Who was muted the How's my darling getting.
Is it getting better you I'm. I'm trying to practise your ohh.
Anyways I'm not gonna anyways. yo-yo yo-yo yo what up What up?
Good morning. Good morning G MG Friday
September 22nd, 2023. Another beautiful day to have a
beautiful day one day until the end of summer.
Well, officially right. And then the fool ohh Cowie and
there was a Callie. I mean not so much of a fall I
think you know if if this he sees close for business.
But anyways we'll time show we'll talk about that.
But anyways today on the show today today of course this show
as usual is powered by cracking. So if you go to
rockcracking.com/rug radio you know give your boys bum big
because it was a shout. I can't wait to be with the team
later in October at F1 should be hello from.
Anyways, today's topics Today's show topics Are we headed to
recession? Call of Duty Drugs.
Warzone. What?
Hold on. Ohh Wow.
Diamonds. Rolex is wine NFT Plunge.
Well everything's going zero. This should be articles about
that too. Base mate token may be coming
Friend tech points tonight. What to expect Stubbs reading
But first but first but first Mando Cali.
How are you guys doing today? Beautiful Friday.
Friday in Lisbon. Another beautiful day in Lisbon.
Gonna go. This weekend.
This is the message from the Lisbon Tourist Board, right?
I swear to God I'm starting to think he's sponsored by the
London terrorist. And there's the Lesbian Training
Board. They should move over the
background deal somewhere. You know what, I agree he
should. So we're going to get the team
on board on on that ASAP. We we ask you that we need to
get the team on board with that. We need to them to contact the
London Tourism Board and while they're at it maybe they can get
me a a speed visa or something say listen, Farooq will also
move there. So we have Farooq Commando
promoting. Actually met, like the
unofficial mayor of Lisbon. Domain.
Is that like a gang thing or knows all the parties and stuff
like that, that he knows the city?
Does he goes to my gym? I've been seeing him for like.
Two people go to my gym, actually.
One of them owns all the restaurants here and the other
one is this unofficial mayor guy that the big property developer
out here. And I was just walking.
We went for lunch a couple days ago and this guy's connected
like he's the guy walks down the street and everyone like it's
like, you know, knows him like the godfather.
OK, like he's so he is a mafia boss.
Get the buildings up. Let's put it that way.
So I'm leaving. Yeah, maybe.
Maybe we'll get into business. Maybe I'll maybe I'll be
shilling some some this Lisbon properties or whatever the fuck
he's going to get me involved in.
Get me in on that get just get me in on a on a free apartment
so I can move there. OK, that's all I want or.
Studio 10 hundreds of 1,000,000. We had that look about it.
You know what I mean? I always wondered, yeah, I
always wondered, like, why my family didn't think of like,
getting richer earlier. So just be born with it.
Yeah, but why? Why didn't they about when they
were. Yeah.
Like why? Why does like, I don't know,
like, hmm. Like why didn't have the the
hindsight to buy all the like the we have the same thing in
Montreal. I feel like every city has that,
like one person that's known to own everything.
Like there's the same thing in Montreal.
There's a lot of real estate developers and a lot of
successful people. But there's like one family that
owns 4000 buildings and units in Montreal, the Sergachev's
family, right. But he also owns all the strip
clubs, the casino, they all. And so he's like, he's like,
yeah, it's it's it's a Greek and so and there's another guy who
is anyway, he owns my squash club.
He wants to start naming people here on the show, but also want
to be able to go back to Montreal.
But then the entire saint-laurent St, which is the
street north from nightclubs and everything and for a moment he
was banned from selling and buying more from the government.
So there's there's a bunch of stuff like that.
I always wonder, like, what if we, you know?
Biggest Lando owner in Lisbon is actually the Church.
I didn't know that and until after speaking to this guy.
But yeah, like, the Catholic Church owns a lot on this.
Amen Montreal. So they.
Like the Probably like the second or third biggest
landholder globally, right? Like they're the third biggest
landholder in UK and. Traditionally it was a pretty
big power base. Yeah.
I often think that, like, maybe that's just like a great way to
just like, you know, have a good life and just chill.
Be like the head of like property for the Catholic Church
and the What's it Bank the. They have that Vatican bank.
Yeah. Yo, this is Glenn.
Sorry. What's this?
Yeah, I don't know if using the Baskins that cool, but I'm sure
you're probably good. Pretty good.
The Catholic Church want to
sponsor this show. I'm down like.
That nobody told me. Somebody told me that they were
looking for NFC advisory. You are back to go up every.
I will start the show with a prayer for NFT.
Took all my bags to go up everyday.
You know another deal deals that positive spirit to Santi.
Amen, right? So we may lose some of the
others audience now. With Google up with the Pope
let's make it happen bunch of anyways we're Oh my God this is
bad. Anyways I was gonna say Montreal
they they it's this thing on the Amphi theosis which is when you
can rent a building or land for 99 years and up where you have
the full rights of property enjoyment on top of it.
So in Montreal the nuns, they rented all the buildings
everything like all Of Montreal was owned by the nuns and they
pretty much rented most of that out for 99 years plus.
So they built skyscrapers on top of them.
So they don't make money at all from the skyscraper if it sells
buys or the property. But they own the actual land of
where the skyscrapers was built and you get to rent it every 99
years. Fun things you learn in law
school. So I guess it is worth it after
all. But it's called I had to Google
in France the name but it's M EM5 CU sis.
It's a Greek word and yeah it's complicated.
But anyways so one fun fun thing I I I saw so it's one of the
Craftsman scenes brothers shared.
That live video now is pushed on Twitter spaces on X and it is.
So if you go check this out, this is new.
If you go on Rug Radio's Twitter and I go open live video now and
it's they. Push.
Ohh wow. You know now at the same place
that they push spaces at the top of the bar.
That's awesome. They like, if you go on your
phone, look at that. Look this, this is.
Look at that. It's pink.
Now it's us and you do this. Yo, this is pretty.
Cool. Yeah, there we are.
Here we are here. We are shipping.
