention to, at least the the
price tickers, you do not want to be paying attention to it at
present time. Yeah, I am with you there.
So let's get right into it. What are we going to talk about
on today's show, folks? We're going to start with a
quick market report. I'll do my best.
Mando impression Wreck Timber is here.
We've got meme coin majors very red.
The FBI warning that North Korea is in aggressive pursuits
against the crypto industry. Not great.
Some wild new details from the Trump crypto project.
World Liberty Thigh. We'll get into that.
We got a busy day of protocol news and updates.
Jenkins the valet calling it quits.
Rock Toshi apparently is the Co founder of Ordinals.
The market didn't care at all. We'll break all that down and
more. Plus folks, we've got Aerobot
spins today with a brand new spinner and a brand new process.
So folks, once again, to be eligible you will need to
retweet the spaces and follow the host as always, but new
actions. So starting today, you will need
to go to rafflebot dot XYZ, sign in with your X credentials, and
then enter the code for today. That code is Rollbit 45.
So once again, you'll need to go to rafflebot dot XYZ, sign in
with your X credentials, and enter today's code.
It'll be flashing on the screen. We're hoping this new process
helps us avoid some of the bots which do creep in from time to
time. We are excited for this new
process, folks. We're also excited for our new
partner, Galaxis. So Galaxis is a no code Web 3
platform that empowers creators and communities to become
owners. Check them out at Galaxis XYZ on
X or Twitter. We are very excited to have them
on board. All right, all right.
Well, with that, I think that is our open.
Let's just get right into our market report and I'll do my
best to fill in for Mando here this morning.
Let's start with taking a look at the the crypto board.
I'll get the screen share pulled up for us here.
So Bitcoin, ETH, Solana all down about four to 5% on the day,
Bitcoin 56,700. We got ETH at 2400, Solana 128.
It's seemingly on the back of a very rough day in stocks.
So the stock market lost about 1 trillion in value yesterday and
then we got some negative news after market closed yesterday.
So NVIDIA, it just got a DOJ subpoena and an antitrust
investigation. It seems like the antitrust
officials are concerned that NVIDIA is making it harder to
switch to other suppliers and penalize buyers that don't
exclusively use it's chips. So the video was down quite a
bit on the day yesterday. It looks like they're coming
back here a bit. And they were at 127 before
earnings just a week ago. Now back at one O 7.
I think it hit one O 4 or so at peak.
Lost something like $300 billion in market cap.
So I think that the draw down in NVIDIA impacting the broader
tech sector and leading stocks and that seems to be bleeding
into crypto a bit as well. It doesn't help that open
interest in Bitcoin is at levels not seen since January of 2023.
On top of that, we've got search levels.
I think Amanda mentioned this on yesterday's show, Bitcoin search
levels back to where they were eleven months ago when Bitcoin
was 27 K. So it feels like we are just
kind of fully resetting at at this point.
If you look at the fear and greed index, we're at 34
squarely in that the fear portion of that of that spectrum
right now. But perhaps you know 11 Ray of
Hope from Scottie Pippen of all actors here and and Mando
retweeted this yesterday. So this is from the Scottie
Pippen X account. Satoshi Nakamoto visited me in
my dream last night and predicted that Bitcoin would be
at $84,650 on November 4th. November 5th, 2024.
Not financial advice. We are, we are very helpful.
Very happy that he disclosed at the end of that.
Was NFA Logie. Any reactions to the market move
or this wild tweet here from the Scottie Pippen account?
Well, I he must have gotten some counsel because I think this is
the first time he's included the NFA tag, right?
Not the not the first crypto tweet from Scottie Pippen, but
the first time I've seen at least the NFA be so front and
center. So kudos to Scotty and and team
for wisening up there to a degree.
You know, I know this is maybe not a serious tweet, but at
least in terms of the price action expectations, you know,
we've been talking on the show macro conditions, you know, that
would kind of fall in line with chop until election stuff,
right? So why not pin this up on your
wall and and revisit come November 5th to see, you know,
should Scotty actually have been visited by Satoshi Nakamoto in
terms of, you know, the other stuff, you know, not not too
much to say outside of what you shared.
