Market & News

0:50Everybody, we are back to our late, well, at least we have cameras this time.

0:56Unfortunately, as you guys know, Tuesday, a little bit of technical problems, but we are back still in the lovely city of New York.

1:04And man, again, we have lots of things to talk about, exciting things.

1:10And obviously, in this moment where we have new metas popping up, new narratives popping up, we want to help you navigate those things.

1:18And, gee, I think we’ll be able to shed some light and knowledge onto the current meta that we see playing out, which is tokenized pairings with equities.

1:28Yeah, it’s funny, I got hit up by one of my TradFi friends asking me, what is Robinhood Chain?

1:36Yeah, I think it’s kind of timely and why there’s like a ton of activity.

1:40I think what caused it was the Mazzari report that I think came out yesterday, talking about how much Robinhood Chain has made over the last, I don’t know, 30 days or something, or maybe since launch.

1:53And how I think annualized, I think yesterday was their biggest fee day or volume day, and how it’s like approaching levels that they’re getting in their normal brokerage business.

2:06So, yeah, so basically, you know, it’s kind of like what’s happening on Robinhood Chain, why is it that there’s like an influx in volume, and I think it has a lot to do with these meme coins and these stock pairings.

2:18And so, yeah, I think we should like break that down a little bit, because I know we spoke about it a little bit on Tuesday, but I don’t think that maybe it got out there enough of the stuff that happened over the weekend, right?

2:32There was Boner that was paired with HIMSS over the weekend, and then I think yesterday there was one that was paired with that Chinese penny stock.

2:40I did see that.

2:42Yeah, and I think that thing went up like, I don’t know, 75% or something.

2:46And, you know, they’re trying to attack these high short interest stocks to try to get a GME type reaction, utilizing the volume and activity on chain.

3:01One, I just think one is market manipulation.

3:04So, there’s like some securities laws that probably would come that you need to be aware of.

3:11But two, it’s just like what happened over the weekend with the Boner-HIMSS pair, and I can’t believe we’re saying this.

3:20There’s another one with Lulu, I think, that you were talking about.

3:23What is that token? You can say it.

3:28So, yeah, like I think that like what ends up happening, what happened over the weekend with Boner and HIMSS is that on the weekends, the way I think Robinhood tokenized equity works is that only certain market makers can mint it during market hours, and not everybody can mint it.

3:48So, what happened was on chain, there was a squeeze of supply of HIMSS stock.

3:55So, I think when this meme coin started taking off, HIMSS, and I don’t know how much HIMSS went up, but I know AMC was paired with Cinema because they were trying to do the same thing there.

4:05And AMC closed something like three bucks.

4:07I think the tokenized stock was trading above 100 at some point over the weekend.

4:12And whatever, people were like, yeah, we’re going to squeeze it, whatever, we’re going to cause a supply crunch.

4:17But like, first off, these are multi-billion dollar companies, so you need more than like one or two million dollars to cause a short squeeze.

4:26And secondly is like for the securities laws that I was talking about earlier.

4:31So, what ended up happening was there was a short squeeze on the HIMSS token and AMC tokenized equity.

4:42When the markets opened on Monday morning, market makers started minting those tokenized equities and just selling it because there was no way to short it, I guess, because these are spot markets.

4:53You can’t short it. So, that’s why it was really out of whack.

4:56So, the only way you can bring it back in balance is if you bring actual stock on chain.

5:02And so, then like obviously these things corrected to what their prices were and crypto being crypto is like, all right, well, that doesn’t like they, I think people realize like, oh, you need to do this on lower flow, lower market cap stocks in order to do it.

5:16And so, now they’ve been, I think, attacking those other things.

5:18So, that’s kind of like- Which is what, which, you know, is what I called on Tuesday.

5:22I was like, look, if we pushed all the lawyers out of the room and they were to do this successfully, you would want to attack low float or short position like penny stocks.

5:31Yeah, for sure, right? Like, I think this type of stuff, you know, not exactly like this, but you do see short squeezes in the market on these low float micro caps that pop up every once in a while.

5:43And, you know, there are people that short it, there are people that long it, you know, you make money both ways.

5:50Yeah, it’s not my game. I never played it per se and I don’t, I think it’s just like, again, I think what the interesting thing is over the last couple of months, what I have seen is the use of tokenized equities for different things and different primitives.

6:08But, yeah, I don’t know. People are like trying to do like GameStop 2.0.

6:11So, at some point.

6:14I think we also need to like highlight like the size that people think like is happening on chain is not really size in TradFi.

6:22Like, and also TradFi are ruthless people who the second they get a sniff of this happening in any way, they will find a way to either wreck us or stop us from little shenanigans that we’re trying to do.

6:37Right, well, I mean, if you remember during the GameStop saga, right, the buy button was turned off.

6:43So, you know, that’s not like out of the question if it’s successful, right?

6:48So, I don’t know.

6:50It’s Citadel and Robin Hood.

6:52I don’t think they, you know, that was just a circuit breaker.

6:55No, I don’t know.

6:59Look, my take here is the current meta.

7:02If you’re trading memes on this stuff, I think it’s going to get really hot today.

7:08So, like, if you’re listening, this is actionable stuff.

7:11Like, probably, I think the meta kind of plays out by the end of the weekend.

7:16But I think you’ll see more tokenized pairings launch.

7:20They’ll all be memes.

7:22You know, the other one that I will mention, I won’t mention the Lululemon one by name.

7:27But the other one paired with Snapchat is nude.

7:31So, I think you really have to look at things that are, like, what’s going to get commentary, what might get picked up in social media, what might get picked up in the news.

7:39And it’s going to be all stuff that’s essentially, like, what is the unsaid truth of this company that isn’t marketed or is, like, the known use case that, you know, most people find funny.

7:57I have some funny ones that, like, they’re probably, like, a little older references.

8:02But I’m, like, holding them in my back.

8:05Like, I would never launch one. But, like, I would, like, tell somebody that’s, like, I think you should launch this.

8:09Wait, can you tell us? I want to know one. Tell me one. No. Good. I think they’re good. So, but, yeah, I just, I think, like, to your point is I think this probably continues as part of, I mean, meme coins, there’s, it seems like there’s infinite demand for this stuff.

8:25So, it’s, like, part of, it’s part of the market at this point.

8:29You know, I’m not, like I said, we’ve talked about it a lot of times on the show where I don’t necessarily trade these things because I just don’t feel like I have an edge.

8:38But, I mean, a lot of people do.

8:40And so, you know, more power to them.

8:42So, they’re going to, like, these things are going to keep on launching.

8:44I think what I find interesting about all of this is that this is creating almost like a demand sink for bringing stocks on chain.

8:53Right. So, it’s, like, as these things get, like, priced out of whack or whatever, you have to bring, like, a tokenized equity on chain to bring it into parity.

9:04Right. Or as close to parity as you can.

9:06And I think we’re just going to see, like, probably more and more of this.

9:09And so, I think it’s, like, kind of a, it’s, like, a really good pull mechanism to bring, it’s, like, a good flywheel to bring tokenized equities on chain.

9:19And I think we just see more of it happen.

9:22And at some point, everything will just be on chain.

9:24Like, I think that is a fair assumption at this point.

9:30Then it becomes kind of, like, how do you, and I have this discussion with a, one of the largest centralized perp exchanges in the world yesterday.

9:41Very, very great walk through Union Square and Central Park, which is, like, Central Park.

9:46It was an insane walk.

9:48But we basically concluded everything from On the Deck’s experience kind of collides.

9:54And, you know, you end up with the same product across everything.

9:58And the only real differentiator for a lot of these DEXs then becomes licensing and, you know, U.S. approval.

10:06And then you might be fighting over some funding rates. You might be funding over, you know, tighter wick, you know, pricing on volatility.

10:17And like, and then it becomes trust of brand. And that really boiled down to the same thing was like, okay, it’s just branding at this point. Who has the most trust?

10:25Um, what do you, what do you think happens in like the, like the DEX space and like perp DEX space and even centralized spaces?

