Yo, yo, yo, what up? What up? Good morning. Good morning. GMG. Monday, Monday, Monday, April 29, 2020. Look at that. Another beautiful day to have a beautiful day. We're going a little early today, but we are out here with my co's Bando. What's up? How are you doing this week? Doing great. Man, how are you? I am vibing currently getting the FOMO hour account on the Twitter space. We call the people by surprise. People
like, holy shit, let's get a little retweets. Let's get a few retweets out. Give us a little love at the bottom right. There is the pebble box, you know what to do. And and give us a We'll go, we'll be getting started in a second here. I don't know what my notification my I'm good. Right? You guys hear me right? Right? You guys hear me properly through the show? Yeah,
my old tester. Yeah. Okay. Cause cause I get notifications outside of it, which is weird. But anyways, there's always always something going on with the stream yard. Anyways, anyways, let the people know, we're on live today. Let the people know We're live today. Oh my lord. Oh my this morning. I woke up a check price obviously bad price and then Everybody's losing their minds all over the
place once again. I'm out here. Just trying to get my workout in chill You know and and do my thing. I know that there's friend air drop this week I was just Eigen liar this big and liar air drop this week I know runes are cooking. I know a lot of stuff is happening I know everything's good in my hood for some while. It's not so great in in other
hoods. So anyways Today today, let's see what we got going on market report Well, they yen dude We gotta talk about Japan for like a hard second man look cuz that you got explain me what the fuck is going on there I saw that chart. It looks like my favorite meme coins East gas trees at six month flow. I mean good time to put your grails in the vault BTC now in track for five red
weeks in the world. Oh, wow five red weeks in a row. Jeez. Look at that Egg and lie I can lie here. Like I said, we have friends. We have a lot of stuff happening this week All to memes and dreams a lot of hot coins this week and again, especially cool man's I'm just the artist and That's what that one's going down as an all -time line that is going that is going down as the line I at least he was honest
about it. I feel like a lot of you know, soo though, you know Artists 2021, you know, just didn't even have the nerve to use that line Mando We'll talk about it. I want to talk about what happened with Obi this weekend But I know he's on because he had force majeure in his home the poor guy his walls are literally collapsing What is going on in London Mando?
You tell me? So you'll come at some point rune court launch on okx. We'll go over some stuff and of course our guest is emmerich I got my hoodie right next to me. Damn. It's pretty. I
got it. I got a flaunt That was in home when we last had emmerich on stomach side tough Kobe McRabby on she had a very successful mint And last but not least this show is presented by fair side networked our monthly partner Well the coverage for drain scams and more make sure you check them out fair side network on X anyways anyways Without further ado, why don't we just get
right into it? How we doing that's It is sorry, let me just join the space first. I love that. I love that how we don't let's The hot on sort of day we used to call them So what you saw on the white hot hats hard hats on as in like what is it me? This means shit's raining down us right now. We need to need to save
ourselves Definitely not been the best of weeks. I think for no for For for crypto we had a little bit of a grit like a I would say a slither of hope on on the weekend because we saw ETH rally And there was some it looked like one of the ETS was listed on DTCC I think it was the Franklin or the SLTTF So people are like, oh, maybe the ETH, you know, it's gonna get listed and obviously there's also on
the back of of Consensus suing the SEC. Yeah That seemed to be kind of another you know how we've seen recently when ETH rallies everything dumps Again, bro Like yeah, it was the final we had a little rally thing up to 0 .05 if BTC and And Yeah, the then everything's dumped since everything's down again. Bitcoin is still holding up. Okay, like we're still sitting here at Bitcoin It's 62k.
