Oh, yo-yo, yo. What up?
Good morning.
GMG Friday Friday Friday Friday
Friday January 12th 2024444 Look at that Another beautiful day to
have a beautiful day I got my Co host.
Singular in the House today, Obi, How you doing?
Good. Thanks man.
How you doing? I'm good it looks.
Like, the market's not doing as good as we are, but we're good,
right? Yeah, I mean, I guess we'll talk
about it when we talk about the market.
But yeah, it's it's not crazy surprising to me, but yeah, I'm
doing well. I'm.
I'm so glad it's the end of the week.
I've just been so busy on like so many different things this
year. Like, I feel like I've done more
work in the first few weeks of of this year than I did for the
last six months of last year. Let me put it that way.
No more watching cricket and just fucking chilling out like.
Mate, you and me both. It's like every single week for
the last few months got busier and it's like a layer added,
like yesterday was a 16 hour day for me.
I'm not even Mimi, like I'm not even making this up.
I'm trying to like flex hours some people I wish it wasn't,
you know. What I mean it's like I.
Don't want it to be a 16 hour day for what it's worth, but it
was. You know what I mean?
So it's just like it's it's like it got to the point where like I
have no choice. Like I just like, you know,
there was a moment like, you know, peak bear market, you
know, my alarm would ring at like 83845 started, you know,
getting busier. OK, alarm's like eight 15830.
OK, got busy. OK, now the alarm is 8/8/15.
Now it's 7:30. 745 Max you. Know.
So that's, that's where that's where we're at now.
That's where we're at because everything is just absolutely
crazy and there's so much and there's only so many hours in
the day that things got busier. So I can only relate.
And it looks like our boys out for that reason.
I mean the boys tired. So Mando was like boys.
You know, let me put this this camera on for today.
Mando was like, all right, boys, I am exhausted today.
Oh, whoa, whoa, whoa. No way You can't see the studio
OV. But I can.
This is crazy. I was talking about you.
Oh, really? No.
No, no. Hold on, this is so weird.
This is too like, you know how, Like, what is it?
Your ears are ringing? Is that the quote?
Like, oh, your ears are ringing. We were talking about you as you
pulled up in the studio. We were just saying how busy
like things got and how tired, sort of not tired like how busy
things got and I was. Just saying like we're not going
to be with Mando today. Because, like, he's really
tired. So, like, let's give him off.
And you showed up. Yeah, I just needed a break,
man. I had like fucking whatever it
is. 6 hours of calls. I start at 10:00 my time, and
then and then the market's like going all over the place.
So I just hadn't even got 5 minutes to to to compose myself.
But now, Now I'm back. I'm back.
Yeah. I mean, I'm glad you're back.
I mean, while you were gone, I mean, the markets puked with you
not being, not being here. We need.
We need our. We need a.
Professional T whopper We need mando to to send to send bids on
Bitcoin and ETH and solana and. What is going on?
Like, I literally have, like, as with yesterday, I've just not
been looking at what's been going on at all.
Good for you, I think. That's and then.
And then I've come on and like, all I see in the chat invariably
is for Oak putting stuff in as soon as he wakes up.
Just like, exclamation mark, exclamation mark.
And then it takes me like an hour to work out what the hell
he's talking about. So what?
What has been going on this morning?
It feels like the market is, like, fucking terrible, right?
And then and if BTCS moved to like, that's an insane move,
that's like a 20. Percent.
Move. Wait, hold on.
Wait. Today on the show?
Wait, I didn't get to that. OK, let's get to that.
You. You kind of jumped the gun.
But that's fine. It's my fault.
I don't know what's going on. I.
Just realized that coin shares required Valkyrie funds and the
fucking ETF with it. I just.
I just saw that what? There's so much going on.
This is insane. Sorry.
Did you guys know that coin shares bought, acquired Valkyrie
funds? I don't know if I'm going to be
that helpful on this. I have no idea.
Wild It's not under. So crazy, yes.
OV come on, please. I need.
I need you for the day. So today on the show.
Don't worry Mando, we're going to carry this one today because
OV is going to help carry this. So today on the show today,
market updates, moves and all that good stuff.
As usual. Wait Sims, this is my fault.
I totally did not open the formal hour.
Sheet that you prepared. Like every day this morning,
because this morning was crazy again.
So hold on to the other show today.
Today. Market report updates and moves.
So BTC retraced after $49,000 pump 49,000, you know, top pump
over here. Top all coin gainers.
We're going to talk about this and losers shut that on the
screen as usual. Vanguard coming in as as crypto
haters though you know seems like they've got a lot they've
got you know literally like other companies with crypto on
their balance sheet. So that's I think that's pretty
hilarious. Larry Fink this morning on
national television attempted to pump our bags didn't work out
quite well. We don't know what's going on
the transfies involved but let's see what's going on.
So I know Larry was was on TV this morning, Kathy Woods
calling for $1.5 million Bitcoin.
You know what they're saying versus what's happening on the
market right now. You wouldn't believe it, but I
promise you guys don't worry about a short term move because
that's what they're saying on television.
Global news and economy. We have a lot of stuff going on
in South Korea. What?
Banning spot? Bitcoin ETS, huh?
What is going on? And a whole bunch of stuff going
on that front and NFT market update of course with Toppler
Farmer we saw that removing liquidity from the Bay Borne PR
club and then throwing flowers at OSF and Mando.
I don't know if you guys saw that yesterday, that tweet did
some numbers. You got have to see it honestly
as this keeps going on your your guys trade really.
Really. Stamping itself as one of the
greatest trades of all. Time even more.
And then last but not least, we will be joined.
We will be joined by by by friend of the show, by friend of
the show, great friend of ours, Udi Wertheimer Co founder of the
Taproot Wizards and the artist behind Taproot wizard OX4 as
they teased the release of quantum cats.
And if I'm not mistaken, they got a bunch of announcements
coming out like yesterday, today and whatnot.
So maybe it already came out. I just really haven't had the
time to check it out. But good thing we have Udi
coming in today with the Bitcoin cabal to talk to us about, to
talk to us about what's going on in there.
Also an exciting show ahead ahead of us on this wonderful
Friday. And without further ado, why
don't we get this party started? Because I feel like the.
People really want to hear what's happening with the
market. Daily Market Report Brought to
You by Rug Radio What's the? Word.
