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Oh yo-yo, what up, what up. 
Good morning, Good morning GM 

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GM, it is another beautiful day 
to have a beautiful day to 

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folks. 
Welcome to episode 141 up Homo 

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Hour. 
Today is Wednesday, June 19th, 

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202444444. 
My favorite for oak bit the 

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fourth thing. 
I love it every single morning 

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when he does it. 
I'm going to honor him this 

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morning by dropping the fours, 
folks. 

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No for Oak or Mando today. 
They're still out gallivanting 

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around Europe. 
But don't fret, I've got bread 

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got on with me here today. 
He is my single favorite persona

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on crypto Twitter, repping a 
primary sandwich component. 

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His infographics and primers are
the best in the biz. 

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He covers multiple areas of the 
market, describes himself as a 

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nuanced convo maxi. 
I'm excited to have a long, 

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nuanced conversation with him 
here today. 

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Brett GM, how you doing? 
Hey. 

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What's up Tyler, still try and 
get it set up on the spaces but 

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I can hear and see you just fine
on live stream with people when 

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I join us over there. 
Love the fro compression and 

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looking forward to the 
conversation. 

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Yeah, well, thanks for jumping 
on with us. 

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We'll we'll try to get you up on
stage. 

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But again, it's not a huge deal.
I think the the listeners want 

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to know the the big news, your 
big personal news from 

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yesterday. 
You are now a fantasy top hero 

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included in the recent cohort. 
How are you feeling? 

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Are you seeing the world in a 
different light this morning now

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that you are a hero? 
Yeah, pressure's on. 

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Yeah, that was exciting to see. 
So now I can both passively and 

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actively lose money on the game.
I've been pretty involved in it,

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spending my own capital. 
Hopefully now I can provide some

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value to people so that they buy
my card, I make some money, and 

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then I can lose that on on 
fantasy top. 

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So yeah, it's really exciting. 
I don't actually have any cards 

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in supply. 
I think that's actually what you

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faced early on too, is that you 
come in middle tier, upper tier,

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supplies low. 
So yeah, we'll we'll do that 

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dance. 
But I look forward to the tweets

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of people saying I'm losing 
generational wealth for them and

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that it is my job to make sure 
that does not happen anymore. 

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You, you will feel the pressure 
once the tournaments are live at

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the big main tournaments, 
especially once you get more 

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cards out there. 
And if you're playing yourself, 

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I think that's also the key. 
So I mean, if you're not playing

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yourself a little, a little bit,
the pressure's probably off. 

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But for the heroes who play it 
the right way and and do Rep 

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their own cards, I mean, what 
you earn is directly tied to to 

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your performance out there. 
And some of these heroes are 

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good, they're tough, they are 
hard to beat. 

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But I guess, I guess you are in 
the tactics. 

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But we'll talk about that later 
on in the show. 

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So you will get an early taste 
of some of this market action. 

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Folks, we're going to talk about
that. 

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We're going to talk about a lot 
more on today's show. 

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Lots of big news from the past 
day. 

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So we had the the blockbuster. 
The SEC has dropped its case 

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against consensus ETH wins. 
We're going to talk about that. 

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Fox News is building a media 
authentication protocol called 

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Verify on AZ KL2 using polygons 
CDK tech. 

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So that was a big one. 
I again is live for trading on 

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Coinbase's pre launch market. 
That's Coinbase's first pre 

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launch token. 
It opened up around $6.80. 

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I think that's around $11 
billion FDV. 

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Think a little bit 
disappointing, but not too bad 

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an open an AI crypto news wave. 
Finder shared a new demo for its

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AI agent functionality still to 
come. 

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That's going to be a big one. 
I think that's going to be a 

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storyline to watch for a while. 
We've got PAC Moon teasing its 

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V3 in the blast streets. 
This pudgy Penguin loan crisis 

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is seemingly just getting worse 
by the day, so hopefully that 

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gets solved here soon. 
And then we have a lot of topics

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on Bread's list to cover. 
I'll give us a quick preview. 

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So he outlined a long thread on 
the structural bullishness of 

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crypto. 
We're going to go through that 

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because we need the opium, we 
need the bull case right now as 

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much as ever. 
GCR, he's reminding everyone 

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that we're in the bull market. 
Bread was already there. 

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We're going to talk about ton. 
I don't really know a whole lot 

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about ton, so we're going to 
look at some of the data with 

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him there. 
Blast growth predictions for 

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TGE. 
Then we'll end the show with 

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some fancy top, perhaps a little
bit more social fight chatter 

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time dot fun. 
What the hell has happened to 

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friend tech and maybe a little 
bit more. 

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Before we dive in, just a quick 
shout out to our monthly 

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00:04:31,480 --> 00:04:34,120
partners. 
So the show is powered by moon 

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00:04:34,120 --> 00:04:37,640
pay to buy and sell crypto with 
PayPal, download the moon pay 

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00:04:37,640 --> 00:04:43,160
app and follow fairside network 
on Twitter or X wallet coverage 

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00:04:43,200 --> 00:04:47,360
for drains, scams and more. 
Shout out to our partners. 

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00:04:47,360 --> 00:04:49,200
They've been fantastic here at 
this month. 

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00:04:49,200 --> 00:04:50,840
Go check them out if you haven't
already. 

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But before we dive in and we'll 
start with the market report and

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then this consensus story. 
But Brett, I got to ask, were 

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you following this crazy DJT 
token GCR versus Martin Shkreli 

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saga that was playing out 
yesterday? 

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So it. 
Was pretty tough. 

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Thank you. 
I was keeping up just on the 

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timeline a little bit. 
I honestly have been getting a 

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little wore down by all the 
celeb stuff. 

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So I've almost consciously been 
trying to avoid diving in and 

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out of that stuff. 
I don't do the short term 

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trading. 
I don't chase, you know, meme 

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corn trenches. 
But it is interesting and that 

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you see things come forward like
a a conversation between Skrelly

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and Baron and now top GS in 
there. 

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And like, there's just there's a
lot going on that, you know, GCR

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obviously wakes from from his 
his bull posting to, I mean, 

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he's only done it twice, right? 
Came back from multi years just 

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to say we're in a bull market 
disappears for a few more weeks.

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So we save the bull or save the 
bull, then goes away and then 

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comes back just to dunk on this 
specific like meme coin bet, 

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which is kind of funny. 
So yeah, hard not to not to 

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follow it a little bit, but not 
in the trenches, not trading it.

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So I I have a lot of takes. 
First, my hot take is I think 

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GCR made his bull post last 
night to save face 'cause he 

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he's probably going to lose this
bet if he actually does get into

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it. 
I'll give folks the recap of the

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situation and this was just a 
wild one. 

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It doesn't seem like it's over 
just yet, but but basically it 

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started yesterday. 
Alex Weiss put out this 

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challenge to to bet Martin 
Shkreli a $1,000,000 at this DJ 

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token is false. 
False here, meaning it's not 

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from Trump or someone on his 
team or his family. 

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Shkreli snap accepts the bet and
then he replies with how high 

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can you go? 
GCR joins the conversation and 

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he says I'll go up to $100 
million. 

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Shkreli accepts that they they 
go back and forth on the terms. 

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Love the bet. 
Screles in the camp that as long

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as it's from Baron, Trump or 
Donald, that counts as a win for

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the token to be real. 
Screles going on all of these 

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different Twitter spaces. 
He's I joined a few of them. 

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He was sounding just super 
confident in his side of the bed

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and we saw some roller coaster 
action in the market while this 

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was all playing out. 
The token dumped 30%, jumped 40%

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during all this. 
Basically it was live trading 

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based on what was happening in 
these spaces. 

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That was my read on all of this.
And then Zach XPT enters the 

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conversation and Arkham 
Intelligence had put out a, a 

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$150,000 bounty on anyone who 
had information on the real 

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creator of this. 
Zac XPT submits. 

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But before that goes public, 
Skrelly comes out and admits, 

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hey, I leaked the DMS to to Zac 
XPT, I'm the creator of this 

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token. 
I've got conversations with 

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Andrew Tate trying to, to get 
him involved. 

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And so at this point in time, it
the situation is Skrelly's the 

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creator. 
He he likely has had some kind 

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of conversations with Baron 
Trump. 

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Kate was involved Zach XPT 
exposed this, but I don't think 

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he's going to get the bounty 
anymore. 

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The token fell 50% overnight. 
It's all around 100 and 1000 and

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00:08:04,000 --> 00:08:07,320
20 million here this morning in 
market cap. 

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The the is the bet live. 
That's still an open question. 

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I saw Skriley tweeting this 
morning at Kobe because Kobe was

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going to escrow this $100 
million because of of course 

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Kobe is going to get in the mix 
on all this. 

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And Skrille was asking, hey, is 
the bet still on? 

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So it looks like it's the bet's 
probably not going to happen. 

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As for the token, I don't really
think it matters at this point 

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if, if Baron is somehow loosely 
tied to this cause Skrille 

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convinced him to get into it. 
It this feels like a Skrille 

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token at this point in time. 
Am I off base there? 

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Brett, how are you thinking 
about this? 

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Doesn't matter if Skrille does 
have receipts that say that 

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shows he has a conversation with
Baron Trump on all this. 

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Does this make it a Trump coin 
for you? 

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00:08:52,640 --> 00:08:56,560
Yeah, I mean, we've seen a a 
crazy market dilution of Trump 

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00:08:56,560 --> 00:09:00,720
coins the last whatever months. 
I guess it has been like, right.

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00:09:00,720 --> 00:09:04,040
We had the Trump on ETH and then
we had Tramp on Solana and then 

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we had 1000 iterations of Trump 
on both of them just trying to 

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get stuff going on. 
And now this is a kind of a 

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00:09:09,520 --> 00:09:12,160
Baron Trump, our Baron Trump 
coin. 

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But also not yet. 
Shelly's like the forefront. 

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He's the voice of it. 
He's the one that's spearheading

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all this stuff. 
And I think if if these things 

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00:09:18,520 --> 00:09:21,320
are really gonna be culture 
coins, right, if like they're 

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00:09:21,320 --> 00:09:24,600
really going to be sentiment 
trading on like the person it's 

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00:09:24,600 --> 00:09:27,920
tied to, it really has to be 
tied to that person, right? 

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00:09:27,920 --> 00:09:30,360
And like, I don't think the 
market is going to grant this 

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thing a valuation whenever it's 
three and four people removed 

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00:09:33,720 --> 00:09:35,720
from the actual Trump 
Foundation. 

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00:09:35,720 --> 00:09:40,080
So unless like you can have 
Trump or Baron or whoever 

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00:09:40,080 --> 00:09:43,080
bringing attention to it. 
Like it's a Shkreli coin in my 

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00:09:43,080 --> 00:09:44,920
opinion. 
And again, I'm not trading it, 

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but like, that's, that's how it 
appears from the outside. 

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00:09:47,000 --> 00:09:49,400
And at least to me, like I 
wouldn't buy this assuming a 

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00:09:49,400 --> 00:09:52,840
Trump valuation. 
Yeah, I think that's spot on for

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00:09:52,880 --> 00:09:55,920
for it to be a culture coin, it 
has to be tied to the actual 

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00:09:55,920 --> 00:09:58,800
person. 
I would tend to agree. 

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00:09:58,800 --> 00:10:00,440
So what what's a little bit of 
egg on my face? 

191
00:10:00,440 --> 00:10:04,160
So I basically held a funeral 
for the rest of the Poly fi 

192
00:10:04,560 --> 00:10:07,360
Trump tokens on Tuesday. 
I I said they're they're dead 

193
00:10:07,360 --> 00:10:09,000
and gone. 
Like there's, there's too many 

194
00:10:09,000 --> 00:10:11,600
rumors of a real Trump token 
coming. 

195
00:10:12,440 --> 00:10:13,840
The, the market totally reversed
course. 

196
00:10:13,840 --> 00:10:16,920
So like Trump was up 20%. 
The Trump token on ETH was up 

197
00:10:16,920 --> 00:10:21,880
like 3033% overnight. 
So a, a large part of the dip 

198
00:10:21,880 --> 00:10:26,840
getting reversed here. 
And now I'm I'm kind of 

199
00:10:27,280 --> 00:10:30,400
reversing course. 
So like that this was this felt 

200
00:10:30,400 --> 00:10:32,840
like our shot at at a Trump 
coin. 

201
00:10:33,440 --> 00:10:37,040
Now it seems like it's not that 
narrative play out. 

202
00:10:37,040 --> 00:10:39,440
And now it feels less likely 
like Barron's not going to get 

203
00:10:39,440 --> 00:10:41,800
involved, I don't think with 
another one. 

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00:10:41,800 --> 00:10:44,520
And now is Donald Trump going to
get in on another one? 

205
00:10:44,840 --> 00:10:48,400
Seems lower likelihood. 
So I don't know I, I, I'm out on

206
00:10:48,400 --> 00:10:52,600
it. 
I think that's a, a good pivot 

207
00:10:52,600 --> 00:10:55,760
perhaps just into our broader 
market report here for the day. 

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00:10:55,760 --> 00:10:58,280
So let's run down and take a 
look at some of these tokens. 

