NVIDIA Earnings and RWA Season is HERE

0:57What is up, everybody? Good morning. Welcome back to another episode of Full Port. I am so excited.

1:03There is, again, a moment here in this bull market, on-chain, off-chain, everywhere around you that you have to take opportunity of.

1:13And again, last night or yesterday afternoon, going into NVIDIA earnings, another opportunity to make money.

1:20And we want to help you make money and understand how to navigate the financial markets across the globe.

1:26So, G-Money, how are we doing this morning? Are you ready to jump into things? I’m fired up.

1:31I mean, I’m feeling very, very good. I have a shitting grin on my face.

1:36You know, I guess, you know, the bell of the ball, NVIDIA reported numbers last night.

1:43You know, we’ve been highlighting it for a couple weeks here on the pod of how important that is into the back half of August and what that means for the AI trade.

1:54NVIDIA delivered. You know, so the numbers were good.

1:58I think it was a slight miss on guide on gross margins for next quarter, which was due to memory spend, right?

2:06Increase in memory costs, which we knew was coming.

2:09So, I think that’s what caused the sell-off before the conference call.

2:12And then I think, like, the third or fourth sentence on the conference call was, we expect revenue to grow by, I think, 77% next year.

2:23And the street was at 45%.

2:25So, it’s pretty much almost double what the street expects.

2:31Unlike, you know, this is the largest company in the world that just talked about revenue growth.

2:36So, the narrative has been, like, well, like, you know, the snowball has to stop rolling at some point here.

2:46And this plays into our entire conversation around CapEx is not slowing down.

2:51This is a government-backed industry at this point.

2:55It is equivalent to the nuclear arms race.

2:58It’s a national security thing.

3:01And I think the biggest one has been all these articles and all this media attention around, like, AI spending and AI adoption has kind of hit its plateau point.

3:13That being a farce, as we see, you know, again, NVIDIA’s numbers are just too strong for you to deny there’s more coming.

3:22Okay. So, a couple of things. I totally agree with you. If you want to bring up my screen real quick.

3:28The reason why I started getting bullish on NVIDIA a couple weeks ago was this is the weekly chart.

3:34So, each bar is one week, right?

3:36So, going back, you know, in December of 2022, it was at around $15 a share.

3:42It traded all the way up to almost $240, right?

3:45And it’s kind of been, like, range-bound now, you know, for whatever, let’s say a year, right?

3:51A little over a year. And, like, this just looks incredibly bullish to me from a long-term perspective just on the setup on the chart, right?

4:00Now, when you want to take a step back and kind of exactly what you said is, like, I think everybody on the street is skeptical about these numbers.

4:07But I think this goes back to, like, why I think using the product is super important because by using the product, I could tell you, like, you know, how awesome it is, right?

4:18And even, like, you know, there was a lot of, I think, conversations.

4:22There’s still conversations around are we overbuilding CapEx and whatnot.

4:26But I think, personally, what we’re going to start seeing is, you know, and I saw comments from, I think, the head of product at Cursor, which is now owned by SpaceX, said something of, like, this is the fastest adoption or demand we’ve ever seen for any product we’ve ever created.

4:47And they created Cursor, right?

4:49So Cursor, like, came right out of the gate as a, what’s it called, as a harness that was, like, everybody really loved.

4:57And then everybody started building their own harnesses.

4:59And it kind of fell off, got acquired by SpaceX.

5:02And now they’re building out GrokBot.

5:04And, like, I said it last week or, you know, a couple days after it came out that, like, I really like GrokBot.

5:09Like, it’s very easy to use, right?

5:13And that’s, I think, when you want to get consumer adoption.

5:16And I think, like, for me, it’s, like, more, okay, step one is how do you use LLMs as chatbots to ask questions, to do, like, simple things, right?

5:27Then the next step is how do you get, create agents to do things for you on repetitive tasks?

5:32You and me have been doing those things.

5:34People at the front end of the curve have been doing those things with Cloud Code, with Codex and all these things.

5:41But, like, you have to go into, like, you know, the terminal prompt.

5:45And you’ve got to be, like, typing. You’re, like, you know, hacking pretty much, right?

5:48Like, you’re being, like, a hacker. And now, GrokBot has really, like, I feel, made accessing agents and creating agents for specific tasks really easy.

5:58I think it’s only going to get easier. So then how do you extrapolate that out?

6:02That means that there’s probably going to be an increase in demand because if people are, like, oh, I’m going to have this thing run every day to check the sport.

6:11Like, for instance, one of the things I’m going to do is I’m going to use a GrokBot to manage my fantasy football league.

6:18I, like, I signed up for one with some college buddies, like, two weeks ago.

6:24Like, they had somebody drop out. And they’re, like, oh, do you want to sign up? And I was, like, yeah, I’ll do it. And I’m, like, fuck, why did I say yes to this?

6:31I’m, like, you know what? I do it every year. Yeah, I’m, like, you know what? I’m just going to have my AI run it.

6:36And, like, I want to have, like, no input in management.

6:41Yeah, do you know how many people would have finished higher in their fantasy league just by not starting benching?

6:49Like, like, GrokBot. Well, I’m going to have my guy. I’m going to have my guy, like, hounding the waiver wire.

6:54I’m going to have, I’m, like, I’m going to be running it as if it was, like, trading.

6:57So that, like, as soon as something happens and maybe, like, somebody’s on, like, the injured reserve list this week, pick up his backup right away or whatever.

7:05I don’t know what the rules are, but, like, whatever.

7:07But, like, there’s going to be so many use cases for this on a go-forward basis, in my opinion, and that’s why I was, like, bullish on NVIDIA, right?

7:15You listen to Gavin Baker talk for more than four months over the last month, and he’s, like, you know, I’m so bullish on NVIDIA here, right?

7:25And, again, like, from a chart perspective, it’s consolidated a bunch.

7:29If we break it down and going down to day by day, right, like, dude, like, it was down into the print.

7:38You know, just the fact that it hasn’t been moving higher means it was probably, like, if people were playing pairs on this, like, they were probably long something else short NVIDIA.

7:47And I think, like, these numbers, it’s really hard to be short.

7:53You know, I don’t know how you can really justify a short.