Yeah. So we're seeing, OK, let's go
traditional markets. Something that's important to
mention that we didn't talk about yesterday is that we had
the first inflation number of the year.
So CPI actually came in above expectations.
I think it came in at 3.4%, was it 3.43 point five, I can't
remember versus 3.2% expectations.
So it came in above core inflation, came in above
expectations. So to kick off the year, to
start the year, we've now had payrolls come in ahead of
expectations and you've had inflation come in above
expectations. So if anyone's hoping for you
know a a nearer term rate cut than the markets were expecting
that is now like off the off the table.
I would say on top of that we have the FOMCI believe next week
and there is a risk now there's a risk that like you know the
December FOMC was like was starting to become dovish, but
now I've had two data points which more more than that which
aren't really in the right direction.
So I think there is a risk now that the Fed can like I don't
think they're like backtracking what they said, but they could
definitely give a more hawkish FOMC than that we've had.
So that's something important to remember.
With macro markets, we didn't really see any big news either
way and you know interest rates actually sold off and they
rallied again. So it's good to see that like 10
year hasn't gone like meaningfully above 4%.
It's actually about 3.95% now, but that's something to bear in
mind with with Tradfi, with crypto, maybe it wasn't sell the
news, but it's kind of been like a delayed sell.
The news with you know, Bitcoin is now 44.4 K, 44 1/2 K since
which is down from like highs of I guess like 49 K yesterday when
when the ETF originally started trading in my opinion.
When I looked at the final volume numbers yesterday, I
thought they fell, they were really strong volume numbers.
I think I'd be wrong like like 4 billion odd is like incredible.
But I I I feel they fell below the expectations of CTM and
below my expectations because I think what we really needed was
like one of the ETFs, not the collective volumes, but one of
the individual ETFs to do more than $2 billion of volume so
that it would break the record for the top spot.
And and and we had, we had all these rumours that BlackRock
we're going to put in 2 billion and then went to three to 4
billion and maybe that happens over time, but it didn't happen
on day one. And so we didn't see like the
Black Rock ETF volume was just just broke a billion dollars.
So I think those volumes in my opinion actually while they may
look good in the Trafi world, I think they're disappointed, but
they're disappointed versus expectations, they're still very
strong numbers, but versus expectations I think they're
disappointed. And you now like had the event,
we've had the big ETF event, it got approved, we had the big
volume day which was a bit below that's out the way now.
And so it's sort of like what's the next thing for crypto here
at a point where we've run up massively, you know, like alts,
some alts are up 345X in in the last few months.
It's like well, what's next? The next thing would be the ETF.
And with, you know LO and behalf we are seeing ETH really truly
outperforming. Like, I mean ETH Bitcoin has hit
0.06 today, which is, I mean it's it's basically.
Got that move? 30% move in like 2 days, like 3
days, it's basically all that value.
It's shared over the last three months.
It's managed to get back in three days, which is insane.
Like that's in the same performance and that's purely
ETF driven. It's purely on the Larry Fink's
comments today on on how he thought an ETF would be good or
something like that. So that's kind of like the
outperform of the market. But yeah, everything else I
think is selling off on just in my opinion, like profit taking
is the main thing. There isn't really a lot of
leverage out there, like funding is very low but you know
sometimes the sellers aren't always liquidation.
So so the sellers can be sellers of spot just just as we have
buyers of spot. And it feels like to me there's
profit taking here. I don't know like where we go
from here, but I think with everything that's just happened
in the last two weeks and how prices have moved and people
telling me I'm an idiot for being cautious, I think it's, I
think there's reasonable justification to to have some
caution here and not just be gung ho.
I think we're we're seeing that play out today I think.
I I like. I like the term gung ho.
I would love for us to go back for gung ho here on this dip.
Could be could be a lot of fun. Could be a lot of fun.
Ovi, I'm gonna. I want to keep talking to you
here for a second. I'm seeing a lot of I'm looking.
I'm seeing a lot of people mainly like Pintoshi same pump
and the larger traders here on on the timeline talk about you
know this rotation ETH and I know you've been talking about
ETH for a minute on here and I know that you know you've been,
I know that you've been, you know been really bullish on it
here. What do you think?
I mean there was this like what is it ETH, BTC, bottom, we're
just talking about it like point O six or something.
And it seems like obviously the bigger flush it was for us was
definitely not on east. I mean E topped out around 2717.
Here it's only down to like 2650.
But Bitcoin, however, you know topped out around 49 to flush
all the way. I mean it's currently still
flushing, it's 44 four. What do you think happens here
with regards to ether? I mean, you mentioned also
BlackRock this morning, Larry Fink talking about how he wants
to push an ETF forward because it makes sense we should.
Show that we should show that interview because it's a very.
Short week I I only have so I have the.
I only have the clip of him talking about a Bitcoin.
It's only like a 32nd clip. If you're talking Larry Fink,
it's it's it's worth listening to it.
Because I have the one where he compares.
Saying that, no, it's here I I have the one where he compares
Bitcoin to gold. I think it's the end of that
here. It's it's extent.
It's the last bit of that he he it's not like he has some big
speech about Eve. It's actually more I.
Don't think it's in that video. I think so.
Watcher, guru and stuff only posts the clip with 15 second
clip. Oh.
Is that it? Yeah, Watching Guru.
Oh, no. Maybe.
Was it was it on CNBC with with Sorkin?
Yeah, it was with Sorkin on T1. Is this the clip?
D Gen. News did did it, if you want to
go on to them. You think that all these things
have to go to court first? I couldn't respond to that.
I I I see value in having an Ethereum ETF.
As I said, these are just start stepping stones towards
tokenization and I really do believe this is where we're
going to be going. We have the technology to
tokenize today. If you want to talk about, think
about this. If you had a tokenize security
and you have a tokenize identity, you Andrew, the moment
you buy or sell an instrument, it's known it's on a general
Ledger that is all created together.
You want to talk about issues around money laundering and all
that. This eliminates all corruption
by having a tokenized system. Jamie Dimon disagrees with you
on that. Bus.
Jamie. Jamie Dimon disagrees with you
here. So.
Amanda, what? What?
Was that like, what do we do?
