Well, GM everyone, this is the second show.
Was that Was that intro weird? For me, That music didn't sound
quite right. Maybe it's.
Just the music was weird and we have to take away the peeing
sound. Yeah, yeah, exactly.
It's another Farooq trait, I think.
Him drinking coffee and and him peeing, clearly, Yeah, I don't
know. Hopefully today is a better
start than yesterday. Mika, you're still with us,
which is, Which is a positive point.
It's same. We have a bit of a takeover this
week. Farooq and OSF are out.
We have replaced them with much better versions in Mika and
Cows. How you guys doing?
How are you doing today? I'm feeling good.
There's more tea. I'm excited to learn more.
Yesterday I went back to school. I got my notes.
So.
But I really do have notes. I do have notes.
And yeah, I'm excited. I'm excited for Mando minutes.
Like, I think I'm addicted. That's good to hear, That's good
to hear. I saw you walking around the
streets of New York making content, bit of a content
creator in New York in the summer.
That's quite a good vibe. New York has been an amazing
vibe. I'll tell you what it's it's
such a good feeling to like, do you know, start my day off like
this, like getting all the alpha, all of the Mando minutes,
you know, chilling with cows, you know, you, you and him just
kicking it. And then I feel like I'm all up
to date and then I walk out, I get a pizza, it's $2.00, I'm
full. I'm happy.
I'm listening to music. I see people all down the
street. They don't care if I pick my
nose. They don't care if I like, rub
my eye, like it's just such a freeing thing.
And then I'm back to spaces. So I just feel like it's a good,
you know, balance. I'm also seeing Harry Potter on
Broadway with my mom tonight, actually, cows.
And my mom had a had a chance to get before the show and they
were bonding about I. Have this effect.
I have this effect on a lot of people's moms.
I am known. I'm known.
I'm known as the guy in the friendship group who is charming
enough to to talk to the mums, I think.
Nothing like untoward. Yeah, he is amazingly American.
He is. His mom is American.
So he's half and half. Although he did give up your
passport recently, strangely. Just doctoring all my personal
information there. Yeah, it's.
If you want to look up who I am, just look up the recently.
Yeah. Given up US files, yes.
Yeah, exactly. Yeah.
The tax implications of staying, both are pretty strong and I'm
not gonna live there. So yeah, look, so I think it's
going to be another interesting day.
I did the minutes again today and like obviously people are
coming back. This is people coming back to to
work in the US had a long weekend for Labor Day.
Hopefully you will, you had a good time.
It's been pretty dull I have to say.
Prices I think were exactly the same as where they were on
Friday. A little bit of drama which
we'll get into. But yeah, good vibes which you
can hopefully bring back the timeline.
I said today, like I don't know if you guys have the same
timeline as me, but it is just horrific at the moment.
Like what I see is all these crypto ogs basically saying that
nobody's left and everything's going to 0.
So maybe we can change that, maybe we can change that.
I think the. I feel yeah, you go.
I feel like, is it? Is the timeline sad and
depressed or is it just dead? It feels like dead.
Like usually you can spend all day on Twitter looking at new
stuff as it comes out like. It's engaging, it's
entertaining, but lately it's just no, nobody's here.
It's like tumbleweed OverDrive right now.
Nobody. You got me on the timeline
eating. I don't follow you.
That's quality content like for free.
Like, I don't know, the occasional time you got Laura
Wolf posting a Taco. Sometimes her feet are in the
photo for free. You know, I mean, come on, am I
the only one who's not the Lulu over here?
But that's clearly where the content is.
Yeah, look, I think people are talking about Kobe's.
Kobe stopped posting. DJN Spartan is nowhere to be
seen. I've never seen this.
Kobe stopped posting. Well, he's not just a reply guy,
right? So.
Well, maybe he didn't say it's who.
Geez are the space of basically leaving which is.
Maybe. Maybe he makes so much money off
of the friend tech. Yeah, yeah.
I think he's just live off. Live off royalties of being cool
around early. Anyway, we should we should
again do. Our sponsor of the month is
again, we have Kraken NFT, who is sponsoring the show.
They're building an exchange. Empowering a few different
projects in the market including egos recently with their point
system and by everyone someone on a Tesla there the other day
which was a lot of hype but yeah they are making pushing the
NFTS. Go check out Kraken.
We use them at Canary Labs. Kraken is actually as as Cali
would say they're the only exchange that that actually
accepted us. So we we are double thumb.
For what does that mean? I don't know, but like, whoever
does biz there for Kraken. Thank you.
Thank you everywhere else to shut you down.
You say that you're a crypto business.
They're like, yeah, no, not gonna deal with it, so.
What are some cool things? What are some cool features on
cracking? I mean you can trade just like
normal spot and derivatives there, but they are obviously
building out obviously this NFT marketplace which you know
hopefully can grow. They've obviously seen moves
like that for finance and Coinbase, but crackers now
making a really big push into it.
They're sponsoring a few projects in the space and they
are yeah, but we we found it useful because they they, I mean
I don't know how much they asked for withdrawal but it's it's
definitely where everyone else is shutting down.
You can't even get your money out of finance.
You can't get your money out of XYZ exchange.
Kraken is a regulated exchange Canadian.
It's good. And yeah, something that we're
big fans of. So yeah, cracking Nftp.
P2P payment system on cracking, I believe they have P2P but they
also just go to banks. So I think you're absolutely
fine and you can get your money out straight to banks.
It's not like the P2P stuff that finance does, right?
So the first things I think to talk about, we're going to do
the same format as yesterday, which is the the five main
things that you should be looking at today.
The first one which happened kind of as our show was ending,
actually is one of the biggest crypto gambling sites in the
space. They currently pay Drake $100
million a year in sponsorship. They make about four to $5
billion in revenue a year stake. Big, big exchange.
I believe they are Australian, or at least the founders are
based there. And they actually got hacked.
They got hacked for $41 million which I guess in the in the
context of their revenue is not a massive massive figure and I
think hacked is slightly a generous term.
