Good morning. Good morning, everyone. GMGM, welcome to another episode of Omo Hour. Today it's Thursday, March 6th, Point Point. Hi, folks. Some of this shining here in Chicago. We're feeling good. We're warming up, spring around the corner, crypto markets warming up as well, perhaps ahead of tomorrow's big crypto summit outperforming stocks. But the question on everyone's mind is tomorrow's sell the news or the beginning of the true
crypto golden bull run. We're gonna break it all down on today's show. No faroke. He is landing in DC right now. Gonna rub elbows with all the crypto bigwigs here today and tomorrow. But we've got Mando on Logan on this. Mando GM, how you doing? I'm doing great man. How you? How you been? Very good. Every day we wake up and and there's green candles on. I'm always in a good mood and we're still still looking good here today. Logan, happy to have you on with us.
GM how you doing? Hey, good morning Tyler. Doing well, A little chilly here, but otherwise can't complain. Like a lot of news in like more of the the Web 3 sector, so I know you've been busy writing about it. Yeah, not major stuff, you know, that stuff to get like overly excited about, but enough, enough to have some conversations, yeah. Exactly. So we'll get into that probably more closer to the second-half of the show. But folks, what are we talking about on today's show?
We'll start with Mando's market report. Crypto outperforming stocks here this mornings, majors are up a few percent here. Sachs is coming out maybe telegraphing what this crypto reserve is actually going to be, you know? Exactly. Yes, although we don't want to hear it, we're not going to believe it until we actually hear it. Coinbase is tokenizing stocks. Does that matter? Why does it matter? We've got a new partnership with World Liberty Financial and Sui. Kevin Rose bringing back Dick
and man do people hate that. Online Robin Hood partnering with trivia HQ punks catching some love. Huge day of punk sales yesterday and meme coin. Meme coin latest. We'll go around a little bit on the horn there and then 90CC partnering with MasterCard. So there's a decent number of topics on the list for today.
Before we dive in, shout out to our partner starting with Galaxis. Galaxis is a Web 3 platform empowering creators and brands to build unstoppable communities with full ownership and independence, trusted by icons like Donald Trump, Steve Aoki, Mike Tyson and the NBA, shaping together the future of engagement and Wallet Connect.
Wallet Connect is the connectivity network shaping the future of on chain UX. If you've connected to a Web 3 app, you've seen wallet Connect that blue logo, it's everywhere. An icon of trust in crypto as recognizable as Visa at checkout. If you want to learn more, follow at Wallet Connect on X and Telegram to stay ahead of what's next. We love our partners. Shout out to them as always. Mando, if you're ready, let's get into it. Who is the main macro daddy of the land? Can you dig it?
GM, everyone. So yeah, we've had it. Still feels like a macro dominated market though. Interestingly, you know, I said yesterday we went out of the woods in terms of macro stocks have opened down 3%. Bitcoin's barely moved. In fact, it's held above 90K, which I think is a pretty noticeable sign. It's actually going to turn positive, even looks like I'm on the 24 hour here. So I think that's something to feel pretty bullish about if I'm honest.
I think we can, we can feel pretty good about that kind of across the board. This is obviously going into tomorrow's conference, which I think a lot of people, you know, I've got some pretty lofty expectations about what's going to come out of it. I think I don't know if tomorrow's going to be a Selva news event, but it feels like today people are willing to to gamble a little bit. So yeah, we've we've definitely we're definitely looking a
little bit better here. Feels like feels like majors are actually bouncing as we speak. Solana going back towards 150 area, Bitcoin going to 91 K area and some more risky bits of the market also moving like far coin is back up to 350,000,000, which I think is fairly interesting, although the rest of that sector isn't necessarily trading that well. And yeah, just just a generally more risk one sentiment. Interestingly, it is more define L ones than memes.
That's what I've noticed. Like people are are far more interested in buying those right now. That feels to me like a medium term trend, if I'm honest. I don't know if you guys would agree, but it's like I think people are interested in are not interested that interested in in the really risky stuff at the moment yet. I think we'll take a Bitcoin all time high for that to happen.
But they are they're definitely getting more interested in the in the in altcoins L ones, that sort of stuff, which is fine. Like Bitcoin's been moving 10% a day. Like it's OK just to like have your risk in Solana and trade that around. And yeah, but we've seen some decent, decent bounces here kind of across the board macro today. Like it feels as though it's selling off because of these tariffs. Just general risk off sentiment
across the board for for macro. We've also had a bit of a bond sell off. That's something I think probably pay attention to a little bit here. After Europe announced it's big spending package and the idea it's going to spend all this money on arms, you've seen bond yields go up very, very high. This sounds very, very boring, but but at the same time, like when bond yields go go really high, often that's because of how indebted these countries are. That can lead to like currency
crisis. So people are saying that, you know, Europe basically doesn't have the money to pay for this and the bond market's saying that as well. So you you're seeing like multi decade highs and things like the German, well, not multi decade, but but like they are going a lot, lot higher. UK yields, German yields, Japanese yields are hitting multi decade highs to be fair. And that that can be nothing. It also can be a bit of a worry.
