1 00:00:00,240 --> 00:00:02,480 Well, TM everyone, we have a full show today. 2 00:00:02,480 --> 00:00:06,680 Well, at least three guests cals who's now become a staple of the 3 00:00:06,680 --> 00:00:10,840 show and we have OSF back. You should join us both on 4 00:00:10,840 --> 00:00:11,680 Twitter. Don't know why you both. 5 00:00:12,000 --> 00:00:12,800 I just. I just. 6 00:00:12,840 --> 00:00:14,720 I just requested. Leaving me hanging. 7 00:00:15,560 --> 00:00:16,600 Okay. I'll bring you guys up. 8 00:00:17,040 --> 00:00:19,040 OSF. I'll just be your cohost. 9 00:00:20,800 --> 00:00:22,720 How you doing? Where have you been for the last 10 00:00:22,720 --> 00:00:23,160 week? Why? 11 00:00:23,200 --> 00:00:25,690 Why did you leave us? I thought that. 12 00:00:26,050 --> 00:00:26,770 Was let. Me just that. 13 00:00:26,770 --> 00:00:30,410 Is there an echo there? Amateur out there. 14 00:00:33,970 --> 00:00:40,050 I was in Vancouver and Whistler for a very lovely and 15 00:00:40,050 --> 00:00:45,370 spectacular wedding. That sounds I saw another outfit 16 00:00:45,370 --> 00:00:46,370 of yours. Another wedding. 17 00:00:46,370 --> 00:00:49,330 Get up. You did, Yeah. 18 00:00:49,330 --> 00:00:51,050 I think you sent it in your friend tech. 19 00:00:51,640 --> 00:00:52,480 You said it in the friend Tech I. 20 00:00:52,480 --> 00:00:53,480 Think, oh, you said it in the front. 21 00:00:53,480 --> 00:00:55,680 Yeah, sorry. Just for friend tech only 22 00:00:55,680 --> 00:01:00,120 viewers, that one wedding outfits and the fit of the day. 23 00:01:00,680 --> 00:01:03,440 I feel like all friend techs are very different because I'm out 24 00:01:03,440 --> 00:01:04,760 there giving like trading advice. 25 00:01:04,760 --> 00:01:07,440 I'm telling people what I'm going long and sure, you're just 26 00:01:07,440 --> 00:01:09,760 sending photos of weighing invites and your key price is 27 00:01:09,760 --> 00:01:13,680 higher than my key. People want what they want, man. 28 00:01:15,800 --> 00:01:17,400 People want what they want. What can I say? 29 00:01:18,010 --> 00:01:20,170 There was I think like 10 people bought your friend deck over the 30 00:01:20,170 --> 00:01:22,890 weekend and I. Was like for a week. 31 00:01:25,010 --> 00:01:29,010 My friend Tech rallied after I spent a week at a wedding 32 00:01:29,010 --> 00:01:31,650 playing golf and sent one photo of me bringing a. 33 00:01:31,650 --> 00:01:38,330 Suit open to the right. Unbelievable. 34 00:01:38,370 --> 00:01:41,250 Actually, Couch, we should I'm a friend Deck. 35 00:01:41,330 --> 00:01:43,470 Parentally undervalued. Yeah. 36 00:01:43,470 --> 00:01:44,830 Wait, what? What? 37 00:01:44,830 --> 00:01:47,230 You're working with Friendsec. If I look at this, I don't own a 38 00:01:47,230 --> 00:01:50,510 cows. No, I think I do Canary land. 39 00:01:50,870 --> 00:01:52,230 It does. I do. 40 00:01:52,430 --> 00:01:55,990 Commando does not. Yeah, I accidentally deleted it 41 00:01:55,990 --> 00:01:58,470 from my home screen, so I haven't been that active on it. 42 00:01:59,750 --> 00:02:02,830 Yeah, I also. Undervalued. 43 00:02:03,630 --> 00:02:05,670 I'm buying it right now. Buying your point? 44 00:02:06,270 --> 00:02:09,870 Pump it, lads. Pump it, but I think I've got 45 00:02:09,870 --> 00:02:12,480 front run. So I'm probably found around the 46 00:02:12,480 --> 00:02:13,640 year. It wasn't me. 47 00:02:13,720 --> 00:02:15,840 It wasn't me. Unbelievable. 48 00:02:16,400 --> 00:02:20,600 It wasn't actually wasn't me anyway look, it's great to have 49 00:02:20,600 --> 00:02:24,040 you with this slightly different format of the show without 50 00:02:24,040 --> 00:02:26,040 throat. We've just been kind of going 51 00:02:26,040 --> 00:02:29,600 through the top, top things, top five or six things for the day. 52 00:02:30,280 --> 00:02:34,320 We are sponsored by Kraken NFT. We had them on the show last 53 00:02:34,320 --> 00:02:35,600 week. Thanks for the support Ovi. 54 00:02:36,840 --> 00:02:37,840 We're gonna be sponsor them for the. 55 00:02:37,880 --> 00:02:40,530 Rest of the month we're doing various different events 56 00:02:40,530 --> 00:02:44,170 alongside rug radio, go check themoutitskraken.com/rug radio, 57 00:02:44,170 --> 00:02:47,210 they have full NFC marketplace. We are going to be supporting 58 00:02:47,210 --> 00:02:50,010 them as they build that out and hopefully more of success than 59 00:02:50,010 --> 00:02:52,610 the other marketplaces that we've seen from front, 60 00:02:52,610 --> 00:02:55,530 centralized exchanges, a good team that we had up on 61 00:02:55,530 --> 00:02:58,450 Wednesday. So I am, I am confident in their 62 00:02:58,450 --> 00:03:01,210 ability to to stay around and we will use Kraken. 63 00:03:01,210 --> 00:03:03,410 They're the one people who accepted us to actually take 64 00:03:03,410 --> 00:03:04,770 money out. So thank you Kraken. 65 00:03:04,770 --> 00:03:08,560 We we are cranially supportive of everything they do in the 66 00:03:08,560 --> 00:03:12,160 space. Anyway, we should get into what 67 00:03:12,160 --> 00:03:13,840 has been going over the last 24 hours. 68 00:03:14,440 --> 00:03:17,440 Obviously you missed some of the previous chats OSF, but 69 00:03:18,000 --> 00:03:20,000 yesterday it felt pretty bad. I remembered I did the Mando 70 00:03:20,000 --> 00:03:22,200 minutes yesterday and it was definitely the most depressing 71 00:03:22,200 --> 00:03:27,080 Mando minutes I've done in a minute and then I know it's 72 00:03:27,080 --> 00:03:30,600 snuck on down. Bitcoin got below 25 K very 73 00:03:30,600 --> 00:03:35,010 briefly and timeline literally felt like no. 74 00:03:35,210 --> 00:03:37,970 It felt like a nuclear bomb had gone off in in in the 75 00:03:38,130 --> 00:03:41,330 Twittersphere. But then it bounced. 76 00:03:41,370 --> 00:03:43,250 And about what? Was it 11:00 PM last night? 77 00:03:43,970 --> 00:03:46,130 11:00 PM last night? I was like, should we be going 78 00:03:46,130 --> 00:03:48,170 Max Max Bullshit. It just feels as though 79 00:03:48,170 --> 00:03:53,050 everyone. It's it it that that 24750 or 25 80 00:03:53,050 --> 00:03:56,370 was like the support level. Everyone was piling into shorts 81 00:03:56,370 --> 00:03:59,290 across the board and a bunch of different old coins and it just 82 00:03:59,290 --> 00:04:01,530 felt like it could have a little bit of a flutter upwards and 83 00:04:01,530 --> 00:04:05,950 then it started to go and go and go and now we're above 1600 84 00:04:05,950 --> 00:04:07,590 again on East. We're actually up on the day I 85 00:04:07,590 --> 00:04:09,750 think over that over that 24 hours. 86 00:04:09,750 --> 00:04:14,910 So and Bitcoin went above 26 K it was what did, what did you 87 00:04:14,910 --> 00:04:16,390 make of it? Both of you maybe start with 88 00:04:16,390 --> 00:04:21,550 OSFP and sending it for a week. I've I've kind of been loosely 89 00:04:21,550 --> 00:04:25,590 following what's going on over the past few days, but I just 90 00:04:25,590 --> 00:04:28,230 like got back like, you know got back to Twitter, got back to the 91 00:04:28,230 --> 00:04:31,590 timeline and it was just like classic like. 92 00:04:32,480 --> 00:04:35,680 Everyone bearish at the lows, like everyone breaks at multi 93 00:04:35,680 --> 00:04:37,360 month. Those are at key support levels. 94 00:04:37,880 --> 00:04:41,040 There's this whole FTX stuff and I don't know if someone just 95 00:04:41,040 --> 00:04:44,360 posted this like big FTX thing and people just assume oh 96 00:04:44,360 --> 00:04:47,200 they're going to sell a billion dollars worth of crypto in one 97 00:04:47,200 --> 00:04:49,360 day and just like hit the sell button then it's all going to go 98 00:04:49,360 --> 00:04:52,960 down, let's short into it so we can like buy back low into that. 99 00:04:52,960 --> 00:04:55,800 But the reality is those things get priced in very quickly. 