Oh yo-yo, what up, what up? Good morning, Good morning, GMG.
Thursday, July 11th, 20. 20. For that another beautiful day
to have a beautiful day. I got my Co host in the house
Kyler Mando. How you guys doing today?
I'm doing great, man. How are you?
I'm. Doing good, doing good.
The weather's shit. I'm doing good.
How you doing? Weather's not great, but it's
green morning, so wearing green. It's a soft green morning.
Got some good inflation news perhaps, so we'll see how things
respond. You know what we we, we, you
know, in the midst of was it where it's so over, I found that
we are so back. What does that mean?
She's looking good, She's looking good.
You left this aside from Germany as soon as we had like 60 K
decided to just dump their Bitcoin again.
It's so funny, hilarious. I'm actually wondering how the
war room is over there right now.
That's like in charge of do you guys think it's like like what
do you guys think? Do you think it's like 7 people
in a room like figuring it out like tea whopping and shit like
oh, that's a Coinbase and 17 other and there's like one
person in charge of that. Like what do you guys think?
You think it's like it's official, right?
It's like official German funds. What do we think?
I'm so curious about that. Yeah, I, I think it's just like
one person who's just clicking the sell button is it they've
been, they've been ordered to sell this amount at a certain.
Time. Yeah, right.
Trying to. Find ways to.
You will sell it all. You will sell it all, but not in
one clip. You're going to send it to, say,
12 exchanges and take your time. Yeah.
And then they were. He saw CPI this where he was
like, hurry up, hurry up. The Americans got good inflation
numbers. Hey, you must sell it.
Fucking screaming at the guy, you know, like, Oh my God.
Anyways, today on the show today, today market report will
talk. CPI is not good stuff.
Good numbers. Listen, we're looking good.
We're looking good one things, which is we're not looking bad,
OK, And you'd love to see that with nice bounce across the
board and across our coins, including the memes and some
alts. I believe you have and then
Tyler's top 100 as usual. I'm sure there's a lot of stuff
to talk about today because man it's actually a lot it's just
news on news on news, a lot of stuff going on so love to see
that in the industry and then last but not least, we're
actually going to pick two people.
So I know it's Thursday, tomorrow's a loot boxes with
Robit, but we're just going to give $20 away.
So $100 each. Two people picking from the
spaces to make sure you're in there, make sure you're
retweeting, make sure you follow FOMA or make sure you follow all
of us, you know, and as usual. And then we'll just pick two
people. We won't have to come on stage
or whatever, but let's two pick two up people give you $100 each
if you have a real bit account. So make sure you also have that
sorted. And and yeah, oh, look at that 9
minutes ago. SCC drops investigation to Paxos
decides buds not a security anyways, So it's a good
headlines all across the board, even as I'm talking to you also.
Anyways, anyways, why would we get right into it as we got some
CPI numbers and whatnot. Mando, tell me what's going on.
Who is the man? Michael, Daddy of the land?
Can you dig it? Yeah, GM, everyone.
So the main thing today on macro was that CPI came out, which is
the inflation figure that everyone looks at each each
month basically. And that came in slightly softer
than expected inflation looking like it's coming down quicker
than people thought it was. This kind of puts the Fed in the
position that they probably have to cut rates twice this year.
Jerome Powell was kind of same the same thing yesterday.
There is now a 25% chance that they cut rates three times this
year now. So definitely, definitely
increasing as the day's gone on there.
Stocks had been rallying into this figure.
Looks like they are kind of mixed after the figure now.
NASDAQ is slightly lower, S&P is slightly higher, but they're all
hanging out at all time highs obviously.
I think it was 12 straight record highs for the NASDAQ.
So it'd been a very, very strong, strong tape going into
this exact figure. I think we're we're seeing this
kind of around the world that inflation's coming down quicker
than expected in most places, UK, Europe, US, China all having
all, all seeing a slowing inflation or even deflation in
China. So this should be supportive for
crypto, you know, more money printing, more accommodative
monetary policy generally that means Bitcoin higher, everything
higher. What we saw is that crypto
ripped and then the Germans decided that they wanted to sell
some more. They're now down to their last
500 million, it looks like. But it looks like they're going
to try and get out of this, the majority of it this week.
You know, it feels like every single day they're selling 300
to a billion worth. So they could easily get out of
all of it today and tomorrow. So we're, yeah, we're
approaching the kind of the end, the final stages of that.
We've rallied a little bit. Ether's been slightly
outperforming. Obviously we've got the ETF
coming next week. So that's going to be a near
term catalyst there. People are getting a little bit
more bullish I think into that Solana and Bitcoin slightly
underperforming and most, most alts continuing to outperform
meme coins except MOG kind of went closer to an all time high
again. And things like Popcat again is
the, is one of the major memes on, on Solana.
But yeah, that's that's kind of where we're at in terms of macro
and crypto. Yeah.
So what does these numbers mean? Mando CPI numbers and all that
stuff like and like NBA terms. Just means that the feds going
to cut rates a bit. More.
Got it. And we want rate cuts from what
I'm reading on timeline, right? Yeah.
I mean, everyone wants rate cuts in general.
That would generally mean that risk assets will go higher, or
at least there's more, there's more pumping of liquidity into
the market. What does Why are rate cuts good
for the market? It's a good.
