And it's a. Beautiful day. Have a beautiful day, GM GM On this beautiful day. Good morning. Two and three with Baroco San Fernando. In it's. All on the road radio. It's a beautiful day. Have a beautiful day. GM. GM. Rock Radio Well GM everyone, this is a new week. New show, new hosts. Farokas in Korea, OSF is in Vancouver. I've replaced them both with much better versions. We're joined today by Mika. Mika obviously has been a Co host for a few of the different shows so far.
She's now gonna be a takeover this week. For the whole week and we have cows who's one of the Co Co founders actually of Canary labs and I'm saying OSF and I thought he was just a better version of OSF to have for the week. So new panel that we have come join us on YouTube. I'm gonna pin the link in a minute but yeah we're gonna be on. I think you're breaking up already Mika. Not a great start. Can you? Is that she breaking up for you as well? Cows. Yeah, Signal's not great, not great.
Start to the takeover week. The Takeover Week starts, and it looks like Mika is already down. So no, no, it's gotten even worse. I think you're gonna have to leave and come back, Mika. I think your Wi-Fi is gone. Your big reveal is failing on us. So, yeah, look, we're going to have a fun week. Mika's obviously going to bring some energy. I think she's in New York. She's not actually even at home.
She's so she's on a budget. New York Wi-Fi, you have to assume probably two or three star at this rate. So yeah, it's just going to be, it's just going to be me, you and Callie for the week. How you doing, Callie? I mean, a bit of an intro. You're a step up because I don't think anyone really knows who the hell you are, even though you are quite a integral member of of of our organization, let's put it that way. Yeah, I was trying to think what's like the best intro I and I came up with.
I'm the Steve Ballmer of Canary Labs. Like you and OSF are basically the Bill Gates, the front of house famous guy. And I'm just the weirdo sweating on stage like shouting developers, developers, developers. Well, I Wozniak, Steve Jobs, I feel like. Although I think Wozniak is even less kind of suave and charming than Steve Ballmer, if that's possible. Apologies if he's like an an on in web three and listening right now. The great thing about this show is.
Most people don't watch it on YouTube, so no one will actually know that you're not OSF. They'll just TuneIn and they'll assume that you're OSF, so they'll hear the English accent and assume it's exactly the same guy. There's not much difference. So yeah, you're the key, you're the key friend in the middle. But it's actually, I think, surprised to you about how basically we're the same person. I think all three of us people assume it's the same person.
Because when when like OSF just gets away with not saying anything for the whole show. Basically and and. Yeah, I always know it. Because whenever we do giveaways and shit, people just come into my DMS asking, asking me when it's been. When it's been OSF. I'm slightly more opinionated than OSF, so I might have something a bit more to say. Maybe, but maybe not be more. Opinionated than OSF like 100 the other thing.
Which made me the other thing which made me more comfortable about accepting coming on the show and and filling such big shoes was that this like, I think a lot of people would be surprised, but our kind of team meetings, I like daily meetings are basically the show like just talking about loads of stuff and arguing about it basically and learning along the way, I guess. So it's not too different from like a normal Canary Labs
morning meeting I think. Yeah, and I would say me and you argue a lot more than me and the other staff is not listening. So as you said, that's a sign of good friendship. If you can disagree with them strongly and still move forward and then not falling out, then that's good. That's what we tell each other, yeah, yeah. I feel bad for Mika because I I feel as though this was a big,
big moment. She's hyping up her community all over the weekend and then she's she's checked herself into a two star hotel and failed to get the the high speed Wi-Fi. So it might be me and you first thought, look we're going to do a slightly different format today. We normally do a show where it gets thrown to OSF, it gets thrown to to myself and then we normally do like a discussion and a bit more. We're actually going to do a slightly shorter show. It's probably going to be half
an hour to 45 minutes. We are just going to go through the main things of each day. It's going to be following a little bit more of the Mando minutes that I've been pushing. I don't know if anyone's seen it on a daily basis and we're going to try and use that as the as the basis for the show. The first thing to to mention though today is today's show and for the majority of the of the month I think is sponsored by Kraken. Kraken is obviously making a big
push in the NFT space. I don't know if you saw over the weekend, but someone wanted Tesla with with the D Gold Point system that's all powered by Kraken NFT marketplace. They're going to be running out a much bigger marketplace which people can be trading on blur and open sea all slipping over their own toes at the moment. So I think Kraken could have a good push here. They are going to be powering
the show and. I think, I think even when Farok comes back and I think there's some cool even activations Cracking are involved in F1 in a big way there could be some fun stuff coming in the future. So yeah cracking is the is our host today and thank you for for that. Should we wait for Mika, or should we just push you on Phil? She says she's back. She says she's back. She's back. Wow. What? What an entrance. They don't want the Mika take over. Are we back? Can you?