7:55And, you know, I will say, you know, the king of doom, Mike O’Burray himself, I think he said he put on NVIDIA calls as a hedge long, right?

8:05So even he sees how possibly undervalued they are.

8:09So I don’t know. I think this is the beginning of a bigger move on NVIDIA.

8:12If anything, I think it tells you how strong the AI sector is.

8:19And, you know, again, I have this Nebius.

8:22I think Micron was up this morning, I saw.

8:25And then I think it went red.

8:28Yeah, it’s red. It’s down 1%. But, you know, again, like, I just think that, like, the trade kind of stays intact.

8:35Yeah. You know, again, there’s going to be, there’s always going to be, like, right now, I think the, from, from the couple of things that I was reading this morning is, like, the bear case is, like, you know, is this pull forward demand?

8:48Is this peak CapEx?

8:49You know, we’re not going to, we’re going to have oversupply.

8:52I mean, I just don’t, I just don’t believe that.

8:56I just, like, I know it’s always dangerous to say this time is different.

8:59But, like, again, when you think about how useful these things are, and, like, I don’t think we have any models that have been released yet that have been trained on Vera Rubin chips.

9:12I think Fable might have been the first one, maybe.

9:15So, like, imagine what starts to happen when we get everybody training models on Vera Rubin chips.

9:21These things are going to become much better.

9:23And if they become much better, they become much more useful and then demand spikes, right?

9:28So, I don’t know.

9:30I know I’m, like, an AI bull.

9:33We’ve been AI bulls for a long time.

9:36But, yeah, I just don’t see how, I don’t see how you can read this in video print and be, like, that’s the top.

9:46You know, like, if anything, I’m, like, you’re getting ready for the next Lego.

9:49I think, again, it just kind of disproves a lot of the bear cases that we saw, which was revenue guidance is going to become weaker.

9:59They’ve squeezed, you know, the juice, as much juice out of this as they can.

10:03And, you know, hey, that was a great, you know, cycle run.

10:08I just don’t see, I don’t see, and especially after using the technology and understanding, like, my use case and adoption has only increased over the last two weeks.

10:21Yeah, if you’re not using this stuff, you’re kind of on the sidelines trying to, like, you know, coach a game you’re not even in or have not played.

10:28So, I think that’s one thing I certainly learned from, like, the NFT and crypto cycle of, like, 2020 to 2021 was, if you’re not actively using this stuff and touching it, you will miss opportunity slash be skewed by what you’re just reading on the timeline or in the media.

10:46There were points where, you know, people were saying, hey, this stuff will never be adopted.

10:51It’s impossible to buy.

10:52Meanwhile, if you just went on OpenSea, it was like, oh, wait, that’s disproven.

10:58And even other things about, like, people bullposting, like, Bitcoin, NFTs and stuff like that, there were ways to, you know, know where it was going to be accessible and not accessible, where that value would flow.

11:11You’ve got to use stuff. That’s the point I’m trying to get to.

11:15Yeah, I mean, that, I feel like I made a lot of money in my life by using stuff.

11:20Yeah. I feel like I was, you know, I was, I was actually, I was having this conversation because somebody hit me up on the loan I took out against my ape this week.

11:30We got to cover this.

11:32I mean, we didn’t even pull up the tweet from comedy because it is.

11:36Yeah, let me, let me pull it up.

11:40Yeah. When you said using stuff, I, my, my mind actually went immediately to that loan, which is, do you know how many people have diswritten, like, completely written off the use of loans against NFTs?

11:55Which I think is, I think it will be one of the larger markets that we see come out of the NFT ecosystem because of this idea of, like, you have art, you have things that have value.

12:08And if you look at the modern world of this, if you have art in your wall, it is nearly impossible to get a loan against it.

12:14If you have, you know, a car in your garage, it’s impossible to get a loan against it.

12:18But, um, I have an NFT, there’s a fair market value for a liquid asset or near liquid asset.

12:25Um, I can literally within two clicks, go on to Gandhi and get a loan against an asset and be able to come back and pay it off.

12:33Uh, within that, you know, duration of that loan.

12:36You just did this. You were, you notably, you did a million dollar loan on this same ape.

12:41Uh, I think like two years ago, also using Gandhi.

12:45And now you come back to do it again, $550,000 principal loan for, you know, six months.

12:53Six months. Yeah. I, uh, again, like I just, to me, like, so I’ve been, I think the largest like on-chain loan a couple of times.

13:02Uh, the first one was actually like, I think it was a $25,000 loan.

13:06And that was in like November, October, November of 2020, uh, against the CryptoKitty.

13:11And I remember, yeah, like, but like, again, that goes back to like using the stuff.

13:16Cause like, I remember my friends were like, why, why’d you take out the loan?

13:20Whatever this and that kind of giving me shit for it.

13:22And I’m like, well, listen, like my bet is that this becomes a larger primitive over time.

13:28And like, what better way to understand how it works than to use it, right?

13:32So I use these things, right?

13:34And so, um, yeah, I like, to me, like, again, to your point is like, what I like about this is I literally, um, I literally talked to the team on Sunday and they sourced the loan by Monday.

13:49I mean, that’s, that’s crazy. Like, if you think about, like, if you think about how mortgages work, mortgages are, are, um, asset back loans, right?

13:56Like you’re putting up your house as collateral.

13:58Yep. It takes you months to get a mortgage.

14:00Yep. I literally got a loan against my NFT in, in 12 hours.

14:04I probably could have, I probably could have filled it by Monday morning.

14:07I was just like running around and stuff, but like, it’s, it’s so crazy how quickly you can get liquidity.

14:13Yeah. They’re, uh. We got to work on the rates. I, I will say like the rates are, are decently high or very high.

14:19You know, I’m paying, uh, an effective 17% yield, but, um, I think that will come down over time as people understand, like, you know, that this, the apes probably worth, I don’t know, two to two and a half million, maybe like around there, maybe more.

14:34Right. So it’s like, it’s, you know, it’s like the lender wants to default on the loan.

14:38They would, they would, they’ll, they’ll make a ton of money if they do.

14:40Yeah. Right. So, um, yeah, I, I just think like, to me, this is what I love.