So I don't think we're like completely out of the woods. If we have a currency crisis and one of these major economies, then I think people would freak out. And that's kind of I think what stocks are maybe half doing here. But yeah, maybe I'll, I'll just stay on top of it during each show and I'll let you know if it anything's breaking right now. But yeah, people are a little bit worried about about Europe here and its ability to fund a
war essentially. Yeah. I don't really know what else in terms of crypto, right? Like it's just been we're now just all waiting for this new, this new conference tomorrow and who's who's invited, who's not like who's going from EV. Like Ondo was up massive yesterday because they got an invite. Sui's up today because it partnered with World Liberty Financial. It still feels slightly crony, crony like the market. Do you know what I mean?
Like if you if, if you're in the know you're going to win, you're going to win. If not, then then you're kind of screwed and the market's kind of telling you that because it just like goes up and down, up and down. And clearly some people with insider information are, are making money from each each kind of move. There was some positive news, particularly for ETH yesterday. We saw the first company announced it's going to have an ETH treasury, this bio Nexus company.
We've generally seen Bitcoin treasuries. So it was interesting to see a, a ETH 1. And I think a lot of ETH people were maybe taken aback by that, like even the most bullish ETH people I don't think were expecting. That, Yeah. Have you seen the chart? Yeah, some people are not
expecting that to happen. But but that, that is also kind of underpinning I think the the relative strength here is that like people are people still feel that Bitcoin could be bullish here in terms of adoption versus a lot of other things. So yeah, good, good, good market for Bitcoin and that's maybe driving interest in some of the other stuff. In general, it feels like people prefer L ones to gamble on more than anything. And we have a few more states as well getting a little bit
closer. So like New Hampshire, which it's going to get a little bit closer, obviously Texas. And oh, and the other big one was was Coinbase. Coinbase is going to offer tokenized coin, which I think, you know, that could really drive demand. That's what we've been hoping for a long, long time. Some sort of rules around tokenization of stocks essentially allows these exchanges to start trading way
more assets. And that maybe underpins the, the, the L1 bullish, less bullish meme culture stuff that's happening right now. And people are now starting to look through and seeing that we could have a ton different sorts, sorts of assets you could trade on chain. Yeah, that was huge news and and I want to get into that here in a bit. I think the other piece, maybe we would start with predictions for tomorrow.
The the summit. You kind of went there a little bit, Mando, I think the perhaps news, soft news, a tease, a Telegraph from David Sacks here this morning as he came out and mentioned how the the US government has sold off basically 200,000 Bitcoin. Had they held it, it'd be worth 17 billion. And this is the cost taxpayers have paid for them not having a long term strategy. You could interpret this as a sign that the AUS strategic reserve is is just going to hold any Bitcoin the the US
government gets versus bias. So is that your read on this? And then if that is the case tomorrow, are we just going to candle back to 82 Ki? Don't know what people are expecting. I, I, I think they're probably expecting more than that, but that's what I think. That's the, like, he cannot say that they're going to buy Bitcoin just like, just get that out of your head. Like, like he would have to go through Congress in the Senate.
So we can't just say, Hey, we're going to buy Bitcoin tomorrow. Just, it cannot happen. So, and it's the same with the tax stuff, but they can say they might propose it, but then it goes, I don't even know if that would be taken positively because like people will realize it probably won't go through either house to, to, to do that because are you going to spend taxpayer money to do it? Maybe. But I think that would be very, very tough to, to buy Bitcoin
with taxpayer money. And I think second, second thing is are you going to sell gold to do it? And I think a lot of people will be like, no, we're not going to sell gold to buy Bitcoin in Congress and the Senate. So I, I think it's going to be very difficult to do that. I continue to think that that this could be more than getting involved in mining, which they can do, than getting involved in the IT, it in the in the buying. That would be interesting.
I'm trying to find this quote. Someone yesterday was saying they still think that this is going to be the US is is going to go big on Bitcoin. But I can't find the quote. But they could come out and say a plan is going to include purchasing. And of course it doesn't mean it's going to get start tomorrow. And I totally agree, like there it's going to face a whole lot
of challenges. My personal read is if if they say if that's not a part of the plan and if it's simply we're going to hold the assets we have that I do think we'll sell off on that because then it raises the question of where how would they actually go further than that? If you know, if this is where they're starting at, is this where really where it's it's going to end? I think that the mining piece is is interesting.
If they come out with more surprises, perhaps I think that that would be a new twist which which might impact prices. Logan, curious for your thoughts. What do? You think I'm I'm struggling to see how we match the expectations or how anything that would come from tomorrow would match the expectations created by crypto Twitter and you know crypto currency
speculators. I'm with Mando. I mean, I don't think they can come out excuse me, I don't think they're going to come out and say some grand really explicit transparent plan about this is what we're going to do XYZ. It's just not going to happen. And even if there is a slight, you know, positive slant to whatever is said, I mean, it's going to be drawn out. The execution of such is going to be drawn out probably so long that any positive little tailwind just gets swept up into
the next day's headlines, right? Like, I, I just don't think I'm, I'm not suggesting that tomorrow and having all these people in the same room is a bad thing. I, I certainly don't think that's the case. I just don't expect that whatever comes from it is going to be positive enough to like send us to like, I don't know, what are we at 91? I don't like, I don't see us going like 91 to 100K tomorrow on something that comes from the summit. Sad. But yeah, I know it is sad,
right? Like I, I want prices to go up too, but I'm trying to be a realist here. And this feels like, and maybe maybe that's a little consensus, maybe not, I don't know. But I, I just don't see something happening on the mining front. I was actually, I was scrolling the decrypt feed, I noticed there was an article about the US releasing the seized Bitcoin mining hardware from, I don't know, must have been what Silk Road or before or something. I don't know.
