Yo, what up what up Good morning.
Good morning, GMG Thursday, Thursday, August 15th, 2024 Baby
look at that another beautiful day.
You have a beautiful day. I got my coast in the house.
Tyler, how you doing today? You you have seemingly changed
areas. This is nice dude.
I'm good. It cannot.
My Wi-Fi is not good today. So I'm I'm done dealing with
that. Moved downstairs, so coming to
you live from my kitchen table. But the the Internet signal is
stronger down here, so we should be good.
And yeah, I mean, who cares about the the Wi-Fi with these
markets? We're back alive, we're pumping.
You're long looking, kind of nice.
Dude, yeah, I mean, I, I'm longer a whole $1000, what is
it, 500 bucks? So I was doing good.
You know, I figured instead of throwing $500,500 to $1000 on
shitters left and right, I may as well, you know, throw some
cheeky longs here and there for fun, just to feel something, you
know, but probably going to get chopped in and wrecked.
The other day I went for fun. I went like 200 X but like 500
bucks like whatever, and I think it lasted a whole like 45
minutes. At least it was 4500.
Hey, I lasted 45 minutes. The average man last.
OK, never mind, but. What's your average time like
when you're when you open up A50X trade like what are you
looking at holding it for two hours like?
Yeah, like 50X. Like it's like it's in and out
for like just for the, you know, typical degenerate, you know,
behavior, right? Like gotta feel it.
But before, like I was doing pretty good, like beginning of
the cycle, like because there's always an easy mode, right?
We talked about easy mode yesterday.
Quickly easy mode. I would leave it for for a few
days like, but low, low, low levels like 5X like 7, like
something really low. Like I had this big Solana long
ones from like I think 60 to 90 or was it 90 to 120?
I forgot. But I went like, I don't know,
million dollar size, but it was like 3X, you know, So it's like
your risk is not as as big and and the upside is nice.
Plus easy mode. You know when it's that's why I
keep telling people and be careful of chop, like you'll
know when it's easy mode. Like this is hard mode.
This is like this is like hard mode, hardcore mode for a
trader, like the day traders trading leverage.
I I don't levy them. This is like this is harder than
probably pump fun trenches bro you know?
For sure, like the we got soft inflation data yesterday and
everything dropped, Yeah and then the the the numbers are
better this morning and everything ripped.
But like, it's hard to. Predict before they ripped, they
dropped like they ripped, they dropped and they ripped again
like 2 minutes ago, right? So like for for the people like
so for some people that are like leverage trading and stuff, but
I think most of the big CT folks, what they do is they they
leverage trade on very low leverage with with like what's
it called when you have money in your with funding, right?
They have the funding to offset like when it goes down and they
just keep fighting to their funding.
But then like you, you're always scared of the overhang of like
of like you're of like a Black Swan like headline, right?
The headline risk right now in the in the Super liquid market
is so big, right? Like one bad headline and we're
just fucking nuking 10%. So that's the scary part.
But anyways, so that was so today.
Today, let me get some retweets in here on the show.
What do we got? We got market report as usual.
Manuel's not going to be with us this this morning, but we're
still going to go through some market reporting.
We'll keep the show short and sweet.
Probably Tyler's top 100. We'll see what Tyler's got in
store for us. We definitely have some
conversations to be had today regarding NFTS and whatnot.
And then agree to agree or disagree.
Agree to disagree segment, but we have a tweet for y'all and
curious to hear everyone's thoughts.
So we're broadcasting live. We're going to post a broadcast
link in a second here. Thank you, Sims.
I'm going to post it right now and so you can watch us live on
YouTube or on X broadcast and share your thoughts 'cause I can
read them on the bottom right hand side of my screen every day
while FOMO our episode 180. Absolutely love to see it.
All right, Tyler, what I'm just going to play your Jingle
because we don't have our board Mando today.
Where is it? Where is it at?
Where is that NFT and crypto analysis Tyler team on FOMO our
calls the kid can. Great to bash some bears, Yeah,
for a quick market report here. Crypto majors rallying a bit
here this morning after a huge beat on retail sales and
unemployment data. OSF calling for a soft landing.
He says the soft landing very much intact.
He likes it. Stock market likes it.
Stocks are very green this morning.
Some major stocks like NVIDIA full V shape recovery now really
since the yen carry trade blow up.
So they are all the way back up and it happens pretty, pretty
damn fast. So you, you love to see that if
you're in the, the stock market. I guess quickly on NVIDIA.
So this one actually, I got a little concerned last night.
I think Stanley Drunkenmiller sold off all of his NVIDIA
shares yesterday. I think there's some concerns
about their earnings coming up. I think Mando shared the the
next big macro event on the on the dock.