10:33Like we see everybody just build the same product.

10:37Um, yeah, I think it probably comes down to trust is probably one. Licensing, to your point, is probably another one.

10:45Um, I mean, they’re all like technically the same product for the most part. Right. And so, I don’t know.

10:51I’m like, I’m not a big perps guy. So, I, I’m probably not the right person.

10:55I think like it’s, it’s funny because I think you find people that either love perps and think that it’s like the future of finance and other people that are like, you know, it’s a glorified gambling product where, you know, 90 plus percent of users lose money.

11:08Right. Because I think the issue with, I think my personal issue with perps is that you basically can get unlimited leverage.

11:16And if you don’t have your own proper risk controls and like self-control on it, you’re like, oh, like I’m really bullish on this trade or whatever.

11:24You get over levered and it’s very easy to get over levered, um, as opposed to, you know, like when you trade in a brokerage account, you know, like the max leverage you can get intraday is like, I don’t know, three to one, five to one or something intraday margin.

11:39But then you have to go back, um, to like two to one overnight and yeah, like, I just think it becomes like, um, a double-edged sword.

11:48And so, uh, I think, listen, from what I know, perps is a very profitable product for the, the, the DEXs and that’s why it’s in their interest to keep on pushing it.

12:00But yeah, I, I just don’t know like long-term, like I, you know, I think ultimately it just comes down to branding, right?

12:06It’s like, would you trust more if all of them generally give you the same features and trading is kind of the same?

12:13I think big losers are people that make it like difficult to trade.

12:17Like I’ve, I’ve used a couple of products, I guess, speaking of which I just want to say, like I used MetaMask for the first time in a while and like, what a massive fumble.

12:26Like they were like, yeah, no, it’s still terrible.

12:29They were like the only wallet in town and I went on, like I’ve been using Ravi a lot, you know, recently.

12:36I think like most people, uh, on EVM and like MetaMask is unusable.

12:41It’s like so terrible in terms of UI.

12:44Uh, and then you compare that to Ravi.

12:46It’s like, yeah, like, it’s just like, I’m like, I, yeah, I, but like, I think the same thing is applies in the perp space, right?

12:53If you have, um, if you’re not at parity with like the best exchanges or the best perp dexes, and then just people, like, if it takes me, whatever, more than five seconds to find out my buying power.

13:05Right. Like it’s an unusable product, right?

13:08It’s like these things should be very seamless, intuitive to use.

13:12Uh, and I think that’s kind of what it comes down to.

13:14So it’s like product design. And so like, I, I do think like, this is where maybe Robinhood has a little bit of an edge is because they obviously know how to create a great product.

13:22Right. They’ve done it, you know, with their, their mobile app.

13:24And so I think they, if they attack it from first principles, they’re, you know, they’re, they have like a good shot in the game.

13:32Right. Um, as opposed to, uh, maybe other L2s or, you know, whatever that have been trying to go at it for a while.

13:39Um, yeah, yeah, I, I agree with that.

13:43Um, the one, one part of that that I think, uh, is kind of like a topic that I don’t want to forget about.

13:50So I’m kind of, kind of like maybe go off on a slight tangent here is like you on this, like unlimited leverage world, the user actually has to understand the risk management and have control over like, I guess the urge to just gamble.

14:07Um, one thing that I’ve noticed over the last 48 hours here, and I really, I really want to like screaming shopless in people’s heads is like, we, we’ve seen metas come and go and you have to be, uh, you kind of have to be, uh, you have to be a tastemaker in the market and I’m not talking like majors.

14:23I’m talking more on like the meme side, altcoin side.

14:26Um, and so I do think, as I mentioned, beginning of the show, we’re moving into tokenized stock pairings and they’re like kind of memes where like it’s, if it’s paired to the right stock.

14:35Um, and I think you have to understand that if you’re playing like the animal, like meme coin trade, or you’re playing like, um, the revenue token trade, like the attention’s not there.

14:45The volume’s not there. And there might be opportunity as those numbers come down, but you just won’t see the same, uh, kind of like momentum trade.

14:52That being said, I think the meta is also changing from like slow, like very short hold times into incredibly longer hold times than what we’ve seen.

15:02So going from like, he’s like 30 minutes to like two hour hold times to the best traders, believe it or not, that I’ve seen over the last week have all held for the last week.

15:14Like they’re, you know, they’ve wrote up, they wrote the down and then, you know, it’s made its new all time high.

15:18That has been a two, three, four X higher.

15:21I think we’re starting to see a shift into longer term, uh, hold and more mature holds on some of these asset classes, especially at Robin Hood.

15:28Um, yeah, I, I tend to agree.

15:30Right. Um, I think that, I think those types of games are better to play more fun to play rather than like, oh, this thing’s up 20%.

15:39Like, let me dump my stack on my followers and, uh, and whatever.

15:44So yeah, no, I, I agree with you. I think I’ve, I’ve seen that I’ve done well on like Quotron’s trade and, you know, I, I’m generally like a buy and longer hold investor or trader.

15:55Um, and yeah, I just, I agree with you.

15:58I think like, that’s kind of where the meta is going. I had somebody reach out to me yesterday, the day before being like, what do you think about old memes coming back?

16:04And I’m like, maybe at some point, I just don’t think it happens anytime soon.

16:09Cause like, I think there’s so much, I think part of it too, is people feel like they’re late when the market cap’s too high.

16:16And so they’re like, all right, like, let me like find something that’s early.

16:20So like the market cap’s lower, even though it’s riskier, the market cap’s lower.

16:25So the upside, the perceived upside is higher.

16:27Right. Yeah. So I think like, it’s like the same thing, like, you know, coming back to, you know, whatever, doge or shib.

16:34There are all those old memes from like a couple cycles ago.

16:37It’s like, yeah, maybe at some point they catch a bid if like, I think the technicals are set up or whatever.

16:42But like, if somebody has like a hundred dollars or that they’re trying to, you know, 10 million X, they’re not going to 10 million X it on doge.

16:50Right. So they’re looking for that, you know, buy it at whatever, 25k market cap.

16:56Yeah. Yeah. Qualtrance is my, my longer hold that I’ve had here.

17:01Uh, of anything I, I’m basically just bought and I have sold nothing since that initial buy.

17:07Um, I’m, uh, I’m up, I’m up, I’m up maybe like, I don’t know, maybe 15% now on like, I got paid back all the initials that I put in and I’m up 15%.

17:18So it’s almost like no reason to sell at this point.

17:21Cause you’re just eyes closed. Let it happen. Yeah. I’m like, it’s a free roll now.

17:26So it’s good. It’s, it’s been, it’s been fun. Uh, I think the dev is really cracked.

17:31There’s like, uh, I guess like some, the guy is just like goaded.

17:36Um, I, I’ve been spending some time with him here in New York this week and he’s just a really good dude.

17:41You met him at the, I got to meet him at the Quotrons event, which was, I was right also on that.

17:46I was, I think I, my prediction on stream or after the show was like 40 to 50 people would show up.

17:52We’d have a solid showing.

17:53Um, we had some like note, like very notable, like crypto names show up.

17:58Um, also at the end, I was like looking around the circle.

18:01I was like, damn, there’s a lot of, there’s a lot of money in this circle right now.

18:05Um, and these are all people that like, you know, aren’t selling like for a hundred thousand dollar profit.

18:11Like that to them is not going to make or break their life.

18:14Um, I will say I, I ran, I was talking to somebody and he was saying how, uh, his buddy, he made like four or 500 grand on it.

18:24And he’s like, it changed his life. It was like, cause he like, I think he’s somewhere in Asia.

18:28Yeah. He was able to retire essentially.

18:31Yeah. He’s like, dude, that was, he made life changing money.

18:34So like, he’s like, he was happy for it. I was like, that’s, that’s cool. I think I always love hearing those stories in crypto where people are like, oh man, like I would get a lot with, uh, squiggles and punks, uh, over the last couple of years, uh, people being like, oh man, like that tweet, like got me into NFTs.