Question. It's a good question because to
be honest, I don't think many people thought we'd be hitting
all time highs with rates of 5 1/2 percent.
I don't think rate cuts in of themselves are the are the most
important think here. It's more money supply and money
printing. I think rate cuts sometimes are
delayed for that. So we've started to see an
increase in money supply again and money printing.
That's the real thing to be looking at.
Rates themselves, I think, are perhaps not the biggest driver
of the market. It just seems like it's the it's
what everybody talks about at all times.
And like, I think 99% of us don't really understand the
politics behind it or the economics behind it.
You know what I mean? It's like, I'm not a stupid guy.
That was the difference from my Solana, whether rates are cut or
not. You know what I mean?
Well, let's put it this way. If you're if rates are lower,
you're able to, for example, buy a house easier.
People, it's less costly to do a bunch of different things,
particularly in credit. So if you're going to buy
anything on credit or with some form of a loan, it's a much
easier. So generally that's seen as if
they go lower, people have more money, you know, like if, right
now, if you, your mortgage payments might be really high
and if rates go lower, your mortgage payments go down a lot.
So that's, that's, that's the main feed through into the
economy. But like I said, I, I personally
think the, the main driver of Mac of macro and crypto is more
money printing rather than the rates themselves.
And that, that you can have a slightly different trajectory
like money, global money printing has actually gone up
even in the period of time where rates have increased.
And that's no, if most people would have said, you know, if
rates at 5 1/2 percent, you wouldn't have expected an all
time high in in in gold, in Bitcoin, in stocks like that,
that wouldn't have really happened.
Yeah. Also like I mean typically,
right, another factor at play is when, when rates are high like
they're at 5%, you can get 5% in the savings account.
So there there's less reason to to invest in risk assets where
you've got downside as the rate rates are cut.
You you get less and then you have more incentives to to
venture out makes that's how I think about it.
OK, that makes sense that that's, that's, that's good.
I just wanted to ask because like, it's like everyone loves
to talk about red cards, red cards, but it's like, I don't
think most people really understand.
And I, I sometimes I wonder why does it affect our market so
much? Or if it does, like I remember
last time Powell spoke and he was like, I'm not cutting rates
and the market dumped. I was like, OK, but now it's
like we're talking about 3 red cards, but the market's not
pumping crazy. It's pumping, but it's it's not
crazy. It's like Salon is right back
down to 141, Ethis 3165 at session 32 and bitcoins back
down to 53 after nearing 60K. But obviously I was a lot of
self pressure on the German government side that like
immediately move like 3000 Bitcoin.
Second, we got the CPI inflation number.
I thought that was funny. Tyler, you pointed that out, but
I have the Arkham Intel now, like on the tab open at all
times. And I'd love like checking every
few hours, like refreshing to see like what they're down to.
And it says 580 million, 580 million right now.
So the last outsole of Bitcoin, though was 5000 Bitcoin 55
minutes ago. Imagine the guy doing all the
transactions, guys or girl, mind you.
But it must be so stressed like you're like the person like in
charge of what it was $2 billion book.
Was it 2-3 billion originally? It's 50,000 Bitcoin, so that's
over over 3 billion I think. Yeah, 50K Bitcoin, let's say it
was 57 K average, that's kind of shopping there.
Yeah, 2280, I think it's around 3 million.
And so you're the person in charge of like every time moving
the Bitcoin. Oh, wait, like we just got $100
million refund because our sellers didn't fucking.
They'll let me take it out of the exchange.
Oh, but wait, they went to this exchange.
It would really be a bummer in front of the exchange exchanges
they sell on. It goes down while they're
selling. Imagine like the government
Germany was trying to sell Bitcoin during the FTX and FTX
goes under. Oh my God.
Anyway, so that that that continues, but we're almost
there. How are we on Mount Cox?
Like what's the latest on on that front?
Because that's the other big salivant.
Is there any updates? There was not not that much if
I'm honest. They they obviously are expected
to make those sort of distributions this month already
starts to they'd already made some to some local creditors in
Japan, it looks like OK, but yes, some.
People there saw that. But but they're still waiting
for majority of the retail return.
It's the same for FTX right? I I believe some people have
started getting paid out. In FTX.
Yeah, I'm not. Loomedart tweeted about it.
I saw something from Loomedart. I wouldn't have expected people
to get paid out from FTX yet unless they were they got a
their claims bought by somebody. Yeah, maybe it was maybe because
I remember last week that I found the tweet last, you know,
June 29th, he said. Be retrospect a few days got a
material fuck load of money back from FTX to a claim sale.
Yeah. Right.
Yeah, So he sold. Claims for selling for like
what, 1 1/2 X or something? Well, you're going to get
roughly 120 to 130% recovery, so and a lot of people sold them at
a discount. So they sold them at like 80%
discount or even if you sold them at 100% right, like you're,
you're actually losing money because you got you're getting
back 120% of your money. And you're getting it at the
price of crypto when it went down.
So it's not like you're getting much, but you're still getting.
Well, you're getting, yeah, you're getting dollars.
You're not getting this is the the main difference between this
and Mount Cox, man, Cox people are getting back Bitcoin and
people are scared. I see.
