Market & News

0:50What is up everybody? We are back to our late- well at least we have cameras this time.

0:55Unfortunately, as you guys know, Tuesday, a little bit of technical problems, but we are back still in the lovely city of New York and man, again we have lots of things to talk about, exciting things, and obviously in this moment where we have new metas popping up, new narratives popping up, we want to help you navigate those things, and 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 variants with equities. Yeah, it’s funny, I got hit up by one of my trad5 friends asking me what is Robinhood Chain? Yeah, I think it’s kind of timely and why there’s like a ton of activity. I think what caused it was the Missouri 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, and how I think annualized, I think yesterday was your biggest fee day or volume day, and how it’s like approaching levels that they’re getting in their normal brokerage business. So 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. And so yeah, I think we should like

2:20break that down a little bit, because I know 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? There was Boner that was paired with HIMS over the weekend. And then I think yesterday, there was one that was paired with that Chinese penny stock. Yeah, and I think that thing went up like, I don’t know, 75%, or something. And you know, people, 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. I won, I just think what it’s marked one is marketing manipulation. So there’s like some securities laws that probably would come that you need to be aware of. But two is it just like what happened over the weekend with the Boner HIMS pair, and I can’t believe we’re saying this, there’s another one with Lulu, I think that you’re talking about.

3:23What is that token? You can say it. So yeah, like, I think that like what ends up happening, what happened over the weekend with Boner and HIMS 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. So what happens was on chain, there was a squeeze of supply of HIMS stock.

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

4:05And AMC closed something like three bucks, I think the tokenized stock was trading above 100 at some point over the weekend. And whatever people were like, yeah, we’re going to squeeze it, whatever we’re going to cause a supply crunch. But 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. So what ended up happening was there was a short squeeze on the HIMS token and AMC tokenized equity. When 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, you can’t short it. So that’s why it was really out of whack. So the only way you can bring it back in balance is if you bring actual stock on chain. And so then, like, obviously, these things correct into 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. And so now they’ve been, I think, attacking those other things. So that’s kind of like, which is what I called on Tuesday, I 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. And yeah, 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

5:40micro caps that pop up every once in a while. And, you know, there are people that short it, there are people that long it, you know, you make money both ways. Yeah, 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 the use of tokenized equities for different things and different primitives. But yeah, I don’t know, people are like trying to do like GameStop 2.0. So at some point, I think we also know, like, highlight like the size that people are think like is happening on chain is not really size in TratFi, like, and also TratFi 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. Right. Well, I mean, if you remember doing the GameStop saga, right? The buy button was turned off. So, you know, that’s not like out of the question. If it’s successful, right. So I don’t know. It’s Citadel and Robinhood.

6:52I don’t think they, you know, that was just a circuit breaker. No.

6:58I don’t know. Look, I my take here is the current meta if you’re trading memes on this stuff, I think I think it’s going to get really hot today. So like, if you’re listening, this is actual stuff, like probably, I think the meta kind of plays out by the end of the weekend. But I think you’ll see more tokenized pairings launch the all be memes.

7:23You know, the other one that I will mention, I won’t mention the lulan one by name, but the other one paired with Snapchat is nude. So 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. And it’s going to be all stuff that’s essentially like, what is what is the unsaid truth of this company? That isn’t marketed or isn’t like is like the known use case that you know, most people find funny. I have some funny ones that like, they’re probably like a little older references, but I’m like holding them in my bag. Like I would never launch one, but like, I would like tell somebody that was like, I think you should watch this.

8:09Because like, wait, you tell us I wouldn’t know one. Tell me what?

8:12Yeah, no. 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, neem coins, there’s, it seems like there’s infinite demand for this stuff. So 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 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. But I mean, a lot of people do. And so you know, more power to them. So they’re going to like these things are going to keep on launching. I think what I what I find interesting about all of this is that this is creating almost like a demand sink for bringing stocks on chain, right? 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, right, or as close to parity as you can. And I think we’re just going to see like, probably more and more of this. And so I think it’s like kind of, it’s like a really good pull mechanism to bring to it’s like a good flywheel to bring tokenized equities on chain. And I think we just see more of it happen. And at some point, everything will just be on chain. Like, I think that is a fair assumption at this point.

9:30Then it becomes kind of like how you and I had this discussion with a one of the largest centralized exchanges in the world yesterday, very, very great walkthrough Union Square and central boxes like central particles and St. Walke. But we basically concluded everything from on the DEX experience kind of collides and, 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, US approval. And then you might be fighting over some funding rates, you might be funding over, you know, tighter wick, you know, pricing on volatility. And like, and then it becomes trust of brand. And that really boiled down. So the same thing was like, okay, it’s just branding at this point, who has the most trust? What do you what do you think happens in like the like the DEX space and like, perp DEX space, even centralized spaces, like we see everybody just build the same product? Yeah, I think it probably comes down to trust is probably one licensing, to your point, is probably another one. I mean, they’re all like technically the same product for the most part, right? And so, I don’t know, I’m like, I’m not a big perps guy. So I’m probably not the right person. I think like, 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, right? Because I think the issue with I think my personal issue with perps is that you basically

11:14can get unlimited leverage. And 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, you get over levered.