This isn't like a D5 protocol where someone went in and and
worked out a line of code that was wrong and and took the
money. This looks like it was just a a
someone gave out private keys. As with most of these exchanges,
the the funds are normally split between a range of different
centralized wallets and it looks like someone got access to one
of those centralized wallets and managed to removed about $41
million across various different assets.
So I don't know if you saw like cows or I know you, I think I
saw a video from you Mika actually yesterday on it as it
closed. So yeah, what did you guys
think? Cows, go ahead.
I mean I was just like, how's Drake?
But nobody cares cuz he's getting paid 100 million
anyways. But I just thought it was like
champagne poppy. No, I'm joking.
Drake. Unaffected, Unaffected.
I assume Drake's a little dead moisturized to his lane.
Yeah, it feels like we said this yesterday right in our message
Rando. It feels like it was some kind
of disgruntled employee or a similar thing happened with
actually Infinity where an employee was sent like a
malicious link which went in and managed to scrape their files
and find private key or whatever the way that funds were siphoned
off. Afterwards in this hack I think
there were a lot of people on Twitter saying it was kind of it
appeared to be somewhat professional which usually means
some kind of like North Korean or Russian kind of hack.
A group I think is the is the right way to phrase it.
But but yeah, it sounds like a lot of money, but as you said,
in the grand scheme of things, that's like a day, 2 days of.
Of revenue and profit. So but it yeah, it looks, I
think actually everyone was pretty wild, right.
But I think what they did for AXI is they posted a fake job
link and they managed to convince one of the AXI senior
management to apply for that job, sent them some sort of
malicious link in the process of that job in application and
stole the private keys and moved away with I think over 100
million, something, 500,000,000 something, absolutely.
I have a question here. So, so everything on the
blockchain is like tracks, right?
It's a public Ledger, you can see everything.
So how is it? How do people just get away
with, you know, stealing like this?
I mean 43 point whatever, $1,000,000 is a lot of money.
How do you just kind of walk free with stealing just?
Millions. It's a really good question
because I agree, like people always say like it's so good to
steal, steal money on blockchain.
But actually there is a Ledger like you can normally track
where it goes back to until they normally track it, until it goes
back to some sort of centralized exchange.
So it will go back to like a finance or it will go back to a
Coinbase wallet or something like that.
And then the money gets taken out and normally that's when
people will look to try and freeze that that that account or
they'll notify the exchange and then try and get the money out
of that way. This is where things like
Tornado cash came in. The like you can send money to
tornado Cash which then goes into a pool and then it's very,
very difficult to see on the other end where it gets
extracted. Well, it's actually not and
there are various others that can use it.
It's just it's you get it's put on blacklists for certain assets
if you use it, but there are even alternatives for things
like Tornado cash. So there are ways to put it into
some sort of mixes. There's also a lot of exchanges
and. Due to any thorough
investigation, I am not affiliated.
No joking, There's no purposes only we need that sound.
But I mean, yeah, it's just. I just feel like.
There is a way to track it. I mean we saw with Tornado cache
that you saw at some point it got revealed like who was using
it and you had all of the, you had all of the addresses and
stuff like that. But I don't know.
It's just, it's pretty bold. I feel like, yeah, look, if it's
North Korea, you've got to assume that they have some form
of way of like they have deals with people on maybe the black
market to swap those for actual real dollars.
I think they stole something like $2 billion last year, which
is just a huge bit of North Korea GDP right there that
they're stealing. So they clearly have some ways
of getting getting it out. This is this is big but it's not
like unbelievable in terms of crypto crypto hacks.
But it does feel like this is professional.
I think we'll find out state did come out and say a private key
was compromised. We don't know the full story of
that. I'm not sure if we'll ever know
the full story. But they, I think that the main
thing is, was that they also they froze withdrawals and
deposits in the time after that. And some people got very upset
by that because let's say you had some money on and this could
be any. This is the same for any
centralized platform. So let's say it's an exchange,
Let's say you had money on Coinbase and something like this
happened. You'd probably want to be able
to get your money off Coinbase and they basically stopped
anyone from taking their money out.
So they got some bad press afterwards because in the hours
since they stopped any money being withdrawn.
I see two sides of that. Obviously, it's like a
developing situation. They probably are very, very
heightened about the the, the, the money leaving the exchange,
sorry, the the, the, the casino and they and they probably have
more of a picture of it than you.
But yeah, you can understand why people are pissed.
But yeah, $41 million, I don't, I don't know what you do with
$41 million, but. Very specific.
I told you guys, I told you Chad, this would be educational.
So you know this is this is educational do with this
information what you are. No, I'm joking.
But no, I think it's important. I have one more question in
regards to this. So I think a lot of people hear
stories like this and then they're like, oh, you know,
crypto is used for all of these bad things.
But is there an example? And maybe if you don't have it
right now but on the top of your head that.
Happened in, you know, with banks or whatever that is kind
of similar to the situation that it's like not just crypto.
I was actually gonna just say this like this happens all the
time in so many different companies, but we don't hear
about it because we don't have the public let like the bank
transfers or hacks and not public.
So companies get hacked or ransomware takes over company
servers and they have to pay ransom like.
Insanely common, but you just don't hear about it.
And the same for like credit cards and banks, right?
Like actually what happens usually on a credit card fraud
type thing is that their insurer pays out, but and it's
underwritten by an insurance policy because they want to
maintain trust in the whole system basically.
So yeah, this happens all the time, but without public nudges
we don't get to see it. So my my view is that this
probably happens less in in crypto than it does in normal
companies, but we just see about it less or proportionally less
or not as much, maybe not less. Somebody clip that.
Somebody clip that for for 31 million.
Go on bull market. Yo, we need something.
You know what I'm saying? Like we need.
Then so thank you for that. I'm going to be clipping that.
I think it's super important because you're totally right.
It's the fact that the whole Web 3 ethos, like in regards to the
blockchain, it's a public Ledger.
So we have access to this information.
We could see it, you know, happening.
But with other stuff it's it's, you know, private we we can't
see, but it is happening. So it's a it's a really big I
think important message to share with let's say your friends and
family that are like, Oh yeah, you know, like this is all a
scam or. Whatever narrative that the
media has been, you know, spewing in the past couple of
months, I think it's important to, you know, educate our
community with information like this.