Show Google live proof is live also from Marfa it seems with
snow fro. Great way for live events by the
way. Since I know you're watching
this is great and it seems like proof is live with snowfall and
whatnot. So you love to.
We do a lot of live events that we're doing zebu next month and
we do a lot of that stuff. So consensus ohh also shows the
spaces on top of that. So you have the spaces and the
video. I like, I like.
Anyways, we called this. I don't know if you guys saw the
the updates from Twitter. They have a whole bunch of stuff
coming. Linda Yaccarino that the CEO
like she shared all this stuff coming up like it's really
becoming the Super app, right. And I was talking about super
apps in Asia when I was there like grab and all the stuff
people use out there. So I don't know.
Anyways this is gonna probably be one of the biggest onboarding
to crypto if those two perhaps get wet through integration.
And the West side in the West side of the world because it did
on the other side of the world, right.
Everybody's got a wallet because of that.
We wish you Polygon ways. Alright, so why don't we get
started with the with what's happening in the market and
Mando, are we headed into a recession, What's happening
with? Big question, big question I
guess. I guess there's two, two sides
to the story. There was a very.
Bill Ackman, who's a very well known hedge fund manager,
probably most well known like during COVID as well, he put out
a pretty bearish post today. Type in Bill Ackman, you'll see
it. But he basically goes into the
idea that he thinks that bond yields continue to go high,
inflation is going to go higher, oil is going to be pushing it.
And a lot of people have been saying this, you know, we're
going to end up with some sort of doomsday scenario in next
year and this is at a time when global debt is at. 300 million,
I think it was a household debts, the highest ever been in
the US. Auto debts, the highest it's
ever been. Student loan debt, the hearts
it's ever been. Credit card debts.
The highest it's ever been. That is just out of control.
So high interest rates just mean that people firstly dip into
their savings and then they run out of money.
So you start to see some some evidence of of delinquencies go
up particularly on small banks. And it's not looking good on
that that front. Do I think we're going to head
to a really bad recession. What's interesting is saying is
that the Fed came out yesterday in amongst them being hawkish.
They basically said look we we don't think it's gonna be
session anymore. We're taking the word recession
out of our guidance. We just think there's that low
likelihood it's going to be a recession.
Goldman Sachs have also been very, very keen in saying that
no recession main bit of that is because there's been.
Employments going down, sorry, unemployment is going down or at
least stayed very, very low for a long time.
And there are a couple of other signs that that show that we're
slightly bottoming in terms of economic activity.
Retail sales, the consumer has been pretty strong over this
whole period. The main worry has been this
yield curve inversion as well that people have said like
that's one of the telltale size signs that heading to a
recession that's like 2 year interest rates are higher than
10 year interest rates and that's been going on for a long
time and that's one of the best predictions of a recession.
Umm, my gut. And maybe Carly can come in here
as well. But my gut is that we will not
have a recession. But I think we were probably in
for a decade of under. Underwhelming returns just
because of how high rates rates are right now.
And the reason why I didn't there's gonna be really bad
recession is I don't see there being a credit crisis in the
same way that it was in like previous recessions.
Like the bank banking system in my opinion is in a better spot.
Higher credit spreads or junk bond credit spreads, what we we
used to trade the types of the year very in both Europe and the
US it shows very little stress in terms of companies or in
terms of banks and the main stress here will be from the
consumer. Um, and potentially from
governments. I I think that's going to
happen. Like, we will probably be a
period of less spending, but I don't think we're gonna head to
a recession. So in that world, what happens
to like markets, I think markets?
The stock market is obviously not reacting that well right
now, but I think medium, medium term again it's just this period
where I think stock market returns are not gonna be that
high. Bond yields are suddenly now
higher than equity yields the first time in 15 years.
So I do think you can probably get better returns than bonds
than than in stocks right now. But I don't think anything is
going to be cataclysmic. We're not going to get like
these 6070% drops in my opinion and in stocks that you saw
during O 8:00 just because I don't think there's going to be
a blow up in the in the credit systems and.
In the banking system. But yeah, Carrie, I mean, you
have strong views about all this other stuff.
What do you think? I'm definitely more pessimistic
than Mando in in general about everything, but also also about
the economy. That's just like a British
thing, isn't it? I think.
I'm Portuguese now. He's pushing exactly a happy
disposition, like tourism of Portugal.
Yeah. I mean, I think what's
interesting, I think Mando is right.
I think the stress is on the consumer.
But the interesting thing is like cycle all of this, all
interest rates and all this stuff.
Don't really matter that much. It's more about like the
psychology of how people feel and whether they want to start a
business, want to hire more people, want to buy more stuff
like interest rates effects that, but they're not the only
input into that. And so if you have a couple of
years where like. Stock returns underperformed
massively. Then I wonder, in such a crowded
market, that people just say, you know what, fuck this and
just dump it. And then that's when you get the
massive drawdowns. It's not even because like the
underperforming cash flows are like changed that much.
It's just been, yeah, a few years into that decade of
underperformance and then people just get tired and then you see
these, it probably doesn't happen all at once.
It's probably not like a 100 to 40 drop, but then you'd see
these multiple like 1020% drops. That's one situation which I
think psychology and like drawn out underperformance could
materialise into like a severe. Underperformance over longer to
medium term. I think the other thing which
Ackman says in that tweet, which I really agree with, is that
people for the past 1020 years we've had massive deflationary
forces on pretty much every element of our lives.
Everything's now made in China for like a tenth of the price
that it was previously there's been like reasonably benign.
Before COVID at least, the whole global economy and global like
geopolitical structure was reasonably reasonably benign.
And kept energy prices pretty low.
It kept like there wasn't that much disruption to the whole
globalisation machine. And I think his view and my view
is that that kind of is not going to be the same for the
next 10 years and that's going to be inflationary.
And so that's where you get this higher for longer narrative from
as well. So which real Ackman tweet are
you guys like agreeing with? Like are you guys talking about
the one where he said call me crazy but I think SBF may be
telling the truth Or the tweet where Bill Ackman says many have
expressed surprise about my interest in FX situation blah
blah blah. And my openness of possible FBX
may be telling the truth as I have no economic interest in
relationship blah blah blah. So you know, we talk about.