11:26And it’s very easy to get over levered. As opposed to, you know, like when you trade in a brokerage account, you know, but like the max leverage you can get intraday is like, I don’t know, three to one, five to one or something intraday margin, but then you have to go back to like two to one overnight. And yeah, like I just think it becomes like a double edged sword. And so 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. But yeah, I just don’t know, like long term, like, you know, I think ultimately, it just comes down to branding, right? It’s like, who do you trust more? If all of them generally give you the same features and trading is kind of the same. I think big users are people that make it like difficult to trade. Like I’ve used a couple 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. Like 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 Rabi a lot, you know, recently, I think like most people on EVM. And like MetaMask is unusable. It’s like so terrible in terms of UI. And then you compare that to Rabi. It’s like, yeah, like it’s just like, like, yeah, like, but like, I think the same thing is applies in the perp space, right? If you have, if you’re not at parity with like the best exchanges or the best perp DEXs, then just people like if it takes me, whatever, more than five seconds to find out my buying power, right? Like it’s an unusable product, right? It’s like these things should be very seamless, intuitive to use. And I think that’s kind of what it comes down to. So it’s like product design.

13:15And so like, I do think like this is where maybe Robinhood has a little bit of an edge because they obviously know how to create a great product, right? They’ve done it, you know, with their their mobile app. And so I think they if they attack it from first principles, they’re in there. They have like a good shot in the game, right? As opposed to maybe other L2s or, you know, whatever that have been trying to go at it for a while.

13:39Yeah. Yeah, I agree with that. The one one part of that that I think is kind of like a topic that I don’t want to forget about some 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. One thing that I’ve noticed over the last 48 hours here, and I really like I really want to like scream and shop listening people’s heads is like, we’ve seen metas come and go and you have to be you kind of have to be a tastemaker in the market. And I’m not talking like majors, I’m talking more on like the meme side, altcoin side. 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 paired to the right stock.

14:35And I think you have to understand that if you’re playing like the animal like meme coin trade, or you’re playing like the revenue token trade, like the attention is not there, the volume is not there. And there might be opportunity as those numbers come down, but you just won’t see the same kind of like momentum trade. That 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. So going from like these like 30 minute 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, like they’re, you know, they’ve wrote up that wrote it down. And then, you know, it’s made its new all time high that has been a 234x higher. I think we’re starting to see a shift into longer term hold and more mature holds on some of these asset classes, especially on Robinhood.

15:29Yeah, I tend to agree, right? 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%. Like, let me dump my stack on my followers and, and whatever. So yeah, no, I agree with you. I think I’ve seen that.

15:47I’ve done well on like, Quotron’s trade and, you know, I’m generally like a buy and longer hold investor or trader. Um, and yeah, I just, I agree with you. I 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? And I’m like, maybe at some point, I just don’t think it happens anytime soon. Because 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. So like the market cap’s lower, even though it’s riskier, the market cap’s lower. So the upside, the perceived upside is higher, right?

16:27Yeah. So I think like, it’s like the same thing, like, you know, coming back to, you know, whatever, Doge or Shib or all those old memes from like a couple cycles ago, it was like, yeah, maybe at some point, they catch a bid if like, I think the technicals are set up or whatever. But like, if somebody has like $100 or that they’re trying to you know, 10 million x, they’re not going to 10 million exit on Doge, right? So they’re looking for that, you know, buy it at whatever 25k market cap.

16:56Yeah, yeah, Courtrance is my longer hold that I’ve had here. I basically just bought and I have sold nothing since that initial buy.

17:07I’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%. So it’s almost like, no reason to sell at this point, because you’re just eyes closed. Let it happen.

17:23Yeah, I’m like, it’s a free roll now. So it’s good. It’s, it’s been it’s been fun. I think the dev is really cracked. There’s like, I guess like some the guy is just like go to, I’ve been spending some time with him here in New York this week. And he’s just a really good dude. You met him at Yeah, I got to meet him at the Courtrance event, which was, I was right. Also on that, I think, I my prediction on streamer after the show is like 40 to 50 people would show up, we have a solid showing. We had some like, note like very notable like crypto names show up. Also at the end, I was like looking around the circle and I was like, damn, there’s a lot of there’s a lot of money in this circle right now. And these are all people that like, you know, are selling like for $100,000 profit, like that’s what I was not going to make or break their life.

