1 00:00:00,480 --> 00:00:05,720 Good morning. Good morning GMGN. 2 00:00:05,960 --> 00:00:09,760 It is another beautiful day. Do have a beautiful day. 3 00:00:10,200 --> 00:00:13,840 Well, it's actually not that beautiful day out here in 4 00:00:13,840 --> 00:00:16,079 Chicago, but we'll pretend it is. 5 00:00:16,239 --> 00:00:19,520 Welcome to another episode of FOMO Hour. 6 00:00:19,600 --> 00:00:23,440 I think this is episode 17170 folks. 7 00:00:23,640 --> 00:00:28,680 Our first show of August, August 1st, 2024, 444. 8 00:00:29,240 --> 00:00:31,520 It is a rainy, gloomy morning here. 9 00:00:31,920 --> 00:00:35,480 Chicago, a bit of a parallel with these crypto markets this 10 00:00:35,480 --> 00:00:39,880 morning with some on the board. We'll get into that here in a 11 00:00:39,880 --> 00:00:41,640 bit. No for Oak today. 12 00:00:41,760 --> 00:00:44,640 He'll be back tomorrow, but we've got man, he is back to 13 00:00:44,640 --> 00:00:47,600 catch us up on the market. Mando GM, how you doing? 14 00:00:49,520 --> 00:00:52,680 I'm doing great, man. Yeah, not the best day in the 15 00:00:52,680 --> 00:00:54,160 markets, but everything's good for me. 16 00:00:56,120 --> 00:01:00,280 Yeah, a little bit of you know, a little surprise coming out of 17 00:01:00,280 --> 00:01:02,280 some of the FOMC. I think stocks doing OK, but 18 00:01:02,280 --> 00:01:05,440 yeah, we'll we'll chat about it here in a bit folks. 19 00:01:05,440 --> 00:01:07,040 What are we going to talk about on today? 20 00:01:07,040 --> 00:01:09,440 We had the big FOMC meeting yesterday. 21 00:01:09,440 --> 00:01:11,840 We'll talk reactions to that. We'll talk some crypto price 22 00:01:11,840 --> 00:01:14,480 action perhaps why? What are some of the factors 23 00:01:14,480 --> 00:01:18,560 causing this dip? Tethers big profits in 2024. 24 00:01:18,760 --> 00:01:22,240 Loomis officially introing the big into U.S. 25 00:01:22,240 --> 00:01:24,800 Congress. We've got Polymarket just coming 26 00:01:24,800 --> 00:01:28,320 off of a record smashing month, some massive numbers. 27 00:01:28,320 --> 00:01:31,720 Vanek, they laid out their sailor version of price targets 28 00:01:31,720 --> 00:01:34,000 for Bitcoin for 2050. These are some eye popping 29 00:01:34,000 --> 00:01:36,520 numbers. We've got memes bleeding, but a 30 00:01:36,520 --> 00:01:40,720 few big winners on the board and a couple of NFT headlines. 31 00:01:40,800 --> 00:01:46,400 If we've got time that we may get into here as well with that, 32 00:01:47,200 --> 00:01:49,920 Amanda, why don't we get into the the market report if we've 33 00:01:49,920 --> 00:01:57,600 got the intro song there, who? Is the man macrobladdy of the 34 00:01:57,720 --> 00:02:02,400 land? Can you dig it? 35 00:02:04,200 --> 00:02:06,640 Yeah, well, we've come a little bit lower now, right? 36 00:02:06,640 --> 00:02:11,560 Like I think Solano was at 193 just three days ago or it just 37 00:02:11,560 --> 00:02:16,800 over three days ago Bitcoin was at 70 K Eek was at where was the 38 00:02:16,880 --> 00:02:23,320 3500 area or 3400 area? So a decent move lower across 39 00:02:23,320 --> 00:02:25,200 all three of those over the last three days. 40 00:02:25,880 --> 00:02:27,760 I don't really know. Initially you had the movements 41 00:02:27,760 --> 00:02:32,080 of Mount of Mount Cox and then the the government, U.S. 42 00:02:32,080 --> 00:02:35,640 government moving that Bitcoin. We didn't really rebound then. 43 00:02:37,120 --> 00:02:38,880 Then you had like a little bit of sell off in stock. 44 00:02:38,880 --> 00:02:42,840 So maybe it was related to that. And then yesterday you had the 45 00:02:42,840 --> 00:02:46,480 Fed. I, I don't really see why crypto 46 00:02:46,480 --> 00:02:49,080 reacted poorly to the Fed. We have had a negative 47 00:02:49,080 --> 00:02:52,880 correlation for the last few months with stocks. 48 00:02:53,120 --> 00:02:55,680 So maybe you could say this is a continuation of that negative 49 00:02:55,680 --> 00:02:58,680 correlation. My honest opinion though, is 50 00:02:58,680 --> 00:03:02,360 this is an unwinding of the Trump trade, which we're seeing 51 00:03:02,720 --> 00:03:05,000 that that's what I, that's what I think we've seen. 52 00:03:06,160 --> 00:03:10,160 The odds of a Trump presidency have gone down quite 53 00:03:10,160 --> 00:03:15,640 substantially, I think from about 69% to about 55% in the 54 00:03:15,640 --> 00:03:20,720 space of just a few days. So on the back of basically JD 55 00:03:20,720 --> 00:03:26,760 Vance not being seen as a good candidate for VP and then just a 56 00:03:26,760 --> 00:03:29,760 few kind of gaffes. And yesterday's, although it was 57 00:03:29,760 --> 00:03:33,960 like quite divisive gaffe at the, I think it was National 58 00:03:34,120 --> 00:03:37,480 Association of Black Journalists, which I don't know, 59 00:03:37,560 --> 00:03:40,520 just didn't. Some people thought he did well, 60 00:03:40,520 --> 00:03:42,360 other people didn't. And it's kind of made him look 61 00:03:42,360 --> 00:03:47,040 even worse again. So now stocks, it's mixed what 62 00:03:47,040 --> 00:03:50,440 this could mean. Like a, you know, Democrats can 63 00:03:50,440 --> 00:03:53,360 come in and spend a ton of money on fiscal measures and you can 64 00:03:53,480 --> 00:03:55,120 you can something see a bounce that way. 65 00:03:55,520 --> 00:03:58,320 We actually saw a bounce when after Biden was was elected as 66 00:03:58,320 --> 00:04:02,120 well. You could argue it both ways for 67 00:04:02,120 --> 00:04:03,960 crypto. I think it's more difficult to 68 00:04:03,960 --> 00:04:07,760 argue. I think, you know, we don't know 69 00:04:07,840 --> 00:04:12,400 how Kamala will treat will treat crypto, but it's not just 70 00:04:12,400 --> 00:04:14,080 Kamala. I think it's some of the people 71 00:04:14,080 --> 00:04:17,519 in that administration will probably have an anti crypto 72 00:04:17,839 --> 00:04:21,160 skew. And people are worried about 73 00:04:21,160 --> 00:04:25,640 four more years of potentially Gary Gensler, Elizabeth Warren, 74 00:04:26,320 --> 00:04:30,160 a few of the other anti crypto army that are kind of in 75 00:04:30,280 --> 00:04:32,480 Washington. So that's been like the main 76 00:04:32,480 --> 00:04:34,480 worry and that's what I think has been happening. 77 00:04:34,480 --> 00:04:38,440 Like yesterday's Fed, Fed news to me was was bullish. 78 00:04:38,760 --> 00:04:41,640 They said they would cut rates. You've seen the Bank of England 79 00:04:41,640 --> 00:04:46,600 also cut rates today. You saw U.S. stocks kind of rip 80 00:04:46,600 --> 00:04:49,400 higher after that or at least regain some of the losses 81 00:04:49,400 --> 00:04:51,440 they've had. You had big gains in big tech. 82 00:04:51,640 --> 00:04:54,360 NVIDIA was up 11% for example, yesterday. 83 00:04:54,760 --> 00:04:56,760 This was a good day yesterday for macro. 84 00:04:58,680 --> 00:05:02,480 Even gold is near all time high. So gold stocks again, all all 85 00:05:02,480 --> 00:05:05,240 doing well yesterday and crypto went low. 86 00:05:05,240 --> 00:05:08,240 And I can only really think that when you start isolating that 87 00:05:08,240 --> 00:05:11,200 down, it's probably due to to that Trump effect. 