One thing and then doing another.
And he's also famous for just like being wrong with certain
things that no one ever remembers.
It would be great if they found the Big Short guy.
It would be right if they didn't run their mouth when it comes to
our industry and just kept doing their thing.
Ackman during March of 2020, like when COVID was.
Or maybe it was April. He went on to Bloomberg or CNBC
and was literally just saying everything's going to end, the
world is going to end like, and then it turned out the next day
that he had just been buying so much stuff that exact day.
And because he was like, it's so bad that it's gonna be good.
So he has this like way of, I don't know, profiting by maybe
doing the. Exact somebody else say it's so
bad, it's good. I've heard someone.
Is that what you're taking from? You take it from Bill Ackman.
CNBC said the world is over. It's it's quite famous thing
that he did so like he's known for doing this like these are
the sort of things and he might today he might just go really
like long being short. So it's it's you have to kind of
reverse these people. He makes money, though.
He's been making money. Yeah, it was.
I'm sure. I just.
I just will never forget this. Like, that was literally the day
the SBF destroyed everyone's lives.
Like during the one tweet, I was literally in the thick.
Of soldering the spirit. He was probably short Solana.
He probably was like this guy's notoriously famous for counter
trading. His what he says on TV like he
has this opportunity in front of 300 million Americans to send
the market down to the world is over.
And he's not even short like. Yeah, he was pilot.
He was sure. He was sure.
He was sure at some point, though, OK.
That exact date for everything. Fear.
You bought it all ohh Billy, I mean over time, right?
Because then everything eventually recovered.
But that's a wow ohh Billy. Billy, Billy.
Alright. Today.
The Dow, the Dow Jones is
actually kind of flat for the year.
The Russell which is the top 1000 stock is flat.
The the only reason the S&P and the NASDAQ hahaha because of
these AI stocks. Which isn't isn't just like a US
phenomenon. the US, the US like Standard Company hasn't really
had that great year. Like we kind of have been a bit
of a terrible year for stock market returns and I think I
think we could see a period here just like subdued stock market
returns for the next five years. Which I agree with what Kelly
was saying there. Like you could have this sort of
period where it doesn't go down 60%, but it just like it's
almost flattish or like certain companies obviously weren't like
AI and tech, but the rest of the press that stocks don't really
do that well. Well, I guess don't buy stocks
by Mint coins, this non financial advice, OK?
Or any time of the day is having its day.
Yeah. Let's let's quickly go over the
market. Like the market seems to get
someone of something. I I don't feel anything with
Pepe anymore because it's like I'm down so horrendous.
They're like, get me back to like that decimal to feel
anything. But hey, I'll take it, man.
Small wins? Yeah, it's back.
Where are we? Are we so fucking back?
Or not yet? We're not.
Saying that we are so fucking not back.
Cool. Whoa, go.
Just dying, man. Umm.
The the crypto has done OK, but it's back to kind of where it
was yesterday during the show. At least it dipped and then it's
come back to almost unchanged. Umm I.
What I said today in my French chat was that if you didn't sell
the yesterday, I don't know why you selling today like this
seems very, very silly. Like yesterday was peak, the
stocks were down the most, they've been down in six months.
Bond yields were hitting a record in 15 years.
We didn't start yesterday. I was freaking you out today to
sell, sell crypto. So I kind of felt like we were
going to edge a little bit higher and that's kind of what
we do. I don't know where we go medium
term, but today just didn't seem the day that we were going to
puke. Given how bad yesterday, I'm
always saying you can't. I'm always scared of.
Weekends don't come down, come down slightly as well, so
slightly. Better day in the markets.
No real massive movers from what I could see.
All right, well, we'll move forward from that and see what
happens in market after the weekend on Monday morning.
So topic #2, which is actually a gaming topic, it's pretty fun.
So Call of Duty it looks like you know they've they've rugged
War zone. I mean, see, like, see gamers.
You only get rugged and Web 3 gaming.
OK, like this happens everywhere, even on your home
turf. So I'm quoting a a tweet from
from Spike. Spike reacts.
The biggest theft in gaming is happening today.
Oh where's that? We have OOH button.
But anyways, Call of Duty Warzone One is shutting down and
players won't be able to transfer their original Horizon
skins to Warzone 2. Gotcha.
You see why NFT's come into play here?
Billions of dollars of worth of in game.
Items are being taken away. This is why of the main reasons
why we need web 3 gaming. I mean that's absolutely crazy.
I'm actually I'm gonna go to you man though and get your thoughts
but I'm gonna bring Sims on stage two are are the producer
of our morning show cause your your backgrounds in game of
Mando. If that's not a use case for web
3 gaming, I've never seen them. Best better use case as the
beginning of what 3 gaming? So I agree with this guy and I
don't agree with him. At the same time, I think, I
think it's. I think it is.
It does show that the idea that if you have NFTS, you can trade
in and out of them while the game is still active.
There is like towards the end of the game, there's very few
players playing it as a reason why they close down.
This is just War Zone One, right?
I still think there's a lot of people playing Warzone One,
right? There's still enough, actually
not like peak. There's not peak amounts of
LIKE. It's not like game game users
normally go up parabolically. Yeah, yeah.
And anyway, like so. I think NFT Challenge is great
for that as the game dwindles, but I don't know if NFT's really
really would fix this totally. Because.
They, I mean, if they did this even with the Web three-game and
they discontinued the game, you're asked that you currently
use the assets anyway, unless they were interoperable with the
next version of the game, and that's not always the case.
So I think NFT's improved during the life of the game, they
improved the trade of it. I still think NFT's leave you
vulnerable even to this sort of a rug where the game gets
discontinued unless they are seen as some sort of like
collectible item that like everyone remembers and it was
great from the game, but the utility.
These games will die when the game developer decides to stop
having them, and that will happen in Web Two and Web Three.