It's not hit a low low than hit recently, but most altcoins most meme coins Solana Even ETH is all sold off pretty heavily over the last 24 hours. It's not feeling that great out there. I would say I've been bullish on on Bitcoin because it felt like flows were Were still supportive but now around for three weeks of outflows from the ETF three weeks of outflows from the ETF nothing too crazy, but
I Think you have to be realistic there. It's not just been one week in isolation This is now a bit of a trend and you could say that's backward -looking But it does put us on a slightly more precarious scenario that it feels like the ETFs of just not picking up We do have the Hong Kong ETF launching this week But I think it's They yeah, it's it's just a bit of a disaster I think from from
Well, not a disaster, but it's definitely not been a strong three weeks what people expected And I think as we've said before like with Bitcoin catchers are cold everything else is getting Covid at this day like it's Horrific Bitcoin catchers are cold everything catches Covid it seems that dude. I'm gonna tweet that That was a good quote My god, it's
true man. I mean look because it's 62 K. What are you seeing like on the trader side? Like what's trader man though? What's the mando trader out? I've been bullish on Bitcoin like I still think Bitcoin is is is doing Is a good point and I think I also still believe that This is a sort of time where
Everything is down. So if you if your coin hasn't done well this year and you're still holding on to it Like this is not a bad time to get into a better narrative and play a bounce, you know, so like You know if you're in some L1 or you're in some D5 corn you're like all these down to just haven't really caught on and feels like They're probably not gonna
beat that love this cycle. I think it's not the worst time to consider You know, maybe a different L1 maybe a different narrative like which which could bounce very aggressively back if
We get a strong footing. So definitely consider that if you don't want to go into Bitcoin Which you know, some people might not like your if your coin is down 50 % and I'm telling you to get into Bitcoin Which is only down 10 or 15 % you might probably like well I want to make that my my money you can get into another coin here But just be like aware that don't just hold on that
coin that's been down all year or hasn't really done that well That's the same for any asset so far this year. We've been a raging bull market You've now got an opportunity use this down like this down move think about it on the front foot like wow I get another I get an opportunity now to get into something which Which is probably gonna be
a better better cycle play. So I think you gotta you gotta consider that a little bit and You know, there's a there's been a few different things said though the last 24 hours like yet Peter Brandt is like a well -known trader in the space that he he thinks that 70 was the cycle top you had Bernstein coming out and saying we're still going to 150 150k this is just a blip we're
gonna see inflows again into the ETF There's been a lot of hot takes about Japan Do I explain to us what's happening on the on the Japanese yen side?
Yeah, this is the thing like crypto Over always says is like we kind of we We find a narrative and then the price action we like we pin to it this this narrative and actually It's not really been the case that that the Japanese yen is causing global markets to sell off Hey Stocks had their best week last week tech stocks had their best
week in six months Like gold had a good week. It's near all -time highs So the two main things that you would look at for crypto had a good week last week So to say we're selling off because the Japanese
yen I think is I Don't know. I think you got I think that's just like us trying to search for a narrative of why we've sold off Yeah, basically Japanese yen has been selling off versus and most Currencies particularly Asian currency has been selling off versus the dollar Over the course of the last few months Japanese yen has been very notably selling off as as the the South Korean one
and even the Chinese Yuan and There has been speculation And what's really happened there is that inflation is not as aggressive as it is potentially in the US and everyone's Been expecting the Fed to cut interest rates and now is looking less likely In fact, there's some people who think they might increase your interest rates And what that means is the dollar has become stronger
because people are like well My interest rates are going to be higher in the US and they are everywhere else The issue about that is that a lot of currencies have then become incredibly weak versus the dollar the ending the most and That that's painful for people in those couple of those countries like Really big importing countries like if you're importing goods from from abroad and your currency becomes much weaker
You suddenly, you know, you have a you have a It's a lot more costly to several different things So they the central banks of these countries have been saying for a while that we're going to step in and try and save this And they can't really raise interest rates because that there are slightly more precarious point in terms of growth and also Japan has much more debt These public debt so it's not really in