14:45Loved about crypto when I first got in is the ability to have, um, true sovereignty over yourself and your assets and be able to do this.

14:55And, and that is like, I, I compare that to me trying like what I just went to get this loan compared to trying to wire more than $10,000 out of my bank account.

15:08And I get, you know, flagged and I got a call and verify it’s me.

15:12And then I spend 45 minutes on the phone where they’re asking, like, do you know where the funds are going?

15:17Like, you know, are you aware of all this?

15:20Like, it’s like, dude, yeah, I’m aware.

15:22I’m a, I’m a full grown adult. Like, I don’t need you to, to safeguard me from myself on how to spend my money.

15:29Right. So, um, yeah.

15:31So this is like, this is why I love crypto is like stuff like this.

15:34Right. Is it, is it, does it come off weird to you?

15:38You can just get this money for this, like this asset so easily.

15:43Is that, is it like, is it a weird feeling?

15:46Yeah. Okay. No, it’s awesome. It’s not weird. It’s awesome. It’s like, yeah, dude, like try getting a loan against real estate.

15:54Like, you know, how long, you know, they ask you for your social security number, your tax filings, your credit score, all of these things, right.

16:01To give you a, some percentage of the value of your house.

16:05When in reality, it’s just like the, you know, if you don’t pay it, they would just foreclose on you.

16:09Right. Like granted, there’s like a legal process there where if I don’t pay the NFT loan back, like, uh, the lender takes possession immediately.

16:17Right. So it’s not like a, whatever, six month lag of due process and stuff like that.

16:22So like, there’s like less friction because it’s a digital asset, but I don’t know.

16:28I think this is crazy. I think this is awesome. Like, this is one of, I think like the first time I did, the first time I used Aave was like my first holy shit moment in crypto, like during DeFi summer.

16:40When I could put up ETH to borrow more ETH.

16:44And that was like, holy shit, this is fucking insane.

16:48And I think this is like the same type of thing, right?

16:50Like here’s an asset that has some sort of value.

16:53Somebody is willing to put out a loan against it.

16:56And, you know, I’m, you know, I obviously think I can beat a 17%, you know, effective APR and whatever.

17:05Like I take on that risk. Right. Yeah. Well, I have a question about the capital.

17:10Um, but first my, my, I’m not sweeping NFTs.

17:14I, I, I saw that come through and I was like, oh damn, Quotron’s floor is about the trip.

17:21Um, I, I, the one thing that, you know, becomes really interesting is I said how cool it is to be able to, you know, one click, two click, three click and get a loan against an NFT.

17:34Um, and have that money in your account immediately.

17:37What is interesting is I think we’ve seen, uh, and I guess disclosure here, I’m an investor in Gandhi.

17:44So, uh, and I use Gandhi.

17:46So I’m also an investor in Gandhi. Um, so love the product, love the team.

17:50So notably from what I know is internally happening, there’s more use, there are more assets coming on to the platform.

17:57They’re seeing more, uh, loans going out.

18:00Um, this is before the RWA meta happened with the RWA meta taking off.

18:05And while we’ve seen it kind of play in the equities, uh, space mostly, um, I will say I’ve seen more watch companies around the RWA, RWA and vaulting space take off.

18:15Um, I’ve seen some stuff in like the, the purse space or like these high value purses, jewelry, other things, um, in the world where we see houses, cars, these more commonplace assets that do have, uh, markets against them.

18:32Um, do you think we see a explosion in the NFT loan market over the next 18 months?

18:40Do you think that’s a plausible thing that we see happen?

18:42Uh, I, I’d like for it to happen.

18:45I think part of it is, um, one, you need good collateral, right?

18:50So I think like the hard part during this past cycle is there wasn’t really much good collateral.

18:54Like if I were to be a lender in the NFT space, like it’s probably crypto punks, um, maybe some high value art blocks, collections, pudgy penguins.

19:09That’s kind of like mature assets.

19:11That’s kind of what I would.

19:12Well, I, I don’t know if they’re more mature.

19:15I mean, like these things are all like under 10 years old.

19:17So I wouldn’t say they’re the, the most mature in the world, but they’re maybe like less volatile, right there, or I don’t have to worry about them going to zero over, over the course of, um, the loan.

19:28But I do think what ends up becoming really interesting is what does it start to look like when I can borrow against something that actually kicks off yield?

19:39Because then you, you really, really, really, um, take away a lot of the risk, right?

19:46Cause that’s the way, like, like part of the reason why, um, mortgages, they ask you for, you know, your income tax and all this stuff, because they’re like, all right, well, how are we, you know, if you have enough money to pay this off, right?

19:58Like, like, are you just gonna. YOLO it into, you know, Bitcoin up or down in the next 15 minutes, right? And so like they obviously want to protect themselves. So I think when you have some sort of yield, and this is why I think what the guys at CHIP are doing is really interesting because you’re lending against GPUs that produce yield, right?

20:19So it’s like the loans are paid for with the cash flow of the GPU rentals. So I just think that like, I think this is a big market. I, you know, and I think part of, you know, there’s, there’s been a lot of, a lot of company, not a lot. There’ve been a couple of protocols that have launched for lending protocols. I think Gandhi is the last one, last man standing at this point. And like, well, shout out to the team. I think they’ve been doing an incredible job.

20:47But yeah, I think like, I even remember last cycle, you know, people were like, oh, you can like lend against these in-game assets because the in-game assets were producing yield. But I do think like you want a stronger source of yield that’s like more sustainable, right? So it’s like, you know, a dividend from like a stock or whatever, right? Like something that is just like a cash flowing asset that’s not just reflexive on itself, I think becomes interesting.

21:13So I think the market’s going to grow really big. You know, I’m a natural user of it. There are others as well that will use it. And like I said, I love it because it gives me near instant liquidity.

21:27Like if I need something. And that’s kind of like the way I use it. I use it for like, you know, instant liquidity. I have to really need the money or want to use the money, obviously at that interest rate. But again, it’s like if I were to take a HELOC out in my house, you know, it’s like that’s like a three or four month process.

21:46Right. Yeah. The nice thing is we’re seeing more NFTs with built-in yield that’s become a topic of the last two weeks.

