Yo-yo, yo-yo, what's up? What's up?
Good morning, Good morning. GMG Friday January 19th, 2024.
Look at that. Another beautiful day to have a
beautiful day. I got my cones in the house.
Let me tell you all, I didn't even recognize my cones for a
second 'cause I haven't seen his face for a week.
Wait, who is this? Is this like, is this OV from
like 7 years ago? OV?
Oh, is that OV from 10 years? Is it?
No way, bro. Is this is this is surely this
is Ovi's little brother. Because hold on that that's got
to be Obi. Obi, Good morning.
How you doing? Nice little clean up you got
going on here. I'm good, man.
How are you? This is like, I was like a full,
full, clean shaven. This is like, I still have a bit
stubble now, but I haven't watched Monday.
Yeah, Monday I was like, like, yeah, just just clean.
Because you just, you just felt, you know, it feels I haven't
done that, man, I don't think. I've I do it like once a year,
once or twice a year. Just.
I don't know. So that moment of madness?
Really. I guess so.
I'm like you like if I do it, I'm a I'm a look like 16.
Yeah, I lose about a decade off my age when I do it.
Yeah, I mean it can feel good, I guess, you know, to feel 17
again. But but let me tell you dude,
the reason why I don't do it and I'm sure going to relate the
with the long hair, no beard just looks so weird, no.
It's not a good look actually, to be.
Honest, it's not. Oh, you and I just like.
I leave little me like. It's like my hair's in my face
now, so it's like with no beard. It's just like.
It's a weird look. It's definitely a weird look.
I agree with that. It's definitely a weird.
Look, beard, hair, compost, fire.
You know, I wish. Actually, I wish I was able to
because this is my Max. I'm not capable of growing more.
It just gets weird. I wish I was able to grow like a
beard, You know, like. Yeah.
That would be fire, but I can't. So at least I got some hair on
my face, so that'll do. It's kind of clean anyways.
I like it. I like the clean shave.
There's going to be a point in my time.
I'm going to have a Britney Spears moment.
I'm going to shave my head and my beard, that's for sure.
The questions when? I don't know.
But let me tell you, every day I get closer to it with how crazy
this space is driving me, but also in a good way, but in a
great way, but also, but also how annoying my hair is getting.
I mean it's it's gone to the point where it's pissing me off.
So I think it's time for maybe a little zip or something.
I think. I think I'm doing because I
didn't cut. The front just have a mullet.
Just cut the good ball on the top but leave the back long.
That would be a good look. I could have a crazy mullet
right now. If if Solana if Solana hits 500
this year, would you do that? No.
I'm going to leave. I'm going to leave that.
If Solana hits 1000 this year, would you do that?
Oh yeah, of course. 1000, I mean. 1000 Solana Like I yeah,
I'll fucking of course I get a mullet.
You have, you have to still be holding it.
Otherwise, it's a kind of really shit if you sell, yeah.
Yeah, that's true. And it goes to 1000.
And then you have to shake your. Head like, I mean the amount,
the return we're talking about. If if we see a salon $1000 this
year for me personally I'll do a mullet backflip into the
Antarctic water whatever you want.
Like I yeah, I mean if we can go beyond stupidity at this stage
I'll jump off a plane with a parachute on and land in the
water. I don't know.
Wait, I should be careful what I wish for because we may get it,
but then I'm going to die doing something stupid and we'll enjoy
it. So let's not go there.
How grim. Anyways, we're back.
I mean we would never really left because I I saw we hosted
the show Wednesday, Thursday. So she had to the boys for for
for carrying on here as I was away in Davos in in what did it
say Davos in Switzerland and it was a vibe for sure.
But definitely so happy to be back on FOMO hour here on rock
Radio as we're going to be covering say what are we talking
about today. Let's see what let's see what
Mr. Sims has in store for us. I also want to make sure that
I'm pinning everything and posting the broadcast link so
we're live on video and audio as usual.
Oh so FOMO Hour episode 42 4:00 to 2:00 today and what do we got
for? We got market report as usual
and most BTC, BTC touches $40,000 as all coins are racing
to zero with Grayscale selling 52,000 bitcoins since ETF.
I know you and I were kind of chatting about this before the
show, so I definitely have a couple questions for you over
when it comes to what was going on with Grayscale and all that
stuff. And I think a lot of people are
curious because we keep saying about inflows, outflows, but I
think a lot of people may not be understanding what's going on
including myself. So let's let's talk about that
for a little bit and what's happening with that.
We got some stuff from the NCC, blah, blah, blah and a lot of
grayscale stuff. Davos, maybe the quick Davos
debrief. I think Mandel's going to be
joining us shortly, so maybe we can do it with him and chitchat
about what I saw and what happened there.
I had a great time, honestly. So definitely some good feedback
to bring back to our audience here.
So what on mobile, I mean were people funny people.
These people don't expect Salon to ever drop more phones.
Like isn't that the purpose of like having like hardware out?
It's like so that you can produce more like.
Yeah, I guess. Business model of like having a
phone. The the The funny thing about it
is the Solana phone's been out for ages.
Like a year or two years, Yeah. So this is like quite normal
because most people bought their own like a few days ago or a few
weeks ago. Yeah, they're like, it feels
like it's new to them, but it's not.
So it's. Literally been around for over a
year and Raj has been talking about for two years.
So it's it's been around forever.
It's just that the Bunk $2 billion run made it a thing
because bonk would pay back for your phone.
So anyways, 3000 pre-orders in two days we'll talk about and
then NFT roundup as as usual we're going to roundup across
chains. You have D JS finance dashboard
for that. So we have oh there's the man.
Every time I talk about this guy he shows up in the studio.
This is so crazy to me. Wow that's wild.
And as usual so so doing NFT roundup east ordinals and on
Solana. I mean thank you.
Exiting the audience. She's selling out his
bitcoinment. Whoa.
Love to see that. We'll talk about this.
We have the pudgies nearing 20th.