I'd have to read the article I didn't do, but yeah. But that that's just an interesting note that goes to that they might purchase new hardware if they wanted to. There's a huge number of Bitcoin, you know, Bitcoin miners in the, in the states, like huge, particularly in Texas and, and other and other states. And look, there's lots of countries, a lot more countries are getting involved in, in Bitcoin mining than they are in Bitcoin buying, right, Bitcoin
mining. There's a number of countries in the Gulf. There's Bhutan, there's Belarus, there's, there's, there's like there's quite a few. Anyone who has cheap electricity looks at this sort of stuff and I, I just think that that would be the most obvious play like some sort of like we'll give you a subsidy or you pay your taxes in Bitcoin to these miners or, you know, like that that's how they get the strategic petroleum reserve, for example, right?
Like it's, I think you've got to consider how the, the US just I don't think it needs to to buy like I think it. I mean, I guess in this point is that like in this scenario where they're mining, you're, you're saying they mine and accumulate. Yeah, they're not just mining to sell on the open market now. They'll do a big deal with someone like Marathon, Marathon or one of these other big US miners and be like, hey, yeah, we'll we'll do a deal. We'll subsidise.
We'll, we'll do, we'll have a Co mining facility here invest and you'll get tons of jobs or something like that. Right then, then they get their Bitcoin. It becomes part of the cheap reserve and they they're not buying it through Coinbase. I just, the more and more you run through how they could possibly buy it, it becomes more difficult for me. Like I do think the sovereign wealth fund has a shot, but then you still have to ask how the sovereign wealth fund is funded itself.
Like money just doesn't come out of anywhere, right? So the sovereign wealth fund for it to be funded, it would also have to sell assets. Now, what does the US have it it, it has real estate and it has gold and it has a couple of other like other important resources. So it I have to sell some of those to get to get to fund this. Or you could say he's going to fund it with with, with, with with tariffs.
But the tariffs figure, I mean, I just don't think I don't think they're going to raise that much from those enough like the tariffs is already kind of for the budget, right? Like you can't tariffs can't be for everything. So the amount of money that that would go to balancing the budget versus sovereign wealth fund, I think would be quite small. So maybe they would issue bonds, like maybe they'd issue like gold backed bonds and buy Bitcoin with that.
I don't know, like that like some, some, some sovereign wealth funds, like Norway does that. Norway like has a sovereign wealth fund which issues debt and, but, but majority of them are funded elsewhere. Like the, the, the, the, the gulf ones are all, you know, because they sell oil and, and gas and, and then they fund them that way. But the, the US would basically have to start selling some of their resources to do this. And I just, I just don't know how that, how that conversation
happens. I, I, I, I just don't think there's a world where the, the US sells gold to buy Bitcoin. I just think you'd think it would be very difficult. It's a tricky move. I think the money makes the most sense. I think there's, there's also been an argument like one of the concerns for Bitcoin on a 2030 year time horizon is eventually it will become the incentives will drop as the rewards fall and that private companies may not want to do it anymore. And then you lose security of
the network. And then but what it makes sense for a government, government sees to step in and and take that on as more of a utility service. That's a good point actually. So it's, I mean, someone's in the corner is being saying, how did crypto become we need the government to buy our coins? Like what am I missing? That was this was all about to begin with?
I do think it'd be pretty fucking hilarious if the US government starts starts mining Bitcoin and becomes the reason why Bitcoin survives in a no fee world. Like how perverse versus the original incentives do we want to get here? Like. Sure. But yes, it would be probably beneficial for the long term future of Bitcoin if if there were nonprofit orientated orientated people validating
nodes. Yeah. And I mean to to address the comments, I think Bitcoin can certainly survive with the US buying. We're just talking about near term price action, right? And everyone levering up to to the tits ahead of this White House summit tomorrow, thinking we're going to get some blockbuster announcement. I think it's there's going to be news on the reserve. I think there's got to be something else too. Like it's got to be more than just this. Maybe it's a sovereign wealth
fund announcement. We just saw the headline from from Bloomberg that looks like this Morgan Stanley banker Michael Grimes is, is going to be tapped to lead this. I don't know a ton about him. I did a little bit of research. Seems like he he's, he did some crypto dealing back with Elon in the FTX days, but I didn't really get much further than that. So I'm not I don't have a huge read on him personally. So we'll see.
And then if there's any wild card announcements we've talked about that, I'm sure we'll talk about again more on tomorrow's show. I do want to talk about this Coinbase story. This is a big one and the the news here is Coinbase pushing forward once again. On tokenizing equities, actually tokenizing securities and stocks and bringing them on chain, their CFO reminded folks like, hey, like Coinbase tried this back in 2020 and basically just
got rejected. But now under a more crypto friendly administration, they feel like they've got more of a shot to actually push this through. And as a part of this, they want to start with with Coinbase stock. So coin will be that the first tokenized stock they want to bring on chain here. So there's a lot to unpack. I guess, Logan, I'm curious if if you saw this story, any initial reaction slash like is this something that you would personally want be interested
in? Like would would you trade tokenized stocks on chain? Yeah, it's interesting. I, I did see the story. I read this from the block and I saw maybe Armstrong's tweets about this as well. Would I trade stocks on chain? I'm to be honest, like I don't have a real strong incentive to, I don't think to be trading stocks on chain. I'm not a super active trader
anyway. So I'm not necessarily perhaps the the target demographic for a, for something like that, you know, that type of product anyway. But I totally understand the bullishness behind getting more money on chain, right, to to be able to do more things on chain. I'm I'm all for all, you know, things like that.