I think we're back. The frustrating thing about this platform is it works for half an hour like we were in the studio for what, 15 minutes before the show? Just getting. Like you. Know and then it just breaks as soon as you go on. So I normally get the blame for this because everyone says, you know, that I was born in the Stone Age and that is true. But at the same time, this platform is terrible. It kills me and I know. You're going to lead us to
Valhalla, OK? Because we're in the game. They didn't want the takeover. You wanna know why? It's because you said I was a better version of either Farok or OSF. Yeah. He just pulled the rope, he took the his energy and he was just like. I'm joking, but yeah, no, I'm happy to be here. You guys are doing a great. I'm excited, Guys, it's gonna be absolutely fantastic. Actually, the intro had me laughing because I thought the coffee pouring was like it sounded like pee.
It made me wanna pee. OK, I'm eating. I wasn't thinking the same thing, but but yeah, it's good to know. For it's you realize how many FEROC references there are, and none about me and me and OSF during that that intro. I realize when he's not here, it's just kind of awkward, but wherever I taught you why? Why? It looks like you shut the blinds and gone to bed at what must be the. You have to stop. You have to stop at the background. Listen, I'm in the meta, OK?
Don't even worry about where I'm at, Mando. Listen. Usually I feel like you're a figment of my imagination because you are in somewhere. God. So anybody should be talking about where somebody. It shouldn't be you, OK? Because every single show, every single show, you're in some like you're on a train. You're like, I don't know, it's like, it's a bird, it's a plane. It's like, where is this man? But no matter what you're talking about Mando's minutes
and I'm getting the update. So we love the dedication. And for those that are like, oh, it's Labor Day weekend. Yeah, you know what, Break radios, Karen, you want your backs. So let's go. What better way to start the day obviously with this. With this. With these updates like Mando, your minutes are just so fantastic. I hardly understand them, so that's why I can't wait to get into them. I'm hearing, I'm hearing. Apparently no one can understand them.
I put the links up. That's why I create the website, everything. Anyway, we're gonna go into them. We're gonna top five things at the weekend. I think that would be a fun a fun way to to to basically structure the show a little bit different. We hope you guys engage with it a bit more and maybe a little bit shorter because I know this is Labor Day weekend. So the first thing we're going to talk about I don't know if you guys saw this but NF T's got cancelled again over the weekend.
There was a a lot of a lot of. I run a Hooray over the on Sunday that Mister Beast had started a project called Creator League which is. It's involved in egaming. It's basically like an interactive egaming league where you can choose who to back in the league, whose whose teams to be part of the different games and they signed up 8 pretty big gamers streamers for different challenges. Mr. Beast was pushing him with latest video. You also get like a box of his festivals things.
If you're probably wanting to create league passes anyway, it turns out that they're using NFT technology. And it wasn't mentioned anywhere on the on the website. In fact, I think it's very, very difficult to work out that NFT's were involved in this at all other than I think somewhere in the terms of service it related back to an NFT company. But then some someone found out basically some thread or or some sleuth found out that this was backed by NFT's.