I think it's the 28th, so still two weeks away.
I think it's been when you're at all time highs like this, like
you just can't have anything go wrong.
And I think I saw some reports that they're going to miss a big
shipment. I don't know.
So I think there's some there's some trepidation over NVIDIA,
but they are they're doing well. It's back to the report.
I'll quickly run through these and then we can dive into some
USDC founder Jeremy Allaire. He's alluding that USDC could
becoming available on iPhones because of this Apple
announcement that developers will be able to use their
payment chip starting in iOS 18.1.
That is the next iPhone update. So there's a lot to unpack
there. We saw Fidelity's head of
digital asset management say the firm is evaluating projects like
stablecoins, tokenized treasuries on chain credit and
more. So Fidelity looking to get
deeper on chain. That's a big one.
We had the as government transfers $600 million of Mount
Mount Cox Bitcoin on Wednesday led to speculation that the
concerns that they're going to sell.
I don't think we've seen any evidence of them selling just
yet, but the the concerns are raised.
In more positive news, Wisconsin, the state of
Wisconsin, my neighbor to the north, they now own 2.9 million
shares of, I bet worth nearly $100 million disclosing their
latest SEC filings. So cheese and Bitcoin, that's
what they do with them. Cheese.
Yes, Wisconsin is the cheese state.
Really cheese. Interesting, What kind of
cheese? I think cheddar.
I'm actually not an expert in the Wisconsin cheese market.
You know I'm French, so you know I can't know my cheese.
You know, yes, indeed. We'll come back to the to the
cheese. Here, a few more headlines.
Telegram, their developers announced that users can send
stars to content creators and channels.
These stars can be converted into tons.
So they've effectively turned on crypto payments for creators.
That's a big one in the most growing crypto native social
messaging app there. In politics, US Senator Schumer,
leader of the Senate, he committed to passing Bitcoin and
digital asset legislation out of the US Senate by the end of this
year, bringing senators together across the aisle.
So I think that was a a positive outcome from the crypto for
Harris rally that took place last night and memes quickly
running through this meme leaders are rebounding this
morning mid tiers, though it is a bloodbath across chains.
Just don't look at the board. But Giga, I call it the light in
the darkness. Giga up 20% this morning against
the sea of red. Now the number six meme on salon
at 230 million MC. So shout out to Giga and then
Pac-Man. I can say it now because I'm
downstairs with stronger Internet.
The Pac-Man team, they closed the burn window for PAC, they
took a snapshot. So if even if you missed the
window, you're still going to have a chance to claim army.
It launches later today. We should get the full details.
NFTSNFTS are green across the board, up 10 to 20% on ETH.
Pudgy's up 10%, Bored Apes up 17%.
The Bitcoin NFT leaders are up five to 10% of them as well.
And then D Gods are just smashing on Seoul.
They're up to 34 now, 3X off the bottom.
So that is the the quick rundown.
There's a few areas that we can certainly dive into here.
Damn, that is that is that is a lot to to unpack this morning on
the market level. I mean, it looks like where were
we at 59 five on Bitcoin 2650 Ethereum 144, six on on Solana.
So really unchanged since yesterday or the day before or
the day before that or the day before that as well.
I mean, that was my title today, the eternal chop for the show.
It's it's what it. Feels like.
It's just, we're just gonna what if we chop for life?
Are you ready for that scenario? I think that the reason it's
painful is that the majors are chopping but the meme leaders
are just slowly going down. They're just getting hammered.
And that's where a lot of folks have bags, at least the active
folks on the timeline. And I think that's why the, you
know, sentiment gets worse. Like if we really chop till
November, I think the sentiment is going to get it could get
quite bad, like we're already seeing it.
I mean, fucking months. Can you chop for bro?
Like what are we at? We're at six months that we said
yesterday. So we'll see.
But you know, most people are seeing October.
I mean, we started recovering in September later, so that will be
7-8 months of chop. So hopefully we get at least
like two months of easy mode. Please, I'm not asking for eight
months. Who knows, maybe some of the the
politics stuff will come to light fruition.
Maybe we'll actually get some legislation passed.
I mean, it's in the Democrat interest, right?
It's a, it's a pretty key. I mean, it's a it's a swing
issue for undecided voters. Clearly that the Trump
administration has come out in a very pro crypto.
They didn't see that. So I think it's in their
interest to to try to capture some of those votes back.
Now the question is, are they actually doing it for real or,
you know, is it just to to get votes?
But if like actual legislation can get passed that's meaningful
in the next three to four months, could it could be big
and it could actually have an impact.
So. Yeah, it's, it's.
