1 00:00:00,080 --> 00:00:04,600 Well, GM, everyone is another day of the takeover by myself, 2 00:00:04,720 --> 00:00:07,120 cows and OSF. I guess it's just really you 3 00:00:07,120 --> 00:00:09,400 taking over from farogue now. Like it's You're the new 4 00:00:09,400 --> 00:00:13,440 farogue. The new farogue now. 5 00:00:14,520 --> 00:00:16,400 Growing into the shoes, big shoes to fill. 6 00:00:17,120 --> 00:00:19,160 Yeah, you're getting a lot of. I mean your friend tech account 7 00:00:19,160 --> 00:00:21,560 is just going nuts. I think it's like 3X overnight. 8 00:00:22,280 --> 00:00:24,160 People are people are buying into the county pipe. 9 00:00:26,280 --> 00:00:30,380 Meanwhile, the OSF man is spread as as actually it looks like 10 00:00:30,700 --> 00:00:36,980 it's maybe narrowed recently. Someone I don't. 11 00:00:38,540 --> 00:00:47,020 Know if you saw Deez's tweet, but someone in my someone in my 12 00:00:47,020 --> 00:00:51,300 friend tech was like, you should tweet more about your friend 13 00:00:51,300 --> 00:00:53,300 tech. And I was like, I'm not pumping 14 00:00:53,300 --> 00:00:55,940 your bags get. I'm not pumping your bags. 15 00:00:56,340 --> 00:00:59,550 Get. Yeah. 16 00:00:59,550 --> 00:01:01,430 So you have some sort of weird repeater on there. 17 00:01:02,150 --> 00:01:04,030 Good job. But it does. 18 00:01:04,510 --> 00:01:06,190 I did see that. I did see that someone dumped 19 00:01:06,190 --> 00:01:07,990 your friend. Check the moment that you the 20 00:01:08,910 --> 00:01:11,190 moment that you decided you weren't going to pump them. 21 00:01:11,590 --> 00:01:13,430 I'm OK. Pumping seems like Cali, I 22 00:01:13,430 --> 00:01:14,350 think. I'm pretty sure you're OK 23 00:01:14,350 --> 00:01:16,310 pumping. I haven't pumped anything. 24 00:01:16,790 --> 00:01:20,910 No, of course not. All organic, baby organic. 25 00:01:21,870 --> 00:01:26,190 Yeah, exactly. 1E1E for Cali. I think by the end of this, by 26 00:01:26,190 --> 00:01:30,760 end of this anyway, we're going to get into the top five, six 27 00:01:30,760 --> 00:01:34,240 things again that we've seen over the last 24 hours in 28 00:01:34,240 --> 00:01:37,960 crypto. We are sponsored by Kraken NFT. 29 00:01:38,400 --> 00:01:40,120 We had them on the show last week. 30 00:01:40,120 --> 00:01:42,080 Go check it out. They are building our 31 00:01:42,080 --> 00:01:44,040 marketplace. They're doing a bunch of 32 00:01:44,040 --> 00:01:46,200 different activations alongside communities. 33 00:01:46,560 --> 00:01:49,720 I know they worked with the guy and Leap, they're going to be 34 00:01:49,720 --> 00:01:51,960 doing some stuff with their F1 team because they sponsor 35 00:01:51,960 --> 00:01:53,400 Williams is going to be pretty cool. 36 00:01:53,900 --> 00:01:59,540 They've been doing the point system for for D guards, which 37 00:01:59,620 --> 00:02:03,180 is obviously been going well and I just expect to see them in and 38 00:02:03,180 --> 00:02:05,700 around the NFT space for the foreseeable future. 39 00:02:06,140 --> 00:02:09,180 So yeah, go check it out kraken.com/rug radio. 40 00:02:09,820 --> 00:02:12,820 Anyway, we will get into probably the the kind of boring 41 00:02:12,820 --> 00:02:15,060 macro stuff which was kind of looming over us for a little 42 00:02:15,060 --> 00:02:17,180 bit, which was what happened in inflation today. 43 00:02:17,900 --> 00:02:20,860 Inflation came in marginally worse than expected. 44 00:02:20,900 --> 00:02:26,170 By worse that means higher. I think it came in like 3.7% 45 00:02:26,170 --> 00:02:31,610 versus 3.6% expected or the core inflation was notably higher and 46 00:02:31,610 --> 00:02:37,490 core inflation is the sorry, core inflation came in slightly 47 00:02:37,490 --> 00:02:42,250 lower and core inflation is the bit that is the, I don't know, 48 00:02:42,250 --> 00:02:44,770 it's the bit that people look at a little bit more because it 49 00:02:44,770 --> 00:02:46,810 takes away some of the variability in the inflation 50 00:02:46,810 --> 00:02:50,850 figures accounting to food and energy. 51 00:02:51,880 --> 00:02:55,480 What did you guys think of that? The market kind of sold off 52 00:02:55,480 --> 00:02:58,600 slightly and is now currently rallying. 53 00:02:58,760 --> 00:03:02,480 We are rallying. I don't know if there was a 54 00:03:02,480 --> 00:03:04,640 headline or something just then, but we've just, we've just taken 55 00:03:04,640 --> 00:03:06,400 a bit of a green candle as the show has started. 56 00:03:06,920 --> 00:03:11,680 I was buying, I was like it just felt strong to me. 57 00:03:11,680 --> 00:03:15,440 The market, we had that news about finance overnight, which 58 00:03:15,440 --> 00:03:17,600 we'll get into and the market didn't really care. 59 00:03:18,000 --> 00:03:22,110 And then we had some news about this inflation figure. 60 00:03:22,590 --> 00:03:26,710 And I don't know, it just feels as though shorts were being 61 00:03:26,710 --> 00:03:29,270 added. And I don't know, I just thought 62 00:03:29,270 --> 00:03:33,230 it's just set up for maybe a bit of a bounce here, maybe towards 63 00:03:33,230 --> 00:03:36,430 27 K on Bitcoin and 1700 on each. 64 00:03:36,430 --> 00:03:40,910 But what did you guys think? I think the numbers were good, 65 00:03:41,310 --> 00:03:43,510 but we didn't really, to be honest with you, we didn't 66 00:03:43,510 --> 00:03:45,150 really see a big market move either way because they're 67 00:03:45,150 --> 00:03:47,030 pretty much bang in line with expectations. 68 00:03:49,000 --> 00:03:52,040 But I think that we've seen, we've already seen interest 69 00:03:52,040 --> 00:03:55,080 rates sell off in the past month when energy prices are rising 70 00:03:55,080 --> 00:03:57,320 that we know that oil has been higher and elevated for the last 71 00:03:57,320 --> 00:03:59,120 month. So a lot of the stuff is already 72 00:03:59,120 --> 00:04:01,480 baked in I think. So for inflation to go higher 73 00:04:01,480 --> 00:04:03,200 like that was obviously baked in, that was the consensus 74 00:04:03,200 --> 00:04:04,760 number we came in exactly in line. 75 00:04:05,880 --> 00:04:09,560 And then even core inflation like it was, it was actually, 76 00:04:09,560 --> 00:04:12,440 sorry, headline inflation was 0.1 percentage point above 77 00:04:12,560 --> 00:04:14,360 consensus and core inflation was in line. 78 00:04:15,360 --> 00:04:17,600 If you look at the chart of core inflation has come down a lot 79 00:04:17,680 --> 00:04:20,070 like it's still. Going down pretty a decent 80 00:04:20,070 --> 00:04:23,350 amount for the last past year or so. 81 00:04:23,350 --> 00:04:25,390 So I personally think it's encouraging. 82 00:04:25,390 --> 00:04:28,510 But again like it's nothing unexpected, it's nothing that's 83 00:04:28,510 --> 00:04:34,550 not already priced in. And I personally, I think what 84 00:04:34,550 --> 00:04:38,670 we hear from the FOMC next week is maybe more important than 85 00:04:38,670 --> 00:04:42,270 these numbers, but I don't think we've seen enough variance in 86 00:04:42,270 --> 00:04:46,660 the data in the last. Two months for the FOMC to 87 00:04:46,660 --> 00:04:49,460 communicate anything different. Like we have had some weaker 88 00:04:49,460 --> 00:04:52,540 labor market prints. We've seen headline inflation 89 00:04:52,540 --> 00:04:54,260 start to go back higher, but we've seen core inflation go 90 00:04:54,260 --> 00:05:00,380 lower and this is in, in the an environment where energy prices 91 00:05:00,380 --> 00:05:03,020 are rising once again. So like you still have like 92 00:05:03,020 --> 00:05:06,300 rising energy prices versus maybe maybe a slightly weaker 93 00:05:06,340 --> 00:05:09,060 labor market versus inflation kind of just coming in line with 94 00:05:09,060 --> 00:05:12,780 expected and bottoming out on? Header inflation but still going 95 00:05:12,780 --> 00:05:15,540 low on core. So for me there's nothing there 96 00:05:15,540 --> 00:05:18,060 for the Fed to change their tune. 97 00:05:18,340 --> 00:05:22,180 I think they'll just maintain that we'll use all tools 98 00:05:22,180 --> 00:05:24,460 available to us as a man we need to. 99 00:05:25,180 --> 00:05:30,460 I personally don't think they'll raise next week. 100 00:05:30,460 --> 00:05:33,060 I think they'll probably hold, but I think if you get two more 101 00:05:33,060 --> 00:05:37,250 months of weak labor market and. Lower core inflation. 102 00:05:37,250 --> 00:05:39,530 Then I think you may start to see some communication of what 103 00:05:39,530 --> 00:05:42,210 the plan is for next year, which I think most people are hoping 104 00:05:42,210 --> 00:05:46,530 for a pivot, but that's that's where I stand right now. 105 00:05:46,530 --> 00:05:48,250 Do you think I raise rates again? 