You want to summarize A. Slightly more extended one as
well where he just spoke about We think that Bitcoin is a store
of value, just like gold. And then he was basically what
was leading on to that question was he was asked what do you
think about all these other alts having ETFs?
He said do you think there'll be multiple?
He said and his response was, I think there's there'll be value
in an ETF, but he didn't want to talk about the court cases
against other alts, that's what that's he just didn't say
anything. And then after that conversation
then had Gary Gensler on. So if you type in Gary Gensler
right now, you'll see him also speak to Sorkin.
And that was wild, because I've never actually seen like it was
just so wild to hear him talk about crypto.
And it's worth worth having it on again by the week.
As well. Yeah.
They had them straight after. They had them on straight after
Shit. You're right here.
You want me to play that hold? On Play It, it's worth listening
to. There's so much going on this
morning like. Is it?
There's so much going on news. Wise this morning like it it's.
Actually. Wild.
Also why is this video not loading?
One second Y'all. I'm sorry about that.
We're we're live. Just so y'all know.
In the meantime, let me tell you all we're live on video and
audio, so you can find us on X and on the RUG video YouTube,
but you can also just look at us on X on on the broadcast.
I've shared it. Video's not loading, so he.
Basically he basically said the only use case for crypto is for
money laundering and and ransomware.
He was like the only use case of Bitcoin.
It's it's a speculative store of value and its main use case is
for money laundering. It was like how are you that
anti crypto that you think the only use case possible for
Bitcoin is is money laundering. It it it was a pretty wild thing
for him to to like go. Out he's he's going to be out
soon. I think he's going to be done.
Yeah, like he's. He's not an idiot like he does
have a like you. You saw the videos and he also
looks like he's aged about 15 years in these videos.
He's lost the plot, hasn't he? I think he's lost the plot.
Yeah, I don't know. It's a man who hasn't slept in a
while. Look looking at that video.
But yeah, it's he. Didn't have your Christmas
today. He did.
Not he did not. He did not have a good
Christmas. He knows about blockchain
technology. Like, here's the guy who who was
basically when he was a professor talking about it and
being like, you know, this is really to them.
He was chilling Al Goran in front of MIT.
He. Knows what the use case is like.
He's not an idiot. He doesn't just think like the
only use case of Bitcoin is for money laundering.
That's just like such a highly, highly political view.
That's like that's like what Warren keeps on saying.
But Speaking of Warren, hold on. Can we show?
The greatest community note thus far at 12 days into the new
year. I mean, that was phenomenal,
Heather Warren yesterday saying. That the SEC.
Hold on, let me show you all this, because it was just so
good. So yesterday Elizabeth Warren
claiming. The SEC here, she says the SEC
Gov is wrong on the law and wrong on the policy with respect
to the Bitcoin ETF decision. If the SEC is going to let
crypto Burrow and even dip deeper into our financial
system, then it's. More urgent than ever, the
crypto follow basic anti money laundering rules, she got
community noted. To say the American court
decided to proving Bitcoin ETF is lawful and not unlawful.
Lawful. The DC Circuit Court of Appeals
overturned the SC CS rejection of Grayscale's bid to convert
its trust into an exchange traded fund.
So, like, it's like, you know, how like sometimes like.
You're on the you. Sound like a conspiracist when
you say something like this, like, oh, it sounds like there's
something, they're like saying all these things.
It's not even crazy to think that there's someone pulls the
strings on Warren and like Gensler at this stage, like he's
in front of national television telling you that Bitcoin is only
for money laundering and the legal activities.
But there's recordings of him teaching a class at MIT.
Mind you, that's like the top 20 school in the world, right?
This this is what I mean. It's where where his view is to
decide if something is a security or not a security.
Right. That's his role to work out if
his his it comes under his purview as as the as the
commissioner of the SEC for them him to then he's gone far more
militant in his view than just thinking oh this is this should
be regulated as security. It's now been like the only use
case Bitcoin is for money laundering.
Like that's that's like a really political, I think a politically
motivated statement, which I was just really surprised to him to
be saying that. I mean, are you surprised at
this stage I. Was genuinely I was here that
him talk about it like that like before it's been they've been
non compliant. It's not to say like the only
use case they see, they see is is money laundering.
Like that's. That's kind of wild I guess.
I haven't seen the. Like it's not it's not loading,
but like you know. Just remember who warned you
about Gary Boys. I'm just saying.
Oh, come on, mate, this is. He's there.
He's there, lurking. He's there, He's there.
When you turn the light off, he's in your room.
Oh my. God, did you know?
You know I'm having dream I'm having nightmares about this MF
or bro. You know that like.
You know that meme of like. When the guy's like, oh, the
gains and you have the other meme, like the big thing
grabbing it from behind, you know, it's like Gary Ganzer at
night. Just like grabbing that.
You know what I mean? I'm talking about, right?
Yeah. And you're like grab it into the
abyss and just keep taking you on and just like you know taking
you in the corner, but that's the.
So that's that on the on that front when it comes to the
market, I guess, right like we saw 4 1/2 billion dollars of
trading volume come into the come into the come into the
market yesterday. Which looks he's pretty good.
It looks like it was about 700. What is it 700,000 transactions
or something I've read total which is pretty pretty big And
then of course like this is what it looks like on that front and
then like something I I just found out about as we started
the show. It seems it's like, I mean it's
it's pretty crazy right? Like what What would like coin
shares exercises option to acquire US Bitcoin ETF?
Ishore Valkyrie. This I don't think.
I think that was already a Co a Co creation the product.
I don't think this is some crazy headline.
OK, I just saw that it was like well like.
This A lot of the ETFs are like, they're two different people who
have bought them at the same time.
And yeah, they've clearly decided that they're worth
buying out. I got it.
OK. And then I see already far and
Audi in the in the studio. So I definitely want to talk to
them about all this. But quickly let's make it, let's
do a little market rundown on the NFT side of things because
we saw some pretty significant sales yesterday with a shadow
whale. I don't know who it is just yet
or unless it's been put out put out there, but I don't think
anybody's like kind of like figured out just yet.
But a whale swept. It seems that a whale has swept
about 1100 E worth of 1100 E worth of of crypto punks and
also 19 Chromy squiggles. That was like right before the
show, Fidenza's Ringers. But what's interesting?
That's something that these pointed out last night on the
night. Show because we brought it back.