100 00:04:58,620 --> 00:05:00,860 Anyone who has half of them is not just market something that 101 00:05:00,860 --> 00:05:02,180 much crypto. They're probably working with 102 00:05:02,740 --> 00:05:05,820 Gemini or Coinbase or another broker to actually unwind that 103 00:05:05,820 --> 00:05:09,500 risk over time. And I think we've had like, 104 00:05:09,620 --> 00:05:12,500 look, we've had this is just such a it's just a classic 105 00:05:12,500 --> 00:05:16,700 example of like people changing their mentality because of price 106 00:05:16,700 --> 00:05:21,540 action rather than adjusting the mentality because of fundamental 107 00:05:21,540 --> 00:05:23,980 news and headlines and things that are happening and what's 108 00:05:23,980 --> 00:05:25,300 happened. Well, crypto just keeps going 109 00:05:25,300 --> 00:05:26,460 lower. Because of. 110 00:05:27,020 --> 00:05:29,020 Some technical reasons that people need to sell. 111 00:05:29,020 --> 00:05:32,580 So now suddenly everyone's bearish at the lows when all the 112 00:05:32,580 --> 00:05:34,340 headlines have been really positive and even you even had 113 00:05:34,340 --> 00:05:38,260 like Franklin Templeton just filed for Bitcoin ETF about 114 00:05:38,460 --> 00:05:39,900 officially did that about 20 minutes ago. 115 00:05:39,900 --> 00:05:42,100 So there were rumors yesterday. So like the headlines are 116 00:05:42,140 --> 00:05:44,780 overwhelmingly positive. Sometimes the technicals 117 00:05:44,780 --> 00:05:47,780 outweigh the fundamentals and where people are forced sellers 118 00:05:47,780 --> 00:05:48,940 in the market. And that's clearly what's 119 00:05:48,940 --> 00:05:52,140 happening right now, whether it's FTX, whether it's finance 120 00:05:52,140 --> 00:05:55,380 stuff, whether it's the government crypto, whatever it 121 00:05:55,380 --> 00:05:59,910 is. But it doesn't change the, I 122 00:05:59,910 --> 00:06:04,590 don't know the six to 12 month outlook here in less than six 123 00:06:04,590 --> 00:06:09,350 months they actually see has until March to make a decision 124 00:06:09,350 --> 00:06:12,110 on these approvals. And you know in six months time 125 00:06:12,110 --> 00:06:14,470 we're heading into that, we're heading into Bitcoin Hub and 126 00:06:14,470 --> 00:06:15,710 we're heading into Fed cutting rates. 127 00:06:15,710 --> 00:06:19,590 So like all the headlines and the news flow potentially is all 128 00:06:19,590 --> 00:06:21,390 overwhelmingly positive and I think. 129 00:06:23,160 --> 00:06:26,800 Is very it's like the most set of like potential positives that 130 00:06:26,800 --> 00:06:28,760 we've had in the last two years of crypto. 131 00:06:29,760 --> 00:06:32,080 Price action right now is negative because people are 132 00:06:32,080 --> 00:06:35,840 forced sellers And what do, what does the average retail trader 133 00:06:35,840 --> 00:06:37,760 do, the average price on crypto. Do they get bearish? 134 00:06:38,320 --> 00:06:41,360 For what reason Because price is going lower which is really done 135 00:06:41,400 --> 00:06:42,800 because as the price goes low you want to buy more. 136 00:06:42,800 --> 00:06:46,080 You want to average in. You want to actually buy this 137 00:06:46,080 --> 00:06:48,360 forced selling so you can actually sell it on the way up. 138 00:06:48,680 --> 00:06:51,040 And I bet you what will happen in in the next few months when? 139 00:06:53,450 --> 00:06:56,090 This ETF's get approved and the people will be better people. 140 00:06:56,090 --> 00:06:58,850 Will be better and people will start buying stuff at 3K and 141 00:06:58,850 --> 00:06:59,890 like you know what's going to happening? 142 00:06:59,890 --> 00:07:03,770 Like someone's going to short ether, you know, 1600 and cover 143 00:07:03,770 --> 00:07:06,930 at 1550 and it's like cool, I just made like you know 5% 144 00:07:06,930 --> 00:07:08,970 whatever it is. And they're going to buy ether 145 00:07:08,970 --> 00:07:13,250 3K and sell it at 3.3 K and by cool just make 10% when actually 146 00:07:13,250 --> 00:07:16,490 you could have made 100% just buying ether 1600 and selling it 147 00:07:16,490 --> 00:07:23,280 at 3.2 K So. I was like Sailor on the last 148 00:07:23,280 --> 00:07:26,320 week where he was like this is the best, I mean it's Michael 149 00:07:26,320 --> 00:07:28,520 Sailor. So he's like the third biggest 150 00:07:28,520 --> 00:07:32,400 holder of Bitcoin out there. But he did say he thinks all the 151 00:07:32,400 --> 00:07:35,040 time and he's been trading Bitcoin for 10 years now. 152 00:07:35,680 --> 00:07:38,400 He said this is the best risk of what he's seen because he's like 153 00:07:38,960 --> 00:07:40,760 towards the end of what he thinks is a bear market, you 154 00:07:40,800 --> 00:07:42,680 have all these secular reasons why people are going to be 155 00:07:42,680 --> 00:07:46,600 having to buying Bitcoin, coming up and even other majors. 156 00:07:46,880 --> 00:07:49,680 And he's like I haven't seen the better risk award and I think 157 00:07:49,680 --> 00:07:55,440 there have been some medium term bearish views, which is volumes 158 00:07:55,440 --> 00:07:58,960 have gone down a lot across the market and people always assume 159 00:07:58,960 --> 00:08:02,960 that volume must mean, you know, people, less people involved. 160 00:08:03,160 --> 00:08:05,680 Interestingly, Bitcoin, number of new wallets and even E 161 00:08:06,080 --> 00:08:08,120 wallet, wallet dresses haven't really dipped during this 162 00:08:08,120 --> 00:08:10,600 period. What has happened is a lot of 163 00:08:10,640 --> 00:08:14,000 market makers and high frequency trading firms have stopped 164 00:08:14,000 --> 00:08:17,200 trading crypto, which is why you've seen a lot of exchange 165 00:08:17,200 --> 00:08:19,680 volumes go down like the actual real. 166 00:08:19,720 --> 00:08:22,600 I know we see crazy volumes go through some of these crypto 167 00:08:22,600 --> 00:08:26,520 coins on a daily basis. The actual real volume that goes 168 00:08:26,520 --> 00:08:29,560 through is much, much more the the vast majority of this high 169 00:08:29,840 --> 00:08:33,320 is high frequency trading firms which are basically trading it 170 00:08:33,320 --> 00:08:36,919 back and forward on on based on the order book they see on the 171 00:08:36,919 --> 00:08:41,840 exchanges. It's what jump winter mute I 172 00:08:41,840 --> 00:08:44,840 don't know Citadel, all these guys that they they do it in 173 00:08:44,840 --> 00:08:47,400 Tradfi and they've been doing it in crypto and a few of them have 174 00:08:47,520 --> 00:08:51,520 have taken a step back Jane St. and they actually have been 175 00:08:51,520 --> 00:08:53,760 saying the last six months we're not going to be doing that 176 00:08:53,960 --> 00:08:55,720 anymore. So volumes have come down. 177 00:08:55,720 --> 00:08:59,320 I think secondly because of the lack of high frequency trading 178 00:08:59,320 --> 00:09:05,560 firms on on on marketplaces and that part of that's a lack of 179 00:09:05,560 --> 00:09:09,240 volatility but that I don't think volume being lower means 180 00:09:09,620 --> 00:09:12,860 prices should be lower. In fact you've seen contact rest 181 00:09:12,860 --> 00:09:16,060 stay pretty high and you've seen you've seen long term holders 182 00:09:16,060 --> 00:09:20,900 actually own the most amount of bitcoins that they have ever at 183 00:09:20,900 --> 00:09:23,460 this stage. So it doesn't it doesn't feel to 184 00:09:23,460 --> 00:09:26,660 me like Oh my God it's it's everything's dying off. 185 00:09:26,660 --> 00:09:30,700 It just feels as though the I know the scan volumes that we 186 00:09:30,700 --> 00:09:32,940 saw centralized exchanges have just just slowed down. 187 00:09:34,140 --> 00:09:36,380 But then the second thing is, yeah, it's the main thing that 188 00:09:36,380 --> 00:09:38,180 people have been bearish about is just like the charts. 189 00:09:38,180 --> 00:09:40,500 And like when people tell me that it has to go lower because 190 00:09:40,500 --> 00:09:42,420 of a chart or because of some technical. 191 00:09:43,060 --> 00:09:48,380 I just had such a stupid reason like it's so those things can 192 00:09:48,380 --> 00:09:51,740 change on a dime. And I'm not saying that there 193 00:09:51,740 --> 00:09:56,020 aren't trend following and and technical following traders in 194 00:09:56,020 --> 00:09:58,620 this market who can make money and even even strategies. 195 00:09:58,980 --> 00:10:02,380 That being said, if that's the reason why it should go lower 196 00:10:02,380 --> 00:10:05,180 because it's somehow crossed like Bitcoin could do a death 197 00:10:05,180 --> 00:10:08,300 cross or something like that or Ease could do a death cross and 198 00:10:08,300 --> 00:10:11,820 it was a fair signal. If you actually look back going 199 00:10:11,820 --> 00:10:14,900 through a death cross the next six months, performance of EVE I 200 00:10:14,900 --> 00:10:18,340 think was like it was massively variable, like the six times 201 00:10:18,340 --> 00:10:20,700 it's done a death cross, three of them was massively up, three 202 00:10:20,700 --> 00:10:24,180 of them was massively down like you just this stuff can mean 203 00:10:24,260 --> 00:10:26,580 absolutely nothing unless you give it credibility. 