Good morning. Good morning, everyone.
GMGM, welcome to another episode of Omo Hour.
Today it's Thursday, March 6th, Point Point.
Hi, folks. Some of this shining here in
Chicago. We're feeling good.
We're warming up, spring around the corner, crypto markets
warming up as well, perhaps ahead of tomorrow's big crypto
summit outperforming stocks. But the question on everyone's
mind is tomorrow's sell the news or the beginning of the true
crypto golden bull run. We're gonna break it all down on
today's show. No faroke.
He is landing in DC right now. Gonna rub elbows with all the
crypto bigwigs here today and tomorrow.
But we've got Mando on Logan on this.
Mando GM, how you doing? I'm doing great man.
How you? How you been?
Very good. Every day we wake up and and
there's green candles on. I'm always in a good mood and
we're still still looking good here today.
Logan, happy to have you on with us.
GM how you doing? Hey, good morning Tyler.
Doing well, A little chilly here, but otherwise can't
complain. Like a lot of news in like more
of the the Web 3 sector, so I know you've been busy writing
about it. Yeah, not major stuff, you know,
that stuff to get like overly excited about, but enough,
enough to have some conversations, yeah.
Exactly. So we'll get into that probably
more closer to the second-half of the show.
But folks, what are we talking about on today's show?
We'll start with Mando's market report.
Crypto outperforming stocks here this mornings, majors are up a
few percent here. Sachs is coming out maybe
telegraphing what this crypto reserve is actually going to be,
you know? Exactly.
Yes, although we don't want to hear it, we're not going to
believe it until we actually hear it.
Coinbase is tokenizing stocks. Does that matter?
Why does it matter? We've got a new partnership with
World Liberty Financial and Sui. Kevin Rose bringing back Dick
and man do people hate that. Online Robin Hood partnering
with trivia HQ punks catching some love.
Huge day of punk sales yesterday and meme coin.
Meme coin latest. We'll go around a little bit on
the horn there and then 90CC partnering with MasterCard.
So there's a decent number of topics on the list for today.
Before we dive in, shout out to our partner starting with
Galaxis. Galaxis is a Web 3 platform
empowering creators and brands to build unstoppable communities
with full ownership and independence, trusted by icons
like Donald Trump, Steve Aoki, Mike Tyson and the NBA, shaping
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app, you've seen wallet Connect that blue logo, it's everywhere.
An icon of trust in crypto as recognizable as Visa at
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follow at Wallet Connect on X and Telegram to stay ahead of
what's next. We love our partners.
Shout out to them as always. Mando, if you're ready, let's
get into it. Who is the main macro daddy of
the land? Can you dig it?
GM, everyone. So yeah, we've had it.
Still feels like a macro dominated market though.
Interestingly, you know, I said yesterday we went out of the
woods in terms of macro stocks have opened down 3%.
Bitcoin's barely moved. In fact, it's held above 90K,
which I think is a pretty noticeable sign.
It's actually going to turn positive, even looks like I'm on
the 24 hour here. So I think that's something to
feel pretty bullish about if I'm honest.
I think we can, we can feel pretty good about that kind of
across the board. This is obviously going into
tomorrow's conference, which I think a lot of people, you know,
I've got some pretty lofty expectations about what's going
to come out of it. I think I don't know if
tomorrow's going to be a Selva news event, but it feels like
today people are willing to to gamble a little bit.
So yeah, we've we've definitely we're definitely looking a
little bit better here. Feels like feels like majors are
actually bouncing as we speak. Solana going back towards 150
area, Bitcoin going to 91 K area and some more risky bits of the
market also moving like far coin is back up to 350,000,000, which
I think is fairly interesting, although the rest of that sector
isn't necessarily trading that well.
And yeah, just just a generally more risk one sentiment.
Interestingly, it is more define L ones than memes.
That's what I've noticed. Like people are are far more
interested in buying those right now.
That feels to me like a medium term trend, if I'm honest.
I don't know if you guys would agree, but it's like I think
people are interested in are not interested that interested in in
the really risky stuff at the moment yet.
I think we'll take a Bitcoin all time high for that to happen.
But they are they're definitely getting more interested in the
in the in altcoins L ones, that sort of stuff, which is fine.
Like Bitcoin's been moving 10% a day.
Like it's OK just to like have your risk in Solana and trade
that around. And yeah, but we've seen some
decent, decent bounces here kind of across the board macro today.
Like it feels as though it's selling off because of these
tariffs. Just general risk off sentiment
across the board for for macro. We've also had a bit of a bond
sell off. That's something I think
probably pay attention to a little bit here.
After Europe announced it's big spending package and the idea
it's going to spend all this money on arms, you've seen bond
yields go up very, very high. This sounds very, very boring,
but but at the same time, like when bond yields go go really
high, often that's because of how indebted these countries
are. That can lead to like currency
crisis. So people are saying that, you
know, Europe basically doesn't have the money to pay for this
and the bond market's saying that as well.
So you you're seeing like multi decade highs and things like the
German, well, not multi decade, but but like they are going a
lot, lot higher. UK yields, German yields,
Japanese yields are hitting multi decade highs to be fair.
And that that can be nothing. It also can be a bit of a worry.
So I don't think we're like completely out of the woods.
If we have a currency crisis and one of these major economies,
then I think people would freak out.
And that's kind of I think what stocks are maybe half doing
here. But yeah, maybe I'll, I'll just
stay on top of it during each show and I'll let you know if it
anything's breaking right now. But yeah, people are a little
bit worried about about Europe here and its ability to fund a
war essentially. Yeah.
I don't really know what else in terms of crypto, right?