Let's go. But, but that person immediately
went on to wrap them all the crypto punks, which could lead
to think that they're either taking loans against them or
maybe it's for a flooring protocol or something.
I don't know. Could easily be, yeah.
That that that thing. That's what people are
speculating that this is. This is something related to a
marketplace. Just because you don't normally
wrap, if you're an OG, you're not really wrapping your crypto
punks, right? The only they were, there were
barely any wraps until blur started finally started
happening. So it stays a bit more
sophisticated. 1st sweep 16 squiggles, second sweep 11
punks. Wallet has 248th left.
I know 9059 was kind of reporting on on the matter as
usual, but that's happening. And the other big thing
happening right now like in in NFTS is the is the is the
farmer, right. That's removed every single bid
on make and bake and make and bake, wake and bake.
And there's on MAYC and like BYC and Like.
It seems like there's like a free fall happening right now on
the on the board of Yacht Club floor with some pretty pretty
low sales when it comes to like. You know, usually like for.
Example like the black suit sold historically for so much money
and now you're saying yourself like 40 some ETH.
I mean what do you guys think Jenny, curious what you guys
think here, like what do you, what do you think happens to
board of Yacht Club here with every like there's a lot of
people defaulting on loans at the moment.
It's like really cascading effect.
Could be a good spot to buy, maybe.
I don't know. Like when you buy that full
capitulation point, it's usually, which is a good point
to buy, I don't know or not right now.
Predictions. What are you in?
Predictions I forget already. Predictions on what?
On. On board Apes, I think we all
predicted around 38th floor. So if you predict that, it's
like a 50% game right now? Yeah, on apes and punks, yeah.
I mean, I'm not a buyer of many NFTS at the moment, actually,
who is going to love hearing that because the only NFTS I've
been buying are really on Bitcoin.
But. He's smiling in the studio.
I see you. I'm ever.
I see you, I see the studio, but it's.
That's honestly, that's the only thing I've been buying like.
That's a really good post by Whale yesterday.
Whale dot schwoze Whatever, Whale dot mocha whatever.
Which is about new, new projects as old projects, which is just
so typical for a bull market is that all projects are, they're
generally like there's not really one floor which is higher
and yet all these new gaming style projects, if you go down,
I think it's there. No, keep going.
God, he's posting a lot. We all Hey, right.
Keep going. We all postulated from this,
yeah is. This it.
Yeah, bring up the graphic. Bring up the graphic.
All right, Here you go. Look at that like that's.
So what we're looking at here, for those of you who are
listening on the audio, it's Wally Swoosh.
It's Wally Mocha. Now why is nobody talking about
this is the small NFT bull market started three months ago.
Many of the legacy Blue Chip NFTS have been a monk amongst
the worst performing projects in the market.
While many other projects have exploded, most OG projects feel
like they are dead. They have either remained static
or went down. Which by the way, I saw a post
of them saying that clones and members now have gone for the
first time on the 1 E and so in bull market the opportunity cost
is high and it increasingly feels like the most of the
former blue chip parts. I mean this is similar than
coins, right? Like a lot of the legacy coins
seem to like not be performing as well as like the new L1 like
narratives like. You're you've been you.
Were actually the one talking about up costs like 3 months ago
and mentioning like new L ones, new things coming out, new L
twos and like you know how a lot of legacy coins are not going to
catch necessarily like the same pump is like the new narratives
that are coming out obviously say what was one of the best
examples and TI like a bunch of these that seem to have caught a
bit. What do we think here guys?
Are we? Are we ever going to see?
See. Like when you look at the blue
chip ones, right? You guys think we're ever going
to see like nouns come back like that.
Like noun bit was 6 ETH the other day.
Are we ever going to see, let's say D gods, Moonbirds, clones
like cat? Nouns is a special scenario
because like the whole project was based around the the
Treasury and the Treasuries clearly been diminished since
that that began. So it's like it's it's kind of
fucked up for the for the others which you know are brand
building exercises. It's just it like this
performance isn't terrible, right?
Like ETA is up during that period.
But it's more just that if you're playing the game of pump,
like you're going to see new projects can just pump so much
easier. Well, these were selling every
day for Ade. Yeah.
I did not know the state of that.
Wow. But why did the taproot Wizards
not buy this 10? Amir bought it.
We got to talk to Amir. We got to talk to Amir.
OK? This is like this is literally a
taproot wizard noun, OK? OK well I look I don't know
what's going on that front but it's it's very worrisome but but
basically just quick tail deer and let's get to our special
guest today looks like Ethan FT still bleeding.
Really the biggest gainer yesterday was crypto punks in my
opinion. Usually a very good like signal.
From what I've seen in the past, like when crypto punk seemed to
catch a large bid, a lot of the legacy ETH NF TS like seems to
catch. Like the ecosystem seems to
catch a bid. Doesn't mean it's going to
happen this time around because this seems to be a special buyer
that has like a goal in mind. So let's see what happens there.
But it's a significant sale. 10% floor rise on crypto punks is
huge, right? Which puts them.
Now let me tell you all what we're.
Looking at on. Crypto punk you can.
Do on degens, dude, you can do it Degens.
Floor price like E on dollar per.
Term, sorry, I'm talking. Dollar, that's the point.
But if you go into degens, they have it.
This is a floor punk here. Clown noise.
Wow, that's a good floor, punk. That is not a floor punk.
Even the one after it is a good one as well.
These are not floors. That's crazy that.
To be honest, those bottom three are all good punks.
This is getting this is getting scooped up.
By the time the show's done this one, I wouldn't be surprised,
but it is $160,000. So, so let's see.
I wouldn't be surprised that, you know, that's actually pretty
crazy to see her on the on the floor here and then.
If you go to all there, if you click all it has it in dollars
as well, so like. I'm sorry about that.
I didn't even see the dollar for.
It's 800 and 5700 and. 60K on on these pudgy Penguins holding
pretty strong whatnot. The big news yesterday on on on
NFTS was really the shadow hats from from From the Shadow.
Yeah. From the Come on Man, Bear,
Snake and Daughter and and Elf, Help Me Please Name of their
project. Ruins.
Ruins forgotten. Ruin ways.
I'm so sorry. They were on the stage with us
last night. You can tell It's Friday, My
British ride. But they were on with us last
night. They.