We'll see. I mean, look, no one's got a
crystal ball, so we'll have to we'll we can only can show up
every day and and wait a little bit and and see what happens on
on on that frauds. So that's that's it for the
market. I don't think Amanda would have
added much more to that. It's just like fuck, like we
just have to wait and see what happens.
Really soft landing, hard landing this and that.
So yeah, we'll wait for the rates cut.
When would be the rates cut in September?
We'll be at FOMC, right? Yeah, I don't have the date on.
That 1718. I've been interested.
So I actually think there's an interesting Poly market line on
that. Yeah, it's how many bips is
cutting right. And 50 has just tanked, so at
one point I think 50 bips was a slight favorite.
Was it? It's down to 13%, so now the
market heavily it's at 81% for just 25 bips.
So they're heavily favoring just a small cut.
I don't know, I'm looking at that.
You can get eight, eight to one return on them coming out of the
gate a little harder and and starting with a A50 bits cut.
I don't know, I'm going to take a hard look at that.
I think it's, it's possible. Also interesting.
I, I want to say that the, the larger markets were pricing that
in at 23%. So a little bit of an ARB.
So I don't know a potential Poly market line to look at that's a
liquid 1/4 and a half million bucks, but on that one.
My my last bet is that Trump is going to fire his campaign
manager, but in August. I mean, what the fuck are they
doing? It's a juicy one.
I mean, you know me, bro. I've been, I, I've been coming
on here and saying, what the hell are these people doing for
a minute now? He's getting cooked on the
markets right now. So apparently now people are
accusing Polymarket of of taking money from the Democrats.
So that was really funny. Yeah, it's up to 59%.
He's going to fire someone. I mean, we know that Trump loves
to fire people, and I think it's no secret.
Pretty liquid because right now it's down back to 39, so I
think. It's OK, Yeah, it must be pretty
liquid. It's $40,000 bet only, so it's
very liquid. So be careful before you bet on
these predictions. Like I know we talked about them
a lot. Just heads up for people because
we're probably going to talk about them every day.
Look at the volume on them, some of them are very liquid.
So please be careful everyone. But yeah, it's something to note
about. The volume and the order book,
so you can see how much your bet size is going to change things
effectively and you you have to be taking a look at that if
you're if you're doing this correct.
That's why you bet, by the way, when I say I bet on it, I put
100 bucks, you know what I mean? It's just, it's just to feel
something, just to say I was right, you know, hey, like, hey,
to me, this all ties back to to to reputation.
But anyways, so Tyler, we got a few things to to talk about this
morning. Where do you even want to start?
Yeah, we. Can hit the Apple stuff real
quick. Apple stuff.
So what? What's with the US?
Because they're going Circle is going public and that's some
conversation about people saying they should have dropped the
token because they would probably have like a massive FDV
in the 20 billion plus. But they've decided to go public
instead, which by the way, probably not a bad one to own in
your retirement account. So what's the tell they are in
Circle and Apple? Yes, the reason that Jeremy
Alaire, you know, CEO of of Circle spoke out yesterday is
Apple released this announcement after basically years of of
pressure. They're going to finally allow
developers to to use that their payment chip in the phones
starting in iOS 18.1. That's the upcoming software
update for the the iPhone payment chip relies on tech like
NFC, so on and so forth. I think where this gets more
interesting is kind of Jeremy's thoughts, and I'll paraphrase a
little bit here. Basically he said until this
update, the only payment app or wallet that could use this chip
was the Apple Wallet or Apple Pay.
So they basically had a total monopoly on it.
By opening this up, other wallet apps like Web 3 wallets like
crypto wallets will now be able to use these chips for
transactions. And he says if an iOS wallet
supports USDC, they can enable a, a UX where a receiving device
could receive the transaction via a tap, just like you have on
Apple Pay. They can develop prompts like
with Face ID for how you can, you know, use, you know,
biometrics to approve transactions.
And then, you know, he goes on to say, if you combine this type
of performance with low fee blockchain networks, it opens up
a pretty powerful pathway for merchants to to start accepting
USDC more across the the board. He then goes deeper into other
use cases like, you know, what this could mean for NFTS, for
tickets, other certificates, other stable coins like the euro
coin. And he's encouraging wallet
developers to, to really start taking a look at Apple iOS,
their SDKS that support this and get ready for what he's calling
USDC tap to pay. I, I mean, it's funny that this
came after yesterday we talked about the Metamask debit card,
which, you know, what was the story, but these debit cards do
exist. But I mean, iPhone is, is
massive, right? And I mean.
Come on, everybody's got an iPhone.
Right. And and everyone now like we're
getting used to like even I was like a pretty slow adopter to
like using my phone for payments.
I just, I don't know for like security and maybe I'm a little
more old fashioned, but it's it's certainly convenient.
