Well, TM everyone, we have a full show today.
Well, at least three guests cals who's now become a staple of the
show and we have OSF back. You should join us both on
Twitter. Don't know why you both.
I just. I just.
I just requested. Leaving me hanging.
Okay. I'll bring you guys up.
OSF. I'll just be your cohost.
How you doing? Where have you been for the last
week? Why?
Why did you leave us? I thought that.
Was let. Me just that.
Is there an echo there? Amateur out there.
I was in Vancouver and Whistler for a very lovely and
spectacular wedding. That sounds I saw another outfit
of yours. Another wedding.
Get up. You did, Yeah.
I think you sent it in your friend tech.
You said it in the friend Tech I.
Think, oh, you said it in the front.
Yeah, sorry. Just for friend tech only
viewers, that one wedding outfits and the fit of the day.
I feel like all friend techs are very different because I'm out
there giving like trading advice.
I'm telling people what I'm going long and sure, you're just
sending photos of weighing invites and your key price is
higher than my key. People want what they want, man.
People want what they want. What can I say?
There was I think like 10 people bought your friend deck over the
weekend and I. Was like for a week.
My friend Tech rallied after I spent a week at a wedding
playing golf and sent one photo of me bringing a.
Suit open to the right. Unbelievable.
Actually, Couch, we should I'm a friend Deck.
Parentally undervalued. Yeah.
Wait, what? What?
You're working with Friendsec. If I look at this, I don't own a
cows. No, I think I do Canary land.
It does. I do.
Commando does not. Yeah, I accidentally deleted it
from my home screen, so I haven't been that active on it.
Yeah, I also. Undervalued.
I'm buying it right now. Buying your point?
Pump it, lads. Pump it, but I think I've got
front run. So I'm probably found around the
year. It wasn't me.
Unbelievable.
It wasn't actually wasn't me anyway look, it's great to have
you with this slightly different format of the show without
throat. We've just been kind of going
through the top, top things, top five or six things for the day.
We are sponsored by Kraken NFT. We had them on the show last
week. Thanks for the support Ovi.
We're gonna be sponsor them for the.
Rest of the month we're doing various different events
alongside rug radio, go check themoutitskraken.com/rug radio,
they have full NFC marketplace. We are going to be supporting
them as they build that out and hopefully more of success than
the other marketplaces that we've seen from front,
centralized exchanges, a good team that we had up on
Wednesday. So I am, I am confident in their
ability to to stay around and we will use Kraken.
They're the one people who accepted us to actually take
money out. So thank you Kraken.
We we are cranially supportive of everything they do in the
space. Anyway, we should get into what
has been going over the last 24 hours.
Obviously you missed some of the previous chats OSF, but
yesterday it felt pretty bad. I remembered I did the Mando
minutes yesterday and it was definitely the most depressing
Mando minutes I've done in a minute and then I know it's
snuck on down. Bitcoin got below 25 K very
briefly and timeline literally felt like no.
It felt like a nuclear bomb had gone off in in in the
Twittersphere. But then it bounced.
And about what? Was it 11:00 PM last night?
11:00 PM last night? I was like, should we be going
Max Max Bullshit. It just feels as though
everyone. It's it it that that 24750 or 25
was like the support level. Everyone was piling into shorts
across the board and a bunch of different old coins and it just
felt like it could have a little bit of a flutter upwards and
then it started to go and go and go and now we're above 1600
again on East. We're actually up on the day I
think over that over that 24 hours.
So and Bitcoin went above 26 K it was what did, what did you
make of it? Both of you maybe start with
OSFP and sending it for a week. I've I've kind of been loosely
following what's going on over the past few days, but I just
like got back like, you know got back to Twitter, got back to the
timeline and it was just like classic like.
Everyone bearish at the lows, like everyone breaks at multi
month. Those are at key support levels.
There's this whole FTX stuff and I don't know if someone just
posted this like big FTX thing and people just assume oh
they're going to sell a billion dollars worth of crypto in one
day and just like hit the sell button then it's all going to go
down, let's short into it so we can like buy back low into that.
But the reality is those things get priced in very quickly.
Anyone who has half of them is not just market something that
much crypto. They're probably working with
Gemini or Coinbase or another broker to actually unwind that
risk over time. And I think we've had like,
look, we've had this is just such a it's just a classic
example of like people changing their mentality because of price
action rather than adjusting the mentality because of fundamental
news and headlines and things that are happening and what's
happened. Well, crypto just keeps going
lower. Because of.