209
00:10:58,280 --> 00:11:03,000
Bitcoin up a ticket on the day 
holding right at 65,000. 

210
00:11:03,000 --> 00:11:08,120
ETH is at 3531, the top winner 
on the day up 3.7%. 

211
00:11:08,120 --> 00:11:10,520
Love to see the green on the 
board. 

212
00:11:10,520 --> 00:11:16,120
Solana at one. 
Up 1 1/2 percent here at 1:37. 

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00:11:16,680 --> 00:11:21,840
So a decent day for the tokens. 
Let's look at the memes here. 

214
00:11:22,040 --> 00:11:27,920
Memes up actually on the day so 
dose up 3%, Pepe up 9% with up 

215
00:11:27,920 --> 00:11:31,640
3% lagging a little bit breath 
and others up 20%. 

216
00:11:31,640 --> 00:11:35,240
So a little bit more green on 
the board here. 

217
00:11:35,240 --> 00:11:38,280
I I took a look at the ETF 
inflows or outflows from the 

218
00:11:38,280 --> 00:11:40,320
day. 
It looks like 150 million in 

219
00:11:40,320 --> 00:11:43,640
outflows from the ETFs. 
So that's causing a little bit 

220
00:11:43,640 --> 00:11:45,960
of downward pressure there on 
Bitcoin. 

221
00:11:45,960 --> 00:11:51,200
But folks, the reason is up 3% 
on the day the SEC has dropped 

222
00:11:51,200 --> 00:11:55,080
its case against consensus. 
So I'll I'll kick us off here 

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00:11:55,080 --> 00:11:57,440
and then Brown, get your 
thoughts on this. 

224
00:11:58,960 --> 00:12:02,880
Get to where clarity seemed one 
in the last big hurdles keeping 

225
00:12:02,880 --> 00:12:05,880
crypto from really booming in 
the US and it feels like 

226
00:12:05,880 --> 00:12:08,480
dominoes are starting to fall 
that we may actually get some of

227
00:12:08,480 --> 00:12:11,000
this regulatory clarity. 
Pressure is coming down. 

228
00:12:11,000 --> 00:12:14,280
So last night consensus 
announced that the SEC has 

229
00:12:14,280 --> 00:12:18,560
dropped its investigation into 
Ethereum. 2 point O the impact. 

230
00:12:18,560 --> 00:12:23,040
The SEC will not bring charges 
that ETH is a security and that 

231
00:12:23,040 --> 00:12:26,440
ETH sales are securities 
transactions according to 

232
00:12:26,440 --> 00:12:28,400
consensus. 
This comes after they sent a 

233
00:12:28,400 --> 00:12:31,680
letter to the SEC on June 7th 
asking them to confirm whether 

234
00:12:31,680 --> 00:12:35,880
the May ETH ETF approvals were 
premised on ETH being a 

235
00:12:35,880 --> 00:12:38,360
commodity. 
The SEC did not answer that 

236
00:12:38,360 --> 00:12:41,720
question directly, but simply 
dropped their case. 

237
00:12:41,760 --> 00:12:44,960
Huge win for consensus, huge win
for broader crypto. 

238
00:12:44,960 --> 00:12:49,280
We've seen ETH already respond 
up 3.7% on the day when 

239
00:12:49,280 --> 00:12:52,280
everything else basically is 
flat consensus. 

240
00:12:52,520 --> 00:12:55,080
Not quite out of the woods just 
yet. 

241
00:12:55,080 --> 00:12:59,080
Their fights to declare their 
wallet Metamask via swaps and 

242
00:12:59,080 --> 00:13:02,000
staking that it doesn't violate 
securities law that is still 

243
00:13:02,000 --> 00:13:04,000
alive. 
But we have to think probably 

244
00:13:04,000 --> 00:13:07,480
the that they are more 
positioned to win than ever. 

245
00:13:07,480 --> 00:13:12,600
And just zooming back or zooming
out here for a minute, after 

246
00:13:12,600 --> 00:13:17,200
three years of attacks and 
offense by the SEC against 

247
00:13:17,200 --> 00:13:20,080
crypto, it feels like they might
finally be backing off. 

248
00:13:20,080 --> 00:13:24,640
I think OSF posted about this in
the past few weeks, the ETS have

249
00:13:24,640 --> 00:13:28,160
gotten approved, the SE CS head 
of crypto has resigned and now 

250
00:13:28,160 --> 00:13:32,000
the SEC has withdrawn its case 
against ETH Two point O it. 

251
00:13:32,000 --> 00:13:35,560
It feels like that the winds are
shifting bread, I guess. 

252
00:13:35,840 --> 00:13:37,520
Curious for your reactions to 
this. 

253
00:13:37,520 --> 00:13:40,640
You know you you are a big ETH 
believer. 

254
00:13:40,640 --> 00:13:43,920
How big is this one? 
I mean, it's hard to deny it's 

255
00:13:43,920 --> 00:13:48,160
not it's I think anyone who has 
been following this closely is 

256
00:13:48,160 --> 00:13:51,520
not surprised by it because 
like, I don't know if people who

257
00:13:51,520 --> 00:13:54,240
have been tracking this whole 
saga, like there were emails 

258
00:13:54,240 --> 00:13:57,160
turned over from the previous 
head of the SEC like pretty 

259
00:13:57,160 --> 00:13:59,200
definitively saying like, yeah, 
we don't consider you to be a, a

260
00:13:59,680 --> 00:14:01,240
security. 
And they were just trying to 

261
00:14:01,240 --> 00:14:03,080
find regular regulatory clarity 
about that. 

262
00:14:03,080 --> 00:14:06,480
Obviously Gary hasn't been that 
kind towards it. 

263
00:14:06,480 --> 00:14:09,240
But anyone who's been watching 
this, you saw consensus. 

264
00:14:09,240 --> 00:14:11,560
They were really pre emptive 
with their their suit against 

265
00:14:11,560 --> 00:14:13,200
the SEC knowing this was kind of
coming. 

266
00:14:13,520 --> 00:14:19,080
And the SEC is no, no stranger 
to lawsuits against them for 

267
00:14:19,080 --> 00:14:21,400
some of their accusations. 
They had had one and lost 

268
00:14:21,400 --> 00:14:23,840
before. 
They knew if this played into 

269
00:14:23,840 --> 00:14:25,760
the ETF that they were going to 
get probably a lawsuit. 

270
00:14:25,760 --> 00:14:29,040
So consensus, I believe there's 
actually another company that 

271
00:14:29,800 --> 00:14:33,520
came out and issued a a lawsuit 
in conjunction with consensus to

272
00:14:33,520 --> 00:14:36,760
kind of get front run the like 
turmoil that might come from 

273
00:14:36,760 --> 00:14:39,080
Gary Gensler and SEC ahead of 
ETF. 

274
00:14:39,360 --> 00:14:41,600
So they got out, they did this 
stuff getting this wins. 

275
00:14:41,600 --> 00:14:43,880
Good. 
I think it's just yeah, it's 

276
00:14:43,880 --> 00:14:46,560
bullish for broader adoption. 
And then this will kind of go 

277
00:14:46,560 --> 00:14:49,080
into that, that thread of the 
structural bullishness of this 

278
00:14:49,080 --> 00:14:51,640
environment that we have for for
crypto broadly. 

279
00:14:51,640 --> 00:14:55,120
It's like, yeah, man, it, it 
becomes normalized, gets 

280
00:14:55,120 --> 00:14:59,360
approved as an ETF and then like
we already got 5% of the, the 

281
00:14:59,360 --> 00:15:02,920
BTC supply that's been gobbled 
up by ETF inflows. 

282
00:15:02,960 --> 00:15:05,240
And like now we're going to 
start applying that stuff to 

283
00:15:05,240 --> 00:15:07,000
Etherium. 
And whether or not you're a 

284
00:15:07,000 --> 00:15:10,240
believer, anyone's a believer 
of, of Etherium within the 

285
00:15:10,240 --> 00:15:13,560
broader landscape, if you have 
that level of inflows, 

286
00:15:13,560 --> 00:15:16,960
structural inflows from 
traditional markets into our 

287
00:15:16,960 --> 00:15:20,480
industry, like that's just, it's
wealth going up for everyone. 

288
00:15:20,480 --> 00:15:23,720
So it it's a, it's a wealth 
effect for the entire ecosystem,

289
00:15:23,720 --> 00:15:26,000
not just Ethereum as an asset 
class. 

290
00:15:26,000 --> 00:15:29,120
So it's good for everyone. 
I think the other headline 

291
00:15:29,480 --> 00:15:31,360
somewhat tied to this is 
Pantera. 

292
00:15:31,400 --> 00:15:35,520
I, I believe that they've got 
like $100 million lined up to to

293
00:15:35,520 --> 00:15:37,640
buy into the ETTFS when they're 
live at. 

294
00:15:37,680 --> 00:15:40,560
They haven't seen it. 
I didn't see that number, but I 

295
00:15:40,560 --> 00:15:41,960
know that that happened with 
Bitcoin too. 

296
00:15:41,960 --> 00:15:44,400
They had several, I think 
BlackRock and a few others said 

297
00:15:44,400 --> 00:15:47,400
that they had seed funds ready 
to, to buy for initial liquidity

298
00:15:47,400 --> 00:15:50,360
and they're either ETF to, to 
pre buy that stuff to try to 

299
00:15:50,360 --> 00:15:53,000
front run everything else. 
And, but not surprising. 

300
00:15:53,040 --> 00:15:56,280
And 100 million to each market 
cap versus, you know, however 

301
00:15:56,280 --> 00:15:59,160
much it was to BTC. 
Like that's why people are 

302
00:15:59,480 --> 00:16:03,200
excited about this because yeah,
the asset class is much smaller 

303
00:16:03,200 --> 00:16:06,920
than or not asset class, but the
asset is much smaller than BTC 

304
00:16:06,920 --> 00:16:10,000
was. 
And if you see 1/3 or 1/4 of the

305
00:16:10,000 --> 00:16:14,160
inflows of BTC put into the ETF,
the impact may be 

306
00:16:14,160 --> 00:16:18,160
disproportionate. 
The the Balkunis brothers 

307
00:16:18,160 --> 00:16:21,520
calling for ETF approval July 
2nd. 

308
00:16:22,120 --> 00:16:24,160
I think it was their latest 
call. 

309
00:16:24,600 --> 00:16:26,600
What are your thoughts? 
Is that timeline? 

310
00:16:27,000 --> 00:16:29,440
Are you taking the over or the 
under on July? 

311
00:16:29,440 --> 00:16:33,960
Second, I actually so Polymarket
has a market open on this for a 

312
00:16:34,160 --> 00:16:36,600
no, the 2nd. 
So I think it is the second 

313
00:16:36,600 --> 00:16:38,440
actually, or no, the 4th, Sorry,
it's the fourth. 

314
00:16:38,880 --> 00:16:41,680
It'll be trading by the 4th. 
So you can bet over under on 

315
00:16:41,680 --> 00:16:43,120
that. 
And I actually, I was looking at

316
00:16:43,120 --> 00:16:45,360
that and I thought the, the 
smart play would be to take the 

317
00:16:45,360 --> 00:16:47,800
over just 'cause there's a 
holiday there. 

318
00:16:47,800 --> 00:16:50,240
And you know, Gary Ganz already 
came out and he said that he 

319
00:16:50,240 --> 00:16:52,640
said August was his, his guess 
on that. 

320
00:16:52,640 --> 00:16:54,880
So he said that they said the 
2nd. 

321
00:16:55,200 --> 00:16:57,760
If you kind of just look at what
the, the general outline was, I 

322
00:16:57,760 --> 00:17:00,080
think they probably want to go 
after the holiday, July 4th 

323
00:17:00,080 --> 00:17:03,760
there. 
So my guess would be second is a

324
00:17:03,760 --> 00:17:06,720
little early, but you know, 
early is better, better. 

325
00:17:06,720 --> 00:17:08,160
So I wouldn't be, I wouldn't 
hate it. 

326
00:17:08,800 --> 00:17:09,960
Yeah, I like your over bet 
there. 

327
00:17:10,440 --> 00:17:12,839
It would be weird to to launch 
it the day before the holiday. 

328
00:17:12,839 --> 00:17:15,960
I think July 4th is a Thursday, 
so then it comes back for Friday

329
00:17:15,960 --> 00:17:17,800
and that's the weekend. 
Feels like it would be the next 

330
00:17:17,800 --> 00:17:20,960
week at the earliest and that 
that's if everything goes right 

331
00:17:20,960 --> 00:17:23,960
because I'm on July 2nd's in two
weeks, 14 days. 

332
00:17:23,960 --> 00:17:25,400
Yeah, two weeks from today all. 
Right. 

333
00:17:25,400 --> 00:17:27,160
We just still delay from the BTC
one, right? 

334
00:17:27,160 --> 00:17:28,920
That was live almost 
instantaneously. 

335
00:17:29,200 --> 00:17:32,080
And this is now giving me like 5
weeks or whatever, but still 

336
00:17:32,080 --> 00:17:33,960
like we've been waiting years, 
right? 

337
00:17:33,960 --> 00:17:35,840
This stuff has been going back 
and forth for a while. 