18:50And that changed my life.

18:52I’m like, cool. I’m like, that’s, that’s awesome. It always makes you feel good to hear those stories.

18:56Yeah. I think I left the event. Um, like my, my alpha from the event is it, it doesn’t feel like there’s any letting up of the gas from Sergio, the dev, um, nor is, does it feel like there is like a lull in the action from like development of where, uh, funding will flow from other protocols and other features into, um, Quotrons, which made me really excited because it’s very similar to, it felt very similar to like the builder code, um, meta that we saw with like Hyperliquid and Polymarket and these other ones where, uh, essentially you, you have everybody just building because there’s this community effect.

19:44Um, and it’s very profitable for the ones that get it right.

19:47And so I think you tweeted a leaderboard out this morning that was like, Hey, like if you’re at the top of this leaderboard, I’ll engage with you.

19:54Um, I mean, just, you know, I really don’t know what people are bringing in this country, to, um, you know, but, uh, and I was thinking, at least I didn’t know what the fu of the So, um, yeah, I was a big fan of all of these things, uh, followed by the freedom of, uh, or, um, yeah, maybe I went to, I had to go into that and now.

19:55But I do think you’ll start to see more NFT projects use Quotrons as a whitelist.

20:02I think you’ll start to see more trading products flow funds back.

20:06I had a very good conversation about Lute and what that looks like.

20:12I know there’s some, it sounds like there are good conversations happening.

20:15So I walked out and I was like, and I’m not going to lie, there was a second after pulling back, like we were down like 50% from all time high.

20:23And I was like, damn, like I should have taken, I should have taken some P, I should have like, you know, at least sold like 25% of my position at like 18 mil.

20:32And then afterwards, I was like, well, I’m so confident we’re going to be back at all time high.

20:36I feel good here.

20:38And like, obviously also like comfy just getting yield from the NFTs I have.

20:44It’s paid for all my tenders this week.

20:47Yeah, no, listen, like I said, I think one of the things I really like about Sergio is he’s a great dev and he’s good at, he’s also really good.

20:57He’s good at X. And I think it’s very hard to find a good combo of somebody that is a great talented dev and also is a great, I won’t say he’s a shit poster because I don’t think he shit posts that much.

21:10But he’s a good poster, like he understands the culture, which I think is good.

21:14So it makes me super bullish on that and all the things that he’s doing there.

21:18And I think like, so to your point, like some of the combos are like people being like, oh, I want to build this and that.

21:24And I’m like, that sounds pretty cool, right?

21:26Like there was one guy that was talking about building like an ARB bot because like, oh, I spotted this ARB.

21:31And like, was that really, he’s like, and I did small to test and it’s like, I made some money.

21:35So like, I might build like an ARB bot.

21:37And he was like, yeah, for sure.

21:39Please do it. Because like that also adds volume to the pool.

21:43And so that adds to the fees, right?

21:45So it’s like, you know, it’s kind of like he wants people to be building.

21:50He’s not trying to do everything himself, but is trying to kind of like build this platform for people to build on top of, which I think is very cool.

21:59Yeah. No, 100%.

22:02Yeah. I don’t know if people have other questions in chat from, you know, around the stuff that happened there.

22:08But again, bullish, excited.

22:11And yeah, it feels like more is coming.

22:17Yeah. We have more events too, also coming up this week.

22:20Yeah. I mean, I know we were talking before the show about the OpenSea and Pudgy event that’s happening.

22:29Later today. I thought it started at noon, but apparently it starts at three.

22:33So I was catching up with someone from the OpenSea team yesterday.

22:37And he told me that it’s very focused on physicals and like not things and digitals.

22:43And I was like, I was kind of, I was pretty happy to hear that because obviously that’s what I was focused on a lot from, from the 90 CC perspective.

22:50So it’s cool to, to see that.

22:52So I’m interested to see like what these different NFT projects and brands are working on.

22:58So, um, excited to go check all that stuff out today.

23:02Yeah. That was for my dinner last night.

23:05It felt like collect, like the physical space is one that OpenSea has really identified as like a winning vertical.

23:13Um, and even throughout the bear, it seemed to be where they found the most product market fit, especially with, um, oh my God, I’m drawing a blade.

23:22You know, the company, uh, courtyard desk.

23:25Um, they found a ton of product market fit there, a ton of volume and, you know, I’m hearing stories of like people going and ripping a digital pack, immediately getting a card that’s worth like $300.

23:39Um, and you know, the, I was like, wow, this sounds really akin to like my experience of how I got into NFTs, like hardcore, which was, I, I ripped a, I was on a ski lift in Denver.

23:52Uh, and I, I was waiting in line for like 18 hours to get it to this top shot, uh, pack rip.

23:58And I got a, I got a pack.

24:00I was like one of the last people to get a pack.

24:02I think I paid, I can’t remember it was $14 or like $68.

24:06It was something like that. Um, I get this pack and I got a rare Zion, uh, card and I was able to sell it for $400.

24:16And I was like euphoric and I was like, oh my God, I’m putting all my money in the top shot packs.

24:20Um, which luckily I only think I bought one more pack after that, but it does seem like we’ve learned from those past mistakes of like, you need to supply control.

24:30You can’t like flood it in. And that, that kind of is shown by like Panini, who is like the goat of all goat card for like rookie card, like the prison cards.

24:39Um, they seem to understand supply control and the physical vaulting side of things.

24:45And I think we see it come back, uh, quite strongly into the Q4 of the year.

24:52That’s my prediction. I haven’t been that, uh, tapped in, like, obviously I know what’s going on, but I haven’t been that tapped in into the markets, uh, in general for, for, for sports cards.

25:04Somebody was telling me how, um, so I, I grew up or I was collecting baseball cards during the, the era.

25:13It was like, like 88 to 92 when like every card company massively overprinted.

25:19Um, like all they just, because there was like a bunch of demand.

25:23So that’s why like any card from that era for the most part is generally worth this.

25:26Cause there was, there’s so much supply.

25:28And somebody was telling me how they’re making, like some of these companies might be putting out more cards right now than they were doing during that era of 88 to like 92.

25:40And I, I’m, again, I’m sure demand has grown and things have changed and stuff like that.

25:45But I, I was like, oh, that’s like interesting.

25:47Like there’s no, like, again, what’s the case for blockchain?

25:50There’s no way to generally, uh, on these cards to see how many of them exist.

25:55Right. Whereas like, I think that’s like the cool thing about NFTs or blockchain tech in general is, you know, how many of something exists.

26:02So, you know what you’re buying and you know that like they, they, they, you can’t advertise like, oh, there’s 10 of these, but really they made like a hundred of them.

26:10Right. Yeah. Yeah. I, I don’t know.

26:15When, when I was in Miami, I was out with a good friend of mine and we went to a card shop and he bought like $30,000 of the card packs, ripped them all.

26:25And, you know, they, they had a rare card in there, but I, I like sat back and I was like, if I was a card company, I would be printing the absolute, like unbelievable, I would just be printing.

26:36And like, I don’t know, like, like none of this is on chain.

26:39Like, you don’t know if like they’re printing a hundred thousand of these cards or 20,000 of these cards.

26:44And like, I’m sure there’s like checks and balances in place for like, you know, the, the supplies being tracked, like on marketplaces of what’s being listed.

26:53Um, but I don’t know, man, like I, it feels, it feels like the wild west still on like the physical side of like you not knowing.

27:00Um, well, it’s like these stories where you hear like, Oh, Ferrari only made a hundred and it’s like, well, there’s, you know, 300 VINs listed for that car.

27:09Um, it’s the same.

27:11Yeah. This is a huge thing. Ferrari has done this, especially in like the seventies, eighties and nineties where they have rare cars and they’re like, Oh, it’s only one of like 80 or one of like 200.

27:22And now that like technology has gotten to the point where people have these like decentralized, like VIN tracking, where they’ll take photos of the cars and they’ll put the VIN in and like, Oh, it was seen here.