They'll only the NFT would only last as some form of a of a I
don't. Know as a trophy, let's say
which. People might want to have but I
think. I think the utility still does
die. I don't know what you think,
Sims. I mean there's there's two sides
to this and you can play devil's advocate kind of in the way that
you're going with it. Like there's there's the one
side which is good and bad and was like Oh yeah, This is why we
fucking need NFT's. But in the in the previous site
to that it's one of the reasons why gamers hit NFT.
It's like you need them you you have to have NFT.
They're the future and just ramming them down the throats
and we've had years of snake oil salesman who never actually been
in gaming just continues to telling people they have to have
NFT otherwise gaming's going to die.
So there is that side to it, and it's understandable why.
You know a topic like this as as kind of rattled some cages and
made some noise within our ecosystem of cryptos.
Like yeah, this is what an NFT is do it saves you from this.
But then there's the other side of it where it's like, you know,
was I gutted back when Halo two and Halo three died and they
shut down the servers? Of course I was.
But was I pissed that I lost all the extensions, all the battle
passes, all all the packs, all the stuff that I bought skins
went around them but you still paid for map packs for example.
I want piss that I lost them because it's a new game, right?
It shutting down was on 2.0 is out.
Know they're going to be looking forward to building that up and
introducing new things and if there's anything that we know
about Call of Duty they they launch and flip a new game every
single year that that that fucking franchise absolutely
prints money. But they flip-flopped between
developers. It could be sledgehammer one
time, Infinity War the next. It could literally be that the
the tech the skins that they made there are not compatible
with the the next engine or if it's a different developer they
might have not may not have a licence to actually move those
skins over to the next thing. What they have done is and it's
not a complete. You know, disaster.
The game itself still stays alive.
War Zone was a free to play game, remember.
That's it. It's a it's an add-on, it's an
extra that that you get essentially.
You don't have to buy the game. I don't believe you could just
download it on standalone thing, but the skins will still be
available. I think Modern Warfare, Cold War
and Vanguard, they still have all their multiplayer servers
online. Warzone became so big of a free
thing it had to disconnect from the game.
It was phenomenal. Like I think at one point it
like the the the player base that it had was infinitesimal.
It was massive. It did so much for the college.
The franchise, it had to become its own thing and and that's
good. And Warzone 2.0 is just as good,
but can you continue to run a redundant product?
No, not really. The the skins were there and you
purchased them. Yes, you are going to lose them.
You can't carry them over, but. OK, such is life.
You know you it's a a new game's going to come along.
I get people will be upset that they can't carry the skins
across and I also understand this is gonna be a very loud
noise for people to say it. Now is the time of NFT so this
is what they do. But.
Look, if it's not compatible or it's a different developer, it's
tough shit and it what what can you do about it?
I think it's an advert for interoperability rather than
NFT's like NFT's don't solve this issue.
Interoperability solves this issue.
Like even if you own the NFT's and you own the skins, you're
ultimately still short the option to the developer as to
whether they want them to be interoperable or not.
But I think with the NFT's at least you have an idea if
they're going to be interoperable before you buy
them. So maybe there's there is an
argument that like it's a bigger part of the ethos and you know
you have put more perfect information going into the the
thing. It's not great if you're the
video game developer. Obviously you want the zero
everybody's skins because then they buy more skins.
So there's definitely like a a power imbalance and the like.
It's not 33, let's put it that way, It's 03.
Exact This is the exact scenario that caused Ethereum to be
developed. Do you know this story?
Vitalic got Rugged on Warcraft. Was it?
Is this truthful? He's gone back and forth on
whether this was true, but he said that.
Ask him. And that and that.
He got so pissed about that, that he wanted to create a like
a decentralised ownership model. And that's that Led him into
blockchain, led him to Bitcoin, led him into Eve.
So I mean. This is the Call of Duty
situation. We get another the talent coming
through and changing the world. Let's go.
I mean, we're gonna get it. Is it to be fair has done me
over on multiple times so I can somewhat kind of excited them on
that but it you know whether or not NFT's do fix this.
You look at CES 2. Counter-strike is by far one of
the biggest games in the world if not the biggest game in the
world right It's it's huge and their skin ecosystem is by far
probably the the most robust on the market.
Skin gambling, skin trading, skin selling the skins can go.
We've seen a more recently again that's when they start becoming
in the NFT crowd. Oh, they're over $100,000.
What Digital collectibles. They're transferable to the next
game. Now, Valve obviously owns the
engine, runs the game, so it's it's a piece of piss for them to
move it across. But they're not using NFT
technology, so the technology doesn't It doesn't necessarily
save it, so to speak. If they can move it to the next
game, so can anybody else with enough money.
The other thing, the other thing I think is one last thing about
like, yeah, distributed ownership is that I think with
Web 3 and NFT's and. An EF I guess Like players could
own the game and the servers and choose whether or not to switch
it off, which I think is appealing to like hardcore
players like of Call of Duty 2 on Wii who still fucking.
There's like 30 guys who play that and maybe they would want
to keep playing it rather than like.
Yes, that is one of the 30 guys people play Call of Duty on the
Wii. It was just too.
Specific a reference. I love that.
I I think Sam's gone. No, no.
So like if you could own the game and then you can decide
what to do with the servers and you can decide what to switch it
off. And I think that's way more
interesting than, you know, just getting told what to do by some
some dude. At Modern Warfare 5, seven or 10
or whatever, I don't care if it's gonna be worth it or not.
I think owning the assets important.
Like one thing I like about Fortnite is like the season
moves on, maps changes if they make changes.
I still have all my my, my, my inventory, like I don't lose my
my games and whatnot. But I'm bothered right now that
my brother had the season 2 John Wick outfit and an account that
we don't have. And when I made a new account, I
don't have the season 2 OG John Wick Fortnite asset.
Like genuinely I'm like, fuck, Because to me that's like OG,
like Fortnite becoming what it is today.
You could argue that season one skins are worth something you
could argue but I'm not so and people were signed to account so
that that John Wick one John Wicks legend right.
So I don't know it's just things like that so I I find it super
interesting but it's good that we got Sims on the show here to
give us his two cents. Just Sims.
We're gonna need subtitles right.