So I do think it makes sense. It's something that right what FTX Luna, like all those projects back in the day, we're talking about it, you know, foreshadowing, hopefully a future in which, you know, you could trade all these equities. You have traditional equities on chain. So I think it's a matter of if or sorry, when, not if you know for when this actually does take place. I don't, I don't know what it it means for like the average
participant. I'm not sure if it matters really all that much, but in terms of bringing a bunch of money on chain, I think that that's super impactful. Like though, I guess one of the hard parts for me, Tyler is just like, I know this is really boring and lame, but just like the tax considerations, like there's still like so much uncertainty regarding crypto taxes, crypto regulation. Is this weird like to do this trading on chain or are they going to make it easy? Who knows?
Because otherwise, you know, just trading with your typical broker or brokerage. Like, it's probably a lot simpler to be honest. Yeah, they, they do all the reporting for you. So I, I, I see that and like, I think my, my realistic take is like, is Joe Schmo down the street going to come on chain to trade stocks on chain as his
first use case? Probably not right like he, he something would have already brought that person on chain by now if they're interested in it. And I don't think this is it, but I do think it is a way to keep capital on chain. So like there are plenty of crypto traders who other who also trade stocks in in other asset classes, right And like let's say you think Tesla's going to outperform Ethereum.
Well, up until now, you have to sell your Ethereum and off ramp and buy Tesla via your stock account. And now you're going to be able to keep that capital on chain, which in theory or pie in the sky helping him. Is it it also brings it easy. It makes it easier to you know, Tesla runs 30% then you swap back to eat right for this example. So it it keeps it on chain. I think it I think that the bigger story is this.
We're in six weeks. We're, we're seeing more and more ripples and impacts of the crypto friendly US and whether or not like we, we just had the, the the comments are saying, you know, we're celebrating a government buying our bags like, and that is a silly thing to do and I understand that, but a government that is, is enabling innovation rapidly is a bigger deal. Yeah, for sure.
I think one of the other things that stuck out to me particularly maybe it's just this article in the framing and I maybe need to dig a little deeper is I was a little disappointed to see that even the comments from Haas and others in here like I didn't really get the why they're so excited about it. Of course, like I I recognize if getting the 24/7 trading. I think Armstrong references that getting more people on chain.
Yes, I understand that they didn't feel to me in reading this that there was like any other detailed excitement points beyond those things. And maybe I'm just tired of that because we've been hearing that for a while as like the pros, right, Being able to trade 24/7. You saw the tweet that copy pasta at this point in time, right From was it Eric Trump?
But yeah, I was yeah. I'm I was missing a little bit of like the some of the other, I guess, like smaller bullet points about why this is so exciting, aside from the fact that, you know, you can trade it whenever and it brings money out, Jane. And maybe it's just those things and it's I need to just be OK with those are simple and big points, but I don't know, I was maybe I was expecting a little
bit more in terms. Of is the writing on the wall or like between the lines here that this is a new business line for them and and like they're going to facilitate stock floating on chain because that is a big. Deal that's a that's a big deal. I mean, does this become more of a if you're looking for like a play here, of course I'm not, you know, suggesting any financial advice, but like, is this like a is this a coin play, right? Is this a Robin Hood play?
Is this a whatever more of like a picks and shovels types things because they are facilitating, you know the the trading of these equities on chain versus like nothing else really matters. So this is Coinbase very excited to rack up some more fees. Maybe who? Knows Mando, curious for your take, is the is the writing on the wall that Coinbase would be spinning up their own on chain stock trading business line effectively or product here? Oh, 100%, yeah. I'm thinking pretty openly
they're doing that right. I think that's been the state to the aim of crypto since the since the beginning, you know, tokenize everything. It's just been not being able to do it in the biggest financial capital, which is the States and and now we're probably going to see that. So yeah, I think we'll see tokenized, tokenized everything like there will be stocks, bonds, real estate, everything can go on chain. Obviously. This is what Larry Fink's been saying as well.
I don't know if it will like be the only location for for for this, but I think it could be a. It could be one of them for sure. Nick Tamino had a pretty interesting hot take here. I I kind of did a double take when I wrote it. What do you say he? Said $225 billion in stable coins presently $0.00 in stocks on chain. His prediction stables past one trillion in 2025 and 100 billion in tokenized stocks on chain in 2025. I guess my the the 100 billion and stocks on chain actually didn't.
I guess if this gets pushed through like that, that number doesn't really surprise me as much. I don't really know like how to quantify that. But the one trillion in stables is kind of what made my jaw drop a little bit because that's 4/4 and 1/2 X Where were I? I don't. Think you're going to get I don't think you're going to do that, but but I'll just that's just my gut, but but I do think. Total up only, Total market cap is 3 trillion. So what's the path like?