27:31Um, I think for like the F40s and F50s are like, you know, there’s 130% of supply compared to what Ferrari said there was.

27:39Um, which is, but like, so to that point, I think, uh, path put out a tweet a couple of weeks ago.

27:47Uh, he was an early bull, I think on Pokemon cards, but he was basically like, you know, I’m, I’m selling some of the collection here into this strength because I think there’s been a large rise, especially I think on the Pokemon side of things more so than probably the sports court sports card side of things of fakes, right?

28:05Like really, really good fakes, like, because the value of these cards are, are worth so much that if you can make a really good, like, you know, you can’t really tell.

28:15Right. And so I, I know I can’t tell. So it’s like, I’m sure most, like the same thing I think with, with watches, like people are, I keep seeing more and more people like, yeah, like you can get like a fake Chinese Rolex that looks like that, like the experts can’t tell the difference on.

28:30Right. So if they’re doing that with watches, you know, I’m pretty sure they can figure out how to deal with cardboard.

28:35So I think that that becomes like some of the risk. And again, this is all, you know, cards, these trading cards, these Pokemon cards, they’re all NFTs, they’re physical NFTs.

28:43I think at some point they come on chain, whether as a certificate of authenticity that they’re real or at some point, at some point in the future, it’s like, that is like the collectible.

28:54Right. Right. Yeah. I, I don’t know. I don’t know how this ends without the blockchain getting involved for like physicals and, you know, uh, NFC chips.

29:08We, we, we joked about this on Tuesday show that did not get, you know, go streamed, but you know, you were just, you were early at 90 CC.

29:17Um, and we’ll ultimately see that converge into like the, the collectible space for anything that was like, Hey, like, how do I prove this is, you know, 90 CC?

29:28How do I prove this is a master shirt, a real Pokemon card, et cetera.

29:32Um, I do think we start to see that become like a real conversation that is adopted as we see the collectibles market actually blow up.

29:40Um, it’s shout out to nine DCC.

29:42I got, I’m repping as a usual, uh, it is half, it is half of my closet after, uh, the punk raffle.

29:49Oh, okay. All right, cool. Yeah. Yeah. Dude. I mean, you’re not alone.

29:53So it’s like half of my closet as well. So don’t worry.

29:56But yeah, I have a great looking closet. What you’re kind of like, and listen, I know we spoke about this a little bit on Tuesday. I just kind of want to bring it up again because I think this is also related to what we were just talking about is, you know, the increase of demand for, you know, not just like physical product and experiences, but also the experiences, right, of like going to a live event, right?

30:21And like, you know, I’m seeing, like I originally came to New York to go to the US Open. I’m hoping to go, hopefully at some point this weekend, but I’ve been really busy this week.

30:30But like, it’s just like one of those things, like tickets, like people have been, I haven’t looked at ticket prices yet, but people are like, yeah, tickets are pretty insane, right?

30:37And this goes back to what I saw with the Knicks finals tickets, right? The World Cup tickets, all this stuff where, you know, you have so, so little supply in terms of being able to get a seat in a stadium.

30:51Compared to so much demand. And I think it’s like, kind of like, as people lean into digitalization and AI, people also be leaning out, so that when you disconnect, you really want to disconnect.

31:03I know I’m kind of like, in that camp. Sorry, in the sense that, yeah, like, I’m like AI-pilled. I’m like a super AI bull. But I also know, you know, like, even us having our first pod in person is very different than having it, you know, over a Zoom call like this, right?

31:22Yeah, way, way different. And so I think like, you extrapolate that to all experiences. And, you know, I think like, merch, that is like, you can only buy at the event. I think like that, that’s going to be, I think, a trend that begins to accelerate.

31:37Because it’s kind of like the only way you can get it if you were there, right? And the master, again, like, I’m blown away by this master stack, because I didn’t know anything about the masters, other than like, a lot of people love it as a golf event.

31:49They do $3 million a minute for like, over the course of three days. And the only way you can get masters merch, or like anything, like, you can’t buy it online, you have to buy it there.

32:00And so like, somebody was telling me, like, people go and buy like six figures worth of stuff, either to resell it or to give it to their friends or whatever. But it’s like, yeah, and also, I guess, apparently, you can’t resell the ticket.

32:11Right. So if I like, because it’s a lottery to get in. So if I get in, and I resell the ticket, then something like me and all of my family members are banned forever or something like that. It’s like pretty crazy. And so, yeah, I just think like these types of things are just going to happen more and more.

32:27And we’re going to see people want those physical experiences. But then somehow I think blockchain tech gets integrated in there. And in terms of like, knowing this is real, especially in a world where AI, you can AI anything right at this point.

32:42Yeah, no, 100%. It just comes back to like, everything needs to like being verified and accountable. It’s the perfect use case for the blockchain. So it just becomes an adoption curve.

32:56It’s very similar to social trading. Like, I think, you know, being able to put a name and person to a buyer cell that’s running through the tape is something that was very obvious. And it just took the right adoption curve to see that happen.

33:14And so I’ve like, I’ve actually spent a lot of time going through, I brought a notebook from 2021. Because I use these like Moleskine notebooks. And I like, I basically use it as like a journal of like, what am I trading? What am I buying? What notes? If I watch like a podcast or a stream, I’ll take notes from that.

33:33And I’ll put it in. And I’ll like circle things. And I’m like, hey, like, I’m, I think this is a good thesis. Or I’ll be like, hey, this is a good asset class.

33:43And so the other night after, after dinner, I was in a, I was in a great mood. I came back. And I was like, thinking through some stuff. And I was like, oh, man, I want to sweep like where my vans go, like that NFT collection from Drifter.

33:58But like, I kept going back to like, what are the like, what are the things that were really hot in 21 or in 17, that were just invalidated or fallen off from attention, and have a good likelihood of coming back or finding product market fit in a more accepting and tolerable technology environment.

34:21So, you know, I think, I think things like NFC chipped, merchandise and physicals, I think we see that happen. This cycle. Music NFTs, I still don’t think we happen to see it happen this cycle. But like, I think that’s a good like, I think everybody should do that. Like, I think it’s a good process to go back and be like, what are all the crazy wacky things that failed? And like, could they come back? And then are people building on that now?

34:49I, it’s funny, I pitched this idea. I had a couple of Quadrons holders reach out to me like, yo, we should do some merch. And so I was like, all right, like, for sure, I definitely, obviously, I’d love to do it. Figure it out for the community. But I pitched this idea to like two people like, oh, my God, that’s genius. I’m like, dude, I’ve been sitting on this idea for like, four years, because I had it with 9DCC. We just couldn’t figure out how to structure it per se.

35:18But like, it’s, I do think it’d be very cool. So I’m excited to work with somebody to maybe put that into fruition. And maybe that happens in the next couple weeks or months. But yeah, I think it’s like very cool. But I do think that, to your point, music NFTs, I think the problem with the music industry is that it’s so set in its ways.

35:41And I think the people that make money, make so much money off the way the current system is, and they don’t want to give that up. And like, I understand, right? And so like, they have the stranglehold on the industry. So it makes it really hard, because I remember like, like, yeah, we’re going to change the way creators make music and stuff like that. It’s like, but yeah, like the decision makers of the curators of the people that decide, you know, that King make, they have too much of a vested interest, they’re not going to let that go, right?

36:09Yeah, so there’s the consumer adoption, which I think is a whole animal in itself. And then there’s actual industry, you know, operators adoption that you have to have. I think music is, again, it’s a, you know, garden that they don’t want to let anybody in and they don’t want to disrupt and they have a good thing going with the money printer they have.

36:30And yeah, it’ll be nearly impossible. And it’s going to take like a real movement or real disruptor to come in and shake things up. Or you’re going to see, you know, somebody like Warner or Sony come out and be like, ah, like, you know what, we’ve seen the light, but we keep all the like in it, like it’s insanely profitable for them. That’s the only time you’re going to see that happen.