204 00:10:27,060 --> 00:10:30,100 And I think with what you're saying as well is that a lot of 205 00:10:30,500 --> 00:10:33,510 lot of news has been positive and I agree with that Like the 206 00:10:33,510 --> 00:10:36,550 difference between how much travel I will buy if an ETF gets 207 00:10:36,550 --> 00:10:42,550 approved versus how much the FTX estate have to sell was just 208 00:10:42,710 --> 00:10:47,430 like then incomparable FTX. They they're going to have to 209 00:10:47,430 --> 00:10:49,470 sell some alts. But like why that was given so 210 00:10:49,470 --> 00:10:52,270 much credibility and that caused it, that was said that it was 211 00:10:52,270 --> 00:10:54,230 going to be a 10 to 15% drop across the board. 212 00:10:54,230 --> 00:10:55,310 It's just like it's just ridiculous. 213 00:10:55,310 --> 00:10:57,790 So I think I think you're kind of cutting through the bullshit 214 00:10:57,790 --> 00:11:01,630 there, just have you back. I don't know if you want to add 215 00:11:01,630 --> 00:11:04,250 anything broadly agree with that Cali, but of. 216 00:11:04,850 --> 00:11:05,530 Course, Yeah. Yeah. 217 00:11:06,050 --> 00:11:07,570 No, I agree with everything you've said. 218 00:11:07,570 --> 00:11:13,530 I think especially the fact that technical analysis is not the 219 00:11:13,530 --> 00:11:16,570 main driver of price in any market really. 220 00:11:17,370 --> 00:11:20,770 It's just one of many indicators that may or may not mean 221 00:11:20,770 --> 00:11:23,490 something. Yeah, what do you think now? 222 00:11:23,730 --> 00:11:28,210 Now we've had this all bounce. Yeah, yeah, lower. 223 00:11:29,130 --> 00:11:31,450 Basically everyone's gonna everyone's gonna be like oh this 224 00:11:31,450 --> 00:11:33,410 is this is the bottom. The bottom is in everyone's 225 00:11:33,410 --> 00:11:36,210 gonna get really positive and then it's just gonna they're 226 00:11:36,210 --> 00:11:38,490 gonna, yeah, it's gonna spank them the other way around. 227 00:11:39,090 --> 00:11:41,690 You think I, I thought. I thought the other thing I 228 00:11:41,690 --> 00:11:44,930 thought I I was gonna show up this morning when it we we went 229 00:11:44,930 --> 00:11:48,610 back about 1600 and it did put on a few shorts in all coins. 230 00:11:49,770 --> 00:11:51,330 But then I was like, it's too obvious. 231 00:11:52,420 --> 00:11:54,740 It's just too obvious. Like I think everyone got caught 232 00:11:54,740 --> 00:11:58,860 shorting at 1500 and now bitcoin's going to 26 K and he's 233 00:11:58,860 --> 00:12:00,980 kind of about 1600. I think everyone's piling back 234 00:12:00,980 --> 00:12:03,940 into that shore. Part of me thinks that just like 235 00:12:03,940 --> 00:12:07,020 the bounce of that support was quite a big deal, like that 25K 236 00:12:07,020 --> 00:12:10,300 support is quite a big support, even on the technicals that we 237 00:12:10,300 --> 00:12:12,820 just spoke about. It's kind of the lows that we 238 00:12:12,820 --> 00:12:15,780 saw it hit against in June and July. 239 00:12:17,540 --> 00:12:20,820 I just feel as though there's no trade for me here. 240 00:12:21,360 --> 00:12:22,800 There's no trade for me. I don't think you should be on 241 00:12:22,800 --> 00:12:24,560 Levid long. I don't think you should be 242 00:12:24,560 --> 00:12:27,160 shorting because I think it could actually hurt you pretty 243 00:12:27,160 --> 00:12:30,640 badly at this. If Bitcoin goes to like 27 K or 244 00:12:31,000 --> 00:12:33,080 or so. I think if you if you are 245 00:12:33,080 --> 00:12:35,640 getting more bearish, I don't think there's a trade here. 246 00:12:35,880 --> 00:12:39,400 I think wait until either you see a bit more momentum to the 247 00:12:39,400 --> 00:12:44,280 downside and more like I don't know credibility that that this 248 00:12:44,280 --> 00:12:46,040 can. But other than that, I think you 249 00:12:46,040 --> 00:12:49,080 think you're going to get a better entry and go and levered 250 00:12:49,080 --> 00:12:53,300 long here. It's tough, the volumes are low, 251 00:12:53,300 --> 00:12:55,740 so you can get bad Wicks and I just think it's a little bit 252 00:12:55,740 --> 00:12:57,700 difficult. So nothing to for me to do here. 253 00:12:57,700 --> 00:13:01,540 I thought the trade was last night, but maybe that's cop out. 254 00:13:02,980 --> 00:13:05,860 Do we know what caused the the big green candle this morning? 255 00:13:07,020 --> 00:13:08,940 Shorts was a short. Big shorts squeeze a lot of. 256 00:13:09,140 --> 00:13:11,700 Everything. That's the shorts added, right, 257 00:13:11,820 --> 00:13:14,580 right at that support level. And if that's why I said I was 258 00:13:14,580 --> 00:13:17,620 like in the chat that we're all in just us three, I was just 259 00:13:17,620 --> 00:13:20,380 like, I think we should maybe go and Max long here. 260 00:13:21,160 --> 00:13:24,200 Ovi was. Ovi said, oh, well, you can get 261 00:13:24,200 --> 00:13:26,880 a whip down and that's true. But you can like the volumes are 262 00:13:26,880 --> 00:13:28,280 low. It could have easily gone to 263 00:13:28,280 --> 00:13:30,080 like 24 1/2 half, but it does, yeah. 264 00:13:30,160 --> 00:13:33,920 You're using leverage, yeah. If it did feel as though people 265 00:13:33,920 --> 00:13:36,200 were just pining into shorts, right at. 266 00:13:36,320 --> 00:13:38,240 There's a good. That's a good quote. 267 00:13:38,280 --> 00:13:43,920 From Roman in succession. Season four, I believe, right? 268 00:13:43,920 --> 00:13:45,160 Just like everything's high risk. 269 00:13:45,160 --> 00:13:50,680 If you're a pussy, love it. And that kind of reminds me of 270 00:13:50,680 --> 00:13:51,760 that. What movie? 271 00:13:52,640 --> 00:13:54,040 What film? Session season four. 272 00:13:54,360 --> 00:13:55,640 Oh, Succession. All right. 273 00:13:55,640 --> 00:13:57,000 OK. Is that like? 274 00:13:57,160 --> 00:13:59,840 PC. These days, like Ally's been 275 00:13:59,840 --> 00:14:05,960 pretty based. I don't think I'm enjoying. 276 00:14:05,960 --> 00:14:08,280 I'm just quoting a very popular. TV show. 277 00:14:08,560 --> 00:14:14,160 I'm actually. Going to change the name of the 278 00:14:15,840 --> 00:14:18,360 space. What was the exact? 279 00:14:19,170 --> 00:14:24,730 I'm not saying anything else. All right, We will go on to the 280 00:14:24,730 --> 00:14:26,530 second major point of the day. You. 281 00:14:27,170 --> 00:14:30,050 Follow me on Twitter. I'll post the meme ooh yeah, a. 282 00:14:30,770 --> 00:14:34,090 Little bit. We need to get you some more 283 00:14:34,090 --> 00:14:37,410 followers. I think we will be hearing from 284 00:14:37,410 --> 00:14:43,090 is Gary Gensler, GG is gonna be back in front of the Senate. 285 00:14:43,760 --> 00:14:47,600 He's gonna be answering for his sins in the crypto space. 286 00:14:47,600 --> 00:14:50,600 He got a bit of a hiding when he did this a couple months ago. 287 00:14:50,600 --> 00:14:56,120 I think he's got 2 hearings in September and I think that's. 288 00:14:57,600 --> 00:14:59,560 I don't know. I think we're gonna see a whole 289 00:14:59,560 --> 00:15:02,040 timeline of a bunch of sentences being like, what the hell are 290 00:15:02,040 --> 00:15:04,690 you doing? Which I think is good for 291 00:15:04,690 --> 00:15:06,050 crypto. Like he's going to. 292 00:15:06,050 --> 00:15:10,730 He's been increasingly looking like a fool and I think, I think 293 00:15:10,730 --> 00:15:13,970 we need to 11 up and we need to dunk on him as much as we can, 294 00:15:13,970 --> 00:15:17,690 100% yeah. What do you what do you think 295 00:15:17,690 --> 00:15:22,250 about Gary Gensler, Kelly? Just power craze bureaucrat so 296 00:15:22,250 --> 00:15:26,170 obvious like and his powers waning. 297 00:15:26,170 --> 00:15:29,850 I think either he will resign or lots of his juniors will be 298 00:15:29,850 --> 00:15:31,770 forced to resign and take the blame for what's being. 299 00:15:32,600 --> 00:15:35,640 A failure of an SEC for the past 12 many years. 300 00:15:37,240 --> 00:15:40,800 I think in some ways I kind of sympathizes the wrong word. 301 00:15:40,800 --> 00:15:43,440 But I understand that like the securities laws are very 302 00:15:43,440 --> 00:15:46,120 outdated. But he had a choice. 