Some technical reasons that people need to sell.
So now suddenly everyone's bearish at the lows when all the
headlines have been really positive and even you even had
like Franklin Templeton just filed for Bitcoin ETF about
officially did that about 20 minutes ago.
So there were rumors yesterday. So like the headlines are
overwhelmingly positive. Sometimes the technicals
outweigh the fundamentals and where people are forced sellers
in the market. And that's clearly what's
happening right now, whether it's FTX, whether it's finance
stuff, whether it's the government crypto, whatever it
is. But it doesn't change the, I
don't know the six to 12 month outlook here in less than six
months they actually see has until March to make a decision
on these approvals. And you know in six months time
we're heading into that, we're heading into Bitcoin Hub and
we're heading into Fed cutting rates.
So like all the headlines and the news flow potentially is all
overwhelmingly positive and I think.
Is very it's like the most set of like potential positives that
we've had in the last two years of crypto.
Price action right now is negative because people are
forced sellers And what do, what does the average retail trader
do, the average price on crypto. Do they get bearish?
For what reason Because price is going lower which is really done
because as the price goes low you want to buy more.
You want to average in. You want to actually buy this
forced selling so you can actually sell it on the way up.
And I bet you what will happen in in the next few months when?
This ETF's get approved and the people will be better people.
Will be better and people will start buying stuff at 3K and
like you know what's going to happening?
Like someone's going to short ether, you know, 1600 and cover
at 1550 and it's like cool, I just made like you know 5%
whatever it is. And they're going to buy ether
3K and sell it at 3.3 K and by cool just make 10% when actually
you could have made 100% just buying ether 1600 and selling it
at 3.2 K So. I was like Sailor on the last
week where he was like this is the best, I mean it's Michael
Sailor. So he's like the third biggest
holder of Bitcoin out there. But he did say he thinks all the
time and he's been trading Bitcoin for 10 years now.
He said this is the best risk of what he's seen because he's like
towards the end of what he thinks is a bear market, you
have all these secular reasons why people are going to be
having to buying Bitcoin, coming up and even other majors.
And he's like I haven't seen the better risk award and I think
there have been some medium term bearish views, which is volumes
have gone down a lot across the market and people always assume
that volume must mean, you know, people, less people involved.
Interestingly, Bitcoin, number of new wallets and even E
wallet, wallet dresses haven't really dipped during this
period. What has happened is a lot of
market makers and high frequency trading firms have stopped
trading crypto, which is why you've seen a lot of exchange
volumes go down like the actual real.
I know we see crazy volumes go through some of these crypto
coins on a daily basis. The actual real volume that goes
through is much, much more the the vast majority of this high
is high frequency trading firms which are basically trading it
back and forward on on based on the order book they see on the
exchanges. It's what jump winter mute I
don't know Citadel, all these guys that they they do it in
Tradfi and they've been doing it in crypto and a few of them have
have taken a step back Jane St. and they actually have been
saying the last six months we're not going to be doing that
anymore. So volumes have come down.
I think secondly because of the lack of high frequency trading
firms on on on marketplaces and that part of that's a lack of
volatility but that I don't think volume being lower means
prices should be lower. In fact you've seen contact rest
stay pretty high and you've seen you've seen long term holders
actually own the most amount of bitcoins that they have ever at
this stage. So it doesn't it doesn't feel to
me like Oh my God it's it's everything's dying off.
It just feels as though the I know the scan volumes that we
saw centralized exchanges have just just slowed down.
But then the second thing is, yeah, it's the main thing that
people have been bearish about is just like the charts.
And like when people tell me that it has to go lower because
of a chart or because of some technical.
I just had such a stupid reason like it's so those things can
change on a dime. And I'm not saying that there
aren't trend following and and technical following traders in
this market who can make money and even even strategies.
That being said, if that's the reason why it should go lower
because it's somehow crossed like Bitcoin could do a death
cross or something like that or Ease could do a death cross and
it was a fair signal. If you actually look back going
through a death cross the next six months, performance of EVE I
think was like it was massively variable, like the six times
it's done a death cross, three of them was massively up, three
of them was massively down like you just this stuff can mean
absolutely nothing unless you give it credibility.