Whereas FTX you're getting back dollars and people are expecting
them to buy crypto with it. Yeah, OK, that's that's good to
know. OK, so we'll see that I I just
like I see, but I even the Mount Gox thing like I know people get
the money back, but I thought we'd see like all these on locks
as like kind of like bullish events with more people like
having crypto in their hands or like USD to buy crypto in a
market like this. I don't know, that's how I
always saw it, but. Well, Mount Cox they will, to be
clear, they'll, they'll have Bitcoin back in their words,
they will sell. So that would normally be
considered a bad thing. But the FTX thing I think is
arguably is much more and has in my opinion a higher chance of
people buying crypto with those funds.
So. Yeah, Yeah.
No, that, that makes a lot of sense.
All right. Well, look, market wise, we're
at 50. What are we?
Hold on. Let me let me let me refresh
here because looks like we're a little lower fit.
Oh, we retraced this morning's pump.
So we're we're about we're about 59578 on on Bitcoin, 3150 on
ETH. So as we're back to 140 and and
the usual performers have really been been the memes.
So if I look on the on the top gainers and losers, it's really
you know about that. Do we have any other like
numbers coming in soon Mando? Like is there the biggest FOMC
of the year on the way or anything else?
Are we like clear of these for now?
Tomorrow we have PPI, which is would you surprise inflation And
then I think we're we're in for a break.
Actually, I don't know if there's an FMC this month.
FMC. Oh, no, I think it's, it's not
this month, it's just at the end of August, right?
It's always like a month that it's, it's off in the summer,
right? Now there is an FOMC.
There's one more, there's one more at the end of July and then
then they're off. Oh, yeah, That's what it is.
It's often in August. So it's July 3030 first and then
September's and the next one. All right, well, that's that.
And top performers, I mean, here you go, you have it here.
So it seems like some altcoins actually were some of the top
gainers over the last 24 hours on that front and that and the
market seems pretty good. So anyways, we'll see where that
takes us. Just a reminder, we're going to
give 100 bucks to two different people, so 200 bucks total.
So if you retweet the spaces and you're in here at the end of the
show, we'll pick two people and then we'll we'll just get get
this up and Roland Tyler. Real quick before we get into it
for while we're talking this, I was just looking at the numbers.
I didn't realize the scale this like FTX is returning $15
billion in cash. Hey.
Yeah. In cash they.
Keep Air drops 7 billion. Yeah.
And the German government's out and they've got five.
So like we're talking about like 3 billion in cell overhang
potential pressure here versus $15 billion in cash coming,
which is potential buy pressure. If we see Mt Gox a cell
overhang, why are we seeing FTX buy overhang?
I think people are, I think I think people have been more
looking to this being one of the main reasons we'll see on Q4.
Now I don't know if that that date that people are getting
money back in Q4 is like set in stone.
Obviously with these things like Mount Cox, people have been
hoping to get their money back for years.
Forever, Yeah. So I think it's Q4, but like
there's maybe a dose of who the fuck knows there.
So maybe that's why we're not like massively rounding on the
back of it. OK, well, makes sense.
Also like I think people are just actually waiting for it to
happen, right? It's like it's like you got to
wait and see what even happens. But anyways Tyler NFT and crypto
analysis Tyler D on FOMO our cause the kid.
Can top story U.S. presidential candidate Donald Trump confirmed
to speak at Bitcoin Nashville coming July 25th to 27th.
So that just elevated that conference.
We saw some movement in the political meme coins off the
back of that as well as some Biden news.
We talked about the German government.
They moved another 5000 plus Bitcoin this morning.
Their reserves are now down to 20% of where they were at.
Solana Finance live in testnet. It has processed its first few
blocks. Still a long road ahead, but a
promising sign. Another Solana news, $250
million in USDC was minted on Solana yesterday.
That comes after 250 million minted on Tuesday.
So two day total $500 million in stables minted on Solana there
that's that was a 25% bump in the total UST CS supply.
So it's a pretty relatively large they're moving into 2.35
billion. We saw that CFTC chair say that
Bitcoin and ETH are commodities after in Illinois court ruling
went down yesterday. So shout out to my home state
Compound labs has website exploited early this morning
with very few very few details he had known.
So so be careful out there interacting with them.
Animocha's Mocha token Mocha versus Mocha token rather that
claim went live. It opened the 800 million FTV
fairly high open there for an NFT related token.
NFTS on the date chopping doodles clear top move up 40%.
Now on the week back over to ETH.
The blast token, also on the move, up 15% ever since
Baroque's claim to a dollar to to a 1.78 billion FDV, now up a
solid 25 to 30% I. Did not sell.
I did not sell. Good for you.
And then and and memes and celebrities.
Iggy Azalea announced another partner, DWF Labs strategic
partner for mother. Surprising.
Mother rallying on the news it's up 30% and then little pump our
our new friend he's now rocking one of those retardio cousins as
his PFP so he's being. Very deep, right?
It looks like it's got his fucking tattoo on the head.
Is it custom? It looks scarily like, actually,
yeah. Retarded that that's a great
collection of salon. Actually I don't have any, but I
think it's great. Tyler there's a few things to go
over here, including Donnie T going on live on there before
that another topics. I have done all my claims.
I mean all three of them. I, I, I figured Mando would love
to hear that and would be proud. ZROZK and blast.