88 00:05:11,760 --> 00:05:15,880 And then secondly, we seemingly continue to to sell off whenever 89 00:05:15,880 --> 00:05:17,480 there's sort of tension in the Middle East. 90 00:05:17,480 --> 00:05:20,280 And obviously there's been a rise, rise in kind of attacks 91 00:05:20,280 --> 00:05:24,480 over the last over the last week and talk of retribution and 92 00:05:24,920 --> 00:05:28,880 maybe maybe we sell off more than other markets due to that. 93 00:05:28,880 --> 00:05:31,680 I'm not really too sure why, but I'm just talking about 94 00:05:31,680 --> 00:05:34,680 historical rather than actually trying to make any sense of it. 95 00:05:35,400 --> 00:05:38,360 But for me, I feel like the main thing has probably been been 96 00:05:38,360 --> 00:05:42,560 unwinding of the Trump trade and you've seen kind of everything 97 00:05:43,040 --> 00:05:48,080 fall pretty substantially. Like I said, it's now since that 98 00:05:48,080 --> 00:05:55,560 local high, well Solana must be down about 15% and Bitcoin is 99 00:05:55,560 --> 00:06:03,760 down nearly 10% and it's similarly just over 10%. 100 00:06:03,760 --> 00:06:05,960 So yeah, decently across the board. 101 00:06:06,520 --> 00:06:11,240 I you've seen a little pockets of, of strength and things like 102 00:06:11,240 --> 00:06:14,760 D5, there's a lot of talk about D5 now D5 protocols moving 103 00:06:14,760 --> 00:06:18,720 towards fee switches. So things that are there have 104 00:06:18,720 --> 00:06:23,440 had a strong weak and a couple of like the D 51.0, let's say 105 00:06:23,800 --> 00:06:28,280 protocols could come to life on the back of a fee switch there. 106 00:06:28,920 --> 00:06:33,120 But meme coins, at least the top meme coins have not done well. 107 00:06:33,880 --> 00:06:36,120 They've all sunk, sunk pretty badly. 108 00:06:36,840 --> 00:06:41,920 You can have with I think below 2 again, Pepe's kind of holding 109 00:06:41,920 --> 00:06:47,600 up above 0.01. But yeah, you know, some of the 110 00:06:47,600 --> 00:06:50,800 other hot meme coins of the last of the last few months, like 111 00:06:50,800 --> 00:06:53,320 even MOG has had a big, big reversal having it like it was 112 00:06:53,320 --> 00:06:55,920 about to hit all time high. That's moved substantially 113 00:06:55,920 --> 00:06:58,040 lower. So just a bad week. 114 00:06:58,040 --> 00:07:00,240 There's there's a lot of finger pointing it feels like right 115 00:07:00,240 --> 00:07:01,680 now. Pub dot Fun actually had its 116 00:07:01,680 --> 00:07:05,640 biggest revenue day ever, I think yesterday or the day 117 00:07:05,640 --> 00:07:08,360 before and made about two and a half, $1,000,000 in a day. 118 00:07:10,080 --> 00:07:16,240 It's now made, I believe close to 80 million of cumulative 119 00:07:16,240 --> 00:07:21,800 revenue Pub dot fun. So kind of a crazy, you know, 120 00:07:21,800 --> 00:07:26,880 this this website will start in January, so kind of an insane 121 00:07:26,880 --> 00:07:32,560 move or maybe even in March. It looks like it was made so but 122 00:07:32,560 --> 00:07:34,880 yeah, it's highest day ever was two days ago. 123 00:07:34,880 --> 00:07:37,440 And people are, are kind of wondering how long that can kind 124 00:07:37,440 --> 00:07:42,360 of continue because when you, I think the, the difficult thing 125 00:07:42,360 --> 00:07:47,160 is when you have what happened with Nero happen where on the 126 00:07:47,160 --> 00:07:49,440 back of it, you had a bunch of coins to launch, which pumps up 127 00:07:49,440 --> 00:07:52,000 fun, makes money on. And then he also had MEV bots 128 00:07:52,000 --> 00:07:55,720 just basically making so much on the trading side of things. 129 00:07:55,760 --> 00:07:59,360 You know, all the Nero coins on Solano haven't really done that 130 00:07:59,360 --> 00:08:02,720 well. And a bunch of MEV bots probably 131 00:08:02,720 --> 00:08:05,280 made a ton. That's a lot of value kind of 132 00:08:05,280 --> 00:08:08,360 leaving the system. So people just getting a little 133 00:08:08,400 --> 00:08:11,960 bit more wary about how long this can potentially continue. 134 00:08:11,960 --> 00:08:14,800 I think at least I just see that sentiment on the, on the 135 00:08:14,800 --> 00:08:18,120 timeline. I I, I don't know, it feels like 136 00:08:18,800 --> 00:08:23,880 this feels more like a casino rather than a protocol. 137 00:08:24,080 --> 00:08:25,880 And I feel like people are going to come in and spend money on a 138 00:08:25,880 --> 00:08:30,440 casino whenever because you can get those zero to 100 X moves 139 00:08:30,440 --> 00:08:33,080 still. But you can just see this 140 00:08:33,080 --> 00:08:36,640 fatigue and salon Amine coins and the reason why Nero and Eve 141 00:08:37,080 --> 00:08:40,159 for some people did well, apart from the idea, you know, it has 142 00:08:40,440 --> 00:08:43,880 insiders. A lot of salon coins also have 143 00:08:43,880 --> 00:08:48,920 insiders and don't do as well. Like I think that there's a lot 144 00:08:48,920 --> 00:08:55,040 of PvP at the moment on Seoul and a lot of lot of funds and 145 00:08:55,040 --> 00:08:59,280 revenue seemingly leaving towards pumped up fun and and 146 00:08:59,280 --> 00:09:03,280 these Amy V bots. So it feels like a bit of a bit 147 00:09:03,280 --> 00:09:06,720 of an inflection point. It did maybe a few few weeks ago 148 00:09:06,720 --> 00:09:09,280 too. To me, it kind of felt like, oh, 149 00:09:09,280 --> 00:09:13,360 you know, are we going to is this kind of the the highs that 150 00:09:13,360 --> 00:09:14,720 we're going to see for meme coins? 151 00:09:14,720 --> 00:09:16,480 And then we kind of came roaring back. 152 00:09:16,480 --> 00:09:21,160 I don't know if it's the sentiment thing, but yeah, it's 153 00:09:21,160 --> 00:09:24,800 just not good when you see huge volumes going through pumped out 154 00:09:24,800 --> 00:09:27,480 fun having this biggest day and none of the meme coins really 155 00:09:27,480 --> 00:09:30,880 hitting it kind of just tells you that, oh God, like this is 156 00:09:31,000 --> 00:09:34,120 this is not a great environment for Solana meme coins. 157 00:09:34,120 --> 00:09:36,520 This has been the the, you know, the product market fit of this 158 00:09:36,520 --> 00:09:42,960 cycle really. It hurts confidence and we've 159 00:09:42,960 --> 00:09:46,120 seen like the the newer class, like some of the newer like cult 160 00:09:46,120 --> 00:09:50,200 coins get get hit fairly hard in this move, which I don't think 161 00:09:50,200 --> 00:09:51,960 has helped. Maybe kind of coming back on an 162 00:09:51,960 --> 00:09:56,560 analogy I saw for pump was to open C and just like the the 163 00:09:56,560 --> 00:10:01,000 insane fees that open C was raking in during the NFT bowl 164 00:10:01,000 --> 00:10:04,440 from 2021. And I think one of the arguments 165 00:10:04,440 --> 00:10:07,320 I saw is that that this pump can go a lot higher. 166 00:10:08,520 --> 00:10:11,320 It feels a little different to me because I feel like in the 167 00:10:11,360 --> 00:10:16,360 NFT run, it felt like more people were winning and in this 168 00:10:16,360 --> 00:10:19,280 pump market it like you kind of we've been talking about a 169 00:10:19,280 --> 00:10:20,640 little bit you, you called it out again today. 170 00:10:20,640 --> 00:10:24,640 It feels like it's the it's the devs, it's the Mevbots, you 171 00:10:24,640 --> 00:10:28,400 know, maybe a few early snipers, you know, in the trenches and 172 00:10:28,400 --> 00:10:31,480 then pump like really feel like they are the the big winners. 173 00:10:31,960 --> 00:10:34,680 It feels less like every like all the players are winning 174 00:10:35,080 --> 00:10:38,240 right now. And I do wonder if that puts, 175 00:10:38,400 --> 00:10:39,840 you know, someone of the ceiling. 