And I think with what you're saying as well is that a lot of
lot of news has been positive and I agree with that Like the
difference between how much travel I will buy if an ETF gets
approved versus how much the FTX estate have to sell was just
like then incomparable FTX. They they're going to have to
sell some alts. But like why that was given so
much credibility and that caused it, that was said that it was
going to be a 10 to 15% drop across the board.
It's just like it's just ridiculous.
So I think I think you're kind of cutting through the bullshit
there, just have you back. I don't know if you want to add
anything broadly agree with that Cali, but of.
Course, Yeah. Yeah.
No, I agree with everything you've said.
I think especially the fact that technical analysis is not the
main driver of price in any market really.
It's just one of many indicators that may or may not mean
something. Yeah, what do you think now?
Now we've had this all bounce. Yeah, yeah, lower.
Basically everyone's gonna everyone's gonna be like oh this
is this is the bottom. The bottom is in everyone's
gonna get really positive and then it's just gonna they're
gonna, yeah, it's gonna spank them the other way around.
You think I, I thought. I thought the other thing I
thought I I was gonna show up this morning when it we we went
back about 1600 and it did put on a few shorts in all coins.
But then I was like, it's too obvious.
It's just too obvious. Like I think everyone got caught
shorting at 1500 and now bitcoin's going to 26 K and he's
kind of about 1600. I think everyone's piling back
into that shore. Part of me thinks that just like
the bounce of that support was quite a big deal, like that 25K
support is quite a big support, even on the technicals that we
just spoke about. It's kind of the lows that we
saw it hit against in June and July.
I just feel as though there's no trade for me here.
There's no trade for me. I don't think you should be on
Levid long. I don't think you should be
shorting because I think it could actually hurt you pretty
badly at this. If Bitcoin goes to like 27 K or
or so. I think if you if you are
getting more bearish, I don't think there's a trade here.
I think wait until either you see a bit more momentum to the
downside and more like I don't know credibility that that this
can. But other than that, I think you
think you're going to get a better entry and go and levered
long here. It's tough, the volumes are low,
so you can get bad Wicks and I just think it's a little bit
difficult. So nothing to for me to do here.
I thought the trade was last night, but maybe that's cop out.
Do we know what caused the the big green candle this morning?
Shorts was a short. Big shorts squeeze a lot of.
Everything. That's the shorts added, right,
right at that support level. And if that's why I said I was
like in the chat that we're all in just us three, I was just
like, I think we should maybe go and Max long here.
Ovi was. Ovi said, oh, well, you can get
a whip down and that's true. But you can like the volumes are
low. It could have easily gone to
like 24 1/2 half, but it does, yeah.
You're using leverage, yeah. If it did feel as though people
were just pining into shorts, right at.
There's a good. That's a good quote.
From Roman in succession. Season four, I believe, right?
Just like everything's high risk.
If you're a pussy, love it. And that kind of reminds me of
that. What movie?
What film? Session season four.
Oh, Succession. All right.
OK. Is that like?
PC. These days, like Ally's been
pretty based. I don't think I'm enjoying.
I'm just quoting a very popular. TV show.
I'm actually. Going to change the name of the
space. What was the exact?
I'm not saying anything else. All right, We will go on to the
second major point of the day. You.
Follow me on Twitter. I'll post the meme ooh yeah, a.
Little bit. We need to get you some more
followers. I think we will be hearing from
is Gary Gensler, GG is gonna be back in front of the Senate.
He's gonna be answering for his sins in the crypto space.
He got a bit of a hiding when he did this a couple months ago.
I think he's got 2 hearings in September and I think that's.
I don't know. I think we're gonna see a whole
timeline of a bunch of sentences being like, what the hell are
you doing? Which I think is good for
crypto. Like he's going to.
He's been increasingly looking like a fool and I think, I think
we need to 11 up and we need to dunk on him as much as we can,
100% yeah. What do you what do you think
about Gary Gensler, Kelly? Just power craze bureaucrat so
obvious like and his powers waning.
I think either he will resign or lots of his juniors will be
forced to resign and take the blame for what's being.
A failure of an SEC for the past 12 many years.
I think in some ways I kind of sympathizes the wrong word.
But I understand that like the securities laws are very
outdated. But he had a choice.