338
00:17:35,840 --> 00:17:39,600
It's a few weeks. 
I mean, it's, it's a matter of 

339
00:17:39,600 --> 00:17:41,960
when and not if now. 
And that's just a part of the 

340
00:17:41,960 --> 00:17:46,080
broader crypto bull case. 
So we've got, I mean GCR came 

341
00:17:46,080 --> 00:17:49,800
back somewhat saving face. 
He's like, yes, we're in a bull 

342
00:17:49,800 --> 00:17:54,880
market, stop panicking. 
There is some hints of summer 

343
00:17:54,880 --> 00:17:59,280
2020, some hints of summer 
20/20/21 with respect to where 

344
00:17:59,280 --> 00:18:02,000
we've been. 
But Brett front ran Brett 

345
00:18:02,000 --> 00:18:05,400
already laid out his bullish 
structural structural 

346
00:18:05,400 --> 00:18:10,200
environment thesis, telling 
everyone to to zoom out and 

347
00:18:10,200 --> 00:18:13,760
giving us the Hopi on You have a
lot of data back in this Brad, 

348
00:18:13,760 --> 00:18:16,240
do you want us maybe walk us 
through some of this? 

349
00:18:16,520 --> 00:18:20,480
You know what, I guess what what
made you want to write this and 

350
00:18:20,480 --> 00:18:23,680
what are some of the the points 
that that jump out the most when

351
00:18:23,680 --> 00:18:27,240
you're talking about protocol 
TBL up up only since Q3 stable 

352
00:18:27,240 --> 00:18:30,000
coins similar rise. 
You talk about the Bitcoin ETF 

353
00:18:30,000 --> 00:18:32,560
performance. 
Where should we drill into? 

354
00:18:32,640 --> 00:18:35,000
Like what? 
What are the the big that the 

355
00:18:35,000 --> 00:18:37,000
big items you know from your 
thread here? 

356
00:18:38,080 --> 00:18:39,360
Yeah. 
I mean, if we're just going to 

357
00:18:39,400 --> 00:18:42,360
talk structural stuff, for me 
it's stable coins and it's it's 

358
00:18:42,360 --> 00:18:46,400
BTC and flows, right? 
Because like whenever stable 

359
00:18:46,400 --> 00:18:49,320
coins is always like the genesis
of of net and flows into our 

360
00:18:49,320 --> 00:18:52,040
ecosystem, right. 
So like everything comes in 

361
00:18:52,040 --> 00:18:54,760
typically through people turn 
their dollars into coins, 

362
00:18:54,760 --> 00:18:58,400
USDTUSDC, whatever. 
So those get minted that's and 

363
00:18:58,400 --> 00:19:01,160
flows to the ecosystem and then 
that purchases your assets. 

364
00:19:01,160 --> 00:19:04,240
So you're getting, you know, 
BTCE salon, are you going crazy 

365
00:19:04,240 --> 00:19:07,120
down the risk curve to do, you 
know, means whatever, right? 

366
00:19:07,120 --> 00:19:11,360
So net inflows to the ecosystem 
through stable coin minting is 

367
00:19:11,360 --> 00:19:14,320
typically a pretty good 
indicator of is, are things 

368
00:19:14,320 --> 00:19:15,960
coming into the ecosystem? 
Are they coming out? 

369
00:19:15,960 --> 00:19:19,360
And you can look back on that 
chart and see back after 2022 

370
00:19:19,360 --> 00:19:25,080
stark drop and then we bled out 
for up until July of 2023, maybe

371
00:19:25,080 --> 00:19:28,240
a little bit beyond that, right.
So that and that was that felt 

372
00:19:28,240 --> 00:19:31,200
like a bear did it not right. 
It was everything was down only 

373
00:19:31,200 --> 00:19:35,600
pretty consistently for months, 
although we had macro or micro 

374
00:19:35,720 --> 00:19:37,360
up and down waves within that 
stuff. 

375
00:19:37,760 --> 00:19:42,600
Generally it was sentiment down 
prices down bear market and then

376
00:19:42,600 --> 00:19:47,760
since Q 3:00-ish of last year, 
you can see there minting and 

377
00:19:47,760 --> 00:19:50,240
total TVL of stable coins up 
only right. 

378
00:19:50,240 --> 00:19:52,240
We've slowly started to get 
sentiment back. 

379
00:19:52,240 --> 00:19:53,920
We're slowly starting to see 
prices rise. 

380
00:19:53,920 --> 00:19:56,840
We're seeing spikes of the of of
all time high and a few coins 

381
00:19:56,840 --> 00:20:00,120
Solana Bitcoin, you know we've 
had a few other tons of 

382
00:20:00,120 --> 00:20:01,240
ecosystem. 
We're gonna talk about 

383
00:20:01,240 --> 00:20:03,120
potentially prices all time 
high. 

384
00:20:03,120 --> 00:20:07,000
So you're starting to see things
bubble to the surface of of net 

385
00:20:07,000 --> 00:20:08,320
new liquidity coming in 
ecosystem. 

386
00:20:08,400 --> 00:20:09,760
So awesome. 
Great sign. 

387
00:20:09,840 --> 00:20:11,880
Like one of several things. 
The other is. 

388
00:20:12,400 --> 00:20:15,080
We're talking structural flows, 
right, things that are just, it 

389
00:20:15,080 --> 00:20:17,680
just inflows into the ecosystem,
which is all we care about. 

390
00:20:17,680 --> 00:20:21,600
And whenever you talk about the 
asset price disparity or the 

391
00:20:21,600 --> 00:20:24,600
asset class disparity between 
us, you know, we're, our market 

392
00:20:24,600 --> 00:20:28,400
cap right now is 2.4 trillion. 
I think it is relative to the 

393
00:20:28,400 --> 00:20:30,680
traditional market, right? 
You have all these ETFs getting 

394
00:20:30,680 --> 00:20:34,320
approved and you if you have 
even a small, small portion, 

395
00:20:34,360 --> 00:20:36,920
right, we're saying people are 
going to our asset managers are 

396
00:20:36,920 --> 00:20:39,760
going to start recommending 
between one and 3% of your your 

397
00:20:39,760 --> 00:20:42,040
passive portfolio to have 
exposure to crypto. 

398
00:20:42,800 --> 00:20:46,720
Like 1 to 3% sounds small, but 
whenever it's one to 3% of 

399
00:20:46,720 --> 00:20:49,960
hundreds of of trillions of 
dollars, right, that's a lot of 

400
00:20:49,960 --> 00:20:53,000
money, especially relative to 
us, which our entire ecosystem, 

401
00:20:53,000 --> 00:20:55,280
everything that we have 2.4 
trillion. 

402
00:20:55,640 --> 00:20:59,920
So if you get 1% of a multi $100
trillion as our group of wealth 

403
00:21:00,200 --> 00:21:02,360
pouring into our ecosystem 
structurally, right, People 

404
00:21:02,360 --> 00:21:03,680
don't aren't swing trading this 
shit. 

405
00:21:03,680 --> 00:21:05,920
They're not like panicking 
because something's going on. 

406
00:21:05,920 --> 00:21:10,400
They just say, have my probably 
managed portfolio. 

407
00:21:10,400 --> 00:21:14,120
It's an index, allocate a small 
portion of stuff to you guys 

408
00:21:14,160 --> 00:21:16,880
over the next 60 years because 
these people are just doing it. 

409
00:21:16,880 --> 00:21:19,280
They don't understand finance. 
Most of Americans don't. 

410
00:21:19,280 --> 00:21:22,240
I'm talking to my family, my my 
girl, everyone of their like, 

411
00:21:22,760 --> 00:21:24,840
they don't understand where 
their retirement money is. 

412
00:21:25,040 --> 00:21:26,840
They just know that they have a 
retirement account. 

413
00:21:27,040 --> 00:21:29,240
And then on the back end, an 
asset manager does this thing 

414
00:21:29,240 --> 00:21:32,520
and they go based on the 
recommended like growth versus 

415
00:21:32,520 --> 00:21:35,680
risk versus whatever portfolio 
allocation and that money just 

416
00:21:35,680 --> 00:21:39,080
gets allocated all of that money
or one or two percent of that. 

417
00:21:39,080 --> 00:21:40,720
If that's the average, it's just
going to flow in. 

418
00:21:40,720 --> 00:21:44,600
And you can see that with the 
net inflow of the, the BTCETF 

419
00:21:44,880 --> 00:21:49,240
best performing ETF of all time 
already eats up 4 1/2% of all of

420
00:21:49,240 --> 00:21:51,920
BTC supply. 
That's over a few months of an 

421
00:21:51,920 --> 00:21:54,240
asset class that is just now. 
It's not even hit the marketing 

422
00:21:54,240 --> 00:21:57,000
window yet, right? 
You, you hear asset managers say

423
00:21:57,000 --> 00:21:59,960
like the, the, their marketing 
isn't really ready to go and 

424
00:21:59,960 --> 00:22:02,360
there's still some framework 
ready that needs to be worked 

425
00:22:02,360 --> 00:22:04,600
on. 
So I see those two things and 

426
00:22:04,600 --> 00:22:07,400
it's just it's pretty easy to 
say like chill out pros. 

427
00:22:08,840 --> 00:22:11,480
I'm with you there. 
A few thoughts. 

428
00:22:11,880 --> 00:22:15,760
So I mean, once the once the 
investment managers in the 401K 

429
00:22:16,400 --> 00:22:18,680
bond just turn the switch on. 
It's, it's really every two 

430
00:22:18,680 --> 00:22:23,280
weeks it, it's just constant 
drip of funds in here. 

431
00:22:23,400 --> 00:22:26,400
You said 1 to 3% at the Coinbase
Summit last week. 

432
00:22:26,400 --> 00:22:28,040
They, they basically said that's
where we're going to start. 

433
00:22:28,640 --> 00:22:31,920
But once there's regulatory 
clarity on this, like we're 

434
00:22:31,920 --> 00:22:37,400
upping this to five to 10%. 
And that feels reasonable to me.

435
00:22:37,720 --> 00:22:39,280
Like we, we're starting to see 
the stats. 

436
00:22:39,280 --> 00:22:43,400
This younger generation is more 
interested in real estate and, 

437
00:22:43,400 --> 00:22:45,200
and crypto than anything else 
right now. 

438
00:22:45,200 --> 00:22:48,960
And stocks is last I, I just saw
a tweet about that here this 

439
00:22:48,960 --> 00:22:50,280
morning. 
I thought it was interesting 

440
00:22:51,520 --> 00:22:53,280
that stocks would be that low. 
So I still think there's, 

441
00:22:53,280 --> 00:22:55,760
there's a place for stocks, 
especially that like NVIDIA and 

442
00:22:55,800 --> 00:22:57,680
the AI stocks. 
But putting that aside it, it 

443
00:22:57,680 --> 00:23:00,600
feels like that that number is 
just going to increase and five 

444
00:23:00,600 --> 00:23:03,040
to 10%. 
It's just like we aren't no 

445
00:23:03,040 --> 00:23:07,520
one's ready for for that. 
A few of the other points I want

446
00:23:07,520 --> 00:23:10,360
to quickly talk about Coinbase. 
So you, you mentioned Coinbase, 

447
00:23:11,280 --> 00:23:14,440
they're yielding $10 million a 
month on base. 

448
00:23:14,440 --> 00:23:18,920
This is on their quarterly 
reports coin up 400% in the last

449
00:23:18,920 --> 00:23:21,320
year. 
How are you feeling about COIN? 

450
00:23:21,320 --> 00:23:25,040
What's what's the Coinbase bull 
case right now from your 

451
00:23:25,040 --> 00:23:28,360
perspective, if you had to to 
lay it out and I guess are you, 

452
00:23:28,400 --> 00:23:32,840
are you holding coin in in your?
Coin like the the stock yes Oh, 

453
00:23:33,040 --> 00:23:37,120
I'm very allocated very long 
coin and I that and honestly, 

454
00:23:37,120 --> 00:23:40,360
that's what's funny is so one 
yes, they've shown with base 

455
00:23:40,360 --> 00:23:43,160
that there is a way to monetize 
an existing user base, and I 

456
00:23:43,160 --> 00:23:45,360
think that is something that 
we're going to see with with L 

457
00:23:45,360 --> 00:23:48,760
twos as time goes on because 
BlackRock already admitted that 

458
00:23:48,760 --> 00:23:50,360
you know public chains or 
whatever. 

459
00:23:50,360 --> 00:23:52,480
It's like starting your own 
network's kind of kind of skeevy

460
00:23:52,480 --> 00:23:54,200
and it's expensive right, 
because if you create a token, 

461
00:23:54,200 --> 00:23:55,240
you have to issue it. 
You have to do all this 

462
00:23:55,240 --> 00:23:58,480
decentralization stuff. 
Now Coinbase is showing you 

463
00:23:58,480 --> 00:23:59,880
don't even have to create a 
token. 

464
00:23:59,920 --> 00:24:02,000
You don't have to do the 
distribution stuff. 

465
00:24:02,240 --> 00:24:04,360
You don't have to run the cost 
of spinning up a network. 