I know y'all cannot talk about the flapping yesterday a little
bit I heard I was listening to the show actually from in the
air. No lag.
Incredible show. Well done lads.
And it's almost like you guys really know what you're talking
about And then and then and so round up as usual ETH
marketplace it seems on on magic kit and blah blah, blah.
So there's definitely a lot to talk about.
So without further ado why don't we get this party started.
But for that Mando, good morning.
How you doing looking dapper this morning pulled up in the
shirt. I'm like.
That yeah GM, this is my only. I think this is the only thing I
could find in the cupboard as I ran out, ran out the door to to
go out for a drive just now. Had to go see some some new
houses so. Are the houses get that you're
visiting getting bigger as the market goes, or smaller?
They're smaller today. They're smaller.
They're small today. So with that further, why don't
we talk about why they're smaller today here and who am I
going to go to 1st? Let's go to.
Daily Market Report. Brought to you by Rogue Radio,
What's the word? Sorry I was just buying a buying
a Solana phone there I'm pre ordering the the Solana.
Well I'm about to. It's quite cool.
You can pay in Seoul. Pretty cool.
Anyways, back to the market, traditional markets actually
having had like a shaky start to the year are quite have been
quite strong. Like yesterday I think we ended
the day up 1 1/2 percent on the NASDAQ.
Today we're at 0.7%. Just the thing that's a bit
worrying is interest rates keep going higher like 10 years now
at 4.17%. So there's almost a 30 basis
point move now on the year higher and it just sounds like,
I don't know, it sounds like it's a combination of like maybe
there's a talent supply out there, maybe some people are
short. The economic data has been
pretty strong this to start this year and people are worried
about the FOMC, but it's just something to watch out for.
It's good to see that stocks are up today as well.
And it's not just like stocks down, rates higher, but
something to just keep an eye on I think because it's not like
it's not all rosy as it felt in in December in crypto look, it's
this the whole like grayscale impact it seems to be it seems
to be weighing on crypto right now.
I think Bitcoin we hit like low 40s yesterday and then we
bounced back and we're right now, you know as soon as the
markets opened we I think we dropped to like 40.7 Ki think
we're back up to 41 K now it really is Bitcoin that is
bearing the brunt of this. You know, like I think Bitcoin
dominance dropped below 51% at one point today.
I think we're around 51% now. But actually all the alts and
ETH seem to be holding up well. I mean ETH Bitcoin is about well
above 0 point, well not well above but like it's above 0.06
now and it's kind of sustained there.
It's the highest it's been in in a few months.
So it's definitely like Bitcoin heavy selling.
I think you know the whole grayscale stuff.
On the one hand you probably have a ton of people who are
able to buy remember when GBTC was like a massive discount to
spot so ton of people were able to buy that trade into this into
this you know ETF news and then ton of them probably have it to
unwind. You also remember you have to
settle in cash as well. So this whole like conversion
and getting back into getting, converting the trust into ETF
thing is, is resulting in a lot of outflows.
But like the net flow, the net inflow in the last five days is
$1.2 billion like a net inflow. So it's just like it's like all
the other nine ETFs are seeing a ton of inflows and then GBTC is
basically offsetting that. But I think yesterday was the
first day I was looking at Eric's tweet.
Yesterday was the first day we actually had decent net outflow.
I think it was like to the tune of like 160 million or something
like that. What was it, 135 million, right?
I think this is. What you're talking about?
This, yeah, yeah, that's the one.
Yeah, So that was that's day five.
So that was yesterday. I guess we had it on day three,
two, but the number yesterday was a bit larger, which is why
we said we had some weakness. So we'll see what happens today.
It feels like we had a week open.
There's obviously, we know, the market knows.
Now there's like Bitcoin selling and then if it seems like when
the market opens, we sell off, when the market closes, we rally
back. So let's hope we rally over the
weekend because and have an afternoon rally because they've
only been doing be doing stuff in business hours.
But yeah, that's the it's really a Bitcoin thing. 9:30 to 4:00
PM, yeah. I mean, it's yeah, it's really,
it's weird like, you know, it's amazing to see alts really
outperform some of the stuff many, many altcoins and mean
coins and random shit is like they're like ARPA, not even
really much lower and it's just Bitcoin that's lower and ETH
along with it. So yeah, we'll see what happens,
I think. I thought, I'm looking at my old
coin screen. Everything seems to have been
destroyed apart from ETH. I think everything looks a
little lower today. I mean, I saw say, they really
had say in the those ones right in. 7% Cadano, some 6% Avalanche
on 7%. I mean, let's look at the top.
Right. Fun change, right?
It's like that's a little bit it's. $2000 terms like yeah, you
look at 191, you're like, man. And then you look at it from a
percentage perspective like, damn it, but. 7. 99.
It's barely moved. Single digits man, single digits
single. Digits, single digits, mate.
Look at that. So do you like I'm looking at
the top losers here and you have, I mean, what is it, Nina?
It's not crazy. It's not crazy.
It's just down a little bit. But.
It's true. I mean, it's not.
I mean, you know what it is. I would say nothing's apps.
We're not like just getting destroyed, but stuff is down
like this isn't. This isn't a little bit down,
Dave. Everything's down like 5 to 10%,
I would say, in all coins. Is.
That unchanged to a little bit low, yeah.
I think I have to change my stance.
Maybe Mandel's a bear in ball in ball clothing.
I don't. Know I'm just claiming that I'm
like, oh. No, you you're right.
I mean, no, it's true. I mean the Arbitrum that hit all
time highs recently is at 180. So one was back at 91 from,
yeah, that's. A big movement up.
Yeah, I went to 2:30 or something, right?
I mean, Avalanche didn't near 40s, not back to 32.
I mean 50s. Yeah, 50s.
Blurs. Down cafe went long.
Yeah, blur blurs down quite. I mean, that's interesting.
Yeah, Bonk got really got much lower from its highs.
I mean, SAY is way down from its highs as well.
I think it was nearing a dollar, so.
Beanie bought mall this morning. He he tweeted out.