18:16I will say I ran. I was talking to somebody who was saying how his buddy made like four or 500 grand on it. And he’s like, it changed his life. It was like, cuz he like, I think he’s from where in Asia. Yeah, I was able to retire essentially. Yeah, he’s like, dude, that was he made life changing money. So like, he’s like, he was happy for him. Like, 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 squiggles and punks. Over the last couple years, people be like, Oh, man, like that tweet like got me into NFTs. And that changed my life. I’m like, cool. Like, that’s, that’s awesome. It always makes you feel good to hear those stories.

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

19:54But I do think you’ll start to see more NFT projects use quotrons as a whitelist. I think you’ll start to see more trading products flow funds back. I had a very good conversation about loot and what that looks like.

20:12I know there’s some it sounds like there are good conversations happening. So I walked out and I was like, and I’m not gonna lie, there was there was a second after pulling back like we’re down we were down like 50% from all time high.

20:23And I was like, damn, like, I should have taken I should take some pee. I should have like, you know, at least sold like 25% of my position at like 18 mil. And then afterwards, I was like, look, I’m so confident we’re gonna be back at all time high. I feel good here. And like, obviously also like comfy just getting yield from the NFTs I have. It’s paid for all my dinners this week.

20:46Yeah, no, listen, I 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. He’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 post that much. But he’s a good poster, like he understands the culture, which I think is good. So makes me super bullish on that.

21:16And all the things that that he’s doing there. And I think like, so to your point, like some of the combos are like people mean like, Oh, I want to build this and that. And I’m like, that’s that sounds pretty cool. Right? Like there was there was one guy that was talking about building like an art box, like, oh, I spotted this are like, was that he’s like, and I did small to test and it’s like, I made some money. So like, I might build like an art bot. And he was like, yeah, for sure, please do it. Because like, that also adds volume to the pool. And so that adds to the fees, it’s like, you know, it’s kind of like he wants people to be building, he’s not trying to, 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%. Yeah, I don’t know if people have other questions in chat from from, you know, around this stuff that happened there. But again, bullish, excited. And yeah, it feels it feels like more more is coming.

22:17Yeah, events too. Also coming up this week.

22:21Yeah, I mean, I know we were talking before the, the show about the open sea and pudgy event that’s happening later today, I thought it started at noon, but apparently it starts at three. So I was catching up with someone from the open sea team yesterday, and he told me that it’s very focused on physicals and like not using Digitals. And 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 90cc perspective. So it’s cool to, to see that. So I’m interested to see like what these different NFT projects and brands are working on. So excited to go check all that stuff out today.

23:01Yeah, that was for my dinner last night, it felt like collect, like the physical space is one that open sea has really identified as like a winning vertical. And even throughout the bear, it seemed to be where they found the most product market fit, especially with Oh my god, I’m drawing a blade, you know, the company, Courtyard, yes. They found a ton of product market fit there, 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. 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 the I was on a ski lift in Denver. And I was waiting in line for like 18 hours to get into this top shot pack rip. And I got a I got a pack, I was like one of the last people to get a pack. I think I paid, I can’t remember, it was $14 or like $68. It was something like that. I get this pack. And I got a rare Zion card. And I was able to sell for $400. And I was like, you for it. And I was like, Oh my god, I’m putting all my money in the box. And I was like, Oh my god, I’m putting all my money in the box. And I was like

24:19to the top shot packs. 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. You can’t like flood it in. And that, that kind of is shown by like, andini who is like, the goat of all goat card for like rookie card. Like the prism cards. They seem to understand supply control and the physical vaulting side of things. And I think we see it come back, I haven’t been that tapped in, like obviously I know what’s going on, but I haven’t been that tapped in into the markets in general for sports cards. Somebody was telling me how. So I grew up or I was collecting baseball cards during the era. It was like 88 to 92 when like every card company massively overprinted.

25:14Like all they just because there was like a bunch of demand. So that’s why like any card from that era for the most part is generally worth this because there’s so much supply. And 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. And I’m again, I’m sure demand has grown and things have changed and things have changed.

25:37And stuff like that. But I was like, Oh, that’s like interesting. Like there’s no like, again, what’s the case for blockchain? There’s no way to generally on these cards to see how many of them exist, right? 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. So you know what you’re buying and you know that like they can’t do that.

26:03You can’t advertise like, Oh, there’s 10 of these, but really, they made like 100 of them, right? Yeah. Yeah. I don’t know when 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. And they hit a rare card in there. But I like sat back and I was like, if I was a card company, I would be printing the app.

26:32And I was like, I would just be printing. And like, I don’t know, like, like, none of this is on chain. Like, you don’t know if like they’re printing 100,000 of these cards, or 20,000 of these cards. And like, I’m sure there’s like checks and balances in place where like, you know, the supply is being tracked, like a marketplaces of what’s being listed.