21:58So I would be very interested to see how that plays out over the next few months here, especially if Gandhi adopts allowing a way for that yield to go to the lender automatically.

22:11Um, you would see that those assets probably start to have more demand and it kind of, uh, it introduces just a whole different dynamic. It’s super exciting.

22:20Um, where’s, where’s the money going? Where are you putting the $550,000, uh, to beat the 17%?

22:29Putting it to work. You’re like, you’re like Kevin O’Leary. You’re like, uh, you know, Kevin O’Leary, come on, bro. No, no, no. Do not disrespect me like that. Jesus Christ. Wow. Dude, you’re acting like I walk around, uh, with two watches and a baseball card around my feet, around my neck.

22:46Have you ever worn two watches at the same time?

22:48No, it’s gross. Like it’s so tacky, uh, that and like whatever this Pikachu card or whatever he’s wearing.

22:55What is your most regrettable fashion flex you’ve ever, uh, you’ve ever done?

23:01Oh, come on. There’s gotta be like one fit where you’re like, yeah, that was not it.

23:06I’m trying. I don’t know. I can’t think of it off the top of my head. I think as a trader, I’m conditioned to when something bad happens, just like, like meditate on it, think about it and then forget about it.

23:18Cause you have to forget about things to move on. Right. So I think like I have a, like, I just like, I don’t, I guess I don’t have like, uh, I’m just trying to think maybe like when I was younger in my twenties, like, just going out wise, I’m like, Ooh, man, I can’t believe I was wearing that stuff.

23:36Well, you got to have a short memory. Actually, you know, you know what I had, I had this shirt that me and my boys, when we were in our twenties, we would, uh, we’d wear sometimes when we went out and it said, I heart to LARP.

23:47And this is when nobody knew what LARPing meant. Um, and like, I don’t know, but we somehow stumbled upon these videos on YouTube, like whatever, 20 years ago.

23:57And like, it was so funny. And sometimes when we got really drunk, we’d start LARPing in bars and people had no idea what was going on.

24:05And we’d be like, like, we’d be like frog wall. Kind of like, you know, that guy, computer, you know, that guy, computer, Biden blast.

24:13It was like our version of that, like 20 years ago. Like, like we were doing that out at bars and people are like, like, get out of here.

24:20Creeps. Meanwhile, today we’d be Instagram famous. So we did it.

24:25Well, the LARP Maxine has become a huge meta here. The nice thing is that with everything being on chain, everything being verifiable to just click on a profile and see what somebody’s PNL is, the LARP has to a degree decreased.

24:42Um, I’m hoping, I’m hoping, I think that’s like a world of finance that we start to see, uh, become more prolificated is just more things just becoming instantaneously verifiable.

24:56And, um, so let’s, let’s talk about that for a second. Cause like, I see like, again, like, I think you and me, we’re kinda, we kinda view this thing similarly, but not, not entirely.

25:11Um, I still am of like the idea that, you know, the, the, like the best traders, the people that make the most money, like they want to, they want to operate in secret.

25:25Like they prefer, you don’t know how much they make, you know what I mean?

25:27So like, I, I just think like, even like for, for me, for instance, like whatever I trade, uh, I do a lot of trading on my main wallet, gmoney.eth.

25:37I also have other walls where I do other shit, you know, for size and not size or whatever.

25:43Um, but yeah, I don’t know.

25:46It’s just like, it’s just weird.

25:47I, I, I don’t know. I like, I do it. I like the fact that in order to, to know what I’m doing on chain, like you kind of have to like dig in a little bit.

25:57And it’s not like, uh, on FOMO where, you know, it’s like immediately everybody can see it.

26:03I don’t know. Let’s dig into it. Let’s dig into this. Cause I think, I think this is probably, and, and maybe this is good for listeners to see how at least my brain works for finding.

26:13I’m also, I’m also older than you.

26:15Right. So it’s like maybe part of a generation.

26:18But I, I think I always think the money is where there’s inefficiency and where there’s friction on chain.

26:25And I think this works for everything, right? Like, uh, there are people I know who make millions and millions of dollars and they’re in like the HVAC industry.

26:34And it’s because they do a very specific thing that nobody else wants to do.

26:37And like that creates a value and efficiency where they can make more, um, on chain used to be before the rise of trading apps.

26:48Very, very hard. It used to be so hard to figure out like whose wallet is whose, what are they doing?

26:53And if you didn’t sleep for a week and were disgusting, uh, just going through Etherscan and SolScan and, you know, trying to figure out tweets and match them to wallet activity and bridges, you could make hundreds of thousands of dollars by being one of three people that had somebody’s wallet.

27:13Today that game’s over. That’s gone. That’s a solved problem. So what do you, what do you think in a world where everybody is being super public, where do you think the inefficiency then becomes or in it, like the world of social trading becomes?

27:29I think we’re cut. I think we’ve seen it a little bit over the last week or so with like a couple of those big FOMO PNLs where, you know, they sold like a little bit and then it went down like 80%.

27:44Like, like, like, I don’t know.

27:45I just think that like, you’re in a prisoner’s dilemma, right?

27:49Because now it’s like, if you have this huge position and you’re like, people are like, oh, what’s this person doing?

27:55Right. Um, you know, like, I know people give, uh, again, like I, I don’t really care about meme coin trading.

28:03It’s, it’s, I just don’t give a fuck about it.

28:05Right. If people make money on it, they make money on it.

28:07It’s not how I want to make money. I don’t find it interesting.

28:10Um, I, I just, it’s not, it’s not me.

28:13It’s not what I want to do, but I know people give Frank a lot of shit because he like just gets out and like, he like one clips things, which I think if I was in Frank’s position, I was doing that.

28:24I think I’d probably be one clipping things too, because.

28:26Well, you have to, you get, you get front run right after the first.

28:30Right after. Right. And so I think that happened to QWERTY.

28:33I think that that’s how you say his name.

28:35He had like a $500,000 PNL or something a couple of days ago.

28:39And I think he sold like a little bit and then it went down a shit ton and he didn’t like, I think people said he only took out like his initial investment or whatever.

28:49Yeah. And like, that’s why, that’s why you don’t want to publicize your positions.