This was the classic case of don't mention their NFT's mass adoption. And one of the gamers found out, and obviously obviously there's been a lot of bad press about NFTS and gaming, all the P to E blow ups, all the crypto zoos, scams that it's just it's got bad reputation and one of the main gamers. Maybe I'll share my screen. So we can go in, We can get the visuals. Ooh, Juicy. Miss, can you see that now? No, not yet. It's coming. It's a coming. There we go. There we go. So.
Yeah, I think I put it creates a league here. Can you guys see that? So it was C Dog, VA who's like this Welsh gamer tweeted out, saying I was not aware that NFCS were involved. Given my vocal hatred of such tech, I would never agree to join had I known that. It's an embarrassing fuck up on my part to agree to evoke this to the my audience. I'm sorry, How can you say that you hate? That's like saying I hate computers or I hate the Internet. I love this guy. I love this guy.
I love this guy. This is hilarious. It's like. I love when people just don't understand anything, but like, they're mean about it. So it's just like, wow, you really like. You just don't get it. You know what I mean? Like you really don't get the technology. Yeah, there we go. Wait, should we, like, read it out? I think that's. Kind of, yeah. You can read the whole thing, but like what? It was interesting to read the
the comments. Actually Zach XBT for that comment saying NFD people in comments crying. But maybe take a step back and realize the vast majority have been straight up scams or gryphs. You can't blame influencers for disliking them at this point when that's when that's what mostly they have been exposed to. What do you think of that to take? That's what I can say. Again, I just feel like you could say I hate banks because all of the scam calls that I got in like the 90s were all people
pretending to be banks. Like people will scam and grift whatever technology is like that. And wherever there's money and wherever there's kind of dumb money. I guess his point is good, but I don't know if it's like smart. Does that make sense? Yeah, what do you think? It it it's very, I don't know. It's like I've seen, I've heard actually, you know so many scams with like PayPal or just like e-mail and so and you don't see anybody being like, oh, emails are scam or PayPal there's a
scam. You know, it's just like the scam emails. Totally 100%. Like, what about what about the Nigerian print situation? Like what? You know that happens all through e-mail. You know, like it happens that real. They're all my friends. The people What about Instagram scams? Can we just reel it back and talk about Instagram scams? Like, the amount of people scamming on Instagram is insane. Do you see everybody? Like, Instagram is just, I mean some people, but not really, right?
So it's just it's it is sad because I see like some friends of mine actually writing to me now saying like, oh, Mika, you know, I used to watch this creator, what's his name? Scroll up a bit. I see. I don't know. I didn't know him. I mean, I'm not. Maybe. In the apparently apparently he's popular. It's just like no one has a sound. It's so sad. It's so sad that this technology that's did you just give him a follow? I know I wanna see what he says. I wanna see what he says.
My God, you live for the juice. I mean, you are like a. Podcast I follow everyone. I follow all the haters poorly. I follow as well. Why not? God. Yo. OK. I wanna be on, like, Mando level. Like, I want, like, no one to even just bother me at this point. Listen, are you sponsored by Kraken? No. See, Connor? OK, No. So get out of here, all right? It is kind of wild, like, I think I agree wholeheartedly what you're saying like. But if this wasn't stored, let's
just break this down. Like blockchain is just a public Ledger of transactions. If this wasn't stored on blockchain, it would be stored on some private Ledger run by AWS or I don't know whoever else the fact that this person has such. A ridiculous reaction to this being a public Ledger which could therefore then be traded or sold versus a private Ledger which is just inside like an by.
No, like normal gaming ledgers or like an A WS server is absolutely not to have this sort of reaction, but it just shows you the situation that we're in like we are. We are fighting what I think it's just like it's not necessarily a losing battle, but it's a battle where people are
just apathetic. There is no reason for someone to change their view on NF T's and it has such a bad rap in the gaming community that all are talking about you know, you know blockchain game is going to be the big thing 2024-2025. Like it is dire at this stage. Like whenever any gaming company mentions they're doing NF T's, they basically have to backtrack. They have to. Even when they try and do it secretly, they have to deal with
this sort of stuff. It's just got such a bad breath and even though we can all agree that the technology is valuable to these people, I just don't even know. This feels like this isn't going to be solved and you can't just change someone's mind on this technology in in in months. This might take years to repair the damage. I think this has already happened in the blockchain
gaming space. Like, this person is not going to change his mind no matter how much you reason with him and tell him that he's, you know, this is just technology. You're like, I mean. Unless he's given a big bag by Vista Beast, which he might be. He said he might. He said he was looking to pull out. Who knows if he changed his mind because? It's hilarious because he says I accepted to join the Creator League, not fully understanding the tech behind it.