Like it's just been we're now just all waiting for this new,
this new conference tomorrow and who's who's invited, who's not
like who's going from EV. Like Ondo was up massive
yesterday because they got an invite.
Sui's up today because it partnered with World Liberty
Financial. It still feels slightly crony,
crony like the market. Do you know what I mean?
Like if you if, if you're in the know you're going to win, you're
going to win. If not, then then you're kind of
screwed and the market's kind of telling you that because it just
like goes up and down, up and down.
And clearly some people with insider information are, are
making money from each each kind of move.
There was some positive news, particularly for ETH yesterday.
We saw the first company announced it's going to have an
ETH treasury, this bio Nexus company.
We've generally seen Bitcoin treasuries.
So it was interesting to see a, a ETH 1.
And I think a lot of ETH people were maybe taken aback by that,
like even the most bullish ETH people I don't think were
expecting. That, Yeah.
Have you seen the chart? Yeah, some people are not
expecting that to happen. But but that, that is also kind
of underpinning I think the the relative strength here is that
like people are people still feel that Bitcoin could be
bullish here in terms of adoption versus a lot of other
things. So yeah, good, good, good market
for Bitcoin and that's maybe driving interest in some of the
other stuff. In general, it feels like people
prefer L ones to gamble on more than anything.
And we have a few more states as well getting a little bit
closer. So like New Hampshire, which
it's going to get a little bit closer, obviously Texas.
And oh, and the other big one was was Coinbase.
Coinbase is going to offer tokenized coin, which I think,
you know, that could really drive demand.
That's what we've been hoping for a long, long time.
Some sort of rules around tokenization of stocks
essentially allows these exchanges to start trading way
more assets. And that maybe underpins the,
the, the L1 bullish, less bullish meme culture stuff
that's happening right now. And people are now starting to
look through and seeing that we could have a ton different
sorts, sorts of assets you could trade on chain.
Yeah, that was huge news and and I want to get into that here in
a bit. I think the other piece, maybe
we would start with predictions for tomorrow.
The the summit. You kind of went there a little
bit, Mando, I think the perhaps news, soft news, a tease, a
Telegraph from David Sacks here this morning as he came out and
mentioned how the the US government has sold off
basically 200,000 Bitcoin. Had they held it, it'd be worth
17 billion. And this is the cost taxpayers
have paid for them not having a long term strategy.
You could interpret this as a sign that the AUS strategic
reserve is is just going to hold any Bitcoin the the US
government gets versus bias. So is that your read on this?
And then if that is the case tomorrow, are we just going to
candle back to 82 Ki? Don't know what people are
expecting. I, I, I think they're probably
expecting more than that, but that's what I think.
That's the, like, he cannot say that they're going to buy
Bitcoin just like, just get that out of your head.
Like, like he would have to go through Congress in the Senate.
So we can't just say, Hey, we're going to buy Bitcoin tomorrow.
Just, it cannot happen. So, and it's the same with the
tax stuff, but they can say they might propose it, but then it
goes, I don't even know if that would be taken positively
because like people will realize it probably won't go through
either house to, to, to do that because are you going to spend
taxpayer money to do it? Maybe.
But I think that would be very, very tough to, to buy Bitcoin
with taxpayer money. And I think second, second thing
is are you going to sell gold to do it?
And I think a lot of people will be like, no, we're not going to
sell gold to buy Bitcoin in Congress and the Senate.
So I, I think it's going to be very difficult to do that.
I continue to think that that this could be more than getting
involved in mining, which they can do, than getting involved in
the IT, it in the in the buying. That would be interesting.
I'm trying to find this quote. Someone yesterday was saying
they still think that this is going to be the US is is going
to go big on Bitcoin. But I can't find the quote.
But they could come out and say a plan is going to include
purchasing. And of course it doesn't mean
it's going to get start tomorrow.
And I totally agree, like there it's going to face a whole lot
of challenges. My personal read is if if they
say if that's not a part of the plan and if it's simply we're
going to hold the assets we have that I do think we'll sell off
on that because then it raises the question of where how would
they actually go further than that?
If you know, if this is where they're starting at, is this
where really where it's it's going to end?
I think that the mining piece is is interesting.
If they come out with more surprises, perhaps I think that
that would be a new twist which which might impact prices.
Logan, curious for your thoughts.
What do? You think I'm I'm struggling to
see how we match the expectations or how anything
that would come from tomorrow would match the expectations
created by crypto Twitter and you know crypto currency
speculators. I'm with Mando.
I mean, I don't think they can come out excuse me, I don't
think they're going to come out and say some grand really
explicit transparent plan about this is what we're going to do
XYZ. It's just not going to happen.
And even if there is a slight, you know, positive slant to
whatever is said, I mean, it's going to be drawn out.
The execution of such is going to be drawn out probably so long
that any positive little tailwind just gets swept up into
the next day's headlines, right? Like, I, I just don't think I'm,
I'm not suggesting that tomorrow and having all these people in
the same room is a bad thing. I, I certainly don't think
that's the case. I just don't expect that
whatever comes from it is going to be positive enough to like
send us to like, I don't know, what are we at 91?
I don't like, I don't see us going like 91 to 100K tomorrow
on something that comes from the summit.
Sad. But yeah, I know it is sad,
right? Like I, I want prices to go up
too, but I'm trying to be a realist here.
And this feels like, and maybe maybe that's a little consensus,
maybe not, I don't know. But I, I just don't see
something happening on the mining front.
I was actually, I was scrolling the decrypt feed, I noticed
there was an article about the US releasing the seized Bitcoin
mining hardware from, I don't know, must have been what Silk
Road or before or something. I don't know.