And so that we could repeat it and actually change the
narrative. Because I think we do have the
power to to change that narrative if we are educated on
like what we're talking about. Because you know, people like
what happened yesterday with the the Mr. Beast guy like his, his
message, his tweet was just. Just wrong.
It was it was just somebody who was uneducated about the
technology. So if we are educated as a
community, you know, people that are tuning into the jam web
through show, we can, you know, maybe change the narrative so.
Basically, flip what I just said and play it to your grandma at
Thanksgiving. That's the that's the tweet,
guys. Well, you did say you have a way
with with making friends with mothers and family.
With grandmothers, yeah, I think that plenty of money has been
stolen from casinos in real life over the over the over the
decades. So I think this is pretty
common. So yeah, bank robberies, casino
robberies are are very, very, very, very common.
Anyway, the next big thing to to mention was that Tether Tether
came out, which is obviously one of the biggest stable coins in
the space and said they are the 22nd biggest owner of U.S.
Treasuries. Now we spoke about this
yesterday about how many treasuries are now are now
tokenized or in some way related to blockchain companies.
They came out, they had 72 1/2 billion worth of U.S.
Treasuries. That's more than the UAE,
Mexico, Australia and Spain. Makes them the 22nd, which is
kind of wild. And there's a lot of talk about
the fact that China, who has been the biggest buyer of U.S.
Treasuries over the last, well, multiple decades, has been
selling something to the tune of 400 billion Treasuries over the
last few years. It now looks like.
And you know, sable coins could be a very, very big buyer of
U.S. Treasuries as the space grows.
I've said this before that I think the power of the dollar is
could be very highly related to to the growth of stable coins
because everything here is actually priced in dollars and
this is just more evidence of it.
Like if Tether starts, if if crypto continues to grow, Tether
could enter maybe even in the top 15 top ten biggest owners of
U.S. Treasuries.
Which is just kind of a wild stat that crypto is basically
bailing out the US, the US government and it could continue
to over the over the next over the next few decades.
I agree. I think it's super interesting
and kind of wild. I think what would be even more
interesting is if. If, I mean it's kind of
impossible, but you can proxy it with like I P addresses or
geolocation of of connections, is that like who is that?
So like tether is basically just an intermediary, right?
They hold all the treasuries and then people hold tether.
So is it US hold people holding tether and therefore those
treasuries are actually it's just another form of domestic
holdings or is it like. You know, spread around the
world and it's actually going to increase dollar dominance.
I think it's probably a combination of both, but it's
not really in the US it's mainly outside of the US particularly
in in a lot of like emerging markets companies, countries
where the place like Turkey which is what yesterday 50% of
everyone in Turkey earns crypto and a bunch of other places
where their currencies are just getting absolutely destroyed.
I think the most amount ever issued is on Tron network, which
is the Justin Sun Haobi network and they are largely in Asia.
So that would also point to a large amount of that's being
done outside the US But yeah, it's I still think this, I just
think that crypto is they're gonna realize in the US
particularly as you've seen Saudi Arabia, you've seen the
UAE, you've seen. China sell huge amounts of
treasuries that crypto could start to move up the list.
These stable point issue is as far as the Treasuries and that's
that's a big deal. That's a very, very big deal for
the future of the future of the United States, for sure.
The hand is coming up. You know, I just got a question
brewing. Yeah, so we gonna bring it back.
So what does that mean? Like why is it such a big deal
so like largely the US global power?
You're sharing your screen by the way, still.
Yeah, you're leaking. Or just getting a glance
Amanda's messages here. It's all GM okay anyway.
So largely the the strength of of the the US is tied to how
much the dollar is used as a global currency.
So like the reason why the US is able to hold so much debt right
now is because everywhere around the world basically buys that
debt or needs to borrow in that debt for their own current
countries as well. So a lot of, a lot of, I don't
know, most of the world in fact borrows in dollars.
So you go to Brazil or you go to South Africa or you go to even
Russia up up until recently. Like they won't actually borrow
in their local currency, they'll often borrow in dollars because
it's it's quite a big, it's much bigger market.
So the the, the actual proliferation of the dollar is a
very, very big deal for its, for US power.
If if economies are tied to the dollar, they are tied to
whatever the US decides to do. So when interest rates go up in
the US, it's a very, very big deal globally and that means
they have a lot of power. And this is basically what's
happened in China. And China recently decided that
they don't want all that US power.
So they started to sell their treasuries an extraordinary
amount. They've sold like hundreds of
billions of dollars worth of treasuries over the last over
the last few years they've been buying gold instead.
And people have been saying this is this is kind of a big deal.
This is really, really risky for the US because if nobody wants
to own their dollars, then the US has got a lot of debt and it
could spiral out of control. They'll have to start to pay
like people have to pay more interest on their on their debts
already you have to pay like 5% for U.S. government bonds and if
that goes higher than it could be really, really bad.
It's a good death spiral. So the idea that you could have
crypto as another way to export that dollar power.
So, and by that I mean like if you're in Turkey right now and
your currency is being absolutely destroyed, let's say
every single day you wake up, the value of your local currency
has gone down another 510% and that's been going on for, you
know, months, You can instantly convert your money into dollars.
That's a really big deal and a lot of people in these countries
will decide to do that. And as they decide to do that,
people, places like Heather will buy more and more treasuries
because they need to classize the the amount.
So I think. I think so.
And people, I think crypto is good for the for the United
States dollar. Massively good for the United
States dollar, at least stable coins are.
And it's weird that the US has been so anti crypto because of
it. Well, because of it.
In the face of something like that, they just haven't put two
and two together that it's so tied to like the future of the
dollar in my opinion. I don't know.
What do you think, Ally you expand?
I agree. I think it no, I think you're
good at breaking it down. I yeah the US needs another way
to make the dollar globally relevant and crypto is
everything is denominated in dollars.
So yeah, I think in all of this it just underlines how.