position to be able to do that And the issue about that is also the Jeff that would be okay If they stepped in to defend it versus the dollar, but they and people might question their amount of firepower the Japanese and This is quite protracted. So I'm sorry if you're not following but the Japan is also the number one holder of US Treasury's The number
is holding the world of US Treasury's. Oh, wow, okay, the firepower that Japan has is US Treasury's so when they say they're gonna defend the Japanese yen, but not just selling dollars They're
selling US Treasury's. Okay, bond yields go up So what you've seen is an exacerbation of what's been going on in the bond yield market and that yields have been rising And so part of the reason why we've seen this big big blowout in yields and yields higher is because Japan is selling these assets and If the yen continues to face issues, they could really they could really like smash the US the US on
market essentially and what does that mean for the economy as a whole would be something short was to be something Well, that would be quite big like if you consider like why we sold off last year It was because of what people called quantitative tightening Which is where the Fed was selling similarly these sort of assets back to the market This would basically be another version of that except instead of the Fed. It's
the Japanese smashing US Treasury's lower and creating a sell -off potentially in in global markets If you think it is justified then based on that thesis to think that the market correlated to that so I think This is like the worst case
scenario, right? But I think you also have to look at like what other assets are doing in relation to this or how much they Consider is really the risk here and tech stocks, which would be battered in that scenario didn't really have that bad a That that bad a period I mean even Jeff like most of the stock stock markets around the world haven't had that horrific a period Bond yields have gone
higher, but the part of that is also to do with the ad the inflation has gone higher as well It could there's like a more Guess there's a higher chance of like a tail event is what what's happened Got it I think like, you know if this really does spiral and people continue to attack the Japanese yen You know there could be like a tail event here where you have an unwinding of quite a
big position of US Treasuries and that could cause an issue Sometimes Bitcoin reacts to those sort of tail events, but more often not it's just it's which is kind of what we saw with Iran and Israel The other day like it got battered because people like they really don't like tail events with crypto They're like well, what three happens or if like something nuclear happens like crypto gets
absolutely destroyed that being said like other risk assets this aren't really The yen is getting affected But like you haven't seen gold and you haven't seen You haven't seen First right gold right and I'll give you a lot of Bitcoin as well as saying you know like if you're involved in these currencies As we've said several times in the show Bitcoin is the lifeboat Right Bitcoin doesn't get inflated away.
Bitcoin doesn't have these sort of these sort of Yeah, like that's all these events right that Bitcoin tanks when Bitcoin is supposedly right It's like You know right now everyone in those nations is buying gold China and Japan have been buying gold even more than the people at Costco Like they're buying gold like insane amounts over the last year of the last few years even So and gold is
very similar sort of Value proposition to Bitcoin so could argue that Bitcoin shouldn't do terrible in these sort of scenarios But so it's I think a lot of people just put put a narrative Onto the price action Yes, it's like oh my god, have you seen
what's going on in Japan? I have But I wouldn't necessarily say that that's what's causing Bitcoin to go lower I think it coins going lower because we haven't seen ETF inflows for for three for three weeks and That's not a great scenario And the Japanese yen has been blowing up for six six months a year like this isn't something that's like yeah Yeah, it went from 150 to 160 But I mean it's been blowing up for a
long long long time. So like I wouldn't necessarily say this is like oh my god, Japan Let's see though like it could it could spiral. It
was a Max Kaiser tweet, right? I think we took it from your stuff, but like he goes Very few are aware of what's going on here and the risk involves the yen carry trade has been the lynchpin Supporting global liquidity for 30 years if it blows the credit freeze of 2000 would look small What do you what do you make of something like
that's pretty full state like? Supporting the lynchpin supporting liquidity for 30 years Yeah, look this is just a classic, you know, I'm gonna take off my Bitcoin hat and put on my macro economic hat Yeah Very very aggressive You could happen, okay, and I don't think that's again. I don't think that's why Bitcoin necessarily selling off I just Also, I'd like is that bad for Bitcoin is
I good? He's Max plays a big big bull So I don't if he's saying this as a bullish tweet or not. Yeah, just wouldn't It's a tail event still for me. It's a tail event And it could get worse But for me, it's still it's still a it's still a still a tail event. Okay.