106 00:05:51,010 --> 00:05:55,450 I I think there's a good chance they don't, You know, I really 107 00:05:55,450 --> 00:05:56,570 think there's a good chance they don't. 108 00:05:57,610 --> 00:06:00,010 I don't think they need to. They can keep it here for they 109 00:06:00,010 --> 00:06:01,850 can start communicating. We think we're going to keep it 110 00:06:01,850 --> 00:06:05,050 here for a while, but I don't think there's a need. 111 00:06:05,630 --> 00:06:09,310 To raise rates at the moment, because that's not gonna impact 112 00:06:09,310 --> 00:06:13,350 the energy and oil price side of things, right? 113 00:06:13,430 --> 00:06:17,590 So I don't think there's a need. What do you think, Alec? 114 00:06:17,670 --> 00:06:19,310 Do you think? What do you think of this 115 00:06:19,310 --> 00:06:21,870 inflation print? What do you think of if the 116 00:06:21,870 --> 00:06:24,190 Fed's gonna have to raise from here? 117 00:06:25,110 --> 00:06:28,030 I think gasoline. Gasoline's basically what caused 118 00:06:28,030 --> 00:06:29,830 the spike, right? And I think that can go quite a 119 00:06:29,830 --> 00:06:35,350 bit higher from here, maybe like another 1020%, maybe more. 120 00:06:35,350 --> 00:06:37,350 I don't know. The oil price this year has been 121 00:06:37,350 --> 00:06:42,710 relatively stable and if you see that go past 101, ten, 120, 122 00:06:42,710 --> 00:06:45,190 whatever, then obviously that passes through to US gasoline 123 00:06:45,190 --> 00:06:49,110 pretty pretty easily. I would just worry about the the 124 00:06:49,110 --> 00:06:53,110 shelter index and how that looks. 125 00:06:53,110 --> 00:06:56,150 I think that's the one part of the inflation narrative which. 126 00:06:56,740 --> 00:07:01,700 Is controlled by rates and maybe is in a little bit of a tight 127 00:07:01,700 --> 00:07:04,900 spot, huh? Isn't it getting hammered the in 128 00:07:04,900 --> 00:07:07,380 place the shelter in this? So far, yeah. 129 00:07:07,380 --> 00:07:10,500 But I think it can rebound quite easily if like, there's a 130 00:07:10,500 --> 00:07:12,300 current. Why do you think that? 131 00:07:14,060 --> 00:07:18,540 A bunch of well, as more landlords go bust and supply 132 00:07:18,540 --> 00:07:23,060 gets taken off the market like rental supply and everywhere is 133 00:07:23,060 --> 00:07:25,750 pretty tight I think. So this this sounds like a 134 00:07:25,750 --> 00:07:29,590 classic classic alley theory. Doesn't sound like data has been 135 00:07:29,590 --> 00:07:34,270 showing from like, Zillow from and from the like the the Fed 136 00:07:34,270 --> 00:07:36,510 data on this shows that shelter inflation is gonna come down a 137 00:07:36,510 --> 00:07:38,830 lot over the next 12 months. Now maybe it's been baked in. 138 00:07:40,270 --> 00:07:44,510 So I guess shelter inflation is that's true because that's like 139 00:07:44,950 --> 00:07:48,950 a back end calculation around like what mortgage payers, I 140 00:07:49,110 --> 00:07:51,310 don't want to hit their alternative to rent, right? 141 00:07:51,990 --> 00:07:54,030 Yeah, the. Calculation is yeah, the 142 00:07:54,030 --> 00:07:56,550 calculation is a bit of a dicey 1 because it's like it's a 143 00:07:56,550 --> 00:08:01,870 survey of what it's. A survey of homeowners, isn't 144 00:08:01,910 --> 00:08:03,630 it? What What would be willing to 145 00:08:03,630 --> 00:08:05,190 pay for their house or something? 146 00:08:05,190 --> 00:08:06,830 Crazy, Yeah. What would they be willing to 147 00:08:06,830 --> 00:08:10,190 pay to rent their house out instead of having a mortgage? 148 00:08:10,190 --> 00:08:12,310 Right. So it's it's like a weird 149 00:08:12,670 --> 00:08:15,110 calculation. And there are other things that 150 00:08:15,110 --> 00:08:17,590 actually impact that rather than just like house prices. 151 00:08:17,990 --> 00:08:24,280 So yeah, so I I I mean this is a good inflation a year and year 152 00:08:24,280 --> 00:08:27,560 basis market rents just the CPAP inflation growth should I think. 153 00:08:27,680 --> 00:08:29,560 I think the reason why it's going to go really low is 154 00:08:29,560 --> 00:08:33,159 because of shelter like you see these leading indicator which is 155 00:08:33,159 --> 00:08:35,320 the Zillow and the apartment list index. 156 00:08:35,960 --> 00:08:40,000 I think that I think that's the one bright spot in all of this 157 00:08:40,000 --> 00:08:45,280 that that I think but I think oil like you said at the Star is 158 00:08:45,280 --> 00:08:47,440 the is the one risk. So I think it's really a case of 159 00:08:47,440 --> 00:08:50,510 shelter versus oil. I think that the Fed will not 160 00:08:50,510 --> 00:08:54,430 raise rates this, this month. I think that we'll. 161 00:08:54,430 --> 00:08:55,270 Just get a nudge. Sorry. 162 00:08:55,950 --> 00:08:56,750 They'll get a nudge. Nudge. 163 00:08:56,790 --> 00:08:58,350 Tapped out from Biden into election. 164 00:08:58,350 --> 00:09:00,110 Yeah, right. Like, yeah, just keeping where 165 00:09:00,110 --> 00:09:02,430 they are for a bit. Like this is how this all of 166 00:09:02,430 --> 00:09:03,430 this stuff. Works right? 167 00:09:03,470 --> 00:09:05,230 Like, yeah. So rigged? 168 00:09:05,910 --> 00:09:08,830 Exactly. Ally and OSF Love and love Love 169 00:09:08,830 --> 00:09:10,190 talking about how everything's rigged it. 170 00:09:10,950 --> 00:09:14,750 Is everything is great, so don't try to fight the rig, just be 171 00:09:14,750 --> 00:09:16,930 the rig. Look, if you think there's zero, 172 00:09:17,370 --> 00:09:20,690 saying it's 100% rigged is as ridiculous as saying there's 173 00:09:20,690 --> 00:09:23,210 zero political pressure. I I completely agree. 174 00:09:23,610 --> 00:09:25,770 Like, I'm not saying it's not. I just love the way that OSF 175 00:09:25,770 --> 00:09:27,770 smiles whenever you bring up some sort of conspiracy 176 00:09:27,770 --> 00:09:29,610 theories. Like, yeah, believe in that. 177 00:09:29,690 --> 00:09:30,970 I believe in that. I believe in that. 178 00:09:33,290 --> 00:09:38,650 No smoke without fire, 100 degree that that there's gonna 179 00:09:38,650 --> 00:09:40,490 be a lot of pressure and I think finally you made a statement 180 00:09:40,490 --> 00:09:43,610 today being like you know inflation's come down a lot. 181 00:09:43,610 --> 00:09:47,370 Like it's definitely gonna be ratcheting up pressure on on 182 00:09:47,370 --> 00:09:50,010 them to not raise rates. I I don't see a reason why they 183 00:09:50,010 --> 00:09:52,330 need to raise rates given what I think is going to happen, 184 00:09:52,330 --> 00:09:54,330 shelter, shelter inflation in the next few months. 185 00:09:54,770 --> 00:09:56,410 Maybe we should have a bet on shelter inflation. 186 00:09:56,410 --> 00:09:58,530 I think it's going to get destroyed, we. 187 00:09:59,410 --> 00:10:01,330 Can't we can't like the? Bet Trees will move. 188 00:10:04,570 --> 00:10:05,970 We missed you. We missed you for that sort of 189 00:10:05,970 --> 00:10:11,030 insight. Alright, we will move on to next 190 00:10:11,030 --> 00:10:15,470 thing which was what happened in finance which we kind of briefly 191 00:10:15,470 --> 00:10:19,630 touched upon overnight, but finance big headline cutting 30% 192 00:10:19,630 --> 00:10:23,150 of their US staff. The president of Finance US is 193 00:10:23,150 --> 00:10:28,750 also leaving thredtles all over this calling for the end of 194 00:10:28,790 --> 00:10:30,590 finance again and again and again. 195 00:10:31,670 --> 00:10:34,670 This headline hit kind of late last night my times. 196 00:10:35,990 --> 00:10:40,480 And then it kind of it developed from what was just the guy 197 00:10:40,480 --> 00:10:46,720 leaving this head of the US to this thread by by Adam Corcoran. 198 00:10:46,720 --> 00:10:50,360 Which was I've been saying if finance blows up, we'll be fine 199 00:10:50,360 --> 00:10:54,080 in no time. Got a tip that I've not yet been 200 00:10:54,080 --> 00:10:56,080 able to fully verify. But I would lean towards it 201 00:10:56,080 --> 00:10:57,880 being true. And if it's true, it'll note 202 00:10:58,200 --> 00:11:00,560 it'll be a longer more painful ride than I thought and a life 203 00:11:00,560 --> 00:11:02,640 behind bars would be a good outcome for CZ. 204 00:11:03,640 --> 00:11:05,560 I've sent that tip to some journalists and I think I 205 00:11:05,560 --> 00:11:09,520 confirm if it's real and we'll keep folks updated if I get 206 00:11:09,520 --> 00:11:12,120 anything back. But in good faith, had to redact 207 00:11:12,120 --> 00:11:15,480 my will be fine stance and replace it with the we'll be OK. 208 00:11:18,000 --> 00:11:21,200 The memes write themselves at this point the the best replies 209 00:11:21,200 --> 00:11:24,080 that all of his comments is the guy with the the it's the meme 210 00:11:24,080 --> 00:11:27,160 of like, whoa Jack with the bigger, it's like her door, like 211 00:11:27,160 --> 00:11:27,720 hearing. This. 212 00:11:28,400 --> 00:11:30,800 Like I heard this. Yeah, yeah, yeah. 213 00:11:31,520 --> 00:11:33,560 You got a lot. You got a lot of push back for 214 00:11:33,560 --> 00:11:37,150 this because this is just like this reminds me, I drew a while 215 00:11:37,150 --> 00:11:41,830 ago the head of why Combinator put out that tweet and which is 216 00:11:41,830 --> 00:11:44,630 like hearing the cryptos go. To 0 Paul Graham Paul Graham 217 00:11:46,110 --> 00:11:49,230 Well, the founder of Like It's. It's it's just as bad. 218 00:11:49,230 --> 00:11:51,950 Saying something like that is almost just as bad as saying 219 00:11:51,950 --> 00:11:54,590 what it was and spreading like random rumors, right? 