I'd have to read the article I didn't do, but yeah.
But that that's just an interesting note that goes to
that they might purchase new hardware if they wanted to.
There's a huge number of Bitcoin, you know, Bitcoin
miners in the, in the states, like huge, particularly in Texas
and, and other and other states. And look, there's lots of
countries, a lot more countries are getting involved in, in
Bitcoin mining than they are in Bitcoin buying, right, Bitcoin
mining. There's a number of countries in
the Gulf. There's Bhutan, there's Belarus,
there's, there's, there's like there's quite a few.
Anyone who has cheap electricity looks at this sort of stuff and
I, I just think that that would be the most obvious play like
some sort of like we'll give you a subsidy or you pay your taxes
in Bitcoin to these miners or, you know, like that that's how
they get the strategic petroleum reserve, for example, right?
Like it's, I think you've got to consider how the, the US just I
don't think it needs to to buy like I think it.
I mean, I guess in this point is that like in this scenario where
they're mining, you're, you're saying they mine and accumulate.
Yeah, they're not just mining to sell on the open market now.
They'll do a big deal with someone like Marathon, Marathon
or one of these other big US miners and be like, hey, yeah,
we'll we'll do a deal. We'll subsidise.
We'll, we'll do, we'll have a Co mining facility here invest and
you'll get tons of jobs or something like that.
Right then, then they get their Bitcoin.
It becomes part of the cheap reserve and they they're not
buying it through Coinbase. I just, the more and more you
run through how they could possibly buy it, it becomes more
difficult for me. Like I do think the sovereign
wealth fund has a shot, but then you still have to ask how the
sovereign wealth fund is funded itself.
Like money just doesn't come out of anywhere, right?
So the sovereign wealth fund for it to be funded, it would also
have to sell assets. Now, what does the US have it
it, it has real estate and it has gold and it has a couple of
other like other important resources.
So it I have to sell some of those to get to get to fund
this. Or you could say he's going to
fund it with with, with, with with tariffs.
But the tariffs figure, I mean, I just don't think I don't think
they're going to raise that much from those enough like the
tariffs is already kind of for the budget, right?
Like you can't tariffs can't be for everything.
So the amount of money that that would go to balancing the budget
versus sovereign wealth fund, I think would be quite small.
So maybe they would issue bonds, like maybe they'd issue like
gold backed bonds and buy Bitcoin with that.
I don't know, like that like some, some, some sovereign
wealth funds, like Norway does that.
Norway like has a sovereign wealth fund which issues debt
and, but, but majority of them are funded elsewhere.
Like the, the, the, the, the gulf ones are all, you know,
because they sell oil and, and gas and, and then they fund them
that way. But the, the US would basically
have to start selling some of their resources to do this.
And I just, I just don't know how that, how that conversation
happens. I, I, I, I just don't think
there's a world where the, the US sells gold to buy Bitcoin.
I just think you'd think it would be very difficult.
It's a tricky move. I think the money makes the most
sense. I think there's, there's also
been an argument like one of the concerns for Bitcoin on a 2030
year time horizon is eventually it will become the incentives
will drop as the rewards fall and that private companies may
not want to do it anymore. And then you lose security of
the network. And then but what it makes sense
for a government, government sees to step in and and take
that on as more of a utility service.
That's a good point actually. So it's, I mean, someone's in
the corner is being saying, how did crypto become we need the
government to buy our coins? Like what am I missing?
That was this was all about to begin with?
I do think it'd be pretty fucking hilarious if the US
government starts starts mining Bitcoin and becomes the reason
why Bitcoin survives in a no fee world.
Like how perverse versus the original incentives do we want
to get here? Like.
Sure. But yes, it would be probably
beneficial for the long term future of Bitcoin if if there
were nonprofit orientated orientated people validating
nodes. Yeah.
And I mean to to address the comments, I think Bitcoin can
certainly survive with the US buying.
We're just talking about near term price action, right?
And everyone levering up to to the tits ahead of this White
House summit tomorrow, thinking we're going to get some
blockbuster announcement. I think it's there's going to be
news on the reserve. I think there's got to be
something else too. Like it's got to be more than
just this. Maybe it's a sovereign wealth
fund announcement. We just saw the headline from
from Bloomberg that looks like this Morgan Stanley banker
Michael Grimes is, is going to be tapped to lead this.
I don't know a ton about him. I did a little bit of research.
Seems like he he's, he did some crypto dealing back with Elon in
the FTX days, but I didn't really get much further than
that. So I'm not I don't have a huge
read on him personally. So we'll see.
And then if there's any wild card announcements we've talked
about that, I'm sure we'll talk about again more on tomorrow's
show. I do want to talk about this
Coinbase story. This is a big one and the the
news here is Coinbase pushing forward once again.
On tokenizing equities, actually tokenizing securities and stocks
and bringing them on chain, their CFO reminded folks like,
hey, like Coinbase tried this back in 2020 and basically just
got rejected. But now under a more crypto
friendly administration, they feel like they've got more of a
shot to actually push this through.
And as a part of this, they want to start with with Coinbase
stock. So coin will be that the first
tokenized stock they want to bring on chain here.
So there's a lot to unpack. I guess, Logan, I'm curious if
if you saw this story, any initial reaction slash like is
this something that you would personally want be interested
in? Like would would you trade
tokenized stocks on chain? Yeah, it's interesting.
I, I did see the story. I read this from the block and I
saw maybe Armstrong's tweets about this as well.