He could either say, right, we need to update these laws so
that people can follow them or I'm going to reinterpret these
old laws and try and squeeze them onto new digital assets.
And he went with that. And this resulted in losing
everything. I think common sense.
Should have taken the other way, but do you think he clings on
till after the election or do you think he gets fired?
Or do you think he he just he leaves if he loses one of these
big court cases? If he loses his court case, I
just think he's got. To be done.
Right. Everyone said he want.
He's trying to get to Treasury, but with this much failure, I
don't know if it's even possible.
Too fair, like there's been some.
Pretty funny. Treasury secretaries, I mean,
yeah, the current Treasury secretaries.
Exactly. I mean, the whole administration
at this point is beyond satire. Like here we go, here we go.
There's a funny comment on not a fan of.
I just. I just can't believe it's all
real. I felt I saw a comment when
somebody was like, I feel sorry for the writers at The Onion
because, like, they can't come up with anything as, like,
ridiculous as the kind of current chain of events in in
various parts of. Of the government machine.
It's a joke of mine, is it? Is a bit of a it.
Was actually about the energy secretary trying to do this like
electric vehicle tour of America.
But then they realized that there aren't enough charges to
do the tour that she's on. So they had to send people in
gasoline cars to like go to the charges and reserve spaces.
I mean, the whole thing is fast at this point, but.
But yeah, nice. Yeah, I think.
I think he's going to look like a fool.
I think. I hope some sentences go for
him. They really went for him a
couple months ago. A lot of that was to do with
what happened with FTX, but now it's new about general crypto
regulation. I think it's going to be a big
thing. He's also obviously been
praising AI. I think you have different
things to do with AI, so maybe that will come up a bit.
I know the US is starting to build a regulatory framework,
maybe including licenses for AI, so maybe he will get involved in
that. But yeah, that's something to
look out for today. Expect some headlines from
whatever Spectator Index or one of those people that post
headlines. It will be an interesting.
Watch The third thing to talk about today was ZK Rollups 0 of
Jesus Christ. Who was that?
That's me. It's a big dog, yeah.
The zero noise proves is one of the main ways that ethics
scaling this is maybe a bit boring.
But I thought it was interesting because it was it was something
that we spoke about last week hardly about the deficiencies of
of Bitcoin as a the security model in particular and the fact
that ordinals may have been kind of the solution to that.
To a certain extent. It did mean people were willing
to pay more fees to to to mine blocks on on Bitcoin.
For Bitcoin to survive, I think long term it's either got to
have some sort of television or it's got to increase its utility
to this point that people will be willing to pay for block
space. ZK roll ups is maybe the 1st way
that they can do that, some sort of layer to where it's cheaper,
it maintains the security of of of Bitcoin.
I think this could be the start of the building blocks of of a
future for Bitcoin, hopefully. Anyway, it's being done by two
different companies. It looks like one of them is let
me just share this, one of them is Chain Way.
So Chain Way last week announced the open sourcing of their Data
Availability adapter. This technology that allows
developers to leverage Bitcoin security and finality to develop
rollouts within the sovereign software.
God, that's a lot of acronyms. Sovereign Software Development
Kit, SDK and then Kaiser Labs teamed up with Hatrick Wizards,
who everyone knows at Judy to coincidentally release ADA
Adapter for Bitcoin. At the same time.
This adapter lets plugins developers plug the Madara stack
into Bitcoin. Some of this stuff it's just to
run the stock net based roll up leveraging the Cairo programming
language created by Stockwire. That's a lot of jargon, but it
basically is hoping to create this sort of utility level that
the Ethereum has right now and bring it to Bitcoin.
Do you think this can happen, Carly?
Do you think this could be the future of Bitcoin?
Do you think could you become a Bitcoin bowl if they build out a
utility layer to Bitcoin? And become a Bitcoin bowl if it
becomes an L2 on that area. I'm kidding.
I think the one thing we did. Is talk about.
Let me. Get that?
That'll trigger a lot. Of people.
I like orange coin. I like orange coin, just not the
end state of it. But anyway, I think the one
thing we left out of our yeah, the one thing we left out of our
conversation last week, I was thinking about it was actually
innovation. And there are a lot of very
smart people work who believe very deeply in Bitcoin and what
it stands for. I think the number of people
working on things for Bitcoin is probably increased in the past
few years. Had some more developers, It was
quiet for a long time, but with ordinals, a lot of developers
start to start to get involved. But yeah, that's a fair point.