466
00:24:04,360 --> 00:24:07,400
You just create a sequencer, 
which I think right now the cost

467
00:24:07,400 --> 00:24:10,160
of actually running an L2, I 
think like the expenses on that 

468
00:24:10,160 --> 00:24:12,240
basis. 
Other sides about 1000 a week 

469
00:24:12,920 --> 00:24:15,440
that may have been before den 
goon upgrade would made it even 

470
00:24:15,440 --> 00:24:17,000
cheaper to post down to 
Ethereum. 

471
00:24:17,360 --> 00:24:20,120
So cost basically nothing. 
You you have these roll up as a 

472
00:24:20,120 --> 00:24:21,720
service. 
You can really do go do like a 

473
00:24:21,720 --> 00:24:26,120
several clicks and spin up an L3
or L2 and it creates your thing.

474
00:24:26,360 --> 00:24:28,160
You have total control over that
thing. 

475
00:24:28,160 --> 00:24:31,480
So these these companies can 
come in and be as try to be as 

476
00:24:31,480 --> 00:24:34,560
decentralized as they want or as
private controlled as they want,

477
00:24:34,960 --> 00:24:36,600
and they can generate a shit ton
of money, right. 

478
00:24:36,600 --> 00:24:39,320
They can point all their users 
there, generate transactions, 

479
00:24:39,320 --> 00:24:41,200
get a portion of the 
transactions and make money. 

480
00:24:41,200 --> 00:24:44,520
So Coinbase is already averaging
about 10 to $15,000,000 a month 

481
00:24:44,920 --> 00:24:48,360
right now based on on the 
sequencer fees for transactions 

482
00:24:48,360 --> 00:24:50,600
on base. 
And if you're, you know, if 

483
00:24:50,600 --> 00:24:55,040
you're a Meta, if you're 
Instagram and you have a huge 

484
00:24:55,040 --> 00:24:58,560
user base, if you're a Twitter 
and you want to monetize it, you

485
00:24:58,560 --> 00:25:02,440
can now spin up a blockchain L2 
tying on Ethereum. 

486
00:25:02,440 --> 00:25:04,560
So you can claim to 
centralization or you know, do 

487
00:25:04,560 --> 00:25:07,400
it to whatever degree you want, 
point your entire user base 

488
00:25:07,400 --> 00:25:09,480
there and then deal with 
tokenized assets, digital, 

489
00:25:09,480 --> 00:25:11,960
whatever on the back end. 
It's just a way to generate 

490
00:25:11,960 --> 00:25:13,080
money that they've never been 
able to. 

491
00:25:13,080 --> 00:25:15,760
And it's shown up on quarterly 
reports for Coinbase. 

492
00:25:16,480 --> 00:25:20,040
And yeah, I'm I'm super bullish 
coin for a multitude of reasons.

493
00:25:20,040 --> 00:25:23,600
I think if you look at what 
they've done, they've basically 

494
00:25:23,840 --> 00:25:28,000
cornered the market on on web 
three infrastructure. 

495
00:25:28,240 --> 00:25:31,120
So like they're they're the 
custodian for all of these ETFs,

496
00:25:31,120 --> 00:25:32,120
right? 
They're the ones that are run 

497
00:25:32,120 --> 00:25:34,720
running all the back end 
handling of that things for most

498
00:25:34,720 --> 00:25:38,040
of that those inflows, they run 
staking as a service where they 

499
00:25:38,040 --> 00:25:41,080
eat 25% of the yield on, on the 
staking. 

500
00:25:41,080 --> 00:25:44,000
So if these large asset managers
want to come in, they want to 

501
00:25:44,000 --> 00:25:46,240
have their stuff staked. 
One basically do all that stuff 

502
00:25:46,240 --> 00:25:48,760
is they're going custodian it, 
they're going to make them 

503
00:25:48,760 --> 00:25:51,240
generate the yield, which you're
also going to see these ETS 

504
00:25:51,240 --> 00:25:54,920
eventually on the ETF3M1 
specifically. 

505
00:25:54,920 --> 00:25:56,480
And then they're probably going 
to take a portion of that. 

506
00:25:56,760 --> 00:25:58,440
They have this wallet as a 
service. 

507
00:25:58,440 --> 00:26:01,680
They have their own L2. 
They have like they have all of 

508
00:26:01,680 --> 00:26:05,760
this stuff that is just the the 
plumbing behind getting 

509
00:26:05,760 --> 00:26:10,560
integrated to crypto on an 
infrastructure level on top of 

510
00:26:10,560 --> 00:26:12,880
owning the actual user front end
right there. 

511
00:26:12,880 --> 00:26:16,080
They own the US market basically
outright finance got kicked out.

512
00:26:17,040 --> 00:26:19,680
They are now expanding into 
Canada and even a little bit of 

513
00:26:19,680 --> 00:26:20,840
Europe with some of the future 
stuff. 

514
00:26:21,120 --> 00:26:24,360
I just think they have so much 
foundational stuff in place 

515
00:26:24,360 --> 00:26:28,840
right now that if you believe 
assets or digital assets, crypto

516
00:26:28,840 --> 00:26:32,960
largely is going to go up, then 
Coinbase is gonna play a key 

517
00:26:32,960 --> 00:26:33,920
part. 
And yeah, now they're the 

518
00:26:33,920 --> 00:26:36,120
vanguard of of the political 
front too. 

519
00:26:36,120 --> 00:26:38,560
So they're like the good guys on
the crypto front as well as the 

520
00:26:38,560 --> 00:26:41,160
people that are the stand up 
company within America. 

521
00:26:41,160 --> 00:26:43,720
I just think there's too much 
going on there that it's not 

522
00:26:43,720 --> 00:26:47,920
worth net worth being allocated 
to it as a yeah. 

523
00:26:48,160 --> 00:26:51,120
It's just a strong bull case. 
It feels like you've got two 

524
00:26:51,120 --> 00:26:53,440
levers. 
Anytime the the crypto majors go

525
00:26:53,440 --> 00:26:57,080
up, it feels like that Coinbase 
stock typically kind of goes up 

526
00:26:57,160 --> 00:26:59,040
in line. 
And then you've also got all 

527
00:26:59,040 --> 00:27:01,640
this revenue they're generating 
from the the various products, 

528
00:27:01,640 --> 00:27:05,760
which is just another income 
stream and another reason why 

529
00:27:05,760 --> 00:27:08,440
like when this hits Wall Street 
and their quarterly reports and 

530
00:27:08,440 --> 00:27:12,840
whatnot is another lever for it.
So yeah, it is a bullish setup. 

531
00:27:12,840 --> 00:27:15,240
You know, you mentioned 
companies like Meta dropping 

532
00:27:15,240 --> 00:27:18,640
their their own blockchains or 
perhaps L twos or to 

533
00:27:18,640 --> 00:27:21,800
organization like quickly, like 
how do you think that does play 

534
00:27:21,800 --> 00:27:23,040
out? 
I know this was another topic of

535
00:27:23,040 --> 00:27:26,120
conversation at the Coinbase 
Summit last week. 

536
00:27:27,000 --> 00:27:32,080
I think their school of thought 
is that Ethereum's already won 

537
00:27:32,480 --> 00:27:36,760
for this and that they're going 
to come in as L twos so as not 

538
00:27:36,760 --> 00:27:39,960
to fragment liquidity. 
Is that your view? 

539
00:27:41,040 --> 00:27:44,040
How do you think this the whole 
tokenization race plays out? 

540
00:27:45,200 --> 00:27:46,440
Yeah. 
I mean, why wouldn't they? 

541
00:27:46,560 --> 00:27:49,320
I mean, so like, yeah, those are
the options are OK, you're going

542
00:27:49,320 --> 00:27:52,520
to launch a product is your is 
your, if you have a specific 

543
00:27:52,520 --> 00:27:55,320
product that you want to launch 
and you just want to put that on

544
00:27:55,320 --> 00:27:58,200
a blockchain, then like, yeah, 
you might go to a higher 

545
00:27:58,200 --> 00:27:59,960
throughput chain like a Solana 
or whatever. 

546
00:27:59,960 --> 00:28:02,600
So or maybe even an existing L2,
right. 

547
00:28:02,600 --> 00:28:04,240
I think those are the two 
sectors we see. 

548
00:28:05,520 --> 00:28:07,920
Whichever one they choose, there
is probably just going to be, 

549
00:28:08,120 --> 00:28:10,560
you know, based a little bit on 
what connections they have, who 

550
00:28:10,560 --> 00:28:14,040
they talk to, whatever. 
I don't think the disparity is 

551
00:28:14,040 --> 00:28:16,960
really that big between like a 
base and an assault on it right 

552
00:28:16,960 --> 00:28:18,400
now. 
And that gap's probably going to

553
00:28:18,400 --> 00:28:21,160
start closing. 
So ideology's probably going to 

554
00:28:21,160 --> 00:28:23,400
drive that. 
But then if you say, OK, well, 

555
00:28:23,520 --> 00:28:27,240
we also want to make money and 
we want to to create an entire 

556
00:28:27,240 --> 00:28:29,680
ecosystem, well then they have 
to launch their own blockchain. 

557
00:28:29,680 --> 00:28:34,000
And I think whenever that is the
discussion we've seen pretty 

558
00:28:34,000 --> 00:28:36,640
consistently, if you launch your
own L1, it's very hard to get 

559
00:28:36,640 --> 00:28:38,920
going. 
Monad may be the exception where

560
00:28:38,920 --> 00:28:40,960
they're before they even 
launched, they're already got a 

561
00:28:40,960 --> 00:28:43,640
crazy community into whatever. 
But most L ones don't garner a 

562
00:28:43,640 --> 00:28:45,960
community, don't garner any kind
of action. 

563
00:28:45,960 --> 00:28:47,800
And because of that, they kind 
of die off. 

564
00:28:48,640 --> 00:28:53,440
Block chains need transactions, 
so they base has laid out a 

565
00:28:53,440 --> 00:28:55,840
blueprint, spin up a blockchain,
do it on the back end. 

566
00:28:55,840 --> 00:28:58,120
You can try to do it as seamless
as you want to where like people

567
00:28:58,120 --> 00:28:59,600
don't even know they're doing 
their own stuff right now. 

568
00:28:59,600 --> 00:29:01,880
You have like the privies of the
world where people are are 

569
00:29:01,880 --> 00:29:04,240
signing blockchain transactions,
but they don't actually know it 

570
00:29:04,240 --> 00:29:05,880
writes a few buttons. 
You don't do any private key 

571
00:29:05,880 --> 00:29:08,040
stuff, you know, and that's 
getting better with stuff like 

572
00:29:08,040 --> 00:29:10,680
Coinbase smart wallet, which 
just uses all pass keys. 

573
00:29:10,680 --> 00:29:14,520
So I would say if they want to 
spin up their own ecosystem and 

574
00:29:14,520 --> 00:29:17,720
do something like base, get 
really involved, like coinbases,

575
00:29:17,720 --> 00:29:20,440
then yeah, spin up your own tilt
own L2. 

576
00:29:20,920 --> 00:29:21,960
It's cheap. 
You don't have to do any of the 

577
00:29:21,960 --> 00:29:24,440
research to do it. 
You click and launch this, this 

578
00:29:24,440 --> 00:29:26,840
thing, you're interoperable with
all the liquidity that exists in

579
00:29:26,840 --> 00:29:29,600
the Etherium ecosystem. 
You generate fees based of all 

580
00:29:29,600 --> 00:29:31,920
on all the transactions that 
take place. 

581
00:29:31,920 --> 00:29:34,880
And yeah, it's just it's 
additional revenue for them. 

582
00:29:34,880 --> 00:29:37,480
It's a way for them to 
modernize, monetize and tokenize

583
00:29:37,520 --> 00:29:39,320
their user, their existing user 
base. 

584
00:29:40,080 --> 00:29:43,880
It makes sense to me and it's 
hard not to be massively bullish

585
00:29:43,960 --> 00:29:46,320
Ethereum if you think all these 
big players are just going to 

586
00:29:46,320 --> 00:29:48,320
comment in the future of 
tokenization, which I still 

587
00:29:48,320 --> 00:29:52,440
think is like the end state, end
game, biggest unlock that we 

588
00:29:52,440 --> 00:29:56,240
have for blockchain and crypto. 
Perhaps, perhaps maybe besides 

589
00:29:56,400 --> 00:29:59,240
AI coming and it's going to 
happen on 8th. 

590
00:29:59,240 --> 00:30:02,320
I mean that's a huge win. 
I, I want to pivot a a little 

591
00:30:02,320 --> 00:30:03,920
bit, Brett. 
So as we go through this thread,

592
00:30:03,920 --> 00:30:08,680
there's a lot that you cover. 
You start getting into the the, 

593
00:30:08,840 --> 00:30:12,760
the ton blockchain here a bit at
the end you're mentioning how 

594
00:30:12,760 --> 00:30:16,320
Telegram is ton and ton have 
seen massive volumes on chain. 

595
00:30:16,320 --> 00:30:19,720
We've got some of these handles 
selling for for hundreds of ETH,

596
00:30:19,720 --> 00:30:22,400
which other than you, I haven't 
even seen anyone reporting on 

597
00:30:22,400 --> 00:30:24,840
this. 
But these are some wild figures.