I saw that. I saw that big say guy,
actually, I ended up messaging the founder and he hit it.
He just, he hit us back. He's down to come on the show.
So what did he what did he say? You're going to be on the floor
on that show, I think. Going to be unbearable on that
show. You'll be so funny.
What did you say? Anyways, So OK, that's a good.
I mean, Amanda, what do you think here market wise?
I mean, I saw someone, someone shoot about the NASDAQ rallying
Thomas new highs again and then on the other side.
Yeah. It was up a lot yesterday, yeah.
Our correlation to stocks has been very, very low for a while.
We've been far more correlated to gold.
I think we're at all time highs at the moment for correlation to
gold. And if the stocks has almost
been a little bit negative, gold has had its worst week in in six
weeks again this week. So that kind of matches up with
what's been going on potentially.
I don't really, I don't haven't really been looking at stocks
that much for like guidance on what's been going on for for
Bitcoin. This feels more like just people
getting more bearish on like the impact of the ETF and there's
been a couple of other wobbles like you saw TUSD that stable
coin D pegged like you're starting to see a little bit of
FUD around that. But I think it's mainly just the
ETFs like feels as though people are just they're searching for
that next thing. The next thing obviously will be
the halving which is going to happen in a couple of months
now. But but it feels as though the
real thing right now I was looking at is how how much GBTC
is is selling each day and just when you look at the chart, like
look at the charts, everything's up so much.
So like it's very easy to feel like we could come back down and
it's kind of healthy ish you know like ETH.
I mean, we we were doing the show when Ethan was at 1400.
Bitcoin was at fucking not not too long ago.
Was that like 2324 K Solana was trading at 19?
It's not. It's not that insane to think we
could have a bit of a retrace. Oh, tell me to zoom out.
I'm just telling you that like you have to have some context
here. We are up a lot.
So like when if if you have any sort of sense the market's going
to you know not be as bull bullish, then people can are
probably in profit in a lot of this stuff so.
I got to ask you as this and it's almost half selfish in half
because I'm sure a lot of the people don't.
You know, I'm seeing these tweets I'm sharing on the
screen. We've we've posted a broadcast
everyone wants to come on video. It's usually a much better
experience for the morning show. But what Coinbase just received
from Grayscale the first batch of 262 Bitcoin, then he's like
well never mind it's 800 BTCI mean and now and now now I go
12,373 BTC entering cold maze LMAO like I I just love the the
chain of events over here goes from 200 Bitcoin to 800
bitcoins. Wait it's actually 13,000
Bitcoin? Can you just break me?
Can someone just break it down through the audience here?
Just open-ended question to both who explain to people this info
outflow thing with GBTC. Because if you remove GBTC, the
ETF is actually a massive success and it's it's very
successful thus far, correct? It's fair to fair to say that in
terms of inflows, because of the numbers, those don't lie, but
GBTC just keeps some, yeah, but what?
This is just classic one sided reporting but net inflows is
over said like yeah because you could just argue, oh there's
another buyer from BlackRock, there's another buyer from the
Fidelity TF, there's another. But the net inflows is what
we're we're looking at here. And we're I have.
To we're seeing in crypto, is it being sent to Coinbase?
But at the same time it's also being bought on the other side
by these by these other ETFs. Now what is actually going on is
Grayscale have just over 20 billion of Bitcoin, $20 billion
worth of Bitcoin. So they're easily the biggest
ETF, but their fees are much higher than the other ETF
providers. Like Magnitude is high.
It's like 1 1/2 points versus like some of them are 0 for for
six months. Right.
So what you're basically seeing is a lot of money moving from
GBTC to the other ETFs and that process can can continue for a
long, long time. So when you see this GBTC thing,
yeah, like it's not a great header in of itself, but it's
really just, I think a lot of it is just being transferred to the
lower, lower cost ones. Yeah.
Also remember like the ETF market is just one part, one
small part of the overall crypto market and we're seeing net
inflows from the ETF market. So it is ETFs have created
demand, but everyone on the other side is, is selling, I
guess it seems like whether it's people who are just like taking
profits or it seems like people taking profits because it
doesn't seem like there's any leverage in the system right
now. It seems like all spot selling,
but you know, like maybe there's just more for sale than there
is, you know, to buy. So it's not like it's not a
fault of what's going on. It's not a fault of the ETS.
It's just like any other time. There are more sellers and
buyers right now and the ETS actually created net inflow like
if we didn't have that net inflow and people were selling
right now, we we would be a lot lower.
That's that's not the way to put it.
OK, that's that's a good way to put it.
No, because like, obviously it's become a meme, right?
Almost like the whole like, GBTC.
But at the same time it's also not just a beam.
Like, they literally are just selling like like Mad Men over
there. What could you just could remind
us like the people like why are they what do they need to sell
so much? Like there is they they have to
sell because they have to. They they owe a lot of people a
lot of money, right? It's just a redemption.
So somebody if I had, if I had $10 million in GB, TCI can just
sell that and I can buy the IBIT from BlackRock and it saves me
100 grand a year. They have to buy 182,000 Bitcoin
left. Yeah, they have just over $20
billion of Bitcoin. They've easily been the biggest
it's been around for a long, long time.
And now what you're just going to see is people who still want
exposure to Bitcoin, they can, they can sell and then they can
buy the new one. Some people like, no doubt like
in your mind if you're selling something like, let's say some
people bought that Grayscale Trust at a discount, right?
Part of the part of the trade was like just the narrowing of
the discount between zero and whatever.
I think it was a discount like 2020, 30%, various different
points. So some people will just sell
and they'll never buy back Bitcoin, but large large number
will just move the move into the ETFs.
And that's why Eric's very, very keen to keep showing net flows,
because in crypto we're just focusing on one leg of that
trade, which is kind of silly like.
I mean, we're not capable of focusing on two things at once.
OK, Mendel, please. It's there's already a lot going
on. OK.
The best comment of the morning goes to Yano OV is too used to
shit coin swings now only single digits.