176 00:10:41,480 --> 00:10:45,360 Yeah, look, it's interesting because I feel I don't too sure 177 00:10:45,360 --> 00:10:47,560 with MFTS, I felt like people lost money too. 178 00:10:47,560 --> 00:10:53,360 They were just here to gamble. And I think as long as, you 179 00:10:53,360 --> 00:10:57,560 know, the majors keep going high, we, you know, we probably 180 00:10:57,560 --> 00:11:01,880 still have this casino going, but there is a little bit of 181 00:11:01,880 --> 00:11:03,680 fatigue. You know, Bitcoin has been 182 00:11:04,120 --> 00:11:07,080 between basically 60 and 70 K since February. 183 00:11:07,520 --> 00:11:12,160 It has not really moved. We kind of went up to 71 K, 184 00:11:12,160 --> 00:11:15,840 we've kind of gone down to 50 fifties briefly, but we've never 185 00:11:15,840 --> 00:11:19,280 really been outside of that 60 to 70 K range for too long. 186 00:11:21,760 --> 00:11:25,240 So I think people are just getting a little bit bored 187 00:11:25,240 --> 00:11:29,560 potentially. And also that the, you know, the 188 00:11:29,560 --> 00:11:32,840 top down Ponzi, let's say, or the top down pyramid of, of 189 00:11:32,840 --> 00:11:37,360 crypto hasn't really seen the gains at the top levels. 190 00:11:37,720 --> 00:11:40,120 You know, Bitcoin, Bitcoin is on its way to 100K right now. 191 00:11:40,280 --> 00:11:43,040 You know, we we'll all be at the casino straight away. 192 00:11:43,040 --> 00:11:46,760 But like when it's not and you see this sort of these sort of 193 00:11:46,760 --> 00:11:51,800 figures where pump's just like crushing it and the the MEB bots 194 00:11:51,800 --> 00:11:54,360 are crushing it, then it's a little bit little bit wary I 195 00:11:54,360 --> 00:11:57,360 think. Yeah, no, I, I that logic makes 196 00:11:57,360 --> 00:11:59,480 sense to me. And by no means do I think pump 197 00:11:59,480 --> 00:12:01,240 is going away. I do think it is absolutely 198 00:12:01,240 --> 00:12:05,400 going to be here for this cycle. And I guess my point is we need 199 00:12:05,400 --> 00:12:09,960 a little bit more of A to to really keep this short term, but 200 00:12:09,960 --> 00:12:13,640 we'll the the folks, this casino enough that they're just going 201 00:12:13,640 --> 00:12:16,040 to keep running this up every single night. 202 00:12:16,040 --> 00:12:18,680 And it seems like there is a new culture kind of forming around 203 00:12:18,680 --> 00:12:22,040 this at this point in time, which is hard to deny. 204 00:12:22,080 --> 00:12:24,680 You kind of went there on on Nero Frok and I spent a little 205 00:12:24,680 --> 00:12:28,800 bit of time talking about Nero yesterday, but here's have you 206 00:12:28,800 --> 00:12:31,480 been following this one? I mean, this is like, duh, it's 207 00:12:31,560 --> 00:12:35,520 it's down now, but this has been the biggest out performer of the 208 00:12:35,520 --> 00:12:38,120 week by far in in what has been a pretty red week. 209 00:12:38,800 --> 00:12:40,720 Curious if you have any thoughts, Reggie. 210 00:12:40,720 --> 00:12:43,360 Yeah, I. Think it just seems like a 211 00:12:43,360 --> 00:12:46,320 classic insider pump. We've seen, we've seen them 212 00:12:46,320 --> 00:12:49,520 happen on Solana and they happen actually quite often on Solana. 213 00:12:49,520 --> 00:12:51,880 But they none of them have really managed to last above a 214 00:12:51,880 --> 00:12:55,600 hundred 100 million. You had you had a few of them 215 00:12:56,160 --> 00:12:58,960 which were like even more inside of like beer, where they own 216 00:12:58,960 --> 00:13:02,640 like 90% of the of it and then they ran it all the way up. 217 00:13:02,840 --> 00:13:04,040 This feels a little bit more balanced. 218 00:13:04,040 --> 00:13:06,600 Like Nero does feel like, you know, there are tons of people 219 00:13:06,600 --> 00:13:09,960 trying to come on the back of this and there's a history of of 220 00:13:09,960 --> 00:13:15,120 things of obviously like the doge, the doge joke like this. 221 00:13:15,120 --> 00:13:18,320 This feels decent ish as a meme, Maybe not the best meme I've 222 00:13:18,320 --> 00:13:21,160 ever seen, but enough. It's not just like a random name 223 00:13:21,160 --> 00:13:27,200 like beer, but I do think this this more shows to the idea that 224 00:13:27,680 --> 00:13:31,080 that on Solana, this probably wouldn't have gotten this far. 225 00:13:31,080 --> 00:13:34,200 In my opinion. There's just too much temptation 226 00:13:34,680 --> 00:13:39,480 and I honestly, I, I haven't been, you know, I haven't been 227 00:13:39,480 --> 00:13:45,560 meme Corning anywhere near what, what, what I had been just 228 00:13:45,560 --> 00:13:47,920 because I've just been, I've got so much on my plate. 229 00:13:48,440 --> 00:13:51,920 But I, I've seen OSF come back into it a little bit. 230 00:13:52,320 --> 00:13:55,680 I think he sold some bags and wanted to kind of come into it. 231 00:13:56,120 --> 00:13:59,600 And he's just like, it's, it is just crazy. 232 00:13:59,600 --> 00:14:01,720 Like you can be up on a coin. You're like, oh, this is going 233 00:14:01,720 --> 00:14:05,200 to be the one. And then there's just no 234 00:14:05,200 --> 00:14:08,440 loyalty. Like all the because maybe not 235 00:14:08,440 --> 00:14:10,120 even loyalty. This is too much temptation. 236 00:14:10,160 --> 00:14:12,080 There's just a new coin every day. 237 00:14:12,680 --> 00:14:20,480 And you know, and he's in part some stuff and you know, they 238 00:14:20,480 --> 00:14:23,680 just the same people that are in weird for going to the next coin 239 00:14:23,680 --> 00:14:25,720 and the next coin and the next one, the next coin and the same 240 00:14:25,720 --> 00:14:30,080 people that were in I know, boom or Mew or any of these Popcap, 241 00:14:30,120 --> 00:14:31,960 they'll just spin up another coin and they'll do it again. 242 00:14:31,960 --> 00:14:34,080 It's it's so easy to just make another one. 243 00:14:35,120 --> 00:14:37,960 So this, this thing I saw yesterday, which there's I think 244 00:14:38,080 --> 00:14:43,240 if you go to Sisyphus's page, he retweeted it, which is how I saw 245 00:14:43,320 --> 00:14:46,320 it. But there was a good kind of 246 00:14:46,360 --> 00:14:50,640 talk about how there we go. This one, this one. 247 00:14:51,920 --> 00:14:53,880 Yeah, the trenches feel pretty quick right at the moment. 248 00:14:53,880 --> 00:14:57,760 Going to lay out some data. He basically goes through one 249 00:14:57,760 --> 00:15:00,920 point. Nearly 1.6 million coins have 250 00:15:00,920 --> 00:15:06,000 been created now, 6000 a day at the moment. 251 00:15:07,760 --> 00:15:12,160 Like that's, that's a lot of memes, man. 252 00:15:14,040 --> 00:15:18,120 And we haven't seen. I'm trying to remember the stuff 253 00:15:18,120 --> 00:15:23,800 that's really run, like the stuff that's run recent Billy, 254 00:15:23,800 --> 00:15:28,120 but where's Billy now? It's back to 100 million. 