Guess what Zero and Ziki were higher than when people claimed.
So you know, that was 0 has been actually Zero has been cooking.
That one came back pretty good. Totally sold them both, but held
the blast Tyler, because I saw this yesterday.
I was like, it was around here like last, what was it July?
It was here. Sorry yesterday I was like, oh,
this looks bottomed out. I'm not going to sell it here.
So we're going to hold the blast AirDrop sell around $0.25
hopefully. So that's the goal.
That's the goal. You know, I mean, it went low,
low last week. I mean, I, I mean, I didn't see
the market cap at low, but it must have been close to like
$200 million. And it just, again,
comparatively, it just feels so low.
Did it? Yeah, let's look at the market
cap right now, I think. It's only like it's a 1/7.
Market cap's 300 million. So it was.
It's seven, right? Yeah.
FTV is still 1.8 billion. 17 right now, exactly right there.
So $0.17, so hey market. Gaps still a factor in this,
right? Like to a degree, like I don't
feel like it has to be somewhat. I'm not selling it until the,
the, the, the AirDrop is, is five figures and we're at $8400
right now. So that's the rule.
That's the rule. There's a few factors at play
here with this. So they just passed the
proposal. So you're going to get 2X points
for a holding blast. So that's a bullish incentive to
hold. And then it seems like that the
whales like they've got a long road ahead to unlock their
tokens. So like it's not just a, a six
month vest with no requirements, like you have to hold 70 to 80%
of your of your original balance to vest those tokens.
So they're going to have to continue to hold assets on blast
to even get those. And some just just may not do
that. So like we may not see as many
tokens. So that's a factor at play as
well. The whole blast board it, it is
green. So finally some movement in the
meme coins over there. Andy up at 5%, pack up 5%.
So it's a slow grind back up, but nice to see some movement.
Yeah, yeah, left. What's Pacman at right now?
That was the 15,000,000. 15. Million, yeah, it's got a long
way to go, but when you have good founders that actually
care, like, I wouldn't be surprised if one day you get on
the show and like, oh, it's back up to like where it was and it's
like, Oh well. It's an interesting one, right?
Like I don't see any Packman content in my timeline anymore.
I I have to say. That much less, yeah.
The whole farming meta that from Portal to today is the landscape
has changed a lot, yeah. Happy people, Tired.
I do this, I do this daily, you know, like newsletter and, and
for the left curve corner bit of it, it it's gotten really sparse
recently. Like.
As in like the left curve stuff like the 10X plays.
I used to be blast content or maybe different memes and now it
feels like none. I just don't know where you go
to to make that 10X like and it's just not really there.
Like it's still Solana. Meme coins I would say are the
most obvious and consistent play, but that's really it, you
know, like there was a little bit of a bounce in NFTS, but it
still feels like a a long process there.
The farming stuff I think people have generally had to know had
had enough of like farming air drops, right?
Like it doesn't feel like people are really farming them like
they were in Q1 or even Q2. So now it's like if you're
trying to make a 10X, are you really just, is it just Solana
memes or is there anything else you guys have seen?
I don't know, I. Mean I think.
It's my French is but I don't have time for that sadly.
I agree with you. Sorry for go ahead.
No, go ahead. Glad I was feeling like I don't
know where either. I agree with you since man, I
feel like it's as hard as ever to like get those quick 10X's,
which which is probably a good thing.
I mean, it means it's like we're somewhat of a reset in in this
market just because that was just leading to to so much mania
on a day in day out basis. I I would agree is pumped off
fun is your only shot to do that.
But it it feels more than ever just total darts.
And like, unless you're in like the cabal's or the groups who
are really pumping these things, it feels so hard to actually
catch one that is a winner. And then I mean, they are
happening to a degree like this Rocky token.
It's at 3530 million. So it was a 10X.
So they're, they're still happening somewhat a few sectors
potential, I mean, Poly 5 maybe like if we really think we're
going to see something happen in, in the political markets
here in the next couple weeks that there could be some tokens
that move 10X. There's still some pretty low
market caps out there for some of the nominee tokens.
And then maybe ETH, maybe lower ETH memes headed into potential
ETF week, if honest. Question if you're if you're
talking 10X, honest question is if we see mania from last cycle
doors 1 to 80 bill, does Pepe pull a 10X to 40 bill?
Maybe it does. It doesn't feel like we're on
the cusp of mania though, does it?
I don't. Know it doesn't feel like we're
on the cusp of it, but I'm saying you're saying like, where
do you look for the next 10X? Also, what time frame?
Right over a year, two years, two months, two hours.
Like say, people? People need a new long term
Ponzi. That's basically what I'm
saying. We need a.
Home. We need a Wonderland.
When you look, yeah, when I'm looking at the on my newsletter,
I'm just, it's just not much going on.
Like I think that was one of the arguments around Blast is, you
know, if Blast fails, what do we all do next?
And Blast hasn't exactly worked that well and there is nothing
to do next. I don't think people, that means
people necessarily go back to Blast.
But it does feel as though there's a lot of people with a
lot of time on their hands working like wondering what the
hell they should do to try and make money apart from being on
CT every single day. Yeah.
And spot on. I've seen Hyper Liquid and Monad
as basically and Bear Chain are like the three, but like Bear
Chain a like, I've got a lot of thoughts.