Okay. Look, that's good to know I mean look, this is the majority of the Conversation going on right now in town line when it comes to to majors with with Bitcoin still hovering around 62k He's back down to 31 3165 Bitcoin closer to 63 to 62 and soul back about around 136 Of course like by default the meme coins are not trading very well, but that's just whatever It's just kind of how it is on
on that front and Cross the board. So that's that Question for you Mando. I'm asked will be the same question. I know he's on this way With inflows and or out and or I suppose it did ETFs slowing down Do you think that leads the narrative for the rest of the market
finally to bloom in a way? I was wondering this weekend like obviously has been heavily market dominated by by Bitcoin We've talked about Bitcoin dominance probably going to keep going higher and higher and higher and you know total three Etc. I may be getting hammered on the back of that But what do you think like do you think these inflows being much lower now and track
five maybe having less of a arm a hand in it? Could allow for the rest of the market to finally find its footing Or is it just like you said like Bitcoin is gonna sneeze the rest gonna catch COVID I? Would say that For some things yes and for some things no okay I think if you're at that point in the adoption cycle where people are actually using you I would look for users. It was a really good tweet by
Mert yesterday. I don't if you saw it, but he said that I Think that all L1s have been worse this case than meme go worst have been worse for
this Where did he put it? I know which one you're talking about and he's absolutely right I do think that some L1s have been worse for the industry than the meme corns that people Because they've raised a significant amount of money war Those are really good sweet and I thought there it is there it is that's the one That's the one because it was on the back of the Forbes article right
about the chain being dead He goes these zombies L1s So Mert said the zombie L1s with code like following spreading pure nonsense 24 -7 are 10 ,000 X a bigger problem for crypto than any mean coin things like Cardano, etc I have done serious damage, and he followed it by it's always the same shit Founder speaking about bullshit just technical enough to fool all non -technical people Cult
gathers and coordinates on reddit They have a virtual support group where they repeat nonsense to each other if someone on Twitter says anything that goes against a delusion They swarm around as a group and say generic nonsense because there's zero substance to actually use in any query or an argument them I've been on the other side of that
Everyone knew that buys in gets wrecked. I mean that's that's the tweet you're talking about right Mando Yeah, that's it. That's
it. I guess going back to the first point what would I own and own stuff Which is seeing adoption I wouldn't own stuff Which is this which is just narrative based on trash and that goes for anything that goes for meme coins as well Like there are certain in coins, which you know, you know was some cabal Runup and has no real community other than you know People can get dumped on you and
you know which ones are probably gonna be like more active You can feel it you can feel the ones that feel have the more strength and I would say the same for altcoins like does your old coin have any users or is it Enter random AI narrative and enter random like trash narrative and that's hope that that Picks up users next cycle. Yeah, like does your you does your old coin have users this cycle? I
mean Was pretty it's pretty I think Monero. I think I mean when there was pretty useful for the industry as a whole for privacy So I think that one caught us straight here It's tough Monero did okay, but I would say manair is a lot like I was fine But I would just say that as a use case in general like does that are people using it are people not tokenomics is important to like are people just gonna
be dumping on you Is your two I feel but I get it. I would say is catching straights here out of all of those I mean, I mean, Tessos the only thing you're doing is giving over a chance to go play or Trafford It's about down to what they're doing. Yeah, I mean bullish on Tesos for that. I saw it this morning I love
Tesos man Are you gonna drop a piece on Tesos? I saw you made like 600 Yes, I should drop a piece of Tesla Like we got a talk about That's about to buy a zombie I Spoke about him yesterday. I was like hold on so you've just made two million dollars. He's like no man I think it's the most wild shit I've seen on on the blockchain
in a while Let's take the winder. Let's take the conversation there and then tomorrow Mando when you're back So I do want to keep I want to go a little deeper on this L1 conversation you're having and maybe ask you like I Know you probably talk about them a lot But what you're looking at most because now I feel like people will be really curious I'll tell you right now, which I once I think
could be really good the silver cycle. I think obviously Salana if Bitcoin if you call that an L1 I Would say I'm very bullish on ton just because I think they are integrating it into an app with 800 million users But to economics is not as
good there. So you have to be aware on people dumping you There has been Some light chatter about things like near and suey because they have actually gained TVL I'm not talking about suey on my