26:51But I don’t know, man, like, it feels it feels like the Wild West still on like the physical side of like you not knowing. Well, like these stories where you hear like, oh, Ferrari only made 100. And it’s like, well, there’s, you know, 300 Vins listed for that car. It’s the same. Yeah, there’s a huge thing for always done this, especially in like the 70s, 80s and 90s, where they have rare cars. And they’re like, oh, it’s only one of like 80 or one of like 200. And then they’re like, oh, I’m gonna buy a car. And then they’re like, oh, I’m gonna buy like 300. And now that like technology’s gotten to the point where people have these like decentralized like VIN tracking, where they’ll take photos of the cars, they’ll put the VIN in and like, oh, it was seen here. I think for like the f 40s and f 50s are like, you know, there’s 130% of supply compared to what Ferrari said there was, which is but like, so, to that point I think path put out a tweet. A couple weeks ago, he was an early bull, I think, on Pokemon cards. And 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

28:03card side of things, of fakes, right? Like really, really good fakes. Because the value of these cards are worth so much that if you can make a really good fake, you can’t really tell. I know I can’t tell. So it’s like, I’m sure, like the same thing I think with watches. Like people, 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, right? So they’re doing that with watches, you know, I’m pretty sure they can figure out how to deal with cardboard. So 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. I 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, right? Right. Yeah. I don’t know. I don’t know how this ends without the blockchain getting involved for like physicals and, you know, NFC chips. We joked about this on Tuesday show that did not get, you know, go with stream. But, you know, you were you were early if 90cc. And we’ll ultimately see that converge

29:21into like the the collectible space for anything that was like, hey, like how do I prove this is, you know, 90cc, how do I prove this is a master shirt, a real Pokemon card, etc.

29:33I do think we start to see that become like a real conversation that is adopted as we see the collectibles market actually blow up. It’s shout out to 90cc I got I’m repping as a usual.

29:45It is half of my closet after the punk raffle.

29:50All right, cool. Yeah, dude, I mean, you’re not alone. So it’s like half of my closet as well.

29:54So don’t worry. But 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. And 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. But 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 are pretty insane, right. And 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, compared 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. I know I’m kind of

31:04like in that camp. Sorry, in the sense that yeah, like I’m like AI pills, 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 over a zoom call like this, right? Yeah, 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. Because 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. They 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. 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 was like pretty crazy. And so yeah, I just think like these types of things are just going to happen more and more. And 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. Yeah, no, 100%. It just comes back to like everything needs like being verified and accountable. It’s the perfect use case for the blockchain. So it just becomes an adoption curve. It’s very similar to social trading. Like I think, you know, being able to put a name and person to a buyer’s 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.

33:13And so I’ve like, I’ve actually spent a lot of time going through I brought a notebook from 2021.

33:20Because 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 if I watch a podcast or a stream, I’ll take notes from that I’ll put it in. And I’ll like circle things. 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.

33:42And so the other night after after dinner, I was in a 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 a drifter. But 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. So, you know, I think, I think things like NFC, chipped merchandise and physicals, I think we see that happen this cycle.

34:28Music NFTs, I still don’t think we happen to see 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? I, it’s funny, I pitched this idea. I had a couple cotrons 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 9 DCC. We just couldn’t figure out how to structure it per se. But 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. And I think people that make money, make so much money off the way the print is, and they don’t want to give that up. And like,

35:49I 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? Yeah, 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.

36:19I 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 prayer they have.

36:29And yeah, it will 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 So I will say from the combos that I had, like just merge concert merge, because that was one of the angles that like we explored, it’s, it’s very similar to especially around concerts. It’s very similar to the music industry, right? Because 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 Madison Square Garden, you have deals with like, you know, Ticketmaster, whoever, like the promoter, the venue or whatever, where they are guaranteed, they get a percent, they get a cut on like the take on the merch sales.

37:36Sure. And like, I mean, if you look at it from like these, like Taylor Swift made what, like one 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. But to like Taylor, like, that’s kind of like, ah, that’s like an afterthought, right? So they’re like, they’re there. 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. And when you compare that to the headline number of what she makes for actually performing, she’s kind of like, yeah, like, you know, merge, it’s cool, because it’s like, who’s gonna say no to extra revs.

38:15But it’s probably not enough for her to really care. And 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 does it on its own, right. And that like uses the tech is 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. It’s like you just need like, some breakout artists to make their career into become a megastar or become a huge sensation.

39:12Utilizing the tech and then other artists, other creators will be like, Oh, I don’t need to sign a deal and do this and work the normal way. I like I now have a roadmap for how to do it otherwise. But if you know that’s for any product, this is for anything though, like this, 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. But you can’t you can’t get to, you know, mass adoption and convince everybody to come in without that, that disruptor. And that is that’s what we saw happen to social trading. We saw that with like early people like Frank, an RNG and thread guy 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. I want to have this big P&L and everybody followed. I think we’ll see the same thing happen.