100, 255 00:15:28,120 --> 00:15:31,680 right, Like the stuff, I haven't seen many new things that have 256 00:15:31,680 --> 00:15:34,600 run above 100 million for any sort of period of time. 257 00:15:34,880 --> 00:15:36,640 The only stuff that's really lasted there is stuff with it 258 00:15:36,640 --> 00:15:39,480 which has been a bit more seasoned, like Giga has gotten 259 00:15:39,480 --> 00:15:45,440 above there and kind of stayed above there and maybe one or two 260 00:15:45,440 --> 00:15:46,840 others. But like, can you sort it by 261 00:15:46,840 --> 00:15:47,920 market cap? Oh, here we go. 262 00:15:47,920 --> 00:15:48,800 This is really good. Yeah. 263 00:15:50,080 --> 00:15:53,000 So like Moo Moo as well. Like Moo Moo has is a four month 264 00:15:53,000 --> 00:15:54,840 old meme. Gig is a six month old meme. 265 00:15:56,360 --> 00:15:57,720 Billy is now. Yeah. 266 00:15:57,720 --> 00:15:59,920 Back below 100. It's one month old. 267 00:16:00,800 --> 00:16:03,640 It just feels as though you can't, you can't keep these new 268 00:16:03,640 --> 00:16:08,440 memes above a certain level. Like I actually felt like that 269 00:16:08,440 --> 00:16:12,080 smoking chicken fish was doing something unique. 270 00:16:12,200 --> 00:16:15,080 I don't know, like that there's one that OSF went into, for 271 00:16:15,080 --> 00:16:17,640 example. I feel like if that had been on 272 00:16:17,640 --> 00:16:23,000 Eve as well, that may have run much, much higher than than just 273 00:16:23,200 --> 00:16:25,240 just like a random cat or dog meme. 274 00:16:27,400 --> 00:16:29,880 I don't know. Basically, I think everyone 275 00:16:29,880 --> 00:16:31,320 feels it. There's this fatigue there. 276 00:16:31,320 --> 00:16:33,040 Look at that. I mean, look at the 24 hour 277 00:16:33,040 --> 00:16:34,960 picture of that of these meme coins, man. 278 00:16:34,960 --> 00:16:40,960 Like this is this is bad. So yeah, that's where I'm at. 279 00:16:41,400 --> 00:16:43,960 Shout out to Frok in his flog, his flog bag. 280 00:16:43,960 --> 00:16:47,560 It's like the only green coin on the board here. 100%, but he's 281 00:16:47,560 --> 00:16:50,360 coming out. Yeah, I think you got this one. 282 00:16:50,360 --> 00:16:53,160 Flog. It's like an artist takeover 283 00:16:53,440 --> 00:16:55,000 coin. I I'm not in this much. 284 00:16:55,160 --> 00:16:58,440 I don't have the full picture, but try looks good right? 285 00:16:58,440 --> 00:16:59,760 Now I think I, yeah, I read this. 286 00:16:59,960 --> 00:17:00,920 I read this story. Yeah. 287 00:17:01,320 --> 00:17:04,000 The thing is that I just feel like. 288 00:17:04,160 --> 00:17:09,960 And it wasn't it, it not, it's not like NFTS or, or I remember 289 00:17:09,960 --> 00:17:12,319 when Pepe came up, right? And even some of the coins 290 00:17:12,319 --> 00:17:15,720 around Pepe like we've spoken about like Mog and Bobo, which 291 00:17:15,720 --> 00:17:21,359 were created in the months afterwards, they actually did a 292 00:17:21,359 --> 00:17:25,800 good job. I felt of actually chats there, 293 00:17:25,800 --> 00:17:28,880 which people became part of. And you know, people would be in 294 00:17:28,880 --> 00:17:31,080 them for months. And they really did feel like it 295 00:17:31,160 --> 00:17:33,440 felt similar to NFTS. You know, when you're in the 296 00:17:33,440 --> 00:17:35,160 Discord and you're speaking to be in Discord, you're actually 297 00:17:35,160 --> 00:17:38,880 having relationships, you feel you can feel like you're in such 298 00:17:38,880 --> 00:17:40,520 a good meme, like this is a really good meme. 299 00:17:40,520 --> 00:17:44,000 This can run and you just you just get blindsided because 300 00:17:44,000 --> 00:17:48,800 another one comes out next like the next day and there's there's 301 00:17:48,920 --> 00:17:51,600 like no consistency. So that's that's basically what 302 00:17:51,600 --> 00:17:53,760 I think. I think some of these memes last 303 00:17:53,760 --> 00:17:56,880 year would have absolutely like cooked, like some of them are 304 00:17:56,880 --> 00:18:00,680 actually all right. But now it just feels like it's 305 00:18:00,680 --> 00:18:02,920 tough. That's the reality and we were 306 00:18:02,920 --> 00:18:07,280 able to make that argument back in Q1 where like a meme coin 307 00:18:07,280 --> 00:18:09,200 communities are kind of like NIT projects. 308 00:18:09,200 --> 00:18:11,200 You've got your holders, they've got their group chats, like 309 00:18:11,200 --> 00:18:13,480 they're forming culture. And now like everything is just 310 00:18:13,480 --> 00:18:18,720 being speed run so much. And it's like, OK, we got the 30 311 00:18:18,720 --> 00:18:20,800 million, we got the 50 million. Let's on to the next one. 312 00:18:21,400 --> 00:18:24,440 And it, I feel like it, it's the sense that like Bill, let's take 313 00:18:24,440 --> 00:18:26,320 Billy for example, Billy got to like 180. 314 00:18:26,920 --> 00:18:31,120 It's feels much harder to pump that another three to 5X from 315 00:18:31,120 --> 00:18:33,640 there and actually go to a billion versus just like let's 316 00:18:33,640 --> 00:18:37,000 just take over another one and run it to 30 to 50 million, 317 00:18:37,000 --> 00:18:38,960 which is basically, I feel like the new ones are happening on a 318 00:18:38,960 --> 00:18:41,800 weekly basis, right? Which I guess is where the 319 00:18:41,920 --> 00:18:44,160 action is. If you can, try to catch those 320 00:18:44,160 --> 00:18:48,120 that look like they have at least a week of longevity, but 321 00:18:48,120 --> 00:18:50,160 it feels like the timelines are just shorter than ever. 322 00:18:51,880 --> 00:18:54,440 You, you put that image in my mind again of like the roller 323 00:18:54,440 --> 00:18:57,680 coaster which gets gradually lower and lower and lower. 324 00:18:57,680 --> 00:19:02,960 It does feel like about a few months ago reaching 100 million, 325 00:19:03,080 --> 00:19:04,240 quite a lot of coins were doing it. 326 00:19:05,680 --> 00:19:09,360 Now it feels like if you reach 50, it's it's like a real, real 327 00:19:09,360 --> 00:19:14,880 achievement. I, I don't know, but that it 328 00:19:14,880 --> 00:19:18,280 just that just got me thinking and I think we can even come 329 00:19:18,280 --> 00:19:19,720 back from this. But I'm just telling you where 330 00:19:19,720 --> 00:19:23,160 I, where I see the market right now, it's that a lot of people 331 00:19:23,160 --> 00:19:25,680 are suddenly aware that this could be, this looks a little 332 00:19:25,680 --> 00:19:27,360 bit more fragile than other times. 333 00:19:27,360 --> 00:19:33,720 And you know, like Solana, Solana hit 192 and with didn't 334 00:19:33,720 --> 00:19:37,120 even break $3 like Solana basically that went back to, 335 00:19:38,160 --> 00:19:41,160 well, very close to its local high of the cycle and, and with 336 00:19:41,200 --> 00:19:43,560 didn't go back. And I think that probably tells 337 00:19:43,560 --> 00:19:50,680 you that the the, the, the, the L1 or they could outperform 338 00:19:50,680 --> 00:19:53,000 here. Yeah, I don't want to be back 339 00:19:53,000 --> 00:19:56,320 bearish at the bottom, but I am a little more concerned that 340 00:19:56,320 --> 00:20:00,200 we're we're seeing like the downward roller coaster loops in 341 00:20:00,200 --> 00:20:02,080 that that's what might be playing out. 342 00:20:02,720 --> 00:20:04,960 Well, perhaps enough time on on memes here. 343 00:20:05,240 --> 00:20:09,880 I want to maybe just quickly come back to the FOMC meeting 344 00:20:09,880 --> 00:20:12,320 and just impact on interest rates. 