Would I trade stocks on chain? I'm to be honest, like I don't
have a real strong incentive to, I don't think to be trading
stocks on chain. I'm not a super active trader
anyway. So I'm not necessarily perhaps
the the target demographic for a, for something like that, you
know, that type of product anyway.
But I totally understand the bullishness behind getting more
money on chain, right, to to be able to do more things on chain.
I'm I'm all for all, you know, things like that.
So I do think it makes sense. It's something that right what
FTX Luna, like all those projects back in the day, we're
talking about it, you know, foreshadowing, hopefully a
future in which, you know, you could trade all these equities.
You have traditional equities on chain.
So I think it's a matter of if or sorry, when, not if you know
for when this actually does take place.
I don't, I don't know what it it means for like the average
participant. I'm not sure if it matters
really all that much, but in terms of bringing a bunch of
money on chain, I think that that's super impactful.
Like though, I guess one of the hard parts for me, Tyler is just
like, I know this is really boring and lame, but just like
the tax considerations, like there's still like so much
uncertainty regarding crypto taxes, crypto regulation.
Is this weird like to do this trading on chain or are they
going to make it easy? Who knows?
Because otherwise, you know, just trading with your typical
broker or brokerage. Like, it's probably a lot
simpler to be honest. Yeah, they, they do all the
reporting for you. So I, I, I see that and like, I
think my, my realistic take is like, is Joe Schmo down the
street going to come on chain to trade stocks on chain as his
first use case? Probably not right like he, he
something would have already brought that person on chain by
now if they're interested in it. And I don't think this is it,
but I do think it is a way to keep capital on chain.
So like there are plenty of crypto traders who other who
also trade stocks in in other asset classes, right And like
let's say you think Tesla's going to outperform Ethereum.
Well, up until now, you have to sell your Ethereum and off ramp
and buy Tesla via your stock account.
And now you're going to be able to keep that capital on chain,
which in theory or pie in the sky helping him.
Is it it also brings it easy. It makes it easier to you know,
Tesla runs 30% then you swap back to eat right for this
example. So it it keeps it on chain.
I think it I think that the bigger story is this.
We're in six weeks. We're, we're seeing more and
more ripples and impacts of the crypto friendly US and whether
or not like we, we just had the, the the comments are saying, you
know, we're celebrating a government buying our bags like,
and that is a silly thing to do and I understand that, but a
government that is, is enabling innovation rapidly is a bigger
deal. Yeah, for sure.
I think one of the other things that stuck out to me
particularly maybe it's just this article in the framing and
I maybe need to dig a little deeper is I was a little
disappointed to see that even the comments from Haas and
others in here like I didn't really get the why they're so
excited about it. Of course, like I I recognize if
getting the 24/7 trading. I think Armstrong references
that getting more people on chain.
Yes, I understand that they didn't feel to me in reading
this that there was like any other detailed excitement points
beyond those things. And maybe I'm just tired of that
because we've been hearing that for a while as like the pros,
right, Being able to trade 24/7. You saw the tweet that copy
pasta at this point in time, right From was it Eric Trump?
But yeah, I was yeah. I'm I was missing a little bit
of like the some of the other, I guess, like smaller bullet
points about why this is so exciting, aside from the fact
that, you know, you can trade it whenever and it brings money
out, Jane. And maybe it's just those things
and it's I need to just be OK with those are simple and big
points, but I don't know, I was maybe I was expecting a little
bit more in terms. Of is the writing on the wall or
like between the lines here that this is a new business line for
them and and like they're going to facilitate stock floating on
chain because that is a big. Deal that's a that's a big deal.
I mean, does this become more of a if you're looking for like a
play here, of course I'm not, you know, suggesting any
financial advice, but like, is this like a is this a coin play,
right? Is this a Robin Hood play?
Is this a whatever more of like a picks and shovels types things
because they are facilitating, you know the the trading of
these equities on chain versus like nothing else really
matters. So this is Coinbase very excited
to rack up some more fees. Maybe who?
Knows Mando, curious for your take, is the is the writing on
the wall that Coinbase would be spinning up their own on chain
stock trading business line effectively or product here?
Oh, 100%, yeah. I'm thinking pretty openly
they're doing that right. I think that's been the state to
the aim of crypto since the since the beginning, you know,
tokenize everything. It's just been not being able to
do it in the biggest financial capital, which is the States and
and now we're probably going to see that.
So yeah, I think we'll see tokenized, tokenized everything
like there will be stocks, bonds, real estate, everything
can go on chain. Obviously.
This is what Larry Fink's been saying as well.
I don't know if it will like be the only location for for for
this, but I think it could be a. It could be one of them for
sure. Nick Tamino had a pretty
interesting hot take here. I I kind of did a double take
when I wrote it. What do you say he?
Said $225 billion in stable coins presently $0.00 in stocks
on chain. His prediction stables past one
trillion in 2025 and 100 billion in tokenized stocks on chain in
2025. I guess my the the 100 billion
and stocks on chain actually didn't.
I guess if this gets pushed through like that, that number
doesn't really surprise me as much.
I don't really know like how to quantify that.
But the one trillion in stables is kind of what made my jaw drop
a little bit because that's 4/4 and 1/2 X Where were I?
I don't. Think you're going to get I
don't think you're going to do that, but but I'll just that's
just my gut, but but I do think. Total up only, Total market cap
is 3 trillion. So what's the path like?
So like, let's let's play this out.
So like what would be the path to 1 trillion in the next nine
months? Is it banks launching their own
stable? Yeah, it would be banks.
It would be banks. I mean, this kind of goes back
to this kind of goes back to the idea that everyone could,
originally it was everyone could have a coin and I think now it
could, it could donate to everyone has a stable coin.