That is a yeah. I mean it is the truth when
you're conditioned to like 30% retraces on dog with hat for the
last month and a half. Yeah.
I mean, when you've seen it go from down to $55 million all the
way up to near what, 400, four, $130 million was it when we were
in Switzerland? I think, I think you're you're
kind of like molded in this you know in this in these swings,
OK. So that that was kind of like
what I wanted to ask you guys and go over this morning
question wise because it's obviously like again like I like
that you're saying this man it's like very once calling it very
one sided reporting like hey like sure there's this but look
at these you know inflows coming into the space and like if you
zoom out a little bit net over the year it's probably going to
age pretty well what's happening.
So ETF's a big success. So just for the people thinking
that you know it's kind of a kind of a known event or that
it's it's not a success here is your answer.
But besides this on the market wise, I think that's really, I
think that's really the main, the the main stuff that's
happening there was, I don't know, did you guys get to cover
what what's going on with Coinbase and and the SEC?
Well, it was white. No, we didn't.
But they there's basically a judge that'll be about to take
over over that one, was he? Can we just let him take over
that one? Wait, man, though, just hold it
off. He's.
Literally Google searching it right now.
Wait, what was it? I will never forget though, I
have to say the greatest Google search event of all time.
Look at his eyes as he as he trolls over Coinbase right now.
So if you're typing Coinbase into Google, you're not going to
get the perfect answer straight away.
So he's like had to get the news.
Look, I was on the go, so I didn't get to, like, actually
get. What I.
What I saw and what I read overall was that Coinbase was
and and that judge was really giving the SEC like.
Yeah, like Coinbase is. Coinbase has got a case here to
maybe throw it out. Interestingly, Finance is also
going down a similar path with its own with its own court case.
SO2 judges right now are basically trying to hear cases
from the SEC about whether coins are securities.
The Coinbase one, it's still I would say a semi long shot that
it gets thrown out of this stage.
That's what people have been saying.
But if it is that would be that would be something to be very
bullish about for sure. Yeah, I mean, they're kicking
their ass. That's pretty much the TLDR for
everybody who's in the audience. Like, yeah, I mean, it's good
for the alts, right? Like isn't Isn't that?
Isn't that the? Is that the?
Yeah, if they win that, if they win that, that's very big.
But it's big for alts because like the Bitcoin case is set,
like ETFs. Are there ETH?
They keep calling ETH a commodity.
It's really more of an altcoin thing, right?
So for me like the outcome of this is given that the Coinbase
would win this case, it would be very good news for all altcoins
that were named and that were actually at some point they were
had to be removed from most of the US exchanges, right.
So Robin Hood would not, right. Notably, yeah, OK.
So so that's the outcome here. And so we're going to, we're
going to, we're going to, we're going to probably cover that as
soon as we get more updates on this.
And then so the next topic that we had on for for you guys.
So it's good that you're here, but I guess you kind of went
over it while it was gone and though it was like, you know did
we find the Illuminati in Davos? I can't have a debrief.
I amando you tweeted the first day no babies insight.
Why I'll think to tweet. I understand.
It that. Was a crazy tweet, by the way,
Mando's like showing us a tweet. It was like where where we're
sitting like at the GBBC, like Blockchain House.
He's like, yo, should I tweet this?
And I was like, yo, that is crazy.
That was great. But Mando, quick little debrief
about Davos. Not that I'm back.
For me what I thought is like the AI and like crypto
blockchain were very represented, like there was a
lot of AI and like blockchain technology representation.
What I found interesting is like, so Davos is like 1
promenade, right? It's 1 promenade St. it's one
St. goes both ways and basically along that strip, it's very long
strip, right? You at the beginning of it, you
have the Bloomberg house, you have the Financial Times, you
have CNBC, you have the traditional banking, you have
Salesforce, you have all the more trad like web two like tech
companies and giants Google blah blah blah.
And then as it keeps going towards the like the middle, you
had like Emirates and like the new this new city that's being
built in Saudi Arabia, right Nome or something which is sick
by the way and all these ones. And then it slowly goes into
like that emerging tech. So you have AI house and
everything, then you have blockchain.
So you had DWF had like the World Crypto Forum which we went
to crypto 2030. And then you had like the Casper
Labs which was Financial Times which by the way like at this
blockchain event where shout out to Yatsu, we saw him speak
there. But before this was Anthony and
Scaramucci and and Eric Rubin. It's Eric.
Right Mendel. Eric Rubenstein.
David Rubenstein, sorry, billionaire.
Just talking there and when asked about that was my favorite
moment by the way David Rubinson's in there.
Scaramucci obviously like Bitcoin bull and everything asks
him do you have any Bitcoin And he goes, no I was late to
Bitcoin but I love that he was like really supportive of what's
happening. Which mind you it's it's a big
thing because he's like what is he.
He's the he's the CEO and founder of chairman of The
Carlyle Group which is a massive like where are they like?
They're they're. They're private accuracy.
Oh. Sorry about that.
All good. All good.
Freemando in the chat #freemando anyways.
But what I liked is that then Scaramucci goes, but you're not
you're still early to 45 K Bitcoin and then everybody in
the audience like whoa, it's hilarious.
And right before him was the Co founder and chairman of Circle
that was having a panel there. So a lot of big name that showed
up at the specific side events that were for crypto
specifically. That's one thing I noted that
was really cool to see and a lot of them.
So there was a Casper Labs, and you weren't there, Amanda, for
that. But the last night we went up
there where G Money received this award at Fiji Code and and
it was again like a Web 3 hub, they called it.
So there's two Web 3 hubs. There's a lot of like Web 3
oriented conversations. So I met a bunch of like,
ordinals, people that were doing some stuff there and they would
bring a lot of like big names and finance and stuff.
So for me, like, I noticed that in something that you said,
Mando, actually in that tweet that you put out is that all the
AI and blockchain houses were packed.