36:51Um, like, yeah, that’s why I say like other industries like merch, I can see that happening.

36:59Um, yeah. So I will say from the combos that I had, like just merch, concert merch, because that was one of the angles that like we explored. It’s, it’s very similar to, um, especially around concerts. It’s very similar to the music industry, right?

37:16Because it’s like, if you sell the way a lot of these deals are structured, if you’re an artist that let’s say is performing at Mazda Square Garden, you have deals with like, you know, Ticketmaster or whoever, like the promoter or the venue or whatever, where they are guaranteed, they get a percent, they get a cut on like the ticket, on the merch sales.

37:36Sure. And like, I mean, if you look at it from like these, like Taylor Swift made what, like $1 or $2 billion off her last tour. Merch is probably like, I don’t know, $200 million of that, you know, 10%, which is a large number.

37:50But to like Taylor, like, that’s kind of like, ah, that’s like an afterthought, right? So they’re like, they’re, they’re, because like, I think there’s so many people that get a cut of that, like $100 or $200 million, that ultimately what she sees is maybe, let’s say, closer to $25 million.

38:06And when you compare that to the headline number of what she makes for actually performing, she’s kind of like, yeah, like, you know, merch, it’s cool, because it’s like, who’s going to say no to extra revs? But it’s probably not enough for her to really care.

38:19And then like the people that have those deals, you know, have like a really vested interest, and they’re in there, and they’re not going to give up any of their cut to anybody, right? So that was like, kind of what I saw from that. But like, that’s why like, you know, we dabbled in exploring that idea. It didn’t, it didn’t necessarily make sense, even though I did think it made sense with like the tech that we were building. But, you know, it was just, I think it has to be more, again, like, it has to be like a breakout brand that doesn’t on its own, right? And that like uses the tech, it’s like the same thing with an artist, right? Like, I think music NFTs will work if the next Kanye comes out of, like, NFTs, right?

39:03It’s like, you just need like, some breakout artists to make their career into become a megastar or become a huge sensation, utilizing the tech, and then other artists, other creatives will be like, oh, I don’t need to sign a deal, and do this and work the normal way. Like, I now have a roadmap for how to do it otherwise. But if you, so that happens.

39:25This is for any product, this is for anything, though. Like, I think you can take this and copy, like, I had this conversation of Oliver from OpenSea last night around an idea that we were like going back and forth over. And we kind of came back to social trading. It was like, you have, you have to choose the person that’s going to take that product or that tech, and go and just evangelize it, and like, get a big win with it, or go viral with it. And they are your top of funnel to bringing everybody else into using it.

39:55You can’t, you can’t, you can’t get to...

39:57You know, mass adoption and convince everybody to come in without that, that disruptor.

40:05And that is, that’s what we saw happen with social trading.

40:09We saw that with like early people like Frank and RNG and Threadguy who, you know, all have huge bags in FOMO and they were able to come out and make a lot of noise and convince people to, hey, like, I want to be like them.

40:24I want to have this big PNL and everybody followed.

40:28I think we’ll see the same thing happen.

40:31I think we’ll see the same thing happen of other products throughout the space going forward.

40:37I’m hoping we see mass adoption to on-chain options.

40:39That’s one that you’ve talked about that I’m like, I’m waiting for that to happen.

40:43We just haven’t seen it. Oh, I got to check. I bought some options the day after NVIDIA reported and NVIDIA is up.

40:51So I bought some on-chain options on Hypercall.

40:55I think I wasn’t able to get the exact size that I wanted, but it was just kind of like a test trade on it.

41:00So that was pretty cool. And I think I bought it like after, I think I bought it after the market closed.

41:06Because like, to me, it’s like I was testing it around because I think the interesting thing, like to exactly what you were saying, is the options market doesn’t open until 930, right?

41:15So if NVIDIA reports and I want to buy options because I think it’s going to gap up and go higher and close at the highs of the day, I want to get those options as early as possible.

41:24So I was like trying.

41:27I tried looking pre-market on the day it reported.

41:30And then like, for some reason, I couldn’t figure out how to log in correctly.

41:35So I wasn’t able to put the trade on.

41:37So I put it on after hours later on that day.

41:40And so I have that. I think the position expires, I think, next week.

41:44I think I have the 230 or the 240 calls for next week.

41:47So I might be at break even right now based off like what I saw NVIDIA doing a couple hours ago.

41:52So, yeah, NVIDIA currently sitting at 226.

41:59If I had to guess.

42:02But, yeah, like I think like those types of things, like, I don’t know, those primitives are very cool.

42:08You know, 24-7, you know, again, like it’s almost like pick your game in the casino, right?

42:15Because you can do it with perps, right?

42:17And you do leverage with perps or you can do it with options.

42:20I think there’s that way.

42:23So there’s different ways to express a trade and different ways to risk your money.

42:33Okay. I want to ask you, because I think this is a huge topic.

42:37On the opposite side of risking your money, I think one topic that I wanted to like kind of tell people was like, I already did my rant about like you’re not smart.

42:49It’s a bull market. Everybody’s making money. You’re not special. But the other one is, and I’m faulty to this with Quotrons to an extent, but like I’m comfy in the hold, is how like setting your take profit strategy before you enter a trade.

43:05And like how do you set that?

43:07How do you like, how do you keep yourself to it?

43:11I feel like this is one that has not been talked about at all.

43:14Like everybody’s like, oh, this is how you find the right meta.

43:16This is how you find like get early into like the next, you know, big token.

43:22Here’s how your dollar cost in.

43:24Nobody’s talking about taking profit though.

43:26Nobody is. Yeah, I think it’s always funny because like I do this as well as like I’ll give you entries, but I won’t give you exits per se.

43:33Because it’s like if you’re in the money, then like – You’re in the money so you’re not in the money though, G.

43:40Yeah, but you have to manage your P&L, right?

43:44And so I don’t think – whenever I enter a trade, I won’t say I’m like this is my target per se because like what if it hits my target and like the news that came out was really bullish, right?

43:55So that means like the play has changed, right?

43:59And it’s like, oh, well, do I sell into that, right?

44:01Like will I take profits for sure?

44:03And I think depending on the timeframe will determine how quickly I take profits, right, and managing my risk and be like, all right, well, if I’m wrong from here, how much do I give back?

44:14Like all those things and I think it’s just a very fluid thing.

44:17But I think for people that are like trying to set up rules and it’s like, you know, I think – what was it?

44:25I think it was Easy or Clemente or somebody was – they were bullish on FWA and they were like, oh, well, you know.

44:33I want to take profit at, you know, a double, right?

44:37And I’m like, oh, well, I think if it gets there, it’s going way higher.

44:39He’s like, that’s just my rule. I’m like, cool, that’s great.

44:42Like you don’t – like nobody ever goes broke taking profits, right?

44:45And so even if you leave money on the table, you’re locking in profit, right?

44:49And so I think you just set those rules.

44:52Like if you’re like, all right, well, if I’m risking $1, I want to try to make at least $2 to $3 for every unit of risk that I take, right?

44:58So if you’re risking whatever, $0.50, you want to make $1 to $1.50, right?

45:04And so – and you just kind of scale that.

45:06At least those are the rules that I generally have.

45:08And then that’s for like probably my shorter-term trades.

45:11But for my longer-term stuff, like, you know, I’m going for like multiples, right?

45:16And so, you know, I think every trade is different.

45:19But you just have to have those rules and you have to abide by them, right?

45:25Like I think the hardest part about trading is being disciplined.

45:28Like that – like what I’ve seen all throughout my career is the people that don’t make it, the people that blow up, the people that move on to other things are the people that aren’t disciplined, right?

45:39And that’s why I think perps is a difficult product for people that are trying to learn is because one of the hardest things is learning discipline.

45:49And if you’re not disciplined, the market will teach you, right?

45:52And so the more leverage – You need control to ask. Yeah. Like, you know, the more leverage you have, the more disciplined you need to be.