The folks who were farming Bear Chain were doing it 6 to 12
months ago and like they're already so far ahead of you that
like it. It feels so hard to enter that
game now. Monad I, I still don't know what
it is or how to farm it. And Hyper Liquid is just you get
points for trading tokens on there.
Yeah. Yeah, So, yeah, I don't know.
I mean, I look at this, I mean you were talking about the
qualified stuff. I mean, I don't have any of
this, never did actually, but this looks good to me.
Like the guy speaking, we can segue into that right guy
Speaking of Bitcoin comp, which by the way, they didn't even
move the market, but point being he's speaking there regardless.
Shout out to David Bailey and and Bitcoin Magazine.
They were on last year with UDI was funny, but we have this like
this stuff doesn't look bad to me.
Like, I don't know, what do you guys think?
Maybe that stuff it does. I would say that honestly, I
think a lot of people like the one thing that continues to see
massive volumes other than salon and meme coins is prediction
markets, which means we've essentially gone from, you know,
gambling on tokens to just straight up gambling, but using
using our tokens to gamble, which I think is pretty funny.
Like that's that's the only other thing I think people are
looking at being like that. I can make A5 accent which is
essentially just being at the casino.
Look at that England. Not bad.
Not a bad return. Not a bad return here.
Is it coming home? Maybe we played.
That was our best game. Dude, I have to give it to
y'all. That was beautiful.
That was that was England playing finally, finally.
Like it's just like France had the same fucking shit.
Pragmatic defensive bullshit didn't work out.
England yesterday showed up to score goals.
That was nice to watch. I watched the whole thing.
That was fun. That was that was a good one.
I I kind of have to root for England now because of you guys
and like half of my team is like from England.
Like the team chat is like a bunch of fucking like hooligans
like you didn't. Realize until yesterday.
Did you realize like Charlie Tabs Sims forget like even Nick
is for England like that we like 6 Ben even Evis cheering like
yeah, like 7-8 Rodrigo team members, core team members all
rooting for England team Chad Mando.
I'm like dude, I'm like I already can't stand the English
team and now I have to stand my own team being for them.
It's like dude, God damn. Anyways, I want to.
Be clear that Spain is the right bet to make headed into this
final, but I'll be you. See.
Stop it, stop it, stop it. Stop yesterday we had town hall
that started right during the match and I let the entire
Rugrater team off the hook because we wanted to just talk
locks and I and I, I could see the relief in the half of the
team's eyes saying like fuck yeah, thank you, thank you for
hook. But they were all, they all
showed up though. But Sims was in the studio.
Sims stuck to the studio. So I I got to respect that.
But that was that was nice. That second goal was that was
wild. That was some, some wild scenes.
Let's see what happens on Sunday.
You know what was fun last night?
Copa America Columbia Eurograde was crazy like.
Her was wild. Dude, the Latin Americans don't
give a shit. Like go like punch each other in
the throat and like keep going like Oh my God, next level
football. But anyways, anyways, that what
I want to segue to with the Poly fight conversation is Trump
Tyler. So Donnie T the rumors are real
speaking at big conference. Tell me more about that.
Yeah, he he's going to Nashville.
We, we don't have that much of the actual details yet, but he's
going to be a speaker. I think it just totally elevates
the conference up a level from from where it was.
And I saw like folks like UDI commenting on this, like there
is a presidential candidate here who is in the lead, who has an
Ordinals collection and is speaking at a Bitcoin conference
that this is the stuff that they like dreamed about and joked
about like 5 to 10 years ago. And it's, it's actually
happening, which is pretty wild if you kind of step back and,
and think about it like that. It is wild.
I mean, he, he is right. You need to, he says.
Rudy says you need to slap yourself sometimes to stop your
mind from going numb. U.S.
President to speak at Bitcoin conference also has an Ordinals
collection. I'm pretty sure he has more than
one. Multiple ETH collections for
sure. Ten years ago we used to joke
about this happening in the future, but it was a joke.
Slap yourself. But still the flip side of that.
So now let's do the other side. I'm curious to what you think
Iceberg and a few other, you know, OGCT members were saying.
G said something positive. BTC in 2019 went up 16% in an
hour. Now presidential candidate
speaking at Bitcoin conference can't even move the price by
half a point. Yeah, I've got a response to
that. What the the move's been
telegraphed for what? I mean, Trump has been bull in
Bitcoin for a while. Like there's rumors that he's
thinking about using Bitcoin as a strategic asset for the US.
We just had the GOP policy come out what, 2-3 days ago with a
pro crypto stance. So I feel like perhaps the, the
ZAI comments in 2019 and I don't remember those I wasn't around.
I feel like those are probably a larger surprise.
Like this isn't with like where we were at in this cycle in July
2024. Like Trump speaking at this
Bitcoin conference is not a surprise to me.
Like it. It felt like a 5050 outcome,
really. So I guess to me, that's why I'm
not like, super worried it didn't move markets.
But yeah, here's what you guys think.
Yeah. And what do you think, Mendo?
I don't. I didn't really expect it to
move market that much. But what do you think, Mendo?
This feels like an incremental piece of news, which is
basically what Tyler is saying. Like this is on the back of just
like tons and tons of pro Bitcoin stuff from from Trump.