Of course, NVIDIA being the, you know, bell cow for every the
bellwether bell cow, whatever you want to call it for, you
know, this entire risk market. So not surprising to see fears,
you know, around that leading to, you know, pretty drastic
sell off and risk assets. You know, wish it weren't the
case. But like you said, use the
weather as a distraction. Anything is a distraction to to
look at the price at this point in time.
Yeah, the chart doesn't look great.
It feels like a red September. The the prophecy is fulfilling
itself at least four days into the month.
Perhaps FOMC will impact that. On that note, I keep coming back
to this. I tweeted yesterday.
I think it's the most important line in the prediction markets.
the Fed interest rates then hey, we got a bump.
Wow, we are up to 36% chance folks on that 50 BPS cut.
That is a massive upswing. Let's see where this is at.
So just this is actually breaking news for me folks,
hence my reaction. Let's look at the five day
chart. That's because I bought some
Tyler, I bought some of those yes, shares to push it up, so.
All right, So this is up something like and it's
basically up 100% on the day. So a massive, massive move in
this now up to a 37% shot. Perhaps a whale just came in.
So I'm still buying yes. OK, so there's like no liquidity
at this number Even so I'll have to wait and wait for the the
market makers to to fill this one in.
But that that's been a huge move.
I think the other interesting Poly market line, perhaps we'll
come back to this in a second, is will Trump launch a coin
before the election? And we got some news yesterday
that sent that market into a frenzy before we get there.
Mando on stage with us now. GM how you doing?
Sorry I was late. Great.
How you guys doing? Not bad.
I did my best impression kind of walking us through the market
basically. Curious if you have a read.
My my general take was with majors down 4%, it was largely
following stocks. You know, you talked about the
Google trends and open interest at, you know, yearly plus right
now. Anything else jumping out to you
from a macro perspective? I think the yen carry trade like
we again like the the VOJ was talking about raising rates
again, which got people a little bit scared.
And then obviously the NVIDIA news flash to the stock sell off
are like the major things. I don't know, it feels kind of
like it's felt for a while, you know, like it just feels as
though there's not a lot of activity.
We're kind of trading on the hope of future activity.
Bitcoin is is kind of got the strongest narrative right now.
And but given the talk about the yen carry trade again, I'm
whining. I just think it took a little
bit of a, it went a little bit South and just people being a
bit wary about September. I do think that this sort of
range isn't a terrible range. Like funding has gone negative
again, we've wiped out I think a billion of open interest in that
move lower down to 56 K. We've generally been on this
trend of lower highs and lower lows since kind of February or
March, let's say. But so so I think some people
are thinking that we're going to touch like 48 K this month, like
have a bit of more of a dip and then hopefully we have a very
strong October. So I think the consensus is, is
that we're going to go lower in September and higher in October.
I don't know if that's like, you know, everyone believes that too
much. You know, like sometimes when
it's so consensus about something, it can be dangerous.
I don't know what's the more dangerous thing to be consensus
about that we're going to go lower in September or that we're
going to go higher in October. But but yeah, it definitely
feels like that's the general narrative out there right now.
It does it, it really feels that way.
Stock market going down so much, certainly not helping to kick
start the month. But I feel like there's one rule
in crypto. It's not following the consensus
trades is usually smart. So we, we will certainly see
the, the big headline folks, we kind of got there a little bit.
But will, will Trump launch a coin before the election?
That's up to 38% chance from just 24% the day before.
And that's because a, an eye popping new article came out.
Coindesk broke the news on this one.
So apparently the the Trump family Crypto project.
World Liberty Financial a white paper.
Oh, is he gone? I lost him too.
Classic. He's.
Still, he's still alive in the space.
It's OK, you guys can just keep talking together though while he
joins back. I mean, he comes back
intermittently. I only know what we're going to
do about this, but we're going to get him stalling, get him
stalling. Do you want to?
Does he want to leave him? Come back?
What do you think? Our Defy hack and former pickup
artist. Alright, looks like I'm back.
Apologies folks in the stream for the Internet issues.
I think we are back up now so I'm going to get right into by
the summary of this this Trump crypto project in the new
details. So for starters, the protocol it
looks to be a crypto borrowing and lending service similar to
doe finance and will include a token WLFI it's built on
Ethereum and it's D5 platform Ave.