Sold $5.55 million worth in Bitcoin of course.
Of of of ordinals in one go. Sold out at a .2 Bitcoin price
point. Note, monkeys seem to have
bounced off their lows a little bit here.
The golden ratio actually flipped every single art blocks.
That was the big headline in terms of NFTS that dropped in
2023. I don't think it's a good
comparison. I don't even think it's a good
headline for what it's worth, but just, you know, that was
kind of like what was, what was written about.
But hey, there's a narrative there.
And I personally, I think the art is great.
Don't have one yet, but I do think they're great.
And then of course I used. To have like, you know, the
puppets at the top here with Node monkeys and just a bunch of
stuff happening. Ordinal maxi biz of course, like
still like above. The point for Bitcoin.
And a bunch of self steyr. If anything what you know Sobie
was saying what Digas did best last year was really launching
on Bitcoin in one block and so it seems to have worked out
pretty well as there's like a rise on that front there but
that's about it there. So the big news really yesterday
was like and I'm going to bring up a special guest up on stage
here OX Far and and Udi Wertheimer of of Tappered
Wizards but it was all. These teases about the quantum
cats, so welcome to the stage, Udi Wertheimer, Tapper, Werzen,
OX4I mean the legend, you know, that is drawing every single
taproot wizard that you guys are seeing here.
So I'm going to start this, you know, before even hitting the
GMs with one question far Where is my honorary taproot wizard?
You. Didn't get it yet.
You didn't get it? What?
You did? Check your wallet for.
Check your wallet. Check your.
Wallet, man. I thought it was there.
We spoke a year ago about it. If I if I if I have gotten it,
it would have been my PFP already.
OK, so, so definitely didn't get enough.
All jokes aside, guys, good morning.
Glad to see you guys back. Of course.
I mean, if you're familiar with the FOMO, our Gem FT Gem Web
free show. I mean, Udi's been coming on for
a minute now and it looks like this week has been pretty big
for y'all, starting with teasers starting Monday, Tuesday, and
then you guys had news come out yesterday.
I don't know if your news came out today yet or it's coming out
later. It's.
Just a lot. Going on the in the crypto space
in general, but it's been crazy. I mean, Udi, good morning, GM.
You know, how you doing and why don't you give us the TLDR of
what's going on in the world of Tappered?
Wizards this week, 'cause I feel like there's been, you guys are
making a lot of noise right now. I mean a lot of since since you
came out, for what it's worth. Since you came out, yeah.
Yeah. A lot of noise, Amanda.
I think, I think I think the the most important thing is is is is
for was to to remember that we're here to save the cats.
You know that's that's the most important thing and and look we
we we did have a very exciting week Yeah.
I mean, we announced quantum cats.
It's look, I love cats. I like that, you guys.
I like looking looking at them, not like any dietary thing, just
just looking at petting them. But like quantum cats are a
collection of 3333 ordinals. And unlike a lot of other
ordinals I've seen before, the idea here is to celebrate opcat,
which you might ask yourself, what is an opcat?
But OPCAD is a is a bit is an ancient Bitcoin op code that
actually Satoshi created back in 22,000 and nine.
So in the first release in Bitcoin they had Opcad inside
and they removed like Satoshi removed it after a year because
he thought it was too powerful. But the really cool thing about
it is that it enables layer two solutions on Bitcoin and smart
contracts and that shows really cool stuff.
And since it was removed in 2010, a lot of Bitcoin
developers are like thinking, well, what if we could, you
know, bring it back? And I think our goal with this
is to kind of celebrate OPCAT and honor those developers who
are working on bringing it back and turn this into a mission of
maybe just making Bitcoin more magical than it already is.
The other really cool thing that we are announcing today is we we
are, you know, really honored to be selected by Sotheby's to to
lead their first ornal curated sale.
It's like a it's an absolutely amazing piece by far.
You should tell us more about it.
It's called the Genesis Cat and it's it's auction right now.
Yeah, you can see it on screen. So so let's let's, let's pull
the curtain back, right. So you guys, you guys obviously
like at this stage a lot of people that are that aren't here
but even like if you're newcomer like you're probably.
Familiar with, Like what's going on with the ordinals or the?
Ordinals and and and you guys have been, you know, really,
really pushing that narrative. And actually the whole thing for
a minute. So I want to get into the
details of the opcat and like what that means and like for
smart contracts on Bitcoin and whatnot, like for you to explain
but far let's go to you first. I mean, you know Michael Buhan
is a friend of ours, all of us on the show here OV has had
multiple, you know, sales on Sol, the Bees as well on the
East Side. And it seems like, you know
today was the big announcement for Sol the Bees that they have
a, they have a sale happening for ordinals.
I saw like the shout out to Asprey, our friend Alistair over
there. They have an egg sell in there,
I think one of the only 10 golden eggs.
And then now you guys have this, the the quantum Canon.
First of all for congratulations because it must feel really cool
as an artist to have your art, you know, over there.
And why don't you tell us more about, you know, the the quantum
cats of what this cat represents here at Sotheby's.
Yeah, thank you. Well, I, Michael, Michael and I,
we have been talking for a real long time.
He has been on top of our Dinos since very early.
So we we have been working on this like for two or three
months like a train to get like a cool group of pieces or
ordinals and and yeah, and then this came out the the, the
quantum cats. So it has been I think like a
three or three or four months thinking about cats, knowing
what the hell yeah. So if you go, actually, if you
go to the Quantum cats website, you can see, I mean this is a
cool experience to to have like a.
You go and see all the cats. I mean, honestly, again, even,
you know, I have been looking at these guys for like for three
months trying to make you know, reassemble like cats.
Actually if you go to the collection site, you can see all
of them there because it's kind of interesting.
So yeah, so they are all like weird and I don't know what I
have created here to be honest. Like I was looking at them this
morning. I'm like a these guys are like
staring at you like it's so weird but it's it's cool.
And then for the for the quantum for the Genesis Cup.
Well we have this joke that we started with the with Gordon
Garner when we when we make his wizard.
Like it was all covered with bubbles because Gordon was the
was struggling to take a shower. And then we just made the joke
about all the bubbles. And then you know, when we're
making the cats, I'm like all of a sudden I was like let me try
this, do a bubble cap. It felt like a cool idea.