So I don't think this is as big a deal as Qi saying that he
would he would do that. I think it's a super bullish
though. Like it's very tough to imagine
a bear market in this current setup.
Like if Trump comes to office, we've probably got a salon ETF
coming and we've probably got even more strengthening of
Bitcoin as a as an accepted and perhaps even promoted asset.
So I think that's going to be very bullish.
I I think so as well. I agree with the both of you.
Also, like market dynamics are different in 2019.
I mean, I don't know what volumes look like then, but are
we still comparing Bitcoin five years ago to Bitcoin today?
I got, I just feel like it's not the best comparison to make.
Not that he's wrong per SE. It's not like yeah, maybe we
could have moved a little more, but it's tons of self pressure
out there too. So I don't know, it's, it's I
heard Hunter Biden speaking in Salon of Comfort.
Oh. Gosh, Susan.
Biden speaking at at at at at at break point.
He'll have a tough time having fun in Singapore, though.
Hey, if you're a Bitcoin team, like get your events out there.
Like let's let's. So you going Tyler, you going?
You going in my? Flight last night.
I will be there at least Thursday to Saturday.
OK, you'll be there, man. Are you going to go see Donnie
T? Yeah, why not fly over?
Nah, no chance. Dude, I actually that's just the
city. I've always wanted to go to it.
It's a fun place. You may you may even run to the
Hawk 2 girl. So I will be decked in Hawk 2A
gear head to toe. It is the the Vegas of the
Midwest. It is kind of hard.
I heard it's fucking awesome. I heard it awesome from the
music perspective, the liveliness, like I've only heard
amazing thing. You know who else in Nashville?
Jack Butcher. Another reason to go.
No, but he is actually, I think he's doing a thing.
I think a lot of people are going to go there.
I mean, I'm excited to see the videos of Tyler decked out and
hucked to a merch interviewing Donald Trump.
You know, that'll be that would be a lot of fun.
You bet your ass I'm already trying to make something happen,
but we'll see. But but you know, I think I
think it's a really big news that he's speaking there.
I think it's really cool to see it no matter the thoughts on it
like the the someone who could potentially be the next
presidential candidate, sorry, a presidential candidate, but next
president again, speaking at the Bitcoin conference.
I think it's significant enough news and a big signal for for
cryptocurrency as a whole. But it only makes sense, right?
And you guys are right. It was probably pricing because
the GOP thing came out. We talked about it two days ago
where it was really part of their mission, right to make the
right to like self custody and etcetera.
So it's in there. It's like part of the campaign.
So it only makes sense that they go to the biggest conference
relative to Bitcoin in the world, which is Bitcoin, like
BTC Nashville, right, which is BTC, but I mean, but so it only
makes sense. OK.
So that's that's. Before we put it the other
political news yesterday, it's like more celebs, more
politicians are turning on Biden.
So Pelosi gave some basically soft doubt, like not really
backing Biden in some some off the cuff.
What's her Poly market account? What is Nancy Pelosi's Poly
Market? Also raising the bill to to ban
sitting politicians from trading stocks.
So she wants to watch out for her to exit her portfolio.
The Pelosi trackers out there. I think the Pelosi tracker
portfolio was up massive. I think so, Pelosi.
But what is so Pelosi and Clooney, right?
George Clooney. Clooney.
Clooney's like. One of the biggest donors what?
What's the latest there? He hosted the fundraiser I
believe, or he was at least in attendance, the one where where
Biden and all the clips went viral with him freezing on
stage. And now he's coming out a few
weeks later and saying, yes, like the the Biden we saw at the
debate in those clips, that is the real Biden.
It's not like fake clips or just bad cuts of them like that.
That is his current state. It's interesting like, like why
didn't Clooney say that three weeks ago when this came out?
It's like that's part of like the tenfold hat theory.
Like everyone, all the Dems are now rallying against them, but
it is impacting the market. So Kamala is shot up in the the
Democratic nominee race now on Polymarket, I guess in the odds.
So she's back over I think like 40%.
What are roller coaster emotions?
I did you guys see the Shkreli GCR stuff yesterday?
Yeah, I did, yeah. So out of all that, there's
something I think nobody picked up on.
So I've paused that like the video multiple times to see what
GCR was telling Skelly. Did you guys see the last bit of
it? No.
Can you speak? Up on this.
So if you go to the video he posted, right, the very end GCR
goes, you know who that the actual Democrat is?
That could be Trump, Roy Cooper. He's never know who that is,
but. Then I went on Polymarket and I
realized that he's like the third in line on the Democratic.
Yeah, because I was like, well the is that going to move the
polymarkets? Because, you know, GCR has the
power to probably move polymarkets, right?
That went on the. Issue is about getting in
someone someone who's like respected politics.
He's no he whoa, OK, He jumped. He was less than.
Dude. This guy was on like a couple
points and then that thing came out and people start picking up
on the GCR. Look at this.
It's at 60. Percent VP though, right?
Yeah. This is VP odds, not not.
OK, Well, it's the only odds where he's on.
I mean, I don't see anything else, you know what I mean?
Yeah. So I think the issue about this
is if they're going to get rid of Biden, it's about the funds,
right? The funds have to then go to
Kamala. And if not, then it's going to
have to be like a billionaire who comes in and self funds.