598
00:30:24,880 --> 00:30:29,800
Like we've got this anime handle
song not that long ago. 

599
00:30:29,800 --> 00:30:32,240
Like that's why I'm surprised 
like like that no one was really

600
00:30:32,800 --> 00:30:35,880
talking about this that much. 
I mean, we, we, we usually us, 

601
00:30:36,920 --> 00:30:41,280
you know, creators, we love to, 
to to hit these flashy sales, 

602
00:30:41,280 --> 00:30:45,160
but apparently we all miss them.
This anime handle song for 700 

603
00:30:45,480 --> 00:30:50,920
1000 tokens selling for 750,000.
And and then you you get into 

604
00:30:51,880 --> 00:30:56,080
some more detail on TON and and 
some of the the outlier holder 

605
00:30:56,080 --> 00:30:57,520
account. 
So I don't know, let's just back

606
00:30:57,520 --> 00:31:00,320
up a little bit for for 
listeners out there who don't 

607
00:31:00,320 --> 00:31:03,320
really know much about TON and, 
and I'm included in this. 

608
00:31:03,760 --> 00:31:05,880
Like what, what is it? 
And, and like what what's 

609
00:31:05,880 --> 00:31:08,560
happening? 
What what piqued your interest 

610
00:31:08,560 --> 00:31:12,640
or curiosity to get you to 
explore the Ton Eco in in more 

611
00:31:12,880 --> 00:31:17,840
depth? 
So it was users and user counts.

612
00:31:17,840 --> 00:31:21,440
So several weeks ago, I like I 
heard some stuff bubbling up. 

613
00:31:21,440 --> 00:31:23,120
You heard you heard it thrown 
around a little bit. 

614
00:31:23,720 --> 00:31:26,960
I never I heard about this not 
coin, not coin being created as 

615
00:31:26,960 --> 00:31:30,880
like a a meme slash. 
The very first, like it's called

616
00:31:30,880 --> 00:31:33,440
a clicker. 
You spin up an app inside of 

617
00:31:33,440 --> 00:31:36,160
Telegram, click a little button 
and then you get you play the 

618
00:31:36,160 --> 00:31:37,480
game that way, right, Just clear
game. 

619
00:31:37,480 --> 00:31:41,280
There's a whole like subsection 
of them anyways, whenever I 

620
00:31:41,280 --> 00:31:44,240
heard about this not coin and it
was like, OK, it's it's 

621
00:31:44,240 --> 00:31:47,960
valuation or FTV was at over $2 
billion and I was like, what 

622
00:31:47,960 --> 00:31:50,880
how's your coin over 2 billion 
that we haven't heard of Like 

623
00:31:50,880 --> 00:31:54,280
it's it didn't have the the 
energy momentum conversations of

624
00:31:54,280 --> 00:31:56,960
a whiff or whatever like 
anything else that a boom that 

625
00:31:56,960 --> 00:31:58,720
got in that didn't hit any 
spaces whatever. 

626
00:31:58,720 --> 00:32:01,440
So it was strange to me. 
So I started looking at it and 

627
00:32:01,440 --> 00:32:03,840
saw that their holder count was 
just absurd. 

628
00:32:03,840 --> 00:32:08,520
Not only they have 2 billion 
FTV, but they had over 2 million

629
00:32:08,520 --> 00:32:11,080
users or holders of that of that
coin. 

630
00:32:11,080 --> 00:32:13,560
That's like that's that seems 
like a lot, but I'm not sure how

631
00:32:13,560 --> 00:32:16,440
much a lot that is. 
So I started comparing it to all

632
00:32:16,440 --> 00:32:18,440
the other like meme coins, 
whatever else across all of our 

633
00:32:18,440 --> 00:32:20,760
ecosystems. 
And yeah, even like even if you 

634
00:32:20,760 --> 00:32:23,760
were faking the numbers and 
trying to intentionally like 

635
00:32:23,760 --> 00:32:27,240
outdo it, you still see like 
it's more than than bonk, right?

636
00:32:27,240 --> 00:32:31,200
Bonk was something that was 
dusted to all Solana NFT 

637
00:32:31,200 --> 00:32:34,120
holders, like a ton of wallets 
whenever it was created. 

638
00:32:34,120 --> 00:32:37,280
And that was a year ago, right? 
Plus it was in the depths of the

639
00:32:37,280 --> 00:32:39,320
bear. 
So it was, it was given to 

640
00:32:39,320 --> 00:32:41,640
everyone. 
And even then it's three times 

641
00:32:41,640 --> 00:32:43,320
the size, right? 
That's crazy to me. 

642
00:32:43,320 --> 00:32:47,800
So I started digging into it. 
TLDR is just that it is a 

643
00:32:47,960 --> 00:32:53,400
blockchain that was spun up and 
by the founder of Telegram and 

644
00:32:53,400 --> 00:32:56,840
he is working to make it 
natively integrated inside of 

645
00:32:57,000 --> 00:32:59,800
Telegram. 
So you have an existing user 

646
00:32:59,800 --> 00:33:01,160
base. 
This kind of plays into our L2 

647
00:33:01,160 --> 00:33:03,320
conversation. 
You have an existing user base, 

648
00:33:03,320 --> 00:33:04,520
right? 
They have a bunch of people that

649
00:33:04,520 --> 00:33:08,120
use this app hundreds of 
millions and all they do is they

650
00:33:08,120 --> 00:33:12,480
just tie a tie a blockchain on 
the back end and then natively 

651
00:33:12,480 --> 00:33:14,920
integrate some of the the key 
assets to it. 

652
00:33:15,240 --> 00:33:19,560
So, you know, you saw the the 
handles there like this. 

653
00:33:19,560 --> 00:33:21,760
This kind of again goes back to 
the Lt. conversation, like what 

654
00:33:21,760 --> 00:33:25,640
if Twitter like they literally 
just like, what can we do on 

655
00:33:25,640 --> 00:33:27,360
chain? 
Yeah, you can just sell handles 

656
00:33:27,360 --> 00:33:30,000
on chain. 
And seeing that that formal 

657
00:33:30,200 --> 00:33:34,640
tokenized trustless ability to 
exchange handles in Telegram, 

658
00:33:34,640 --> 00:33:37,880
spin up a wallet in Telegram, 
keep the UI seamless because you

659
00:33:37,960 --> 00:33:40,160
again, you can just go into 
Telegram and do at wallet. 

660
00:33:40,400 --> 00:33:41,880
It'll spin up a wallet for you 
in the back end. 

661
00:33:41,880 --> 00:33:43,680
You don't have to deal with it. 
You don't do whatever it does 

662
00:33:43,680 --> 00:33:45,680
this for you. 
It's tied to your, your unique 

663
00:33:45,680 --> 00:33:48,560
user. 
And if like Twitter could do 

664
00:33:48,560 --> 00:33:50,520
something like that, they could 
generate a shit ton of 

665
00:33:50,520 --> 00:33:52,000
transactions. 
If they could generate a shit 

666
00:33:52,000 --> 00:33:54,120
ton of transactions, they can 
make a shit ton of money. 

667
00:33:54,120 --> 00:33:57,840
If I could formally go and find 
a, the actual like or bid on the

668
00:33:57,840 --> 00:34:00,320
bread handle on Twitter, I would
absolutely do that. 

669
00:34:00,320 --> 00:34:03,160
People would absolutely do that.
People are absolutely doing that

670
00:34:03,440 --> 00:34:07,880
on TON because they can on the 
back end place a bid on someone 

671
00:34:07,880 --> 00:34:10,600
else's handle and then actually 
exchange that stuff for native 

672
00:34:10,600 --> 00:34:13,800
TON assets. 
And that's something as simple 

673
00:34:13,800 --> 00:34:16,679
as that is enough to drive a lot
of activity cuz people care 

674
00:34:16,679 --> 00:34:19,199
about this stuff and that's what
got me looking into it and 

675
00:34:19,199 --> 00:34:21,480
that's what ton is. 
TLDR. 

676
00:34:21,719 --> 00:34:24,480
And that makes sense to me. 
People love their names and 

677
00:34:24,480 --> 00:34:28,800
handles on chain. 
But I guess is the vision, you 

678
00:34:28,800 --> 00:34:32,560
know, turning this into like 
integrating payments within 

679
00:34:32,679 --> 00:34:35,800
Telegram. 
Yeah, USDT, they just partnered 

680
00:34:35,800 --> 00:34:38,440
with Tether. 
So USDT is is working on the 

681
00:34:38,440 --> 00:34:41,280
back end to make sure that you 
can seamlessly exchange money 

682
00:34:41,280 --> 00:34:43,440
right there in Telegram. 
So if you have it on your tongue

683
00:34:43,440 --> 00:34:46,320
wallet, you can just send, you 
know, you directly to your 

684
00:34:46,320 --> 00:34:47,600
handle. 
I can just say, hey, send a 

685
00:34:47,600 --> 00:34:52,400
Tyler, you know, 10 USDT or 10 
ton or whatever and it all works

686
00:34:52,400 --> 00:34:54,560
on the back end for you. 
So yeah, it's, it's trying to 

687
00:34:54,560 --> 00:34:56,719
make it seamless, trying to 
obfuscate some of the, the 

688
00:34:56,719 --> 00:34:58,520
actual. 
And we, we talk about this all 

689
00:34:58,520 --> 00:35:00,880
the times whenever, you know, 
it's on the back end, like 

690
00:35:00,880 --> 00:35:03,200
that's when it's mass adoption. 
You're, you're kind of starting 

691
00:35:03,200 --> 00:35:07,480
to see that there and you have a
crazy distribution of a, a chat 

692
00:35:07,480 --> 00:35:08,720
app. 
So you can imagine it happening 

693
00:35:08,720 --> 00:35:10,520
with WeChat, with whatever else,
right? 

694
00:35:10,520 --> 00:35:14,960
Like that's that would be the 
kind of the the promised land 

695
00:35:14,960 --> 00:35:16,360
for what we've been talking 
about. 

696
00:35:17,120 --> 00:35:19,200
Yeah, and the the payment use 
case still you know one of the 

697
00:35:19,200 --> 00:35:21,640
foundational ones for cryptos. 
This this makes a ton of sense. 

698
00:35:21,640 --> 00:35:23,920
I think this kind of snuck up on
me. 

699
00:35:24,280 --> 00:35:26,880
I just I don't it is it's top 
ten. 

700
00:35:26,880 --> 00:35:29,920
It's massively in the top 10 
some time folks, if you're not 

701
00:35:29,920 --> 00:35:34,880
following this, it's at $16 
billion market cap here just 

702
00:35:34,880 --> 00:35:39,560
below dose looks like a $35 
billion FTV. 

703
00:35:39,560 --> 00:35:44,120
So about half the tokens still 
left to come, but this feels 

704
00:35:44,120 --> 00:35:46,720
like a force to, to watch in, in
this market. 

705
00:35:46,720 --> 00:35:49,760
So I'm, I'm sure we will be 
covering it more. 

706
00:35:49,760 --> 00:35:51,600
We've got about 20 minutes left 
in the show bread. 

707
00:35:52,080 --> 00:35:55,000
We got to talk about blast. 
I, I know there are folks out 

708
00:35:55,000 --> 00:35:58,760
there who this is all they're 
focused on for the next week 

709
00:35:58,760 --> 00:36:02,920
'cause we are one week out from 
this blast AirDrop. 

710
00:36:02,960 --> 00:36:06,920
Massive sigh of relief for folks
who have been farming this 

711
00:36:07,080 --> 00:36:11,400
relentlessly now for months. 
For others, this is their their 

712
00:36:11,400 --> 00:36:15,280
final Sprint and then they are 
very curious of of what is to 

713
00:36:15,280 --> 00:36:17,840
come. 
So you've laid out a thesis on, 

714
00:36:17,840 --> 00:36:22,160
you know, how blast could come 
out at a $10 billion FTVI? 

715
00:36:22,160 --> 00:36:24,720
Don't have the exact mass. 
So I think this is what, $7.00 

716
00:36:24,720 --> 00:36:30,160
blast gold at $10 billion FTV? 
Roughly, yeah, I'm, I'm, I'm 

717
00:36:30,160 --> 00:36:33,000
standing on the shoulders of 
giants and giants here being 

718
00:36:33,080 --> 00:36:35,880
empty stats in some of his token
allocation assumptions. 

719
00:36:35,880 --> 00:36:38,000
I didn't do any of that. 
I just did like what could the 

720
00:36:38,000 --> 00:36:41,480
FTV be or justified? 
And then I backed that into what

721
00:36:41,480 --> 00:36:44,560
his token percentage guesses 
were. 

722
00:36:44,560 --> 00:36:47,280
And yet that comes out to around
$7.00 if you do the 10 billion 

723
00:36:47,280 --> 00:36:49,480
FTV, which is, which was the 
same as his guess. 

724
00:36:49,840 --> 00:36:53,040
But frankly his guess was based 
on something that has no 

725
00:36:53,440 --> 00:36:58,200
correlation between the numbers.
So like he he got he got the 

726
00:36:58,200 --> 00:37:00,640
number, but the number didn't 
make sense. 