And again, this is, I mean, this isn't an order of magnitude
bigger than like the meta mass debit card, right?
If if this actually starts starts happening and it seems
again, like the building blocks are in place.
So it's a, it's a big headline. Yeah, it's a it is huge.
I mean USC payment that company is doing good, but I'm curious
about the I'm excited to see the M go public.
That's definitely one of those stocks you want to watch once it
goes public and live, because if you're bullish on the industry
as a whole, the USDC is fucking leader when it comes to that.
Like obviously tether is like, I mean, tethers are probably the
best business in the world right now.
They have like very little employees.
They make a fucked ton of cash and they have a ton of money in
the in the on the books. But circle is like you know.
I'm trying to pull her up their chart on on D Phiyama right now
but they're up 3034 billion in market cap.
I'm trying to get a growth chart but U.
SDCI don't know how to let me find that here.
Let's go. Slow.
See no circle? I can't find it.
I can see what where they're, you know where they're growing
right now in the last month they're going they're up 11% on
Solana. I don't think that's a huge
surprise. We've been talking about stables
and then 22% on Polygon, which you know what, a lot of that's
probably tied to polymarket, right?
Polygon. Yeah, could be.
I don't think anything else. Because you have to convert to
USDC to deposit on there. They've grown by 22%.
So that's roughly 150 million. Yeah.
Polymarket did 350 million in volume, 380 million in volume
last month, yeah. So that's probably what's
driving that. That's yeah, that's interesting
to see. Yeah, yeah, it's, we'll see
where that goes. But it's it's a very, very
interesting company to follow and they're actually crushing
it. So I know that when they go
public, I personally speaking in the retirement accounts, watch
let it go see you in 20 years type fucking play, you know what
I mean? Like it's, it's that in Coinbase
I love like I, I, I, I got a friend.
I don't do stocks at all, but I had a friend early the cycle
who's dabbling crypto, but mostly stocks.
I, I pretty much forced him to buy Coinbase and he's pretty
happy. He was like 100 bucks sub 100
bucks and he was like, let's go. So I actually let my mom buy
some, but the bank didn't let her.
Clearly it's too risky for her at her age.
I was like. Come on.
Lilly was like, yo, put me on the phone with that idiot.
You know the bankers, right? This other that's another story.
It's very interesting for those of you who are curious about the
USCC story, I'm going to retweet this tweet, this one here
because Jeremy Allaire broke it down himself 17 hours ago.
Lots of chattering questions about my tweet.
A bit more clarity so that people don't make things into
something it's not. And so he kind of like he's kind
of, you know, breaking it down and, and, and why it's a big
deal and also breaking down what it's not as well like this
artificial collab with Apple, but you know, it's still going
to enable like USCC payments on it, yada, yada, yada.
So that is some really big news, Tyler news that you love to see
for the industry. That is honestly, I think that
because we're too close to price action.
But if you look beyond price action, it's definitely a lot of
a lot of incredible things happening in the space.
All right, what else? What else do we?
What else should we double down on?
I was talking of tease. I know you did.
We did one to yesterday. You you weren't buying the
rally, and the rally keeps rallying.
I'll buy it when it rallies. Rallies.
Yes. But except from D gods, it's
like on their own. So that's that's a thing.
That's a that's a that's a beast of their own right now, right?
They're going full D God Mode. But what what what do we what do
you got for us NFT wise? Let's let's pull up the D Jens
this book. I think I, I always start with
the ETH NFTS when you know, I, I go my rounds and take a look at
this market and I mean it starts with, with Board of apes.
They're up 28% this week. They're at 12.6.
I actually don't remember the last time they were this high.
They're up 33% on the month like they, they are moving.
I think a whale came in and did a sweep last night.
It was the same year that's been sweeping Digards, right?
Yeah, yeah, the the same one. And like Cyrus said that he
thinks perhaps the the bottom is in, you know, we, we've, he's an
important signal for folks, I think in the the NFT space.
And I do we actually know if it's in.
Of course it's hard to say. People are speculating perhaps a
big announcement coming out soon.
You know, we know they've been kind of cooking with the other
side and the other side is getting closer.
I'm not sure what type of announcement would really move
the market, but they've got some real momentum.
They've they've re flipped the, the pingus.
So I mean, and Penguins are, are having a nice week themselves.
Pudgies were were well ahead of board apes about a month ago and
now they're, they're down 3 eighth.
So board apes have have made-up the spread and guess what?
Board apes are now more than 50% of the way to to a punk.
So you could sell 2 apes for a punk right now.
The question is, do you? Do you want to?
I will gladly sell them if apes reach punk level.
I'm definitely swapping my for the punk if that happens.
One to one, one to one that feels like a good swap.