303 00:15:46,120 --> 00:15:48,360 He could either say, right, we need to update these laws so 304 00:15:48,360 --> 00:15:51,560 that people can follow them or I'm going to reinterpret these 305 00:15:51,560 --> 00:15:54,560 old laws and try and squeeze them onto new digital assets. 306 00:15:54,560 --> 00:15:59,080 And he went with that. And this resulted in losing 307 00:15:59,080 --> 00:16:00,440 everything. I think common sense. 308 00:16:01,700 --> 00:16:05,220 Should have taken the other way, but do you think he clings on 309 00:16:05,220 --> 00:16:08,260 till after the election or do you think he gets fired? 310 00:16:08,260 --> 00:16:12,820 Or do you think he he just he leaves if he loses one of these 311 00:16:12,820 --> 00:16:14,900 big court cases? If he loses his court case, I 312 00:16:14,900 --> 00:16:16,340 just think he's got. To be done. 313 00:16:17,060 --> 00:16:17,940 Right. Everyone said he want. 314 00:16:17,940 --> 00:16:21,300 He's trying to get to Treasury, but with this much failure, I 315 00:16:21,340 --> 00:16:22,700 don't know if it's even possible. 316 00:16:23,780 --> 00:16:24,860 Too fair, like there's been some. 317 00:16:24,860 --> 00:16:26,940 Pretty funny. Treasury secretaries, I mean, 318 00:16:27,180 --> 00:16:28,740 yeah, the current Treasury secretaries. 319 00:16:29,060 --> 00:16:32,070 Exactly. I mean, the whole administration 320 00:16:32,070 --> 00:16:37,310 at this point is beyond satire. Like here we go, here we go. 321 00:16:37,310 --> 00:16:44,030 There's a funny comment on not a fan of. 322 00:16:45,710 --> 00:16:47,270 I just. I just can't believe it's all 323 00:16:47,270 --> 00:16:49,790 real. I felt I saw a comment when 324 00:16:49,790 --> 00:16:52,270 somebody was like, I feel sorry for the writers at The Onion 325 00:16:52,270 --> 00:16:55,150 because, like, they can't come up with anything as, like, 326 00:16:55,150 --> 00:16:58,710 ridiculous as the kind of current chain of events in in 327 00:16:58,710 --> 00:17:02,570 various parts of. Of the government machine. 328 00:17:02,570 --> 00:17:05,450 It's a joke of mine, is it? Is a bit of a it. 329 00:17:05,970 --> 00:17:09,210 Was actually about the energy secretary trying to do this like 330 00:17:09,250 --> 00:17:11,690 electric vehicle tour of America. 331 00:17:11,730 --> 00:17:14,410 But then they realized that there aren't enough charges to 332 00:17:14,410 --> 00:17:17,569 do the tour that she's on. So they had to send people in 333 00:17:17,569 --> 00:17:21,450 gasoline cars to like go to the charges and reserve spaces. 334 00:17:22,210 --> 00:17:24,329 I mean, the whole thing is fast at this point, but. 335 00:17:25,849 --> 00:17:27,900 But yeah, nice. Yeah, I think. 336 00:17:27,900 --> 00:17:29,180 I think he's going to look like a fool. 337 00:17:29,180 --> 00:17:31,780 I think. I hope some sentences go for 338 00:17:31,780 --> 00:17:33,660 him. They really went for him a 339 00:17:33,660 --> 00:17:35,140 couple months ago. A lot of that was to do with 340 00:17:35,140 --> 00:17:38,740 what happened with FTX, but now it's new about general crypto 341 00:17:38,740 --> 00:17:40,020 regulation. I think it's going to be a big 342 00:17:40,020 --> 00:17:41,620 thing. He's also obviously been 343 00:17:41,620 --> 00:17:43,300 praising AI. I think you have different 344 00:17:43,300 --> 00:17:45,460 things to do with AI, so maybe that will come up a bit. 345 00:17:47,140 --> 00:17:49,900 I know the US is starting to build a regulatory framework, 346 00:17:50,060 --> 00:17:53,980 maybe including licenses for AI, so maybe he will get involved in 347 00:17:53,980 --> 00:17:55,260 that. But yeah, that's something to 348 00:17:55,260 --> 00:17:57,340 look out for today. Expect some headlines from 349 00:17:57,780 --> 00:18:00,220 whatever Spectator Index or one of those people that post 350 00:18:00,220 --> 00:18:02,340 headlines. It will be an interesting. 351 00:18:02,420 --> 00:18:10,740 Watch The third thing to talk about today was ZK Rollups 0 of 352 00:18:10,740 --> 00:18:11,820 Jesus Christ. Who was that? 353 00:18:13,060 --> 00:18:19,990 That's me. It's a big dog, yeah. 354 00:18:20,030 --> 00:18:23,350 The zero noise proves is one of the main ways that ethics 355 00:18:23,350 --> 00:18:24,790 scaling this is maybe a bit boring. 356 00:18:24,790 --> 00:18:26,590 But I thought it was interesting because it was it was something 357 00:18:26,590 --> 00:18:30,310 that we spoke about last week hardly about the deficiencies of 358 00:18:30,870 --> 00:18:37,310 of Bitcoin as a the security model in particular and the fact 359 00:18:37,310 --> 00:18:39,710 that ordinals may have been kind of the solution to that. 360 00:18:39,710 --> 00:18:41,590 To a certain extent. It did mean people were willing 361 00:18:41,590 --> 00:18:47,150 to pay more fees to to to mine blocks on on Bitcoin. 362 00:18:48,220 --> 00:18:52,700 For Bitcoin to survive, I think long term it's either got to 363 00:18:52,700 --> 00:18:56,700 have some sort of television or it's got to increase its utility 364 00:18:56,940 --> 00:18:59,780 to this point that people will be willing to pay for block 365 00:18:59,780 --> 00:19:02,260 space. ZK roll ups is maybe the 1st way 366 00:19:02,260 --> 00:19:05,540 that they can do that, some sort of layer to where it's cheaper, 367 00:19:06,620 --> 00:19:10,060 it maintains the security of of of Bitcoin. 368 00:19:10,460 --> 00:19:15,330 I think this could be the start of the building blocks of of a 369 00:19:15,330 --> 00:19:22,530 future for Bitcoin, hopefully. Anyway, it's being done by two 370 00:19:22,530 --> 00:19:25,970 different companies. It looks like one of them is let 371 00:19:25,970 --> 00:19:30,050 me just share this, one of them is Chain Way. 372 00:19:30,250 --> 00:19:32,890 So Chain Way last week announced the open sourcing of their Data 373 00:19:32,890 --> 00:19:34,650 Availability adapter. This technology that allows 374 00:19:34,650 --> 00:19:37,930 developers to leverage Bitcoin security and finality to develop 375 00:19:37,930 --> 00:19:39,210 rollouts within the sovereign software. 376 00:19:39,570 --> 00:19:42,490 God, that's a lot of acronyms. Sovereign Software Development 377 00:19:42,490 --> 00:19:48,130 Kit, SDK and then Kaiser Labs teamed up with Hatrick Wizards, 378 00:19:48,130 --> 00:19:53,610 who everyone knows at Judy to coincidentally release ADA 379 00:19:53,610 --> 00:19:54,970 Adapter for Bitcoin. At the same time. 380 00:19:54,970 --> 00:19:58,970 This adapter lets plugins developers plug the Madara stack 381 00:19:58,970 --> 00:20:02,890 into Bitcoin. Some of this stuff it's just to 382 00:20:02,890 --> 00:20:06,050 run the stock net based roll up leveraging the Cairo programming 383 00:20:06,050 --> 00:20:11,300 language created by Stockwire. That's a lot of jargon, but it 384 00:20:11,300 --> 00:20:14,980 basically is hoping to create this sort of utility level that 385 00:20:14,980 --> 00:20:19,060 the Ethereum has right now and bring it to Bitcoin. 386 00:20:19,420 --> 00:20:21,340 Do you think this can happen, Carly? 387 00:20:21,340 --> 00:20:23,180 Do you think this could be the future of Bitcoin? 388 00:20:23,180 --> 00:20:26,180 Do you think could you become a Bitcoin bowl if they build out a 389 00:20:26,180 --> 00:20:29,620 utility layer to Bitcoin? And become a Bitcoin bowl if it 390 00:20:29,620 --> 00:20:32,380 becomes an L2 on that area. I'm kidding. 391 00:20:32,620 --> 00:20:34,340 I think the one thing we did. Is talk about. 392 00:20:35,510 --> 00:20:36,590 Let me. Get that? 393 00:20:36,710 --> 00:20:38,150 That'll trigger a lot. Of people. 394 00:20:38,710 --> 00:20:42,830 I like orange coin. I like orange coin, just not the 395 00:20:42,870 --> 00:20:45,710 end state of it. But anyway, I think the one 396 00:20:45,710 --> 00:20:48,150 thing we left out of our yeah, the one thing we left out of our 397 00:20:48,150 --> 00:20:51,110 conversation last week, I was thinking about it was actually 398 00:20:51,110 --> 00:20:53,710 innovation. And there are a lot of very 399 00:20:53,710 --> 00:20:58,350 smart people work who believe very deeply in Bitcoin and what 400 00:20:58,350 --> 00:21:01,250 it stands for. I think the number of people 401 00:21:01,250 --> 00:21:05,450 working on things for Bitcoin is probably increased in the past 402 00:21:05,450 --> 00:21:08,370 few years. Had some more developers, It was 403 00:21:08,370 --> 00:21:11,610 quiet for a long time, but with ordinals, a lot of developers 404 00:21:11,610 --> 00:21:13,890 start to start to get involved. But yeah, that's a fair point. 