40:30I think we’ll see the same thing happen of other products throughout the space going forward. I’m hoping we see mass adoption to on chain options. That’s one that you’ve talked about that. I’m like, I’m waiting for that to happen. And we just we haven’t seen it.

40:45Oh, I got to check. I bought some options the day after NVIDIA reported and NVIDIA is up. So I bought some on chain options on Hypercall. I 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 that was pretty cool. And I think I bought it like after. I think I bought it after the market close because like to me, it’s like I was testing it around because I think the interesting thing, like exactly what you were saying is the options market doesn’t open till 930.

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

41:24So I was like trying. I didn’t I didn’t I tried looking pre market on the day it reported. And then like for some reason, I couldn’t figure out how to log in correctly. So I wasn’t able to put the trade on. So 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. I think I have the 230 or the 240 calls for next week. So I might be a break even right now based off like what I saw NVIDIA doing a couple of hours ago.

41:52Yeah, NVIDIA currently sitting at 226.

41:57I’ll probably put a small one on it if I have to guess. But yeah, like I think like those types of things like I don’t know, those primitives are very cool.

42:08You know, 24 seven, you know, again, like it’s almost like pick your game in the casino, right? Because it’s you can do it with perps, right? And you do leverage with perps, you can do with options.

42:21There’s that way. So there’s different ways to express a trade and different ways to risk your money.

42:29Okay, I want to ask you, because I think there’s a huge topic on the opposite side of risking your money.

42:42I think one topic that I want to like, kind of tell people was like, already you did my rant about like, you’re not smart. It’s a bull market. Everybody’s making money. You’re not special.

42:51But the other one is, and I’m faulty to this with quote, runs from an extent, but like, I’m, I’m coffee in the hold is how like setting your take profit strategy before you enter a trade.

43:05And like, how do you set that how do you like, how do you keep yourself to it? I 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. This is how you find like, get early into like, the next, you know, big token. Here’s how your dollar cost in nobody’s talking about taking profit, though. Nobody is.

43:26I 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, because it’s like, if you’re, if you’re in the money, then like, you should be like money to you’re not in the money, though, gee, you have to manage your you have to manage your P&L, right? And so I don’t think whenever I enter a trade, I won’t say I’m like, this is my target, per se, because I like, what if it hits my target, and like the news that came out was really bullish, right?

43:54So that means like, the the play has changed, right? And it’s like, oh, well, do I sell into that, right? Like, will I take profits for sure? And I think depending on the timeframe, we’ll determine how quickly I take profits, right?

44:08And managing my risk, I mean, like, all right, well, if I’m wrong, from here, how much do I give back, like all those things. And I think it’s just a very fluid thing. But I think for people are like, set up rules. And it’s like, you know, I think, what was it, I think it was easy, or Clemente or somebody was they were bullish on FWA.

44:29And they were like, Oh, well, you know, I want to take profit at, you know, a double, right? And I’m like, Oh, well, I think if it gets there, it’s going way higher. Like, that’s just my rule. I’m like, cool, that’s great. Like, you don’t like nobody ever goes broke taking profits, right? And so even if you leave money on the table, you’re locking in profit, right? And so I think you just set those rules. Like, 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 you’re making, whatever, 50 cents, you want to make $1 to $1.50, right? And so and you just kind of scale that out. At least those are the rules that I generally have. And then that’s for like, probably my shorter term trades, but for my longer term stuff, like, you know, I’m going for like multiples. And so, you know, I think every trade is different, but you just have to have those rules. And you have to abide by them, right? Like, I think the hardest part about trading is being disciplined. Like 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, or the people that aren’t disciplined, right? And 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. And if you’re not disciplined, the market will teach you, right? And so a more leverage. Yeah, like, you know, the more leverage you have, the more disciplined you need to be. Like,

45:59you can’t you have to if you have a stop, you get out at the stop, right? Because, you know, I remember when I used to train people, you know, we’d start off with like $100 risk limit, right? And like, they’d be like, Oh, like they would go over the risk limit by like 20 bucks or something. And I’m like, dude, that’s a huge deal, right? You went over your risk limit by 20%. Like, at 100 bucks, fine, it doesn’t matter. But at $10,000, that’s two grand and $100,000, that’s 20 grand. And that’s like real money.

46:29Right? And 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, you know what to do, right? And so that that to me is probably like the hardest part is just being like, Hey, this is my stop. This is my, you know, we take some profit here, maybe create put a trailing stop there, like, even the way I’ve been trading, I think my perps account that, you know, I have a small amount of money in.