And I think even though ordinals may or may not have been a
success financially for the people who bought them, I think
it has been a success in proving that you know what there are.
You can do stuff, stuff, there's there's things to be worked on
and there are avenues to achieve things here and these sound like
good steps on on the road, on that road.
I don't. I think finding better ways of
achieving its current role rather than just copying the
role of it that Ethereum has is probably better for like a long
term solution. But that's just my opinion.
I I agree. I think I think there are some
glaring holes in in the current thesis behind Bitcoin which kind
of just get gas lit. But I think this this could be
big. And I also completely agree with
the second thing you said there was which is once enough people
care about something and there's a problem, normally people work
out how to solve it. Like you just need to be aware
of the problem like you saw this with like COVID, like as long as
enough smart people are financially motivated or in some
way motivated to solve something, they'll normally come
up with some sort of solution. So I think, I think although
there is some logic there which I think is very, very tough to
overcome, I'm not completely bearish from the ability to.
So I think this is, and this is the first, this is when they
came on, they spoke about Cambrian explosion for for
Bitcoin. This is what this could be the
start of something like that people do want bitcoins to
succeed and this is the sort of stuff that needs to happen for
it to succeed. In my opinion.
OK, the the next thing to talk about is U.S. banks.
Another very boring topic. But we I thought it was relevant
because people keep on mentioning this is the main
thing for this. I don't know if you see it
sometimes. If everyone mentions a credit
event, a credit event could be coming.
A credit event could be coming for the for the economy.
There's various different ways that that is looked at.
But debt is rising. Whether it's consumer debt,
whether it's sovereign debt, whether it's corporate debt,
it's all been rising and interest rates rising, rising at
the same time and people are assuming there could be some
sort of an event where regional banks or banks in the US come
under some stress. We obviously saw that earlier in
the year. It looks like this week again
was the largest, biggest weekly outflow out of U.S. banks since
SVP All. Right.
Should we be worried about a credit?
Event Should we be worried about U.S. banks?
How was that caddy? What'd you guys think?
I think if it was a bigger problem then you would see the
Fed be more proactive on it. So you're you're you're
basically saying it's either a big problem and the Fed are
being completely negligent, which is a possibility, and
they've done it before and you've done making lots of
different things, or they're on top of it and they believe it's
contained and they believe it's fine.
More, I'm trying to think it's a latter because we've had, we've
had a couple of scares this year already and they're not just
like sleeping at the wheel right now.
They're obviously on top of lots of different things.
So for them to mess this up. Would.
Just be like a catastrophic example of negligence in the
professional workplace to an extreme amount at like one of
the highest levels possible. So.
Based on that signalling, I think it's fine.
But if there's not that point, what?
What now? People have forgot that the
banks are just borrowing like a trillion dollars.
From the Fed. Right now, no one ever includes
it in the bank. Balance sheet, it's it's it's
own facility, but the borrowing from that Fed facility that was
set up in March to help deal with the regional banking crisis
is actually got an all time high number of withdrawals.
At the moment. It's a trillion or past a
trillion for the first time. That's just like QE in a
different realm. I know the Fed is.
Producing its balance, but they are, they're like people just
don't count it, but they are secretly just pumping liquidity
into the market right now that people just are just acting like
it's not happening. I do think that could get worse.
I think that facility could go into the multiple trillions like
I think you're going to, you're going to you know 5 to 10
trillion. If if, if the situation gets
worse in the housing sector in particular, but also in the
consumer sector, there's a lot of different pockets of debt,
student loans, auto loans, credit card debt which could all
spare private credit like that facility could get very, very,
very big. I do think the Feds on top of
it. I think where we will see the
stress is in the end markets more like the consumer rather
than actually the banking, banking sector.
I don't know if you would agree with that, Kathy.
Yeah, totally. Fed emergency window is great.
Like if you're a bank, you've lost 50% mark to market on your
entire mortgage portfolio. You just go to the Fed and say
this used to be worth 100 billion, it's now worth 50
billion. But can I borrow 100 billion on
it? And they say yeah.
Sure, that's. A no brainer trade, right,
That's just instant double your money and your balance sheets
back-to-back to square one, they probably are a little bit
tighter on lending I guess on the follow, although maybe not.