The project looks to include a credit account system, while
other aspects of the white paper describe it more as a crypto
brokerage service. But here are some of the more
interesting details. So it's built by four team
members from DOE Finance, which was recently hacked for
$2,000,000. Early GitHub shows Co directly
lifted from Doe Finance. Baron Trump identified as the
project's Defy visionary. 18 year old Baron Trump, Eric Trump
and Donald Trump Junior are listed as Web 3 ambassadors.
An LLC for the product is registered to Zachary Folkman,
who is the head of operations for the product.
He's also the Co creator of Subify which is a censorship
free competitor to Patreon and Only Fans.
And then on the token news, it does include a non transferable
governance token, WLFI. And interestingly for those
who've been following Gabriel Shapiro, Gabriel Shapiro's law
firm Metal X Pro is on board as legal counsel and also receiving
1.3% of the WLFI tokens. So quite, quite the article
Bombshell from Coindesk, I'd say.
Logan, maybe I'll I'll toss it to to you first.
What, what's the wildest part of the story?
Like what? How are you feeling now?
We've had a day to digest this. Oh man, the wildest part, I
don't even know. You know, we had talked time and
time again about if it made sense for Trump family to be
rushing out some sort of crypto project having, you know, all
those rumors, the scandals with the meme coins before.
So while this part might just be the, you know, the collaborators
here, you know, a team that just had a a source code hack or, you
know, a hack from Dell finance. I mean, given the the, what
they're capable of attaching themselves to the connections
that this, you know, family has, you would think if they were
going to run something out here, they would do the utmost due
diligence to, you know, run out something very highly reputable,
high quality and and no knock it, no finance.
I don't know a whole lot about the hacker or anything, but
seems like maybe they haven't done that here.
And perhaps that's not surprising, but that seems like
the, you know, just the most wild part to me.
Aside from if you scroll to the very top here, there's a an
interesting tidbit in the lead about the one also founded date
Hotter Girls LLC. Maybe that's the most surprising
as well. Indeed.
Mando, curious if you had any reactions to this one.
Were were or were you familiar with dough finance?
I was not super familiar with that protocol.
Not really, right? I'd never heard of it.
I don't know. Sounds like a standard Web Three
team coming together if you ask me.
Go finance and date hotter girls.
LC just kind of feels that feels like Web 3 written all over it.
I think people have big expectations, or maybe they
don't, I don't even know. But I don't think this is going
to be like a world beta. It feels like it's going to be
some form of Defy borrowing lending platform.
I'd heard initially that it was to do with the property that
they have in the, you know, the Trump real estate empire, let's
say. So it will be linked back to
that in some way. But yeah, I, I think this is
more for show more than anything.
I don't think it's going to be, I don't think this is going to
be anything crazy. I don't think it was.
The way I think it will come from one of the family.
Yeah, I don't think it's going to come from Donald Trump.
So that's what makes this bet so interesting.
It says will Trump launch a coin before the election?
It that this the odd shot up from 24% all the way to 6067%
yesterday, settling now back at 40 that the terms on this one
will resolve the yes if conclusive defeated evidence of
murders that Donald Trump was involved in the deployment of a
new token by November 4th. I mean he's involved in in world
Liberty 5. So I I believe that if World
Liberty 5 launches a token before November 4th, this
resolves to Yes. So what?
What are our thoughts? You think they're going to
launch this thing? Yeah, I think so.
The election. I think so.
I thought they were going to do it.
I, I, I. That was my guess.
I don't know why they'd do it after the election.
Logan, what are your thoughts? Are you ready to go long on this
one? Sorry, man.
Wow. Right, They'd said, they'd said
when the other meme Quinn happened.
Like it's coming. Like were they going to wait
till November maybe? It's are they doing the classic
like hype machine run up or or are they away?
But the reality is attention is at its peak right now.
I just, I feel like it's such a risk.
It's a risk that they could easily avoid.
Like the the downside up outweighs the upside.
I guess the only upside is that what how profitable this would
be for the Trump family, right? You think they're able to do it
after the election though? Let's say he wins, will it not
be seen as profiting from the election?