So like, let's let's play this out. So like what would be the path to 1 trillion in the next nine months? Is it banks launching their own stable? Yeah, it would be banks. It would be banks. I mean, this kind of goes back to this kind of goes back to the idea that everyone could, originally it was everyone could have a coin and I think now it could, it could donate to everyone has a stable coin. You know what I mean? Like there are some benefits to
having your own stable coin. You basically can operate semi like a bank. So like big brands could all do it in the same way you want like a loyalty program, right? Like you keep money on the on and then they basically can do whatever they want with it. You could you could see, you know, Nike has a stable coin, big banks have a stable coin. Amazon has a stable coin rather than having a coin. Now I don't know, but they could easily do that.
Yeah. It's an interesting one if that, if this prediction comes true, I guess I feel like asset prices would be higher. And I know that banks launching stable coins on paper doesn't mean the price of our tokens are going up. But I feel like the amount that that would signal if that level of capital coming on chain this rapidly, I feel like would be a very big signal just to people perhaps who are on the fence to traditional institutional
players. So I think it it would be a very bullish outcome, but perhaps a little lofty. We we will see. I want to go around the horn a few other headlines from the day. I do want to hit this sweet news. It broke right before the show. So if folks haven't seen this, Swede announced a new strategic partnership with Trump's World Liberty 5 S As a part of this, World Liberty 5 is going to add Swede to that WLF strategic reserve. The two are going to form a new partnership to develop new
products as well. It looks like from the release, the WLFI team first approached Swede due to their underlying tech and the potential to play their role in in modern finance. We have a couple quotes here from Eric Trump, Zach Folkman, Eric said we're excited to work with Swee and explore the innovative opportunities this collab presents. And then Zach Folkman, who's the Co founder of World Liberty 5.
We chose Swee for its American born innovation combined with impressive scale and adoption is a natural complement to our mission of bringing decentralized finance to more Americans. We did see Swee rally quite a bit initially on the news. Yeah. So it's up 17% on the day, basically candling up right on the back of the announcement. Seems like we've had a bit of mixed reaction so far at least on on crypto Twitter to this
one. Curious and Logan, if you guys have have takes on this one or we can continue to to move, move along? They just, they just gave them $5,000,000, right? Like this is what it is. This is what World Liberty Financial is quickly becoming. Almost like a, a crypto slush fund. And and with that, you get the, the Trump seal of approval and, and you maybe get to go to a dinner like this. I, I, I don't know. I, I I'm not. I've been pretty vocal that I think World Liberty Financial
is, is not good. It, it seems like people are also conflating now world liberty financial actions with like with the US government actions too. So like, it's getting a little bit murky. Like I think people saw the headline. I think maybe Watch or Guru ran a headline that was a little bit light on details and thoughts. We was being added to like the US government strategic reserve. So a little bit.
What the coins want and, and there is the, the reason why it's getting blurred is because it is blurred. I, I, I tell you right now, the people that got invited to this crypto conference, I bet you they're all, they're all well living financial people as well, like. Well, I think I've seen headlines that some of the attendees are some of the bigger donors, right? So like, I don't know if that's even like a secret. That's like public information at that at this point.
At the same time, we were praising Coinbase for, you know, pushing pro crypto agenda and fundraising and backing their candidates, right? So like, all of this is a little bit blurred I guess is just what I'm saying. Yeah, the last six months has been a lot of pay for play type stuff. I mean, it's kind of how the world works and we're we're seeing it here.
I think that one of the most difficult parts for me, just echoing some of Mando's sentiments, is like if you were giving World Liberty Financial the benefit of the doubt that it was looking to become a legitimate what, Defy platform of sorts. It's becoming more and more difficult to understand how all these pieces fit together. Like how does Swee play with all the other assets?
It's, it's literally just a strategic reserve play, like they're just going to hold coins and what else are they doing? I, I don't even understand. Like, I don't know that that part, that part. Becomes, yeah, I, I see what you're saying. I think we we need to know a little bit more still about like what World Liberty 5's big plans are and what, what are they, they, they're doing here. Let me start you just you're right there. There's no big plan. Like there's no partnership
here. There is nothing. There's nothing happening. It is just some money that has been used and in return you get big marketing, you get the seal of approval like this is, this is what this is. There was a report out I think it was a couple days ago saying like business leaders are paying $5,000,000 to meet Trump at the moment. If you guys saw that. I did see that I commented how he would he would cook on time dot fun this is those are his going rates.
Is it the same thing? I don't know how that's legal. I can you. That just feels like blatant bribery, like we're going to spend. Five One man's bribery is another man's donation. You know, how does how do you think the US political system works, right? You call that bribery in other countries? The US is built on this thing. Sometimes I'm hopelessly optimistic, perhaps a bit naive. Well, let's keep going around the horn, I think.
Another piece of news that has captured a lot of reactions from the market. We didn't have a chance to get into this yesterday. Kevin Rose is back, folks. Like him or hate him, It looks like Alexis Ohanian has partnered with Kevin Rose to reacquire Dig, and they're installing Moon Bird's artists and COO Justin Mizell as the CEO. Logan, I see your name on the art. So you wrote this one. Like tell us about this. I, I might have declined the assignment. I had known the, the backlash.
No, I, I mean the, the announcement itself is like pretty minimal. So Dig, of course, Kevin Rosco founded DIG a long time ago. I, I was not a Dig user, but from what I read about DIG, it was quite popular and like a useful thing for a while. The social news site, I guess you could characterize it as. I don't know if either of you used it or not. Anyway, he left, right?