28:52You know what I mean? Like, that’s why Berkshire doesn’t tell people what they’re buying.

28:56That’s why Citadel doesn’t like that.

28:58That’s why the biggest hedge funds in the world don’t publicize their positions.

29:02You know what I mean? Like they don’t want you to know when they go to click.

29:04Like there’s a reason why every activist investor will try to accumulate as slowly as possible until they get to that legal threshold when they must report.

29:14And then they like, like try to get as much as they can before it gets reported because then everybody will move their, the price.

29:22Right. So, you know, like, I don’t know, I just don’t think that people, people are like, oh yeah, this is the future.

29:30When it’s like the past clearly tells you that’s not it.

29:34Right. Like the, the most successful traders in history try to hide their positions and there’s a reason for it.

29:41And you know what I mean? Like, and they still are goaded, right?

29:44Like, you know, you still hear of, um, the Jesse Livermore’s right.

29:49Like a hundred plus years later.

29:50And that guy never publishes positions, you know, like Paul Tudor Jones, all these guys, they, they talk their book once they’re in their position.

29:58Like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like, you know, like But they don’t want you knowing when they’re buying, right?

30:01You know, like if you knew when Druckenmiller started a position, started buying something, then like his entry price would be terrible right after that, right?

30:11Like I don’t want people to know what I’m doing. So apparently like I’m in the minority on that in terms of like trading on crypto Twitter, but I feel pretty confident that I’m in the majority of that.

30:23What do you think the hardest thing to do? Okay, I’ll rephrase it. What do you think the hardest, shittiest part of trading is for you right now?

30:32The hardest part of trading?

30:34Yeah.

30:38I mean, like what does that mean?

30:41I don’t trade all that much, right?

30:42So like I’m buying stuff and that – because like the thing is also it’s like I’m not meme coin trading, right?

30:48So I’m not like, oh, am I going to go away?

30:51Because like here’s the thing is, right? I’m not trading meme coins and I’m not trading on leverage, right?

30:57Or if I’m trading on leverage, it’s very small leverage.

30:59So I’m not in the position where I’ll go to the bathroom and I’ll come back and I’ll be down a ton of money, right?

31:05So like whatever. I own FWA. No leverage. It’s just spot, right?

31:10FWA goes down. I think it goes down enough. I’m like, all right. I still like the story. I’m going to buy some. And I think it’s going higher, right?

31:18So it’s just like that’s my thesis I’m going to play out.

31:20So I’d much rather wait that out, right, for the next, let’s say, couple months, let’s say, before it goes up or whatever and be right and like have a lot of confidence in my position instead of, you know, buying some meme coin that just bonded, being like, oh, I think this is going to 10x in the next 20 minutes.

31:41And then if I miss it or there’s not enough liquidity, I’m out, right?

31:45Because also like buying spot, I can get bigger size.

31:51Like I’d rather trade bigger size, right?

31:56So and feel more conviction in it.

31:58So it’s like, yeah, I’d say, yeah, I couldn’t even really tell you what, because like I don’t, I wouldn’t say I’m like trading per se.

32:06I’m like building positions in things that like I like that I think has a good theme and a good story that I want to hold for longer than, you know, 10 minutes, right?

32:17There was there was a tweet that came out like yesterday from some guy, the founder of Cielo yesterday or the day before where he was like, oh, you know, like I’m going to follow G Money on his trades because he like he has a ton of like his wallets followed.

32:32But he has like, whatever, a very long average holding time, right?

32:37It’s not like I have like a three minute average hold time.

32:41It’s like he has a very long, like I hold something for a long time, right?

32:44So, you know, like those are the trades that are probably better to follow, like those types of traders, because they’re not sitting there trying to use people’s exit liquidity.

32:51I’m like, I’m like, if you’re buying 5% higher from me or whatever, 25% higher from me, I’m like, dude, welcome to the party because like I think this is going way higher than that.

33:00Right, right.

33:02Oh, different games, I think.

33:06Yeah, different games. Again, like I like if that’s how people make their money, that’s how they make their money.

33:10I’m not here to judge. I just know that’s not how that’s not how I like to trade or make my or make my money.

33:17Right. And no judgment. It’s like, you know, it is what it is.

33:23You’re you’re an unk. That’s what I’m an unk. Yeah, I guess that makes me an unk.

33:29Oh, man. Well, look, on chain obviously is super hot right now.

33:33For those listening, if you haven’t been paying attention or if you haven’t been looking at the numbers coming across the bottom of the screen, Bitcoin flirting with $80,000.

33:44ETH still pegged at $2,500.

33:48Seoul having a really nice day, breaking through the $100 floor up to $107.

33:56Hype continuing its stampede towards $100 up to almost $85 this morning.

34:02Pump almost 2.005 up 3x almost from our 0.16, 0.17 or 0.0017 call on the show.

34:15Lit up from our $215 call up to $3.60.

34:22MU still kind of hanging in its range.

34:25The AI space is kind of still around their all time highs, but every single cryptocurrency and cash cat is up to like $230 million market cap and some up to $330 million market cap.

34:41And then across all of the Robinhood ecosystem, everything’s just blowing up.

34:47Everything’s hot right now. You’re in a bull market. One thing I will tell people is if you are up life-changing money, take initials off.

34:55But also understand, you’re nothing special if you’re up big right now because everything’s going up.

35:01And I saw this mistake made a lot last cycle where people were like, look, I’m the next messiah.

35:06Everything I touch, I can turn into gold.

35:09And it’s just there’s liquidity coming in for the first time in a long time and a lot of people coming back to the quote-unquote casino.

35:17So I would implore people to understand, to check yourself, be financially responsible here, take profits, P is P.

35:28And it’s not real until it’s in the bank account, to also be kind of honest with you.

35:32Like, unless it’s in USDC or even – I would even push past that.

35:38Unless it’s in your Chase or Wells Fargo or Citi banking account, it’s not a realized position.

35:47So I would certainly not be running out and blowing money on stuff with an active position that you could wake up and be down 50% overnight.

35:59Can you bring up my screen real quick because I want to talk about Tao.

36:06Had a nice run up. It’s actually above the highs from a couple days ago, which puts it relatively stronger than kind of like everything else.