Maybe he's not even able to do this after the election.
Remember, most of them are able to have to give up all
commercial rights after after they become president.
That's interesting thought about.
Yeah. And and if he loses, then
there's probably no opportunity there anyway.
I think now is maybe the only type to do it.
Yeah, now you're, you're convincing me.
What's the? And go to the yes side of this a
million. Dollars involvement Tyler here I
mean, obviously Donald Trump junior Eric Trump Web 3
ambassadors direct evidence emerges that Donald Trump was
involved in the deployment is him endorsing is that I mean, I
feel like this is one that there could be dispute on on both
sides semantic arguments as to whether or not this is a yes or
no because I I could make you know, I can see the argument
being made for betting no here as well.
Yeah, I think that that's the challenge with this one is the
potential dispute and and what does involved in the deployment
actually mean. I, I'm actually surprised
there's not more context in this one.
I'll be curious if that gets added.
That's going to be something to watch not pretty closely if you
are in this this bet. But so I mean Baron Trump is
listed as the D5 visionary. He's probably not the dev, you
know, actually deploying the token.
So like would would you think this resolves to yes for him?
Like if this was a Will Baron Trump launcher, that would.
Be insane. No, I think.
I think it'd be different. I think it'd be higher to yes.
I mean, given that his name is literally stamped on the project
as whatever you said, it was ambassador, right, Defy
ambassador that feels more connected to the launch of the
token. I don't know.
I mean it it's interesting. Like I said, I think there's,
there's a semantic argument to be made on either side, but I, I
right now I would be leaning vote betting no here.
Like I, I think there's a pretty strong, you know, fight you
could in case you could build for Trump himself not having
anything to do with the deployment of the token.
That's what I would say, yeah. Like, I don't think he's going
to be involved. I don't know why Trump would get
himself involved in this basically, but I can see the
family. So I'm sharing him in the screen
now for those following along, he does have an official title
in the project Chief Crypto Advocate, so he is listed.
OK. So that's an important detail.
Yeah, that is he just. He just tied to this, he's he's
the chief crypto advocate for the for the project.
So I don't know, there's certainly some Gray area on this
one. What's the compelling?
I mean, so that's indicated there.
I mean is that it says you need compelling evidence.
Conclusive, definitive evidence emerges that Donald Trump was
involved in the deployment of the token is just, you know,
listed with some random ass, whatever title that is that
conclusive, definitive evidence. The spirit of his bet is, is
will Donald Trump be tied to a cryptocurrency that launches
before the election, right. Or that that is the spirit of
this bet. I agree.
Yeah, I agree. He's listed as a on the project
page for this and he's been tweeting about it.
So it's not like some random project is just listing him.
So he has been endorsing it. So I don't know, I think it's
pretty clear he is tied to this. So to me, the bet is, do you
think it's going to actually launch in the next two months?
I don't know. It seems like there is a good
chance it will certainly is going to be a fun one to follow.
And just other quick prediction market news.
So blast predict that fund did officially launch and it missed
yesterday's cut off date. I want to say I believe it went
live this morning, just a handful of markets.
So they've got the presidential election winner.
It's got 200,000 in volume popular vote with just 1700.
I'm saying will Kamala Harris drop out of the presidential
race for some reason? Is the number three bet here.
Will Bitcoin reach 63 K will still reach a certain price
targets? And then what's the highest
price E? So they've got bets on the three
crypto major price action with some pretty limited volume and
then the primary election markets.
I've got some thoughts, Logie, I'll talk to you.
Any any 2 early reactions here to the predict up on launch?
Boring. That's when I loaded this board.
That's what I thought I said on the show yesterday.
I was eager to see which markets it came out with.
If it just kind of cut and paste the markets that were available
on Poly market. I understand to a degree why,
you know, some of those need to be there.
They're kind of prerequisites for being live, but there's
nothing, there's nothing really here.
Plus we also discussed, you know, VPN requirements, yes or
no, you know, those still exist. So some of those barriers to
entry still present. Again, I understand them, but
it's just something that, you know, could have improved
potential onboarding and bringing more users.
Of course, I don't know, man, I'm, I'm not, I'm not overly
curious or excited at this point in time.