They sold, I think parts of it and they he, you know, honey and reacquired it Yesterday. They announced the reacquirement and they're going to reboot Dig using AI as like a really, really strong content moderation platform, trying to basically thread the needle, I think between today's social platforms, more or less. And of course, given the disdain that Kevin Rose has earned earned in crypto, you see that ethos rating there five O 4. Not sure I've seen one lower.
The timeline went nuts. Even though as of right now there is no known connection to crypto, blockchain, anything like that. They do mention a few times rewarding human participation, heart human participation. The Verge article, Mizell commented about that. The press release may have said something about it as well. I reached out to representatives for DIG, did not receive a reply regarding that. So TBD. But yeah, I mean, there's not much else to say.
If people just, they see his name get real, real fired up. All you can do is drop in an e-mail to be alerted about when the platform goes live. That's it. This is the part of the reason why this is so interesting to me is like, I've seen a lot of smart people that I respect say like this could actually be a very interesting re up of this product. And I think Alexis Ohanian is a
very serious player. Of course, you know, with, with Reddit and whatnot, but I feel like the NFTCT crowd is just so jaded by anything. Kevin Rose, like I, I believe that he might be the single lowest rated person on Ethos right now with 500 and folks aren't familiar with Ethos. It's a reputation platform. Everyone starts with a 1200 number baseline. So like 1900 is good, very good. It would put you like top 10500 is the, you know, very bad.
So, so clearly he he he's not well liked in in the web 3 streets. I don't think that's news to anyone. I I posted about this this morning and my replies were just flooded with with angry comments. So people are mad online and they're mad at, at Kevin Rose, I think. What does the Justin Mizell piece I think? That must be that must be part of this. That is, you know, you, you see, you see moonbirds, right? And you just, you roll over into what happened.
And yeah, I don't know, man. I don't know. I, I personally like the app itself. Like I said, I did not use the first iteration of dig for a time. It was very, very popular by, you know, in all the reporting that I did. It doesn't seem like a bad thing to have. They do it well, like I, I don't I, you know, social news like we're we're receiving this via crypto every or sorry, via crypto Twitter every single day, like it's just another competitor of sorts to Reddit X etcetera.
But what what's so bad about somebody trying to do that a little bit better? That doesn't seem like that big of a deal, and the platform's not even live so. I I thought it was interesting in the context that you, you saw that Alexis Tohaney and also put in a bit the TikTok. And. He wants to bring that on chain he wants. To bring that on chain. So he clearly is Web 3 adjacent or is very much aware of what he's doing. So yeah, ignore the Kevin Rose stuff. I think pay attention to what
Lexus Vanian is doing. He's he's looking up and bringing on some of these social media style sites on on chain. Yeah, he's actually. Asteroid mining missions, I learned today. I learned that as well. So he's got his hands in a lot of things. Got a lot of money. One of the one of the things that I don't think people realized about the, the so I wrote the TikTok story for Decrypt the day before as well.
Sorry if I'm rehashing anything you guys may have talked about, but he's actually like specifically calls out if you, yeah, that thread right there, like 2 posts down, he calls out. He very much mentions the blockchain itself that they're talking about. I think it gets skipped over that little frequency note there. So frequency is a blockchain. It's a layer 1 blockchain. Yeah, that was a note that I had to do double take.
But in my reporting came across it's a layer one blockchain based on the I'm going to mess up the DNSP, basically a decentralized social networking protocol. But the Frank McCourt, former Dodger's owner, the billionaire who's behind Project Liberty, which is the entity making the bid for Tiktok, basically that's what they've selected as the empowerment network for this bid, right?
So they want to get TikTok US, they want to acquire that and bring it to frequency, bring the data, the social graph data right on to frequency. It's already been outlined. I mean, it's like literally on the the people's bid website, which is the website which indicates, you know, the details of this bid they're making for TikTok USA. So it, it's spelled out. I mean, he's literally telling
you which blockchain. So frequency itself was a started as a polka dot para chain and has since they partnered with Consensus in November to get his feet wet in Ethereum and EVM. So so I mean, there's a lot, there's a lot of stuff there. I didn't see anybody talking about any of that stuff. We wrote it up. It's over at the grip. But yeah, I think that's the more interesting part here too. Mando is, you know, he's very much spelled it out. I mean, he literally said he
wants to bring TikTok on chain. Then the very next day there's more news about a social site and all you know, they all have connections to crypto and blockchain. I'm speculating, of course. I have no information that that would suggest that DIG or anything like that will come on chain, or if they have any intention to do so, but it's not the most outlandish leap to make. Why do we want to have social media on chain?
I'm just trying to think about that myself a little bit because I know a farcaster that was this idea that like you own your posts and that sort of stuff, but like. Yeah. So you really? Want all of our Do you really want all your social media posts on chain? It's like having all your messages on chain. Like I just feel like it's one of those things where like, yeah, I'm not. I like, I don't know if I want that random tweet. I just deleted it to be like on the blockchain forever.
An interesting, so I I interviewed Nigel Eccles a few, I've talked to him a few times, but when he was building one of his first on chain sports betting products and he basically said you don't want to bring anything on chain that that doesn't absolutely need blockchain to function. Right. Because it provides a hurdle. So like I, I don't really have the answer to that. I understand media on chain from like a protecting revisionist history standpoint. That's a good.