Buddy, you don't understand the tech now. You don't understand the tech now because if you did, you wouldn't be having this reaction. It's really sad. I agree with you. I don't know why. The gaming community is so against NFT technology I I really don't understand it. I feel like one of the coolest utilities would be able to like gamers being able to trade their assets. You know, people spend so many hours grinding games. Like why? Why? You know, can't that be done with with NFTI?
Don't know. It just makes the most, it makes the most sense in the gaming community. So it's. It's really interesting and like you said, it really is just blockchain technology is just a verification method and it's public and it's for the people and I don't understand why someone would be so against that. Yeah, I mean, I agree with you, but I just feel like all this says to me is that I think we're gonna be a few more years before gaming becomes that next thing.
Like even if we try and backdoor it in this sort of way. Like when you have reactions like this. And people will just get behind these sort of things because he's popular and gaming is so often driven by these sort of like influences. It's like a lot of culture is. It's just tough. It's gonna be an uphill battle. Like, if I'm running a gaming company right now, right now, and I see that it's it's definitely like, oh God, like this is gonna be. A tough stuff.
It's not good. It's not good. I mean, even, you know, friends of mine are saying, oh, like chat, saying he lives in Japan and makes videos with PewDiePie and stuff. And obviously, you know, we know PewDiePie, so you know, yeah. It's definitely not good. It also has like 2.5 million, two point, whatever, 9 million views. It's good, not great. Yeah, it's like we could sit here and be like they don't get it. But I think, like, usually people don't get great things like this.
But I agree with you Mando, it's gonna be a long time. Maybe. I think. I think people's attitudes soften when they see the value. And the great thing about Nfc's is that you see the value very like relatively early on because you trade something and you make money and that feels good or you own something that you've wanted for ages and you can own it digitally and you actually do get the feeling of ownership rather than the feeling of I just bought this thing which isn't mine.
I I think those two things are powerful emotions which and powerful emotion to change people's minds quickly. Yeah, the best thing to happen right now would be this would be a big success. This actually whole thing ended up being a big success and never had a good experience with it. And then maybe that would go some way to changing the key. But anyway, I think that was interesting.
I know since he was our producer, it's big in gaming as well and I don't know like not not maybe the best headline for the anti space, but definitely hopefully one we can recover from. The second thing to note. Over the weekend was what's been going on FTX. So there's a few headlines over the weekend about FTX. The first one was the ex CEO Sam Tribuco. He bought a yacht with with customer funds. It looks like he spent two and a half million dollars of funds on
a yacht. I think that up on Mando minutes in a second, which wasn't again, not a great headline. I feel for the space, but let me just Was it with consumer funds or was that it? Was it? Was it? Was they? Took loans to do it. They took loans to, they took public knowledge. I think. I think people knew that he had bought boat, right? I think people knew that maybe Sam had sorry, like SPF but not tobuco. There's already a book.
Anyway, I think someone's gonna make a movie out of this stuff, right? It's that's fucking. Yeah, I went to. I went to Barnes and Nobles the other day and I saw like, you know, SPF, but there were some weird books, I gotta say, like the trending 2023 books at Barnes and Nobles. Very scary. It's like how to your employer? Like, it's weird. It's not. I've been taking notes. No, I'm joking. I don't even know.
Redacted bit was but I I assume it's something good but it's either kill or fuck and even those would be interesting books. Anyway. Yeah, the other headline that came over the weekend is that their their wallet, their old coin wallet is on the move. So it looks like they have hundreds of millions of dollars which they have given to Galaxy Digital to to try and sell and it looks like the vast majority of those funds, at least the non Bitcoin and each bits looks like the Bitcoin.