45:59Like you can’t – you have to – if you have a stop, you get out at the stop, right?

46:02Because, you know, I remember when I used to train people, you know, we’d start off with like $100 risk limit, right?

46:12And like they’d be like, oh, like they would go over the risk limit by like $20 or something.

46:16And I’m like, dude, that’s a huge deal, right?

46:20You went over your risk limit by 20%. Like at $100, fine, it doesn’t matter.

46:24But at $10,000, that’s $2,000.

46:26At $100,000, that’s $20,000.

46:28And that’s like real money, right?

46:30And so you have to learn how to be disciplined on the small numbers so that when you hit the big numbers, you’re equally as disciplined and you know what to do, right?

46:40And so that to me is probably like the hardest part is just being like, hey, this is my stop.

46:45This is my – you know, you take some profit here, maybe put a trailing stop there.

46:51Like even the way I’ve been trading, I think my Purpose account that, you know, I have a small amount of money in.

46:57You know, I like set my – I set my like stop, you know, I’ve probably been trading like at 3 to 5X leverage at the most.

47:05And I’ve set my stop below like what I think the level is.

47:08And then if it starts running in my favor, like I’ll move the stop up to like the next level.

47:14And then like if it really gets extended or there’s some sort of like really strong candle where I’m like, all right, like, you know, it makes sense to take some profit here.

47:22So, you know, I can like be break even on the trade if like it totally goes against me or make something, right, at the very least.

47:29So, yeah, I mean I think like my question to you is what’s your – what are your rules, right?

47:35So, like, you know, I went over mine like high level of the way I think about it, but I’m super curious how you manage risk.

47:41Yeah, so I think about money very much like little – like I hate this because this is the second time I’ve mentioned him on the pod.

47:52And like I know you hate him so much.

47:54But Kevin O’Leary, there was like one time way back in the day.

47:57It was like 10 years ago. He like said somewhere he was like I think of like money as like toy soldiers like when you – when I deploy money, I want at least the same amount of money to come back.

48:09And if I’m going to lose money, like I want to limit that.

48:13Now, I will say like I did get absolutely destroyed on perps one time like full – like one of the biggest losses ever.

48:22And like that was like true belt to ass like tuition of like you will set a stop loss, you will manage risk, you will not get – you know, you will not become a maxi in a trade and be like, oh, there’s no way this fails.

48:34It’s very dangerous.

48:35And so I never enter any trade that has size behind it without a like max drawdown thesis.

48:45So if I’m buying like one soul of like a shitter, like, you know, of a meme coin at, you know, $10,000 market cap, mentally I’m like that soul is gone and I’m like I’m okay with that.

48:57A little different. Like Quotron’s – I think my first buy was like for like 10K and I was like, okay, I’m going to do this.

49:05I think that the downside is limited.

49:07I am comfortable with a 50% drawdown.

49:10I will reevaluate at 50% drawdown.

49:14If the trade has changed in a negative way, I will sell there.

49:18If it has not changed or there are other signals I can play off of, I will either add – like I set these down.

49:24I’ll even write them down. Like I am such an unk boomer about like having pen and paper and writing things down of like what are your trades and why do you think that as you’re doing it.

49:36But I’m also like I take P, I take profit.

49:40Second, I think I can start to like start getting my initials out and I’m also not scared to just hit the 100% sell button.

49:49Once I take a screenshot, I’m also like that is my number one signal to sell at least my initials or sell at least like 50% of a position.

49:59It’s like – If I am taking screenshots, if I am, like, sending this to people in chats and being like, yo, I’m up right now, I am out of there, I’m done.

50:09I’d say that that’s definitely a good signal, too.

50:11I find, in trades in the past, when I was, like, looking at a very egregious purchase or burning of money.

50:20Yeah, when Chrono24 or PCA.org comes up for looking at Porsches, I’m like, all right, PAT’s up, we’re done, we’re out of here.

50:29Sell something, right? Sell half immediately because that’s generally the top.

50:35So that’s also, like, a good indicator when you’re, like, when you want to, like, brag or you want to look at something that’s, like, a splurge, definitely take some profit because that’s, like, that’s the perfect time to do it.

50:48We thought about, for Lute, adding a feature where if you were up big in a trade and you clicked on the P&L button to, like, show your, like, P&L card, it would prompt you, hey, do you think you want to take some, do you want to take some profits here?

51:02That actually is a pretty good idea. I feel like that’s a pretty good idea. Yeah. Yeah, I mean, like, I think it’s a funny idea.

51:09But, like, there are, like, I will say this, from somebody who runs a consumer trading platform, there are signs when somebody should take profit that you can measure.

51:22And it comes down to, like, I can know if a user is going to a chart 100 times a day and he’s only going to that chart 100 times a day.

51:34And that is most of his portfolio.

51:37I know I probably should send them a prompt that says, like, you should take, like, you should, like, do you want to sell?

51:42Oh, shit. How many prompts did you send me?

51:45Because that’s the only thing. I mean, no, no, no, but, like, we’ve never done that. It’s, like, but it’s such a, like, fascinating thing of, like, if you’re a trading app, you have the behavioral data to know how to help your users.

51:57And I think there’s a huge difference between just showing copy trade data and being, like, oh, like, I want to generate volume and actually having the best interest of your user to being, like, okay, we know, we have an idea of, like, a user’s portfolio size, their profit, their past drawdown, what, like, you know, I can prompt you.

52:16If you lost $20,000 the last six months and you’re up $40,000 on a trade, I can be, like, hey, by the way, you’re, like, you are, you should take $20,000 of the profit and you’ll be at breakeven and let the rest run, but you’re back to breakeven. Like, I know that as a company.

52:33So that’s very interesting to me.

52:35I think that’s very cool. I think that’s, like, a very cool feature.

52:39I don’t know if I’m necessarily listening to it, but I think.

52:42That’s the issue. It’s great. Gentic trading comes in, G. Like, why even trade when you can have AI take profit for you?

52:50I have a couple of friends that sometimes, like, yo, take profit.

52:53I’m like, no, no, no, no. And then in retrospect, I’m like, ah, I shouldn’t have taken profit.

52:56But, you know, it’d be good to have that pop up probably in the app being, like, lock this in.

53:04Yeah. I mean, like, I’ve thought about, like, vaulting.

53:06Like, every time you take profit, 15% goes to a vault you can’t touch in USDC for, like, six months or until the end of the calendar year.

53:15Stuff like that, like, forces you to accumulate.

53:19I don’t know if six months or the end of the calendar year makes sense.

53:23I would say maybe, like, a week, right?

53:26Oh, you could set it. You could set it to whatever. Like, I think that, like, sometimes, right, like, when you have a big win, then you take on more risk, right?

53:34And then next thing you know. And that’s the issue. And you play with bigger size.

53:38Like, you’re, like, and that’s the number one thing that I think I’ve seen is, like, somebody runs a trading platform is, I will watch a user who’s been putting, like, 0.5 sole bids on every single crappy ticker that you could ever imagine.

53:52They turn 0.5 sole into 300 sole.

53:55And then they’re, like, I’ve got stacked now.

53:58And they go to try bully, like, charts.

53:59And, like, I’m putting 15 sole into charts to bind up, like, 8% of the supply.

54:04And a week later, they’re, like, yeah, I lost.

54:06I’m down 30 grand.

54:08And they just give it back to the trenches.

54:10And that is, I think, where you want to take that money and, like, lock it up and be, like, all right, I can only touch this.

54:17And I got to stick to my game and understand the risk sizing, et cetera.

54:20Like, that’s hard. That is what separates a good trader from what I like to call a profit renter.

54:29Somebody who will get profit, but then they will basically seed it back into the trenches over the next few days.

54:37Yeah, it’s funny.

54:38I bought some Keywire a couple days ago, which is a micro strategy of Quotron’s strategy, kind of, right? So they’re off the trading volumes. They buy – or it’s, like, a punk strategy of Quotron’s.

54:54And buy a Quotron and, you know, kind of, like, have that recursive loop.