Maybe that that is a good lead in to our poll question.
Oh, are we going there? Yeah, this was interesting when
I retweeted it from Old School Texas.
I think that's his handle. Let me find it.
Fuck, I have so many tabs open.
Hold on, hold on, hold on. I got to go to our chat.
Fuck, we talked too much this morning.
OK, I got it. I got it.
Yes, the poll question is would you rather buy one Bitcoin or
one mail? Floor Crypto Punk.
Let us know what you think in the in the in the comments, by
the way. So would you rather want one
Bitcoin or mail floor punk right now?
Which one do you prefer to have bitcoins?
That's 59 five and I'm pretty sure crypto punk, Sir.
Let's say they're on par. Right, Yeah, they're basically
on par, which also just quickly on that I, I knew that the the
ETH Bitcoin ratio had been going down, but I guess I, I haven't
totally compartmentalized that it was 22 ETH per per Bitcoin
roughly. So yeah, assuming that they are
are exactly even, which one are you picking?
So I, I actually voted punks in the poll, but my replies, it was
like 100% Bitcoin. Everyone was picking one Bitcoin
over the punk. And that surprised me.
I got to say I've got a few thoughts.
I feel like people just have these, these wild Bitcoin price
targets in their head from like the Sailor 2040 talk and you
know, these funds who are calling for like $1 million
Bitcoin. And I think it's still very
possible that Bitcoin goes to 1,000,000 by 2040 or something.
It's not going to happen in the next five years.
I'd actually argue there's probably a better chance of a
punk going. I think you've got a better
chance of a a punk going high sometime in the next three to
five years than than you've got on Bitcoin.
So I think I'd like the upside on punks a little bit more here.
Near term. You have to worry about the eat
the Bitcoin ratio for sure, and you have to worry about NFT
demand. But I mean, we're just kind of
hanging out at the lowest levels these things have ever been.
I think perhaps people getting a little bearish at the bottom.
Yeah, fuck, what do I prefer? Got to be careful what I say.
So what? So let's break it down.
What's your price target for Bitcoin this cycle?
Like let's say 2020, 550K, right?
I think that's generally in line with mine as well.
So the question is so my? Base case is 100.
Sorry. Bare case hundred base case 150.
Bull case 250 for me. So what is ETH in this scenario
where Bitcoin's 150K? 10.
OK. I think that's a very reasonable
price target in that scenario. So now all right, 15 E for.
Bitcoin at 150 K you're looking more AT7K ETH.
So let's say we the ratio would go up a bit.
So at 20 per. So no, I'll say 7500 if it's
one, 5010K if it's 250. Yeah, that's actually exactly
where my head is. 7500 Let's call let's let's go per our base
cases, you and IA 150 K Bitcoin let's go $7500 each.
Yeah. Let's let's base this
conversation on that. Where are you going with that?
So where are the punks? Yeah, so now you're talking.
You need 20. You need punks at a 20 E 4.
So punks are 20 ES. That's OK, so.
That's break even at Bitcoin 150K so you need you're betting
on if they're going to be a higher or lower than 20.
So I think that if that's the case, then a punk will
outperform Bitcoin for sure. I, I am absolutely convinced of
that. I I mean, look, I'm a I'm never
selling my fucking punk. Let that be known, right?
And if I say it's always to upgrade my punk is something
that's going to go on to my children or a punk.
You know, one day I hope I have a zombie like I've always wanted
zombies. But but we're talking short term
like this cycle, we're talking short term, we're talking the
next two years, right? We're not talking long term.
So like, what would I rather own this cycle?
One big corner or, or or a punk for pure trade.
I probably fuck, that's a tough one.
You know what it is, you probably want to buy a punk
based on how long we're taking to answer that because it means
that the sentiment is not as high as it was because you asked
that to anyone in 2021, they would have said a punk.
But the Bitcoin since then has out traded the punk, right?
Because Bitcoin's back to the highs of 2021.
Whereas the punk is, you know, punks were signing for 10X
higher right last cycle half $1,000,000.
So I think, I think yeah, we need the historical punks BTC
ratio. Do you guys know how to do you
guys know how to The other thing with cycles is like Yuga didn't
own punks, right? So that's different.
And that's a comment that I'm seeing here from the let's see
what the people think. Someone said I don't trust you
go with punks. Someone said we need historical
punks BTC ratio. Do you know how to pull those
charts? I.
I don't know those. Someone said I think they can go
down another 50%. You know what, like my like I
actually said that to some friends.
I said 2530 K is where I would say like fuck it, like I have to
back up the truck on the punks if that happens.
But I don't think you're going to get it because everyone wants
it it. Feels too low to me.