You know what I mean? Like there are some benefits to
having your own stable coin. You basically can operate semi
like a bank. So like big brands could all do
it in the same way you want like a loyalty program, right?
Like you keep money on the on and then they basically can do
whatever they want with it. You could you could see, you
know, Nike has a stable coin, big banks have a stable coin.
Amazon has a stable coin rather than having a coin.
Now I don't know, but they could easily do that.
Yeah. It's an interesting one if that,
if this prediction comes true, I guess I feel like asset prices
would be higher. And I know that banks launching
stable coins on paper doesn't mean the price of our tokens are
going up. But I feel like the amount that
that would signal if that level of capital coming on chain this
rapidly, I feel like would be a very big signal just to people
perhaps who are on the fence to traditional institutional
players. So I think it it would be a very
bullish outcome, but perhaps a little lofty.
We we will see. I want to go around the horn a
few other headlines from the day.
I do want to hit this sweet news.
It broke right before the show. So if folks haven't seen this,
Swede announced a new strategic partnership with Trump's World
Liberty 5 S As a part of this, World Liberty 5 is going to add
Swede to that WLF strategic reserve.
The two are going to form a new partnership to develop new
products as well. It looks like from the release,
the WLFI team first approached Swede due to their underlying
tech and the potential to play their role in in modern finance.
We have a couple quotes here from Eric Trump, Zach Folkman,
Eric said we're excited to work with Swee and explore the
innovative opportunities this collab presents.
And then Zach Folkman, who's the Co founder of World Liberty 5.
We chose Swee for its American born innovation combined with
impressive scale and adoption is a natural complement to our
mission of bringing decentralized finance to more
Americans. We did see Swee rally quite a
bit initially on the news. Yeah.
So it's up 17% on the day, basically candling up right on
the back of the announcement. Seems like we've had a bit of
mixed reaction so far at least on on crypto Twitter to this
one. Curious and Logan, if you guys
have have takes on this one or we can continue to to move, move
along? They just, they just gave them
$5,000,000, right? Like this is what it is.
This is what World Liberty Financial is quickly becoming.
Almost like a, a crypto slush fund.
And and with that, you get the, the Trump seal of approval and,
and you maybe get to go to a dinner like this.
I, I, I don't know. I, I I'm not.
I've been pretty vocal that I think World Liberty Financial
is, is not good. It, it seems like people are
also conflating now world liberty financial actions with
like with the US government actions too.
So like, it's getting a little bit murky.
Like I think people saw the headline.
I think maybe Watch or Guru ran a headline that was a little bit
light on details and thoughts. We was being added to like the
US government strategic reserve. So a little bit.
What the coins want and, and there is the, the reason why
it's getting blurred is because it is blurred.
I, I, I tell you right now, the people that got invited to this
crypto conference, I bet you they're all, they're all well
living financial people as well, like.
Well, I think I've seen headlines that some of the
attendees are some of the bigger donors, right?
So like, I don't know if that's even like a secret.
That's like public information at that at this point.
At the same time, we were praising Coinbase for, you know,
pushing pro crypto agenda and fundraising and backing their
candidates, right? So like, all of this is a little
bit blurred I guess is just what I'm saying.
Yeah, the last six months has been a lot of pay for play type
stuff. I mean, it's kind of how the
world works and we're we're seeing it here.
I think that one of the most difficult parts for me, just
echoing some of Mando's sentiments, is like if you were
giving World Liberty Financial the benefit of the doubt that it
was looking to become a legitimate what, Defy platform
of sorts. It's becoming more and more
difficult to understand how all these pieces fit together.
Like how does Swee play with all the other assets?
It's, it's literally just a strategic reserve play, like
they're just going to hold coins and what else are they doing?
I, I don't even understand. Like, I don't know that that
part, that part. Becomes, yeah, I, I see what
you're saying. I think we we need to know a
little bit more still about like what World Liberty 5's big plans
are and what, what are they, they, they're doing here.
Let me start you just you're right there.
There's no big plan. Like there's no partnership
here. There is nothing.
There's nothing happening. It is just some money that has
been used and in return you get big marketing, you get the seal
of approval like this is, this is what this is.
There was a report out I think it was a couple days ago saying
like business leaders are paying $5,000,000 to meet Trump at the
moment. If you guys saw that.
I did see that I commented how he would he would cook on time
dot fun this is those are his going rates.
Is it the same thing? I don't know how that's legal.
I can you. That just feels like blatant
bribery, like we're going to spend.
Five One man's bribery is another man's donation.
You know, how does how do you think the US political system
works, right? You call that bribery in other
countries? The US is built on this thing.
Sometimes I'm hopelessly optimistic, perhaps a bit naive.
Well, let's keep going around the horn, I think.
Another piece of news that has captured a lot of reactions from
the market. We didn't have a chance to get
into this yesterday. Kevin Rose is back, folks.
Like him or hate him, It looks like Alexis Ohanian has
partnered with Kevin Rose to reacquire Dig, and they're
installing Moon Bird's artists and COO Justin Mizell as the
CEO. Logan, I see your name on the
art. So you wrote this one.
Like tell us about this. I, I might have declined the
assignment. I had known the, the backlash.
No, I, I mean the, the announcement itself is like
pretty minimal. So Dig, of course, Kevin Rosco
founded DIG a long time ago. I, I was not a Dig user, but
from what I read about DIG, it was quite popular and like a
useful thing for a while. The social news site, I guess
you could characterize it as. I don't know if either of you
used it or not. Anyway, he left, right?