55:00And I didn’t – I put $1,000 into it.

55:03Didn’t realize, like, how much – like, how – like, because I don’t play these low market cap games. And I was like, oh, yeah, it’s, like, $1,000.

55:12And, like, I ended up buying 4% of token supply.

55:15And I’m like, oh, fuck. I’m like, you know, and I’m like, yeah, whatever.

55:18Like, the plan for me wasn’t to sell that, right?

55:21Because it’s just, like, to support project building on top of the Quotron’s ecosystem.

55:27But, yeah, like, it’s funny how, like, that works.

55:29Like, to your point of, like, I’m used to larger trade sizes because I trade in larger market cap stuff. But, yeah, like, a lot of people, they trade those new launches.

55:40And, you know, they put in, like, to your point, 0.1, 0.2 soul or, like, whatever into a launch. And, like, for them, it’s just, like, repetition.

55:49Yeah. So, you know, some percentage of them hit or whatever.

55:52But that’s just, like, not my game. So it was just funny. I’m, like, laughing about it because, like, oh, dude, like, you know, like, G-Money owns 4% of supply. It’s like, yeah, but, like, I’m not going to be selling that.

56:03You’re probably the best person to own 4% of supply on something over the usual suspects that, like, when I see they own more than 1%, I’m like, I’m not touching that with the technical. Yeah. So, like, I don’t even know that part of the game, right?

56:18So I’m just, like, starting to learn that a little bit in all of this stuff.

56:23But I don’t know. It’s an interesting time on chain, I feel like.

56:27Yeah. Justin Casey has a question here. If you have friends telling you to take profit and you don’t, is that because of pride or is it a money thing? I would say for me. Oh, sorry. Go. You go. No, I was going to say, you know what?

56:43This is so true. I had, I actually had a friend tell me to, like, he’s like, you should nuke the Quotrons chart. He’s like, you should sell. He’s like, you just stack it. He’s like, you have so much pee right now.

56:53And I, it was a pride thing.

56:55And he was, he was right in the moment.

56:57Like, it was nearing the top. I even was, like, in the back of my head, I was like, I should take some pee.

57:01Maybe not nuke it, but, like, I should have, I should have taken out.

57:05I wish you did. I would earn more fees.

57:09So, but no, but, like, okay, it’s funny.

57:12I think you’re talking about that one trade in general.

57:15But, like, for me, it’s usually, like, a greed thing.

57:18It’s not a pride thing. I guess if you want to say greed is pride, then, yeah, it’s a pride thing.

57:22But for me, it’s more like, oh, I just made X.

57:26Like, I want to make, you know, 20X.

57:30Yeah, yeah. I mean, like, I think everybody wants to make more.

57:33Yeah, you know, and I’m just like, yeah, like, the thesis is playing out.

57:37So, it’s going so much higher. And, like, sometimes you’re just, like, a little too close to the sun.

57:41So, it makes it difficult when, like, there’s somebody that’s not too close to the sun and is looking at it a little more objectively.

57:50You know, so, that at least happens to me.

57:52Like, it’s more of a greed thing.

57:54And I’m just, like, doing the multiple Xs over how much I’m up already and just counting my money that doesn’t exist.

58:02Right? It’s, like, the same type of thing. Like, you load up a website where you’re about to spend money frivolously.

58:06You’re like, ah, yeah, like, let me lock in some money.

58:10Yeah, yeah, no.

58:12Like, I just come back to I will take profit and I’m getting better at this over time.

58:19I think if you try to make it a singular moment, you will fail.

58:24And so, like, whether you twop out over time or you just say, like, hey, every time I check the chart once a day, like, I’m going to sell, like, 2% here, 2% there.

58:37And, like, over time, I’ll start to, like, lower my position sizing.

58:41I also think if you see the number moving and, like, you’re like, oof, like, I just moved, like, dollar-wise on, like, a large amount, I wish I had that money, that’s also when you should probably be like, okay, like, I need to lower my, like, position sizing here because it’s significant and I’m emotionally reacting to it.

58:59I think it takes a really good EQ.

59:02I think IQ is how you find a way to enter the trade and EQ, like, emotional intelligence, is how you often find the best time to exit the trade.

59:16That seems to make sense.

59:18I wouldn’t totally disagree with that.

59:20Yeah. I also would not totally agree with that.

59:23There’s flawed logic there.

59:24But I think in general it’s a good clip.

59:27Well, I mean, also, like, markets in general, markets are a massive game of human psychology, right?

59:34So, I think in order to be a good trader and to understand markets, you have to know, you have to understand how other people think, which requires, like, a high EQ.

59:44Yeah. Yeah. I will say from the EQ perspective, so I, like, I try to understand what is getting me excited.

59:51And then if I was excited about something, like, why I stopped being excited about it.

59:56I’m bullish on the AI trade because of, one, I don’t think it’s a me.

1:00:01Personal thing. I think the entire industry, but it’s got so boring. Like I’m not, I’m not excited about the AI trade anymore. I’m not like, I’m like, again, I’m foolish, but I’m not like, oh, like NVIDIA is going crazy. Like, oh, these mining companies are like getting so much like publicity and more like it got quiet. And I think there’s probably opportunity when, when attention moves elsewhere, which it does seem to have a little bit outside of the AI trade.

1:00:28No, for sure. I think it definitely has. I think people are doubting. A lot of it has to do also with doubting the build out. Right. And, and everything that’s, that’s coming. But also part of it too, is like, you know, just better and better models at some point, like, it’s like, all right, cool. These models are getting smarter. You know, show me how to make money with it. Or show me like novel new mechanism. So I agree. I agree with that. And I think when you compare that to what’s going on in crypto now, on chain, it’s, it’s much more exciting from a story perspective and also like a PNL perspective. Right. So, you know, like I, it’s funny how like everybody goes from being so bearish on crypto at the bottom.

1:01:10And then you just have like, you know, like you have some of these, these tokens up like 10,000 X, right. A thousand X that, you know, like look at ponds. Right. I don’t know. What is that? Half a billion.

1:01:23It was like 500. Yeah. It was like 10 million, like three weeks ago. Yeah. Yeah. Yeah. Less, probably less than three weeks ago. So, but again, you only make that money if you held that and you could have gotten size in and you could have, if you had $10,000 and that you can, you could be retired. Depends on where you live. Right. Like that opportunity exists.

1:01:42Because we’ve got to be disciplined in, in, in, in those trades. So, so yeah, like Zigwin, other Zach, like that’s also been like my, like other, like onk, like catchphrase.

1:01:56It’s just when I see people all like clamoring to something, probably time to like, start like exiting that, like get in.

1:02:03If you’re early enough, get into the momentum and the narrative trade. And then as PQ4A hits, obviously start taking profits and get out.

1:02:10Um, and then, you know, look where the puck’s going to go or where could it potentially go or where has the puck left is likely going to return.

1:02:19Ponds is a great trade. If you understood why it went down, which was all the attention went to Uniswap potentially run, running a competitor.

1:02:28And I mean, that was, I, we can get into that. I think Uniswap fumbled the ball incredibly hard there.

1:02:33Um, and they still have the opportunity to be competitive. I just think that they are unfortunately having to play a game of, you know, politics where they don’t want to silo themselves from other partners that they’re making money off of and be like, Hey, like, you know, people aren’t trading tokens and putting polls here and they’re choosing to go to other, uh, DEXs, et cetera.

1:02:55I think, I think they do kind of have to play a game of like, so it’s a lid.

1:03:00Yeah. I mean, I don’t know enough of what’s going on there, but for sure, like, you know, Uniswap because, because they’re also infra, right? So it’s like, you want everybody to use you. So you don’t know. So it’s kind of like the same thing that’s happening in AI, right? Where everybody needs Nvidia chips and they use Nvidia chips, but they also all want to make their own chips because they know that’s where the margin is. So it’s like the same type of thing.

1:03:24Yeah. I’m sure Nvidia has talked about doing their own LLMs and they’re like, yeah, but then that makes us a competitor.