I'm not going to be shifting my action from Polymarket to
predict just based on those markets that are present.
You know, right now, as it stands in the 1st 12 hours, I'm
not ready to write it off. But not, you know, not hopping
over just, you know, right out of the gate.
Yeah, I'm not sure if if I can't see everything because I'm not
logged in currently, but I'm not seeing any order books.
So I, I don't even see like how deep this will Kamala Harris
drop out of the presidential race market is got $10,000 bet
on it making it the number two or three bet on their platform
right now. I guess this is where the native
yield comes in. It's like if you can get this at
97%, no, you get 3% yield assuming she doesn't drop out
plus the native yield on. So I guess that perhaps is the
upside. I don't know.
In general, I think if you're going to come out the new
prediction market, you got to have some fun differentiating
features or throw out fun, you got to have some differentiating
features from polymarket and just kind of come, this feels
just like here's the, here's some big polymarket lines and we
can, we, we're going to slap our native yield and some blasts on
top of it. So I don't know, I was a little
underwhelmed by the launch, if I'm being totally honest, but we
will see. It's early, only a handful of
bets on the platform, but are you bridging a blast?
Are you itching to after the show, you know, start start
sending some USDC over to get into this market or you going to
wait see? I feel like I'm not seeing this
is not make me want to fire up, you know, some bridge and get
money on this platform. Yeah, I'm with you.
I I also, I just, I happen to have a, a tab up on a different
computer with a VPN and I can see the order book depth once
you're I have to go through the onboarding to get back to it.
So I don't know what it is at this point in time.
Just a couple steps I'd still need to do, but yeah, I could
see it out of just small SO. We'll certainly see that.
That was a piece of news. So actually quite a busy day in
protocol news yesterday. I'll go around the horn on some
of these. So Blast announced the mobile
Big Bang competition, $250,000 in funding, one-on-one office
hours with Pac-Man himself, access to investors and then one
million Blast gold per team winner.
In that boot camp we saw abstract founder Lukanetz.
He shared his thoughts on consumer crypto, what it will
take to reach the masses. In a recent blog post, Arbitrum
introduced Stylus, which I want to say is is a kind of a new
interoperable coding environment for any languages to be compiled
down to WASM. Avalanche announced.
Avalanche announced a new major upgrade to Avalanche 9000
unlocking and I'm quoting here, an expansive world of purpose
built block chains making it more economical and easier to
customize building on top of Avalanche.
And then Samsung announced support for Startal in its
mission to make web three more accessible globally along with
participation in Sony's Sonium Spark incubation program.
So now Samsung and Sony both throwing their hats into the Web
3 ring pretty deeply. Logie, I know you were following
some of these stories. What jumps out to you here from
that that quick list? The Avalanche stuff, you know,
previously not super involved with things on Avalanche.
You know, did a little bit of the the wolf game on Avalanche
if you remember that. The Defy Kingdom stuff on
Avalanche for a brief period of time at the arena, small things
like that, right? But you know, by and large
haven't been a super active AVAX user, never really owned any of
the coins outside of some use for those particular use cases.
But the stuff that keeps coming out is intriguing.
You remember the California DMV news from a few weeks ago?
There's the ticket news with the protocols.
I mean, they've, they've done an excellent job, it seems that
materializing real world partnerships.
And I'm not the technical person to answer for why Avalanche 9000
is, is such a massive upgrade, you know, but it just, it
creates more opportunity for these big institutions, if you
want to call them institutions to continue to build on
Avalanche. And as I was reading through
that, I sent a quote to you this morning as well.
You know, at the bottom of the blog, it's not indicated exactly
what the rewards will be, but we spent a lot of time talking
about L twos fighting for developers and rewarding them.
Avalanche has already indicated that it's going to be rewarding
early test net developers for Avalanche 9000, and I don't know
what that means. I don't know what that
materializes as, but just a lot of like little things stacking
up. This was an exciting thing for
me. I like actually considered, you
know, creating a small AVAX dollar cost average, you know,
by recurring by yesterday. I did not actually go through
it, but it's intriguing to me. You know, a lot, a lot of stuff
seems to be happening there. I just don't know enough about
the participation, which, you know, I haven't, I just haven't
done too much of. Look, AVAX is, I mean, it's,
it's an interesting potential trader here, right?