727
00:37:02,520 --> 00:37:04,120
Got it. 
Walk us through this. 

728
00:37:04,440 --> 00:37:07,320
So I mean $7.00 per gold is 
going to be music to a lot of 

729
00:37:07,320 --> 00:37:09,600
folks ears it is above. 
So like yesterday I think we saw

730
00:37:09,600 --> 00:37:14,280
gold still trading pre market 
like $4.80, not a ton of 

731
00:37:14,280 --> 00:37:16,680
liquidity in there. 
So I don't put a huge amount of 

732
00:37:16,680 --> 00:37:21,040
weight beyond that on that 
though what we've seen this year

733
00:37:21,040 --> 00:37:23,760
for the most part is these 
tokens are opening about 30 to 

734
00:37:23,760 --> 00:37:28,680
50% lower on the actual market 
than they were on pre market, 

735
00:37:28,680 --> 00:37:32,040
which I mean that puts gold at 
like $3, which feels absurdly 

736
00:37:32,040 --> 00:37:34,000
low. 
I think that puts it that blast 

737
00:37:34,000 --> 00:37:36,680
would have a similar market cap 
as Blur. 

738
00:37:38,080 --> 00:37:39,680
So I have some, I have my 
concerns. 

739
00:37:39,680 --> 00:37:42,720
I think half the time on or more
is is bearish on on gold and 

740
00:37:42,720 --> 00:37:44,360
where this is all going to come 
out. 

741
00:37:44,920 --> 00:37:47,280
What's the bull case here? 
Like how could this come out of 

742
00:37:47,280 --> 00:37:49,040
10 billion? 
Yeah. 

743
00:37:49,040 --> 00:37:51,880
I mean, so the again important 
thing to note is just that there

744
00:37:51,880 --> 00:37:54,400
are assumptions and token 
allocations like until we know 

745
00:37:54,400 --> 00:37:55,840
those, it's all it's all 
guesses. 

746
00:37:56,000 --> 00:38:00,040
But what I did here was I said 
like, you know, is there 

747
00:38:00,040 --> 00:38:03,280
anything that we can track on 
chain to see there's a 

748
00:38:03,280 --> 00:38:09,440
correlation between usage like 
on chain usage and FTV of the 

749
00:38:09,440 --> 00:38:13,040
token, like what the market is 
valuing a given token of a given

750
00:38:13,640 --> 00:38:16,080
L2 ad. 
So what I did was I looked at 

751
00:38:16,080 --> 00:38:19,840
all L twos that had tokens and 
then I compiled a bunch of 

752
00:38:19,840 --> 00:38:22,080
metrics to see like, is there 
any correlation? 

753
00:38:22,080 --> 00:38:24,280
And you see that top picture, 
that bottom right, you can 

754
00:38:24,280 --> 00:38:28,120
actually see a little bit of a 
correlation between like as FDV 

755
00:38:28,120 --> 00:38:33,840
increases the OR sorry, as gas 
price increases or the fees paid

756
00:38:33,840 --> 00:38:37,280
by users, it typically 
correlates to a higher valued 

757
00:38:37,640 --> 00:38:39,840
network. 
So it's, it's just kind of a, a 

758
00:38:39,840 --> 00:38:42,040
linear, maybe a little 
exponential at the end 

759
00:38:42,840 --> 00:38:45,080
combination. 
So I took that and said, OK, let

760
00:38:45,080 --> 00:38:48,440
me look at this and see like 
eyeballing it, does it line up 

761
00:38:48,440 --> 00:38:49,960
with my perception of these 
chains? 

762
00:38:49,960 --> 00:38:51,200
It does, right? 
You see. 

763
00:38:51,400 --> 00:38:55,480
So usage is the Y axis total 
value, like the FDV of the token

764
00:38:55,480 --> 00:38:57,600
on the X axis. 
There would be like arbitrome 

765
00:38:57,600 --> 00:39:00,560
optimism. 
They generate the most fees by 

766
00:39:00,560 --> 00:39:04,280
users and they are also 
simultaneously the most value 

767
00:39:04,280 --> 00:39:07,080
tokens, which, OK, that makes 
sense even though there is no 

768
00:39:07,080 --> 00:39:09,040
structural connection between 
the two, right? 

769
00:39:09,040 --> 00:39:13,600
Like the fees generated by users
and and by the protocol don't go

770
00:39:13,600 --> 00:39:16,600
to the token. 
It's still the market is seeing 

771
00:39:16,600 --> 00:39:19,800
those two things and seeing 
activity and saying because I'm 

772
00:39:19,800 --> 00:39:23,120
seeing activity, because I'm 
seeing growth, I am valuing the 

773
00:39:23,120 --> 00:39:24,680
token higher. 
I'm willing to hold on to the 

774
00:39:24,680 --> 00:39:26,040
token at a little bit higher 
price. 

775
00:39:26,080 --> 00:39:29,440
So, OK, that was cool. 
So we see that it lines up kind 

776
00:39:29,440 --> 00:39:31,800
of with my perception and you 
can see there ZK Sync dropped 

777
00:39:32,400 --> 00:39:34,240
came out the other day. 
So I was able to throw that in 

778
00:39:34,240 --> 00:39:37,320
here, which is really useful. 
ZK Sync was generating fees 

779
00:39:37,320 --> 00:39:42,320
again the Y axis up and down in 
line with kind of what the token

780
00:39:42,320 --> 00:39:45,520
was being valued at, right? 
It was generating fees less than

781
00:39:45,520 --> 00:39:49,160
OP and Arbitrum and it is also 
simultaneously valued less than 

782
00:39:49,160 --> 00:39:51,480
Arbitrum kind of on on par with 
Mantle. 

783
00:39:51,960 --> 00:39:52,640
Cool. 
OK. 

784
00:39:52,640 --> 00:39:54,160
We're seeing correlation there. 
Makes sense. 

785
00:39:54,160 --> 00:39:57,720
And then using that same metric,
there seems to be a correlation 

786
00:39:57,720 --> 00:40:01,240
here, the token or and then you 
can see the very bottom load 

787
00:40:01,440 --> 00:40:05,920
Metis Manta not used at all. 
No one talks about them valued 

788
00:40:05,920 --> 00:40:08,520
very poorly. 
OK, so like it's starting to see

789
00:40:08,520 --> 00:40:10,680
something. 
So now let's throw blast in here

790
00:40:10,720 --> 00:40:15,280
and you can see blast relative 
to tokens or to change with 

791
00:40:15,280 --> 00:40:21,000
tokens shit ton more fees 
generated way more than OP and 

792
00:40:21,000 --> 00:40:22,120
arbitrary. 
That's usage. 

793
00:40:22,120 --> 00:40:23,600
That's that's users paying 
stuff. 

794
00:40:23,640 --> 00:40:26,680
OK. 
So if we are going to stick to 

795
00:40:26,680 --> 00:40:29,440
what the market seems to be 
valuing these tokens based off 

796
00:40:29,440 --> 00:40:34,280
of network usage, then BLAST 
should be or at least has some 

797
00:40:34,280 --> 00:40:38,480
justification to say based on 
usage if this token could or 

798
00:40:38,480 --> 00:40:41,040
should be valued more than OP 
and Arbitrum. 

799
00:40:41,240 --> 00:40:45,080
So if we were to stick to our 
lines that are are showing here 

800
00:40:45,080 --> 00:40:49,240
based on usage, based on 
valuation, BLAST could justify 

801
00:40:49,240 --> 00:40:53,520
A10 to 12 billion FTV of the 
token, right? 

802
00:40:53,520 --> 00:40:55,600
Yeah, I see. 12 blade when I 
look at this chart, Brett. 

803
00:40:55,640 --> 00:40:59,880
So I I open it with 10 but I see
12 when when when I look at 

804
00:40:59,880 --> 00:41:01,600
this. 
It looks better on like, but 

805
00:41:01,600 --> 00:41:04,000
like, since we're going to the 
upper tier, like we're going 

806
00:41:04,000 --> 00:41:07,760
beyond the L2 scale, like I 
didn't know like, 'cause there 

807
00:41:07,760 --> 00:41:10,040
might be a ceiling, right? 
There might be a, a mental 

808
00:41:10,040 --> 00:41:11,680
market cap that we're given to 
these things. 

809
00:41:13,280 --> 00:41:16,880
And so I did that and I said 
like, OK, like based on this, 

810
00:41:16,880 --> 00:41:19,400
based on how the market 
traditionally has valued these 

811
00:41:19,400 --> 00:41:22,680
tokens, even though there's no 
direct correlation, it could 

812
00:41:22,800 --> 00:41:27,200
open up at or above the FT VS of
Blast and OP. 

813
00:41:27,440 --> 00:41:29,160
Like there are some other 
nuances in there. 

814
00:41:29,160 --> 00:41:32,400
Like both of those are you're 
kind of buying OP as a as a beta

815
00:41:32,400 --> 00:41:35,640
play on on base because you 
can't get exposure to base 

816
00:41:35,640 --> 00:41:37,400
directly. 
So like there is a little bit of

817
00:41:37,400 --> 00:41:38,600
a premium you probably see in 
there. 

818
00:41:38,600 --> 00:41:41,040
So there's some some funkiness, 
but that's why. 

819
00:41:41,040 --> 00:41:43,200
And I think that's why I 
actually pulled Blast down off 

820
00:41:43,200 --> 00:41:46,480
that 12 million because it's not
one to one with with Arbitrum 

821
00:41:46,480 --> 00:41:49,720
and and OP because those have 
like entire ecosystems. 

822
00:41:49,720 --> 00:41:53,480
Arbitrum has orbits that you can
launch, Optimism has the OP 

823
00:41:53,480 --> 00:41:55,840
stacks, you can launch basins or
and all those things are all 

824
00:41:55,840 --> 00:41:58,000
based on OPS. 
You're kind of, it's earning 

825
00:41:58,000 --> 00:42:00,880
value based on that. 
So that's why I scaled it down a

826
00:42:00,880 --> 00:42:03,240
little bit. 
And then as like the last one 

827
00:42:03,240 --> 00:42:06,400
was just like, yeah, you can see
that's the growth of protocols 

828
00:42:06,400 --> 00:42:08,960
on the actual chain. 
You can see that blast as a 

829
00:42:08,960 --> 00:42:12,680
protocol or as a ecosystem. 
The protocols growing are much, 

830
00:42:12,680 --> 00:42:15,800
much faster than basically 
everything else, which I think 

831
00:42:15,800 --> 00:42:17,240
is surprising. 
Like there's a lot of 

832
00:42:17,240 --> 00:42:20,360
development there by teens. 
So it's not just like farmers 

833
00:42:20,360 --> 00:42:22,120
over there farming, there's 
growth over there. 

834
00:42:23,200 --> 00:42:28,040
So yeah, based on those I am 
using NFT stats assumptions 7 

835
00:42:28,040 --> 00:42:32,400
made sense to me. 
Well, I appreciate that the the 

836
00:42:32,400 --> 00:42:35,480
legwork and the data behind 
this. 

837
00:42:35,760 --> 00:42:40,600
And I think we're all the the 
bear takes that I've seen like 

838
00:42:40,600 --> 00:42:43,040
no one has any real data backing
any of it up. 

839
00:42:43,040 --> 00:42:47,560
There's like this. 
Yeah, it is a hated chain, I 

840
00:42:47,560 --> 00:42:48,520
guess. 
What's your response to that? 

841
00:42:48,520 --> 00:42:52,880
So I think I have seen, I think 
the criticism I've seen that I 

842
00:42:52,880 --> 00:42:56,760
feel like has the most potential
merit is that real builders 

843
00:42:56,760 --> 00:42:59,360
don't want to build on blast 
because of this 

844
00:42:59,360 --> 00:43:04,680
hypergamification, 
hyperponsification ethos that 

845
00:43:04,720 --> 00:43:08,440
that Pac-Man has kind of 
instilled in this. 

846
00:43:08,440 --> 00:43:10,280
I guess what what would be your 
reactions to that? 

847
00:43:11,120 --> 00:43:15,200
My counter would be real 
builders want users and Blast 

848
00:43:15,240 --> 00:43:17,200
and Pac-Man are really good at 
getting users. 

849
00:43:17,720 --> 00:43:21,000
There hasn't been an L2 like 
it's the actual literal road map

850
00:43:21,000 --> 00:43:24,600
of Ethereum to get everyone the 
F off of L1 and go to an or 

851
00:43:24,600 --> 00:43:26,600
multiple L2's. 
Like that's the road map. 

852
00:43:26,760 --> 00:43:28,800
You're not we're not meant to 
stay on L1, but there's no like 

853
00:43:29,000 --> 00:43:32,280
formal guidelines to OK, 
everyone go here, right? 

854
00:43:32,280 --> 00:43:34,720
There's never been that just 
kind of find one that aligns 

855
00:43:34,720 --> 00:43:37,560
with you go to wherever an app 
is that you like just go there 

856
00:43:37,760 --> 00:43:40,520
and everyone kind of like goes 
wherever we went to base for 

857
00:43:40,520 --> 00:43:42,080
friend tech. 
We'd like maybe some other 

858
00:43:42,080 --> 00:43:44,360
smaller things, but largely 
that's what it is. 