They sold, I think parts of it and they he, you know, honey and
reacquired it Yesterday. They announced the reacquirement
and they're going to reboot Dig using AI as like a really,
really strong content moderation platform, trying to basically
thread the needle, I think between today's social
platforms, more or less. And of course, given the disdain
that Kevin Rose has earned earned in crypto, you see that
ethos rating there five O 4. Not sure I've seen one lower.
The timeline went nuts. Even though as of right now
there is no known connection to crypto, blockchain, anything
like that. They do mention a few times
rewarding human participation, heart human participation.
The Verge article, Mizell commented about that.
The press release may have said something about it as well.
I reached out to representatives for DIG, did not receive a reply
regarding that. So TBD.
But yeah, I mean, there's not much else to say.
If people just, they see his name get real, real fired up.
All you can do is drop in an e-mail to be alerted about when
the platform goes live. That's it.
This is the part of the reason why this is so interesting to me
is like, I've seen a lot of smart people that I respect say
like this could actually be a very interesting re up of this
product. And I think Alexis Ohanian is a
very serious player. Of course, you know, with, with
Reddit and whatnot, but I feel like the NFTCT crowd is just so
jaded by anything. Kevin Rose, like I, I believe
that he might be the single lowest rated person on Ethos
right now with 500 and folks aren't familiar with Ethos.
It's a reputation platform. Everyone starts with a 1200
number baseline. So like 1900 is good, very good.
It would put you like top 10500 is the, you know, very bad.
So, so clearly he he he's not well liked in in the web 3
streets. I don't think that's news to
anyone. I I posted about this this
morning and my replies were just flooded with with angry
comments. So people are mad online and
they're mad at, at Kevin Rose, I think.
What does the Justin Mizell piece I think?
That must be that must be part of this.
That is, you know, you, you see, you see moonbirds, right?
And you just, you roll over into what happened.
And yeah, I don't know, man. I don't know.
I, I personally like the app itself.
Like I said, I did not use the first iteration of dig for a
time. It was very, very popular by,
you know, in all the reporting that I did.
It doesn't seem like a bad thing to have.
They do it well, like I, I don't I, you know, social news like
we're we're receiving this via crypto every or sorry, via
crypto Twitter every single day, like it's just another
competitor of sorts to Reddit X etcetera.
But what what's so bad about somebody trying to do that a
little bit better? That doesn't seem like that big
of a deal, and the platform's not even live so.
I I thought it was interesting in the context that you, you saw
that Alexis Tohaney and also put in a bit the TikTok.
And. He wants to bring that on chain
he wants. To bring that on chain.
So he clearly is Web 3 adjacent or is very much aware of what
he's doing. So yeah, ignore the Kevin Rose
stuff. I think pay attention to what
Lexus Vanian is doing. He's he's looking up and
bringing on some of these social media style sites on on chain.
Yeah, he's actually. Asteroid mining missions, I
learned today. I learned that as well.
So he's got his hands in a lot of things.
Got a lot of money. One of the one of the things
that I don't think people realized about the, the so I
wrote the TikTok story for Decrypt the day before as well.
Sorry if I'm rehashing anything you guys may have talked about,
but he's actually like specifically calls out if you,
yeah, that thread right there, like 2 posts down, he calls out.
He very much mentions the blockchain itself that they're
talking about. I think it gets skipped over
that little frequency note there.
So frequency is a blockchain. It's a layer 1 blockchain.
Yeah, that was a note that I had to do double take.
But in my reporting came across it's a layer one blockchain
based on the I'm going to mess up the DNSP, basically a
decentralized social networking protocol.
But the Frank McCourt, former Dodger's owner, the billionaire
who's behind Project Liberty, which is the entity making the
bid for Tiktok, basically that's what they've selected as the
empowerment network for this bid, right?
So they want to get TikTok US, they want to acquire that and
bring it to frequency, bring the data, the social graph data
right on to frequency. It's already been outlined.
I mean, it's like literally on the the people's bid website,
which is the website which indicates, you know, the details
of this bid they're making for TikTok USA.
So it, it's spelled out. I mean, he's literally telling
you which blockchain. So frequency itself was a
started as a polka dot para chain and has since they
partnered with Consensus in November to get his feet wet in
Ethereum and EVM. So so I mean, there's a lot,
there's a lot of stuff there. I didn't see anybody talking
about any of that stuff. We wrote it up.
It's over at the grip. But yeah, I think that's the
more interesting part here too. Mando is, you know, he's very
much spelled it out. I mean, he literally said he
wants to bring TikTok on chain. Then the very next day there's
more news about a social site and all you know, they all have
connections to crypto and blockchain.
I'm speculating, of course. I have no information that that
would suggest that DIG or anything like that will come on
chain, or if they have any intention to do so, but it's not
the most outlandish leap to make.
Why do we want to have social media on chain?
I'm just trying to think about that myself a little bit because
I know a farcaster that was this idea that like you own your
posts and that sort of stuff, but like.
Yeah. So you really?
Want all of our Do you really want all your social media posts
on chain? It's like having all your
messages on chain. Like I just feel like it's one
of those things where like, yeah, I'm not.
I like, I don't know if I want that random tweet.
I just deleted it to be like on the blockchain forever.
An interesting, so I I interviewed Nigel Eccles a few,
I've talked to him a few times, but when he was building one of
his first on chain sports betting products and he
basically said you don't want to bring anything on chain that
that doesn't absolutely need blockchain to function.
Right. Because it provides a hurdle.
So like I, I don't really have the answer to that.
I understand media on chain from like a protecting revisionist
history standpoint. That's a good.