Because the northern. I think that the I think people
just got used to mando cows and and OV but you know we got Sims
on so we got the heavier Brits on the show today Guys I I'm
about to I'm about to become a whole fish and chip myself you
know so it's actually can't wait Oh my God it would be fun but
yeah I think I think I think that kind of like closed it for
this but I was reading some of the articles it seems like
people are happy about the move like the actual gamers cause
wars on the map Caldera apparently was like not good and
blah blah blah. And like you have Modern Warfare
and everything but look it's just another example that you
could not potentially not use those assets if there was some
technology. It's not that it has to have a
Ponzi or tokenomics attached to it just like anyways I wish I
was there that week. They guys talk gaming with the
whole guy that was angry and like the near protocol thing it
is that was that was probably a really funny topic anyways.
Alright well let's go into let's go into topic #3.
Thank you very much Mr Simms. OK The Sims.
Make sure you follow Sims because you know he knows his
gaming that's that's our guy at rug radio when it comes to
gaming that knows everything in and out.
OK, he was like the US of the ESL in the Halo days.
OK the guy gets stopped in the street still about that so I'm
sure he follows says you're from more gaming tag stag stamps and
so next topic here. Yesterday, Mando, you brought
the topic of our NFT's or like most of the NFT's being down
95%. But look, it looks like this
extends beyond the NFT's right and to the, you know, to to
collectibles and general diamonds.
Down 40, Rolex is down 15, wind down 9%.
So what's happening? What?
What?
What's? What's going on in the world?
I mean, over the course of the last five years, all these
assets are up a lot. But this has been a really tough
year. This has been a really tough
year. Like if you're in the
collectible business, it kind of peaked first quarter 2022, so
exactly when NFT basically peaked and then it's been kind
of down only since. So you've seen the rock down
between 15 to 20%. You see the diamond market down
about 40%. There is some, there's something
about supply there on diamonds. So it's a bit more attenuated.
Wine and spirits are down about 9% over that period.
Classic cars are down about 9 to 10%.
The only real one that's OK is WW Investing, if you're involved
in that. It's been a very it's been a
very there's a there's a who does the report, there's a very
famous report which is done in the UK which like.
Looks over all that. No, it's done by.
It's like Coots or something like that, but it's Saviles.
I think Savills do it all night. Frank Knight, Frank Do it,
Knight, Frank the Knight Frank. Luxury Report.
They do a really good report on it all.
But it's just been a really bad period for collectibles.
Some money's come out of the system after a very, very frothy
period. So you can get good deals kind
of across the board for some of these, for some of these assets
at the moment. And that's kind of the same with
NFT's. Not just been announced, these
obviously entities had the most parabolic run up of those
collectibles and then they came down the hardest, but the the.
Collectables just across the border down.
So if you're looking to invest and I think they're now OK, I
like collectibles investment medium for long term like
they're just good investments in my opinion, but they had a
really crazy run up, so it seems like.
People would have wrecked at the top and not wrecked, but they're
down. Yeah.
And these things will have value.
I mean, we know these things a lot of value over the next 50
years, so. In a world of high inflation as
well, like, these are the sort of things you want to own.
So this is like, is this just everything is like rates
correlation here or like why are these actually falling do you
think? People dipping into their
savings like the the, the, the dent on US savings actually
across the world and the savings is the highest it's been since
07/08. It's insane like everyone saved
up and I don't know if everyone felt like this.
Everyone saved a lot of money during COVID, like everyone's
savings went crazy. Not only was the government
giving you money but generally people were saving a lot of
money. So savings kind of peaked after
COVID. We spent a lot of money went
into this sort of like. You have collective assets and
then since then savings have gone down massively.
It's been the biggest dent saving and now we're kind of at
that point, which is what I just said.
This is why credit card debt is going up, is that you get into
the stage where people actually can't.
They've dented, they're saving so much, they're having to now
borrow against it and that's why people are getting more scared
about the economy in general. So I think.
We're selling these assets to raise cash, basically because
cryptos down. Their Rolexes are down though,
let's be honest. The incremental bias crypto is
it's very. Linked to this sort of stuff as
well, right? No crypto to literally Like when
we went to $800 there was a direct correlation on the
massive price of Rolex specifically going down and I
remember reading about that when so and so.
This website was just sharing something Cali was showing me
before subdial.com which gives you a permits to Bloomberg
subdial Watch index which says down 14.7% of the last 3-4
months. It's a really good one you know
buy when others are fearful right?
I cannot believe we're spending 10 Rolexes on NFTS in the last
bull market. I think gonna go throw up while
you guys talk in the next thing. I swear to God, I paid $142,000
for World Woman once like this is crazy.
I could have bought. I could have bought Platinum
Daytona could have bought. What else?
I mean the price of shut up, Kelly.
And I'm just, I'm in that example by Moonbird.
Same thing. Like it's like you're looking at
that cause you were talking about these prices are gonna go
up. Like while a lot of these NFT
projects are not gonna come back, there are some hard assets
that you know always come back. You know Rolex is no longer
producing the Hulk. The Hulk is the iconic green
dial, green bezel Rolex. They they they're not making,
they're not going to come like an NFT founder saying, oh, we're
really seeing it again. That's what FMF right Rolex will
never do. Because the thing of trust when
I was talking about this Kelly, right before coming on in the
back and in the studio it's like Patek like you know not of this
you know an aquanaut certain certain like 5712 are that
things always gonna be worth 100 something it could be worth 101
day maybe 180 in the bull market but it's going to come back
most, most like unless you get a mega ultra recession type event
right. But it's probably these assets
recovered before NFT. So I think we'll be looking at
those assets recovering before even NFT's.
Now you bring this up because. I was showing Kelly expensive
wine yesterday from a broker. He he he back.
Baby 10%, hang on, hang on. Send it to me.
We'll send it to Charlie. Send it to me.
Send it to me through with me is I'm gonna do.
You want some DRC? Yo, give me that.
I'm going to drink it. And I've always wanted to try
DRC. I've never tried.
I think I was saying, actually I was saying Danny last night.
Let's see, 2006. I think it would cry.