They called them houses, guys. So basically they called, like
the blockchain houses, They're just called house activations
packed. And a lot of the rest of them
were empty, like no one hanging out in the more traditional
stuff. And the AI stuff was packed,
which AI was kind of the main theme at the World Economic
Forum this year. So that that was kind of like my
takeaways from that. Aside from that, I mean, what
was it? Someone said that Bill Clinton
was just hanging out outside of, like, the World Crypto Forum,
Like he was just standing there. Yeah.
So the same day we went Mando, apparently right after us Bill
Clinton was just hanging out there, so stuff like that.
So it was like a lot of like a lot of like curiosity I would
say around this. And then on our tried side what
I noticed is that for example BNY Mellon, their house was in
collaboration with Ripple and then Hedera had taken over one
of the main hotels in Davos and then another one was a file coin
which was doing an activation with CNBC.
So there was a lot of cross pollination in that sense when
it was crypto to like to try it. But that's kind of like what I
noticed there. And of course like again like a
lot less like forward stuff. Like there's nothing that I
could have maybe posted or like cover there.
More of like a lot of like behind the scenes like great
meetings, good to meet people there from from multiple like
some of the largest exchanges in the world.
You have some of the biggest market makers hanging out
obviously on the media, present media standpoint like a lot of
representation from crypto media over there and just like a lot
of founders. I noticed that was just like out
there from like large networks. Like I met this guy like he has
a social 5 platform that has a million active users in China.
I met someone else that had like a coin on the top 100 Conflux
and like a whole network that develops in L1 based out of
Asia. So again like very, very hard
like and Asian representation when it comes to like in terms
of founders and networks over there and from what I had, the
conversation I had there is because they're getting so
frustrated but especially after the hard crackdown on CZ and
finance, they're getting so frustrated with how the United
States is treating the is is treating the the Chinese market
that they want to really expand to Eurasia.
So that makes that that that that explains a lot like they're
really starting to expand into Europe from the Asian side.
So that's kind of my, my quick TLDR from the multiple
conversations that I had over there with media market making
companies and like exchanges and big founders, but what's like
some of the top takeaways you had, I know.
I actually did this on the show on Tuesday.
I don't mean. I I didn't listen to Wednesday
and I listened to the show yesterday.
Yeah, I had Wiz on, so we spoke about it.
But yeah, I I felt like, yeah, I I don't know, it was not really.
It didn't really feel like your classic crypto conference at all
to me. Didn't feel like any of the
other ones I've been to, particularly not an RT event.
It's not very we we bet a bunch of like feds, people working
alongside governments to like. No, that was crazy.
The lady that came in literally like admitted.
To a multiple we met multiple of those sort of people like.
Yeah, in case of investigation by any federal entity or similar
like. Yeah, it it didn't feel like
your classic crypto event at all, but yeah, it felt like a
lot. And she's boasting.
She's like, yeah, we're building these tools to help the
governments track the crypto wallets.
And I'm like what the? Yeah, it was that sort of an
event. That's what I would say like it
was. It was more trad Fi trying to do
crypto than crypto trying to come into trad Fi.
Yeah, that, that, that's it. And it's a lot of big companies.
But what's what's crazy to me, Mando, it's like these companies
pay a lot of money, right. To be on that promenade, like
absurd budgets going to Davos, probably billion dollar event,
right. And and and you don't know of
these companies at all in crypto.
And I'm not even talking NFTS, which is a niche of a niche like
purely the crypto conference like consensus or I don't know
all the big ones that we go to all year long.
They're not even represented there.
But they they're keen to sponsor events there that are more
catered to trad and stuff like that.
So that's something that I noticed there like a lot of the
people. I mean it made a joke about it
but like the the the conference, the the panel about like
influencers in crypto. We didn't know a single person
on that panel and we were all like, well, that's kind of weird
given that we operate one of the largest networks of like, you
know, they love to call them Kols.
You were not. You were not recognized once
while I was with you. You may be recognized by
yourself. No, not one person at any of the
crypto places that we weren't to recognize you and that is.
Well, remember that one guy that says he was anonymous?
Then I said who I was and he was like, oh, you're Farouk.
And I was like. That even know what you look
like he just he kind of knew your handle.
It was a lot of like they these people were not in the crypto
Twittersphere. They they are not aware because
normally when I go to these conferences it's like you know
you got you're like a little celebrity.
I never really get it. Leave me alone.
He he just gets tired of me at these.
Conferences. I just have to take the photos
it seems. Yeah, a lot of the time.
But you're a great photograph photographer.
But you know what it is The last, the last day, let me tell
you, one person didn't recognize me and that led to like a 5 hour
meeting of my life. So that was great and it was
awesome, but just I think like I would do it again.
And next year I'm going to make sure that we have
representation, that we're really doing something on rugby
with the crypt side over there, because as crazy as people want
to make it sound again, the side events were powerful, like I
might have. I went there, cut the trip short
two days instead of coming back tomorrow, came back yesterday
because I was just tired. I had to choose everything.
But let's say I only like in a regular conference.
I meet 2300 people. Mendo at this conference met 10
people but all ten were like, hey, when's new Mac Quest does
that At this conference? It was like power.
Like really these power meetings, which is really
awesome to see. Anyways, I think we should move
through here because there's a lot of stuff to go over on the
on the NFT side, but quickly so lot on mobile too.
So it looks like OV's just ordering one now.
I guess being a mandate myself, ordered being a mandate myself,
I have to get one for the culture of Mando, you have to
get your mobile as well. So 20,000 phones, MF first
thought that that was it because it was an NFT project, but
that's just all I know, like you're supposed to produce more
so you can actually make money on those.
So they announced that they're producing chapter two of the
Solana mobile phone 30,000 orders overnight on that, one of
them being OVI mean, Mando, are you going to order a Solana
Mobile 2? Yeah, why not?
How much are they? They're cheaper, right?
They're like paying. Six.
Whoa, it's 450 bucks. Or it's just like 5 soul or
four. No.
Yeah, like 5 soul. Now when you say 5 soul, that
feels like nothing, doesn't it? Oh yeah.