One thing on Punks that I worries me is that Wilcox
started selling them. So all the clean punks you're
seeing sell sell at Wilcox's Punks was like one of the most
iconic punks collectors ever. So I sell 200 of them.
I don't know. I don't know.
I still think if you were to give me one Bitcoin and one
punk, I'd say give me a punk. I'll, I'll go for the punk.
I'll, I'll, I'll say punk. We're lined, but I think the
fact that it was that hard to choose does.
Yeah, says a lot. Say something.
See, I picked the punk because it was hard to choose.
Does that make sense? I'm trying to make more
decisions in my trading in myself right now.
Anti consensus. I'm trying to, I'm starting to
like get myself more into that mentality these days.
I've like made a consided effort last couple weeks to go against
everything CT says. Little contrarian?
Well CT is saying go Bitcoin, so this is definitely a contrarian.
Point CT also doesn't know what the fuck they're talking about
I've noticed. Like I just straight up like I.
Kind of like this, this punk 20, this punk at 2499, basically on
the floor. He's dark hair, he's got the
beard, he's got the eye mask on. Let's see. 4th on the left,
yeah. That is the one that came to my
like eyes as well. That's a perfect rubber punk.
That's not bad for a basically a floor.
Mother last cycle we would like dream of punks like that.
Like there's a punk like here, let me show you something.
There's a punk that sold yesterday.
I was so shocked I literally went on the three comment spree
yesterday on punks so this is a great sale.
Yeah, the 3D. 47 ETH I see I think these sales for people who
are really loaded like have a lot of money like for someone
who 125 KS fuck all that will like you know that will be that
will be good. It was this one look at this
dude 24 ETH for VR goggles and and a fucking cigarette brother.
You will never see that in 2021. This this punk likely never
sells for for as low but again. Just wait till the VR, the VR
revolution actually comes like it's going to come. 27/5.
That's a good punk, yeah. Like Red.
Wait, that's Benny. I can't believe Benny didn't buy
this. Oh my God.
Sierra commented free. I went on the spree.
I just commented free on every punk sale, even this one.
I think I commented free on this one.
There I am free. I agree with you it's sold
yesterday for 24 persons. Trying to flip him real quick
but see it's Wilcox selling him. All the clean pumps right now
are being sold from this wallet. He has 193 left and he was
inactive for the longest time bro.
That's when you can't even like, read into why he's selling when
he's got, he's got 202 hundred, Yeah.
But someone who held through the like, you don't know personal
people, right? Someone may get sick God forbid,
but like you never know. Like personal issues and stuff.
But someone who has spent an insane amount of time collect.
Look he's claimed them all his punks are clean.
Never bothered to sell since 20. Since 2017.
Selling them now that's usually goes towards a negative
sentiment towards the collection, right?
Well, he's probably an ETH maxi, right?
If he if he was around and claiming these like if you if
you're bullish on ETH, this is a great time to sell because
you're taxable amount is. That's true.
Is very low. That's.
True. Assuming they're in the US and
paying taxes and whatnot. Like you have to be pretty
strategic about how you're going to unload this bag, right?
Like, yeah, so I don't know, I'm not reading too much in them
selling, but I mean, what a bag. Yeah, yeah, yeah.
I mean, I think I think I think we'll see.
But yeah, I'll take a punk. I'll take the punk over one
Bitcoin, you know, and if not just Bitcoin puppets.
Anyways, you have the. Did you have the D gods itch?
Is the D gods FOMO setting in? I I'm not going to lie, I have
been looking at the floor since like 20 sole.
So every day I just checked the D gods floor because I've been
looking. I've been waiting to get like
one that resembles my punk because the day I buy D God I'm
almost not going to fucking sell it.
So I keep looking for the party blower tray, the pipe, and
whenever I get one that resembles my punk, I'll probably
just fault it. I do regret it though, because
there was there was a point last week where I had I connected my
wallet. I, I selected the sweep function
for 10 of them and I didn't do it.
I always have that second talk with NFT.
Still. I, I guess I, I am I, I am I'm,
I'm just still in shock of the whole NFT 2021.
You know, what about you? It's.
Hard to get too of a confident. Yeah.
So I bought I bought AD guys when they they bridged a soul
coming home the the the LeBron story arc.
And then Long story short, I ended up selling it and they
they dipped another 75% after I did.
So it was the right move from a trading perspective.
But now I'm on the sideline and I've missed this whole run off
the bottom. And then it happened fast.
These things were 11 soul on August 6th, that's nine days ago
and now they're at 35 and coupled with my meme coin bag on
slot, it's not doing that great. So I don't have as much free
capital. I put, I put the rest of my
degenerate Solana wallet into a, into a meme coin that I liked a
lot. And that meme coin's down.