1:03:31I feel like Nvidia is like, I mean, that’s why they’re embracing open source, right? Is because they also don’t necessarily want to be locked into the frontier labs of being like, all right, well we won. So, you know, this is like the price now, or we’re going to do it on our own.

1:03:47So I think it’s all like, it’s all, uh, whatever it is, cooperative competition at this point, right? They all know they need each other, but they’re all trying to cut each other out so that there’s no external dependencies.

1:04:01Yeah. It’s a hog with a knife in hand behind your back. They’re just like the second I can, I’m going to carve, you know, carve some of your profit margin out some way it’s coming.

1:04:11So, but I feel like that’s mostly business. So that’s fine.

1:04:15Yeah. That’s the final business. Um, what else you got in your attention this week? Uh, what, what names, what industries? Um, um, I would say not, I, I haven’t been in front of the screen as much as I’d want to be.

1:04:30I’ve, I’ve been having like a lot of in-person meetings in New York. Things have been going well. Um, but yeah, like, you know, I think like this, the stock tokenized stock meta, I don’t think slows down anytime soon.

1:04:42So, uh, I think that that’s to me, some of the most, again, we’ve been saying it for a couple of weeks, the most interesting stuff happening on chain.

1:04:49I, I, I do want to say, uh, talking about interesting FWA, Rhinotic came out with, uh, an update like a day or two ago where he’s going to use some of the funds that, uh, token works owns.

1:05:04He’s going to buy one of the punks from punk strategy vault. He’s going to put it into, um, FWA as a prize in the prize pool.

1:05:13And then I think every day until it gets pulled, he’s going to lower the backing in ETH by one ETH. So I think it starts at maybe like 15 ETH, which is better odds than what it’s worth.

1:05:26Cause I think, I don’t know what the floor is on punks, but it’s definitely higher than 15 ETH. And then it goes down until, down to one ETH until someone pulls it.

1:05:34So I, I do think this is like a cool way for him to kickstart demand in, uh, of spins in the sense that I think as the odds of pulling the punk become higher, then more people will spin.

1:05:49Right. And so it’s like, uh, it will, and then like, once he does that, then it will build up a reserve and do the same type of thing, um, on a go forward basis.

1:05:58So it’s, it’s had a sell off for the last couple of days since that, um, uh, Sterling Crispin launch, uh, which I think people thought was a little underwhelming and whatever that that’s fine.

1:06:08I think like, he’s just going to keep on iterating. I think this was a very cool novel mechanism to not only put like a cool prize in the prize pool, but then also to kind of like support punk strategy, which was like, I think his last major project that, um, he launched last year.

1:06:26Right. And so, I don’t know, I think it’s cool. I love the fact that he’s iterating very quickly and, um, he’s taking people’s feedback, uh, and he’s definitely like listening to people that give him feedback on the timeline.

1:06:38So I think it’s, it’s very cool. You know, I, I know personal pools are coming out soon. Um, I think he said that they were in audit like a couple of days ago or last week or whatever.

1:06:49So again, like I, I have my position, I’m down on it right now, but you know, I’m, I’m looking to add to it at some point, but I mean, I like it. I still, I don’t think anything is fundamentally changed there.

1:07:02Yeah. I, I think it’s one of those projects that is like a home run and the one hamper just happens to be, it’s on ETH mainnet. That is, that is the one area. Um, and I know I’ve said this, I sound like a broken record, but, um, it, uh, it just like, it annoys me how good it is.

1:07:23And I feel like that is the one reason it had, like, if it was on Robin hood, I’m positive. This is at multi a hundred million dollar market cap.

1:07:32And that is, I mean, that’s frustrating from like a, not even an older, like, right. Like I have like a thousand dollars of exposure, I think to FWA. Um, it’s just like, damn, like it’s crazy how the, the actual infrastructure of what this is built on is hampering it a bit.

1:07:50Yeah. So, I mean, I think, I think that can be solved to an extent. Um, like I said, I’ve talked to some builders that are building some interesting things, um, around that. So we’ll see, we’ll see what happens. I, I still firmly believe like now he’s, he’s pretty much created the layer for people to build on.

1:08:09I do think you just need some sort of application FOMO type thing that can plug into the inventory. And then like, you just need like good marketers and good product guys to build on top of it. So the infrastructure, right. So that’s, I, that’s what I’ve been trying to tell builders. I’m like, if you want to build something interesting on top of FWA, I think, I think like it could be like a really profitable business too. So.

1:08:37You’ve showed this to me multiple times. Yeah. I’ve showed it to many, to many, um, uh, builders. So, uh, cause I, like for me, it’s like, I don’t, I don’t care who builds it. I want somebody to build it. Like, I think they can money. Uh, and if like they, if they’re profitable and they do it successfully, then FWA goes up because there’ll be more spins. Right.

1:09:00I see it. I see it. I will be spinning for that punk. I will get my punk one way or another. Um, You’ve never had a punk? I feel like you had a punk once though.

1:09:08No, never, never. I’ve made, every time I’ve hovered over the buy button, I’ve been like, yeah, I think I can make more money doing other things. Um, one of those things have to be buying a soccer team. And yeah.

1:09:25Yeah. Yeah. I should have taken that money and bought more punks, but it is what it is.

1:09:32Oh God. No, I, I, I don’t regret it. I will never talk, talk bad about that. Although again, I did not make money on that trade. Um, look, I, I think we got an exciting, uh, weekend ahead of us with the tokenized equity pairings. I’m sure we’re going to see some, something get launched. That is just like, I don’t know. I think people are getting more brazen with the naming things, man. It’s, it’s interesting.

1:09:58It’s a long weekend. Um, you know, markets close on Monday. I’m sure.

1:10:02People will come up with something interesting and funny to drop over the weekend and there’ll be some meta that runs.

1:10:10So we’ll see. Should be fun. Should be good. Fun times on chain.

1:10:14I’m expecting, well, I’m going to be so tapped in today, 4 p.m. to 6 p.m. I’ll have notifications on and then tomorrow, Friday, notifications on like I’m watching.

1:10:27I think we’re going into a weekend where I think everybody understands they have to make announcements into weekends now to keep attention on their chains and their products.

1:10:40And it feels like this week with the amount of on chain volume that we’re probably going to get some big announcements into the weekend.

1:10:50That is my my take. Last week or the week before week before that was Coinbase listing Basecat.

1:11:00We had rumors of, you know, Trump launching a token.

1:11:05We saw last week a few tokenization products get launched into the weekend.

1:11:13I I’ve seen the pattern like for the last four weeks now, Friday and Thursday, 4 to 6 p.m. being kind of like the pop off moments.

1:11:22And I think if you’re locked in for those windows, you can make a lot of money.

1:11:24So, yeah, I’m putting that on people’s radars because I I’m expecting that trend to continue here.

1:11:34Yeah. Yeah. Pump pump has also been a very strong proponent of doing that, announcing things into Thursday and Friday of the week in the afternoon.

1:11:45So they’ve diverged a little bit from their 10 a.m. announcements, it would seem.

1:11:49So just something I’ve noticed and hopefully a little bit of alpha for the listeners.

1:11:54All right. Cool. Looking forward to it. Looking forward to you sharing the trades with me at some point.

1:11:59I will. I will. I will share in person. We’ll see each other hopefully this afternoon at the OpenSea event.

1:12:04If any of the listeners are here in New York, we’ll see you there as well. Come say hi.

1:12:09We’d love to meet some people in person.

1:12:11We’ll be back or stream normally on normal graphics, normal setup on Tuesday next week, 10 a.m. or 1030 a.m. Eastern time.

1:12:22As always, let us know if you have questions, topics you want us to chat about, anything we can help you with making more money in these amazing markets.

1:12:31Anything to cap this one off, G?

1:12:33Nope. Have a great Labor Day weekend and we’ll see you guys next week.

1:12:37All right. Amazing. We’ll catch you guys on the next one. Cheers.