405 00:21:13,970 --> 00:21:16,650 And I think even though ordinals may or may not have been a 406 00:21:16,650 --> 00:21:18,930 success financially for the people who bought them, I think 407 00:21:18,930 --> 00:21:21,970 it has been a success in proving that you know what there are. 408 00:21:22,570 --> 00:21:25,490 You can do stuff, stuff, there's there's things to be worked on 409 00:21:25,490 --> 00:21:30,410 and there are avenues to achieve things here and these sound like 410 00:21:30,410 --> 00:21:33,010 good steps on on the road, on that road. 411 00:21:33,050 --> 00:21:37,970 I don't. I think finding better ways of 412 00:21:37,970 --> 00:21:40,890 achieving its current role rather than just copying the 413 00:21:40,890 --> 00:21:45,090 role of it that Ethereum has is probably better for like a long 414 00:21:45,090 --> 00:21:47,770 term solution. But that's just my opinion. 415 00:21:49,970 --> 00:21:52,940 I I agree. I think I think there are some 416 00:21:53,180 --> 00:21:59,780 glaring holes in in the current thesis behind Bitcoin which kind 417 00:21:59,780 --> 00:22:02,900 of just get gas lit. But I think this this could be 418 00:22:02,900 --> 00:22:04,540 big. And I also completely agree with 419 00:22:04,540 --> 00:22:08,420 the second thing you said there was which is once enough people 420 00:22:08,500 --> 00:22:12,140 care about something and there's a problem, normally people work 421 00:22:12,140 --> 00:22:14,340 out how to solve it. Like you just need to be aware 422 00:22:14,340 --> 00:22:17,500 of the problem like you saw this with like COVID, like as long as 423 00:22:17,500 --> 00:22:21,280 enough smart people are financially motivated or in some 424 00:22:21,280 --> 00:22:23,600 way motivated to solve something, they'll normally come 425 00:22:23,600 --> 00:22:27,760 up with some sort of solution. So I think, I think although 426 00:22:27,760 --> 00:22:31,200 there is some logic there which I think is very, very tough to 427 00:22:31,200 --> 00:22:34,400 overcome, I'm not completely bearish from the ability to. 428 00:22:34,960 --> 00:22:37,840 So I think this is, and this is the first, this is when they 429 00:22:37,840 --> 00:22:40,120 came on, they spoke about Cambrian explosion for for 430 00:22:40,120 --> 00:22:43,160 Bitcoin. This is what this could be the 431 00:22:43,160 --> 00:22:45,360 start of something like that people do want bitcoins to 432 00:22:45,360 --> 00:22:47,320 succeed and this is the sort of stuff that needs to happen for 433 00:22:47,320 --> 00:22:48,720 it to succeed. In my opinion. 434 00:22:49,660 --> 00:22:52,540 OK, the the next thing to talk about is U.S. banks. 435 00:22:53,100 --> 00:22:55,500 Another very boring topic. But we I thought it was relevant 436 00:22:55,500 --> 00:22:58,340 because people keep on mentioning this is the main 437 00:22:58,340 --> 00:22:59,980 thing for this. I don't know if you see it 438 00:22:59,980 --> 00:23:01,420 sometimes. If everyone mentions a credit 439 00:23:01,420 --> 00:23:03,820 event, a credit event could be coming. 440 00:23:03,900 --> 00:23:06,180 A credit event could be coming for the for the economy. 441 00:23:07,020 --> 00:23:09,100 There's various different ways that that is looked at. 442 00:23:09,100 --> 00:23:12,340 But debt is rising. Whether it's consumer debt, 443 00:23:13,300 --> 00:23:17,500 whether it's sovereign debt, whether it's corporate debt, 444 00:23:17,500 --> 00:23:21,380 it's all been rising and interest rates rising, rising at 445 00:23:21,380 --> 00:23:24,300 the same time and people are assuming there could be some 446 00:23:24,300 --> 00:23:28,140 sort of an event where regional banks or banks in the US come 447 00:23:28,140 --> 00:23:30,900 under some stress. We obviously saw that earlier in 448 00:23:30,900 --> 00:23:33,140 the year. It looks like this week again 449 00:23:33,140 --> 00:23:36,820 was the largest, biggest weekly outflow out of U.S. banks since 450 00:23:36,820 --> 00:23:38,500 SVP All. Right. 451 00:23:38,700 --> 00:23:39,860 Should we be worried about a credit? 452 00:23:39,860 --> 00:23:41,940 Event Should we be worried about U.S. banks? 453 00:23:43,100 --> 00:23:44,620 How was that caddy? What'd you guys think? 454 00:23:48,920 --> 00:23:54,640 I think if it was a bigger problem then you would see the 455 00:23:54,640 --> 00:23:59,360 Fed be more proactive on it. So you're you're you're 456 00:23:59,360 --> 00:24:05,000 basically saying it's either a big problem and the Fed are 457 00:24:05,000 --> 00:24:07,120 being completely negligent, which is a possibility, and 458 00:24:07,120 --> 00:24:09,040 they've done it before and you've done making lots of 459 00:24:09,040 --> 00:24:13,240 different things, or they're on top of it and they believe it's 460 00:24:13,240 --> 00:24:17,240 contained and they believe it's fine. 461 00:24:17,980 --> 00:24:20,660 More, I'm trying to think it's a latter because we've had, we've 462 00:24:20,660 --> 00:24:24,300 had a couple of scares this year already and they're not just 463 00:24:24,300 --> 00:24:25,460 like sleeping at the wheel right now. 464 00:24:25,460 --> 00:24:27,340 They're obviously on top of lots of different things. 465 00:24:27,340 --> 00:24:30,620 So for them to mess this up. Would. 466 00:24:32,260 --> 00:24:37,540 Just be like a catastrophic example of negligence in the 467 00:24:37,540 --> 00:24:41,140 professional workplace to an extreme amount at like one of 468 00:24:41,140 --> 00:24:42,660 the highest levels possible. So. 469 00:24:43,500 --> 00:24:45,900 Based on that signalling, I think it's fine. 470 00:24:45,900 --> 00:24:48,900 But if there's not that point, what? 471 00:24:48,900 --> 00:24:52,500 What now? People have forgot that the 472 00:24:52,500 --> 00:24:54,660 banks are just borrowing like a trillion dollars. 473 00:24:54,660 --> 00:24:56,820 From the Fed. Right now, no one ever includes 474 00:24:56,820 --> 00:24:59,340 it in the bank. Balance sheet, it's it's it's 475 00:24:59,340 --> 00:25:02,380 own facility, but the borrowing from that Fed facility that was 476 00:25:02,380 --> 00:25:06,100 set up in March to help deal with the regional banking crisis 477 00:25:06,100 --> 00:25:08,700 is actually got an all time high number of withdrawals. 478 00:25:08,700 --> 00:25:10,740 At the moment. It's a trillion or past a 479 00:25:10,740 --> 00:25:14,490 trillion for the first time. That's just like QE in a 480 00:25:14,490 --> 00:25:16,450 different realm. I know the Fed is. 481 00:25:16,450 --> 00:25:19,330 Producing its balance, but they are, they're like people just 482 00:25:19,330 --> 00:25:21,890 don't count it, but they are secretly just pumping liquidity 483 00:25:21,890 --> 00:25:25,050 into the market right now that people just are just acting like 484 00:25:25,050 --> 00:25:28,370 it's not happening. I do think that could get worse. 485 00:25:28,610 --> 00:25:31,730 I think that facility could go into the multiple trillions like 486 00:25:31,730 --> 00:25:36,810 I think you're going to, you're going to you know 5 to 10 487 00:25:36,810 --> 00:25:39,010 trillion. If if, if the situation gets 488 00:25:39,010 --> 00:25:42,760 worse in the housing sector in particular, but also in the 489 00:25:42,840 --> 00:25:45,400 consumer sector, there's a lot of different pockets of debt, 490 00:25:45,480 --> 00:25:48,920 student loans, auto loans, credit card debt which could all 491 00:25:49,040 --> 00:25:52,320 spare private credit like that facility could get very, very, 492 00:25:52,320 --> 00:25:54,000 very big. I do think the Feds on top of 493 00:25:54,000 --> 00:25:55,840 it. I think where we will see the 494 00:25:55,840 --> 00:26:00,160 stress is in the end markets more like the consumer rather 495 00:26:00,160 --> 00:26:01,800 than actually the banking, banking sector. 496 00:26:01,920 --> 00:26:03,360 I don't know if you would agree with that, Kathy. 497 00:26:04,650 --> 00:26:08,010 Yeah, totally. Fed emergency window is great. 