220 00:11:54,590 --> 00:12:02,470 Like it's just, you know, sorry and you know. 221 00:12:04,080 --> 00:12:06,480 He has a position to push. Like you just know that whatever 222 00:12:06,480 --> 00:12:09,760 he's saying is like insincere because it's just like inverse, 223 00:12:09,840 --> 00:12:12,200 like pumping bags. So she can't take anything he 224 00:12:12,200 --> 00:12:14,800 says seriously anymore, can you? I love the final line, but in 225 00:12:14,800 --> 00:12:16,640 good faith I had to have my redact. 226 00:12:16,640 --> 00:12:19,560 My will be fine songs. When have you been saying we'll 227 00:12:19,560 --> 00:12:23,240 be fine you? Could miss the violence for like 228 00:12:23,240 --> 00:12:25,280 months, months and months and months. 229 00:12:26,200 --> 00:12:30,910 My my view on this is that finance US is basically not 230 00:12:30,910 --> 00:12:33,510 going to exist in the coming year and I think quite a lot of 231 00:12:33,510 --> 00:12:35,510 finance Europe will also shut down. 232 00:12:35,510 --> 00:12:38,310 So that makes sense for a lot of people leaving. 233 00:12:38,310 --> 00:12:40,670 I'm not saying that finance is whiter than white like what the 234 00:12:40,670 --> 00:12:42,670 SEC charged them up is is pretty bad. 235 00:12:44,030 --> 00:12:48,110 But like in the US right now they are only nought .9% of 236 00:12:48,110 --> 00:12:50,350 volumes. Now at the start of this year 237 00:12:50,630 --> 00:12:53,790 they were much larger slice of that they were like 10 to 15% 238 00:12:54,310 --> 00:12:57,310 but ever since that SEC case they basically got shut down 239 00:12:57,310 --> 00:13:00,060 anyway and it's the same for them in the UK, it's the same 240 00:13:00,060 --> 00:13:02,580 for them in in various different European jurisdictions. 241 00:13:02,660 --> 00:13:03,740 They're finding it very difficult. 242 00:13:04,060 --> 00:13:07,020 You can get like a license to operate in the EU at the moment 243 00:13:07,340 --> 00:13:09,900 and every single banking partner of them is basically being told 244 00:13:09,900 --> 00:13:13,900 you can't touch them. So the idea that they are going 245 00:13:13,900 --> 00:13:17,540 to be cutting staff in the US when they do nought .9% of their 246 00:13:17,540 --> 00:13:20,340 volumes and finance has a lot of volumes, it's like 40% of all 247 00:13:20,340 --> 00:13:24,740 the spot volume in the market, only nought .9% of the market 248 00:13:24,740 --> 00:13:27,670 share in the US. So I just think this is a very 249 00:13:27,670 --> 00:13:35,030 weak, a weak, a weak headline to then go on the rampage that Adam 250 00:13:35,030 --> 00:13:38,110 Cochran then went on saying everything's going to zero. 251 00:13:38,110 --> 00:13:40,070 It's like I think Violence US is over. 252 00:13:40,950 --> 00:13:43,390 It's very, very clear. It's been clear for a few months 253 00:13:43,390 --> 00:13:47,110 now. And I think we even remember 254 00:13:47,110 --> 00:13:51,310 like back when SBF actually got got found out, it's because he 255 00:13:51,310 --> 00:13:53,750 basically said that CZ couldn't even go to the US. 256 00:13:53,950 --> 00:13:56,070 Like violence has been restricted in the US for many 257 00:13:56,070 --> 00:14:01,200 many many months. So I don't know, I don't think 258 00:14:01,200 --> 00:14:03,520 you can read into this anything to do. 259 00:14:03,560 --> 00:14:05,600 And I think there's a lot of recency bias. 260 00:14:05,640 --> 00:14:07,600 Like everyone just assumes this is FDX. 261 00:14:08,120 --> 00:14:14,240 If FDX did a Merkel tree proof two weeks ago before 2 weeks 262 00:14:14,240 --> 00:14:15,680 before it went on there, it would have looked like a shit 263 00:14:15,680 --> 00:14:19,680 show, an absolute shit show. Whereas buying a tip on two 264 00:14:19,680 --> 00:14:23,960 weeks ago, you can go check it. One thing I would say that I've 265 00:14:23,960 --> 00:14:25,760 mentioned once in the show already. 266 00:14:26,270 --> 00:14:27,870 Is there is no smoke without fire. 267 00:14:28,310 --> 00:14:32,830 And I think the guy stepping head of US, whatever stepping 268 00:14:32,830 --> 00:14:35,990 down yesterday in isolation is not a big headline. 269 00:14:36,150 --> 00:14:39,150 But in the context of multiple very senior people stepping 270 00:14:39,150 --> 00:14:42,150 down, I think it's important and it might just be that they're 271 00:14:42,150 --> 00:14:44,070 winding some stuff down. It might just be the cost 272 00:14:44,070 --> 00:14:45,190 cutting. Might just be that they're 273 00:14:45,550 --> 00:14:48,430 optimizing. But you know there's no smoke 274 00:14:48,430 --> 00:14:51,110 without fire and I think I think there's something there. 275 00:14:51,110 --> 00:14:53,750 I don't know if it's as bad as people like Adam Cochran are 276 00:14:53,750 --> 00:14:54,950 making. I don't know if it's something 277 00:14:54,950 --> 00:15:00,310 else because I agree there's a fire, but the SEC has already 278 00:15:00,310 --> 00:15:01,910 charged them. It's not like we're waiting to 279 00:15:01,910 --> 00:15:04,070 see what actually happens. The SEC literally came out and 280 00:15:04,070 --> 00:15:06,110 said you did all this really bad shit. 281 00:15:06,350 --> 00:15:09,630 I think why the Goj is doing an investigation and would you 282 00:15:09,710 --> 00:15:11,630 really want to be in like an executive there? 283 00:15:12,190 --> 00:15:15,550 In my opinion, I think they're bracing themselves to pay a 284 00:15:15,550 --> 00:15:21,070 large fine and as a result they are cutting costs basically and 285 00:15:21,070 --> 00:15:23,190 trying to find a way to make sure they fund that and get 286 00:15:23,190 --> 00:15:25,380 ahead of that. I don't think it's that they're 287 00:15:25,380 --> 00:15:26,820 insolvent. You know what I mean? 288 00:15:26,820 --> 00:15:28,780 Like, people can cut costs for lots of different reasons. 289 00:15:28,780 --> 00:15:32,100 And to jump to the conclusion that they're insolvent. 290 00:15:32,140 --> 00:15:35,900 I still haven't really seen any real proof of insolvency or 291 00:15:35,900 --> 00:15:37,500 reasons why. It's just like, oh, they did 292 00:15:37,500 --> 00:15:39,060 this and that's battle. This guy stepped down. 293 00:15:39,060 --> 00:15:41,540 That's about, you know, they're laying off these people. 294 00:15:41,540 --> 00:15:44,220 Like, yeah, I get it, they're costing cuts, but they're like I 295 00:15:44,220 --> 00:15:45,820 said, there's multiple reasons why you would do that. 296 00:15:45,860 --> 00:15:48,020 And insolvency is just one of them. 297 00:15:48,460 --> 00:15:53,180 So until I see some like real numbers or. 298 00:15:54,000 --> 00:15:57,480 Something that's verified that suggests potential insolvency. 