I mean, yeah, it feels like nothing, but when it's going to
be $500, you know it's going to fill like something.
So, but I think the airdrops would have made it worth it.
But didn't someone make a spreadsheet?
At all should have paid in Fiat. Yeah, did I think someone should
have paid in Fiat? Yeah, actually probably.
But remember like when board apes, Don dropped the merchant
ape coin at the at the when Ape was like 20 bucks and it turns
out that your sweatpants ended up costing you like 10 GS?
Was it something like that? I remember like that was funny,
so be careful when you're paying in the native native token, no
matter the drop, no matter where it is.
But anyways, so that's about it on the, on the mobile that
received a ton of things. Look, love to see it again like
Ovi, like I'm sure you guys covered yesterday like the Meme,
Coin Eco and like Solana Eco, That's like growing.
Just goes to show you that the frenzy around the Solana
ecosystem continues down to the iPhones and the hardware that
they're building. So it's really starting to heat
up. I mean starting, I know it has
already jumped like 900% from the lows or 1000% but you know
it's really starting to to heat up and like you have Tech Crunch
for example that's covering that right, which is like the biggest
you know tech, emerging tech and say media outside of of our
space. So that's big.
Anyways. So let's move forward for the
last segment today let's talk about NFTS here as I as I
yesterday I made sure I caught up quite a bit on the NFT front
with there's a lot going on. So I know you guys already
talked about Pudgy, so I I'm not going to go over it much more.
We're we're all pudgy bulls because we're all friends of
Luca and we're all very happy for him and we all know that we
need a big winner in every cycle.
So very happy. So personally speaking, I think
it's cool. We had Luca on the week that he
took over Pudgy Penguins. We're on Tui ETH, So.
And Tui ETH at the time that was just like, was it like 1000
something East. So, So you love to see that.
Yeah. I mean do you think, let me ask
you, Obi, do you think we're going to see a board like run on
Pudgy Penguin this cycle? So not this year, right?
This could be next year. It could be.
I think we could. I I really think we could.
I think if there's one project that's that's going to do it,
it's going to be them. Yeah, I really could see it.
Yeah that that makes sense. I actually I actually very much
agree with you. I I I wouldn't I know a lot of
people like to say token this token that I I don't think I'd
like to see a token right away from pudgy Penguins personally
speaking. But wouldn't be surprised if it
go down that way because there's because they have their
metaverse right that they've been building a new game and I
saw their new advertisement which is sick.
So first they, it seems like the reverse engineering everything
that other companies have done before that may have like
dragged them behind a bit. So they're building the stuff
first like, so launching that pudgy metaverse, you know that
stuff. And then you'd think, hey, what
are you using the metaverse to train the skins and the
different toys? Not when you get your toy, your
pudgy toys. You get like little things on
chain, like you can get like a pudgy.
You can get D gods and nouns glasses and can't buy panda with
sweaters and stuff. Like we wouldn't be surprised if
like it's tradable in their native token, right?
Like it's usually seems to be the route people go.
So but don't think that's anything that would be in the
books immediately. But love to see that.
Man, what are board apes at now 24 versus 17?
God. The only thing in 20 versus 24 a
while ago. So it got very, very close.
And then. Yeah, healthy, healthy retrace
overnight seven points, but after 64% move up in 30 days and
60% move up in seven. So it's it's not bad you have a
Zuki that keeps pushing up. I'm seeing at 7 eighth but
obviously little pudges in that eco had to push up but don't it
seems like on the back of that a lot of the ETH NFTS you know are
are are were were dragging on the upside.
What was it yesterday like everything was green.
I saw that screenshot going around.
I mean even if we were part of that screenshot I was like fuck
yeah but but it's a lot of the a lot of NFTS on the east side
seem to have gotten you know all right oh what is it also tries
together or whatever. So that's what happened again OV
I mean the big stuff is on ordinals.
Thank you, X. She's in the audience.
You know the homie. Love you, man.
Big congratulations. Minted out terrains, terrains,
Terrains. Is that what you say?
Terrains. French word.
So this one. I'm allowed to say it wrong but
so I had a lot of this spot but of course I was in the air.
So your boy down horrendous right now but very happy for my
friend for for selling out his his collection which was, which
kind of draws me to to to ask Ovi mean when are we going to
see when. I have AI have a good idea for
ordinals, I just need to execute it and just have a few other
things I'm working on right now. But yeah, at some point I would
like to do it at some point. Dude, look at that.
He's burning his painting. Dude, how cool.
Yeah, that's cool. I was wondering how Ryan
achieved like that texture. And when I saw a video, I mean
selfishly like he's one of my favorite artists but I think
it's really cool that he did that with Magic Eden, which
again seems to just be cooking 14 hours ago 4 price was 107.5
and so basically it's like a 11100, right?
So 100 pieces. It's kind of like when he did
the state-of-the-art on East on there.
So again, like this is good for art in general, right?
You're probably going to see a lot of artists kind of like
follow suit. It was ripped cash that not long
ago sold out and a bunch of artists so love to see that.
Another thing that's really doing well in Magic Heat and I
do want to give this man his flowers is TO the pizza, right?
And guess what OV your boy was invited to a pizza party to
freaking get my my mint, but it was on my way there.
So I couldn't. Recall from the plane I was
trying on the airplane Wi-Fi. So that was an expensive flight.
Not because of the flight itself, but because I missed and
allow this on the way there and missed one on the way back.
I'm down so bad right now, but I'm very happy for people.
So it's the pizza ninjas that we've seen someone sell one for
half a Bitcoin. Dude, the frogs or something.
Wow. So he's like, he's like, cool, I
like this. Yeah, it's fun.
But you know what it is. I was thinking about it this
morning, like if I'd get one, it would.
I don't even care what it looks like.
It's just for TO. Like, this was one of the
earliest guys, you know, going all in on ordinals.
Like he was on our show all the time, like the night show and
even the morning show, he would just crash it to talk about
ordinals. So.
That's cool. Credit goes or credit the zoo.