There's a lack of long term thinking in the US establishment
about a lot of things, but particularly about, you know,
the dollar and how they respond to people wanting the dollar,
the dollarization, etcetera, etcetera.
So yeah, people need to think long and hard about how they can
stay on top like they have for the past 50 years.
And that requires a lot of effort.
A lot of. Thoughtful kind of discourse
around like, yeah, how do we get people to transact in dollars?
How do we make sure everything is priced in dollars?
Like for example in the oil market, everything is priced in
dollars currently and it's kind of going to be, well, it is that
that in the crypto markets. But that's why there's this kind
of paradox in terms of the US government being anti or seeming
to be empty crypto. I think that's confused a lot of
people, myself included, because it seems like such an obvious
win to make the whole. Digital asset landscape
basically denominated in your own currency, why do?
You guys think that the US is so publicly against crypto when in
reality it would help? The dollar.
The SEC is a pencil pusher in my opinion and he he's he has two
narrow lens of this like he think he's too busy trying to
make sure that people don't invest in unregulated securities
he would call them instead of realizing that if you take a
step back this is just a massive power play potentially for the
US like you could instantly make a ton of different countries
very very very reliant on the dollars.
So and often they're enemies right like if you sit there and
you look at a lot of the worst currencies in the world they're
often like anti US. So the idea that suddenly
populations around the world could instantly convert their
savings of dollars which they've seen as much stable.
So if I'm if I'm living in even in Russia up until all the
recent sanctions sanctions like the the ruble had like a
horrific period and a lot of people that own stable coins and
suddenly then you realize that if I'm living in Russia and I
have all my money in dollars, I kind of care what happens to the
US So it's suddenly like you have quite a lot of you have
quite a lot of power if you. I feel like chat.
We should, you know, put our tinfoil hats on and we should
just, you know, pontificate a little bit in the chat.
We'll we'll move on. But I think, I think we're
getting to something here. I think we're getting to
something here. I think they are starting to
realize it more and more and headlines like this will make it
more obvious like if tether and if it continues on this rate, it
probably will breaks into like the top 10 to 15 biggest owners
of U.S. Treasuries.
The US has got to have a relationship with crypto, a much
bigger one, because if they suddenly turn around and say
that, hey, tether, we're going to get rid of you, they're going
to sell $72 billion worth of treasuries.
And that could be into the hundreds of billions of this
gross. So they're going to have to work
out that they need to have, like if that was a country that was
the 22nd biggest, they would have a relationship. the US
would have a relationship with that country.
Like we're pretty good ones. And as that goes up and higher
and higher and higher, they're going to have to realize that
this is important. And I think there was a really
good piece in the Wall Street Journal I know you read, which
was about the the, the, the future of the dollar and tied
back to stable points. It was 2 weeks ago and it was,
it was the first piece I've seen where I was like, I think people
are going to start to realize that this is, this is a big deal
and they were going off the Gensler for his for for what he
what he did. So I think.
I think it will. Yeah, because you know I I live
in the UAE and here in the UAE you know the the government is
very you know pro web three and and future tech like using this
technology to like advance you know the economy or the people
there. And you know, I've always just
been like, what is going on, you know, with the US and also
Canada as well? You know, really just North
America in general. So very interesting.
I shall do my own research and chat.
I I think you should too and come back and we should you know
pontificate together. Yeah, there's been some talk
about the UAE cuz it's so pro crypto that like the what's the
negative county theory? Is it you just?
Drams, isn't it? Drams like that might be a
pretty big stable coin in the space, but I just think the
dollar's gonna be the big one and but if the US continues to
be like this, another currency will be more pro crypto and
you'll see power move that way. So they have a shot here in the
US. I hope they don't fuck it up.
Yeah, we'll go on to the the Third Point of the day.
Just bring. Up.
Can I just say before we start that my favorite comment from
the chat so far is is cows just mando light as the bargaining
I've ever I'm sounds like honestly that's a massive
confluence. For me, I love that I'm taking.
I might change my Twitter mind so just you can tell what our
morning meetings are like. Yeah, this is what you said
yesterday, another one of the Canary Labs morning meetings.
At this stage anyway, the third headline today was that some
Harvard professor decided that it would be a really good idea
to tax introduce taxes in the Metaverse.
I saw about 10 different articles about this.
I think mainstream media is going to go crazy about it
because whenever they see something about the Metaverse
and some more FUD, they like to report about it.
So taxes in the Metaverse, they are saying that it's going to be
a place for a lot of black market exchange trading and a
lot of untaxed capital gains could happen in the Metaverse.
And that we're going to have to bring in some sort of
transaction tax for every single trade that we do in the
Metaverse for in order to make sure that we are regulatory
compliant. I read this.
I have to admit that I only put it in there because I think
everyone's going to talk about it.
But I didn't believe one word of what L this lady was saying.
I don't think she really thought about.
She like she didn't even know what the meth verse is.
Because none of us and we're here.
Every. Single day who's even who's even
doing stuff in the meta verse right now I feel like we're just
a little bit time away. I do think though as the Apple's
Reality pro like the XR headset evolves that we will spend you
know like this can be done in the meta verse in the future cuz
like why not. But for right now, like, who's
even chilling in there? And like, why are you trying to
tax us everywhere? Sorry.
No, it's like we're down bad enough, right?
Like why? Why?
Most people lose money. Bro, leave us alone.
Sorry. Yeah.
So she contends that Metaverse activities like trading virtual
assets, selling digital products and providing services that mean
standard definitions of taxable income.
I mean it's just it's just like one of these scholarly papers
that I think a lot of people are going to pick up on.
But like does she know how down bad everyone is even in the
metaverse? Like anyone who bought some
metaverse land, I don't know other side sandbox, the central
land, everything is down horrendously.
I think about three people use the central land on a daily
basis. I don't think it's much better
on the sandbox. I don't really know why we need
to now talk about taxing those people.
Like, just let them live, you know, like.
Like the people that I know. Yeah, the people that I know
that are children into Central. And honestly, they're actually
doing cool stuff. They're doing like a lot of
like, DJ ING and just like music stuff.
That's cool. Leave them alone, OK?