345 00:20:12,760 --> 00:20:15,680 And what was kind of jumped out to me from the, and I'm 346 00:20:15,680 --> 00:20:17,960 following it more on polymarket. You, you may have there, there's 347 00:20:18,040 --> 00:20:21,600 likely better markets out there, but it looks like three rate 348 00:20:21,600 --> 00:20:27,960 cuts or 75 BPS is now the heavy favorite for 2024, which 349 00:20:27,960 --> 00:20:30,280 effectively would mean, you know, either back-to-back cuts, 350 00:20:30,280 --> 00:20:34,480 September, October, November. And actually, I don't recall if 351 00:20:34,480 --> 00:20:38,000 they, they have November or December meetings or else one 352 00:20:38,000 --> 00:20:39,760 bigger cut. So you can win this with three 353 00:20:39,760 --> 00:20:46,640 cuts of 25 or with A50 and 25. But I feel like we, we, we at 354 00:20:46,640 --> 00:20:48,680 one point we were much higher than three and then it, we went 355 00:20:48,680 --> 00:20:51,560 back to like one or two cuts and now it seems like 3 is back. 356 00:20:52,200 --> 00:20:55,200 Is that the consensus with, with what you're seeing as well? 357 00:20:55,200 --> 00:20:58,320 And, you know, any other reactions to, to, you know what 358 00:20:58,320 --> 00:21:13,340 three cuts might mean? I lost you there first. 359 00:21:13,340 --> 00:21:14,340 You see me now? Yeah. 360 00:21:14,660 --> 00:21:20,300 I, I got you. I think, I think they're three 361 00:21:20,860 --> 00:21:23,060 might be a little bit too far. I think we'll definitely get to, 362 00:21:23,060 --> 00:21:26,740 we will definitely get to the interest rates are really high. 363 00:21:27,340 --> 00:21:29,940 They're still really high, like 5 1/2 percent. 364 00:21:30,860 --> 00:21:37,260 That is with with inflation at at 2:00-ish, that's really high. 365 00:21:38,000 --> 00:21:41,640 And you've seen the Bank of England move to cut rates, the 366 00:21:41,640 --> 00:21:45,400 ECB's cut rates. So the other two big central 367 00:21:45,400 --> 00:21:48,960 banks have have cut rates. I think, I think it's 100% is 368 00:21:48,960 --> 00:21:51,840 happening in September. I think they're going to have to 369 00:21:51,840 --> 00:21:54,120 cut stock cutting rates pretty quickly, if I'm honest. 370 00:21:54,240 --> 00:21:56,920 I think, I think you're starting to see some weakness, 371 00:21:57,480 --> 00:22:02,120 particularly on the consumer side in the US And I think I 372 00:22:02,120 --> 00:22:04,280 think you're going to see quite a lot, quite a lot of rate cuts. 373 00:22:04,880 --> 00:22:07,560 That's why I thought. I watched the presser yesterday 374 00:22:07,560 --> 00:22:10,200 with Powell and I thought there are a few people asked the 375 00:22:10,200 --> 00:22:12,240 question the kind of the same way as if you think this is 376 00:22:12,240 --> 00:22:17,480 coming so much like why not just cut now, which I think was and 377 00:22:17,680 --> 00:22:19,640 he laid out his answer. He just he has to have another 378 00:22:19,640 --> 00:22:22,640 month of data and whatnot. But that was the question that 379 00:22:22,640 --> 00:22:25,920 was also in my mind. It feels so telegraphed at this 380 00:22:25,920 --> 00:22:27,400 point, like why wait another month? 381 00:22:27,400 --> 00:22:30,680 But that that's their choice. It does seem pretty much all but 382 00:22:30,680 --> 00:22:34,760 confirmed is coming in the next one on the Poly market fronts. 383 00:22:34,760 --> 00:22:37,520 They just closed out July. So just quickly I, I've been 384 00:22:37,520 --> 00:22:39,520 tweeting about this a decent amount, but if folks haven't 385 00:22:39,520 --> 00:22:43,280 seen this, they, their growth is parabolic and it's pretty hard 386 00:22:43,280 --> 00:22:45,920 to argue. So June was their record setting 387 00:22:45,920 --> 00:22:50,640 month at 111 million and they hit 380, seven, $387,000,000 in 388 00:22:50,640 --> 00:22:54,640 volume in July, which I would have thought a billion dollar a 389 00:22:54,640 --> 00:22:56,280 month pretty much out of the question. 390 00:22:56,280 --> 00:23:00,920 But now it's just a 3X maybe. I mean, if there's enough 391 00:23:00,920 --> 00:23:03,640 political turmoil. I mean this, this was also like 392 00:23:03,640 --> 00:23:06,480 one of those months that may just never be like recreated in 393 00:23:06,480 --> 00:23:09,800 history with everything that took place with with Biden 394 00:23:09,800 --> 00:23:13,480 dropping out of the race with multiple VP noms, candidate 395 00:23:13,480 --> 00:23:18,520 switches and all that. But like the growth looks pretty 396 00:23:18,520 --> 00:23:21,840 damn good and they've got, I think this. 397 00:23:22,240 --> 00:23:23,240 Is. Yeah, go ahead. 398 00:23:23,760 --> 00:23:26,360 Yeah, I think this is. An up only figure until the 399 00:23:26,360 --> 00:23:28,360 election. Then I think it's after the 400 00:23:28,360 --> 00:23:30,440 election they have to really worry about, you know, like 401 00:23:30,440 --> 00:23:34,240 what, what does this site even make sense really? 402 00:23:34,240 --> 00:23:37,480 And at this sort of scale after the election, what would people 403 00:23:37,480 --> 00:23:39,480 bet on? They may they may move towards 404 00:23:39,480 --> 00:23:43,360 sports, they've said, but I think you might have to have 405 00:23:43,360 --> 00:23:45,760 like licenses for some of the stuff that they're they're 406 00:23:45,760 --> 00:23:47,600 basically doing there. They probably they couldn't do 407 00:23:47,600 --> 00:23:50,400 it on certain things. I've been, I have been 408 00:23:50,640 --> 00:23:54,120 interested to see that they've gone after things like interest 409 00:23:54,120 --> 00:23:57,760 rates and stuff like that for, for gambling. 410 00:23:57,760 --> 00:24:03,040 There's, there's normally quite strong rules around betting on 411 00:24:03,080 --> 00:24:07,400 on, well, I guess securities, but I feel as though this is 412 00:24:07,880 --> 00:24:13,840 this could lead to people looking at at them in a, in a 413 00:24:13,840 --> 00:24:16,720 pretty strong lens. I feel like if they're if it was 414 00:24:16,720 --> 00:24:21,280 more about the news rather than rather than actual economic 415 00:24:21,280 --> 00:24:25,840 data, or maybe they can get around with it, like with my 416 00:24:25,840 --> 00:24:27,120 interest rates. I don't know. 417 00:24:28,200 --> 00:24:31,680 But the, the, the real thing, like the real thing for them is 418 00:24:31,680 --> 00:24:32,920 what what happens after the election? 419 00:24:33,120 --> 00:24:35,120 This site is going to crush it until the election. 420 00:24:35,200 --> 00:24:36,320 It's going to absolutely crush it. 421 00:24:36,800 --> 00:24:39,240 Imagine, imagine how much volume is going to go through on 422 00:24:39,240 --> 00:24:41,600 election night, because they'll probably bring up, they'll 423 00:24:41,600 --> 00:24:44,360 probably bring up all the states, You know, they yes. 424 00:24:44,920 --> 00:24:46,920 Nate Silver for. A reason right like he he 425 00:24:46,920 --> 00:24:51,720 famously predicted all 50 states I think in his model maybe the 426 00:24:51,720 --> 00:24:56,800 last two elections Oh definitely he's known for like getting a 427 00:24:56,840 --> 00:25:01,240 many of the battleground states right and that's how he does his 428 00:25:01,240 --> 00:25:05,600 prediction so I think yeah well let's see there's going to be 429 00:25:05,600 --> 00:25:09,080 insane volume that goes through this site yeah you're right 430 00:25:09,080 --> 00:25:10,640 we're. Already seeing so like a the 431 00:25:10,640 --> 00:25:15,480 Pennsylvania State election, there's already a top 20 market 432 00:25:15,480 --> 00:25:17,040 on here with over $1,000,000 bet. 433 00:25:17,080 --> 00:25:22,560 And I think the numbers have been big so far, but you've had 434 00:25:22,560 --> 00:25:24,240 to lock up the capital for a really long time. 435 00:25:24,240 --> 00:25:26,040 And I think that's been a part of the opportunity cost 436 00:25:26,040 --> 00:25:27,880 decision. Like even if you really liked 437 00:25:27,880 --> 00:25:30,160 one of these lines, like in the presidential election market, 438 00:25:30,160 --> 00:25:34,360 for instance, you're, you're still like, unless you're 439 00:25:34,360 --> 00:25:37,200 holding USDC, you're, you're likely going to have to convert 440 00:25:37,200 --> 00:25:41,360 from like ETH or something else. So you are potentially risking 441 00:25:41,360 --> 00:25:45,360 the, the return on those assets. And even from USDC, like you're 442 00:25:45,360 --> 00:25:48,160 locking up your election bet money for another full three 443 00:25:48,160 --> 00:25:51,640 months, which is a long time in the crypto space. 