Each bits. They might look like steak or hedge, they said but it looks like they are going to try and sell the majority of the alts. They have over $1.5 billion of Solana that they are going to sell and they. Are over the Solana. Wait wait wait. They have 1.5 billion Solana? What is that like $100? Sorry, sorry. No, no, actually. Dollar worth. Dollars worth. Like, it's an insane amount of Solana. Solana, What do you like? What can you do with all of that, Solana? Good question.
What can you do that? What can you do with Eve? What'd you go to, Lala? Yeah, the Solana, you actually saw the the cofounders of Solana came out yesterday, I think on Friday basically being like don't sell it, don't sell it, let's hand it around to people. It should be given to various different customers and maybe we can maybe we can find it. Solana Co founders pushes for Sol token redistribution from
SDX to bankrupt exchange users. People are saying that Solana you go to like 10, if they end up dumping all of this Solana, it's a huge bit of the Salana market cap which I think would be a buying opportunity. But this is quite a big, quite a big overhang for the for the Solana Maxis, it's been, it's had some good press so far this year, a lot of lot of buildings still going on. Solana.
In fact, Make a Dow announced on Friday that they are going to be exploring us a fork of Solana Make a Dow. Obviously one of the biggest D5 protocols. In fact, Vitalik sold his maker tokens when he found out they was gonna do a wait. Run it back, run it back. What's a make? A what token? A maker token. Make a Dow. Make a Dow is like one of the oldest D5 protocols they do. You know the stable coin die Dai. Yes. Why is that always used for like scamming? Like, I definitely know.
I would argue the other ones of the the scouting ones. Tara you. Know if you know, you know but you know you're like somewhat of an OG for VYC if you've had like 100 die offer on your on your on yourboarding.com that's how I know die but other than that I got no knowledge on it. So I love if you like, give me a little bit, explain it to me like I'm five and even for like people that are tuning in like.
Why did this even happen? Like what happened with the kind of, in a way not Rise and Fall of Solana, but like, you know, with the whole FDX thing. Like what was it that made it kind of just go. I felt like it was on such a high and then you know, it just kind of went, yeah, so those are two very different questions. But the first one is what is what is make a Dow? Make a Dow produces its own stable coin, which is die. It's different than others.
The other stable coins in the in the in the whole ecosystem in that it's not one for one back with dollars. So there's part of like the the ideals of crypto is to move away from just dollars backed by dollars. Like it just doesn't seem to make sense. So the idea is to create a stable coin where you can get $1.00 of that $1.00 value, but the collateral is a mix.
But the collateral is means like what's its bank, what it's backed up by. So with with normal stable coins like USDT Tether or USDC Circle stable coin, they will largely maybe make a generalization there because Tether doesn't 100% do it, but they will just keep a dollar in the bank account for every dollar of USDC that you own. That's just use USDC as the perfect example. Tether includes about 90% of dollars in the bank out, and it does some other crazy stuff for the 10%.
Dye instead has a portfolio of assets including Bitcoin and Eve and a few other stables. So a few other stables and a few other like altcoins essentially. So the collateral that protects your $1.00 value is not just dollars in a bank account. So there's more risk to it in some ways and in some ways there's maybe less risk because it's the idea that this this collateral is stronger and it's more protected. So a large bit of it is covered by East and amongst other
things. So die is like if you're an OG in the space, if you're a bit of an OG, a lot of Og's like die because it's like it keeps a bit of the crypto ethos about it, like it's not your average stable point. And anyway maker, maker recently has been doing very big things in the in the real world asset space and that they've been tokenizing big U.S. Treasury portfolios and allowing allowing people to experience the yield on that in their portfolio in their dye portfolio.
So you can stake your dye and you can get about 5 to 8% interest. They've fluctuated between it recently and majority of that that yield right now is coming from U.S. Treasuries. So make a Dow is where do. You take your die and stuff like where do you do all of these things on the maker protocol.