It's all we have left. Like they're happy about it
anyways. Yeah, no, on to the next.
Yeah, they don't even know what the Metaverse is.
I hate you know what I need to go back.
LinkedIn. I need to go back to LinkedIn
and I need to see all the chief Metaverse officers that that are
like popping off now. They are sorry they were popping
off like a year ago because they bought a board APR club in 2023.
So it does seem like a pretty cool title, though if some big
company said to you you're going to be our Chief Metaverse
officer, you're like, yes, you're like, you know that you
like. That sounds pretty cool.
I'm going to go for it. But you realize a year later
that you just sound like an idiot.
All right, we'll move on from that, because I actually think
that you're probably going to see that this is the headline,
but this, you get about 3 lines into what's actually being said,
and there's very, very little of value.
I think being said. The next thing is to be watched
out on Discord, because it looks like they are allowing secret
links to be on Discord. Now Discord security is
obviously been an issue for the entity space for a long long
time. We are normally at the on the
lower levels of protection and it now looks like they are going
to make it even more difficult for crypto Bros I'm trying to
find the there we go share it but it looks like you can hide
links. So you see I'm sharing it now on
screen, but somebody would have put open C dot I/O potentially
as a link, but that could be actually not linked to that.
It could be linked to wallet, drainer or some other, let's say
a copycat site. We spoke about this with the
file armor actually a couple weeks ago.
So if you are clicking any link on this going forward, be
incredibly careful. Incredibly careful even from
team members, because often that's where some of these the
worst hacks happen, where some member of the mod team gets SIM.
Swap this one like that and they could easily post something like
this, which looks like a completely normal link and it's
gonna be gonna be a bad one. I don't know how many board
eights are gonna be still on this way, but it feels as though
we're gonna see another uptick. It's been quiet for a while, but
it now looks like it could be in a bad spot.
Can we just, like, should I just throw the phone, the computer,
just everything out? Like, is there nowhere I can be
sick? I can't even chill in the
Metaverse anymore with my two friends.
I can't even do anything. It's just like, you know what?
I don't know. This is bad.
It feels. Like it's an unneeded an
unneeded upgrade, right? Like upgrade.
And I don't understand the the motivation here from Discord's
point of view, like the PM in charge of this.
Just like why? Why?
Yeah, we. Want we want to see like what's?
The like rushing out for saying. They wanna have the NFT
discords. Yeah, somebody who's not a I
don't get it. I don't get it.
I think they've realized that maybe their number one use case
is to get scanned, so they are just leaning into that as the
utility of Discord. I know you want this for Music
Alley, Do you? Are you a big Discord person,
Mika? You know, I've had my ups and
downs with Discord. I've been using Discord since
2018, but I just wanted to see what, you know, my ex at the
time was like doing, so I had to like figure it out the hard way
it was. It was not fun reading those
chats. You know what?
Stay away from the discords. No, I'm joking, but obviously I
had to use it. It's just, I mean, it's super
cool when you get in the flow of it.
I feel like when you, when you start getting in the flow of the
Discord world and you're just like, you know, chillin with the
emotes and like the chat is hyped and like, you know and
like the VCs like popping. Like you feel like you're
immersed. Immersed in what should be the
feeling of like the metaverse, You know, like that's where I
feel like, oh, I'm like in, you know, this online world.
But at the end of the day, it's just been.
Absolute trouble. And it's just it's it's just
hard. It's just I I see this update by
Discord and I'm like whoever made this update literally just
wants to like scam. Like they're just like perfect,
like let me do this so that I could scam publicly like with no
shame. It's just, yeah, I don't like
it. I I hate Discord.
I like, I just find it a very cumbersome way of communication.
But like, I realize that the whole space is on Discord, so
it's just one of those things. But at the same time, like this
feels, this feels like either something they should repeal or
they are just leaning very heavily into scamming.
But yeah, we'll see what? They do probably increase the
usage, right? Maybe.
Yeah, maybe. Cameras definitely increase the
users. I demand from the person that
created this update, like I want to have a one-on-one with you
and I'm gonna get it out with you.
I'm putting the hat on and I'm saying that you just want to
successfully run some scam situation because I see zero
benefit like please anybody chat like if you use discord tell me
what the benefit is of being able to hide or like change a
link. Tell me.
I don't think conspiracy theory guy.
And I like that. Yeah, you think that it's an
inside job. We don't actually allow links in
the Dgens disco, which also encompasses Red Guy for this
exact reason. In fact, if you post a link in
the Dgens disco, you just get immediately destroyed by one of
our bots. So maybe that's.
Somebody said what if in chat, what if Discord is the Metaverse
that we deserve go it is that's the only is we're.
Alone. This is the man of us right
here. So that's going to tax us for
our for our conversation. I think just before we move on,
let's let's do a call out. If you're the product manager at
Discord, come on the show tomorrow and and answer for your
crimes. Yeah, or or save your name
because. Save my name and oh you know who
he is. We'll get him on the show
Mandal, that's good content. OK, I'm taking my head off and
I'm bringing it back on when the Discord product manager comes in
for his to save their his her. Doesn't matter.
They name so I don't know if anyone works at discord right?
Like I think it's like open C. It's like the box run Discord.
No one's ever met them, right? I'm gonna move on to the next
headline, which was a wild thread.
I don't know if anyone saw this yesterday update on SPF in
prison. Did you guys?
Did you guys see this thread? Of course, this is one of my
shout out to Autism Capital. This is one of my favorite
Twitter accounts. Honestly, I on my honeymoon I
was addicted. I was addicted to their threads
because it was as. The whole thing was.
On running sounded lit like he was talking to my mom saying for
his honeymoon he went to Harry Potter world and he was also
discussed. With you, With other people's
mom. We got, we got through a lot, we
got through a lot. I'll leave it at that straight
chat. Anyways, what's happening here?
What's So it looks? I mean this is a multi part
thread so if you go onto awesome caps you'll find out.
It looks like when he first went into prison they thought he was
a child molester and he no one would accept him because
obviously that's not a great thing to have a cellmate.
He then seems to have been transferred.