But yeah, I agree. I think that window has saved
all banks balance sheets and the banks that don't use it are the
ones that know if they go under then the federal they're too big
to fail anyway, strategically important global institutions as
it's called in the regulatory framework.
Yeah, I think the stress is much more likely to come at the
consumer level and you know, but that that is that a credit
event. I don't know.
That's just a recession, right? Like people got less to me.
Like it's like I think it's the idea there'll be some sort of
credit crunch. I don't see a credit crunch
happening in banking sector. I just don't see happening with
what the feds already put in place.
It's massive up to 25 trillion. So it's it's it's huge.
Jamie Dimon came out yesterday. Who is the CEO of JPMorgan and
said he wouldn't be a big buyer of a bank and sounds alarming.
The economy he basically said doesn't see the economy booming.
There's a bunch of people talking about soft landing
yesterday including Yellen and the and over sax Even so he he's
basically pointing water and remember they came in and bought
what bank did they buy was it First Republic or did they Yeah
they bought one of them they bought one of the banks that was
that was I think it was First Republic.
They came in and saved it. He's basically saying that there
could still be more stress. So I do think there is stress in
the banking market. I don't think it's going to
cause some sort of like 2008 style crisis because of what the
feds already done. But I do think you could see
some soft softness in consumer demand over the coming months.
I don't know if that's bad for markets though.
I don't think a recession is that bad for markets.
I I I don't. I think that that means we we
reduce rates. I think things we're already
kind of seeing it like we're in the midst of kind of a
recession, like people are getting into their savings,
they're borrowing more, debt spending is coming down,
employments getting a little bit weaker, like we're already kind
of seeing it in my opinion. I think the idea that we see a
bit more softness in in economic data I think could be positive
markets, but let's wait and see just because of what they would
have to do to rate. How do you think it translates
into the sovereigns like US, in particular U.S.
Treasuries? I don't think I'm ever going to.
I don't think we're ever going to go back to 0 or 1% interest
rates again. I just think, I just think that
over the last 10 to 15 years we've moved from a situation
where most most G7 economies were sitting between 50 to 100%
debt to GDP ratio to now a lot of them above 100 approaching
150. And that wouldn't necessarily be
an issue if the interest payments are just so high like
it's one trillion, 1 trillion going up to two trillion a year.
the US is going to have to spend now on interest payments and
with that sort of profile and remember that they're they're
only doing short term debt which is why only like 3, six month
bills, they they don't want to lock themselves in for these
long rates of 5%. They're like right, we're just
going to borrow for three months because we hope they're going to
come down. I think there is some default
risk in the G7 economies now. Basically, and I think that's
going to stop being priced in, I think.
I think it's very, very even if the Fed started dropping
interest rates, I think people are wary of the current debt
situation, and that will be increasingly restrictive for
these economies over the next decades.
Not bad for crypto though, in my opinion, but that's a different
question. I agree.
Leave it at that. Leave it at that.
Cool, you asked the question. I agree.
You gotta give me something on
the way back, right? Okay.
Cool. Let.
Manage 5 minutes, yeah. Yeah, that was a good one, That
one. All right.
The next thing to talk about is what's been going on in the
ladies. I don't know if you saw this,
but we're gonna NF t's. It's pretty it's pretty funny
what's been going on The maladies, because the maladies
got maladies, so to speak. It looks like a debt that they
hired on the team, came in and stole $1,000,000 from the team,
and then I think also stole that code base.
What's really interesting about this is that when a maladie
steals anyone else's shit, it's just like, oh malady, you know,
they've gone like they're suing this person.
It's like really corporate response and it's actually come
to like a bunch of different stuff about maladies is that
they are now. They're actually like their own
corporation, the Romilio Corp. And there's something about them
doing a raise like this. But I saw, I saw a post actually
from kind of a well known malady in the community.
And you try and bring it up because I put it into our chat,
Gabriel Shapiro and basically being like the the thesis, the
ethos behind Malady is being challenged by this court case
because it's it's just revealing that Malady's is kind of just no
better than you guys and that's that's not a great thing.
So he said. So now that we all know the
Remedia Corp is a literal business entity, an LLC with a
corporation in the name. Major corporate law party foul
by the way, owned 100% by Charlotte Fang who's a guy and
doing a BAYCBC fundraise. And now we're here debating
about compensation fairness for malady employers, as if holding
a say after a lawsuit for a breach of fiduciary duty.