Not too worried about it, but the D guards are up.
So like fuck, like you don't sell something that's down to
buy something that's up 3X, You know what I mean?
Right. So it's it's harder to enter
here, but at the same time, like it wouldn't surprise me if like
I, I do think they they are on the trajectory to to retake the
number one spot on Seoul. I think mad lads are 55 like
these can absolutely get to. Is that what it is?
Yeah, and when was the last time you heard someone talk about a
mad lad? Nice.
Oh, they're, they're 49. They're even lower.
Wow. Yeah.
They're going to flip them for sure.
Probably like by this weekend, by Sunday.
If it happens by Sunday, that's a that is a an explosive move
up. Yeah, but you know how it is in
crypto. I mean, remember 21, like, you
know, $1,000,000 sweeps every other day like it's I, I nothing
surprises me anymore. But actually matter of fact,
tomorrow morning I wake up at 73 K Bitcoin and a breakup break
out towards like the 80 K range. I wouldn't be surprised.
And similarly, I wouldn't be surprised if I wake up tomorrow
morning. I was 48 K You know what I mean?
It's like such a highly volatile market at this stage.
It's just like fuck, like I'm just I'm just I'm just patiently
waiting. I'm just patiently waiting for
that to happen. So on the NFT front, there's
that. What else do we have any more
news on the NFT? I mean he says So what I got D
guys going on theorem you got. I mean, D guys are there too,
but it's mostly been for a rallying.
Would you love to see and now we're see pudgy Penguins going
pudgy mode with with Luca and abstract absolutely crushing it.
What else do we got? I mean.
So movement on the Bitcoin board, nothing crazy.
It's it's a lot of up and down. It's like one day I login,
they're all up 10%. The next day, they're all down
10. Percent, it's almost back to .1
handle, so you love that. If we can lose that decimal
again, I think mentally speaking is a good barrier.
I had people say that they would take the Bitcoin instead of the
punk and then they would buy puppets with it.
So I was going to say like fuck it, 10 BTC puppets is a joke,
but The thing is it's either a punk or Bitcoin, right?
You know what, let let me do a poll.
What would you rather have? So we'll do, we'll add the
puppets, we'll do one full Bitcoin, one Cryptopunk, and
then the third option, let's do 10 Bitcoin puppets.
How's that? I have.
Right, there you go. We're going to see.
We're going to see what the people want.
I think you're going to get a surprising amount of puppets,
but I think. It'll be puppets I think.
But would you trade a punk for 10 puppets?
No, because historically every time there's a punk trade, the
asset goes to 0. So.
I urge people never to do that actually.
There has never been historical trade where someone traded punk
for something and then the collection they go a fucking
zero. Usually I I sell out of
collections that do that. Yeah, yeah, it's generally a a
very bad, bad sign. What was the the mutant hound
collar? Yes, trade.
Yes, 48th someone traded mutant hound.
There was only that there was. And by the way I love 6529 but
someone traded a full stack of memes meme cards for for A6529
full set for punk that didn't age well, but yet again you
could argue that. Also punks ended up going down a
lot. You know, I should have put in
my 4th as a fourth thing I should put like whatever one
Bitcoin amount of mug like however much like 60 K of mug is
if. You're bullish mug.
Now is the time to buy them. This thing is.
Mug mug baby I I could possibly I bought the dip the other day
again but nothing big but I added some the other day I
guess. It's, I guess if you zoom out,
it's it's consolidating here. My, my exposure to Ethereum is
all mug. I'll I'll be honest, it's
easier. I'd rather own plain soul some
soul name coincident mog as these exposure.
It's been good. But anyways, one thing I want to
know about Tyler that you mentioned, I want you to talk to
me about Wisconsin cheese. Yeah, I'm not actually an expert
in Wisconsin cheese. So what do?
What do we got here? Well, this is
wisconsincheese.com. These people definitely look
like they're from Wisconsin. So the Packers of the cheese
heads. I'm not versed in specifically
what the all the types of cheese that are made.
I think cheddar one. Oh good.
Oh. There's some good beer up in
Wisconsin as well. I think we need to go to I think
Wisconsin was real. I thought it was a meme.
Their their Bitcoin amount is certainly becoming a meme here.
They're probably one of the leading states.
Are they? So tell me more about the state
of Wisconsin buying Bitcoin. What's the news?
They're buying it through IBET. They're now up to 2.9 million
shares worth about 100 million bucks.
They disclosed this in their latest SEC filing.
They picked up another 500,000 shares in the last quarter, I
want to say. So that's roughly $20 million
worth. So they're they're betting big.
They want that cheese, baby. They do digital cheese.
They want that digital chase. There was also this other news
of all the banks now that have exposure to Bitcoin via ETFs.