They said they finally moved into the 4th floor with the
Asians. Obviously prison is often split
up by race unfortunately, but he said he's hooked up with a gang
from downtown Manhattan. They either protect him or
extorting him. There's a thin mine in prison.
He has been sitting on the floor with newspapers likely doing
Sudokus. So yeah, it seems as though he's
haven't had a tough start to a time in jail.
He's now being protected or extorted by a gang it looks
like, and doing Sudokus. They are saying that they go
into detail here about what he should be doing in prison.
Sam was unironically advised to listen to hip hop, shave his
head, learn some Spanish, get in shape, learn how to play spades,
to try and have a head start. But he didn't.
But he didn't believe the suggestions reality had not set
in yet. He has brushed it off as
unnecessary. I'm looking forward to seeing
the SBF prisoner because you've you've seen those photos of like
like the multiple Spfs on the team.
One of them is the Skinhead. I was looking forward to him.
Skinhead tats everywhere. Maybe a couple of tears.
Tear tats would be look good on SPF I think.
But how long? How long is he sentenced for?
So he's not sentenced yet He this is awaiting trial.
He got put. He could put back in jail
because he'd leaked some details to the New York Times.
The New York Times did an article about Caroline Ellison
who was the Co the Co conspirator in this whole fraud
and they leaked some. He personally leaked some like
personal chassis in him and and Caroline and then the judge was
like, you can't do that. So they said, right, we're
putting you in jail, no access to a computer, You're going
straight to a maximum security. It's one of the worst jails in
America. It's been a really, really,
really bad one. He's now got access to his to
his computer like 2 hours a day. But it's not looking good and to
be honest, like it could go one of two ways.
He has a computer in there because because they say he has
to work on his defense. So he's been given some access
to I think I think it's two hours a week but it's not it's
not high. Like it's really not high
because he had it. He had people thought he was the
bold deployer for a while. Remember that rug that happened
on rug that happened on base early on so he did.
At that time he had access to A to a computer.
Since then he he has had, he does not have access but yeah it
looked recently like he might get a soft like a soft deal.
There were some reports that he would escape the campaign
financing charges which people said it could be politically
motivated obviously was a massive donate donate donator to
to political parties and there was some talk that he didn't get
prostitute for that. The prosecution actually did go
ahead with that in the end and people are saying it could be as
little as you know he somehow manages to worm his way out of
this and say that this is, you know, he did nothing wrong to it
could be life and maybe multiple life sentences.
But the amount that was lost here was was kind of made off
levels of of of money. And it's you know I think what
he did was really, really, really, really, really bad.
Like he ruined a lot of people's lives.
I think he should be a better way for life.
He might find some technicality about why he thought his
shipcoin that he popped out of like thin air should be worth
multiple billions of dollars, but he's a smart person.
I think he realized the game that he was playing.
Do you think though, I just gotta do it for a second,
unfortunately. But do you think that it's not
even tinfoil, but it just helps the, you know, energy?
Do you think that he was used by, you know, those political
part? Like, I don't know.
It's just like who it's either. He's just unwell.
Or like, how do you get to this place anyway?
I don't know. I just feel like sopped up.
I thought he, I think he's just did a lot of fucking Adderall.
I think he was like drugged off his mind and thought he was
smarter than everyone. That's what I think.
And I think he, he thought he could get it away with basically
having much less money in the bank, like actual money than he
needed to. And he thought it would, it
would never come back and bite him.
And then just a, you know, series of events meant that he,
he got screwed and he got found out.
And then he basically tried to claim that it was, you know,
some sort of plot against him and all this sort of stuff.
But I don't know what you feel Cali, but I think him, him, the
majority of the FTX balance sheet when it went under or
close to when it went under was it's their native token.
It was this token called FTT which they just made and he
thought that that was enough to just say she had customer
deposits. And I just think that's.
Where's Caroline at? Caroline, I believe, is
blabbering. So she, I think, is already.
I don't know if she'll get fully off, but she's definitely
cooperating. I think you even sort of like in
the week after FTX, she was like, spotted drinking coffee in
New York. Yeah, because she was.
Really like blabbering the to the authorities at that stage,
so I think. She's she's.
It was the local. Sorry.
It was a local coffee shop around the corner from the
Southern District in New York. Like Attorney General's office.
i.e. Get straight, Get your get your
vanilla latte, and get straight in for your plea deal.
Happy days, yeah. But she there were rumors that
she had escaped to Hong Kong or Dubai, but then the private jet
like didn't make it or got turned around or whatever the
remember, that's the kind remember rumors that were that
were swirling. At that time, the rumors were
crazy. Everyone was like a detective.
I mean, didn't Nick and people go all the way to the Bahamas?
That was fun. That was funny.
Nick and Pier went to the Bahamas.
I think people were tracking a plane all the way down to
Argentina. Weren't there at one stage like,
well, he'd he'd like got out on some sort of boat or plane and
then then. Those and so that video from
running around the the. People that lost their money is
there. So they're they're never getting
that back, are they? No, no, no, no, no, no.
They might get back some of their money.
We spoke about it yesterday, right, like they FTFTX has
money. It has a lot of Solana, it has
like some big point, it has some E but it is burning through a
lot of money right now, legal fees.
So they need to they need to come to some sort of resolution
about what they're going to do forward.
I think the last time I checked or something like this, the
claims were trading at something like 50 or $0.60 on the dollar,
which indicates that people would get around 60% of their
money back. And that is also very highly
geographically. There's big variations like if
you were if you had a claim in FTXUS you might get a much
higher return than a claim on FTX if it was outside the US
because the FTXUS arm is actually slightly better Clash
allies than ever else. So we'll wait to see, but
hopefully that does get resolved soon.
I mean, Mount Cox is still not the funds from Al Gogh still
haven't been returned to people and that happened in 2013 maybe,
maybe, maybe around that time. So we could be here for years,
which? It would kind of crazy to see
actually how little people understood about, you know,
their assets and and where they were, where they were putting
their assets. I think it was like a big wake
up call for a lot of the people obviously in the industry when
they realized oh when you put money or you leave money in a
centralized exchange it's not your keys not your not your
crypto. And that was that was really
interesting to see. I mean it was heartbreaking for
for those that were affected but it was a really big like whoa
pinched to wake up and and it's sad that people had to learn
that way. You know I I.