Example like there's some vetting of what you've posted, but it's like it's like if someone said do you want to have all your WhatsApp messages on chain? I just feel like, no, I don't really. Yeah. Kind of the. Opposite of that and I agree like I actually think that we we should put web 3 where we where it should be. I guess with TikTok it's videos so like and and sometimes there's some sort of control about what actually can get
posted or not. So maybe there's some like idea that you'll have like a but yeah, I don't know, like I'm, I'm less, I'm less super bullish on like everything needing to be on chain from a social perspective, messaging perspective for sure. Financial assets makes sense. Yeah. Other other things, maybe a little bit less. So my my read on why they want to do this is is the data ownership piece right? Like you don't want TikTok to own your data.
That the whole thing that like a lot of the newsletter, newer newsletter sites are about right. Like own your audience, not XYZ owns your audience, those types of things. Like I sort of understand that, but I, it seems I don't, I don't understand it in practice, I guess yet. Like I can read these buzzwords on the page about like owning your data, you know, somebody else not controlling it. And those things seem good to me, like just to read those, but I just don't know really what it
looks like. We haven't seen a in my opinion, we haven't seen a good implementation of it that makes sense. Like, people don't, do they really want to have to port their data over to things? Like I think most folks just like don't really give a shit. Like, you know. Makes sense.
Makes sense for Taylor Swift and Snoop Dogg and superstars who have an audience that they can just port over to new platforms like Snoop Dogg moving from Spotify to a Web 3 platform like where he could potentially earn more. That makes a little bit more sense if if you're a random TikTok creator hoping to generate revenue and become a TikTok influencer, it's going to be a lot harder for you without like TikTok helping, helping you out like and, and helping you to
build that audience. So I think that would be the argument and, and argument against it. But we'll, we'll certainly see. I want to go around the horn. We have about 10 minutes left in the show. A fun headline from yesterday. And Logan, you, you wrote this story. So I'll, I'll tee you up again. Folks may remember very popular trivia again, Trivia HQ or HQ trivia, rather. Yeah, it looks like Robin Hood has partnered with the host from that to do a crypto prize game show. So what?
What's the story? Here. Yeah, this was fun. So I participated in this. It was a busy day yesterday near the end of the day, and they have another one coming today for Robin Hood Gold members at 4:45 PM Eastern Time. But basically it's if you didn't play HQ trivia, it's essentially the exact same thing. They're asking 12 multiple choice questions.
They're about finance, economics, and crypto currencies and if you answer them all correctly you split the prize, which it's not a thing to scoff at. It's $1 million in Bitcoin and I played yesterday and bowed out in like round 3 or 4 or something on some trying to take screenshots for the article and it's just bad. I missed the question. Whatever, I'm a dummy. But only 615 people made it all the way through yesterday, So the winners actually got like, 1600 bucks in Bitcoin.
Not too bad, right? If we're just logging on, it took 15 minutes. Yeah. So, I mean, it's nothing crazy. Sorry. Go ahead. Are they getting Bitcoin in their Robin Hood wallets as the prize then? Yeah. So they'll be sent the Bitcoin. They have to. They basically have to I think claim the prize within 30 days or it expires. I don't know if they were sent it already. I think the terms and conditions indicated it would be sent within the 1st 5 days and they'd be notified.
I was not a winner so I can't tell you the exact details on how it unfolded, but they did indicate they asked 615 people won and yet they have another one coming today. And then the nice part, I guess there's a consolation prize for gold members, right? The premium subscription is even if you don't when you get an undisclosed amount of Dogecoin
as a prize. So yeah, I reached out to a representative for Robin Hood. They we're, we're not able to provide me a, a detail on exactly how much Dogecoin someone may be able to expect. But nevertheless, if you do play today as a Robin Hood Gold member, you're eligible for the Bitcoin prize assuming you win. But then even if you don't win, you'll get some Dogecoin as a result, so. This is kind of an interesting onboarding mechanism, right?
So like Robin Hood tech tapping into their audience, folks who who like to trade already and you win some trivia, you win some Bitcoin, maybe hold on to it. Yeah, it was pretty. It was pretty cool. I mean, I played a little bit of HQ trivia. Not a lot. Like I said, it's the exact same flow. It's fun. It's like it was really quick. You know, there's nothing weird about it. No entry cost. You know, it wasn't like super informative.
There were a couple crypto questions about like how many, what's the total Bitcoin supply? What does HODL stand for? When was Dogecoin created? Things like that. Nothing crazy, but still pretty cool. Pretty cool little headline, $2,000,000 given away. I mean, that's, that's not, that's not the scoff at, that's, that's pretty nice. I may have to sign up and turn to play. Well, I'm not a Gold member, damn it. All right, well. You can become a gold member. There was no snapshot.
Very true. I want to keep moving. A few minutes left yesterday, Mando made it a point to to mock those who chose the punk side of the punk versus Bitcoin trade. And some people took that personally and went out and bought up a lot of crypto punks. So the the floor, I think 20, Let's see, how many sales did we get yesterday? 20 In the past two days now we've got 28 punk sales, some nice ones moving. So it kind of started with a nice little stretch of aesthetic punk sales and then the the
floor moved after that. So we saw another 10 or so get get picked up off the floor punks. Now back to let's see what do we got. 37.9 ETH, 86 six. So still trailing Bitcoin by about 5%, but tightening the gap because the gap had gotten fairly large there. It was closer to about 15 to 20% punks moving up. This feels like one of these battles that only you care about you. Know what I mean? You know we are managing the punk Bitcoin spread trade. It's just so funny to watch you. Is it?