444 00:25:51,640 --> 00:25:55,640 But like once we get into October now, it's like, OK, I 445 00:25:55,640 --> 00:25:57,520 mean, I can lock this up for a month, right? 446 00:25:57,680 --> 00:25:59,920 For a bet that I've got a lot more conviction in. 447 00:26:00,920 --> 00:26:04,320 So it feels like that's going to be a a big month and the states 448 00:26:04,320 --> 00:26:06,680 I agree are going to get very interesting because by then 449 00:26:07,080 --> 00:26:10,360 we'll have the models. And we saw this yesterday. 450 00:26:10,360 --> 00:26:12,000 So I tweeted it like Nate Silver. 451 00:26:12,000 --> 00:26:14,320 So he updates his election model daily. 452 00:26:14,560 --> 00:26:17,120 He had a pretty big job in his model yesterday. 453 00:26:17,120 --> 00:26:22,720 He went down from 6139 Trump to 5642 and then Paulie market saw 454 00:26:22,720 --> 00:26:26,520 is basically aligned to his. So I I think if folks aren't 455 00:26:26,520 --> 00:26:28,320 following. So if you're in these markets 456 00:26:28,640 --> 00:26:31,320 and like, and you're actually playing these bets, spend 10 457 00:26:31,320 --> 00:26:33,720 bucks to sub to Silver's model because it's going to give you 458 00:26:33,720 --> 00:26:36,880 an edge. If, if, if Paulie Mark is just 459 00:26:36,880 --> 00:26:40,560 going to keep conforming to whatever his odds are on a on a 460 00:26:40,560 --> 00:26:42,560 daily basis. And this is a small sample size, 461 00:26:42,560 --> 00:26:43,600 but that's what happened yesterday. 462 00:26:45,280 --> 00:26:46,720 This is getting interesting now, isn't it? 463 00:26:46,720 --> 00:26:50,480 5543? This is going to be, I mean, 464 00:26:50,480 --> 00:26:53,440 it's going to be a fucking battleground X for the next few 465 00:26:53,440 --> 00:26:56,800 months, right? Like X is a battleground. 466 00:26:56,800 --> 00:27:00,800 Right now it's a joke. At the moment man, like me and 467 00:27:00,800 --> 00:27:02,440 me and Obie were talking about it yesterday. 468 00:27:02,440 --> 00:27:07,560 Like it's tough to be just on the timeline at the moment. 469 00:27:07,640 --> 00:27:12,880 Like all I, I log on and all I see is like politics and race 470 00:27:12,880 --> 00:27:16,960 basing as like half my fucking timeline every single day. 471 00:27:17,240 --> 00:27:19,440 Which which is tough because I think free speech is super 472 00:27:19,440 --> 00:27:22,360 important and I think whenever I'm looking for the actual truth 473 00:27:22,360 --> 00:27:25,080 about something, I'll come to X. Or if I'm looking for live 474 00:27:25,080 --> 00:27:28,160 breaking news, I'll come to X because you actually get the 475 00:27:28,160 --> 00:27:29,880 story. You get the truth around things 476 00:27:29,880 --> 00:27:36,040 actually much better. But this comes with a fat dollop 477 00:27:36,040 --> 00:27:39,760 of just, I just can't deal with it. 478 00:27:39,760 --> 00:27:41,280 You need to take it, take me away from it. 479 00:27:41,280 --> 00:27:46,040 Occasionally it's getting. Rough mine, Mine is the same and 480 00:27:46,040 --> 00:27:49,280 I only interact, you know, for the most part with like crypto 481 00:27:49,280 --> 00:27:53,640 and in NFT accounts and still my for you page is like 75% like 482 00:27:53,640 --> 00:27:57,760 politics and and just pure baiting and just vitriol. 483 00:27:57,760 --> 00:28:00,160 I think vitriol is the correct word for just like these are 484 00:28:00,160 --> 00:28:06,440 anger, angry posts from from folks on on both sides and it 485 00:28:06,440 --> 00:28:09,000 does not make for a a great experience. 486 00:28:09,000 --> 00:28:12,400 But I don't know. It's just it's weird because. 487 00:28:13,880 --> 00:28:15,840 I feel like you can't have one without the other. 488 00:28:16,240 --> 00:28:20,240 That's what I've come to realize is that you to have to allow 489 00:28:20,280 --> 00:28:22,960 people to say what they they like. 490 00:28:23,240 --> 00:28:26,920 Then it's yeah, you, you, you get the truth around things. 491 00:28:26,920 --> 00:28:31,920 But you also just get like you get click baity stuff, which 492 00:28:32,160 --> 00:28:35,720 often leads to like race baiting or like in a sensationalism and 493 00:28:35,720 --> 00:28:39,360 all this sort of stuff. And I think that that's become 494 00:28:39,360 --> 00:28:41,800 so much around X at the moment. It is. 495 00:28:42,160 --> 00:28:43,640 But like you said, I'm, I'm on there. 496 00:28:43,640 --> 00:28:45,320 I follow like crypto Twitter accounts. 497 00:28:45,400 --> 00:28:49,560 But what why is why is this constantly on my feet? 498 00:28:49,560 --> 00:28:53,760 It's kind of it's kind of crazy. But yeah, that's, that's just 499 00:28:53,960 --> 00:28:55,560 the way it goes. It's just weird to me because I 500 00:28:55,560 --> 00:29:00,080 feel as though if people said half the stuff that they said on 501 00:29:00,080 --> 00:29:03,920 X in on the street, they get arrested. 502 00:29:04,320 --> 00:29:08,720 Like it's it's kind of gone beyond free speech in my 503 00:29:08,720 --> 00:29:10,800 opinion. I'll be, I don't, I don't know 504 00:29:10,800 --> 00:29:14,640 where that ends. But like there are even in the 505 00:29:14,640 --> 00:29:19,560 freest of countries, you know, like the US, the UKI would say a 506 00:29:19,560 --> 00:29:22,120 lot of Europe. I mean, people might say they're 507 00:29:22,120 --> 00:29:26,200 not 100% free, but on a spectrum of, of being allowed to do 508 00:29:26,200 --> 00:29:29,240 things, they still would've been the stuff that people say on X. 509 00:29:29,240 --> 00:29:33,280 It's just it's just crazy. Like it is people just they just 510 00:29:33,280 --> 00:29:37,360 spew hatred all the time. I feel like at the moment, yeah, 511 00:29:37,360 --> 00:29:38,800 it was just that. He's gone on holiday. 512 00:29:40,560 --> 00:29:41,360 Yeah. Smart. 513 00:29:42,480 --> 00:29:44,040 It feels like we've we've gone a little bit too far. 514 00:29:44,040 --> 00:29:46,520 Maybe we're reaching an inflection point where things 515 00:29:46,520 --> 00:29:49,040 will just boil over and perhaps we'll come back to a little bit 516 00:29:49,040 --> 00:29:51,880 more normal. I didn't think I think Elon has 517 00:29:51,880 --> 00:29:56,200 to be a little careful. So I he he banned one of the 518 00:29:56,200 --> 00:29:59,320 like, you know, white guys for Kamala Twitter accounts 519 00:29:59,360 --> 00:30:02,200 yesterday. And they're like, X is either 520 00:30:02,200 --> 00:30:06,920 going to be the town hall and or it's going to be right leaning. 