36:16The highs that I’ve seen on my screen, if you take a look at that, ETH, BTC.

36:21I was just looking at POMP. I mean, these charts all look pretty good.

36:25And the fact that we haven’t pulled back strongly is very good.

36:29No real weakness in these charts.

36:31Like, obviously, something like, again, profit realization.

36:35This, to me, is, like, what I think is kind of interesting is that relative strength, it’s holding above that, you know, first move high.

36:44Like, you know, I think people always talk about you want to be looking for relative strength.

36:50Granted, I’m a long-term community member from Tao, but I also think it’s going way higher.

36:57I really love the entire concept behind BitTensor and what they’re working on.

37:04So I’m very biased here.

37:06But to me, like, when I think I woke up this morning, I looked at the chart.

37:10I’m like, wow. I’m like, it’s exciting to see what I think is a very good long-term project being very strong in terms of, like, the crypto market.

37:22So that’s one thing, obviously, I keep my eye on.

37:25But I just wanted to highlight that. Like, I think Pump, I’ve been, like, trading Pump on perps, like, here and there, where, like, I think I find, like, a good opportunity to get a position on to put, like, a trade.

37:39Because I just think that, like, in this market, what I’m trying to do when I do trading on my leverage account is find a spot, just assume that the bottom’s in and assume that all pullbacks will be bought, right?

37:52So you kind of want to find, you know, a spot where you think you can safely get in and then safely get out if you hit your stop and, you know, put on trades there, right?

38:04And they don’t need to be, like, long-term trades.

38:06You know, it’s like, especially when you’re trading on leverage, you know, you catch 10%, 5X leverage, that’s 50%.

38:12So, you know, that’s great.

38:14You can take profit on that and, like, wait for your next setup.

38:17So I definitely think these types of things are interesting.

38:21But, again, I think in a market like this, coming off the bottom, you want to be buying the strongest tokens.

38:30And, yeah, I’m glad to see that Tau is at the top of the board, right?

38:34Yeah. No, again, showing shape.

38:36But I think this also falls into – can you pull up WorldCoin?

38:40I think Pump is a great example of this, Hype, a great example of this.

38:43But those are revenue-generating coins.

38:47Tau, a really good example of something that is, like, infrastructure for a needed use case, which is we see the option of AI, decentralized compute.

38:58All those are being adopted.

39:00And this has kind of set the groundwork for that.

39:04That WorldCoin, notably a product out of the Altman brain trust, is trying to solve a different area, which is human verification and, like, proving that you’re human and having identity, etc.

39:23I think they have a hardware product even for this.

39:26But this idea of having a token peg to something that is going to be a needed use case at some point, like, I don’t think that’s an undeniable fact.

39:36But that at some point, AI and deepfakes and, you know, everything that we see coming out of, like, I want to know I’m actually talking to a human and that human’s actually who they say they are is a real product.

39:51It will become a product market fit at some point.

39:53I don’t know if it’s WorldCoin, but another interesting token that I’ve watched since – I mean, this is up about – WorldCoin. About 100%, I think, from the lows back in, like, December when I started, like, looking at this when I was in Miami.

40:08Actually, you and I had drinks one night.

40:12That had been literally me coming from a dinner that was talking about WorldCoin.

40:17All right. So, December, it was actually the December lows were higher.

40:21It actually went lower, like, a couple months ago, looks like.

40:26Oh, maybe that wasn’t actually December.

40:28It was, because it was near, it was around 0.24.

40:32Was that maybe consensus, maybe?

40:35Oh, okay. Then consensus. Yeah. So, it was, it had just started to kind of pop off.

40:39Yeah, yeah. So, oh, sure, yeah, because it wouldn’t have been December because it was hot as hell out.

40:45Yeah. Yeah. So, that, I missed the move, that initial runoff, and I was like, ah, screw it, and then it went way, way higher.

40:53I forget what the news was there, but this is something that off of its recent August lows at 0.3 has only moved, well, I guess not only, but it’s moved 30%.

41:04And we’ve normally seen this when there’s been an upswing, kind of outperformed as people rotate in.

41:10This usually also rips once there’s a narrative behind it, and you start seeing it kind of floating around the timeline.

41:16I haven’t seen that yet.

41:19So, this is something that’s on my radar, and I don’t know.

41:23I would start bidding this anywhere between, if, like, we got a little bit of a pullback, I’d start building a little position here.

41:30It just seems to be one of those other tokens that once I think it gets a narrative, it rips.

41:38I mean, listen, if I were to buy this right now, let’s say I’d buy it here, I’d buy it here, and it’s at the stop below here.

41:44Okay, so you’re looking at, like, a 5%.

41:4630, 37 and a half.

41:49Okay. Right? And that would be, like, for, you know, a trade, right?

41:53Like, if you want to wait for a larger pullback, it’s just, like, the problem is if it has a larger pullback, it just doesn’t look as sexy.

42:00Right? Like, you want it, you kind of want it to not, like, kind of break that line.

42:06Yeah. Right. Or at least, like, hold that low and then run higher.

42:09Because if it breaks that low and it goes lower, then it’s, like, it looks like it’s a little broken on the four-hour chart.

42:15Yeah. Look, it comes out, these are the same thing that falls for WorldCoin, falls for Tau.

42:23They need adoption, and they need enterprise.

42:25Same thing with Keta. Another token that was, like, the love trial.

42:32It was the smart boy.

42:34It is Keta. K-E-E-T-A.

42:37This is something that is trying to solve.

42:41It’s more like a fintech.

42:43I mean, this chart is probably ugly.

42:45Yeah. But, you know, look, it comes down to all of these tokens that are, like, trying to solve.

42:53A case where it’s enterprise and corporations coming in, adopting and using the product and, you know, getting contracts done and finding product market fit.

43:05But the catalyst for it going exponential will always be business development and partnerships that actually drive use case and revenue back.

43:16And I think if you have, like, this obviously has no strength in it, so I would not be, like, I mean, this is really, this is a lottery ticket.

43:23To me, well, this to me looks like there’s still, there’s, like, an aggressive investor unlock, right?

43:28Like, it didn’t even, it didn’t even go up.

43:31Right, right. It popped, and now it’s, like, below where it was.