And then this is. I was like wow this is pretty
cool. And and yeah, for some reason we
need to do something special. So I was like a let's make like
a huge bubble cap and then put a lot of cats inside the bubbles.
As simple as that. You know.
So it's kind of like the shower Gordon.
The cats. And yeah.
So it's a cat in the space. We just like a, you know you
remember the meme of the cats in the space and you know.
So I think this is what we created another meme.
I hope. Yeah, I think so.
You know, this is like a memetics.
This is what it is. It's a, it's a it's a meme.
So yeah, he's cool. I think, you know, Tapper
Wizards is a lot about the history of Bitcoin.
Yeah. And and Quantum captures about
the future of Bitcoin. That's the lore.
Interesting. I mean, no, this is true.
I mean I I love that and it's true.
I mean I kind of want then let's let's talk about that, right.
Because Udi, that what I find the most interesting here.
And of course, like the art, I think it's cute, it's funny,
it's funky, it's really like it's very in tappet wizard
fashion. Right like you guys.
I've had that like it's like it's, you can tell.
It's like you guys have kind of like your own style, but here,
like it says, you know? What?
Many blocks ago in 2010, Satoshi's beloved pet and
scripting function OP under score cat had grown too
powerful. As it males and purrs grew
louder, Opcat Opcat's strength threatened the very fabric of
Bitcoin itself. Satoshi was left with no choice
but to say goodbye to his furry friend.
On August 15th, 2010, OPCAT was put down for good.
Or so we thought. So can you kind of like Udi?
Because this is actually pretty big Bitcoin lore here.
What was opcat? Can you explain this for people
that may not be technically like like, even me like?
You know it's. What opcat is because this is
actually kind of a big deal. Yeah, so opcat has a really,
really interesting story. When when Satoshi created
Bitcoin, he created all of these opcodes where, which are
basically scripting functions that you can use when you write
Bitcoin scripts. And it had a lot of those, you
know, an op code to add and multiply numbers, an op code to
to check signatures, and there's an op code to to concatenate
strings. That's in nerd speak, that means
you take two strings and you put them together.
And he called it opcat because of that.
It had nothing to do with the the pit.
But it it turns out that seems like very, you know, basic and
not necessarily very interesting.
But it turns out that using like clever cryptography tricks, you
can take that very simple basic function.
It just takes two strings and put them together.
You can take that and create really, really complex and
advanced smart contracts, what we call in Bitcoin covenants
that that enable bitcoins to be used in a very specific way and
even bridging to other chains. So it it ended up being disabled
because you know, it's we don't know exactly why, but it might
have been that Satoshi thought it was too powerful.
It's also possible that there were some bugs in the early
implementation. But the really cool thing is
that over the years, a lot of Bitcoin developers were like,
hey, you know what we could use If we still had op Cal?
We could use it for like really, really neat applications.
And so a bunch of Bitcoin devs, very respected, have been
working on essentially bringing it back, fixing all the bugs
that were there in the beginning and bringing it back.
And I think if that happens, I think that could bring Bitcoin
to basically the next level. Better scaling solutions, much
more capability and frictionality than we have now,
more bridges to other chains. I think it will change the game.
And what's really interesting is that it's a very, very simple
change because it was already in Bitcoin.
We're talking about like 10. It's invented by Satoshi
himself, right? Yeah, yeah.
It's very, very basic. It's so it can be done fairly
simply and it's just a matter of whether or not the community
wants to do it. So we thought that with quantum
cats we can kind of shed some light on the development.
Instead of it being just, you know, 3-4 developers working on
it in their basements, we wanted to kind of put it in front of
people and and let the community decide if they wanted to be part
of this coin story or not. So are you you mentioned?
Something this is, this is in like very simple terms, this is
something that allows that enables smart contracts on
Bitcoin and therefore you're using ordinals, NFTS, whatever
you want people want to call them to scale the Bitcoin
blockchain. Well, yeah, I mean, OPCAT itself
would allow some types of smart contracts, would allow some
types of decentralized exchanges, would allow some
types of bridges to other chains.
Yeah, that's what it would allow.
The orals are used for us as a way to basically celebrate this
process and help people express their support.
Like if you, you know, if you're a big believer in opcat, you
want to see it, maybe you will want to like wear an opcat to
signal that you're a supporter of this.
But at the end of the day, you know, it is not up to us.
We're we're just trying to support this process.
I think that it's really important that more people know
about it so that we can make it happen.
How's this been received UDI? I haven't had time really to
like check in on the laser eyes either.
But it's also been ETF week as well.
Like it's also like Bitcoin has had other things to kind of like
there's been a lot of other chatter around Bitcoin and stuff
like how's this part of of of what you keep doing?
You've been. I know some of the past stuff
has not been well received. So we've been, you know, we've
been teasing this all all week. We haven't said a word about
OPCAD until now. So we're going to see what
people say, we're going to see what people think after this
show, I think. But you know one of the
interesting things is I've seen a lot of interest from kind of
all sides in in Bitcoin that people are interested in
bringing one sort of Covenant Soft 4 core another and OPCAD I
think has a good chance of being that one.
So but you know in in the end of the day we're the only thing
we're trying to do here here is is raise awareness for this and
put this in front of people's eyes so that they can decide if
they want to support this or not.
Wow, that's that's interesting. I'm curious to see what happens
there and I guess what they're going to think.
If you're telling me they're just a lot of people are finding
out for the first time that bitcoin's about.
Yeah, so one of the cool things is how people found out, right?
So we've been teasing this throughout the week and the way
we've been teasing it, we've we've inscribed those cats a
while ago and we've been working on them for many months, but
we've inscribed them a little while ago.
But they're using a new technique that we created that's
called evolving Inscriptions. And what that means is the
inscriptions can change over time, and those cats have
changed. So we started them with the
teaser that just said Type of Wizards Presents.
Yesterday we revealed that their name is Quantum Cats, and today
we revealed the artwork for the entire collection.
But they're going to continue to evolve over time.
And what's really interesting about the way that it works,
this isn't us like, you know, releasing a new season of
quantum cats every once in a while we just redo the the art
we've already made. All of the art, all of the art
is on chain and it's just going to be reviewed.
It's currently encrypted. It's going to be revealed over
time. So we cannot, we don't have
control over it anymore, but also it's going to be revealed
progressively. So that's dynamic.