And so obviously Bitcoin pieces cause like all of them were
inscribed on the SAT from the 10,000 bitcoins used to purchase
to Papa John's pizzas on May 22nd, 2010.
So wouldn't be surprised if we see some, you know, obviously an
initial sometimes people sell off, but obviously like a run on
these given that TO is like just like really highly respected.
I mean look there's 18 bytes pending right now as I'm showing
this on the screen, which is a lot.
So if I were to show the pendings, like all of these are
selling and you know what, Ovi, that looks way different than
the most of the stuff we've seen before, Like it's not a pasta,
which I like. I think they, I think they're
cool. Yeah.
I like the I like the it's like the colours and like the the
orange background and stuff. Like they're pretty cool.
I like them like, you know, the PFP market is so saturated now.
It's not often the EC something, anything, oh that looks cool.
I think. I do think these look cool.
You know what, You're right. They look very cool.
I really like them. I know one of our team members,
EV is like really like active in that community and stuff and
think she managed to get one and I was really happy to see that.
So it's cool. Look sitting through like point
O 8 Bitcoin, which is like it's quite a lot, It's like what's
point O 8? Like I mean bitcoin's what, 30K?
No, I'm kidding. Well it's 40K now, so $3200, so
it's like one 1, 1/2 years something like that, maybe a
little less. So I'd love to see that.
So a lot of hype around that on that front and a lot of volume
around it as well. I'm noticing no monkeys had a
good bounce from all this craziness that happened before
we left Bitcoin puppets. You know, still running down a
little bit today, but up 130% / 30 days.
So I I heard you guys yesterday. I heard there he is.
I swear to God, this man's ears itching all the time.
I mean though, I, I, I, I heard you before the ending the show
yesterday saying that you may be in the puppets business.
So you know. I've been looking.
I have to say I've been looking. You know what though?
I have to tell you guys? One of my half normie friends.
It's a guy that like serial entrepreneur, extremely
successful, but tends to be more interested into the NFT side of
things when things are really running because he doesn't have
time to be invested in it when it's not running because he's
running multiple businesses, rightfully so.
Yesterday I get a text from him. Do you own puppets?
I'm not even making this up. And I was like my man, so that's
the I can show you. So that's the text I got, but
besides. As close to a shit coin as a
collection as I've ever seen. You know, they're like, you can
just imagine that being its own shit.
Coins. I mean, look, Satashi can come
back, right? And like, mine more bitcoins.
And like, there's only ever going to be 10,001 Bitcoin
puppets. So yeah.
The right amount of autism for me.
Yeah, yeah, same. You guys already talked about JP
Morgan and Satashi in Davos, right?
I don't need to go over that. That was comical and ridiculous.
So look. And and then last but not least
on the Bitcoin side, Donnie. TI mean Donnie T Can you imagine
that? Donald Trump?
Oh yeah, Bitcoin before most of you guys listening to us here,
Come on, Y'all you're going to let.
You're going to let Donald Trump and his team or just his team
front run. Y'all.
Let's go. Y'all like what?
Because you think a transaction is slow, by the way, It's not
slow. It's vintage.
And second of all, it's actually not that slow when you use
Xverse. So maybe we get someone on at
some point. We really talk about that, but
it's really takes 2 seconds. Let's see what the Xverse wallet
specifically use. Xverse shot the Xverse, whoever
it is behind that because they really made it seamless and very
easy to use. But Donnie T so the trump cards
are coming to Bitcoin boys. What do we what do we think
about that? Dude, Donnie T Yeah, I'm a I'm a
fan of. This I'm a fan of these cards I
have. We've been.
I mean we've been covering it since it dropped the first
question dropped mid show once and we're like we should just
sweep that. That didn't work out because you
didn't and now looks like he's going into digital trump digital
cards on Bitcoin ordinals. The first ever trump trading
cards on Bitcoin. I know.
Shit, I love the first ever trump cards on Bitcoin.
Yeah, no kidding. This is so good.
As a as a non American, I have to say I don't know if anyone
else feels this. I know OSF does for some extent
but I definitely have preferred Donald Trump.
Now he's not president but I've actually feel like I'm I'm
increasingly, I don't know, this sort of stuff.
I find hilarious. Like, I'm just like, Oh yeah.
That's maybe maybe Sam's pull up the Mendel's opinion on his own
on the screen. But no, I mean I have to say
like all the NFT stuff that. I mean I'm not a huge fan of the
US election this year. I don't think he's a candidate.
It's like it's like it's like a 280 year olds battling it,
battling it out for who's got the best body slash mind.
Two people I don't particularly 100% trust.
But at the same time, like I am definitely liking Trump more as
the as as it approaches this election.
It's quite the puppet show going on over there, no pun intended.
But anyways, and we're going. To.
Be Yeah, I'm yeah I'm the same I would say.
He doesn't even know the question.
What? What is my next question?
I love you. I I am so happy, man.
Oh my. There's nothing like this
though. So it's it's there's going to be
200, so 99 left to purchase with me.
There's there's 200 of them and there's 99 left.
And yeah, you get your OK, so this is gonna again, it's with
Magic Eden. You know, Magic Eden is working
harder than the devil. Like this is a collaboration
with Magic Eden, dude, these MFRS, man.
They're everywhere. Like, they're literally helping
Donald Trump launch a collection on Bitcoin right now.
We got to get the Magic Eden team.
We got to get the Magic Eden team on it and and recap that.
So anyways, that's about it on the Bitcoin side.
Lot of stuff happening there and you love to see that So we just
went over and then the last but on this was Solana.
But again like it was really the undeads.
But I think I heard you sort of cover that yesterday quickly but
it was just like TLDR went yeah went to 20 something soul pre.
Some people are paying up to 40 soul pre.
It all happened when it was gone.