Example like there's some vetting of what you've posted,
but it's like it's like if someone said do you want to have
all your WhatsApp messages on chain?
I just feel like, no, I don't really.
Yeah. Kind of the.
Opposite of that and I agree like I actually think that we we
should put web 3 where we where it should be.
I guess with TikTok it's videos so like and and sometimes
there's some sort of control about what actually can get
posted or not. So maybe there's some like idea
that you'll have like a but yeah, I don't know, like I'm,
I'm less, I'm less super bullish on like everything needing to be
on chain from a social perspective, messaging
perspective for sure. Financial assets makes sense.
Yeah. Other other things, maybe a
little bit less. So my my read on why they want
to do this is is the data ownership piece right?
Like you don't want TikTok to own your data.
That the whole thing that like a lot of the newsletter, newer
newsletter sites are about right.
Like own your audience, not XYZ owns your audience, those types
of things. Like I sort of understand that,
but I, it seems I don't, I don't understand it in practice, I
guess yet. Like I can read these buzzwords
on the page about like owning your data, you know, somebody
else not controlling it. And those things seem good to
me, like just to read those, but I just don't know really what it
looks like. We haven't seen a in my opinion,
we haven't seen a good implementation of it that makes
sense. Like, people don't, do they
really want to have to port their data over to things?
Like I think most folks just like don't really give a shit.
Like, you know. Makes sense.
Makes sense for Taylor Swift and Snoop Dogg and superstars who
have an audience that they can just port over to new platforms
like Snoop Dogg moving from Spotify to a Web 3 platform like
where he could potentially earn more.
That makes a little bit more sense if if you're a random
TikTok creator hoping to generate revenue and become a
TikTok influencer, it's going to be a lot harder for you without
like TikTok helping, helping you out like and, and helping you to
build that audience. So I think that would be the
argument and, and argument against it.
But we'll, we'll certainly see. I want to go around the horn.
We have about 10 minutes left in the show.
A fun headline from yesterday. And Logan, you, you wrote this
story. So I'll, I'll tee you up again.
Folks may remember very popular trivia again, Trivia HQ or HQ
trivia, rather. Yeah, it looks like Robin Hood
has partnered with the host from that to do a crypto prize game
show. So what?
What's the story? Here.
Yeah, this was fun. So I participated in this.
It was a busy day yesterday near the end of the day, and they
have another one coming today for Robin Hood Gold members at
4:45 PM Eastern Time. But basically it's if you didn't
play HQ trivia, it's essentially the exact same thing.
They're asking 12 multiple choice questions.
They're about finance, economics, and crypto currencies
and if you answer them all correctly you split the prize,
which it's not a thing to scoff at.
It's $1 million in Bitcoin and I played yesterday and bowed out
in like round 3 or 4 or something on some trying to take
screenshots for the article and it's just bad.
I missed the question. Whatever, I'm a dummy.
But only 615 people made it all the way through yesterday, So
the winners actually got like, 1600 bucks in Bitcoin.
Not too bad, right? If we're just logging on, it
took 15 minutes. Yeah.
So, I mean, it's nothing crazy. Sorry.
Go ahead. Are they getting Bitcoin in
their Robin Hood wallets as the prize then?
Yeah. So they'll be sent the Bitcoin.
They have to. They basically have to I think
claim the prize within 30 days or it expires.
I don't know if they were sent it already.
I think the terms and conditions indicated it would be sent
within the 1st 5 days and they'd be notified.
I was not a winner so I can't tell you the exact details on
how it unfolded, but they did indicate they asked 615 people
won and yet they have another one coming today.
And then the nice part, I guess there's a consolation prize for
gold members, right? The premium subscription is even
if you don't when you get an undisclosed amount of Dogecoin
as a prize. So yeah, I reached out to a
representative for Robin Hood. They we're, we're not able to
provide me a, a detail on exactly how much Dogecoin
someone may be able to expect. But nevertheless, if you do play
today as a Robin Hood Gold member, you're eligible for the
Bitcoin prize assuming you win. But then even if you don't win,
you'll get some Dogecoin as a result, so.
This is kind of an interesting onboarding mechanism, right?
So like Robin Hood tech tapping into their audience, folks who
who like to trade already and you win some trivia, you win
some Bitcoin, maybe hold on to it.
Yeah, it was pretty. It was pretty cool.
I mean, I played a little bit of HQ trivia.
Not a lot. Like I said, it's the exact same
flow. It's fun.
It's like it was really quick. You know, there's nothing weird
about it. No entry cost.
You know, it wasn't like super informative.
There were a couple crypto questions about like how many,
what's the total Bitcoin supply? What does HODL stand for?
When was Dogecoin created? Things like that.
Nothing crazy, but still pretty cool.
Pretty cool little headline, $2,000,000 given away.
I mean, that's, that's not, that's not the scoff at, that's,
that's pretty nice. I may have to sign up and turn
to play. Well, I'm not a Gold member,
damn it. All right, well.
You can become a gold member. There was no snapshot.
Very true. I want to keep moving.
A few minutes left yesterday, Mando made it a point to to mock
those who chose the punk side of the punk versus Bitcoin trade.
And some people took that personally and went out and
bought up a lot of crypto punks. So the the floor, I think 20,
Let's see, how many sales did we get yesterday?
20 In the past two days now we've got 28 punk sales, some
nice ones moving. So it kind of started with a
nice little stretch of aesthetic punk sales and then the the
floor moved after that. So we saw another 10 or so get
get picked up off the floor punks.
Now back to let's see what do we got. 37.9 ETH, 86 six.
So still trailing Bitcoin by about 5%, but tightening the gap
because the gap had gotten fairly large there.