859
00:43:44,400 --> 00:43:49,840
And I think Pac-Man has been 
really good and will continue to

860
00:43:49,840 --> 00:43:53,280
be really good at being this 
like Moses character leading 

861
00:43:53,280 --> 00:43:56,800
everyone across the Red Sea of 
the bridge to like come to my 

862
00:43:56,800 --> 00:43:58,840
L2. 
Like I have games, I have 

863
00:43:58,840 --> 00:44:01,880
whatever's I'm from the class of
2021, which is what most of the 

864
00:44:02,200 --> 00:44:05,160
these like you should eat the 
old heads going to base. 

865
00:44:05,160 --> 00:44:08,880
You see a lot of the the newer 
2021 class sticking who came for

866
00:44:08,880 --> 00:44:11,280
NFTS kind of sticking to, to 
Pac-Man because he's a known 

867
00:44:11,280 --> 00:44:13,520
trusted entity. 
And yeah, they're all playing 

868
00:44:13,520 --> 00:44:14,760
there. 
So I think it's like you're 

869
00:44:14,760 --> 00:44:20,480
going to see a Coinbase old 
heads blast new new age like 

870
00:44:21,080 --> 00:44:24,120
social ecosystem. 
Yeah. 

871
00:44:25,000 --> 00:44:28,160
But yeah, I I think he'll just 
continue to get users and 

872
00:44:28,160 --> 00:44:30,760
builders don't want to build in 
a place that's empty as someone 

873
00:44:30,760 --> 00:44:34,080
that's built in a place that was
empty and it sucked and I I had 

874
00:44:34,080 --> 00:44:36,160
to get out of there. 
So people will, people will 

875
00:44:36,160 --> 00:44:38,200
follow the users and they'll 
follow the money and there's all

876
00:44:38,200 --> 00:44:43,160
that stuff is there. 
I guess what is attractive to 

877
00:44:43,160 --> 00:44:45,440
you about what's in the Blast 
ecosystem right now? 

878
00:44:45,440 --> 00:44:47,760
So I think you've been playing 
in the fancy top streets. 

879
00:44:47,760 --> 00:44:49,840
We'll, we'll perhaps talk about 
that here in a minute. 

880
00:44:49,840 --> 00:44:52,920
Have you been using much else on
on blast here over the last 

881
00:44:52,920 --> 00:44:56,240
couple months? 
Not really, and I like that was 

882
00:44:56,240 --> 00:44:59,320
a conscious decision for me 
because I am across a multiple 

883
00:44:59,680 --> 00:45:01,440
protocols. 
Like I try to, I try to keep 

884
00:45:01,440 --> 00:45:04,560
tabs on a lot of stuff and just 
identify the thing that I think 

885
00:45:04,560 --> 00:45:07,440
is going to be the most 
successful and then be pointed 

886
00:45:07,440 --> 00:45:11,000
in there because I quit. 
If you're an on chain citizen, 

887
00:45:11,000 --> 00:45:13,160
your stuff gets strewn about all
over the place. 

888
00:45:13,160 --> 00:45:15,280
And I I don't want to lose track
of all my positions. 

889
00:45:15,280 --> 00:45:16,640
Like, you know, a little bit on 
Bitcoin. 

890
00:45:16,640 --> 00:45:20,120
I'm on a theory, I'm on Solana, 
I'm on face, I'm on like and so 

891
00:45:20,120 --> 00:45:21,800
I'm trying to be pointed in my 
stuff. 

892
00:45:21,800 --> 00:45:25,000
So I went over there. 
I try to do some double stuff, 

893
00:45:25,000 --> 00:45:26,400
which I like I'm doing re 
staking. 

894
00:45:26,400 --> 00:45:29,240
So, you know, try to take 
advantage of some double farm re

895
00:45:29,240 --> 00:45:31,160
staking opportunities over 
there, but it's mostly just been

896
00:45:31,160 --> 00:45:33,560
fantasy top. 
I saw something that that had 

897
00:45:33,560 --> 00:45:37,640
some a spark and I wanted to 
make sure I go there and I go 

898
00:45:37,640 --> 00:45:40,200
hard as opposed to doing like 
1000 things a little bit. 

899
00:45:43,480 --> 00:45:47,040
So that spark is that spark 
getting bigger here with 

900
00:45:47,040 --> 00:45:49,160
Tactics. 
So I think one of your, your 

901
00:45:49,840 --> 00:45:52,560
posts from this morning, Brett, 
or perhaps yesterday you did 

902
00:45:52,560 --> 00:45:56,400
nice little visual primer on 
what the fuck is Fantasy 

903
00:45:56,400 --> 00:45:59,760
Tactics. 
This is effectively their new 

904
00:45:59,960 --> 00:46:06,120
daily fantasy game, $20 entry 
price pool 60,000 dollars, 

905
00:46:06,120 --> 00:46:09,080
30,000 and blast gold. 
I think pending your your, your 

906
00:46:09,080 --> 00:46:12,800
blast gold target, this thing 
was massively plussy like $50.00

907
00:46:12,800 --> 00:46:17,080
to $80.00 in expected value per 
entry. 

908
00:46:17,080 --> 00:46:18,880
Like we've seen the market 
respond to that. 

909
00:46:18,880 --> 00:46:24,080
Like yesterday's tactic sold out
in like 5 minutes, this morning 

910
00:46:24,080 --> 00:46:26,200
sold out in like 7 minutes, and 
they just stealth dropped the 

911
00:46:26,200 --> 00:46:29,440
link so you had to see it and 
Register here here pretty 

912
00:46:29,440 --> 00:46:31,080
quickly. 
What have been your early 

913
00:46:31,080 --> 00:46:35,000
reactions here to Tactics and is
it going to be like the 

914
00:46:35,000 --> 00:46:36,760
sustainable? 
Is this how they're going to 

915
00:46:36,760 --> 00:46:39,520
generate revenue ongoing here 
for the near future? 

916
00:46:40,080 --> 00:46:41,960
Yeah, I that's what I'm hopeful 
for. 

917
00:46:41,960 --> 00:46:43,520
So yeah, Spark is getting 
better. 

918
00:46:44,360 --> 00:46:48,360
I, I thought they needed 
something like this because the 

919
00:46:48,520 --> 00:46:52,000
people were getting boxed out of
like from price on the other 

920
00:46:52,000 --> 00:46:53,520
tournaments, right? 
You couldn't do like a true 

921
00:46:53,520 --> 00:46:55,640
fantasy format where you're 
like, I want a selection of 

922
00:46:55,640 --> 00:46:58,520
everyone and I just want to be 
smart and strategic cap limit, 

923
00:46:58,520 --> 00:47:01,680
whatever. 
So and yeah, this, this, these 

924
00:47:01,680 --> 00:47:03,680
guys need to continue to 
generate revenue if they want to

925
00:47:03,680 --> 00:47:06,240
continue to put out price pools.
So they need to come up with 

926
00:47:06,240 --> 00:47:09,480
sustainable loops that people 
can get involved in to the 

927
00:47:09,480 --> 00:47:12,160
degree that they want. 
And now they have multiple 

928
00:47:12,160 --> 00:47:13,840
categories, right? 
If you want to be. 

929
00:47:14,000 --> 00:47:17,000
That's kind of why I spun up 
that that little infographic or 

930
00:47:17,000 --> 00:47:20,400
just like now people can say, I 
just want to play the game. 

931
00:47:20,400 --> 00:47:24,360
I don't want to get like too 
interwoven into the ecosystem. 

932
00:47:24,680 --> 00:47:26,760
And the other one is like, all 
right, I'm here. 

933
00:47:26,760 --> 00:47:28,680
I think this is fun. 
I want to go do a bunch of 

934
00:47:28,680 --> 00:47:30,040
stuff. 
So if you want to build a deck, 

935
00:47:30,280 --> 00:47:33,480
customize, be really like play 
with rarities, do all that other

936
00:47:33,480 --> 00:47:35,400
stuff or like, I just want to 
play the game. 

937
00:47:35,520 --> 00:47:37,760
You can just play the game. 
And I think, yeah, that's, it's 

938
00:47:38,080 --> 00:47:40,480
going to be a little tricky 
because they need to their prize

939
00:47:40,480 --> 00:47:42,520
pools need to be like 
self-sustaining between the two 

940
00:47:42,520 --> 00:47:45,080
ecosystems, like the one that's 
build your own deck and the one 

941
00:47:45,080 --> 00:47:47,720
that's, you know, get your 
random cards. 

942
00:47:47,720 --> 00:47:50,360
But it's good. 
We need them to generate revenue

943
00:47:50,360 --> 00:47:53,880
so that they can continue to 
give people prizes because 

944
00:47:53,920 --> 00:47:55,080
that's always going to be the 
carrot. 

945
00:47:55,080 --> 00:47:58,280
Like, I don't know that you 
would play this game if it 

946
00:47:58,280 --> 00:48:02,280
wasn't for money, right? 
Like we're not for the love of 

947
00:48:02,280 --> 00:48:04,040
the, the Twitter algo or 
whatever. 

948
00:48:04,040 --> 00:48:05,840
We're doing it because you can 
make a little money. 

949
00:48:05,840 --> 00:48:08,800
You think you have an edge. 
It is fun to kind of like have 

950
00:48:08,800 --> 00:48:10,280
some involvement there to be at 
Euro. 

951
00:48:10,360 --> 00:48:12,880
So yeah, I'm curious to see what
your, your early reactions are. 

952
00:48:12,880 --> 00:48:14,720
I was able to get 10 in on this 
this one this morning. 

953
00:48:14,720 --> 00:48:17,840
I just I I needed a big pack and
started going for it. 

954
00:48:19,080 --> 00:48:21,640
So I I've slow rolled it. 
So I've just been doing one 

955
00:48:21,640 --> 00:48:26,520
entry per tactic so far. 
So I've got one in each of these

956
00:48:27,680 --> 00:48:29,640
and I had to move some money 
around just to even build the 

957
00:48:30,680 --> 00:48:34,640
the bankroll that the $20 entry.
I like the gaming concept. 

958
00:48:35,200 --> 00:48:37,080
I don't know. 
So I guess I thought we were all

959
00:48:37,080 --> 00:48:41,280
playing with the same deck 
options, but it seems like the 

960
00:48:41,280 --> 00:48:44,960
deck is different. 
Yeah, I did that doing multiple 

961
00:48:44,960 --> 00:48:49,200
entries, each one was different.
Yeah, so I guess that's an early

962
00:48:49,280 --> 00:48:50,920
frustration. 
I, I thought this was going to 

963
00:48:50,920 --> 00:48:55,400
be a skill based game where like
we all had the same deck of, you

964
00:48:55,400 --> 00:48:58,920
know, I think 30 cards is, is 
not enough, but like 50 to 60 

965
00:48:59,440 --> 00:49:03,480
and like you've got the timer. 
So you got to think quickly and 

966
00:49:03,640 --> 00:49:05,800
you know, who, who picks the 
best and then who performs the 

967
00:49:05,800 --> 00:49:07,840
best. 
Cause of course that's the, you 

968
00:49:07,840 --> 00:49:12,520
know, is like you could, you can
pick a great player or hero who 

969
00:49:12,520 --> 00:49:15,800
just may not tweak today and 
then so your team is done. 

970
00:49:16,160 --> 00:49:19,840
But now I, I look at the 
leaderboard and I see folks 

971
00:49:20,080 --> 00:49:21,640
who've got cards that weren't 
even. 

972
00:49:22,080 --> 00:49:23,720
So I was drawing dead from the 
start. 

973
00:49:24,440 --> 00:49:27,400
And now it's more of a, a luck 
based game than a skill based 

974
00:49:27,400 --> 00:49:28,760
game. 
And I'll be honest, I don't love

975
00:49:28,760 --> 00:49:29,840
that. 
So why are you? 

976
00:49:29,840 --> 00:49:34,240
Seeing this I was I wasn't able 
to actually find like my my 

977
00:49:34,240 --> 00:49:35,920
decks that I had played. 
Where is this in? 

978
00:49:37,080 --> 00:49:38,960
Yeah. 
So if you go to the to the home 

979
00:49:38,960 --> 00:49:44,000
page, the tactics is is top left
click play, you get to the the 

980
00:49:45,240 --> 00:49:47,400
for tactics and then this 
middle. 

981
00:49:47,480 --> 00:49:51,760
Box view. 
Your tactics and and you can see

982
00:49:51,760 --> 00:49:53,280
how you're doing. 
So I'm doing terribly. 

983
00:49:53,400 --> 00:49:57,840
I'm in three thousandth place, 
so I will not be cashing with my

984
00:49:58,000 --> 00:50:04,080
terrible team of Kaleo, BDB, Gab
Shapiro, McKenna and Andy with 

985
00:50:04,200 --> 00:50:07,520
which was what I thought was the
best theme of five that I could 

986
00:50:07,520 --> 00:50:09,520
create with a deck available to 
me. 

987
00:50:09,920 --> 00:50:13,000
I clearly didn't get the deck 
that Kenobi had who has Greg and

988
00:50:13,000 --> 00:50:16,040
block Grey's and others. 
He's got a nice little Penguin 

989
00:50:16,040 --> 00:50:21,080
in there at least, but that that
changes what this game is. 