timeline again. I love them. They were all over Paris by the way in the blockchain week all over Now they are still early on the adoption cycle I would say near has got a lot of users because it has one game on it Which a lot of people play but they're still relatively early But I would say that they you know you could argue that they are still on that adoption cycle and people are bullish on both
of those stories So we has got a lot of TVL versus a lot of the other chains Like it's got hundreds of millions of TVL versus a lot of these which have basically nothing But I would still say the use cases of suey are a little bit limited They have they've had some big brand partnerships randomly like I think they did partnership with bite dance actually
the other day or Which is the owner of tiktok? Which is kind of random, but yeah, I would say those two are okay on that on that cycle and then I would say You could you could say a vax is Maybe getting there as well like it's a bit, you know never really caught on as It's got a few catalysts or
like shrapnel. I think like some of the gaming sides true catalyst them So the only two that have like who which died from the last cycle and came back other than slana Which I think it's really come back I would say that would maybe bet on is like phantom and because they may be having this new Sonic upgrade coming in the summer and people could argue that that's gonna be a big a big They're gonna
have the highest tps for a while there and people will say a lot of people to use it again But they don't really have that many users or TVL right now So you could argue that that's a riskier one or it's um Or is avalanche like I said because because people can argue, you know, they have a bit of a gaming thing going on They have they have a few things but they never really hit properly and they they do
have some memes They do have some building that defies decent ish I would say so those are the ones other than that if you're owning one like Just have real real questions about what you want I don't know if I'm missing any major ones there But like that's and that's the same for narratives as well If you were waiting for the bull market to see users in your defy protocol AI protocol fucking Whatever
narrative you want to go for social fire like if you're waiting for the bull run, it's happened Right, you've not got the users so like move to one of the ones is down 40 % which has that Oh, he changed his record that he won last week I was bullish on save for the for the for the tech they never picked up To never happen the v2 launch got delayed they never picked up the TVL They never
picked up the users They had a bit of an NFT thing going for a while and they still have a weirdly inactive NFT community But it's not happening and that that foundation has been damp dumping the hell out of this token Yeah, that's what I was they guys say like I heard one of the founders is like max dumping his shit That if Monad launches at 100 million I was gonna say didn't mention my bags dude
If Monad if Monad launches at like, you know 50 billion plus people get bullish But um because say is very similar other than that like I think I've got to be less bullish on Monad because it just hasn't Hasn't picked up Have you seen the animal that that drag guy keeps tweeting about dude. Have you seen that thing? I don't know dude fucking
whatever thread guy say on timeline. I don't I My bags are going to 50 billion right right like that that would be not bad. I mean, you know, that was what's we didn't get We didn't get look on my dad You guys are gonna have to put it and I'm gonna have to defend it it's gonna be
a bag wars. I love that I'm kind of excited for that anyways It's so funny Anyway, speaking of bags blast is another one that's going to be pretty big the month of May is around the corner But that's not what I want to talk about on blast. I want to talk about the fact that over you just made two million dollars Ovi what the hell I was home. I was away. I wasn't my mom's for brunch. I
said drop it You know, I'm a fan of your art. I was super excited I was like fucking like I'll get blast exposure through fantasy top and like these dabs I was like, fuck it. I'll get like Ovi's art. I guess his blast exposure and I missed it And you seemingly bought a zombie
over the weekend as well. So So tell us run me through this because this is like Probably if I got this understood this right the best use of the cross of art and D5 have ever seen in this industry So so you run us through this. What is pack? Right? Yes? For the record For the record, I did not make two million dollars, but There's an app. There's a DAP on blast called blaster BL ASTR and They
had this cool feature which is refundable NFTs. So you can buy an FT or you can create an NFT And you can make it refundable and you can set a time period after which it is refundable. So I sold this NFT is in addition of three thousand three hundred thirty three and After 28 days, it's
refundable. So it means anyone who buys it now They have to hold on to it and that that eith goes into a pool and After 28 days, they're able to refund it and take their eith back out the pool basically So it's pretty cool like it's like kind of makes the NFT unruggable and I kind of
liked it It's like well, whatever. It's like it there's a there's definitely like a Nice feeling about creating art and selling it But obviously if you do it too much then you dilute your own supply and then you know people lose money on it And then they just go, you know, what's going on here? Whereas with this you can like create stuff and then people don't want it