It's a leading L1. They've got a lot going on,
clearly trying to build some momentum.
They've they've dabbled in social five.
They had a bit of a meme coin ecosystem and their TS never
really took off. We saw that the token kind of
trade as a soul beta. I want to say when Solana ran to
about 2:40, that's roughly when AVAX made its big run, up to
60s, now back down 67% to 21, now up just about 100% on the
year. Is this an interesting comeback
trade? If L1's do indeed comeback, it's
one to have on the list. And then we've got Luca coming
after the L2 market with Abstract.
He went through the blog. It's a 10 minute read.
I won't go into it in detail. I thought this was interesting
as it just shed a little bit more light of how he's thinking
about consumer crypto, which is now a big buzzword or just about
reaching retail and his plans for abstract.
And he does go into, you know, a little bit more detail, at least
a high level road map of how they plan to accomplish it.
First going after discretionary spending for users such as
gaming, social five, that type of thing.
Then getting into necessary aspects like payments and then
getting into essentials. And as you go through this, he
kind of talks about how he, he feels like a lot of where
previous teams builders have perhaps fallen down is by going
through the opposite approach, kind of going with starting with
payments, going into D5 and trying to build consumer apps
last. He's trying to flip the script
and go the opposite way as that is the the vision He's calling,
you know, this core idea, building a digital Disneyland
around that discretionary spending circle here of the the
pie and then expanding out from there.
And then he he lays out how he sees abstract pulling that off.
So Logie, I'll throw this back. You're not not sure if you read
through this. It was a little lengthy, but I
thought it was a good read. Any reactions to this one?
I feel like it did kind of peel back at least one layer of the
abstract onion and what he's got planned.
Don't want to put words in your mouth, but curious if you had a
reaction to this one. Yeah, I didn't read through
this, but I I, I'm fully on board with that unpeeling of the
onion, at least in that order. You know, I think with the
participants that are here leading with things like gaming,
you know, I think he had gambling, right?
Those types of things as you're kind of first step, create a
foundation blockchain where people are actually using it.
There's actually users there, there's money flowing there.
That makes a ton of sense to me, at least in terms of the active
participants. You know, just the, the big, big
money is in those other things, right?
Those the payments, the D5 type stuff.
I think it's just going to be really difficult to get there.
I, you know, I, I applaud this approach.
I think this is really great, particularly for an active Web 3
user, like for, for somebody who's just on the ground that,
you know, isn't the big institutional online bank or
whatever, right? This sounds great.
They're going to be focusing on me.
They're going to be, you know, creating incentives for me as a
user. That's awesome.
I'm excited about that. Still just don't know what those
games, what those, you know, different applications on this
chain are going to be. And if they're going to be
enough to pull me, you know, away from be already
established. You know, it's, it's the same
issue we've had with pie market versus predict.
Like is there going to be enough incentive for me to come to
abstract? Is the app going to be good
enough for me to come to abstract when I can just do it
elsewhere? Yeah.
But that's the billion dollar question.
Yeah, go ahead, Amanda. Sorry.
Yeah, I I agree with that. I feel like it was even when we
talked about AVAX just then I, I quickly brought up token to and
we'll see like how many fees AVAX makes.
And it's not even in like the top.
It's not even on the graph. You know what I mean?
I think a lot of block chains are having this sort of issue.
Like they understand what they maybe need to go after and they
they have like buzzwords for like the broad things that they
need to go after, like deep in gaming memes, let's say.
But like that just identifying them isn't the right thing.
And you also have to, as we've said, like crypto feels
increasingly PvP. It's like to get people in is
difficult. I don't know what takes current
crypto users to a new chain other than a much cleaner UIUX
sort of experience. I feel like you have that with
Solana, like with Phantom and just with the way that it's
built with the various different Daps, like it's a very clean
sort of experience. I think it's going to, it's
going to take a lot to like drag people to a new L2.