46:56You know, I like set my I set my like stop, you know, I’ve probably been trading like at three to five x leverage at the most. And I set my stop below like what I think the level is. And then if it starts running in my favor, like I’ll move the stop up to like the next level. And then like, if it really gets extended, or there’s some sort of like, really strong candle room, like, all right, like, you know, it makes sense to take some profit here. So, 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. So yeah, I mean, I think like my question to you is what’s what’s your, what are your rules, right? So 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 I think about money very much like a little like, I hate this because the second time I’ve mentioned on the pod. Like, I know you hate him so much. But Kevin O’Leary, there’s like one time way back in the day, it’s like 10 years ago, he like said somewhere he was like, I think of like money is like toy soldiers, like, when you when I when I deploy money, I want 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. Now, I will say like, I did get absolutely destroyed on purpose one time, like full, like one of the biggest losses ever. And like, that was like true belt to ask 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. It’s very dangerous.

48:36And so I, I never enter any trade that has size behind it without a, like max drawdown thesis. So 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. A little different, like, Coltrons.

48:59I think my first buy was like for like 10k. And I was like, okay, I’m going to do this. I think that the downside is limited. I am comfortable with a 50% drawdown, I will reevaluate at 50% drawdown. If the trade has changed in a negative way, I will sell there.

49:19If it has not changed, or there are other signals I can play off of I will either add like, I set these down, I’ll even write them down. Like I am such a punk 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?

49:34But I’m also like, I take P, I take profit. Second, 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. Once I once I take a screenshot, I’m also like that is my number one signal to sell at least by initials or sell at least like 50% of a position is like, if I am taking screenshots, if I am like sending this to people in chats and being like, you know, like, yo, I’m up right now. I am I am out of there. I’m done.

50:09That’s definitely a good signal to I find in trades in the past when I was like, looking at in a very egregious purchase or burning of money.

50:20Yeah. When Chrono24 or PCA.org comes up for looking at Portia’s I’m like, all right, P, AT is like we’re done here.

50:29I’ll sell something, right. Sell half immediately, because that’s generally the top. So 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, you want to take some profits here?

51:02That’s actually a good idea. I feel like that’s a pretty good idea.

51:05Yeah. Yeah, I mean, like, I, I think it’s a funny idea. Um, but like, there’s there are like, I will say this from from somebody who runs a consumer trading platform, there are signs when somebody should take profit that you can 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 that is most of his portfolio, I 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 how many prompts have you sent me because because I know if we know no, but like, we’ve never done it. It’s like, but it’s such a like fascinating thing of like, if, if, if you’re trading up, you have the behavioral data to know how to help your users. And I think there’s a huge difference between just showing copy trade data and be 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 they’re like, you know, I could prompt you if you’re if you lost $20,000, the last six months, and you’re up 40k on a trade, I can, I can be like, hey, by the way, you’re like, you are, you should take 20k of the profit, and you’ll be a break even and let the restaurant but you’re back to break even like I, I know that as a as a company. So that’s very interesting to me.

52:35I think that’s very cool. I think that’s like a very cool feature. I don’t know if I would necessarily listen to it, but I think that’s the issue.

52:44Gented trading comes in G like why you can trade when you can have AI take profit for you.

52:50I have a couple of friends that sometimes like you’ll take profit like no, no, no. And then in retrospect, I’m like, I shouldn’t take the profit. But yeah, 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 faulting like every time you take profit 15% goes through a fault, you can’t touch in USDC for like, six months or till 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. I would say maybe like a week. Right?

53:26Oh, you can set it you can set to whatever.

53:27It’s like I think that like sometimes right like when you have a big win, then you take on more risk. Right. And then next and that’s the issue. And you play with bigger size, like you’re like and that’s the number one thing that I think I’ve seen as like somebody who runs a trading platform is I will watch user who’s been putting like point five soul bids on every single crappy ticker that you can ever imagine.

53:52They turn point five soul into 300 soul. And then they’re like, I’ve got I’ve got stacked now and they go to try bully bar like charts and like I’m putting 15 soul into charts and buying up like 8% of the supply.

54:04And a week later, they’re like, yeah, I lost I’m down 30 grand.

54:08And they just give it back to the trenches. And 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, etc. Like that. That’s hard. That is that is what separates a good trader from what I like to call a profit renter, somebody who will get profit, but then they will basically seed it back into the trenches over the next few days.

54:37Yeah, I it’s it’s funny, I, I bought some key wire a couple days ago, which is a micro strategy of quote, rons.

54:48Right. So they’re off the trading volumes they buy, or it’s like a punk strategy of of quote, rons and buy a quote, ron and, you know, kind of like have that recursive loop.

55:00And I didn’t really I put 1000 bucks into it didn’t realize like, how much like how how like I because I don’t play these low market cap games.

55:10And I was like, oh, yeah, it’s like 1000 bucks. And like I ended up buying 4% of token supply. I’m like, fuck, I’m like, you know, and I’m like, yeah, whatever.

55:18Like the plan for me wasn’t to sell that right? Because it’s just like to support ecosystem project building on top of the quote, rons ecosystem.

55:27But yeah, like, it’s, it’s funny how like that works. Like, like, to your point of like, I’m used to larger trade sizes, because I trade in larger market cap stuff.