So they've been talking about people like Jamie Dimon,
Bloomberg, these sort of like billionaires who've made runs or
like, talked about running before having to come in and
like self fund the whole of their, the whole of their
campaign. So that, that's kind of the, the
move. I I think it's difficult to
replace Biden with another politician that's not Kamala.
Yeah. Yeah, I mean, you know what can
be unburdened, but what has been, in fact.
Anyways, Tyler, you love that one now, don't you, It?
Is it's quite catchy. Once you see it, you cannot see
it. Yeah, yeah, a lot of that one,
don't you? I was showing my mom the other
day. She was laughing.
We were, we were talking about this.
I was showing the video and it's funny because in France,
Bardella, which was a far right guy, I mean, that was supposed
to win and they got rugged on the last second on the other
day. He has his own thing that he
repeats every time as well. So there was the same video
circulating in France of him with the same thing, but for him
is I'm hungry. So the guy's always hungry.
So everywhere he goes, he goes, oh, wow, in France, fun, fun,
fun, fun, fun, whatever. There is food here.
Oh, she fun and everywhere. And there's like a multiple
videos. I'm just saying, oh, I'm so
hungry. Oh, I'm so hungry.
Oh, I'm so hungry or like everywhere.
That was hilarious. ANYWAYS, in other news, Tyler,
there was something else I wanted to pick up on from the
things that you were sharing. There's Trump this blast.
We had the mocha token we had fired answer.
Opening big, but we'll see what that happens.
Just an AirDrop, right? I thought the NF CS kind of
dumped yesterday ahead of that, but that's normal, normal
behavior open at 800 mil. We'll see where that goes.
There was I thought one thing to shout out the certificate I mean
you posted. So I mean it's go speak on that.
I thought it was really cool certificate of ownership of
shares on on the rec brands side Mendo, I saw OV which with a
bunch from yesterday. So that was really cool.
So if you participated in that, I guess check your wallets,
right, You got a you got a cool certificate of ownership in the
rec brands. But there's something that you
mentioned forgot. If it was, was it the?
Commodities. Was it commodities?
Where's commodity? Oh yeah, the commodity stuff,
yeah. So wasn't that like I, I posted
the video yesterday and a lot of people seem to say like, oh,
it's happened multiple times but like.
Yeah, it's starting. There's new news necessarily
because he's mentioned that Ethan Bickerman are both
commodities and that's 70 to 80% in the market roughly.
I think what was like Ethan is like 17% market dominance or 18%
in bitcoins, 55%. So it's about that.
I don't know what how did you get what's, what's your read on
that, Tyler? The news was this ruling in this
Illinois court case where the judge ruled that Bitcoin and
Ethan, I think other tokens are, are commodities.
And then the CFTC chair just basically said that that
happened. I think in in this in this
speech he was giving. So agree with me.
And I'm not necessarily like wholesale news and not
surprising that the the head of the commodities Commission, you
know, wants to take ownership of these assets.
I think we've just kind of seen this coming.
The other part of this is that it's not even I was reading like
the the decrypt article actually had a good write up on this.
It it's not this ruling in Illinois isn't even binding in
the state of Illinois, let alone the rest of the country.
So like this is not like submitted, it's decrypt.
Funding right now, I think. They're they're giving an
objective level headed take I guess.
That's OK, fine. Bullish, bullish decrypt doing
that, then bullish decrypt doing that.
This is article, right? CFCC chairman says Bitcoin and
three of our commodities is closed.
We affirmed it, but it's not, you know, binding.
So that that's actually what it is, right?
A recent federal court decision reaffirmed the status on top of
the top two cryptocurrencies, but it's not a binding
precedent. Andre, we'll have to talk about
this after I'm just kidding. But no, you're right, it's good.
But look, narratives, I'm a, I'm a big narratives guy.
Big. Narratives.
Guy OK, And the narrative drives price anyway, so that was that.
And then the other thing and the last thing was really fire
dancers. We got more news again on fire
dancers because we covered that the test.
It was a test the. First, I think we covered it
yesterday. I think.
I think we could. We.
Covered it yesterday, right? Was there something other than
that? No.
No, OK. That was it.
And I just, I took the opportunity yesterday just to
explain what it is. It's on my Twitter page because
I feel like it's one of those things, I was just earlier on
the show, like you, you took a few seconds for us to talk about
like Rick Cuts and why that matters.
I feel like everyone is talking about Fire Dancer and I feel
like huge swaths of CT probably don't know why do why don't.
You explain it that way, we'll clip it in the back end.
Why don't you explain to that to the world?
Why Fire dancer Super bullish Solana?
Yeah, So Fire Dancer is validator client software used
to run nodes and power the Solana blockchain.
It's hallmark is high performance, it leverages
sharding to enable Max transactions per second up to
1,000,000, and it's developed by Jump Crypto.
It uses C++, so foundationally validators are critical for
processing blocks on the blockchain.
That's how blockchains work. And now Solana node operators
have a shiny new software option to choose from.
So why it matters? A couple core reasons.
So 1 speed and power. So this is orders of magnitude
upgrade over the current TPS on Solana and other chains.