43:35Like, I, I feel like this token, I don’t know anything about it, but, like, I, I would, you couldn’t pay me about it.

43:40It’s Eric Schmidt’s, he’s backing it.

43:42It’s, you know, it’s got the Google stamp of approval, and I’ve seen the Google logo thrown around it.

43:48And I know there’s some very smart devs that, like, we’ve worked with via, via loot labs.

43:54But, like, the point here is, I think you have to be kind of going through and looking at where, where are the non-sexy currencies that could, if you, if the thesis behind them is bullish, and they’re in a sector that is only going to grow and probably going to get adopted, you know, putting that on your radar and, and tapping into that.

44:19The other one, I’m sorry, I’m going, like, a little, like, tangent here.

44:22The other one that’s super interesting is Syrup, which used to be named Maple, but I believe they renamed the token to Syrup.

44:33So, yeah, I believe that one, this is a company that does loans.

44:38It’s a, it’s a token for enterprise companies being able to come on, have inventory and logistics and, like, known cash flow and take out loans on chain.

44:50I might have botched exactly what they do.

44:52But, you know, realistically, the instantaneous one-click loan sector is one that we saw get really hot in previous cycles.

45:02I believe they are a decently revenue-generating company.

45:07One that I always kind of come back and check and look at time to time.

45:12Again, if you think adoption of on-chain and you think the adoption of stable coins is going to become more prolificated and you think that this company, or you think that, you know, companies coming on-chain to do this stuff is going to grow, another one you might want to have on your radar here.

45:30But they’ve shown some strength off of the bottom as well.

45:33Well, isn’t the issue with a lot of these on-chain loans for businesses is, like, I forgot the protocol, but, like, they, like, syndicated a ton of loans and then, like, those companies just, like, never paid them back, right?

45:48Like, they’re supposed to be, like, somewhat secured by revs or whatever.

45:51It’s just, like, a lot of crime that happened. I know I saw VCU, I think, like, post about something, how, like, you know, they backed a couple million dollars of loans that was supposed to be, like, whatever, AA, not AAA, but, like, let’s say investment-grade type loans that they lost everything, right?

46:08And so, like, I think, like, the problem is it’s, like, people are stuffing.

46:12And this is, like, I think the main concern with a lot of this on-chain stuff is I think a lot of the Web2 people think of crypto as, like, the idiot retail that will fund this stuff.

46:27And, like, listen, a lot of times it is because we funded a lot of retarded stuff.

46:30But, like, I think they treat it as that.

46:33And so they’re, like, oh, we can repackage this garbage and sell it to them and they’ll buy it, right?

46:39It’s been kind of, like, an issue with some of this stuff.

46:41So I’d like to – Look, you’ve got to do your research on, like – and it’s easier now with AI if you haven’t been around.

46:48But I’ve seen a few, like, NFT projects come out and I’ve quite literally been, like, that has to be the same team from this time.

46:58And this is the third time they’re relaunching the same product.

47:00Or somebody just was, like, oh, like, remember this.

47:03Like, let’s run that back. That did well last cycle.

47:08That obviously exists, even in the NFT loan space.

47:12You know, I remember seeing after I had done the Ghani deal, I saw, like, one or two other ones pop up.

47:19And I was like, oh, wow, like, they’re screwed.

47:21But there’s always small things that teams will do differently that that’s kind of where, like, the profit unlock is, is really getting into the nitty-gritty details of how is a project operating, what are they trying to solve, and, you know, where are their protections as well.

47:42I think Pump is a good example of, oh, my God, Bitcoin is just ripping right now.

47:50Yeah, I mean, I think, like, Pump, you know, revenue meta, you know, I think I saw somebody post something this morning that I thought was a good take.

47:59It’s like, FOMO has probably been really good for Pump because it may, it’s making people realize that Pump’s revenues are real.

48:07Because remember, I don’t know if you remember a couple months ago, people were like, oh, there’s no way that any of these revs are real.

48:13So it seems like, you know, it gives more validity to Pump’s revenue stream.

48:18And I think that’s kind of why, obviously, with sentiment changing, you know, their buyers of their token creates more buy pressure, right?

48:26So, yeah, I mean, like I said, I’ve been trading Pump here and there on my PURPS account.

48:34And, yeah, you know, I don’t, I think I bought it, I bought, like, I think I bought it here or here, like somewhere, I think it was here in this, in, like, this up move.

48:53And, again, like, I waited to establish the bottom.

48:56Um, this is, it’s this one, I think I bought here.

49:01I waited, I bought, like, probably some here.

49:04And then once, like, it did this pullback, I think I bought some here.

49:07I was using this, this is a tight stop.

49:10And so, like, I have it going and I’m hoping that, like, you know, it starts trading towards high.

49:14So, Bitcoin being strong, obviously, this thing should be strong.

49:19All strong tokens should follow what KingBTC is doing.

49:27Yeah, I mean, that, that’s a sexy chart.

49:31Wow. It’s a sexy chart. You don’t have enough exposure.

49:34I’m sideline. I mean, listen, when are you going to Jackson Hole?

49:39Two weeks. A week, a week. Yeah. Yeah. I believe.

49:45Is he talking? When’s he talking? When’s Warsh talking? I don’t even know. But that’s obviously. It might be next week.

49:53Okay. But, yeah, obviously, all eyes on Warsh at this point.

49:58And that will probably drive. You’re going to be next week. I’m going to be next week. I’m going to be next week. I’m going to be next week. I’m going to be next week. What happens until after Labor Day.

50:04But yeah, I would say that for the most part, trading is done for the summer.

50:10I think probably everybody’s in the Hamptons by this point.

50:13Do you think we see, maybe for equities more than crypto, but do you think we see a local top here?

50:22Or do you think the freight train keeps going with everybody being out?

50:26Or do you think the decrease for volumes allow it to run?

50:33I have no opinion on what it does because there’s decreased volumes.

50:39You can send things one way or another much easier.

50:42But I don’t think how you can be bullish on NVIDIA and think equities topped.

50:49Like the AI trade is still alive and well, in my opinion, right?

50:54So yeah, I mean, I’m just like, I want to own more NVIDIA.