521 00:30:07,200 --> 00:30:10,120 And if he wants to, if he bought to make it right leaning to, to 522 00:30:10,120 --> 00:30:12,960 align with his political views, now that's fine. 523 00:30:12,960 --> 00:30:14,800 And you can make strong arguments that other media, 524 00:30:14,800 --> 00:30:17,560 social media platforms are left-leaning and this bounces 525 00:30:17,560 --> 00:30:20,640 out. But once you cross that line, 526 00:30:20,640 --> 00:30:23,280 it's kind of hard to cross it. So he's got to be why? 527 00:30:23,440 --> 00:30:24,400 Why did he? Do that. 528 00:30:25,280 --> 00:30:27,400 I haven't seen the. Rationale I just saw the post 529 00:30:27,400 --> 00:30:29,440 that he had he had taken it down. 530 00:30:29,600 --> 00:30:31,480 So I don't know. I I don't want to spend too much 531 00:30:31,480 --> 00:30:35,760 time on it without Yeah. But I agree with you, your 532 00:30:35,760 --> 00:30:37,120 sentiment. He is, he's obviously come out 533 00:30:37,120 --> 00:30:42,160 very pro the right into this election, right? 534 00:30:42,560 --> 00:30:45,920 And for his own reasons. But that does seem like he's 535 00:30:45,920 --> 00:30:50,280 always going to be challenged. Now as a someone who runs this 536 00:30:50,640 --> 00:30:53,440 like he has a political virus. He says he has a physical virus. 537 00:30:53,600 --> 00:30:58,720 So for him to then be a proponent of free speech is, I 538 00:30:58,720 --> 00:31:01,800 guess you can be both, but you're always going to be liable 539 00:31:01,800 --> 00:31:03,800 to be attacked for that. Yeah, for sure. 540 00:31:04,440 --> 00:31:06,000 Especially for. Folks, if they think they're 541 00:31:06,000 --> 00:31:10,120 being fed more right wing info, even if that's true or not. 542 00:31:10,120 --> 00:31:13,480 Yeah, but we've we've gone around the horn on this. 543 00:31:13,480 --> 00:31:16,840 Maybe just a quick couple NFT headlines, a little lighter note 544 00:31:16,840 --> 00:31:18,320 to end things. So we saw doodles. 545 00:31:18,320 --> 00:31:21,040 They've got a collab coming with drink Arizona, say Arizona TA 546 00:31:22,040 --> 00:31:24,640 pretty major. Well, partnership with them. 547 00:31:24,640 --> 00:31:26,040 And then did you follow the Machi? 548 00:31:26,320 --> 00:31:31,600 You know, as a former board ape, I did this was a wild one. 549 00:31:31,600 --> 00:31:35,760 Let me try to get my my screen back up here one second. 550 00:31:35,880 --> 00:31:39,400 But he effectively I mean he it was branded as a a meme coin. 551 00:31:39,400 --> 00:31:41,240 I'm not really sure that that's what it is. 552 00:31:41,240 --> 00:31:44,800 So he's saying for too long apes have desired to play in the meme 553 00:31:44,800 --> 00:31:46,160 coin. Swamps couldn't do it. 554 00:31:46,640 --> 00:31:50,920 Now you can with with help from APE by introducing BAYC coin 555 00:31:51,480 --> 00:31:57,120 ticker BAYCA new meme coin only backed by Borde B out club NFTS 556 00:31:57,720 --> 00:31:59,840 for each ape, you can go to their site and it's 100 million 557 00:31:59,840 --> 00:32:02,960 of this token for each more ape that you send in. 558 00:32:02,960 --> 00:32:05,720 So I don't know, maybe I misunderstood this, but this 559 00:32:05,720 --> 00:32:08,280 feels like foreign protocol. Like I guess what, how is this 560 00:32:08,280 --> 00:32:11,000 different than like what foreign protocol already did, where like 561 00:32:11,000 --> 00:32:15,400 you turn in an ape, you get, you know, X amount of coins for it. 562 00:32:16,120 --> 00:32:20,800 And then if you want, I think it, yeah, I think it's the same. 563 00:32:21,560 --> 00:32:23,080 I think it's, I think it's basically the same. 564 00:32:23,280 --> 00:32:24,520 And that's what these traders did. 565 00:32:24,520 --> 00:32:27,880 They realized that there was an EAP pool, basically an implied 566 00:32:27,880 --> 00:32:32,280 valuation for this given the Ethan the pool and they came in 567 00:32:32,280 --> 00:32:36,480 and basically made it so it was parry to what the evaluation 568 00:32:36,520 --> 00:32:39,120 was. I had you. 569 00:32:39,120 --> 00:32:44,400 Know matchy does so many random things like honestly, he does so 570 00:32:44,400 --> 00:32:50,120 many random things so I I I know he's he has his own like ape ape 571 00:32:50,120 --> 00:32:54,680 finance, I think was the name of the if I think he did and he was 572 00:32:54,680 --> 00:32:59,240 obviously involved in in. You know he's been involved in. 573 00:32:59,240 --> 00:33:01,000 Various different protocols along the way. 574 00:33:01,000 --> 00:33:04,400 So maybe he thinks is a good idea. 575 00:33:04,400 --> 00:33:07,280 I, I just, I want to say I, I have no idea, but it does feel 576 00:33:07,280 --> 00:33:09,080 as though, I mean, look at that chart. 577 00:33:09,080 --> 00:33:10,880 That's the chart of the of the coin, right? 578 00:33:10,880 --> 00:33:12,440 It must be. It is. 579 00:33:12,480 --> 00:33:14,920 So like Sirius was the one who who pointed this out, but 580 00:33:14,920 --> 00:33:19,000 apparently there was just this insane arbitrage Where folks, as 581 00:33:19,000 --> 00:33:21,360 soon as he launched this, folks were, were buying their floor 582 00:33:21,360 --> 00:33:27,040 apes for 9 ETH and then they were selling them for 304055 ETH 583 00:33:27,040 --> 00:33:30,840 worth of of the token and then effectively selling those. 584 00:33:30,840 --> 00:33:33,240 And that's how you, that's how you get a chart that looks like 585 00:33:33,240 --> 00:33:36,440 this. So I guess I don't, I don't 586 00:33:36,440 --> 00:33:40,640 understand the mechanics of how that how that happens. 587 00:33:41,360 --> 00:33:42,600 I don't think better than anyone really. 588 00:33:42,640 --> 00:33:46,760 Does. Who knows? 589 00:33:46,840 --> 00:33:52,640 That's a hell of a trade. Maybe it was matchy, you know, 590 00:33:52,640 --> 00:33:59,880 who knows? He's got like. 35% of the 591 00:33:59,880 --> 00:34:04,800 friend, the friend Tech LP I don't. 592 00:34:04,800 --> 00:34:08,000 Know how he trades? Like unless he was a bit, he was 593 00:34:08,000 --> 00:34:10,360 buying blast on the day that it came out and they just dumped it 594 00:34:10,360 --> 00:34:11,719 all. He has this thing where he like 595 00:34:11,920 --> 00:34:17,120 draws a line in the sand on some token and then it lasts for like 596 00:34:17,120 --> 00:34:18,840 a month and then he just dumps it all. 597 00:34:18,920 --> 00:34:22,199 It was the same with blah, same with blah, same with friend. 598 00:34:22,840 --> 00:34:27,639 It's always like weird NFT style coins that he he like, tries to 599 00:34:27,840 --> 00:34:30,800 corner seemingly and then just kind of like peeks out of them 600 00:34:30,800 --> 00:34:32,440 for a massive loss. It's like, it's like rinse, 601 00:34:32,440 --> 00:34:34,440 repeat for this stuff. I don't really get it. 602 00:34:35,440 --> 00:34:36,560 Yeah. I don't get it either. 603 00:34:36,560 --> 00:34:39,280 All funded by the pre sale and he launched a few months back so 604 00:34:39,280 --> 00:34:41,000 maybe look out for the for the next one. 605 00:34:41,000 --> 00:34:43,120 He might be, probably. He might. 606 00:34:43,120 --> 00:34:45,920 Need it here. Well, I think that's the 607 00:34:45,920 --> 00:34:49,960 majority we saw the Tether news and not not super exciting. 608 00:34:49,960 --> 00:34:52,239 Well perhaps tradable I guess just quickly on it. 609 00:34:52,239 --> 00:34:55,719 So Tether reported their quarterly earnings. 610 00:34:55,719 --> 00:34:59,640 They've got 5.2 billion in profits for the first half of 611 00:34:59,640 --> 00:35:01,800 2024. They're holding. 