He's basically like, he's basically saying like this just
makes us just like you collapse. We are, we are.
Instead of being a cult, we're just some corporation owned by
somebody who's doing a VC raise and is suing somebody else.
Pretty critical I thought. And ladies have Diplo 3E.
They've they've really got hammered by by this court case.
It's not just the money. It's like I think it's it's
revealing something about the malady team, which wasn't
necessarily what people thought it was.
So you and the malady, What do you think?
I think the reason why it's I think you're right.
I think the reason why it's lower is not because of the hack
of the fact. I think the reason why it's
lower is this realization that actually it's, you know, it's
presented to be this cult found on like pure principles and
being clear and all this kind of like, you know, weird stuff.
And it's like, Oh yeah, it's just like some Indian dude who
owns 100% company and and now yeah, like they're suing and all
this litigation and all that kind of stuff, so.
Yeah, like, I think. I think that's why it's lower.
I have to say that. I mean, I don't know why I
bought it. My Belady or the Romeo.
Changing your mind. I used to get away.
No, I mean. I just kind of.
Yeah, Get me, Get Me Out. It's like I did buy.
One bid, one bid. Like, I think cults.
I think cults work. I don't think you know.
Sometimes there's this concept that the cult itself grows
bigger than. Whatever it is that created it
and I think malady is probably strong enough cult where that
will happen. Like, I don't think it's just
going to die. I'll get to 0.
Because remember people who are in cults are just like very
sticky and very stubborn to the point where it becomes
irrational and that's why they get to irrational prices, right?
Like that's why I think that's why cults work.
So I think what will happen is you'll see this dip and then
you'll probably just see like lots of different factions
within malady where like some people like.
Pro Romilia Corps and people like answer Romilia Corp and you
know you have all the stuff. But at the end of the day, like,
you know, I think these things can become bigger than their
creator. I mean look at Pepe and Matt
Fury, right? Like Matt Fury is the original
creator of Pepe, But Pepe's become this whole great big
thing where if Matt Fury does something bad, it wouldn't
affect Pepe, right? So I think malady is the kind of
cult that has. That.
Potential if it isn't already there, in my opinion.
I think it's the case that the vibes are no longer Immaculate
and that's kind of why it's dip. That's what it feels like to me.
Yeah, I think that is it. I think I wouldn't actually mind
that the lawsuit stuff is kind of funny because it's like my
ladies are often devs. They're often involved in, I
wouldn't say. Rugs, but, like, nefarious?
Nefarious activity, inactivity, let's put it that way.
And it's just like, you know, you're fucked with a malady, you
know what you're going to get. And now something bad has
happened at malady and they're like suing the person and like
crying on Twitter. And I was just like, I mean,
it's kind of ironic. It's not that I think it's the
right thing or wrong thing, it's just irony there.
But then this whole idea that it's just come out that he's
just like doing a raise, I mean, BC raised from a lady.
I. Wonder what the business plan
that? That's a weird one.
That's definitely a weird one. That's really that's definitely
like anti malady I would say anti what you would have
expected the vibe to be. We we don't even own it.
But we we based off your art project rec.
I we would never consider doing a raise for that reason because
it's like it's just it's the wrong ethos.
It ends up making it feel as though it's just some vehicles
to enrich and that's that ruins it by doing it.
You know you've seen it so often that that's happened with VCs
particularly for a project racist like it's just about the
vibes. It's just about the cult, right.
It's like if Crypto Dick Butts did a raise or if I guess they
could try and sell the project but.
Cults are rarely good vehicles of economic activity, right?
Like, so if you raise, if you raise and you would need to make
money, then like the cult vibe is maybe going to go away.
By definition, the cult is like people are not there because
they're economically aligned, they're there for the vibes and
there's a range of cults and there's a range of reasons and
vibes why people will be in them.
But. It's all for that.
I think so. If you own a malady or Emilio or
one of the Emilio Corp assets, what are you buying?
The vibes are gone. What are you buying?
That guy, I didn't say it. I.
Didn't say it, plug it. I didn't say it.
Anyway, we'll move on to the next thing.
Which is what did I write here. What about?
Pixel. Maybe I'd buy a Pixel month.