It was closer to about 15 to 20% punks moving up.
This feels like one of these battles that only you care about
you. Know what I mean?
You know we are managing the punk Bitcoin spread trade.
It's just so funny to watch you. Is it?
Like you actually post quite a lot about it.
Yes, I I find it funny. I think it's an interesting
spread to to America as well and.
It'd be a good thing for Myriad. Definitely a good.
Thing for Myriad. Shout out a couple while we're
on that note, Myriad, we know the money markets are coming
soon, very soon. We don't know when that is, but
it's very soon. And I saw a stack 23% of
abstract transactions were done on Myriad huge.
So, so shout out to the Myriad crew and just keeping that
platform up. That is a a huge chunk of those
transactions. So we'll be looking out for
that. And yes, maybe I can get my punk
Bitcoin line live on the money markets here soon.
Logie, what else? Before we wrap up the show?
Oh, I guess quickly around the horn on some mean coin stuff.
We touched on this a little bit yesterday on the Solana streets.
It it still seems like Puiz is kind of like the top dog.
It looks like it might be dead. It's coming.
It's it's fighting a little bit. It's hanging out at at 21
million in the AVAC streets. It's all priest tales, the blub
token doing very well. Still hanging out at 77 million,
still down from about 100 million peak, but but still
hanging out. That's a 77 X for anyone who was
in the pre sale. Did see our first sign that OK,
maybe not every pre sale is going to be a massive cook.
So this Albert coin came out launched I think it's another
1,000,000 baseline pre sale round went straight to 13 and
then down only so low. Give me a quick thoughts.
AVAX pre sales is meta over was Albert just perhaps not the the
strongest one? What's your What's your read on
this? Yeah, it's interesting.
I I'm really surprised that so many of these have just been
like straight up like first one, second one, OK, but third,
fourth was Albert, like the fifth one maybe.
I don't know. Is it over?
Probably not. I don't, I don't know.
I don't have a strong opinion. I mean, I think we'll continue
to see them come. I I think the performance from
these tokens, it's got to start being like the little descending
loops thing I would think after a while.
That's why I don't know what this pharaoh token is.
I saw someone posting with this. This Sparrow went nuts.
Is that a dex type thing? Or no, the native liquidity
layer on AVAX, Yeah. So for whatever reason, that's
up 73% today. I think what threw me off a
little bit about the presale of blood was incredibly strong.
Shout out to anyone who got in. Clearly that was the great play.
It basically displaced wink. So wink was the number two wink
now just totally falling off a Cliff.
So I think there's some signs that not all of these are going
to be able to be supported. KET still hanging out very high
still at 300 million, about 40% off peak.
So we'll see. I think some presales can still
cook, but they just need to be. They need to slow it down it.
Reminds me, it reminds me a little bit of that, that period
in time in NFTS where it was just like all those like cute
meta, you know what I mean? Like all these presales are the
same thing. It's just like.
A new little. Yeah, it's like a new little
character. I I mean, that's not a bad
thing. I like the looks of all of them,
but it's just I don't. I don't know.
That's why I think it I lead to the descending loops thing.
It's like how many times can you keep doing the exact same thing?
I don't know. Not a ton of volume.
I mean, I guess I'm kind of bi, I'm just biased from.
Anchored to Solana Volume I. Guess but clearly enough to to
move these tokens. So we will continue to to see
what happens in AVAX real quick. Henlow, do you ever read on this
Henlo situation? So disclosure, I own some Henlo.
I was air drop some as a honeycomb older.
I have not been super actively paying attention to the discord.
I get ping a bunch of pings in there.
But yeah, this is so I'm not sure how much people know, but
this is the the Berra chain version of Henlo comes from the
from Jenny or Johnny the Honeycombs honey jar.
You know, just like really, really deep community members
and builders in the bear chain ecosystem.
This is sort of the the incubated meme coin of choice.
I think they actually had a siege round for this meme coin.
They had like the ability to like to buy options on this at
like a 6.9 million FDV. There's like an O Hemlo thing.
There was a very widespread community points system as well
for ETH communities, Solana communities, things like that.
Future plans I don't really know too much about at this point in
time, but Ferrochain and the communities there are crazy as
we've seen, you know, they've spent what, three years building
that thing and, and so many people stuck to their guns and
really rallied around it. And, and despite what initial
sell off, like it's still holding pretty well all things
considered, given the market volatility.
So it would not shock me to see a meme coin do really, really
well there or like a, you know, a community coin, whatever you
want to call that do really well.
There's a very rabid community surrounding the Bera ecosystem.
Hopefully it is Henlo because I do own some, again, Full
disclosure. But other than that, I, you
know, I don't know too much about it.
Of course some confusion with the competing Henlo, which I
also own on base from on chain Gaias and stuff.
But yeah, I think that's been the the more interesting part in
the whole like PvP aspect of the the two Henlo tokens.
But it it looks like yeah, send them both up.
Send them both up, yeah. I think that's a a good note to
end the show on. We went around the horn folks.
Are coins still doing well here? So, so shaking off the the macro
stocks dip here this morning ahead of tomorrow's crypto
summit. So I'm sure we'll be talking
more about that. Still a little TBD if we're
going to have Farooq back with us tomorrow or not.
We would love to get a first hand report from him.
We are also in the works and maybe having a big guest
tomorrow. We'll see.
That's not 100% confirmed yet either.
We will keep you posted. But for today, that's going to
be it. That is our show.
We want to thank our listeners, want to thank my coach, want to
thank our partners. As always, we'll be back
tomorrow at 10:00 AM Eastern. Till then, go make it a great
day.