They're really interested to see how people respond to.
The other aspect of the story, maybe this is a bit weird.
Is that like, there's clearly another cat thing going on here
and I don't the this Luke guy? Like I thought this was just a
meme, but then I looked into it and he it is right that he
actually proposes that people should be eating cats, right?
Like this is the main criticism a.
Meme, right? This is I just.
I just thought like that was just like something that like
was a joke. And then I actually looked that
this was a true story. So like, what is going on here?
Look for the record. You brought it up.
I didn't bring this up. There is.
Bring it. Up every day for the last.
Three years there is. It's.
Totally nice, he brought it up. Yeah, yeah, yeah, totally.
Was your idea to bring this up. I I think, yeah, there is a
Bitcoin core developer. His name is Luke.
He's been very vocal against ordinals in general and against
cats specifically. For some reason, he thinks
people should eat cats. I I wish this was a joke.
It's not. That's what he said.
Like I I've been looking into it.
Look as soon as you could all dude.
There's Didn't he put it right? Thing right.
He thinks that we should be eating sustainable forms of meat
and and cats are a sustainable form of meat, no?
Yeah. Yeah, OK.
I don't. I don't know.
I don't know what's wrong with him.
I think for us. For us, we, we.
We think cats deserve better, and that's kind of what quantum
cats are about. We think they deserve more than
being on the plate of some Bitcoin Max.
Specify like which kind of cat like because Persian cats right?
Oh man. Did he like?
I just want to know. Very funny, I.
Got to run? Harsh.
Reality is that economic times are so bad in the United States
that many people are looking for alternative meat sources in
order to feed their families. The stigma of eating cats is
getting in the way of America's nutritional goals.
Send. Me, this is this something he
quoted. I don't even know.
I don't know what I'm really here but.
He's just. Googling about.
Yeah, there's a few articles been written written about this.
Well, this one, this show went quite sideways, so Udi let.
Me ask you? So you've got you've.
Yeah, I know, right? Everybody in the audience.
Like you know what is going on on this show, but listen.
You guys, you guys got this going on with the with the
quantum cats. So I guess the question
everybody's asking is when and how?
Yep, Yep. Well Quantum Cat is on the stage
in the tourist place right now. I strongly recommend following
it and probably turning on notifications.
The sale for Quantum Cats is going to happen this month, so
you know, people have been joking about separate Wizards
taking their time. This one will happen soon and
the details on that will be will be posted in the next few days.
So yeah, definitely follow that. Yeah, OK, that's that's super
cool. I love.
That and I guess like. Question for you for.
I mean this is open all questions open-ended like either
of you can can take these like in general like you know since
we last checked in last time you guys were on here was with the
core magazine Co founder and you you guys are going at it with OV
and Mando mostly Mando but you know you guys were saying some
wild shit about Ethereum. OK, but we're not going to get
there. Okay, we're not going to go into
ETH versus BTC. Conversation, but genuinely
curious for you to tell me, like since last.
Year was like a good day for actually so.
Because EBTC has reversed. And I think.
I think that Ethereum people deserve to have a good day every
once in a while, you know, a few months.
So I'm happy for you guys. Fuck off and so.
But honestly, like what? What?
What?
What's the? What's the?
What's the latest on in the on the Ordinal side, of course,
like our hype has really caught on even more now.
Of course it's only been about a not even a year.
It was last February that that that KC came on this show to
talk about or knows it was about a year.
It's in February that you guys, you know, broke like Bitcoin
with like inscribing like a four MB.
Like. Like JPEG on there and whatnot
or something like this, but what's the latest like, how are
you seeing like the Orino's ecosystem develop over the last
couple months? You know, I think maybe far will
have some opinions on that too. But I think that what we're
seeing is that it's kind of maturing in the sense that we I
I'm seeing a lot of new, really interesting art show up on
orinals. You know, we started with like a
lot of very tiny, small pixelated stuff, but I think
there's a lot of cool, really interesting art showing up.
So I'm really looking forward to that.
I love that. I mean, what do you think far?
I mean, maybe you could even speak to the art side because
we've seen the Golden Ratio do pretty well.
Do you think that this is something we're going to see
more of, especially as like Sol, the Bees, like these
institutions are starting to like, do like art sales around
Bitcoin ordinals? Yeah, I think a lot of the
artists, it's like everyone you know for one year we have been
kind of like it has been like the avant-garde kind of
situation of ordinals, Like there has been not not technical
limitations but not clear information on how to do things.
So this this is changing rapidly and more and more artists are
very interested and actually in fact in this sale like you can
see new artist like a legendary pieces by Claudia Hart and Kevin
McCoy. Jennifer, Kevin McCoy.
Those pieces of really, Kevin McCoy?
Has a piece in. There.
Yeah, yeah. And then Anna Maria Caballeros,
she put the poem. I think it's the first poem on
ordinals, actually, I think. I believe so.
I think it's you know everything is there's another I think that
yesterday about it like a artist should take this as a you know
don't rush it because you know you put things on chain as it's
going to be forever on chain. So and you know think about it
like in 20-30 years is going to be there.
It's also something that you're going to fix.
So I think more and more people are artists are being like
thinking about it and and exploring it.
And now that that there is an interesting, let's say,
community, you know this, this is an ecosystem, right, of
collectors that they want, they want art.
They want cool projects. There is demand.
Clearly everything is it seems like it's minting out.
We saw the other day when you're talking about Artos Golden
Ratio, he's, yeah, he's, I was talking to him this morning.
He's very grateful about what happened.
But you know Rick Cachet the other day also.
Yeah, that was the project. Many models are coming.
I mean for to my knowledge I have been talking to a lot of
artists in the last month or so. Many are working on it.
So I think it makes sense. I don't think this is a maybe a
medium to do like a a lot of collections and a lot of
editions, you know, it's more to special things.
Think about like a, you're going to preserve it and then maybe
someone will would buy or not because you know it's expensive
but it's all Unchained like you can think about that like you
want to put something on chain on Ethereum, fully Unchained it,
it will be more expensive, right.
So I think it's good. I think it's, it's shaping it
very well. I mean look a year ago we didn't
have anything you know ecosystem at all, right.
We like you know we're trying to see how inscribe anything there.
So it's pretty good. Yeah that's that's true.