612 00:35:03,680 --> 00:35:05,880 Let me see, they've got 4. Point 7 billion in Bitcoin, 613 00:35:05,880 --> 00:35:08,040 they've got 98 billion in in U.S. 614 00:35:08,040 --> 00:35:12,160 Treasuries, U.S. debt holdings, which which outpaces like 615 00:35:12,160 --> 00:35:14,840 leading nation states, like they've got more than Germany 616 00:35:14,840 --> 00:35:18,120 has. So like staggering figures. 617 00:35:18,120 --> 00:35:21,320 I think what makes it interesting, I guess is like 618 00:35:21,320 --> 00:35:25,480 circles looking to IPO soon. So you know, one of their 619 00:35:25,480 --> 00:35:30,200 competitors, as I understand it, circle rumoured at a $5 billion 620 00:35:30,200 --> 00:35:32,760 valuation. So I feel like for those who you 621 00:35:32,760 --> 00:35:36,720 know, have seen the numbers tethers putting up, interesting 622 00:35:36,720 --> 00:35:40,280 to to see, you know, a potential, you know, made out, 623 00:35:40,320 --> 00:35:42,800 made a play there. So Tether 5 billion. 624 00:35:42,800 --> 00:35:44,760 Tether is a company. Yeah, go ahead. 625 00:35:45,360 --> 00:35:49,680 This in one year. 1/2 a year tether theoretically could be 626 00:35:49,680 --> 00:35:52,360 worth like over 100 billion very easily. 627 00:35:52,640 --> 00:35:56,760 You know it's making net profit annualized at over 10 billion, 628 00:35:57,040 --> 00:36:00,520 like 1111 billion right there. You would normally value a 629 00:36:00,520 --> 00:36:04,960 company like this. I mean bank banks are often 630 00:36:05,040 --> 00:36:06,440 valued slightly differently, but. 631 00:36:07,960 --> 00:36:12,000 You could, theoretically. Value this like easily 10 * 10 632 00:36:12,000 --> 00:36:16,640 times net earnings, right? I don't know what the what is 633 00:36:16,640 --> 00:36:26,400 the PE ratio for banking stocks average but 13.5 Well, so yeah, 634 00:36:26,400 --> 00:36:30,840 you mean this is 125 billion? Yeah, this is probably 100. 635 00:36:30,840 --> 00:36:33,480 Billion dollar company, 11.25 actually. 636 00:36:33,480 --> 00:36:39,760 So yeah, like I think easily they've crushed it. 637 00:36:39,840 --> 00:36:42,080 The business is insane running a stable coin. 638 00:36:42,280 --> 00:36:44,440 It's absolutely an insane business. 639 00:36:44,440 --> 00:36:47,600 So it was actually interesting. Another company Elixir, I don't 640 00:36:47,600 --> 00:36:51,360 know if you've seen that they'll always say a competitor to the 641 00:36:52,000 --> 00:36:56,720 the Athena coin and that's sort of massive increase in in in 642 00:36:56,720 --> 00:37:01,560 TVLI think in just in just the first few days, this idea of, 643 00:37:01,560 --> 00:37:05,160 you know, you you can short the the futures against owning the 644 00:37:05,160 --> 00:37:09,520 spot and then you get kind of synthetic dollar on the back of 645 00:37:09,520 --> 00:37:13,920 it. So tethers business model, it's 646 00:37:13,920 --> 00:37:15,760 everywhere. There's no way they can IPI 647 00:37:15,760 --> 00:37:18,320 don't know who the Hell's going to allow Tether to IPO. 648 00:37:20,600 --> 00:37:22,360 But theoretically. They've got an incredibly 649 00:37:22,360 --> 00:37:25,800 valuable company, yes. And it raises the question, so 650 00:37:25,800 --> 00:37:30,000 they've got 114 billion market cap, the USDT rather has that 651 00:37:30,000 --> 00:37:33,080 114 billion, USDC has 33 billion. 652 00:37:33,080 --> 00:37:35,480 So we'll we'll call it, you know, 30%. 653 00:37:37,320 --> 00:37:45,480 So do they have do they have $30 billion upside if they you know, 654 00:37:45,480 --> 00:37:49,720 look to integrate more tethers model or that I actually don't 655 00:37:49,720 --> 00:37:52,880 know that how it how circle operates if they operate in the 656 00:37:52,880 --> 00:37:55,880 same fashion as Tether, if they do the same withholdings and 657 00:37:56,640 --> 00:37:58,840 U.S. Treasuries or not not sure if 658 00:37:58,840 --> 00:38:01,800 you've I think they just. They just own, I think they just 659 00:38:01,800 --> 00:38:07,080 own treasuries. So and I'm not sure if it's only 660 00:38:07,080 --> 00:38:09,680 treasuries or they have to have just cash in hand as well. 661 00:38:11,600 --> 00:38:15,040 Whereas tethers mix is is a little bit more mixed. 662 00:38:15,080 --> 00:38:19,320 Let's say it's it's got some Bitcoin, they've got some 663 00:38:20,520 --> 00:38:24,800 commercial loans, but the vast majority is U.S. 664 00:38:24,800 --> 00:38:28,720 Treasuries for sure. But you know, Tether seemingly 665 00:38:28,720 --> 00:38:31,120 might not be possible. I mean, I don't think they've 666 00:38:31,120 --> 00:38:34,560 got a license under the under the Mika rules yet, right. 667 00:38:34,560 --> 00:38:37,880 So there's a lot of talk about Tether not really being 668 00:38:37,880 --> 00:38:41,600 available to trade in the in Europe. 669 00:38:42,120 --> 00:38:44,920 And obviously there's there's a lot of questions about it in the 670 00:38:45,160 --> 00:38:47,120 US. My honest view is that Ted is 671 00:38:47,120 --> 00:38:51,440 going to probably dominate the the back door trade of dollars 672 00:38:51,440 --> 00:38:55,520 going forward. I think, I think it's, it's 673 00:38:55,520 --> 00:38:59,560 probably going to be more on the illicit side than than other 674 00:38:59,880 --> 00:39:01,640 stable points. Yeah. 675 00:39:01,840 --> 00:39:05,720 And we'll see if more if the their competitors who comply are 676 00:39:05,720 --> 00:39:09,040 able to to reach that size likely a more of an uphill 677 00:39:09,040 --> 00:39:11,800 battle. Well, we were on the horn. 678 00:39:11,800 --> 00:39:14,240 I think some some good chat here this morning. 679 00:39:14,240 --> 00:39:17,360 A little bit of a slower day, but still some good 680 00:39:17,440 --> 00:39:19,680 conversation. Anything else on your list here 681 00:39:19,920 --> 00:39:22,600 this morning? No, no, you're going to CTO are. 682 00:39:22,600 --> 00:39:24,320 You going to CTO a coin? Are we going to see? 683 00:39:24,320 --> 00:39:27,000 Are we going to see? Yeah, everyone look out. 684 00:39:27,000 --> 00:39:29,720 For Frank space tonight, I'm jumping in as a special guest. 685 00:39:29,720 --> 00:39:33,280 We're going to CTO a new coin, a new coin together. 686 00:39:33,280 --> 00:39:35,960 So look out for that one. That that's a joke, folks. 687 00:39:35,960 --> 00:39:40,160 I am usually asleep by 9:30 PM, so I missed the demon at most 688 00:39:40,160 --> 00:39:44,200 where all the where all the fun happens in the meme streets. 689 00:39:44,880 --> 00:39:48,040 And then I just see that the bloody aftermath or usually it's 690 00:39:48,040 --> 00:39:50,480 actually usually pretty good when I wake up around 5:30 and 691 00:39:50,480 --> 00:39:52,960 then it it starts dumping when everyone else wakes up. 692 00:39:53,760 --> 00:39:56,200 Rather, it's tough to run a. Coin, I'm telling you that it's 693 00:39:56,320 --> 00:39:57,520 not easy. I do not. 694 00:39:57,520 --> 00:40:01,680 Indeed I do not indeed that job. It feels very difficult, 695 00:40:02,800 --> 00:40:05,720 especially on on the red days, but hopefully some green greener 696 00:40:05,720 --> 00:40:08,480 pastures are in front of us. May I know this has been great 697 00:40:08,480 --> 00:40:10,200 folks. Everyone thank you for tuning 698 00:40:10,200 --> 00:40:11,720 in. We will catch you tomorrow. 699 00:40:11,720 --> 00:40:14,840 Froak is back, should be a fun Oh robot spins are back as well. 700 00:40:14,840 --> 00:40:18,120 Should be a fun Friday show. Catch us tomorrow live at 10:00 701 00:40:18,120 --> 00:40:19,480 AM Eastern. Until then, have a great day.