299 00:15:57,640 --> 00:16:00,040 I'm not gonna buy it, but you know, these things always come 300 00:16:00,040 --> 00:16:02,120 from rumors and stuff. And it was the same thing with 301 00:16:02,120 --> 00:16:04,720 FTX, right? Just came from rumors and no one 302 00:16:04,720 --> 00:16:06,040 believed it until it was too late. 303 00:16:06,680 --> 00:16:08,720 So you just can't. There's always fat cells in 304 00:16:08,720 --> 00:16:10,520 these things. You can't discount things 305 00:16:10,520 --> 00:16:12,800 entirely. But my hunch is it's just to pay 306 00:16:12,800 --> 00:16:13,960 a fine. But I don't know. 307 00:16:13,960 --> 00:16:16,360 I could be wrong. I think, I think the things that 308 00:16:16,360 --> 00:16:20,080 we are very clearly seeing having at finance is they are 309 00:16:20,120 --> 00:16:22,910 going to face some sort of enforcement action in the US. 310 00:16:23,190 --> 00:16:25,790 the US is gonna make sure violence never operates in the 311 00:16:25,870 --> 00:16:28,350 US. So if you're an executive based 312 00:16:28,350 --> 00:16:30,590 out there or maybe even even in the legal department, like do 313 00:16:30,590 --> 00:16:32,590 you really wanna be involved? There's probably gonna be 314 00:16:32,590 --> 00:16:35,190 criminal charges which are either gonna have to pay a fine 315 00:16:35,310 --> 00:16:37,650 and then you know they can walk away. 316 00:16:37,850 --> 00:16:39,170 Same with like a lot of banks do. 317 00:16:39,450 --> 00:16:42,010 Banks get charged with criminal stuff all the time like money 318 00:16:42,010 --> 00:16:44,610 laundering and they basically pay a huge fine and they walk 319 00:16:44,610 --> 00:16:46,090 away. I don't even know if they have 320 00:16:46,090 --> 00:16:48,930 to claim liability, like claim they did anything wrong in that 321 00:16:48,970 --> 00:16:50,570 case. That's why I think we could be 322 00:16:50,650 --> 00:16:52,850 hanging for. They have a big fine to pay and 323 00:16:52,850 --> 00:16:56,130 also they clearly had some issues with liquidity, like 324 00:16:56,130 --> 00:16:59,450 they've needed to have liquidity and a lot of their banking 325 00:16:59,450 --> 00:17:01,650 partners or their offramps have been shut down. 326 00:17:02,050 --> 00:17:06,310 So they've basically come out like I would say slightly dodgy 327 00:17:06,310 --> 00:17:11,270 ways of off ramping funds which is why you've seen like all 328 00:17:11,270 --> 00:17:15,190 these randomly stable coins come and like it's very unclear about 329 00:17:15,190 --> 00:17:18,150 whether even like whether even coming from or which banking 330 00:17:18,150 --> 00:17:20,910 partner they've done with. They clearly have to go to like 331 00:17:20,910 --> 00:17:25,190 almost the the the Gray or black market to try and get money in 332 00:17:25,190 --> 00:17:28,550 and out for people I think. But that's again, this is very 333 00:17:28,550 --> 00:17:32,350 different than being insolvent. Solvent means like there's a big 334 00:17:32,350 --> 00:17:35,280 hole in its balance sheet, hundreds of billions, probably, 335 00:17:35,400 --> 00:17:38,400 sorry, 10s of billions, probably given half the size of finance. 336 00:17:39,280 --> 00:17:40,560 And I think that's a very different question. 337 00:17:41,560 --> 00:17:44,040 Do you have a view on this Cali or do you want to move on? 338 00:17:45,880 --> 00:17:47,560 I agree with that stuff. No smoke, not fire. 339 00:17:47,560 --> 00:17:50,200 But I also agree with you that that probably just it's not 340 00:17:50,360 --> 00:17:54,300 gonna be as big as FTX and. They're probably the SEC to be 341 00:17:54,300 --> 00:17:56,100 playing for a fine. I also think that there's 342 00:17:56,100 --> 00:17:59,900 probably a lot of pressure on the SEC from people like drug by 343 00:17:59,900 --> 00:18:03,580 guys like BlackRock, etc. To get rid of violence in the US 344 00:18:03,580 --> 00:18:06,780 before they get into it. That's like my base case is why 345 00:18:06,820 --> 00:18:08,180 this is whole thing is happening. 346 00:18:09,180 --> 00:18:10,540 Yeah, I completely agree with that. 347 00:18:10,540 --> 00:18:12,940 There's clearly economic motivation to get them out of 348 00:18:12,940 --> 00:18:16,340 Western markets so that these big Western money managers can 349 00:18:16,820 --> 00:18:19,960 can basically take over. I think I think that's just like 350 00:18:20,080 --> 00:18:24,000 and interestingly we spoke about Kenzel yesterday, he did, he 351 00:18:24,000 --> 00:18:26,360 basically did and this is going to be the Third Point. 352 00:18:26,360 --> 00:18:29,000 We kind of what what's this going, we're even going to touch 353 00:18:29,000 --> 00:18:31,720 up on this. But he basically went in front 354 00:18:31,720 --> 00:18:35,480 of the Senate yesterday called Crypto most Crypto security. 355 00:18:35,480 --> 00:18:37,840 He said there's a lot of fraud, abuse. 356 00:18:38,580 --> 00:18:41,860 I think he was basically directing it at basically 357 00:18:41,860 --> 00:18:43,860 directing it at finance. If I'm honest, like if you be 358 00:18:43,860 --> 00:18:48,820 between the lines, I think he's basically got them square in his 359 00:18:49,820 --> 00:18:55,620 square in his cross tails. So cross tails, sorry, right. 360 00:18:55,620 --> 00:19:01,660 So moving on to the the third thing of the day we are we've 361 00:19:01,660 --> 00:19:03,860 seen even more growth in friend tech. 362 00:19:03,940 --> 00:19:07,760 We kind of touched on it already yesterday. 363 00:19:07,760 --> 00:19:10,480 It's been the difficult thing is that you on a Daily Show you 364 00:19:10,480 --> 00:19:12,960 have to kind of keeping it up. But the growth in friend tech 365 00:19:12,960 --> 00:19:15,720 has been really pretty impressive. 366 00:19:15,720 --> 00:19:20,720 I think Kyla, who runs Lucky Trader, put out a really good 367 00:19:20,720 --> 00:19:22,840 summary tweets. Where was it? 368 00:19:23,320 --> 00:19:27,520 Yeah, three hours ago. It's a GM for friendships, Some 369 00:19:27,520 --> 00:19:31,920 friend tech stats with day over day changes, new users up 64%, 370 00:19:32,400 --> 00:19:38,400 return use is up 12%, daily buy volume up 91%, TVL up 29%. 371 00:19:38,840 --> 00:19:41,160 And the highest key which is raised if you created the 372 00:19:41,160 --> 00:19:47,840 platform is up to nearly eight. You kind of were away from 373 00:19:47,840 --> 00:19:50,960 friend tech for a while, OSF and then you kind of came back. 374 00:19:51,240 --> 00:19:55,080 What's your view on it now that you've come back like and you're 375 00:19:55,080 --> 00:19:56,280 maybe interacting with it a bit more? 376 00:19:58,280 --> 00:20:03,580 I think I'm. I think when something just, you 377 00:20:03,580 --> 00:20:07,060 know volumes and everything and users just die off and maybe 378 00:20:07,060 --> 00:20:10,500 something can just die and that didn't happen, on friend 379 00:20:10,500 --> 00:20:14,340 actually came back pretty strong and I know there's not in the 380 00:20:14,340 --> 00:20:17,140 tbl is a lot higher. The user growth isn't like 381 00:20:17,140 --> 00:20:21,020 crazy, but you know 4000 users isn't anything insane in the 382 00:20:21,020 --> 00:20:26,340 context of crypto. But I think that's something 383 00:20:26,340 --> 00:20:29,120 that will actually increase quite a lot. 384 00:20:29,120 --> 00:20:31,800 Like right now there's nothing going on, there's nothing going 385 00:20:31,800 --> 00:20:33,840 on in really encrypted, there's nothing going on in FTS and 386 00:20:33,920 --> 00:20:39,160 nothing going on in shit coins. So board DJs just need something 387 00:20:39,160 --> 00:20:41,720 to do right now and friend tech seems to be it. 388 00:20:41,800 --> 00:20:46,120 So I personally think the Tvl's gonna go a lot higher. 389 00:20:46,120 --> 00:20:48,080 I think the number of users are gonna go a lot higher. 390 00:20:48,480 --> 00:20:51,040 I think people will make people already have made a lot of money 391 00:20:51,040 --> 00:20:52,440 trading stuff and getting involved. 392 00:20:52,440 --> 00:20:56,040 I think people created made a lot of money from earning 393 00:20:56,040 --> 00:20:59,520 trading fees, and I think people will make a lot more money doing 394 00:20:59,520 --> 00:21:03,120 this. Just in terms of any random 395 00:21:03,120 --> 00:21:05,480 thing that comes into the space, this feels like it has the 396 00:21:05,480 --> 00:21:08,760 characteristics of something that could increase quite 397 00:21:08,760 --> 00:21:12,920 exponentially, and I think that's probably what will happen 398 00:21:13,040 --> 00:21:15,880 over the next few weeks. I think there's gonna be a lot 399 00:21:15,880 --> 00:21:18,720 of money to be made here after that. 400 00:21:18,720 --> 00:21:20,280 I'm not sure. You know, after that there comes 401 00:21:20,280 --> 00:21:22,560 this idea of like, well, if you have loads of users, then the 402 00:21:22,560 --> 00:21:24,920 value of everyone is diluted because there's more people to 403 00:21:25,240 --> 00:21:27,080 trade and bet on. We don't really know what 404 00:21:27,080 --> 00:21:29,560 they're doing with the mechanics of like shares and stuff. 405 00:21:29,560 --> 00:21:31,960 Like we don't. There's no fixed supply and 406 00:21:32,360 --> 00:21:34,800 right now prices are based on like incremental people buying 407 00:21:34,800 --> 00:21:37,680 or selling. So it's not something that I 408 00:21:37,680 --> 00:21:40,760 would like plow in loads of E There's like a long term hold or 409 00:21:40,760 --> 00:21:42,880 anything like that. But I do think there's some good 410 00:21:42,880 --> 00:21:45,000 money to be made in the short term here, either from just like 411 00:21:45,480 --> 00:21:47,720 being a creator and earning trading fees or just buying 412 00:21:48,160 --> 00:21:50,120 other people. And also in terms of like 413 00:21:50,120 --> 00:21:52,360 actually using the app, they've made some fixes. 