55:36But yeah, like a lot, a lot of people, they trade those new launches. And, you know, they put in like, to your point point 1.2 soul or like whatever into a launch.

55:47And like, for them, it’s just like, repetition.

55:49Yeah, so you know, some, some percentage of them hit or whatever, but that’s just like, not my game. So it was just funny. I’m like laughing about it.

55:56Because like, like, oh, dude, like, you know, like g money owns 4% of supply. It’s like, yeah, but like, I’m not gonna be selling.

56:03You’re probably you’re probably the best person to own 4% of supply on something over usual suspects that like when I see they own more than 1%, I’m like, I’m not touching that with the technical.

56:15Yeah, so like, I don’t even know that part of the game, right? So I’m just like, starting to learn that, that a little bit in all of this stuff. But I don’t know, it’s, it’s, it’s an interesting time on chain.

56:27Yeah. Yeah. 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?

56:36I would say for me, oh, sorry, go, you go.

56:39I know, I was gonna say, you know what, this is so true. I had I actually had a friend tell me to like, he’s like, you should nuke the cootrons chart. He’s like, you should sell. He’s like, you just stack it. He’s like, you have so much pee right now. And I it was a pride thing. And he was he was right in the moment, like it was nearing the top, I even was like, in the back of my head, I was like, I should take some pee. Maybe 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, I think you’re talking about that one trade in general. But like, for me, it’s usually like a great thing. It’s not a pride thing. I guess if you want to say greed is pride, then yeah, it’s a pride thing. But for me, it’s more like, oh, I just made x like I want to make, you know, 20x.

57:30And like, yeah, yeah, I mean, like, everybody wants a more.

57:33Yeah, you know, and I’m just like, yeah, like, the thesis is playing out. So it’s going so much higher. And like, sometimes you’re just like a little too close to the sun. So 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 that at least happens to me, like, it’s more of a greed thing. And I’m just, I’m just like, doing the multiple x’s over how much I’m up already. And just counting my money that doesn’t exist, right? It’s like the same type of thing. Like you load up a website where you’re about to spend money frivolously. You’re like, yeah, yeah, like, let me lock in some money.

58:09Yeah, yeah, no, I look, I, I just come back to I will take profit. And I’m getting better at this over time. I think if you try to make it a singular moment, you will, you will fail. And so like, whether you swap out over time, or you, or you just say like, hey, every time I check the chart, once a day, like, I’m gonna sell like 2% here, 2% there. And like, over time, I’ll start to like, lower my position sizing. I also think if you see the number moving, and like, you’re like, oof, like, I just move like, dollar wise, and like a large amount, I wish I have 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.

58:58I think, I think it takes a really good EQ. I 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. I wouldn’t, I wouldn’t totally disagree with that.

59:20Yeah, I also would not totally agree with that. There’s there’s there’s flaw logic there. But I think in general, it’s a good, it’s a good clip.

59:27I mean, also, like markets in general, it’s markets are a massive game of like, of human psychology, right? So 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. And 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 personal thing, 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, oh, and like, again, I’m bullish. But I’m not like, oh, like the video is going crazy. Like, oh, these mining companies are like getting so much like publicity and more like it got quiet.

1:00:20And 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 everything that’s that’s coming.

1:00:37But 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 much more exciting from a story perspective and also like a P&L perspective, right?

1:01:04So, you know, like, it’s funny how like everybody goes from being so bearish on crypto at the bottom, and then you just have like, you know, like, you have some of these these tokens up like 10,000X, right? 1000X.

1:01:19That, you know, like, look at Pons, right? I don’t know what it’s that half a billion. It was like, 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 in that you can you could be retired. Depends on where you live, right? Like, that opportunity exists. We’ve got to be disciplined in those trades.

1:01:48So, yeah.

1:01:50Zigwin other zag, like, that’s also been like my, like, other like, like catchphrase. It’s just, when I see people all like clamoring or something, probably trying to like start like exiting that is like, get in if you’re early enough, get into the momentum and the narrative trade.

1:02:06And then as PQ4 hits, obviously start taking profits and get out. And then, you know, look where the puck is going to go or where could it potentially go or where has the puck left is likely going to return. Pons is a great trade if you understood why it went down, which was all the attention went to Uniswap potentially running a competitor.

1:02:27And I mean, that was, we can get into that. I think Uniswap fumbled the ball incredibly hard there. 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 poles here and they’re choosing to go to other DEXs, etc.

1:02:55I think I think they do kind of have to play a game of like, so much a lot.

1:02:59Yeah, I mean, I don’t know enough of what’s going on there. But for sure, like, you know, you just swap because because they’re also in front, right? So it’s like, you want everybody to use you so you don’t know.

1:03:11It’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 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.

1:03:47It’s all like, it’s all 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 that I feel like that’s mostly business. So that’s fine. Yeah, that’s a fun business. Um, what else you got in your attention this week? What what names what industries?