So like if you go to make a I think it's called make a dot Dow or make a Dow, you can stake your die and you can get their savings rate of 5 to 8%. So if you're just looking for a stable interest rate in stable coins like one that I think you can believe in, die is a good option like you can and they've experienced massive growth in the amount of die being issued
because of what they've done. So this year, it's been a very big year for Make a Dow, in particular that token, because it started to make money and people have been very impressed with it. So Vitalik was pretty pissed when they decided they're going to move away from Ethereum as their Layer 1 blockchain and they're going to move to a fork
of Solana as a as a layer two. So Vitalik, who could be kind of been involved in the genesis of Make a Dow on the weekend, decided to sell his Make a Dow tokens as a form of protest. This weekend, yeah, he sold about 500 grands worth of Make a Dow. Tokens Mans are coming in hot with the TEA. Hey, man, don't come out with the T so there's such like T over here. OK. All right.
So you got, you got metallic, just like MM HM like, yeah, I have a drama, no one said anything about it, but it was very clear what just happened. But yeah, it's a little bit of blockchain soap opera going on right now, which no one actually cares about, but that's basically what's going on. And anyway, Solana now had been having a good year. Like a lot of uses, like people have been happy about the NFT's being selective. Some of the some of the D5 stuff
is going a little bit better. This make it thing was a big deal for them and now it turns out that FTX is going to go around and sell 1 1/2 billion dollars of of Solana. So the yeah the the cofounders are pissed. This could be a big overhang for Solana in the near term. There's there's a bunch of things that could happen here. It's FTX right now is is in a bit of negotiation about how to
go forward. There are competing proposals from various different stakeholders about what they should do, whether they should like reopen the exchange, whether they should they should give us a slightly different sort of exchange where they should pay people out, how they should pay people out. And it's been dragging on. In fact, I think they are paying something like $50 million a month in legal fees. So it's it's pretty massive.
And if the longer and longer it goes on, the more and more legal fees. So we're talking, you know that they're going to start burning up all the assets that they have. If this goes on for years and years and years, in the interim, they have decided they should start to liquidate some of their actual assets, some of which includes Solana alongside some other Sam coins. And yeah, this could get a bit messy. They do own quite a lot of ether and Bitcoin, but they decide to
keep all of that. They just want to sell the alts, it looks like. So people are going to be watching this wallet a lot. I think that hopefully they come to some sort of better proposal than just market dumping, Solana, but I don't know. What do you think I was gonna say? Isn't there like an option where, like a few Solana whales club together, find some financing and do like an OTC trade? Or like, it Sounds like a lot, but it's Solana Whale, right? Yeah. Yeah, sure.
There must be others, like there's so many VCs involved as well like that, who don't want to be dumped on. I think that unlocks kind of like there's another unlock wave this month, I think, right? Is that right? I don't know. It's largely, it's largely done. I think everything, everything's out in terms of unlocks. But yeah, I agree with you that like it all happened with Curb
Finance in the last month. Like basically these big OTC deals can happen where they sell 10s of billions dollars of token off market. Everyone comes in to save curve. Like that could happen with Solana, but this is a lot of money. 1/2 billion dollars salon. What percentage of the total supply is this? Is lots of like I'm looking now, like when I look at the size of Solana. 30%, is that right? It would be something like that.
It's $8 billion actually. It looks like it's the market cap of Solana fully diluted is 10. So actually it's 15% roughly of the total size of Solana. It's like a week's worth of volume, it looks like, but one and a half million dollars is 1 1/2. $1,000,000 what's going on over here in this little corn market cap update? Yeah, it's gonna need to expand a little bit, expand a little bit like it just we're putting into context how big a bag this is. This is truly massive a big.
Of a bag going where? That's the point. They just might have to just sell it to everyone in the market. But the better option is to have a few big strategic players come in and decide to buy these tokens. And seemingly the Solana. The Solana cofounders are hoping that something like that happens. What would they benefit these like big quote UN quote players from buying these Solana tokens?