That's just, that's just my gut. Now there may be other things
like it feels as though some people are looking to like on
board SVM as well as EVM. At the same time, I I think
consumer crypto has found a home kind of in Solana just in terms
of UIUX and maybe on Ethel one for like D5 stuff or yeah,
L2L2's for like purely for lot maybe larger D5 plays or when
you want to play with maybe more security.
But for some of these sort of consumer crypto apps, they
haven't necessarily on boarded tons of people on ease, have
they? Sure.
I would agree. And you got to.
You have to be able to do more than.
It feels like a good read. He's got, he's definitely got a
scope of what you need to do. But I I don't know.
It's not an easy vision to pull up.
Let's say that just real quick. I'll come back to your thoughts
in a second. Logan, I want to remind our
listeners we are going to go with those robot Spence here in
about 10 minutes. It's a new process.
If you haven't already, if you join us mid show, go to raffle
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code. That code is Rollbet 45 Logan.
Back to you for some last thoughts before we move on here.
Yeah. I was just going to say, I mean,
the, the small periods of time where we have seen users and you
know, it's not a huge quantity of users, but users flock to a
new blockchain has been with viral apps think friend tech
think you want to call fancy top and put that on that category
and be a top shot, right? I, I think that's right.
I think PAC man's comments yesterday about for the mobile
Big Bang, like virality in a mobile app will potentially
bring people there, but you have to be able to do it in more than
one app if you want the blockchain to succeed, right?
The entire blockchain. I mean, this is a huge ecosystem
that Luca is trying to build ambitious plans.
Hats off to them for doing so, But it needs to be it's got to
be more than one if you want to be successful long term.
So that's the part that I'm still like I, I don't see a
blockchain at present time outside of salon, outside of,
you know, of course, Ethereum with more than one reason to go
there. And you got to get, you got to
give me more than one at this point in time, at least in my
opinion. Yeah, it's an uphill battle for
for sure because we have Solana has captured retail with meme
coins, but they also have a lot of these other types of apps
being built on there as well. So coming after Solana is not
going to be easy, but the the rewards are big if you're able
to pull it off. Folks, we've got a a few minutes
left before rollback spends a couple of NFT stories.
I didn't want to hit on 1st. So Rock Toshi shocked the the
Bitcoin world yesterday, or at least the orinals world with
this tweet saying I was a Co founder of Ordinals.
I've never said that publicly and to my knowledge nobody else
has either. But it's true.
He goes on to talk about how he was working on NFTS on Bitcoin,
how he teamed up with KC to do this.
He goes on to effectively admit that after the mainnet launch,
he inscribed Ordinals himself to create the illusion of more
interest than was actually there, hoping to to keep Casey
and Ralph Rath motivated, and that he lied to them when they
asked him if he actually did it or not.
And he said no, that he left in March 2023, which is effective,
which is before the big run. That's even before the big 2023
run. I said 2023 what had the peak
with what Bitcoin degods probably and they cooled off.
Oh and what was in twelvefold twelvefold Bitcoin degods were
the peak of 2023. Ordinals hype cooled off for AQ1
rally pretty big bombshell from Rocktoshi.
I I woke up and checked the the node monkey.
So he is the founder of node monkeys.
Not not a no market response at all.
In fact, down 2% on the day with cheaper Bitcoin.
Not great. So Logan, if finding out that
your project founder Co created ordinals doesn't move the needle
for your collection, what what does?
Nothing man, I I'm surprised I'm surprised to see a a red number
here, even if it was slightly greens, you know, almost neutral
would have been obviously been better.
This to me adds a little bit if we've made those comparisons
node monkeys to crypto funks, right?
Like this to me almost adds to the parallel a little bit,
right? Like Matt and John were early
Ethereum creators, innovators, Rocktoshi, early Bitcoin
ordinals, like very early, right, Bitcoin ordinals
innovator. I guess the, the market's just
not either not seeing it that way or, you know, things over
there are just so depressed that that lore, that bullet point is
just not ready, right? The market's not ready to absorb
that. So a little surprising.
I I maybe would have left some of the parts out from that,
whatever you want to call it. There's a there's a concession
more than it was. The inscribing, the inscribing
and then lying about the inscriptions to drive more hype.