414 00:21:52,360 --> 00:21:54,640 I think before when I was using it, the chat function didn't 415 00:21:54,640 --> 00:21:58,400 work, and now it does work. It's a really good curative way 416 00:21:58,400 --> 00:22:01,280 to have conversations, which I think are better than Twitter 417 00:22:01,920 --> 00:22:04,440 and my personal group. It's like I just have short 418 00:22:04,440 --> 00:22:07,640 conversations with the people who are asking real things. 419 00:22:07,640 --> 00:22:11,250 If I go in someone else's group, you get to and you know, if you. 420 00:22:11,450 --> 00:22:13,570 The idea I guess is like you buy shares of someone that you're 421 00:22:13,570 --> 00:22:15,770 interested in and you don't usually have regular access to. 422 00:22:16,610 --> 00:22:18,810 You get to chat to them and there's a lot of good alpha in 423 00:22:18,810 --> 00:22:20,010 it as well. Like a lot of the Alpha's like, 424 00:22:20,450 --> 00:22:21,730 you know, this guy just joined friend tech. 425 00:22:21,730 --> 00:22:25,770 Like this is a good buy or market stuff or that kind of 426 00:22:25,770 --> 00:22:26,690 stuff. So I think it's good. 427 00:22:26,690 --> 00:22:31,490 Like it's kind of self, it's self curated, if that makes 428 00:22:31,490 --> 00:22:37,260 sense to where rooms will just like converge to high quality 429 00:22:37,260 --> 00:22:39,620 rooms for high quality people and low quality for low quality 430 00:22:39,620 --> 00:22:42,180 people. So yeah, I think it's good and I 431 00:22:42,180 --> 00:22:45,900 think, I actually think in the next two weeks you're gonna see 432 00:22:45,900 --> 00:22:48,540 that user growth and TVL grow exponentially. 433 00:22:48,540 --> 00:22:51,860 And I think people who are buying the right keys on it will 434 00:22:51,860 --> 00:22:53,060 make a lot of money on it as well. 435 00:22:53,740 --> 00:22:56,500 So can I I just want to touch on the point that you just said, 436 00:22:56,500 --> 00:22:59,580 which is I also think the quality of the conversation is 437 00:22:59,620 --> 00:23:02,100 better, but also the tone of the conversation is better like it's 438 00:23:02,100 --> 00:23:05,890 like less like. Aggressive I would say and a bit 439 00:23:05,890 --> 00:23:10,330 more bit more supportive if that's the right word. 440 00:23:10,330 --> 00:23:14,970 It's just it's just less, I don't know, sensational I tend 441 00:23:14,970 --> 00:23:17,330 to find and people are also a bit more honest because it's 442 00:23:17,330 --> 00:23:20,330 smaller smaller group. But do you think do you think 443 00:23:21,010 --> 00:23:24,010 this because people did move into smaller Discord groups, 444 00:23:24,010 --> 00:23:26,890 smaller Telegram chats to have like better conversations? 445 00:23:27,250 --> 00:23:29,770 Do you think the actual nature of the platform and that that 446 00:23:29,970 --> 00:23:34,920 creators are rewarded? For basically good content or 447 00:23:34,920 --> 00:23:37,520 like being involved, Do you think that's gonna mean it's 448 00:23:37,720 --> 00:23:40,040 gonna be a better app over the medium term just for like, 449 00:23:40,080 --> 00:23:42,680 general discourse? Yeah, I think so. 450 00:23:42,840 --> 00:23:45,760 I really think so. I think look, for it to have 451 00:23:45,760 --> 00:23:48,160 good discourse, you need to like improve the app. 452 00:23:48,200 --> 00:23:50,480 And I think there are lots of improvements that need to occur 453 00:23:50,480 --> 00:23:52,880 for that to happen. But yeah I think it will. 454 00:23:52,880 --> 00:23:54,160 It just the idea of it makes sense. 455 00:23:54,160 --> 00:23:56,440 Like I've I've always we've always had this discussion 456 00:23:56,800 --> 00:23:59,240 between ourselves and and with Tally that like there really 457 00:23:59,240 --> 00:24:01,840 needs to be a curated version of Twitter like cuts out all the 458 00:24:01,840 --> 00:24:04,640 box, cuts out the crap and just get people who have the same 459 00:24:04,640 --> 00:24:07,320 interest in a room together to be able to like connect some 460 00:24:07,320 --> 00:24:09,000 things they're actually interested in with high quality 461 00:24:09,000 --> 00:24:11,200 conversation. Like there's such a demand for 462 00:24:11,200 --> 00:24:16,560 that and it hasn't happened. Like, it hasn't happened today 463 00:24:16,560 --> 00:24:19,980 and now this thing exists. And so kind of like, I guess the 464 00:24:19,980 --> 00:24:21,780 other thing to mention is like, there's obviously going to be a 465 00:24:21,780 --> 00:24:24,020 token at some point. So how much you're using it 466 00:24:24,020 --> 00:24:26,820 right now, you're probably racking up your points to get 467 00:24:26,820 --> 00:24:28,100 this AirDrop. So you're kind of getting paid 468 00:24:28,100 --> 00:24:32,300 to use it as well. But I think that just may, it 469 00:24:32,300 --> 00:24:33,580 forces people to interact, right? 470 00:24:33,580 --> 00:24:36,380 Because even if you're a really big accountant, I'm in some, I 471 00:24:36,380 --> 00:24:39,740 don't know, I remember just like Cribra or like Anonymous and 472 00:24:40,100 --> 00:24:41,540 other people. And these people that maybe 473 00:24:41,540 --> 00:24:44,710 don't respond much on Twitter, but they wanna respond on friend 474 00:24:44,710 --> 00:24:45,750 tech. Because the more you respond, 475 00:24:45,750 --> 00:24:48,510 the more points you might get for the AirDrop, right. 476 00:24:48,510 --> 00:24:51,270 So everyone is incentivized to actually engage on it, which I 477 00:24:51,270 --> 00:24:54,470 think is brilliant for now. We'll see what happens up post 478 00:24:54,470 --> 00:24:56,790 AirDrop. But yeah, if you're not on 479 00:24:56,790 --> 00:24:58,510 friend tech, it's a no brainer to be on it. 480 00:25:00,150 --> 00:25:03,750 I know they get the points AirDrop every week, but yeah, 481 00:25:04,190 --> 00:25:06,310 could be a long time. I think there's some time for 482 00:25:06,310 --> 00:25:09,630 this develop and the more people use it, the more it'll just 483 00:25:09,630 --> 00:25:13,280 become part of the day-to-day, I think, yeah, So yeah, they just 484 00:25:13,280 --> 00:25:16,280 need, they need a web app because most people who do this 485 00:25:16,280 --> 00:25:19,320 full time on their laptops and so it's really annoying to like 486 00:25:19,640 --> 00:25:21,520 go on your phone and then you know. 487 00:25:21,680 --> 00:25:24,000 Yeah, I think I haven't done it, but I think there are ways. 488 00:25:24,560 --> 00:25:30,000 Let me just type it in. I'm pretty sure I saw that. 489 00:25:30,000 --> 00:25:32,320 Would be cool if there is. How to set up friend tech on 490 00:25:32,320 --> 00:25:34,600 desktop in 43 seconds? I think you have to go in 491 00:25:35,040 --> 00:25:37,440 inspect and then run some commands or something like that. 492 00:25:37,440 --> 00:25:40,320 But there is a way to get it on your desktop if you want. 493 00:25:41,100 --> 00:25:43,180 I'm definitely looking at that. But it's great. 494 00:25:43,180 --> 00:25:44,860 There's always, like, if you get into the right rooms, there's 495 00:25:44,860 --> 00:25:47,140 always like, there's always some alpha and who to buy or 496 00:25:47,140 --> 00:25:48,980 whatever. And like, you know, they're like 497 00:25:48,980 --> 00:25:50,020 this guy just joined friends tech. 498 00:25:50,020 --> 00:25:51,860 Like you get and everyone like rushes to like buy them when 499 00:25:51,860 --> 00:25:54,180 they're like below 0.1 and then eventually they go up and then 500 00:25:54,180 --> 00:25:56,180 you flip them. But yeah. 501 00:25:56,660 --> 00:25:59,140 That stuff, I think the the main strategies for people seem to do 502 00:25:59,140 --> 00:26:02,260 this 33 strategy, which is just like you buy mine, I buy yours. 503 00:26:02,420 --> 00:26:05,500 There's some sort of bonus potentially if you do that and 504 00:26:05,500 --> 00:26:08,130 then. It does feel as like as though 505 00:26:08,130 --> 00:26:10,930 the people with the highest value portfolios are the ones 506 00:26:10,930 --> 00:26:15,730 who get maybe even more than the the great so to speak. 507 00:26:15,730 --> 00:26:19,610 So it values people who are doing the TBL. 508 00:26:20,130 --> 00:26:22,690 Where do you think, how high do you think some of these people 509 00:26:22,690 --> 00:26:23,890 can go? Like so if you if you go to the 510 00:26:23,890 --> 00:26:27,650 top right now Racer is the highest and he has a price of 8 511 00:26:27,650 --> 00:26:30,890 E so it's eight ETH by one key of Racer who's the founder? 512 00:26:31,090 --> 00:26:33,930 Of the tech, how high do you think? 