Think would cry while I'm drinking it like I have tears
coming out of my face. Like the first time I saw
Rebellion concert start crying when he like walked on stage.
I don't even know why. Like he just didn't sing like he
walked. I cried.
Like I said, I saw Jesus walking.
Water, Thomas. Like insane.
Champagne. Burgundy.
It's all down 25%. Some of it's down a lot.
You. Well, you're no longer part of
this conversation. One No, they're sending it to
me. Send me the deal flow. 25% but
Carly just didn't wanna Didn't want another.
I want it in scope. All of cows is our own.
I love the disclaimer. What's up, Kelly?
Tell me. Tell me how you feeling?
I wanted a scout. I wanted to.
I wanted a 30% distressed sale that I could then flip for
serious profit. Mando shows me this DRC Magnum
case down 2%, I mean 2%. Not even the breaking.
Percent on the to buy it. I I I showed the wrong level.
Who knows if he comes back and hits me, but I showed the guy
level. Ohh you.
I will. I'll hit you.
I will hit anything you, I'll hit you.
No, I'm alright. You hear me?
Coming in now, Internet's coming out.
Be right back. I think, I think one last thing
on the Rolex is and the collectables market, I think the
great thing about them is that people actually want them like
they're not 100% speculative assets.
There's like a base level of value where like.
You know, people always look at a classic car like whatever it
is, like a yeah, of course, classic Corvette.
People think, yeah, that's cool. And so there's a base floor
price level there, which is comforting.
OK. Not a monkey JPEG.
I think that's similar to punks actually, right?
Like people, punks is the best example.
I want to hear this. Kylie's a punk maxi.
He doesn't know more, but he's an absolute, basically.
Yeah, this has a brain in between that thing.
Yeah, I've got the Braintree. Anyone.
Anyone wants to buy some DLC? Hit me up.
I've got the guy. Honestly, I'm gonna talk to you
about this because we were talking about 1:00 last night.
We were putting wonderful Teen Anello 2019, actually, two of
them. My favourite super Tuscan and.
And it's, you know, I think. Italian wine is not that much I
had a cool with because I invested 1, so there's a cool
with the guy and the guy sounded so shaken up.
I was like, hold on, you sound so scared.
I should be putting more money in.
And then and then he proceeded just showed me like 2% down 2%.
Yeah, I was like, you didn't really sound like that when we
spoke, so, but yeah. I used to try exotic derivatives
like call me back when they're down 80% and then you should be
scared, like that's affecting your eyes.
Told him like not. Distress it's it's crazy.
I get when I look at these real life assets, like the true life
story, everything, like the trade art even.
And I look at how much money I spent on the randomness, like
picture of an animal online. I'm like I could own so much
sick trader. I probably had a Picasso.
Ohh like yeah, I don't like what the cheaper ones right?
Or like. Another lot of people you can
get them for. Yeah, ohh, I went to, I went.
ERC for 65 grand. What?
What was that during the bull market That was like wait half
of five for like, well, hold on £65 for a bottle or for the
whole set 3 magnums. That sounds cheap because you
know how much they sell DRC at restaurants for And then it's
the restaurant markup. Yeah, but but Joe Salad to the
restaurants we. Could start a restaurant and
then sell the three Magnums and then close the restaurant down.
That's all about. The arts is like a regular
bottle goes for like 12 to 17 K minimum at a restaurant, and
that's you're talking 20. 16 I know, I know, I know there's
money to be. Made be made No.
OK, Why don't we? Why don't?
We talking to be involved in. Why don't we start a little
watching? Well.
At least. Right now, we're having a
meeting. Even when you are you.
If you have a restaurant, there's tax.
If you said that restaurant, ohh yeah, I'm I'm.
Saying it's the only exit here. We know this.
It's fine. We're gonna start a restaurant
when we're rich and like we were right down to lose money on
something. Like there's gonna be a time in
my life where I'm gonna own a restaurant because I'm old.
I wanna have everyone gathered around me and stuff like I'm
gonna own a restaurant once in my life.
For sure. That's peak mental health
finesse. And if you don't like it, I'm
sorry, turn this off of Italy and I'm gonna exactly, I'm gonna
die on that land and my kids will put their ashes out there
and and that's. It, you know that's in the, you
know the. Don't laugh anyways so alright
sorry sorry that's enough with with with with assets.
But look I I think it is a good time for for for for to get
newest speed things up. So base is a base talking gonna
come. Obviously a lot of says
speculation here right when there's when there's a new chain
that pops up, you know what comes next.
You saw people like at the Arbitrium, AirDrop, blah, blah,
blah. You know, launching summer was
kind of successful on the Bayside.
For now though I saw Mando officially put an end to on
Chain Summer earlier today in a tweet or reply whatnot.
We do have Jesse Pollack, the CEO of BASE coming on next
Wednesday, so stay tuned for that.
That's gonna be a big episode. A big guess, but we have base
some rumours about the token stuff, so we'll base have a
token, not something we've ruled out entirely, says Coin
business. Paul Grewal, Coinbase's Chief
Legal Officer and I talked to decrypts Andre Veganski shot
decrypt about recent unit swap court ruling tokenizing its base
L2 and the companies own battle for clearer regulations in the
US So let me ask you boys Mando, do you think that we will see a
base token in within a year? Within a year I'm going to do
like a Bloomberg thing. Within a year, I think like
6070% with like it's lifetime, one hundred 100%, like 100%,
there's no way literally. No way to do this.
I don't know. I think, I think I'd give it
like I give the 70% like a six month mark and I give it a year
99% just cause I think they're gonna cook by the, by by the
bowl and it's gonna be like Frontex base and everything at
the same time. Yeah.
Look, I think, I think being involved in in France tech, this
is, I mean we can get into the next topic as well just like
what's happening at the moment. But it does feel as though there
are some competitors on other change like this story came out
and I feel like, yeah, people are now just going to going to
be on front deck, aren't they? Like if there's some there's
like a double AirDrop coming now then then I think people could
really because you're transacting on base single
frantic transaction that you make you're transacting on that
blockchain right. You could really go on base scan
that I or whatever. You never have to connect your
wallets to these by the way. So just heads up but you you can
see all the transactions buy and sell of of someone like corn or
key or whatever. So we are transacting on there.