I mean, if you remember, node monkeys had all sorts of like
little FUD points at the very, very beginning, sort of in that
vein, you know, not not that same thing, but that that was a
little odd to include that. But yeah, maybe pulling back the
veil. Transparency appreciated.
I expected that this would make more of a dent it it did not.
It is a not or ordinals slash runes fall, at least not yet.
This is a rough price chart on the node monkeys.
They effectively are trading lower than December 2023 and are
effectively at yearly lows. A few slight dips below this.
This level .11 Bitcoin Bitcoin cheaper than it was here during
in March. So in USD terms of chart is is
even worse. I wonder So I think there's also
rumors that Raktoshi is tied to Rsic.
So I wonder if if you know this will provide perhaps more
speculation to those? At this point, I'm hoping not.
This is a better bath. Was Casey behind any Ordinals
project? I don't think so.
I think there was oh he he did there there was speculation he
was going to launch a runes. I forget if he actually was tied
to a runes or not, but I don't believe he was tied to any
ordinals collections. OK, yeah, I just don't know,
like if the creator of ordinals really changes anything, but
it's just I guess it's more information.
That's why I basically was wondering like if Casey brought
out project, would it? I guess it would maybe be
slightly stronger. I just don't even know.
Like Ructoshi feels it feels like a did you read what he said
as well? It sounds a bit like Oh yeah, I
was there. I was on the calls, he did all
the code but I was on the course so.
Yeah, not, not super deep. I I would put this on a Casey
did 8080% of the work and maybe everyone else chipped in for
five, I don't know. Yeah, that, that feels like a
fair assessment. I do think if Casey was tied to
one of these collections anonymously and that news came
out, do you think it would probably move a bit?
But man, I I don't know, it's hard to it's looking rough out
in ordinals world. I guess shout out to quantum
cats and pizza ninjas seem to be the two holding up the best.
I mean, OMB certainly as well, but but it's down much more from
peak than these other collections.
Pizza ninjas are kind of trading at all time high, but they are
at a much smaller collection. Well, this was not the only NFT
story of the day and somewhat more negative news.
The Jenkins valet team, Blake Cheston, he came out and said, I
thought the way they are, they are closing shop.
Logan, I actually didn't read his full blog on this, did he?
Also did he announce that he's effectively shifting focus to
another NFT project or just another crypto project in
general? What was the the word here?
No, not NFT. I'm I'm going to mess up trying
to replicate the exact word they shared here, but it it working
on Ave. yeah, Ave., which I actually think is super cool, by
the way. It's kind of like a, my
understanding is sort of like a choose your own adventure type
thing for kids. But that's where he's shifting
focus is to children's. Again, I don't know the right
word to characterize it, but basically allowing, you know,
kids to build these stories, which of course isn't like a
super drastic shift in direction in terms of what they were
looking to build. Kind of like this decentralized
creative endeavor, right? Using people to build stories,
communities to build stories, that type of thing.
I think is is super cool and interesting.
And so I actually think Ave. is interesting.
But if you were a participant in Borden Dangerous or Azeraballah
or writers room, this yeah, effectively ends all further,
you know, push forward. If you were still hoping for
anything, you know, this is kind of the the cease for for
everything. So I understand the
disappointment. I mean, pitchforks were out not
in a like an overwhelming way. You know, I didn't see a whole
lot on my timeline. I saw, yeah, of course, that
post. I think I saw Beanie, you know,
a post or two. But I also saw a post defending,
you know, G Funk was out defending.
There may have been some others as well, just talking about how
difficult it is to build. Just yeah, I, I, I don't know, I
don't know what else to say. I mean, it, it doesn't
necessarily mean a whole lot for anyone.
Like the holders were already down tremendously at this point
in time, but it it is going to probably be a storyline that
transpires one or two more times or more for some of those big
2021 projects that people were, you know, heavily financially
and perhaps emotionally invested in.
Of course, and it's a complex topic, we could spend 30 minutes
on it. I'm not going to spend time on
some of the claims or the money they raise because I've seen
conflicting stories there. But the reality is people don't
have to run NFT projects forever.
And it doesn't really seem like they found a whole lot of that
with, you know, some of these products that they gave it a
good shot and they're calling it quits and going after something
new. So wish them good luck with
their new pursuits.