anymore. They can just refund it And it has the ability to do that now the reason why I think it sold out so fast is because people are obviously farming gold on blast right now and Blaster is one of
the DAPs that has been given some gold. So When you create a collection here the creator has the option to Pick how much gold gets distributed to the collectors and I just picked a hundred percent so a hundred percent of the gold that I get from Whatever it is like The only thing the only thing that I get in this situation Is I get the blast native yield on the TVL So farming it's
like this is genius. So you're farming blast by just creating art You can farm blast by creating art. Yeah, maybe there'll be other airdrops I don't know if they'll be other that have created airdrops for gold. There's a possibility for that everyone who collects it farms gold as well and they can get their money back after 28 days and The creator also gets the yield
on it. So it's not really a lot of money like I'd make 4 % on So what if nobody refunds refunds you keep the funds that are not refunded No, so it's if nobody refunds it stays into that put in that pool and I just earn The yield you know blast
has native yield right? I'd earn like 3 .5 % on that money Whatever's left in the pool What you can and people while people keep their NFT Yeah, but if you want to be on less the refund if you refund that
you lose your NFT Yeah, so the supply goes lower. Yeah What you can do is you can upgrade your NFT which makes it non refundable and And if you do that the idea is like, you know, if I said something like Oh, everyone who upgrades that NFT will get some benefit and everyone goes and does it then that then that money is released to me um And what happens if I buy on secondary because I notice it's always available
It's the same thing, but you have to just make sure what you buy on secondary isn't an FT That's already been upgraded because it's if it's already been upgraded and you buy on secondary then you can't return it So it does say here so just for people to pay attention, please only five of them have been upgraded so far So make sure it's not upgraded if
you're trying to buy it, right? So What's the upside of buying this on the secondary because I missed it and it's close to mint you may you may get a distribution of blast gold interesting, okay, like what might happen is they as um Last you're like, okay, we're gonna give blast gold to these projects And then I think then go to the
holders of those NFTs. So it's kind of like It's not risk -free like obviously if blast, you know, if something happens with the um the platform or something rugs you would lose your money it's also really just opportunity cost it's like You know if you spent 0 .169 eth on this But you don't have access to that for 28 days. Could you have made more money with that in 28 days before getting your money
back? so it maybe makes sense if you are fine with the smart contract risk and the levels of centralized risks and You just have money you are keeping in the east anyway It's kind of like a way of staking the east if you like for blast gold potentially Got it. Okay. Interesting. Very interesting. Wait Man, we There's there's levels of Ponzi's being built in this industry. I have to say I'm impressed
not by you. You you you're participating like like to the you're actually I think this is You may inspire a lot of artists to get involved in this This is actually genius It's cool. I just like the idea of like being able to create something and if someone's like no, I don't like this anymore They can just return it and then I love
I love the concept of that It's like on you. It's like less pressure because it's not like you're making the 500 something eth It's like oh, you have to you're like you're not yeah, but you're gonna get a bit of yield And then maybe further down the line I could be like, okay. I'm gonna create this thing And in order to access it you have to upgrade this NFT And then if everyone does it then I get that eith
back. I should do get that eith that makes sense So I don't have an idea for it But you know, maybe in the future if I do That I can do that and that cool here's a new min This will be if you have upgraded your your pack rex you'll be on the allow this person you may So I will
release that eith to me So it's funny. So now I see what you did because I I'd seen this that said the same thing with photography that he took And then Cyrus I should do this with baby pictures That's uh Group by your pictures season two It did I mean, hey like there's this big utility there. All right. Well, that's that's that's super interesting I love that.
Look, there's a bunch of stuff I want to dive into today But obviously like nature of the show today is a little different. We
had to Finish a forward a bit. I do want to talk more about the consensus versus SCC stuff going on Tomorrow over I did want to dive a little deeper about some questions I had for mando today that he answered Well, but Chris your thoughts on the Japanese and everything there and then of course We want to talk about the fact that with week to 40 dollars on the buy bit listing this
morning So we're gonna have to fill that with uh, and then We're gonna that's a new week. That's the next level week to fill obi That three four dollar one was crazy imagine a four dollar one And of course I want to talk more about my beautiful ruins because those are fucking cooking I mean a hundred million dollar market cap gain this
weekend. I think on rs. I see less fucking go I've never been more bullish uh on uh, no, I have been but I'm very bullish on that team in jambarro But this is weekend. But anyways