498 00:26:08,010 --> 00:26:10,770 Like if you're a bank, you've lost 50% mark to market on your 499 00:26:10,770 --> 00:26:13,530 entire mortgage portfolio. You just go to the Fed and say 500 00:26:13,570 --> 00:26:15,930 this used to be worth 100 billion, it's now worth 50 501 00:26:16,210 --> 00:26:17,650 billion. But can I borrow 100 billion on 502 00:26:17,650 --> 00:26:18,290 it? And they say yeah. 503 00:26:18,290 --> 00:26:21,250 Sure, that's. A no brainer trade, right, 504 00:26:21,250 --> 00:26:24,610 That's just instant double your money and your balance sheets 505 00:26:24,610 --> 00:26:28,770 back-to-back to square one, they probably are a little bit 506 00:26:28,770 --> 00:26:32,890 tighter on lending I guess on the follow, although maybe not. 507 00:26:35,050 --> 00:26:39,130 But yeah, I agree. I think that window has saved 508 00:26:39,170 --> 00:26:42,330 all banks balance sheets and the banks that don't use it are the 509 00:26:42,330 --> 00:26:44,930 ones that know if they go under then the federal they're too big 510 00:26:44,930 --> 00:26:51,050 to fail anyway, strategically important global institutions as 511 00:26:51,050 --> 00:26:52,490 it's called in the regulatory framework. 512 00:26:53,620 --> 00:26:55,740 Yeah, I think the stress is much more likely to come at the 513 00:26:55,740 --> 00:26:58,900 consumer level and you know, but that that is that a credit 514 00:26:58,900 --> 00:26:59,580 event. I don't know. 515 00:26:59,580 --> 00:27:03,020 That's just a recession, right? Like people got less to me. 516 00:27:03,220 --> 00:27:05,300 Like it's like I think it's the idea there'll be some sort of 517 00:27:05,300 --> 00:27:07,860 credit crunch. I don't see a credit crunch 518 00:27:07,860 --> 00:27:10,580 happening in banking sector. I just don't see happening with 519 00:27:10,580 --> 00:27:11,660 what the feds already put in place. 520 00:27:11,660 --> 00:27:17,020 It's massive up to 25 trillion. So it's it's it's huge. 521 00:27:17,380 --> 00:27:22,000 Jamie Dimon came out yesterday. Who is the CEO of JPMorgan and 522 00:27:22,000 --> 00:27:24,120 said he wouldn't be a big buyer of a bank and sounds alarming. 523 00:27:24,120 --> 00:27:27,040 The economy he basically said doesn't see the economy booming. 524 00:27:27,160 --> 00:27:29,440 There's a bunch of people talking about soft landing 525 00:27:29,440 --> 00:27:34,680 yesterday including Yellen and the and over sax Even so he he's 526 00:27:34,680 --> 00:27:37,000 basically pointing water and remember they came in and bought 527 00:27:37,000 --> 00:27:41,520 what bank did they buy was it First Republic or did they Yeah 528 00:27:42,280 --> 00:27:44,720 they bought one of them they bought one of the banks that was 529 00:27:44,760 --> 00:27:46,600 that was I think it was First Republic. 530 00:27:46,640 --> 00:27:50,650 They came in and saved it. He's basically saying that there 531 00:27:50,650 --> 00:27:52,690 could still be more stress. So I do think there is stress in 532 00:27:52,690 --> 00:27:54,570 the banking market. I don't think it's going to 533 00:27:54,570 --> 00:27:59,970 cause some sort of like 2008 style crisis because of what the 534 00:27:59,970 --> 00:28:01,850 feds already done. But I do think you could see 535 00:28:01,850 --> 00:28:05,370 some soft softness in consumer demand over the coming months. 536 00:28:05,410 --> 00:28:06,970 I don't know if that's bad for markets though. 537 00:28:07,090 --> 00:28:08,850 I don't think a recession is that bad for markets. 538 00:28:09,170 --> 00:28:11,650 I I I don't. I think that that means we we 539 00:28:11,650 --> 00:28:15,490 reduce rates. I think things we're already 540 00:28:15,490 --> 00:28:19,590 kind of seeing it like we're in the midst of kind of a 541 00:28:19,590 --> 00:28:22,030 recession, like people are getting into their savings, 542 00:28:22,030 --> 00:28:24,710 they're borrowing more, debt spending is coming down, 543 00:28:25,470 --> 00:28:27,670 employments getting a little bit weaker, like we're already kind 544 00:28:27,670 --> 00:28:30,470 of seeing it in my opinion. I think the idea that we see a 545 00:28:30,470 --> 00:28:33,590 bit more softness in in economic data I think could be positive 546 00:28:33,710 --> 00:28:36,590 markets, but let's wait and see just because of what they would 547 00:28:36,590 --> 00:28:40,270 have to do to rate. How do you think it translates 548 00:28:40,270 --> 00:28:44,230 into the sovereigns like US, in particular U.S. 549 00:28:44,230 --> 00:28:46,670 Treasuries? I don't think I'm ever going to. 550 00:28:46,990 --> 00:28:50,590 I don't think we're ever going to go back to 0 or 1% interest 551 00:28:50,590 --> 00:28:52,550 rates again. I just think, I just think that 552 00:28:52,550 --> 00:28:59,510 over the last 10 to 15 years we've moved from a situation 553 00:28:59,510 --> 00:29:05,510 where most most G7 economies were sitting between 50 to 100% 554 00:29:05,510 --> 00:29:10,910 debt to GDP ratio to now a lot of them above 100 approaching 555 00:29:10,910 --> 00:29:13,710 150. And that wouldn't necessarily be 556 00:29:13,710 --> 00:29:18,000 an issue if the interest payments are just so high like 557 00:29:18,000 --> 00:29:21,600 it's one trillion, 1 trillion going up to two trillion a year. 558 00:29:21,600 --> 00:29:25,360 the US is going to have to spend now on interest payments and 559 00:29:25,360 --> 00:29:28,920 with that sort of profile and remember that they're they're 560 00:29:28,920 --> 00:29:31,720 only doing short term debt which is why only like 3, six month 561 00:29:31,720 --> 00:29:35,000 bills, they they don't want to lock themselves in for these 562 00:29:35,000 --> 00:29:37,400 long rates of 5%. They're like right, we're just 563 00:29:37,400 --> 00:29:39,120 going to borrow for three months because we hope they're going to 564 00:29:39,120 --> 00:29:43,800 come down. I think there is some default 565 00:29:43,800 --> 00:29:47,730 risk in the G7 economies now. Basically, and I think that's 566 00:29:47,730 --> 00:29:49,890 going to stop being priced in, I think. 567 00:29:49,890 --> 00:29:52,890 I think it's very, very even if the Fed started dropping 568 00:29:52,890 --> 00:29:57,730 interest rates, I think people are wary of the current debt 569 00:29:57,730 --> 00:30:00,890 situation, and that will be increasingly restrictive for 570 00:30:00,890 --> 00:30:02,810 these economies over the next decades. 571 00:30:03,650 --> 00:30:07,290 Not bad for crypto though, in my opinion, but that's a different 572 00:30:07,290 --> 00:30:11,490 question. I agree. 573 00:30:11,570 --> 00:30:13,290 Leave it at that. Leave it at that. 574 00:30:13,290 --> 00:30:19,150 Cool, you asked the question. I agree. 575 00:30:19,150 --> 00:30:23,550 I agree. You gotta give me something on 576 00:30:23,550 --> 00:30:29,710 the way back, right? Okay. 577 00:30:29,710 --> 00:30:30,230 Cool. Let. 578 00:30:30,230 --> 00:30:35,150 Manage 5 minutes, yeah. Yeah, that was a good one, That 579 00:30:35,150 --> 00:30:36,510 one. All right. 580 00:30:36,510 --> 00:30:38,470 The next thing to talk about is what's been going on in the 581 00:30:38,470 --> 00:30:39,950 ladies. I don't know if you saw this, 582 00:30:39,950 --> 00:30:46,330 but we're gonna NF t's. It's pretty it's pretty funny 583 00:30:46,330 --> 00:30:48,050 what's been going on The maladies, because the maladies 584 00:30:48,050 --> 00:30:52,250 got maladies, so to speak. It looks like a debt that they 585 00:30:52,250 --> 00:30:58,130 hired on the team, came in and stole $1,000,000 from the team, 586 00:30:58,130 --> 00:31:00,810 and then I think also stole that code base. 587 00:31:02,050 --> 00:31:06,730 What's really interesting about this is that when a maladie 588 00:31:06,730 --> 00:31:11,520 steals anyone else's shit, it's just like, oh malady, you know, 589 00:31:11,960 --> 00:31:14,360 they've gone like they're suing this person. 590 00:31:15,040 --> 00:31:17,880 It's like really corporate response and it's actually come 591 00:31:17,880 --> 00:31:20,160 to like a bunch of different stuff about maladies is that 592 00:31:20,160 --> 00:31:22,480 they are now. They're actually like their own 593 00:31:23,120 --> 00:31:26,280 corporation, the Romilio Corp. And there's something about them 594 00:31:26,280 --> 00:31:31,800 doing a raise like this. But I saw, I saw a post actually 595 00:31:31,920 --> 00:31:36,440 from kind of a well known malady in the community. 596 00:31:36,560 --> 00:31:38,800 And you try and bring it up because I put it into our chat, 597 00:31:41,630 --> 00:31:47,710 Gabriel Shapiro and basically being like the the thesis, the 598 00:31:47,750 --> 00:31:50,310 ethos behind Malady is being challenged by this court case 599 00:31:50,990 --> 00:31:56,550 because it's it's just revealing that Malady's is kind of just no 600 00:31:56,550 --> 00:32:00,590 better than you guys and that's that's not a great thing. 