Do you see that? Yeah, I mean all the banks are
are going to have it. And like these are the things
that I feel like you don't see. It's in the headlines when like
Goldman's buying and whatnot and BlackRock you don't see it when
all the the downstream, you know, mid tier banks are are
buying it. And like this is, I think this
is what's driving this next cycle up, right?
I think these numbers are just going to continue to go up.
And then I think the next leg is when it gets into everyone's
retirement plans. I think that's going to be a
huge one, but it's more out there than I think we realize.
Yeah, 100%, Beanie's saying. What about 79 me bits?
I need it I. Forgot about the me bits.
For a Porsche or Gito and the and the memes, I I'm not
interested in owning a me that I have to be honest about that.
I used to own ME but thankfully I sold them on the way down at 2
E. We're just riffing here.
It was one of my biggest bags in 2021.
My me bit bag was worth 500 E at over 1,000,000 bucks.
I had. I had.
So a buddy of mine we had, we had pulled ETH to buy an X copy
piece and we, and we just missed out on it.
We didn't have enough. So we basically ported it all
into me bits and they like doubled or tripled, but we
didn't get out at the top. This was right before they had
the me bits at Christie's. Like the full suit me bits were
trading for like 28th in September 2021.
Of course that was the, the peak, right?
But we we did not sell the top on those, but got out well
before where they're at now at least.
Yeah, those things moved. It was also may not remember
they launched the same week as a board apes were I think board
apes were like .2 when me bits launched.
And then that was the big storyline for like a month was
board IPS versus ME bits. Yeah, yeah, That was, that's
just, I was part of that. I was causing some shit.
I loved it, Beanie said. Puppets.
Interesting. Smart live to be on it.
Prob not a you know what, it's probably not a wrong answer from
a training perspective. So let's let's go bull bear base
again right? Bull case theorems at $7500 with
Bitcoin 150K right? Last run punks topped at 4:50.
If we get another NFT run, if we're going to have the FT run,
punks would be leading right $7500 each.
How much are punks at? So if for them to be 450K again
would be divided by 7 fifths, you're looking at 60 ETH per
punks, so 60 ETH punks. Is that possible at 7500 ETH?
I think it's possible. I mean they were like 60 was
kind of that top of that range they traded at for years, right?
So like that 40 to 60 range. Now I think the puppets trade, I
get it from like a math perspective because all you need
to do is out trade one Bitcoin. So if the puppets go up 10%, you
at least have traded Bitcoin. So what's your what's so puppets
topped this cycle so far at .45 and that was with just Bitcoin
AT70K by the way, right? So Bitcoin AT70K was $70,000 per
Bitcoin times .4. They topped the $28,000 ish.
I think it was 30 K for a little bit.
How high can a puppet go? If Bitcoin goes to 150 then
let's say another 2X100. K .2 I mean they can't go back
to .45. People are going to pay $75,000
for these things. I mean, we used to say that
about almost every NFT. You know a cool cat was selling
for $50,000 my cycle brother. In this scenario, like everyone
should be buying all these NFTS at these prices, here's this,
and we're all going to be like hilariously.
Rich, it's at .4. OK, at 150 K Bitcoin you're
looking at 60 grand per puppet. 10 puppets, you're looking at
600 K. So they would need to go to .4
to outperform our estimates of punks.
It's probably head to head, honestly.
Maybe puppets is a better trick because you get to own 10 so you
get to like DCA in and out over one whole Bitcoin and one whole
punk. The downside is also more like,
I think it's much more likely. Downside is more aggressive.
Right, puppets could actually go to 0.
Puppets can totally go to. Punks are not going to go to 0
and bitcoins not going to 0. Is it What if tomorrow I don't
know the entire word implodes and.
I mean, well, if Bitcoin goes to 0, the puppets go to.
Zero, I'm kidding last time I said that would be AK, so let's
just not say that up only on everything.
I I longed some Solana, I longed some Ethereum.
I even longed some Ethereum Tyler so oh.
My God. Yeah, dude, hopefully.
Wish me luck. I've been having the edge to
just do a tiny bit of trading. So hopefully, hopefully we'll be
fine and we'll see what happens. But anyways, look, that's a good
round up. Tomorrow's Friday.
I don't think we have a guest on tomorrow, but we'll have Matt's
going to be back for sure tomorrow.
So so that was a good round. I don't think we missed out on
anything. You got your lucky leading now
anyways, right in 10 minutes. Yeah, 10 minutes.
There you go so for those of you who want more content, Tyler's
going to be live in 10 minutes and with that with that, with
that, we'll see y'all tomorrow morning, 10:00 AM Eastern
Standard Time for the episode of from While We're on Rock video.
Let's.