You would for a deal like this, you would generally look to buy at a massive discount, and normally you buy the discount on A and it's you're not allowed to sell them for a little bit of time. So like I might go to FDX and be like I'll buy $100 million of Solano tokens, but I'll buy them at 12 rather than 19 which is where they're trading right now and in return I'll agree not to sell them for six months.
Now this is traditionally what happens when they try and get out of big blocks like this, they call them OTC which is over the counter trades, but but normally people don't don't keep to those agreements and they won't they'll sell them before six months. So like, that's what's been happening Curve recently, and with Solana I would hope that some people could band together and buy these tokens, but then?
Like sign a contract. When you say okay, I'm gonna buy it. So let's say I'm a big whale and I say okay, You need some help? I'm gonna buy it at $12.00. It's 19 or I'm gonna buy it at $12.00. You're telling me I could only sell it in what, six months? I wanna sell it sooner. I could just do that and everything's fine. Well, sometimes they make you sign stuff, but often in these scenarios it's just a handshake agreement. So and handshake agreements get broken because no one gives a shit.
So generally these these things get broken. That's why with curves. So for example like curve and when they got hacked recently if you saw that a. Bunch of different people came in and say, look we'll buy these curve figures from we we'll save the well, we won't sell them for for a few months. About a week later two of the biggest market makers in the in the in the in the whole space decided just to start selling the tokens. So it's like a it's a in game theory you call that a
prisoner's dilemma. Like it's in everyone's interest to just like break the break the contract and it's whoever does it earlier. So you generally see these things break apart. So look let's see what happens. I'm I'm completely making up scenarios here that whales will come in and buy hundreds of millions of dollars. Solana. It could be messy, it could be good, but like it's definitely something to be aware of. And I think people you could see Solana which was on our
projector trajectory. I think people were hoping it could get like 30 or 40 this year. This is going to be a big overhang for the for the for the rest of the rest of the year if they have to come to to sell it. I think the the third main thing to talk about is what's been going on in the ETF's. There are a few updates over the weekend. I know this stuff is a little bit dry, but JP Morgan basically came out and said they think an
ETF is 100% going to happen. That's probably the most respected investment bank in the world. I would say they think it's gonna happen. They think the FCC is gonna be forced into approving this in the situation that they are in JP Morgan down here, so. What's your view on the probability in Mando? I agree with JP Morgan disclaimer, I did work there briefly, Yeah. Yeah. Look, I think it's very, very, very high. It's very, very high that it'll happen.
It's just a case. It's a case of if it's a case of when, not if. I think for these sort of things. But at the same time the SEC Gensler is just a douche bag isn't he like he I don't think he's going to roll over that that that quickly. So I think could be in until maybe 2024. I think it's a case of I think the Bloomberg, a Bloomberg analyst came out last week and said 75% chance it gets done in 2020, three, 95% chance it gets done in 2024.
So I think that kind of gives you that it he could just drag his feet for a little bit but but it's going to happen that there's they're they're they're they're in really really in a tough position. And there was there was another thing which I thought was very interesting over the weekend that remember the SEC is fighting three different fights right now. It's fighting the ETF battle where it's trying to block grayscale and the black rocks
ETF's. It's fighting Coinbase in that it told Coinbase that you know you're an and saying that you were all these unregulated exchanges like you you issued all these products and then it's fighting Ripple and it basically lost the Ripple fight over the weekend sorry over the over the last week and then it appealed it. It now looks like that appeal the a couple of people, one Ripple law and the Coinbase CLO, basically came in and said the SEC is going to lose even the appeal.
It's going to get rejected and in very high probability it's going to get rejected because the way that they are making the argument, it's just nonsensical. So the SEC could be in about to hit another blow here. So not only could it lose the SE, the ECF battle which people are saying it's going to lose, it already lost with grayscale teaming last week and now it's it's gonna lose again versus XRP.
And then you have the coin based lawsuit, which people are saying they're gonna lose that again, so they're just in a really, really bad spot. It's increasingly looking like Gensler's an idiot. Mando, Mando, Mando. Mando, who is battling who and is JP Morgan. All into this? OK, explain it like I'm five men though. OK, run it back, Turbo. Who's fighting who? So I don't know. I'll try and go again because maybe, maybe maybe I didn't make it clear. But yeah, just really quick.