That's why one of the reasons I'm saying just move some money
into base just in case there's an AirDrop at some point because
arbitrary end up giving people like $1200 a pop right.
If you use the you used it right.
And so that's something I regret it because I know people that
just like farm the shit out of that nice little 304050 K check
and a bull market these airdrops are worth a lot of money CSO
SCENSC where it wasn't there sorry it was looks so those
three that cooked very hard in the in bull markets so I think
it would be it would be pretty would be something that would
see on there. So look it hasn't been ruled out
by Paul Grill. It seems like it's also a big
month for Coinbase. What's with the C potential
dismissal decision that could come in October?
Is that is that something that's.
Right. Yeah, yeah, yeah.
I put them. There's October could be a big
month in 10 days. Let's get the.
Yeah, but I think the ETF the. Yes.
Actually just needs to be rejected rather than accepted.
So you have the SEC either has to reject the ETH futures ETF or
let it happen. They have the they either have
to reject the Bitcoin one or they have yeah, then you get the
Coinbase potential dismissal like if Coinbase.
Gets it thrown in that case thrown out, like that's really
bullish for alts in my opinion. And so yeah, we'll see what
happens. I'm so bullish on Paul Grewal by
the way, that's why I I how many times I shot him out in the show
so far. He's gotta come at this stage
but it says the chief legal officer.
I love his updates weekly on like the Coinbase legal case
kits, CSC, I love his threads. I love how he's like being super
transparent pressing DC. I mean you follow him cause
that's that's someone I really appreciate also, what do you
think? Are we getting a base token
within your or what? 100% like nobody that at the
initial announcement was like we have no plans to issue a token
and then like whatever two months later it's like, ohh
yeah, it could be doing a token. Nobody can.
Nobody can resist the. Value creation, so we say of of
a token which can be hundreds of 1,000,000 and the and the chain
activity that it that it incentivizes, right.
But I 100% agree with you on he's a great follow in the space
and it's just nice seeing somebody dismantle the SEC in
real time with like clear thought out logic.
I've said this before, but I think that SC picked like,
literally the worst. Counterparty for like a fight
basically in in Coinbase like. The business model is probably
the most like rigorous and closest to what it what can be
considered kind of like regulatorily approved given
there's no rules out of any company.
They have a tonne of money. So they and a tonne of really
smart lawyers including ex regulators, like just a stupid
fight to pick. And yeah, I think I said it when
the case got brought and I say no, I I think there's like very,
very, very little chance of the. See.
Winning this like like so small, I definitely agree.
And then Speaking of base, Speaking of front tech, I mean
that was kind of going to become the the last topic of the day.
It's Friday. It's Points Day is the reason
why we're still in Front Tech Day.
Are you guys in? Are you guys in chats that are
active? Like I'm trying to drum up
activity in those chat is acting other people's chat.
Mando didn't let me in his chat. This is extremely active on.
What you In my chat? There's one way to get into my
chat, like I have some second back door that you can get in
your mind that very personally too.
By the way. Kelly, I've seen him shame Ovie
to death and sometimes give him a death stare.
So you got. Owned and then sold.
This catalyst has good, good First of all it's Trump
investigation. But but anyway, so today is the
big points day. Listen, I'm so confused about
what happens with points. But if you go to YouTube on this
very channel, Rec Radio's last episode was Captain Levi.
And he's like, he's the guy, he's him, He's Mr Frantic,
right? So I'm sure he broke it down.
But what what are we expecting here, Mandel?
Today? I saw this blur.
Farmer joined, of course, crushed it right away.
But what do we? Have off his own brought up his
own shares and then then sold the shares.
And then now it's like sitting there profit free.
I didn't really know who this guy was, but he was like the
biggest blur farmer. I was surprised at how many
people wanted to be in the same chat as bluff farmers, just
because I thought they all lost loads of money.
But it does feel as though that is the narrative taking over.
You wanna be inside their crew because they have tonnes of
liquidity that they're bringing on.
And he he bridged 505 Hundred Eve.
This is sort of thing like if you start talking about air
drops on base as well people people will just start putting.
He's going to be farming the share of us on fighting.
We're gonna be we're gonna become like you're gonna get
pumped and dumped by the Blur farmers on frantic like.
I mean, yesterday we were talking about the security
worries of it. Today we're saying like, just
fucking put as much in as possible.
Media now we're like don't. Don't just throw all your stack
into friend tech or even put it on the on on like everything in
crypto, right. I think at this stage our
audience that is still there, it means you're all Djinns.
I understand this, but for the newcomers, like you know, this
is all stuff that you have to be careful with and there's always
security risk and I feel like it's been a while, but.
In case of an investigation by any federal entity or similar, I
do not have any involvement with this group or with the people in
it. I do not know how I'm here,
probably added by a third party. I do not support the actions of
this group. I have it.
I have it on speed dial at all. Times all the time, yeah.
What is? Is this just going to make
friend tech like another pointless farming exercise like
if All the blood Hydrop? Farmers have come to Canada.
Yes. You know, like.
I don't know, it just I want somebody to come up with an
AirDrop mechanic that encourages actual usage maybe and not just
like pointless farming. That would be valuable.
Maybe I should create an air drop incentive for somebody to
create that in air drop incentive, do it, send it to
racer. I hope that's not.
I was thinking about this today my doctor was asking then we can
you know kind of go off with our Fridays or weekends here but I
think I think so much about take his tweet and he will know he
was acquitted guess as well as why I I followed him saying the
day you get bored on fintech and he's not trying to hate he's
like they get bored. It's today a lot of people also
start getting bored friend of mine that they got bored right
away not a big audience so I could understand why he's like
doesn't see the thing. Look I'm trying to keep my
chatting entertained but I'm a project founder like I barely
have time to do 33 stuff, though I try barely have time to talk
to them because I have a seventeen person team to talk to
plus organisers show with you guys.