601 00:32:00,590 --> 00:32:02,630 So he said. So now that we all know the 602 00:32:02,630 --> 00:32:05,590 Remedia Corp is a literal business entity, an LLC with a 603 00:32:05,590 --> 00:32:08,790 corporation in the name. Major corporate law party foul 604 00:32:08,790 --> 00:32:12,150 by the way, owned 100% by Charlotte Fang who's a guy and 605 00:32:12,150 --> 00:32:16,230 doing a BAYCBC fundraise. And now we're here debating 606 00:32:16,230 --> 00:32:19,070 about compensation fairness for malady employers, as if holding 607 00:32:19,470 --> 00:32:24,350 a say after a lawsuit for a breach of fiduciary duty. 608 00:32:26,790 --> 00:32:28,590 He's basically like, he's basically saying like this just 609 00:32:28,590 --> 00:32:30,990 makes us just like you collapse. We are, we are. 610 00:32:30,990 --> 00:32:33,710 Instead of being a cult, we're just some corporation owned by 611 00:32:33,710 --> 00:32:37,070 somebody who's doing a VC raise and is suing somebody else. 612 00:32:38,780 --> 00:32:41,100 Pretty critical I thought. And ladies have Diplo 3E. 613 00:32:41,100 --> 00:32:43,220 They've they've really got hammered by by this court case. 614 00:32:43,220 --> 00:32:45,660 It's not just the money. It's like I think it's it's 615 00:32:45,660 --> 00:32:50,060 revealing something about the malady team, which wasn't 616 00:32:50,060 --> 00:32:53,260 necessarily what people thought it was. 617 00:32:53,260 --> 00:32:55,980 So you and the malady, What do you think? 618 00:32:57,220 --> 00:33:00,340 I think the reason why it's I think you're right. 619 00:33:00,460 --> 00:33:03,740 I think the reason why it's lower is not because of the hack 620 00:33:03,740 --> 00:33:06,140 of the fact. I think the reason why it's 621 00:33:06,140 --> 00:33:09,780 lower is this realization that actually it's, you know, it's 622 00:33:09,860 --> 00:33:13,380 presented to be this cult found on like pure principles and 623 00:33:13,620 --> 00:33:17,460 being clear and all this kind of like, you know, weird stuff. 624 00:33:17,580 --> 00:33:20,780 And it's like, Oh yeah, it's just like some Indian dude who 625 00:33:20,780 --> 00:33:28,300 owns 100% company and and now yeah, like they're suing and all 626 00:33:28,300 --> 00:33:30,500 this litigation and all that kind of stuff, so. 627 00:33:32,510 --> 00:33:34,230 Yeah, like, I think. I think that's why it's lower. 628 00:33:34,230 --> 00:33:36,990 I have to say that. I mean, I don't know why I 629 00:33:36,990 --> 00:33:41,190 bought it. My Belady or the Romeo. 630 00:33:42,230 --> 00:33:43,470 Changing your mind. I used to get away. 631 00:33:43,990 --> 00:33:46,390 No, I mean. I just kind of. 632 00:33:46,710 --> 00:33:50,350 Yeah, Get me, Get Me Out. It's like I did buy. 633 00:33:50,470 --> 00:33:52,950 One bid, one bid. Like, I think cults. 634 00:33:53,190 --> 00:33:56,510 I think cults work. I don't think you know. 635 00:33:56,510 --> 00:33:59,670 Sometimes there's this concept that the cult itself grows 636 00:33:59,670 --> 00:34:02,710 bigger than. Whatever it is that created it 637 00:34:03,230 --> 00:34:06,310 and I think malady is probably strong enough cult where that 638 00:34:06,350 --> 00:34:07,710 will happen. Like, I don't think it's just 639 00:34:07,710 --> 00:34:08,590 going to die. I'll get to 0. 640 00:34:08,590 --> 00:34:12,350 Because remember people who are in cults are just like very 641 00:34:12,350 --> 00:34:16,429 sticky and very stubborn to the point where it becomes 642 00:34:16,429 --> 00:34:20,070 irrational and that's why they get to irrational prices, right? 643 00:34:20,070 --> 00:34:21,830 Like that's why I think that's why cults work. 644 00:34:22,350 --> 00:34:24,150 So I think what will happen is you'll see this dip and then 645 00:34:24,150 --> 00:34:26,429 you'll probably just see like lots of different factions 646 00:34:26,429 --> 00:34:28,630 within malady where like some people like. 647 00:34:29,469 --> 00:34:32,790 Pro Romilia Corps and people like answer Romilia Corp and you 648 00:34:32,790 --> 00:34:34,949 know you have all the stuff. But at the end of the day, like, 649 00:34:36,710 --> 00:34:39,190 you know, I think these things can become bigger than their 650 00:34:39,190 --> 00:34:41,190 creator. I mean look at Pepe and Matt 651 00:34:41,190 --> 00:34:43,510 Fury, right? Like Matt Fury is the original 652 00:34:43,630 --> 00:34:45,909 creator of Pepe, But Pepe's become this whole great big 653 00:34:45,909 --> 00:34:51,350 thing where if Matt Fury does something bad, it wouldn't 654 00:34:51,350 --> 00:34:56,030 affect Pepe, right? So I think malady is the kind of 655 00:34:56,030 --> 00:34:58,110 cult that has. That. 656 00:34:58,720 --> 00:35:01,080 Potential if it isn't already there, in my opinion. 657 00:35:01,760 --> 00:35:05,360 I think it's the case that the vibes are no longer Immaculate 658 00:35:05,360 --> 00:35:09,040 and that's kind of why it's dip. That's what it feels like to me. 659 00:35:09,640 --> 00:35:15,760 Yeah, I think that is it. I think I wouldn't actually mind 660 00:35:15,840 --> 00:35:20,800 that the lawsuit stuff is kind of funny because it's like my 661 00:35:20,800 --> 00:35:26,230 ladies are often devs. They're often involved in, I 662 00:35:26,230 --> 00:35:28,670 wouldn't say. Rugs, but, like, nefarious? 663 00:35:29,110 --> 00:35:32,230 Nefarious activity, inactivity, let's put it that way. 664 00:35:32,230 --> 00:35:35,350 And it's just like, you know, you're fucked with a malady, you 665 00:35:35,350 --> 00:35:38,510 know what you're going to get. And now something bad has 666 00:35:38,510 --> 00:35:41,950 happened at malady and they're like suing the person and like 667 00:35:41,950 --> 00:35:44,910 crying on Twitter. And I was just like, I mean, 668 00:35:44,910 --> 00:35:47,750 it's kind of ironic. It's not that I think it's the 669 00:35:47,750 --> 00:35:50,230 right thing or wrong thing, it's just irony there. 670 00:35:50,830 --> 00:35:53,710 But then this whole idea that it's just come out that he's 671 00:35:53,710 --> 00:35:58,180 just like doing a raise, I mean, BC raised from a lady. 672 00:35:59,500 --> 00:36:01,100 I. Wonder what the business plan 673 00:36:01,140 --> 00:36:02,860 that? That's a weird one. 674 00:36:02,860 --> 00:36:04,820 That's definitely a weird one. That's really that's definitely 675 00:36:04,820 --> 00:36:07,380 like anti malady I would say anti what you would have 676 00:36:07,380 --> 00:36:10,740 expected the vibe to be. We we don't even own it. 677 00:36:10,740 --> 00:36:13,580 But we we based off your art project rec. 678 00:36:13,580 --> 00:36:16,980 I we would never consider doing a raise for that reason because 679 00:36:16,980 --> 00:36:18,820 it's like it's just it's the wrong ethos. 680 00:36:18,820 --> 00:36:22,660 It ends up making it feel as though it's just some vehicles 681 00:36:22,660 --> 00:36:26,530 to enrich and that's that ruins it by doing it. 682 00:36:26,570 --> 00:36:29,050 You know you've seen it so often that that's happened with VCs 683 00:36:29,290 --> 00:36:31,530 particularly for a project racist like it's just about the 684 00:36:31,530 --> 00:36:33,650 vibes. It's just about the cult, right. 685 00:36:33,650 --> 00:36:36,090 It's like if Crypto Dick Butts did a raise or if I guess they 686 00:36:36,090 --> 00:36:37,250 could try and sell the project but. 687 00:36:38,450 --> 00:36:43,770 Cults are rarely good vehicles of economic activity, right? 688 00:36:43,770 --> 00:36:48,330 Like, so if you raise, if you raise and you would need to make 689 00:36:48,330 --> 00:36:52,250 money, then like the cult vibe is maybe going to go away. 690 00:36:53,150 --> 00:36:56,990 By definition, the cult is like people are not there because 691 00:36:56,990 --> 00:36:59,910 they're economically aligned, they're there for the vibes and 692 00:37:00,910 --> 00:37:04,670 there's a range of cults and there's a range of reasons and 693 00:37:04,670 --> 00:37:05,830 vibes why people will be in them. 694 00:37:05,830 --> 00:37:06,830 But. It's all for that. 695 00:37:07,430 --> 00:37:11,390 I think so. If you own a malady or Emilio or 696 00:37:11,390 --> 00:37:14,150 one of the Emilio Corp assets, what are you buying? 697 00:37:14,830 --> 00:37:16,070 The vibes are gone. What are you buying? 698 00:37:20,190 --> 00:37:22,380 That guy, I didn't say it. I. 699 00:37:22,740 --> 00:37:25,300 Didn't say it, plug it. I didn't say it. 700 00:37:26,700 --> 00:37:28,140 Anyway, we'll move on to the next thing. 701 00:37:29,340 --> 00:37:32,780 Which is what did I write here. What about? 702 00:37:33,700 --> 00:37:35,820 Pixel. Maybe I'd buy a Pixel month. 