990
00:50:21,080 --> 00:50:23,960
So I'm it's very early. 
I don't want to overreact. 

991
00:50:24,240 --> 00:50:26,560
I'm curious if they're going to 
iterate on this because I would 

992
00:50:26,560 --> 00:50:30,640
have preferred this as a skill 
based game and a pure luck based

993
00:50:31,160 --> 00:50:33,480
one, but perhaps there's room 
for both? 

994
00:50:34,680 --> 00:50:38,680
Yeah, it looks like I I'm 116, 
not doing hot, but I'm at least 

995
00:50:38,680 --> 00:50:40,200
in the wind. 
Maybe we'll pay for the the 

996
00:50:40,200 --> 00:50:41,600
tactic that I did put in on that
one. 

997
00:50:43,640 --> 00:50:45,960
Well, glad to hear you're, 
you're doing all right. 

998
00:50:45,960 --> 00:50:48,640
I so I guess what are your 
general thoughts? 

999
00:50:48,640 --> 00:50:50,880
I've been back for a minute. 
Is, are we still going to be 

1000
00:50:50,880 --> 00:50:52,880
talking about fancy top in two 
to three months? 

1001
00:50:53,280 --> 00:50:57,600
Does it have some longevity? 
It's more hopeful for sure. 

1002
00:50:57,640 --> 00:51:02,760
I, I, I did think the, the other
one was going to do one of those

1003
00:51:03,200 --> 00:51:06,520
euthanasia roller coasters where
kind of, you know, everything 

1004
00:51:06,520 --> 00:51:09,520
gets smaller and smaller and 
smaller unless they, but they do

1005
00:51:09,520 --> 00:51:12,680
still have a huge war chest of, 
of fees that have generated, 

1006
00:51:12,680 --> 00:51:14,240
which is good. 
And maybe that's enough to 

1007
00:51:14,240 --> 00:51:17,480
generate some excitement. 
They mentioned in this Last Post

1008
00:51:17,480 --> 00:51:20,160
that they're able to get more 
heroes involved because of the 

1009
00:51:20,160 --> 00:51:25,480
tactic stuff, and if that's the 
case like that, that's a little 

1010
00:51:25,480 --> 00:51:27,320
more exciting to have 
variability. 

1011
00:51:27,320 --> 00:51:31,280
I do agree with you that like 
having the randomness of the 

1012
00:51:31,280 --> 00:51:36,200
cards given to you on top of the
like time constraints on top of 

1013
00:51:36,200 --> 00:51:41,240
everything else is kind of 
doesn't feel awesome because 

1014
00:51:41,240 --> 00:51:42,480
you're like, it's out of your 
hands, right? 

1015
00:51:42,480 --> 00:51:44,680
It's not pure skill. 
It's pure skill plus luck. 

1016
00:51:45,240 --> 00:51:48,880
And like, if you don't draw the 
pack that has like that two star

1017
00:51:48,880 --> 00:51:52,600
that you know is going to ace it
and that's like, that is a huge,

1018
00:51:52,600 --> 00:51:54,960
huge advantage because they were
misrated or whatever. 

1019
00:51:54,960 --> 00:51:58,960
Like that's like, I don't know. 
So it's, it's, it's good. 

1020
00:52:00,200 --> 00:52:04,440
I'm glad at how fast the team is
iterating and continue to push 

1021
00:52:04,440 --> 00:52:06,640
stuff out because even in this 
short period of time, they've 

1022
00:52:06,640 --> 00:52:09,240
rolled out the second thing and 
they've expanded it. 

1023
00:52:10,000 --> 00:52:12,720
Yeah, I, I, I think the fly, 
there's enough flywheels there 

1024
00:52:12,720 --> 00:52:14,320
and the team has shown a 
willingness to continue to 

1025
00:52:14,320 --> 00:52:17,600
iterate that it gets me excited 
that people wants to play. 

1026
00:52:17,600 --> 00:52:19,720
I know you had mentioned that 
like right, you said you would. 

1027
00:52:20,000 --> 00:52:22,080
This is actually fun for you. 
You think? 

1028
00:52:22,680 --> 00:52:26,720
I know we're we're both a little
probably a little blinded by the

1029
00:52:26,720 --> 00:52:28,840
prizes that we can potentially 
win. 

1030
00:52:29,000 --> 00:52:31,120
This is how they squeezed in 
that second goal distribution. 

1031
00:52:31,120 --> 00:52:32,600
We were wondering how they'd be 
able to do. 

1032
00:52:32,600 --> 00:52:35,640
I guess this is that second one.
So that's good. 

1033
00:52:36,360 --> 00:52:39,000
We'll see if it continues after 
the the actual money fades. 

1034
00:52:39,480 --> 00:52:41,040
Yeah, and the prizes are a huge 
part of it. 

1035
00:52:41,040 --> 00:52:44,800
But that's like, I've been a a 
daily fantasy sports player for 

1036
00:52:45,200 --> 00:52:47,760
almost two decades now. 
The reason anyone plays data 

1037
00:52:47,760 --> 00:52:49,320
fantasy sports is because of the
prices. 

1038
00:52:49,480 --> 00:52:51,840
So like that, that's inherent. 
So don't, I don't like the 

1039
00:52:51,840 --> 00:52:54,480
argument of like those. 
Once you take the prizes away, 

1040
00:52:54,480 --> 00:52:56,520
no one's going to play. 
Well, of course not like, like 

1041
00:52:56,520 --> 00:53:00,040
we're not playing fantasy sports
for free on a daily basis. 

1042
00:53:00,040 --> 00:53:02,480
I do think the game is fun. 
I think it's got some legs. 

1043
00:53:03,400 --> 00:53:06,960
We got a couple minutes left in 
the show, just rapid fire in the

1044
00:53:06,960 --> 00:53:10,000
social Fi realm. 
What the hell happened to 

1045
00:53:10,040 --> 00:53:11,640
Frintech? 
Is it over? 

1046
00:53:11,800 --> 00:53:15,120
Bro, Oh God, I don't know, man. 
It's it's hard to keep up with 

1047
00:53:15,400 --> 00:53:19,040
with like the app is still not 
great as a user experience. 

1048
00:53:19,040 --> 00:53:22,560
That's frustrating. 
Which, you know, I get it at the

1049
00:53:22,560 --> 00:53:25,200
start. 
I get it less a year later and 

1050
00:53:25,200 --> 00:53:27,840
$50 million later. 
I did that little infographic. 

1051
00:53:27,840 --> 00:53:31,480
Yeah, that's 60 million in fees 
and the token itself is 

1052
00:53:31,480 --> 00:53:33,640
52,000,000 market cap. 
Unreal. 

1053
00:53:33,960 --> 00:53:36,360
Which? 
It still, it still feels crazy 

1054
00:53:36,360 --> 00:53:40,720
to me given what it represents, 
but maybe it's like, yeah, maybe

1055
00:53:40,720 --> 00:53:44,760
you just actually need users and
maybe the walled garden thing, 

1056
00:53:44,760 --> 00:53:49,040
limiting it to just their decks,
just their whatever over all 

1057
00:53:49,040 --> 00:53:51,520
this time is yeah, it's starting
to bite them. 

1058
00:53:51,520 --> 00:53:53,120
Well, starting to bite us 
because we're the ones who's 

1059
00:53:53,120 --> 00:53:55,520
token right gives a bit of shit.
I've got less token. 

1060
00:53:57,440 --> 00:53:59,960
Yeah, not as lucrative as we 
once thought it could be. 

1061
00:53:59,960 --> 00:54:02,120
Like they're still buildings. 
Too soon to write it off as dead

1062
00:54:02,120 --> 00:54:03,240
dead. 
But right now it looks like it's

1063
00:54:03,240 --> 00:54:05,560
going to be a painful summer 
time. 

1064
00:54:05,560 --> 00:54:08,080
Not fun. 
That's the other shiny new 

1065
00:54:08,080 --> 00:54:14,760
social fi where users can sign 
up, you can buy, trade people's 

1066
00:54:14,760 --> 00:54:16,520
time. 
So like and some you can get 

1067
00:54:16,520 --> 00:54:19,960
like a 30 minute meeting on his 
calendar. 

1068
00:54:19,960 --> 00:54:23,920
This is a new twist. 
I've seen some folks come off 

1069
00:54:23,920 --> 00:54:25,800
bullish on this. 
What are your early reactions to

1070
00:54:25,800 --> 00:54:26,680
to time? 
Not fun? 

1071
00:54:27,840 --> 00:54:31,200
Yeah, it's a little interesting.
I honestly, so the only thing 

1072
00:54:31,200 --> 00:54:34,320
that I saw like I don't think 
the calendar thing makes a ton 

1073
00:54:34,320 --> 00:54:37,160
of sense maybe. 
But like, I don't know, like we 

1074
00:54:37,200 --> 00:54:39,520
we had mentioned before in the 
pre show, what's to make people 

1075
00:54:39,520 --> 00:54:41,840
make people honor this stuff. 
Like I could sit there and farm 

1076
00:54:41,840 --> 00:54:44,760
fees for three weeks and then 
someone tries to redeem it. 

1077
00:54:44,760 --> 00:54:46,880
I'm just like, no. 
And then I still have the fees 

1078
00:54:46,920 --> 00:54:49,520
Anson's already generated. 
He generated like 400 and 

1079
00:54:49,520 --> 00:54:52,840
something $1000 in volume day 
one. 

1080
00:54:53,400 --> 00:54:55,880
So people are, are speculating 
trading this stuff. 

1081
00:54:55,880 --> 00:54:58,000
I don't think anyone really 
plans to redeem a ton of it. 

1082
00:54:59,080 --> 00:55:02,920
So I'll play with it. 
I saw someone that that was 

1083
00:55:02,920 --> 00:55:05,120
joking and said like, you know, 
set your time. 

1084
00:55:05,120 --> 00:55:08,560
And then like he was just 
basically an escort for, for 

1085
00:55:08,560 --> 00:55:10,480
like a full day that like I'll 
just buy a full day of this 

1086
00:55:10,480 --> 00:55:12,920
dude's time and then make it a 
like you have to hang out with 

1087
00:55:12,920 --> 00:55:14,640
me for the weekend. 
And it ended up being like 

1088
00:55:14,640 --> 00:55:18,360
$400,000 or whatever. 
I actually, I don't know, it 

1089
00:55:18,360 --> 00:55:21,880
sounds kind of fun to say like 
set your price really high if 

1090
00:55:21,880 --> 00:55:23,960
you buy it, like I'll come and 
hang out with you for a day. 

1091
00:55:24,080 --> 00:55:26,960
Seems kind of wild, but there's 
a lot of money in this space 

1092
00:55:26,960 --> 00:55:29,840
that you I wouldn't be surprised
to see that actually happen. 

1093
00:55:31,280 --> 00:55:34,760
Yeah, we'll, we'll, we'll see. 
I, I see the, the concept in in 

1094
00:55:34,760 --> 00:55:36,560
theory why someone would want to
do it. 

1095
00:55:36,560 --> 00:55:38,280
Then there's the whole 
execution, like is someone 

1096
00:55:38,280 --> 00:55:41,760
actually going to, to live up 
and give you like a good 15 to 

1097
00:55:41,760 --> 00:55:44,360
30 minutes of their time? 
So that remains to be seen. 

1098
00:55:44,800 --> 00:55:48,200
I'm getting reports that we lost
the the Twitter Spaces audio. 

1099
00:55:49,120 --> 00:55:51,320
Twitter Spaces have just been 
God awful lately. 

1100
00:55:51,320 --> 00:55:54,840
So apologies to anyone who is 
listening through there, but we 

1101
00:55:54,840 --> 00:55:57,080
are at the one hour mark. 
I think that's a good place to 

1102
00:55:57,120 --> 00:55:58,920
end it. 
Brad, this conversation has been

1103
00:55:58,920 --> 00:56:01,960
fantastic and nuanced like you 
promised in your BIOS. 

1104
00:56:01,960 --> 00:56:05,160
Thank you for living up to that.
Folks. 

1105
00:56:05,160 --> 00:56:08,400
If you're not already, please go
follow Brad. 

1106
00:56:08,440 --> 00:56:13,360
He is at OX bread guy on 
Twitter. 

1107
00:56:14,040 --> 00:56:16,280
You can follow around the 
sphere. 

1108
00:56:16,280 --> 00:56:19,960
He he's on spaces all the time 
with the modern market in the 

1109
00:56:19,960 --> 00:56:21,360
morning. 
He's on the lucky lead spaces. 

1110
00:56:21,360 --> 00:56:24,000
Sometimes he jumps on with 
Darren and thread guys as well. 

1111
00:56:24,000 --> 00:56:27,000
So so give Brett a follow. 
I asked for today. 

1112
00:56:27,000 --> 00:56:29,560
We're going to wrap this up. 
Thank you for joining us. 

1113
00:56:29,560 --> 00:56:31,400
We will be back tomorrow with 
Mando. 

1114
00:56:31,920 --> 00:56:33,240
Have a good day, guys. 
See you tomorrow.