So currently I want to say Solana is at like 5000 TPSVC
Visas network. So if you compare it to other
global payment processors, Visa is at 65,000 and vitancer is
going to be a million. And then if you compare it to a
theorem, your theorem is 22 TPS. So that that gives you a sense
of the scale. Then there's the
decentralization component. So the more software validator
options that node operators can choose from, the better it it
lowers the impact if there are bugs or attacks because there
will be backup options that you can revert to.
And then it also just adds additional programming
languages. So it it's some devs like C++
over Rust, they now have that option to choose from.
So that's a a quick overview of why it matters.
I think the whole decentralization factor can be
debated. I think bread guy did a post
yesterday saying that basically, if if this new client is that
much better, won't everyone just fly?
That's a a longer argument. But like the pure raw speed
here, I mean, it, it's an orders of magnitude upgrade and see
Solana do these these global payment processors.
And that's a big part of what Solana seems to be like working
towards. I mean, if it's faster than
Visa, that does, you know, give it a, you know, a leg to stand
on. Yeah.
I know 100% that was one of the main reasons why we obtained in
Q4 last year. I mean, Mando, you start with
fire dancer non-stop. I was like, I bet remember they
got this fire dancer thing is going to be the narrative.
It's going to be so good. Like fuck it, let's go age well.
But you know, so that was I'm excited to see it come to to
fruition here. And so I thought also like, and
to close off on that, I mean, while everybody's getting mugged
in Brussels, I thought AJ from Arbitrum often I have some good
thoughts about what he kind of put like the, the feeling ECC.
You've seen a lot of like empty rooms at ECC, but also heard
about a lot of the other stuff. But he wrote a he wrote
something about like what's actually going down, What went
down? He wrote Brussels wasn't my
favorite city, but it wasn't, it was nice.
Everything was walkable and the beer was good.
Damn right, the beer is good over there.
But he goes but something they pointed out, it's something we
talked about a lot. Still not enough apps.
I probably heard 10X the number of interoperability cross chain
providing idea proving ideas compared to novel user
applications. Normal business models are still
considered inappropriate which leads to unnecessarily
complicated architecture. A lot of L2 chain launch
fatigue, but the interesting opportunities remain on teams
that want to do something novel, not a branded plain vanilla
chain. Not enough people are aware of
the power of arbitrary stylist. Community acquisition is
becoming harder and harder to fake via incentives.
The sophistication of the arbitrary dial was grown 10X in
the year. I remember the failed camel
proposal a year ago and it's awesome.
C structure is being created. So I don't know.
We've been kind of like covering ish what's going on Brussels.
That was the latest thing I saw today, but I didn't see that
much come out of ETC compared like I feel like the other
summers I always like saw some like you know what I mean?
Well, this time last year what we were.
Their market, yeah. Where were we in terms of the
burn? I guess like we still had some
updates to come. I don't really know what the
next upgrade for ETH is going to be like.
We hadn't we hadn't done the recent upgrades with the L twos
like that. That hadn't happened.
That's what a lot of people were talking about.
You know, the L twos were going to be the trade now.
Like I saw a Vitalik gave a speech about the future, but it
was a largely focused on things like staking and security
attacks. Like really, really focused on
the the resilience of ETH as base layer from a security
standpoint. There's not a lot of focus on
like how do we get if to the same TPS as Solana?
Yeah, I think that's that's that's what I came away from it
thinking the the focus seems to be on resilience.
OK, Yeah, because I didn't see you know, I I thought I'd see a
lot more I mean, but but not much.
I guess you know we're re lining up for token I guess for when
it's probably going to be the better market environment token
2049 and maybe we would see more there.
But I don't know. I just thought, I just thought
it was kind of not being there was kind of underwhelming us
some more tweets about or shit posts about the mugging than
than than like. I saw that Lucanetz had his
passport stolen. Dude.
That just Lucanetz had his passport stolen inside of his
own bedroom. Like.
That's the first thing that this is the first tweet I saw when I
woke up this morning. Man.
Though actually it's funny you bring it up.
Someone stole my passport from my hotel room.
U.S. embassy says I won't get my passport until Monday.
I'm a Fisher Brussels community member.
That's funny, but it's wild, he's saying.
That's hilarious. That's a great post.
That's a great post, but did I didn't know?
I've never been to Belgium man. Have you been to Belgium?
I didn't know it was like that. Well, we just, we did it
yesterday, right? We did the crime statistics, I
think. I know, but I'm so surprised.
Like you know what I told you? Something this morning about it,
who's there? Because I had AI had a call with
somebody. No, this comment is crazy.
Yeah, they said it was. It was bad in the centre.
Of OK. In the centre of Brussels,
particularly very bad. They probably also know there's
like a massive conference of a bunch of rich crypto folk or
imaginary rich crypto folk, and they probably target that even
more, right? Yeah, but I think it's like a
like it's a city issue. It's not just a a conference
issue. I think that Paris, you know, a
few of the German cities, they're they're a lot of I know,
but. Like NFT Paris and Paris boxer.
We can't hear anybody get mugged though.
Paris is not the safest city anymore.
Paris I think is really dangerous recently, Like when I
it's like. Yeah, yeah, I agree with you,
but I don't know, like my girlfriend was last time she got
here on her own. I walked around Paris solo where
she people multiple times were good and then ETC.
It's like 20 posts of people getting the shit stolen.
Yeah, maybe put your passport in the safe next time.
Oh damn it.