1:04:24I would say not I haven’t been in front of the screen as much as I’d want to be. I’ve been having like a lot of in person meetings in New York.

1:04:33Things have been going well. But yeah, like, you know, I think like this, the stock tokenized stock meta, I don’t think slows down anytime soon. So I think that that’s, to me, some of the most, again, we’ve been saying it for a couple weeks, the most interesting stuff happening on Jane, I do want to say, talking about interesting FWA, Rhinotic came out with an update like a day or two ago, where he’s going to use some of the funds that tokenworks owns, he’s going to buy one of the punks from punk strategy vault, he’s going to put it into FWA as a prize in the prize pool.

1:05:14And 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. Because I think I don’t know what the floor is on punks, but it’s definitely higher than 15 ETH.

1:05:30And then it goes down until down to one ETH until someone pulls it. So I do think this is like a cool way for him to kickstart demand in spins in the sense that I think as the odds of pulling the punk become higher, then more people will spin, right?

1:05:49And so it’s like, it will, and then like, once he does that, then it will build up a reserve and do the same type of thing on a go forward basis. So it’s had a sell off for the last couple days since that Sterling Crispin launch, which I think people thought was a little underwhelming and whatever that’s fine.

1:06:08But that’s fine. I 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 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 he’s taking people’s feedback. And he’s definitely like listening to people that give him feedback on the timeline. So I think it’s very cool.

1:06:41You know, I know personal pools are coming out soon. I think he said that they were in audit, like a couple days ago or last week or whatever. So again, like I have my position. I’m down on it right now. But, you know, I’m looking to add to that.

1:06:55I’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.

1:07:03Yeah, 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 the youth mainnet. That is, that is the one area.

1:07:15I mean, I’ve said this, I sound like a broken record, but it just like, it annoys me how good it is. And I feel like that is the one reason it happened. Like if it was on Robinhood, I’m positive this is at multi hundred million dollar market cap.

1:07:33And that is a little bit frustrating from like a not even a holder, like, right, like I have like $1,000 of exposure, I think to FWA.

1:07:43Like it’s crazy how the actual infrastructure of what this is built on is hampering it a bit.

1:07:51Yeah, so I mean, I think I think that can be solved to an extent. Like I said, I’ve talked to some builders that are building some interesting things around that.

1:08:02So we’ll see. We’ll see what happens. I still firmly believe like now he’s he’s pretty much created the layer for people to build on.

1:08:10I 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.

1:08:24So the infra is there, right? So that’s what I’ve been trying to tell builders. And 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.

1:08:36You’ve showed this to me multiple times.

1:08:38Yeah, I’ve showed it to many to many builders. So because 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 make money.

1:08:49And if like they if they’re profitable and they do it successfully, then FWA goes up because there’ll be more spins, right?

1:08:59I see it. I see it. I will be spinning for that punk. I will get my punk one way or another.

1:09:05I’ve never had a punk. I feel like you had a punk work. So no, 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.

1:09:19One of those things have to be by any soccer team and.

1:09:24Yeah.

1:09:28I should have taken that money a moment, but more punks, but it is a little.

1:09:33No, I don’t regret it. I will never talk talk bad about that. Although, again, I did not make money on that trade.

1:09:40Look, I think we got an exciting weekend ahead of us with the tokenized equity parents. I’m sure we’re going to see something get launched that is just like.

1:09:52I don’t know. I think people need more brazen with the naming things, man. It’s interesting.

1:09:58It’s a long weekend. You know, markets close on Monday. I’m sure people will come up with something interesting and funny to to drop over the weekend.

1:10:09And there’ll be some meta that runs. So we’ll see. Should be fun. We get fun times on chain.

1:10:13I’m expecting what 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 like I’m watching.

1:10:28I think we’re going into a weekend where.

1:10:32I think everybody understands they have to make announcements into weekends now to keep attention on their chains and their products.

1:10:39And 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.

1:10:51That is my my take last week or the week before week before that was a Coinbase listing base cat.

1:11:00We had rumors of Trump launching a token. We saw last week a few tokenization products get launched into the weekend.

1:11:13I’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.

1:11:21And I think if you’re locked in for those windows, you can make a lot of money. So, yeah, I’m putting that on people’s radars because I I’m expecting that trend to continue here.

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

1:11:43So they’ve diverged a little bit from their 10 a.m. announcements, it would seem. So just something I’ve noticed and hopefully a little bit of alpha for the listeners.

1:11:53All 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. We’d love to meet some people in person.

1:12:10We’ll be back our stream normally on normal graphics, normal setup on Tuesday next week, 10 a.m. or 10 30 a.m. Eastern time.

1:12:23As 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. Anything cap this one off, G?

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

1:12:36All right. Amazing. We’ll catch you guys on the next one. Cheers.