It's been, it's been a wild year Udi like have you on on the on
the more core bit corner side like with everything you guys
have done like the development of things opcat now or more core
like bit corners. You're seeing like maybe flip
towards like maybe being more open minded towards like what
you guys are building or in general ordinals because like
there's genuine hype now like and like with art coming on
more. I think sometimes like art like
makes it more like I guess it's less crazy squiggly things and
10 KPFPS that has that 'cause they have the reputation cause
like Ethan Solana, right? But like what do you do you
think, do you are you seeing more like bit corners, like kind
of like get involved? Yeah, yeah, let's say I'm
definitely seeing a lot of people doing the direction from
kind of Bitcoin only people into ordinals.
I haven't seen anyone who started in ordinals and decided
to become a Bitcoin maxi through that.
So yeah, there's a lot of people who move from kind of being
Bitcoin maxes into the Ornolds camp.
A lot of them do it very privately.
So I have a lot of people who reach out to me in the end and
they're like, look, I can't talk about this publicly, but I've,
I've been loving this. But also there's been, you know,
there's been, we've seen some, yeah, you know, we've seen some
mining pools, obviously, we've seen Sailor talking about it.
We've seen a bunch of like more kind of well known Bitcoin maxes
Talk about how they think Ornolds might be a good thing.
And you know, we talked before about Luke.
There was this camp that you tried and led by Luke the cat
here that was trying to filter inscriptions out and ban them
essentially. And one of the big things that
happened last week is essentially their proposal was
denied. And it's not, you know, it's
not, it's clearly not going to happen.
And so I think a lot of people are coming to terms with the
fact that Arnolds are here to stay, even if they don't like
it. And it's OK if you don't like
it. You don't have to buy them.
You don't have to hold them, right?
Yeah, I love that. And then then more like from a
from a Bitcoin, you know the coin, you know in the ecosystem
perspective, would he curse your thoughts on on this week right.
You've probably been way too busy with what you have going on
but what do you what do you think here of course like ETFs
big week, you've known to be one of the most vocal people about
Bitcoin since how long you've been doing this.
How long have you been a Twitter influencer for?
Too long, man like I've been. Look, I've been holding Bitcoin
for, I think, more than a decade and I you man like.
As a decade, it's look it's. The ETF stuff is something that
we've been looking forward to forever.
Since when I started, people were already talking about how
the ETF is imminent in 2013 and the fact that it's finally
happening, I think it's look, it's it's it's symbolically,
it's really amazing. It's a great feeling and I think
that I think it will have a lot of influence on Bitcoin culture
too, because I think it will bring in a lot of, you know, a
lot of types of people couldn't really or wouldn't get Bitcoin
before and now they will. And I think that's going to
influence a lot of just how people think about Bitcoin.
So I'm really excited about that.
Yeah, no, this is really cool. Far what a what?
A what? What do you?
When does this Solibee's auction end?
You excited? Must be a cool moment.
For you, yeah, yeah, I I didn't have time to process it because
we have been working on there, putting this together.
So now it's just like a so it's 10 days I think, right?
The 22nd or. It's 10 days, yeah.
Yeah, it closes on the 22nd, yeah. 2:04 PM Eastern already 25
bids and 14,000 United States dollar top bid with an estimate
of 15 to 20. So you're already pretty much
with an estimates, which is which is super cool to see.
I'm personally excited to see what this goes for.
It's going to be it's. Going to be wild.
We're we're gonna have a cool week with several Twitter spaces
and you know, I think it's gonna be cool.
We have a good programming that we did with Michael, so it's
gonna be nice, Michael. Michael's good, Michael's good
at his. Stuff, you know.
Michael Very well. He's a he's a good friend of all
of us, is Michael. 'S good.
He was asking me like, OK, which pieces He already knew everyone
in the space. I was like a he already like
he's he's watching that. Yeah.
He already he he got into. He's an OG in ordinance already.
Yeah, Michael, Michael like you know Michael Michael like you
know had to go through a lot in the ETH ecosystem from the
Solter Beach side. You know he he heard and and
then he ended up cooking hard like obviously notably the
goose. The goose right $6 million like
he really pushed that three AC cell that was extremely
successful last year on on the east side.
So I I like seeing that he's now running.
You know sales for, for, for ordinals here and seems like,
you know, he's definitely got his finger on the pulse.
I mean, Udi, last question for you as we come on time here
like. What can he leave us with?
What's what's next here? Maybe even if you already said
some stuff. Maybe you want to remind people
of dates. What not?
You know what? What should people pay attention
to here? Yeah.
So look, the the journey of quantum cats really just begins
today. They're going to evolve and and
and change over time, which is something we're really excited
about. I would say you look the Quantum
Cats account is on stage right now.
You can go click it and follow. We're going to have more news
about how we're going to do the mint later this month.
So I'm really excited about this.
I I I'm really hopeful that this can help kind of push forward
this idea of, you know, Opcat and making Bitcoin more magical.
OK, well hopefully that that works out and you guys make
Bitcoin magical again far. Any last words?
No, not much. Like I just as I said before,
take your time, enjoy the cats and check, check the pieces in
the action. You know I haven't mentioned all
of the artists like, but it's looks and newlys and so it's
cool. Let's check it out and let's say
happy to be here. Love that.
Udi. Far.
Thank you for coming. Y'all that was fun.
Congratulations. Congrats on everything you guys
got going on and excited to see you next year.
You guys going to be in the NFT, Paris by any chance or another
conference? Where are we seeing you next?
Do they allow cats into the conference?
I think cats are allowed everywhere.
I might be in Paris, I think. Perfect.
I see. Yeah.
Perfect. Love that.
Thank you all. Thank you for coming.
Udi. Thank you far.
Appreciate. Y'all.
See ya. Thank you.
All right, Mando, I know you gotta run.
And on the dot, I'm sure we all got a lot of work.
So, Mando, I will see you in person on Monday.
I think the show's still gonna run, but pay attention to a four
more hour page. Y'all for for updates on what's
gonna happen. With the show, I'll be with
Mando. And and Spice in Switzerland.
Can't wait for that. And with that, with that, with
that have a great week and y'all remember.
To touch some grass, have fun, relax and chill a little bit.
Crypto's gonna be fine. Peace out.
Y'all.