50:59How do I buy more of this thing?

51:03Yeah, I mean, I put my on-chain long on.

51:07I converted all my Quotron dividends into NVIDIA five minutes before the close to go long into the print.

51:14No leverage, but still, I thought that was pretty cool.

51:16What did you buy? I mean, this is the last kind of like big question I had for the day.

51:20It was like, so last night you started tweeting.

51:25I was on a walk behind the house here and, you know, was listening to the earning stuff.

51:32And I was like, all right, this is good. This sounds good. You tweeted. I got like super bullish.

51:38And immediately on-chain, everywhere that you can trade, I think it was up like five, seven percent.

51:45And then I think after that initial like immediate green candle, it’s up another like three, four percent in the morning.

51:52But like, where were you buying?

51:54Because it seemed like those who were trading on-chain were able to capitalize the most versus, you know.

52:02I got long before the close.

52:05Got it. Right. So I basically, I had a bunch of my Quotron dividends.

52:11I had accrued like, I don’t know, $7,000 that like I hadn’t taken out.

52:16So then I basically converted the other nine stocks into NVIDIA.

52:22And I was like, I’m going to hold this into the number.

52:25I mean, like I thought my downside was like, if I was wrong, I was going to be down five percent, not levered.

52:30So it was $350.

52:33Right. So it wasn’t that big of a risk.

52:36It was more, it was more to, like the thing I think is interesting about all the on-chain stuff is like you can use these tokens in like different and interesting ways, which is what we’re seeing, which is very cool.

52:50Right. And like I’m working on like some other things and talking to some other teams to do stuff, do some other really cool shit that you can’t do in TradFi that you can do because of crypto.

53:02And that like, to me, it’s like some of the most exciting stuff that I’ve been doing in a couple of years.

53:06So I like it.

53:07And like, that’s, that’s kind of why I did it.

53:09I was like, I like NVIDIA. I want to hold NVIDIA. I kind of want to build out my tokenized stock portfolio with my Quotron’s dividends that I’m earning.

53:19And, you know, I actually, so I, I’m, I’m going to keep all my SpaceX dividends that I’m getting.

53:28And I’m like, yeah, how do I like build that position?

53:31This actually, this chart looks nice too.

53:34Like if you wanted to buy some, you could use this low here, whatever, 130 is a stop.

53:39If, if it gets below there, it’s probably gaps.

53:41But yeah, I, I, like I looked at this last night.

53:44I’m like, Ooh, I should consider buying it.

53:46So I’m probably going to be building an on-chain SpaceX position.

53:52And my, my problem is with my, I guess my interactive brokers account is I’m like max long already.

53:58And I’m like, I don’t know. I don’t, I don’t have anything I want to sell.

54:01I love all my babies.

54:03So it makes it a little difficult.

54:05You know, it’s, you gotta, you gotta pay attention to this stuff.

54:09It’s also why, like, you got to check in every morning.

54:11Cause I would have probably bought two, three days ago in that, like that, that’s a good setup.

54:17I would have felt so comfortable throwing size into that.

54:21On what? On SpaceX? Yeah. Yeah. I mean, if we, I feel like it’s not that much higher.

54:26It’s not that much higher from, you know, two, three days ago.

54:29It’s like, yeah. You know, but in the sense of like, there’s almost no, like, I would have felt like there’s almost no risk there, especially with like the momentum, knowing the video earnings are coming up. I don’t know. Mental, a mental thing.

54:44Yeah. Well, we’ll have to, we’ll have to keep paying attention to what happens in the AI trade. Anything else on your radar here?

54:54No, I’m just excited for the weekend.

54:58You know, I, I just, on chain has been really heating up.

55:03The Quotron stuff I find very exciting.

55:06FWA, they’re doing their next FWARE launch today.

55:11Uh, I think in about 30 minutes.

55:14So I’m going to be watching that to see how much volume comes through, how many spins come through. I expect spins to be lower than, um, the last one, just because I think there’s going to be like less than, like less demand for it, uh, per se.

55:29Like people aren’t going to be like, oh my God, this is epic.

55:32Um, an epic thing.

55:34So, uh, but you know, I think it’s cool.

55:36I think it’s like, uh, somebody put out a tweet yesterday that I thought was really good of like comparing it to like a pump fund graduation and how this is like so much more fair than a pump fund token launch because a pump fund token launch is all about speed.

55:52So that’s why you get snipers and bundlers and all that stuff.

55:54It’s like, um, FWARE launch, like you can’t, like you could, you get speed and that you can get more spins, but that doesn’t give you any more of an edge other than like you spin faster, but still have the same odds as everybody else.

56:08So I thought that that was very, I, that was a very good frame that I was like, wow, I never thought about that. That to me is really interesting.

56:17So we’ll see. We’ve paid attention today, keeping an eye on it.

56:22Um, yeah, I, and I just did a spin here.

56:25Unfortunately, I got another friendship bracelet.

56:28So, uh, I’m over 15, uh, at some point I will win that crypto punk though.

56:34That is the goal. Okay. But here’s the, here’s the thing, right? You’re over 15, but you’re probably only down like, I don’t know, like somewhere between five and 10%. Like you’re not down, you know, 80%.

56:45Um, probably a little, like 15% down on, on, uh, on spins.

56:51Yeah. I bet like $300.

56:54Better, better than mean points.

56:58It, I don’t know. I’m doing pretty good on the mean coin trade right now.

57:02Loot’s been up. We’ve been doing well. We do well. All right. Fair. Oh man. Um, well dope.

57:09Um, well, I don’t have anything else specific.

57:12I want to go over here. I’m off to New York here in a minute.

57:16Uh, so if any of our New York listeners are around, I’ll be in New York for the next few days. Hit me up. Um, G, anything else you want to go over here?

57:28Nope. Have a great weekend. Uh, let’s link up in New York.

57:31I’ll be there too. So fantastic.

57:34Incredible guys. Thank you again for tuning in to another episode of full port.

57:38We’ll be back next Tuesday at 10 a.m.

57:41Eastern time. If you have any questions, want to get in touch with the show, have a guest you want to request and get in touch with us. And we appreciate you tuning in to another episode.

57:49We’ll catch you next week. Peace guys.