I was doing so much stuff. Plus at some point I I kind of
wanna have my own life and on top of that I have to keep up
with making them happy. People have to make holders
happy. And I have to run a company and
have to make my family like people around me.
I was like, that's what point is it like, do you, do you wanna
keep substantial? And then I think, well, why am I
asking all these people? Like, we had an exercise on my
friend tech chat, which was like, give us your BIOS so we
can maybe connect with one another.
I think the power of a chat is that it is a small chat and
group of individuals. So it's the power of its
network, right. And so if I can make everybody
network on, that's the utility of Frontex And maybe if I share,
but I'm not an alpha caller, I don't call trades like you do
here and there. I don't add that value.
And no matter how much I3333 has a finite limit to how much it's
going to work some, and you're already starting to see it like
not workers more. So I'm just thinking like at
what point does that end right and what will they need to do to
make to keep that going? Yeah.
Look, I think if I look at the top accounts now and I look at
it. I would say when I first joined
French, I you kind of knew all the top accounts.
Now I look at it and it's probably 4030%.
And they're being outcompeted by people that I do not know and
part of that was a three, three and part of that is this like
blur. Farmers like pumping each other
because they realise it's like an AirDrop game.
Ohh which adds just buying their own thing to Valhalla just for
ego like those that as well. So, so you look at the top
accounts, it's going to be, I still think the platform can
work. But the the top accounts will
increasingly not be. Um, content driven or access
driven, that is a worry for me for the platform.
But at the same time, we had Levi on the show on radio on on
Wednesday and he actually painted like a very bullish view
for French. He's like, look, I think this is
like revolutionary in terms of access for people.
A lot of people have tried this. It hasn't worked yet.
It's a little bit expensive, but like this could be very, very
big giving people access. I think that is a that is a
medium term. I've said that since the start,
like this isn't your regular Ponzi.
The plot AirDrop farmers might make it feel like that which is
a detriment to the whole platform, but I think there is
real value to being in small groups with people that you
respect. So I think, I think that will
last. I agree.
I mean, look, maybe I have access to that.
Most people don't and I can ask you advice here and there for
trade but like most people like what was that?
That was wild. You're having a crazy Friday for
sure that was crazy. Kelly didn't see that we have it
on record. But you know maybe some people
would have access or some people told me that it's been fun to
just chat one-on-one with me on there cause I have active daily
every morning, every night. I'm very active.
Don't get me wrong don't sell this because I said that I'm
gonna stay active cause I wanna, I rather build a group of people
that are fired. Like I read the BIOS first of
all tunnel golf players and people just writing these long
ass BIOS about themselves and like maybe they'll never want
another just deal flow going on. So I think it could be a group
like that. They're like deal flow or like
brain flow, man goes through this, but that's about as much
as I can do cause I'm a facilitator and I've always
been, but I'm not like an alpha fucking dog.
I tell you like your trend line, there's like resistance at $0.52
from Matic and then go up or down from here, like I don't
wanna do that so we'll see what happens.
But anyways, anyways, anyways, this is our thoughts.
That's what's going on. It's the weekend.
What are you guys doing this weekend?
What are the big plans for the weekend?
Sports gambling on the Rugby World Cup.
It's generational wealth, Rugby World Cup.
It's true. Who?
Who are we picking? I'll pick game.
Who do you think is winning? I'll bet on them and we'll see
Monday if I won. Look at.
These pets, yeah. 88% win rate so far.
OK, so send me the best. Send me the best.
Friend Tech. They're my friend Tech.
Yeah, they are. All of them.
You're not, you know, gatekeeping.
You're putting even the. Losses.
All of them are in my friend tech, but nobody seems to care
so I'd put them on my Twitter as well.
Wait, is that the 15 holders? 17?
Is this your friend tech here with last seen two days ago
motherfucker. What do you mean they're on your
friend tech? They are my friend tech.
You were last. He just wants his key pump.
He just wants his key pumped. He was last year, two days ago.
What do you mean there's nothing?
On there. Ohh.
OK. I see.
Listen. I'm I I listen.
You're under .1. You're fam.
I gotta buy it. You don't.
Have to put on your at .03. Yeah.
So I think you know, I'll, I'll, I'll take.
Here you go. Quite funny.
If they're not in there for the proof of friend, yeah, But no,
not. Just now you're good.
Now you have no choice. Now you have your no choice.
I would love to see a OK. You do Look at you.
Ohh. Sorry.
I'm not gonna. I'm not gonna.
But you know, send send some sense of stuff.
OK. I got you.
I'm. Not 88% win rate, 88% in my
fintech. I'll funnel them in.
I'm kidding. And listen, let me know.
Let's see what happens. Hope you have fun weekend.
I don't know you I'm doing but probably be around Zurich.
So if you see me in Zurich long hair, that's definitely me.
We do have the stoves burn today so just a quick reminder, our
Jedi came on Monday. Awesome interview.
Great arts if you're mint dot fair dot XYZ 4 slash Stubbs
forward slash our Jedi but it's always uploaded on the rugby
radio channels and whatnot so make sure with the fake links So
what not this is 3 stops the bird.
They can get the incredible piece that that our Jedi made
and go back to if you like. Alright go back and listen to
the interview. It was from Monday, that was a
cool week. We have a packed week coming up
next week. I'm excited for Wednesday cause
we have the CEO of base. I think we have another great
artist on Monday and I'm working on think Luca to bring him on to
talk pudgy cause just some stuff coming on on on his end that
he's been tweaking tweeting about a lot.
So we got a busy week coming on the show next week and that's
usual. This show is powered by cracking
NFT. Go to kraken.com Kraken forward
slash rug radio RUGRADIO to check out.
So with that, with that, with that, have a great Friday, boys.
Have an incredible Friday. Thank you all for supporting us
for tweeting, sharing the show as usual.
Excited for you all to see what's coming next.
Seems like the video is going to be big on on on this platform.
So make sure you watch us on video.
It's always more fun. We're always sharing everything.
And with that, we'll see you on Monday, 10:30 AM Eastern
Standard Time, 7:30 AM Pacific Standard Time for another
episode of Gym Web 3 on rock radio.
Let's go.