So I it's not like I really was on top of it And then of course
this morning 5.5. So I'm saying of course it's not
a knock to undeads it's just same like we've seen this before
it could be them it could be any collection massive high pre sale
everyone's buying thing it dumps post You know what though that's
why I was telling a friend because a friend personal friend
was like hey what to do with mom I'm like you should hold it
because there's always a second run and that's when you see if
it's dies or not but with AT you'd have to sing it I I hold
on didn't meant but it's always like that right guys from it's
like you have the initial then you have another pump based on
maybe a promise or hey maybe it turns out that they have
something revolutionary coming fuck why now and then they look
up again then we'll see but it's always.
It's something to pay attention to.
So like up for the last three months, every new mint, every
new coin has pumped like it's pumped out the gate.
Like it feels as though you know it's going to be an easy 5X.
In the last week we had the Shadows, which was a Bitcoin
mint, dropped 50% and that was hyped and then you've had now
undeads. Obviously they're up from min,
but they've also dropped 70%. Is that roughly?
Since since that high, which? One, are you talking about?
The crypto undeads. Yes.
So that was 20. Well, let me pull it up here.
At 20, and now they're at 77. Points.
Yeah, 70 points. And then crypto.
And sorry, the shadows just dropped similarly.
So I get the feeling that just be a bit more wary of of like
new mints, new coins new everything like this whole even.
And to to to take that point a little bit further.
Manta, which is the AirDrop we were talking about yesterday
that dropped quite hard today you've had you've had the Ondo
finance which was the RWA coin had a good mint.
But like this may, maybe we're not in the in the world that
everything just, you know, gets the DWF treatment and goes up
10X like this feels as though be a bit more aware we're seeing
that for new Mint and new coins now.
OK. OK.
So, So yeah, it's, it's, I mean at this stage, I mean everybody
should know the playbook, right? You know, there's always one
spike, sometimes it gets the second spike.
It either survives that or it trends lower.
We saw it recently. It was Frogganas like we're
talking Solana. Spike went down, spiked again
and I'll just back down to for Seoul.
The issue is here is that I'm starting to feel like while we
may be getting and I'm think I, I feel the same about coins.
While we may be getting bull market price action, we're not
getting bull market entrance in terms of network participants
yet. Am I wrong to say that?
Oh yeah. I didn't think this is a bear
market. I'm not saying.
That we left you on a bear market.
But we're not like, it's not like.
Early, man. It's two weeks of January.
We're. Mid we're mid bull in my opinion
but I do is something to be aware of like there's only
normally a a select period where do you remember 2021 it was like
that for like two or three months and you could just buy
any new project and it was just like right.
Who got the rare right that that's going to be a great trade
This this is starting to I'm just, you know, I recognize this
from previous cycles like people are going to get wrecked just
buying into Max coin it feels like here.
Yeah, it's definitely. And then given the market is not
doing great, I mean Bitcoin like 40.6 right now so.
Bitcoin is going to head below 40K.
It feels like very, very soon. Yeah, probably.
We've been getting like reverse Shabak candle trends.
So, you know, I love my Shabak candles.
But the last few Fridays, and it's been a lot, it's been a lot
of Fridays that we are literally just dumping like heavily
dumping on all coins and tends to pick back up on the weekends
like you were saying before the bank brothers go ancestors go
back to work on Monday morning on Wall Street.
So, So it's going to be an interesting guy now.
Man also getting wrecked here say is it 66 cents.
That is that was a that was a small day earlier this week.
So that's that's moved 30%. So I was at 89.
Fuck, is that how we're gonna leave the show?
Is like one minute left? Are we leaving people on the on
this note? The in the inverse Shabbat.
The inverse Shabbat candles is happening.
You know what? It is because Shabbat comes very
early right now because the sunsets very early.
So. Yeah, yeah.
I think we're getting inverse Shabbat candles because whenever
it's the summertime, Shabbat's like 10:00 PM.
So like you get like the full blown Shabbat candles that like
tend to like really send us. Yeah.
So you know, it's definitely not happening at the moment.
Wow, Solana went lower. It's sub 90 right now and all
the coins. So what I would advise to people
this weekend is go touch snow. Well, for me it's -30° this
weekend. Don't touch too much, no.
OSF just has 2 coins up on his on his.
No E. And with, that's all he has.
So like if they're. If they haven't moved, altcoins
have basically not moved exactly.
I bet you it hasn't moved. So which is?
Definitely a little bit lower. It is a little.
Bit lower, it is $100 million market capital or than yesterday
but see that's a real move but that's why all these news to
these moves, right. It's just opportunities for him
to. Yeah, than two days ago, yeah.
I mean, look, there's Jupiter AirDrop coming I.
Haven't just been staring at this every day, but yeah,
where's? Where's Anita?
Max win. Where's that one?
I don't even have any of that. What are we looking at now?
I own some of that. After you both.
You. You both told me to buy it.
Oh, you bought? It.
Oh, nice. Wow, we got you to buy a shit
coin on Solana. You were like, I cannot believe
I didn't buy this. Like, I need a Max win is like
Drake's fucking saying, like this is going to keep going.
And I was like, all right. 10 mil right?
Or I. Didn't pay in that much.
I put in. I put in.
I mean I put in. Some money.
The reason I said that is because last Sunday I brunched
to Sunday. My little brother, he's a
zoomer. He's like another thread guy.
They're born same year. He kept saying I need the Max
win at the brunch table. I'm like what do you what do you
keep saying this thing and he goes and he goes because it's
Drake's alter ego when he gambles on stake.com and I go
home and I see that everyone in Twitter is talking about him
like why are is Twitter talking about it.
And because the shake when they associated to it And so it made
sense to me that if my zoomer brother who's not in crypto he's
a law school student he's interested but he's really not
like he doesn't have time for any of this if you're saying
this and then crypto Twitter's I was like shilly this thing's
going to go and obviously missed it because we we we flew and you
know we over traded the last couple weeks so we decided to
maybe stay off for a little bit and that's about it.
But anyways anyways that wraps up the show great Friday great
recap you absolutely love to see it make sure that you're
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Usually within an hour we go over market reports macro crypto
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So make sure you give me a cross follow and this show is powered
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