513 00:26:34,450 --> 00:26:39,380 What do you think will be like top for one key of racer or one 514 00:26:39,380 --> 00:26:42,820 key of where the top is? It's a strange question to me 515 00:26:42,820 --> 00:26:46,380 because and I'm not funding race event in any means, but I don't, 516 00:26:46,660 --> 00:26:51,020 I don't necessarily think he's like the most valuable person I 517 00:26:51,020 --> 00:26:53,260 would want to talk to. Like I think there are some 518 00:26:53,260 --> 00:26:56,340 people there who I think are really smart in the space and 519 00:26:56,340 --> 00:27:01,580 often have, you know, information before other people. 520 00:27:01,900 --> 00:27:05,180 Race is like the dead, so I feel like he's probably a good. 521 00:27:05,920 --> 00:27:08,120 He's a good bet on, like the overall ecosystem, but I do 522 00:27:08,120 --> 00:27:12,560 think, I do think some people like Kobe, like, what do you 523 00:27:12,560 --> 00:27:14,720 think, how high? Lie. 524 00:27:14,720 --> 00:27:16,240 You know what I mean? How high do you think Kobe gets? 525 00:27:16,560 --> 00:27:20,920 Like like top the top of Kobe. How high do you think that that 526 00:27:20,920 --> 00:27:22,520 gets to you? 38th. 527 00:27:23,560 --> 00:27:25,240 Wow, Cali coming in hot. People are saying. 528 00:27:25,240 --> 00:27:28,120 People are saying this could start to flip a lot of entity 529 00:27:28,120 --> 00:27:29,240 projects. I think. 530 00:27:29,360 --> 00:27:32,120 I think Kobe could be like 50th plus easily. 531 00:27:32,560 --> 00:27:35,160 Like there, there, there. Let me put it this way. 532 00:27:35,160 --> 00:27:36,720 There are so many. There's so much. 533 00:27:36,720 --> 00:27:39,560 There's still so much crypto wealth out there, and there are 534 00:27:39,560 --> 00:27:42,360 a lot of dumb whales who will inevitably come in and buy this. 535 00:27:42,360 --> 00:27:45,880 This is still early. There there's yeah, but there 536 00:27:45,880 --> 00:27:49,480 are still fewer than 4000 users on friend sets at 3.8 K users. 537 00:27:49,480 --> 00:27:51,160 That's tiny in the context of crypto. 538 00:27:51,680 --> 00:27:54,400 So you could start to see like someone like Kobe go much higher 539 00:27:54,400 --> 00:27:57,420 and someone, someone who's like worth thousands of Eve must just 540 00:27:57,420 --> 00:27:59,220 be like, oh, I really want to be in a room with Kobe. 541 00:27:59,220 --> 00:28:01,420 Like, of course I pay 50 for that, 100 Eve for that. 542 00:28:01,620 --> 00:28:05,060 Because for them that's not a big portion of whatever they 543 00:28:05,060 --> 00:28:07,220 have. And it's not like a random a FT 544 00:28:07,220 --> 00:28:09,660 Like you are getting probably getting something for it. 545 00:28:09,660 --> 00:28:13,980 And it gets to a point where once Kobe gets to 58 or 100 Eve, 546 00:28:14,260 --> 00:28:16,940 that kind of becomes the terminal number for his number 547 00:28:16,940 --> 00:28:20,940 of holders, right. So fewer people can buy his keys 548 00:28:20,940 --> 00:28:22,900 at 58 or 100 Eve. Then you'll then the next thing 549 00:28:22,900 --> 00:28:26,600 you know like a year down the line, you're in this room of 200 550 00:28:26,600 --> 00:28:30,240 people, just you and Kobe. Like that's a pretty good room 551 00:28:30,240 --> 00:28:31,120 to be in, right? I'm. 552 00:28:31,680 --> 00:28:34,120 Trying to work out how many, how many, how many people would need 553 00:28:34,120 --> 00:28:37,800 to be in a room to get it to 50 more I think. 554 00:28:37,800 --> 00:28:40,360 But I don't know, like, how much does the price rise every time 555 00:28:40,360 --> 00:28:42,120 you buy something? Like 10%. 556 00:28:42,120 --> 00:28:43,280 This is the whole problem with it. 557 00:28:43,280 --> 00:28:46,720 Like the mechanics are not. It just feels like it's not a 558 00:28:46,720 --> 00:28:49,080 trading platform. It's just like, you know what I 559 00:28:49,080 --> 00:28:50,440 mean? That you can't bid on keys. 560 00:28:50,440 --> 00:28:53,590 They're like, that will change. All those things will. 561 00:28:53,670 --> 00:28:56,670 All those things will. Be done as the As the chat room 562 00:28:56,710 --> 00:28:59,350 owner, I should be able to like determine how many keys I want 563 00:28:59,350 --> 00:29:01,110 to issue. Then there's everybody knows 564 00:29:01,110 --> 00:29:04,150 what the free source is. And wrap them and then do 565 00:29:04,150 --> 00:29:06,590 whatever how you want to. You could put. 566 00:29:06,790 --> 00:29:08,790 I guess so, but it should be inbuilt the app, like the 567 00:29:08,790 --> 00:29:12,150 experience of the app and I know it will be early on, it will be, 568 00:29:12,150 --> 00:29:15,030 yeah, I think all those things, it'll be a full functional 569 00:29:15,030 --> 00:29:18,070 trading suite of things like you're used to doing. 570 00:29:18,070 --> 00:29:19,350 It's just very, very early right now. 571 00:29:20,060 --> 00:29:21,940 Maybe I should have made that before they launched it, I 572 00:29:21,940 --> 00:29:23,940 think. So I think that's a good way to 573 00:29:23,940 --> 00:29:25,940 do it, like get the users and then. 574 00:29:27,180 --> 00:29:30,660 Someone said to me the other day I think I saw something which is 575 00:29:30,660 --> 00:29:35,580 like quite a detailed bug tweet on it being like there's no way 576 00:29:35,580 --> 00:29:42,900 to update the code, that's it, it's like so it will be a clumsy 577 00:29:42,900 --> 00:29:47,090 that goes up but. It will die because it it like 578 00:29:47,090 --> 00:29:50,010 it's very very difficult to like upgrade it in any way. 579 00:29:50,810 --> 00:29:53,650 That's bonding curve is like for life now like you can't change 580 00:29:53,970 --> 00:29:56,570 anything about it. I I I mean I'm not a deaf so I 581 00:29:56,570 --> 00:29:59,490 don't I just didn't really understand. 582 00:29:59,850 --> 00:30:02,570 But it does feel as though maybe there's less flexibility to 583 00:30:02,570 --> 00:30:05,810 actually change it now. Like it feels like it's maybe 584 00:30:05,810 --> 00:30:09,290 set in stone, but I don't know, maybe there's a B2, maybe we 585 00:30:09,290 --> 00:30:12,330 will just migrate to something different, but. 586 00:30:12,770 --> 00:30:15,930 Yeah, it does it I I would be. I do think it needs improvements 587 00:30:16,290 --> 00:30:19,170 for sure. It needs improvements, mainly on 588 00:30:19,170 --> 00:30:21,730 the trading fees I think are just way too high. 589 00:30:22,010 --> 00:30:24,410 They only make Let me let me Riddle you this. 590 00:30:24,610 --> 00:30:26,970 Would you rather buy a mutant ape at 5 E? 591 00:30:26,970 --> 00:30:28,370 That Would you rather but be in Kobe's? 592 00:30:28,370 --> 00:30:29,970 We were 200 people for 5E. That's. 593 00:30:31,290 --> 00:30:33,690 A good question. I'm definitely buying Kobe. 594 00:30:33,690 --> 00:30:37,530 That's just like not even. That's like a no brainer. 200 595 00:30:37,530 --> 00:30:39,490 people is too big for 5E, I think. 596 00:30:40,400 --> 00:30:44,600 So you think 200 people, Cali? Buys the mutant. 597 00:30:48,080 --> 00:30:49,600 I think I'll take the spread on that. 598 00:30:49,600 --> 00:30:52,200 I'll take the spread on that in a in a year's time. 599 00:30:53,560 --> 00:30:55,880 What spread are you going for? No. 600 00:30:55,880 --> 00:30:59,240 Is it not like if you want to take the other side of the 601 00:30:59,240 --> 00:31:03,880 trade, I'll take the other? Side of that trade all day. 602 00:31:03,880 --> 00:31:07,080 What? About you in one year's time. 603 00:31:07,920 --> 00:31:09,440 Are you lifting him as well or or not? 604 00:31:11,030 --> 00:31:13,750 What was the just didn't catch the last bit of the year? 605 00:31:14,190 --> 00:31:15,950 Yeah. You think that's the rate of 606 00:31:15,950 --> 00:31:19,670 Kobe versus mutinates like you think what are you buying 607 00:31:19,670 --> 00:31:22,870 basically in a year? Kobe. 608 00:31:22,870 --> 00:31:23,950 For sure. Yeah. 609 00:31:23,950 --> 00:31:25,190 So you got double lifted there, Kali. 610 00:31:25,190 --> 00:31:29,870 Well done. In fact, he said a year's time. 611 00:31:29,870 --> 00:31:33,240 So we'll find out. But Kali said Kobe thing will go 612 00:31:33,240 --> 00:31:34,800 to 30 years. So basically Cali is like 613 00:31:35,280 --> 00:31:38,280 extremely. Bullish on these and no, I think 614 00:31:38,280 --> 00:31:41,840 it'll go to 30 years in like in like 2 months time and then just 615 00:31:41,840 --> 00:31:44,260 crash. I feel Kelly just says these 616 00:31:44,260 --> 00:31:47,740 things just to like to have an argument with me, but I swear to 617 00:31:47,740 --> 00:31:53,260 God he'll contradict himself like 2 minutes, no? 618 00:31:53,940 --> 00:31:58,060 I think it's too much time and then there's a really specific 619 00:31:58,060 --> 00:31:59,500 reason why the two things are different. 