Yeah, maybe you just buy a. And I think they're similar
price, aren't they too? I think Kevin's a yeah, they're
not cheap. They're not cheap, Okay.
So the final thing we saw happening in Banana bot, which
is another one of these bots that came out, it came kind of
out of left field, it overtook Unibot in terms of volumes.
They did a presale last week, they didn't did their public
sale yesterday and probably one of the funniest things that I've
seen happening crypto for a while because this was shield to
high heaven like it was. I think it opened at a $60
million market cap and then it turned out.
Let me just try. Sorry.
And then it turned out there was a issue in the contract.
It dropped 99.7% and now they are having to.
They are having to do a V2 launch.
It looks like they're going to have to get some.
They took a snapshot when they then sold the go to the website.
They took a snapshot when they sold the treasury tokens, but
the token basically went to zero.
They said way forward, shitty situation, but we are my
situation, but we're doing everything to make it right.
Happy to share an action plan. We are having our new contract
orders that they claimed that had been audited twice.
Someone put the contract through ChatGPT and it immediately
showed errors. So I think that's but won't
launch until we are sure everything is in order.
We are going to take care of our investors.
Let's go into deep detail. We will take a snapshot XYZ.
They basically said they're gonna try and fix it, but I
don't know, I just think there's so many bots.
No second chances. You don't get a second chance at
this time, do you? You don't get a second chance.
Especially for something that was so like hyped and
anticipated. And you know, there's all this
talk about like influences getting presale and some people
like selling and all that kind of stuff.
Like, I don't know, I think with this one, it's just it's one of
the most hyped block coins to come to the market.
And they did, they did the whole like, you know, like how NFT
projects get hyped up before mint at like a really high mint
price and then they sell and then nothing happens.
It's kind of feels like one of those.
Set the Shipcoin version of it. Yeah, I would agree.
I thought it was funny. Jintao, who's kind of a well
known shipcoin influencer, ended up buying I think something like
50 ETH of banana at the top. He then deleted his account
shortly afterwards. He's now.
I really like that. I guess because he was shilling,
he was shilling Banana Bot for a long time, but he seemed like.
I think it was something he got banned as well by some ladies,
but it was just funny timing. He bought Banana bot after
within 20 minutes he the count was just gone.
But yeah, I would be very careful on these bots because a
new shiny new bot comes out every week in my opinion.
I think they're really good tech to use.
I think you can make a lot of money actually using the tech.
You're buying to the presale tokens or getting involved in
one of these tokens, I think is, I just don't know, the shelf
life of some of this stuff. The shelf life is low because
the number of users on this stuff is surprisingly low.
I think like daily active users on these bots, it's in the
single digit thousands. Yeah, it's it's not.
Tiny there's some platforms that do like 100 but yeah it's it's
for crypto it's not horrific but I would I would agree with you
that it's just there's just that's a smart and this that
these are all like with the these are just easy relatively
easy for them to make and I think there's really there's
ones for airdrops there's one there's some for friend tech
right now there are some for ship coin trading like.
What I think we are seeing is on chain tools as a as a whole
universe is growing but I don't think you buy any one of them.
That being said, I missed Unibot, I'm not saying that you
can't. I think Unibot probably has some
staying power in this market just because it's seen as like
an OG bot now. But I I think be very have a
high bar. In the same same way that you
invest in mean points have a high bar for bots.
Just know that Banana bot did that to unibot.
In a few weeks, somebody else will do that to your bot in a
few weeks. There'll always be a new one.
Okay look, that was it for
today's show. That was a good show. 5-6 points
we. Got through it great.
Show MSF back. We will be back again tomorrow.
The code for today's stubs is cals.
COWL Head rug Radio forward Slash Stubs.
You'll be able to claim your stubs.
We have Alien Queen obviously doing her drop on Friday.
You missed the interview with her yesterday.
Nice. But yeah, she's kind of cool.
She's like a wreck guy, Facepiece, that's.
Cool. See it on stubs.
I think it's going to be 10. To burn, so you're going to need
to definitely get a lot of stubs to be able to collect them.
And just go on to rug. Just go on to open C or
whatever, find stubs and you'll be able to find the the passes
that you need to commit them. Anyway that was GM Web Three.
We are powered by Kraken for the next next few weeks.
Kraken.com/rug radio to go check it out and we will see you again
tomorrow.