703 00:37:36,500 --> 00:37:41,300 Yeah, maybe you just buy a. And I think they're similar 704 00:37:41,300 --> 00:37:44,980 price, aren't they too? I think Kevin's a yeah, they're 705 00:37:45,780 --> 00:37:49,610 not cheap. They're not cheap, Okay. 706 00:37:49,610 --> 00:37:51,570 So the final thing we saw happening in Banana bot, which 707 00:37:51,570 --> 00:37:56,170 is another one of these bots that came out, it came kind of 708 00:37:56,170 --> 00:38:02,010 out of left field, it overtook Unibot in terms of volumes. 709 00:38:03,090 --> 00:38:06,530 They did a presale last week, they didn't did their public 710 00:38:06,530 --> 00:38:11,610 sale yesterday and probably one of the funniest things that I've 711 00:38:11,610 --> 00:38:15,090 seen happening crypto for a while because this was shield to 712 00:38:15,090 --> 00:38:19,460 high heaven like it was. I think it opened at a $60 713 00:38:19,460 --> 00:38:24,900 million market cap and then it turned out. 714 00:38:24,900 --> 00:38:26,140 Let me just try. Sorry. 715 00:38:28,420 --> 00:38:31,820 And then it turned out there was a issue in the contract. 716 00:38:32,900 --> 00:38:36,260 It dropped 99.7% and now they are having to. 717 00:38:37,460 --> 00:38:39,900 They are having to do a V2 launch. 718 00:38:39,900 --> 00:38:41,620 It looks like they're going to have to get some. 719 00:38:42,620 --> 00:38:49,110 They took a snapshot when they then sold the go to the website. 720 00:38:49,630 --> 00:38:52,990 They took a snapshot when they sold the treasury tokens, but 721 00:38:52,990 --> 00:38:54,390 the token basically went to zero. 722 00:38:54,710 --> 00:39:02,470 They said way forward, shitty situation, but we are my 723 00:39:02,870 --> 00:39:05,030 situation, but we're doing everything to make it right. 724 00:39:05,030 --> 00:39:08,150 Happy to share an action plan. We are having our new contract 725 00:39:08,150 --> 00:39:10,510 orders that they claimed that had been audited twice. 726 00:39:10,910 --> 00:39:13,830 Someone put the contract through ChatGPT and it immediately 727 00:39:13,830 --> 00:39:18,270 showed errors. So I think that's but won't 728 00:39:18,270 --> 00:39:20,310 launch until we are sure everything is in order. 729 00:39:20,310 --> 00:39:22,270 We are going to take care of our investors. 730 00:39:22,590 --> 00:39:26,230 Let's go into deep detail. We will take a snapshot XYZ. 731 00:39:27,150 --> 00:39:29,830 They basically said they're gonna try and fix it, but I 732 00:39:29,830 --> 00:39:32,670 don't know, I just think there's so many bots. 733 00:39:33,470 --> 00:39:35,670 No second chances. You don't get a second chance at 734 00:39:35,950 --> 00:39:39,070 this time, do you? You don't get a second chance. 735 00:39:40,590 --> 00:39:43,710 Especially for something that was so like hyped and 736 00:39:43,710 --> 00:39:45,950 anticipated. And you know, there's all this 737 00:39:45,950 --> 00:39:48,910 talk about like influences getting presale and some people 738 00:39:48,910 --> 00:39:50,190 like selling and all that kind of stuff. 739 00:39:50,190 --> 00:39:54,950 Like, I don't know, I think with this one, it's just it's one of 740 00:39:54,950 --> 00:39:58,070 the most hyped block coins to come to the market. 741 00:39:58,070 --> 00:40:01,110 And they did, they did the whole like, you know, like how NFT 742 00:40:01,110 --> 00:40:04,710 projects get hyped up before mint at like a really high mint 743 00:40:04,710 --> 00:40:06,910 price and then they sell and then nothing happens. 744 00:40:06,910 --> 00:40:08,070 It's kind of feels like one of those. 745 00:40:08,910 --> 00:40:13,870 Set the Shipcoin version of it. Yeah, I would agree. 746 00:40:15,030 --> 00:40:17,150 I thought it was funny. Jintao, who's kind of a well 747 00:40:17,150 --> 00:40:21,830 known shipcoin influencer, ended up buying I think something like 748 00:40:21,830 --> 00:40:28,470 50 ETH of banana at the top. He then deleted his account 749 00:40:29,670 --> 00:40:31,630 shortly afterwards. He's now. 750 00:40:34,580 --> 00:40:36,780 I really like that. I guess because he was shilling, 751 00:40:36,940 --> 00:40:40,340 he was shilling Banana Bot for a long time, but he seemed like. 752 00:40:41,500 --> 00:40:43,740 I think it was something he got banned as well by some ladies, 753 00:40:43,740 --> 00:40:45,900 but it was just funny timing. He bought Banana bot after 754 00:40:45,900 --> 00:40:48,100 within 20 minutes he the count was just gone. 755 00:40:50,180 --> 00:40:54,660 But yeah, I would be very careful on these bots because a 756 00:40:54,660 --> 00:40:58,500 new shiny new bot comes out every week in my opinion. 757 00:40:58,660 --> 00:41:00,340 I think they're really good tech to use. 758 00:41:00,860 --> 00:41:03,220 I think you can make a lot of money actually using the tech. 759 00:41:03,870 --> 00:41:06,710 You're buying to the presale tokens or getting involved in 760 00:41:06,710 --> 00:41:12,030 one of these tokens, I think is, I just don't know, the shelf 761 00:41:12,030 --> 00:41:15,910 life of some of this stuff. The shelf life is low because 762 00:41:16,430 --> 00:41:19,670 the number of users on this stuff is surprisingly low. 763 00:41:19,950 --> 00:41:25,830 I think like daily active users on these bots, it's in the 764 00:41:25,830 --> 00:41:29,660 single digit thousands. Yeah, it's it's not. 765 00:41:29,660 --> 00:41:33,980 Tiny there's some platforms that do like 100 but yeah it's it's 766 00:41:34,100 --> 00:41:37,660 for crypto it's not horrific but I would I would agree with you 767 00:41:37,660 --> 00:41:42,220 that it's just there's just that's a smart and this that 768 00:41:42,220 --> 00:41:45,660 these are all like with the these are just easy relatively 769 00:41:45,660 --> 00:41:49,180 easy for them to make and I think there's really there's 770 00:41:49,180 --> 00:41:52,340 ones for airdrops there's one there's some for friend tech 771 00:41:52,340 --> 00:41:55,460 right now there are some for ship coin trading like. 772 00:41:56,060 --> 00:42:01,700 What I think we are seeing is on chain tools as a as a whole 773 00:42:01,740 --> 00:42:07,060 universe is growing but I don't think you buy any one of them. 774 00:42:08,460 --> 00:42:10,700 That being said, I missed Unibot, I'm not saying that you 775 00:42:10,700 --> 00:42:12,220 can't. I think Unibot probably has some 776 00:42:12,220 --> 00:42:14,580 staying power in this market just because it's seen as like 777 00:42:14,580 --> 00:42:19,180 an OG bot now. But I I think be very have a 778 00:42:19,180 --> 00:42:21,460 high bar. In the same same way that you 779 00:42:21,580 --> 00:42:24,820 invest in mean points have a high bar for bots. 780 00:42:25,630 --> 00:42:28,270 Just know that Banana bot did that to unibot. 781 00:42:28,470 --> 00:42:32,590 In a few weeks, somebody else will do that to your bot in a 782 00:42:32,590 --> 00:42:34,110 few weeks. There'll always be a new one. 783 00:42:34,190 --> 00:42:37,670 There'll always be a new one. Okay look, that was it for 784 00:42:37,670 --> 00:42:42,310 today's show. That was a good show. 5-6 points 785 00:42:42,310 --> 00:42:43,310 we. Got through it great. 786 00:42:44,190 --> 00:42:46,590 Show MSF back. We will be back again tomorrow. 787 00:42:47,510 --> 00:42:50,030 The code for today's stubs is cals. 788 00:42:50,390 --> 00:42:55,030 COWL Head rug Radio forward Slash Stubs. 789 00:42:55,030 --> 00:42:56,550 You'll be able to claim your stubs. 790 00:42:56,550 --> 00:42:59,630 We have Alien Queen obviously doing her drop on Friday. 791 00:42:59,630 --> 00:43:01,030 You missed the interview with her yesterday. 792 00:43:01,110 --> 00:43:03,310 Nice. But yeah, she's kind of cool. 793 00:43:03,350 --> 00:43:05,110 She's like a wreck guy, Facepiece, that's. 794 00:43:05,710 --> 00:43:07,510 Cool. See it on stubs. 795 00:43:07,830 --> 00:43:10,750 I think it's going to be 10. To burn, so you're going to need 796 00:43:10,750 --> 00:43:14,190 to definitely get a lot of stubs to be able to collect them. 797 00:43:15,480 --> 00:43:17,800 And just go on to rug. Just go on to open C or 798 00:43:17,800 --> 00:43:21,400 whatever, find stubs and you'll be able to find the the passes 799 00:43:21,400 --> 00:43:26,040 that you need to commit them. Anyway that was GM Web Three. 800 00:43:26,040 --> 00:43:29,160 We are powered by Kraken for the next next few weeks. 801 00:43:29,160 --> 00:43:33,920 Kraken.com/rug radio to go check it out and we will see you again 802 00:43:33,920 --> 00:43:34,280 tomorrow.