620 00:31:59,540 --> 00:32:01,780 Ultra inflation is going lower, but Kelly still goes through it 621 00:32:01,860 --> 00:32:04,620 like Nah, I'll see ultra inflation is going and now 622 00:32:04,620 --> 00:32:05,980 they're. Inflation is bottomed. 623 00:32:06,220 --> 00:32:09,820 I'll take both bets. I'll stand behind all of my all 624 00:32:09,820 --> 00:32:12,290 of my statements. OK, I feel like we're just 625 00:32:12,290 --> 00:32:13,130 gonna. We're just trying to get 626 00:32:13,130 --> 00:32:15,410 themselves into arguments. I will. 627 00:32:16,610 --> 00:32:19,850 I think a year might be enough time for you to maybe be run 628 00:32:19,850 --> 00:32:21,050 that bet. But I agree. 629 00:32:21,050 --> 00:32:24,250 That's why I suggested here. Maybe it's a maybe it is a 630 00:32:24,250 --> 00:32:26,370 roller coaster. All right. 631 00:32:26,370 --> 00:32:29,090 So the other thing is that some of the headlines coming out from 632 00:32:29,650 --> 00:32:32,290 Singapore at the moment, there's a lot of people talking on 633 00:32:32,290 --> 00:32:35,850 stage. It's obviously the the event 634 00:32:35,850 --> 00:32:38,690 which which brokers that alongside a bunch of different 635 00:32:38,690 --> 00:32:41,180 people. It's maybe going to go, it 636 00:32:41,180 --> 00:32:44,340 didn't happen, but it's run by Masari. 637 00:32:44,860 --> 00:32:50,820 One of the bigger ones is Arthur Hayes, who is, you know, fairly 638 00:32:50,820 --> 00:32:54,580 well known in the space, Bitmex founder. 639 00:32:54,660 --> 00:32:59,300 Obviously I ended up being a shit show, he he predicted in 640 00:32:59,300 --> 00:33:00,860 Singapore today. The next bull market may start 641 00:33:00,860 --> 00:33:03,820 in early 2024, not only for quicker currencies but also for 642 00:33:03,820 --> 00:33:06,060 other risk risk assets. In addition, he believes that a 643 00:33:06,060 --> 00:33:08,100 I will create opportunities for decentralized storage. 644 00:33:08,710 --> 00:33:11,750 And that file calling has great development space. 645 00:33:12,590 --> 00:33:15,070 He basically also has been saying he thinks the bull runs 646 00:33:15,070 --> 00:33:16,830 already started. He think he thought it started 647 00:33:16,830 --> 00:33:20,990 with when SVP went down. He's been kind of a bull since 648 00:33:20,990 --> 00:33:23,790 then, although he was very bearish up until that point. 649 00:33:25,870 --> 00:33:29,150 What is your view is are we waiting until 2024 for this bull 650 00:33:29,150 --> 00:33:30,990 runs? You think 2024 is the bull and I 651 00:33:30,990 --> 00:33:33,470 know over you have a pretty strong group, but maybe you can 652 00:33:34,270 --> 00:33:36,950 maybe you can articulate that a little bit about why you're so 653 00:33:36,950 --> 00:33:43,120 bullet for 2024. Just think the reason why 654 00:33:43,120 --> 00:33:46,840 markets rally and bull runs start, there's two different 655 00:33:46,840 --> 00:33:49,160 things. One thing is like the human 656 00:33:49,160 --> 00:33:53,480 feeling and psychology and like oh you know, so it's up only and 657 00:33:53,480 --> 00:33:57,280 let's all get in. And the second thing is 658 00:33:57,280 --> 00:34:00,560 obviously the market fundamentals that can create 659 00:34:00,560 --> 00:34:04,550 that environment and we've been in a very obvious and the other 660 00:34:04,630 --> 00:34:06,830 maybe the third thing for at least the start of the ball run 661 00:34:06,830 --> 00:34:10,310 is like something happening that's like unexpected or a 662 00:34:11,670 --> 00:34:14,429 shift in sentiment that people maybe weren't prepared for. 663 00:34:15,110 --> 00:34:17,350 And I think all of those things kind of line up for next year 664 00:34:17,350 --> 00:34:21,550 that we've been in what's basically almost a two year bear 665 00:34:21,550 --> 00:34:23,150 market. I think the top was in October 666 00:34:23,150 --> 00:34:28,469 2021 and people are just so like used to that now there's so much 667 00:34:28,469 --> 00:34:29,830 recent C bias with regard to that. 668 00:34:29,909 --> 00:34:33,280 It was like, you know, people like talking about ETH between 669 00:34:33,280 --> 00:34:36,880 like 1600 and 1700 and 1500. It's like, yeah, sure, but like 670 00:34:36,960 --> 00:34:41,679 ETH was at 5K just two years ago and Bitcoin was at 69 K So like 671 00:34:42,159 --> 00:34:44,280 people are just assuming the range is this narrow range. 672 00:34:44,280 --> 00:34:47,080 But it's not like if you have to think a lot bigger and brighter. 673 00:34:47,080 --> 00:34:48,840 I think most people aren't thinking about that right now. 674 00:34:48,840 --> 00:34:51,440 But as you head into next year, you have so many different 675 00:34:51,440 --> 00:34:54,159 things, so many positive classes that are going for it. 676 00:34:54,159 --> 00:34:58,050 You have the you have Bitcoin halve. 677 00:34:58,370 --> 00:35:00,450 First. The final deadline for the SEC 678 00:35:00,450 --> 00:35:05,890 to approve ETFs or decline ETFs approval reject is 17th of March 679 00:35:05,890 --> 00:35:08,930 20, 2024, so they can do it any day now. 680 00:35:09,170 --> 00:35:11,530 The next deadline is October, but the final deadline they have 681 00:35:11,530 --> 00:35:13,490 to make a decision is is the 17th of March. 682 00:35:14,250 --> 00:35:17,090 So by then we will know. And right now it looks like 683 00:35:17,090 --> 00:35:19,970 they're going to have to approve them in April. 684 00:35:19,970 --> 00:35:21,490 You have Bitcoin halving. What does that mean? 685 00:35:21,490 --> 00:35:25,450 It just means the reward miners get for mining Bitcoin halves. 686 00:35:26,740 --> 00:35:29,260 And the idea is like, oh, now there's less supply of or less 687 00:35:29,300 --> 00:35:31,980 fewer Bitcoin being mined. So I think the reality is the 688 00:35:31,980 --> 00:35:34,060 mechanics of that doesn't have much of an impact, but it's just 689 00:35:34,060 --> 00:35:36,220 this whole narrative thing. It's this idea that everyone's 690 00:35:36,220 --> 00:35:39,020 like, oh, Bitcoin Harding, like we're going to have like the 691 00:35:39,020 --> 00:35:41,260 start, the Super cycle and everything and all that kind of 692 00:35:41,260 --> 00:35:43,180 stuff. And if you look at the history 693 00:35:43,180 --> 00:35:47,940 of crypto since 22,009 or whatever, like Bitcoin does tend 694 00:35:47,940 --> 00:35:51,490 to rally for, you know, a good year to year and a half after 695 00:35:51,490 --> 00:35:54,570 each Bitcoin halving. Like this idea of four year 696 00:35:54,570 --> 00:35:59,170 cycles or even just the idea of cycles are proven things that 697 00:35:59,170 --> 00:36:01,050 happen throughout the history of markets. 698 00:36:01,530 --> 00:36:03,770 And so like bear cycles don't last forever. 699 00:36:03,770 --> 00:36:06,690 Eventually the tide turns and and we've been in a two year, 700 00:36:06,690 --> 00:36:08,330 but we've been one of the longest bear markets ever. 701 00:36:08,330 --> 00:36:10,610 Actually I think in terms of like financial markets, most 702 00:36:10,610 --> 00:36:12,770 bear markets actually last less than a year. 703 00:36:13,950 --> 00:36:16,590 So you have that going. And as we spoke about at the 704 00:36:16,590 --> 00:36:19,590 beginning of of this show, you have the Fed potentially cutting 705 00:36:19,590 --> 00:36:21,950 rates and I think they get into the end. 706 00:36:21,950 --> 00:36:23,350 I think they do. I know there's a lot that's 707 00:36:23,590 --> 00:36:25,270 higher for longer narratives out there. 708 00:36:25,270 --> 00:36:29,270 And it's just funny, it's like now the interest rates are at 5% 709 00:36:29,270 --> 00:36:31,550 on two year whatever now that we've had like all this 710 00:36:31,550 --> 00:36:33,350 inflation. Now suddenly everyone's like, Oh 711 00:36:33,350 --> 00:36:35,270 my God, like interest rates are going to keep going higher. 712 00:36:35,270 --> 00:36:36,910 This is going to be so bad. It's like dude, we've literally 713 00:36:36,910 --> 00:36:40,230 just gone through fucking two years of like inflation going a 714 00:36:40,230 --> 00:36:43,710 lot higher and going a lot lower and the Fed already having 715 00:36:43,710 --> 00:36:47,310 conducted the biggest interest rate hiking cycle since like 716 00:36:47,310 --> 00:36:50,030 70s, whatever like that has happened, that's not the next 717 00:36:50,030 --> 00:36:51,830 thing that's going to happen. It's literally just happened. 718 00:36:51,830 --> 00:36:53,910 The next thing that's going to happen is when are they going to 719 00:36:54,150 --> 00:36:55,430 pause, when are they going to cut. 720 00:36:55,710 --> 00:36:57,950 And the chances are it's probably going to be 2024. 