Like you actually post quite a lot about it. Yes, I I find it funny. I think it's an interesting spread to to America as well and. It'd be a good thing for Myriad. Definitely a good. Thing for Myriad. Shout out a couple while we're on that note, Myriad, we know the money markets are coming soon, very soon. We don't know when that is, but it's very soon. And I saw a stack 23% of abstract transactions were done on Myriad huge.
So, so shout out to the Myriad crew and just keeping that platform up. That is a a huge chunk of those transactions. So we'll be looking out for that. And yes, maybe I can get my punk Bitcoin line live on the money markets here soon. Logie, what else? Before we wrap up the show? Oh, I guess quickly around the horn on some mean coin stuff. We touched on this a little bit yesterday on the Solana streets. It it still seems like Puiz is kind of like the top dog.
It looks like it might be dead. It's coming. It's it's fighting a little bit. It's hanging out at at 21 million in the AVAC streets. It's all priest tales, the blub token doing very well. Still hanging out at 77 million, still down from about 100 million peak, but but still hanging out. That's a 77 X for anyone who was in the pre sale. Did see our first sign that OK, maybe not every pre sale is going to be a massive cook.
So this Albert coin came out launched I think it's another 1,000,000 baseline pre sale round went straight to 13 and then down only so low. Give me a quick thoughts. AVAX pre sales is meta over was Albert just perhaps not the the strongest one? What's your What's your read on this? Yeah, it's interesting. I I'm really surprised that so many of these have just been like straight up like first one, second one, OK, but third, fourth was Albert, like the fifth one maybe.
I don't know. Is it over? Probably not. I don't, I don't know. I don't have a strong opinion. I mean, I think we'll continue to see them come. I I think the performance from these tokens, it's got to start being like the little descending loops thing I would think after a while. That's why I don't know what this pharaoh token is. I saw someone posting with this. This Sparrow went nuts.
Is that a dex type thing? Or no, the native liquidity layer on AVAX, Yeah. So for whatever reason, that's up 73% today. I think what threw me off a little bit about the presale of blood was incredibly strong. Shout out to anyone who got in. Clearly that was the great play. It basically displaced wink. So wink was the number two wink now just totally falling off a Cliff. So I think there's some signs that not all of these are going
to be able to be supported. KET still hanging out very high still at 300 million, about 40% off peak. So we'll see. I think some presales can still cook, but they just need to be. They need to slow it down it. Reminds me, it reminds me a little bit of that, that period in time in NFTS where it was just like all those like cute meta, you know what I mean? Like all these presales are the same thing. It's just like. A new little. Yeah, it's like a new little
character. I I mean, that's not a bad thing. I like the looks of all of them, but it's just I don't. I don't know. That's why I think it I lead to the descending loops thing. It's like how many times can you keep doing the exact same thing? I don't know. Not a ton of volume. I mean, I guess I'm kind of bi, I'm just biased from. Anchored to Solana Volume I. Guess but clearly enough to to move these tokens. So we will continue to to see
what happens in AVAX real quick. Henlow, do you ever read on this Henlo situation? So disclosure, I own some Henlo. I was air drop some as a honeycomb older. I have not been super actively paying attention to the discord. I get ping a bunch of pings in there. But yeah, this is so I'm not sure how much people know, but this is the the Berra chain version of Henlo comes from the from Jenny or Johnny the Honeycombs honey jar.
You know, just like really, really deep community members and builders in the bear chain ecosystem. This is sort of the the incubated meme coin of choice. I think they actually had a siege round for this meme coin. They had like the ability to like to buy options on this at like a 6.9 million FDV. There's like an O Hemlo thing. There was a very widespread community points system as well for ETH communities, Solana communities, things like that.
Future plans I don't really know too much about at this point in time, but Ferrochain and the communities there are crazy as we've seen, you know, they've spent what, three years building that thing and, and so many people stuck to their guns and really rallied around it. And, and despite what initial sell off, like it's still holding pretty well all things considered, given the market volatility.
So it would not shock me to see a meme coin do really, really well there or like a, you know, a community coin, whatever you want to call that do really well. There's a very rabid community surrounding the Bera ecosystem. Hopefully it is Henlo because I do own some, again, Full disclosure. But other than that, I, you know, I don't know too much about it. Of course some confusion with the competing Henlo, which I also own on base from on chain Gaias and stuff.
But yeah, I think that's been the the more interesting part in the whole like PvP aspect of the the two Henlo tokens. But it it looks like yeah, send them both up. Send them both up, yeah. I think that's a a good note to end the show on. We went around the horn folks. Are coins still doing well here? So, so shaking off the the macro stocks dip here this morning ahead of tomorrow's crypto summit. So I'm sure we'll be talking
more about that. Still a little TBD if we're going to have Farooq back with us tomorrow or not. We would love to get a first hand report from him. We are also in the works and maybe having a big guest tomorrow. We'll see. That's not 100% confirmed yet either. We will keep you posted. But for today, that's going to be it. That is our show. We want to thank our listeners, want to thank my coach, want to
thank our partners. As always, we'll be back tomorrow at 10:00 AM Eastern. Till then, go make it a great day.