Yeah, it's sad that people had to learn that way, but it
definitely was a big learning experience for a lot of people
and even with banks in general as well.
You know, the banks collapsing and stuff if you put into the
context as well, like SPF was the golden child.
Like people hated him, but at the same time, but he was seen
as like the smartest person in crypto.
He was seen as you know he was the face of crypto for a lot of
people for many, many, many months.
So it would have it was that's I think what caught a lot of
people off guard. It's like FDX would never come
under. Like it's you know they they
fucking sponsor the FDX arena like they're not going under
that that they're going to be fine and then suddenly this
stuff happens which is it's not repercussions to this day.
I have a cousin who is in Bahamas right now.
Kelly as he knows there's a little bit about him and we can
maybe get into that at a different time.
But the But he says that, like if you even mentioned crypto in
the Bahamas, everyone's just like, no, no, like we.
It's just massive red. Fact Anything crypto related.
And I'm sure that's the case around that whole region, Like
people just got burned so badly it's gonna leave a mark for
years. Yeah.
Anyway, we will move on to the to the final man of minutes
segment which was Rafiq Annado Faroka.
She sent something in the chat about he's in Korea right now.
He's put a 10 meter by 10 meter Rafiq piece in the chat which
looked like insane but his his he's on fire at the moment.
I don't know if you've seen recently but he's he's he has
now done the let me just bring up bring up the Rafiq things.
He's done the sphere in Las Vegas.
You see that huge which is just. I thought that was broken from
rainwater like it was from a little waterproof.
It was for a little bit, and now it looks like it's gonna be.
It was fixed and his his recent collection which is called the
The Winds of Yanawama. I think it's they're called.
Yeah it's now reached Yana ya one hour at the high of of nine.
These only came in in in in July I believe they came out.
I'm just gonna get it up. Yeah, Mint price 2.5 E 2.5 E It
was long time we we knew about this meant before it happened,
right, Kelly? It was alongside the House of
Fine Art. Yeah, OSF was exhibited with
those guys and we you know those guys really well and I think
this was look this, it was one of those things where I think
they have a really established brand in the in the fine art
world and that enabled them to kind of work with.
They also have are involved in a bunch of, they're very close
with a couple of nightclubs and and and event spaces.
So they have like a physical minting process I think.
And that really kind of got a lot of people involved and
interested in it, who maybe wouldn't have been if it was
just like a normal Discord or Twitter kind of based project, I
think. I mean, yeah, we haven't seen
anything do like a solid 3X in a month post mint for a long time.
And I think this, this cements that kind of fine art narrative,
fine art, breaking away from PFP's as an asset class and as
something that interests people. You know, it doesn't have to
have utility. You don't need to be in a
community all interested in the same thing.
There's lots of different art pieces that everyone can be
involved with. So I think this is just another
kind of. What's right phrase kind of
stepping stone for the for art moving away and breaking free of
the kind of PFP craze and the PFP prices that are languishing
as they have been over the past kind of month or two.
Look at these like this is the sort of thing that you had it on
a proper like digital frame in your house that is epic.
Imagine having that in like your main, your main room or
something like that they this looks so cool to me.
And I think that's that's why people get it.
Like a lot of digital art, people look at it and think,
would I have this up in my home? Like, is there a need for this
to even be digital? And whereas this, there's none
of those questions, you're just like, Oh my God, this is so
cool. Like the movement and the color
and the kind of it creates a feeling in you of like, whoa,
that's really kind of. Not like things I'm used to
looking at and like it's otherworldly almost.
And I think that reaction and that kind of sense of amazement
is what is why people stand in front of it at the Museum of
Modern Art for for hours at a time or whatever.
I think the one thing which he's done really well, which I think
is very hard with this kind of 3D genre of digital art, is he
is. Found a very unique style and
made it his own. Like you can look at pieces and
think yeah that's a that's a Rafiq.
Whereas with a lot of digital art you maybe don't necessarily
get that it's not immediately identifiable like xcopy is 1
where it is very immediately identifiable as well.
But Rafiq has carved out a little segment of his because
there are a lot of 3D kind of render artists, but there's
something about these which are just.
Very individualistic, evoke a reaction and you immediately
know it's a Rafiq. And that's a really powerful
kind of trifecta of of, yeah, emotive art I think.
Yeah, I would agree like this, this, this style is something
that he's been doing for a while.
But he's had another collection of share this as well which is
called Synthetic Dreams. This has been around since
November 2021 and this is also done like a a 2X I think in in
the last few days. But yeah this went from trading
at 1.7 now it's at 2.5. But he has a few another
collection this synthetic things.
This is also like a really cool collection if you go into the
some of these pieces but I just think he's he's I think he could
be the biggest artist alongside X copy of the whole space.
He's clearly got the most, the most mainstream appeal.
Like he's he teaches in California, he he has
exhibitions all over the world and they just get bigger and
bigger and bigger and bigger. I've had him on the show a few
times, but it does feel as though if you're going to pay
attention to one artist going mainstream in the space, it's
going to have to be him. He's just going to be everywhere
I think for the foreseeable future and he's so passionate
about the space too. Whenever we get him on the show
he's just he has he just he clearly is a is a is in love
with with a I and with NFTS as well.
So I think it's going to be an interesting feature for him.
Well I guess only reason I bring that up Kelly is because I think
he he probably although this has been his his style I think he
hopefully he'll try lots of different cool stuff in the
space in that intersection between a I and art so we could
we could see a lot more from. Yeah, I'd agree.
And the other thing to point out is that doesn't have to be like
it's not Highlander where there has to only be one.
Like there can be a lot of big artists like in the modern art
movement or the classic art movement, there's always there's
not just one, there's multiple, which people like.
And often, if you have contrasting and contradicting
styles that are kind of like vying for people's attention, I
think that's a good thing. What do you think, Nick?
Are you gonna try and buy one of these?