721 00:36:58,270 --> 00:37:01,790 And so that's not the big positive thing for risk assets. 722 00:37:01,790 --> 00:37:05,470 The risk to that is the economy you know getting worse and 723 00:37:06,680 --> 00:37:08,200 recession etcetera. But I think they're in a 724 00:37:08,200 --> 00:37:11,720 position where they can like manage to navigate to us off 725 00:37:11,720 --> 00:37:13,000 land and give an inflation and so low. 726 00:37:13,000 --> 00:37:14,920 They have things to play with right now and and they're doing 727 00:37:14,920 --> 00:37:16,880 that. So it's just really hard for me 728 00:37:17,040 --> 00:37:24,840 to see us not having you know maybe 2024 isn't like the best 729 00:37:24,840 --> 00:37:27,680 year and 2025 is the best year. But I think we're probably in 730 00:37:27,680 --> 00:37:30,000 the start, the very, very beginning of this bull run and I 731 00:37:30,000 --> 00:37:32,800 think we will see more of it to come in 2024. 732 00:37:33,620 --> 00:37:36,500 And I just think, you know, the law of probability and averages 733 00:37:36,500 --> 00:37:39,060 says like you know, now it's time to go the other way. 734 00:37:39,060 --> 00:37:43,180 And there are actual, real, fundamental reasons that show 735 00:37:43,180 --> 00:37:45,220 that we shouldn't, shouldn't, will go that way. 736 00:37:46,900 --> 00:37:50,860 Yeah, interestingly, just to and I'll share my screen, he 737 00:37:50,860 --> 00:37:53,180 actually says that rising interest rates could actually 738 00:37:53,180 --> 00:37:56,780 pump Bitcoin bitcoins price may rise as central banks worldwide 739 00:37:56,780 --> 00:37:58,140 continue typing monetary policies. 740 00:37:58,180 --> 00:38:01,380 I think he's basically saying that central banks are running 741 00:38:01,380 --> 00:38:05,620 out of. Their ability to to deal with 742 00:38:05,620 --> 00:38:10,020 inflation. His view is more that we'll have 743 00:38:10,020 --> 00:38:16,780 some form of like stagflation and in that environment, yeah, 744 00:38:16,780 --> 00:38:19,340 he says hey, since inflation will prove sticky going forward 745 00:38:20,700 --> 00:38:24,660 and basically says that that this whole concept of the US 746 00:38:24,660 --> 00:38:28,220 being so in debt push people into crypto, which I. 747 00:38:29,840 --> 00:38:32,480 It's difficult to say it'll be bullish if inflation comes down 748 00:38:32,480 --> 00:38:34,320 and bullish if inflation says high. 749 00:38:34,320 --> 00:38:39,400 But I think I think what he is saying and what you're saying 750 00:38:39,400 --> 00:38:41,840 can also make sense. Like what we're saying is we're 751 00:38:41,840 --> 00:38:45,080 getting to an environment now where debt is so high that, 752 00:38:45,080 --> 00:38:47,280 yeah, they'll be out to bring inflation down to a certain 753 00:38:47,280 --> 00:38:51,320 level. But but it's still going to like 754 00:38:51,320 --> 00:38:54,400 we're not going to have a period of unbelievable growth I think. 755 00:38:55,400 --> 00:38:58,640 And maybe I'm I'm not. Maybe I'm not. 756 00:38:59,570 --> 00:39:02,090 What other people agree here, but I think we could be in for a 757 00:39:02,090 --> 00:39:04,890 period of like, yeah, we have a soft landing. 758 00:39:04,890 --> 00:39:06,850 We don't then rebound for like amazing growth. 759 00:39:06,930 --> 00:39:09,570 I think we're like stagflation sort of environment, very low 760 00:39:09,570 --> 00:39:12,810 growth probably with sustained inflation for a while. 761 00:39:13,290 --> 00:39:17,370 And in that world, I do agree that I think you still have 762 00:39:17,370 --> 00:39:20,370 pockets of debt which look horrific and people will just 763 00:39:20,370 --> 00:39:24,880 move into grip there, so. I think, I think 2024 could be 764 00:39:24,880 --> 00:39:27,040 the year. I also think 2023 we could 765 00:39:27,040 --> 00:39:28,520 bounce back. I do think we've probably seen 766 00:39:28,520 --> 00:39:33,320 the highs of Bitcoin E but I wouldn't count it out. 767 00:39:33,760 --> 00:39:37,040 Like I really wouldn't. I wouldn't count it out because 768 00:39:37,040 --> 00:39:42,560 people tend to position for 2024 for the next year in November, 769 00:39:42,560 --> 00:39:44,640 December, right. Like that's when you if you're 770 00:39:44,640 --> 00:39:47,440 bullish for next year, you want a position for it now, 771 00:39:48,280 --> 00:39:52,910 especially at these prices. So I, you know, I I'm, I'm 772 00:39:52,910 --> 00:39:55,590 personally thinking we're gonna get a a nice Christmas rally 773 00:39:55,590 --> 00:39:56,870 here. I I think we will. 774 00:39:56,870 --> 00:39:58,230 What? Do you think of our stuff? 775 00:39:58,310 --> 00:40:03,910 What do you think of Kelly? 2024 is the year of the Dragon, 776 00:40:04,110 --> 00:40:06,030 which was my favorite tweet of this morning. 777 00:40:06,030 --> 00:40:10,110 And like ultra bullish, it's the year of the dragon is the animal 778 00:40:10,110 --> 00:40:11,950 of generational wealth or something like that. 779 00:40:12,030 --> 00:40:12,910 I was like. There you go. 780 00:40:13,110 --> 00:40:15,950 Right. That's like, more important than 781 00:40:16,030 --> 00:40:18,150 anything you hear. What the name of the dragon is? 782 00:40:20,330 --> 00:40:21,410 You don't see this? Of course. 783 00:40:21,410 --> 00:40:26,770 Share this with you guys. The guy's name's Long, says it 784 00:40:26,770 --> 00:40:28,810 all right. The stars are the lines. 785 00:40:29,690 --> 00:40:34,970 Yeah, let me share this. 2024 is long. 2024 is the Year of the 786 00:40:34,970 --> 00:40:38,970 Dragon. This is how long the Dragon's 787 00:40:38,970 --> 00:40:41,210 name is long. His fucking name is long. 788 00:40:41,970 --> 00:40:43,890 Yeah. Like, I'm going to buy Maury 789 00:40:43,890 --> 00:40:46,930 from the back of that. Like that's just that's on a 790 00:40:47,010 --> 00:40:48,850 plate. Exactly. 791 00:40:49,010 --> 00:40:52,320 Kind of if you look out in the world the signs are always there 792 00:40:52,320 --> 00:40:57,680 and for me this is this is a sign I I think previously in in 793 00:40:57,680 --> 00:41:02,840 the past bull market of the like past decade basically it was 794 00:41:02,840 --> 00:41:05,800 kind of win win for risk assets like if the economy was doing 795 00:41:05,800 --> 00:41:08,880 great risk assets could rally if the economy was doing shit the 796 00:41:09,400 --> 00:41:12,480 global central banks would just cut rates and markets would go 797 00:41:12,480 --> 00:41:14,760 up. And I think we we're now about 798 00:41:14,760 --> 00:41:18,000 to with particularly with crypto, we're about to reenter a 799 00:41:18,000 --> 00:41:23,030 situation like that where if inflation is high everybody will 800 00:41:23,030 --> 00:41:25,430 go to Bitcoin and crypto because it protects you. 801 00:41:25,550 --> 00:41:30,030 It's the only off ramp from Fiat And if inflation comes down and 802 00:41:30,230 --> 00:41:34,350 you know they can not kind of tighten as much or like start to 803 00:41:34,350 --> 00:41:37,590 loosen then crypto rallies. So kind of like in this win win 804 00:41:37,590 --> 00:41:40,390 matrix for me right now. It fixes this. 805 00:41:40,630 --> 00:41:43,390 You know, everything is everything is good for Bitcoin 806 00:41:44,390 --> 00:41:47,550 and his name is long, with two O's long, extra long. 807 00:41:48,270 --> 00:41:51,110 Yeah, it's that's a levered long that is that's not just a. 808 00:41:51,350 --> 00:41:53,510 Scott Long I. Start. 809 00:41:54,270 --> 00:41:58,150 Having in there. Long if you make, if you make 810 00:41:58,150 --> 00:42:02,750 300%, you're like you haven't done well like because he didn't 811 00:42:02,750 --> 00:42:05,950 have enough leverage on. It you'll pray to long. 812 00:42:08,480 --> 00:42:09,720 Okay, cool. We'll leave it at that. 813 00:42:09,840 --> 00:42:12,360 That was kind of a bullish ending for today. 814 00:42:13,280 --> 00:42:17,640 We will be back again tomorrow. This has been another good show, 815 00:42:17,640 --> 00:42:19,120 I think. Nice spot. 816 00:42:19,120 --> 00:42:21,840 Snappy. We are sponsored this month by 817 00:42:21,840 --> 00:42:24,200 Kraken NFT. Again, go check it out 818 00:42:24,200 --> 00:42:29,670 kraken.com rugradio. Yeah, we will be in our friend 819 00:42:29,670 --> 00:42:30,910 check rooms. If you want to confirm, shout 820 00:42:30,910 --> 00:42:32,750 out. We'll do key holders for Caps or 821 00:42:32,750 --> 00:42:37,630 Steph and Mando as well as everyone who's listened today. 822 00:42:37,950 --> 00:42:39,750 But thank you. Thank you so much and we will 823 00:42:39,750 --> 00:42:40,310 see you tomorrow.