I I really like that the the first piece and how I was
changing, I actually got lost in it a little bit and it makes me
excited like I want to hear this good news about artists just
like you know, I like that you're like oh there was a two
acts like like we need to make it more about art and tech and
get again because we are in this like digital renaissance.
So I'm all for it. I love it.
I I want to make it a space that
artists can can continue to come.
I think they got a little bit scared and I don't blame them.
You know, like it used to be a place where you can come and
talk about your artwork and then like feel kind of safe with it.
You had other people helping you out and we used to like applaud,
you know, people for making a meta mask and uploading their
work. And we used to think it was like
so cool and so amazing of that artist and now we're just like,
OK, whatever, you know, and. And and that really affected our
space. So calling all artists come back
and and you know, I like seeing people that are successful with,
you know, uploading their artwork and using NFT
technologies. So I'm happy.
OK, well, I think that's that is the, that is the summation for
today. And there's a couple of more
headlines which I know you saw that India wants to try and
change its name, which I thought was pretty funny in the macro.
What are they gonna call bricks? What are they gonna call bricks?
Cuz they just wanna change it to Barack, right?
So then it will be for Brick, for Brooks.
Is that the first thing you thought?
Just it ruins the big bricks. I think it's pretty big a deal
to try and change their name, which I thought was kind of
nuts. A European country did this
quite recently, right? Czech Republic.
The name Czech Republic. And now they've changed it from
Czech Republic to check Checker. I think Checker Okay.
I mean that feels like a much smaller difference than changing
India to Barat. But yeah, we'll wait to see what
happens there. And the other headline which I
saw, which I thought was interesting particularly for you
Mika, is that UAE might look to you guys gambling, which I just
didn't think was even on the cart, but which would be pretty
wild because obviously a lot of stuff is against Sharia law
seemingly. I know, I know, UAE is not a
strange. Stuff, but like legalizing
gambling. I didn't think it was going to
be on the cars, but it looks like says here the Gulf nation
should start establish a new governmental body for regulating
the industry late Sunday. So.
I think, yeah, I was. I was chatting to somebody in
the know and I think it will be like a Macau esque thing where
it's not on the mainland but it might be on the islands or
whatever the man made island. Just the palm.
Just the Palm is it? Well, there are a few, right.
There are a few different islands.
There's the Palm, there's the world, there's they're building
a lot more. So I think at first it's going
to be based around that and then move it from there because as
you said, it's yes. So quite compatible with Islamic
world I believe. Yeah, I know.
But I think so with Dubai specifically, they want to make
it a place that, you know, it's it's like tourist friendly and
that like, you know, I think there's a lot of like
misconception. And when it comes to Dubai, like
a lot of people ask me like, how does it feel to be like a woman
there? And I'm like, honestly, I get
like. Expected more there than I do in
North America, you know. So I think like people have it a
little bit twisted and there I think they want to make it a fun
place that everybody can come and you know, go see shows and
do things like you could drink alcohol there and and and do
stuff. You know, there's obviously the
locals you know don't participate in in some things,
but. It's still open, like half of,
you know, I think 80% or so. Again, don't quote me on the
percentage because it's all in the top of my head, but a large
percent of Dubai is actually expats.
So it's people from all over the world, you know, coming in.
They do make it. A friendly place for people to
come and open up businesses and and stuff like that.
So I think that it's cool with the with the gambling, I think
that will be that will be fun. Yeah.
Why not. And also the Palm is in Dubai,
so it's just like you know. Yeah, yeah.
Yeah, there's some big casinos, right?
There's a big hotel. Sorry, in on the Palm, so like
massive ones. So yeah, maybe they'll maybe
they'll make it there. Small and you know like it's
it's in for. For those that don't know, it's
in the United Arab Emirates, so the UAE and there's other cities
that are more strict or have like different, you know, the
other other Emirates that are run differently.
But Dubai is known to be the most, you know, like open and
you can. Yeah, do stuff.
But definitely before you go check, check out the laws so
that you know you know maybe get in trouble.
I I always tell people like make sure you check what's what's
going on. I think we should do that if
you're traveling regardless. I mean there's laws like that we
don't understand let's say as N Americans going to like Thailand
or you know these these other places and I see people getting
into some trouble. So just be careful before you go
somewhere. Do your research on on that
place but. But yeah, I'm I'm excited for
that some more more activities to do recently I I I found the
pleasure and and some blackjack fun.
But anyways, just for fun. Well, I'm famously a highly
successful blackjack player, as Mando knows.
We've lost every, we've lost all of our like every time I've gone
with cars in it, like not the sum, all of it.
And he keeps on going home. It's because the casino has
different rules and his way of winning is like if somehow
cheated him out the money. I'm just like, no, you just
don't have a system to make money well.
Money. Actually, that's not true.
But anyway, that's for another show.
I think I was just going to add, I was just going to add that
this law change might be in time for them to be in the next day's
Bond movie, because there's always a casino in James Bond
films. Recently it was Macau.
Before that it was somewhere else.
Maybe that's like a play. Yeah.
That would be cool. That would be cool.
I know that they want to make like the movie scene more and
more bumping. And I know Mission Impossible.
I mean, you had. You had Tom.
Cruise the rolling. Bird.
Pretty crazy. I don't know.
It's a big building. But yeah, no, you're gonna come.
You're gonna go to the casino with my grandma.
It's gonna be great. So me you grandma.
To be clear, it's not, it's not happened just yet.
They've just set up a regulatory body for it, so.
It can be. So don't go there and just
basically start gambling like it's yeah, like.
Okay. That's it for today.
Then I think again, we've done the five or six top things.
We will be back tomorrow, same time.
These are only about an hour question.
We're just gonna log over Simpson in order to.
But yeah, just every an hour long new format new.
Maybe replace the other Co hosts if this is needed to be a
success. Thank you again Kraken for
sponsoring today's show. They're gonna be our sponsor
throughout the whole month. Go check them out.
As we said, we're big cracking people here.
Anyway, thanks a lot guys. Thanks cows.
Thanks Mika. Really appreciate it.
Kraken gives me wings. Sorry.