So like, this person. Who's this person? Who's this person? I would say one side is the SEC and all of all three of those scenarios is the SEC. And then it's facing three different people. It's facing all the ETF, all the ETF people. So Black, Rock, Grayscale and various different of ETF providers. The second battle that's facing is versus Ripple, which is the XRP. And the third battle is versus Coinbase.
Now the two pieces of news that came out over the weekend were those first 2 battles that we spoke about. So it's it's the battle. That is winning. It looks like the SEC is going to lose all three of the battles. If I'm wrong, I think it. I think it could lose all three of them. I think it could lose all three of them and I think it could lose them in the next few weeks. Like this isn't.
I think the judge is going to have to decide whether it agrees that yeah, I'm not going to go too complex, but it's going to have to make some like judges can have to make decisions in the next few weeks basically on some of these things. And I think the I think the SEC could lose all of them.
So it's going to be backed into a corner I think by maybe this time next month where there are some big deadlines coming up this time next month the SEC to to approve some of the ETF's and I think it might it might have to succeed with them. I don't know if you would agree with that too, Cali. Definitely. The thing I can't believe is they they backed themselves into this corner themselves. Just through sheer kind of like as you and it looks like it
looks amateur, honestly. And the whole kind of legal strategy around all of these cases looks so amateur. And it feels like the leadership at the SEC has been kind of their judgment on, as you said, literally like logical argument has been clouded by like hatred of the space or just like a fundamental disagreement with something. And as we said with the gamers, like it's hard to fundamentally disagree with computers. Like I I have no sympathy for
anybody. As well, I've no sympathy for the the senior people at the SEC who are pushing this and who ultimately, I'd be very surprised if a decent number of people don't get fired because somebody needs to fall on a sword, yeah. Alright, I know that's how. Things work, right? I know that's a dry section. We won't. We won't. We won't continue with the SEC stuff too much, but we'll go on to what's going on in the Yuga Labs this weekend.
So I don't know if you saw, but Matchy came in, Matchy came in and bought 2 mega Mutants. So Matchy's playing a weird game at the moment if anyone's been watching. He's bought a lot of apes, particularly rare apes and floor apes, and he's buying a lot of Apecoin. And remember, he also has this this potential proposal to the Dow to buy thousands of apes. So people are thinking he may be playing some checkers when everyone else is playing chess here. Like, he's definitely making a
big play. For you for that all the way around. I don't know what game he's playing, but he's definitely not playing the. Game. He's playing Monopoly on a chess board. He's playing Monopoly when everyone else is playing chess. I kind of feel he's playing the game with his self. It's like who? Who's playing the game in this economy? I would agree. He's playing with. I just feel like he's. I feel like he's playing him and
him. I feel like he's doing the chess, you know and like and then he's he's doing the other play. I don't know. I feel like he's increasingly turning a low IQ play into a high IQ play. And I don't know if he was, he was high Iqing it the whole time role, like everyone talking about how much money he lost. And now it looks like he could end up buying back all of his bags like you know it's an
interesting one. I think he's I think he's this this is now he puts himself in a quite a fun scenario and he's buying all these mega mutants. It looks like the average price for a mega mutant is still 250 to 500 eighth, which is I think kind of high, right. Like that's that's high given the mutant 8th floor is five. So yeah, there's twelve of them, but but that puts them in the that puts them in the sort of range of gold apes, you know, and apes are, what, 2728 at the
moment, there's. Only 10 floors or like 8-9 floors. Well, there are 100 floors for for Megas it. Looks like mutants, Yeah, and it's 10 floors for for gold ones, but it's. Yeah, just an interesting move here. You also saw the floor of of most NFT projects actually, but in particular Yugalab stuff has been doing well recently. Bring up the gens. I feel like, so I collect rare books, which is quite a dry thing. Weird thing to do, but I'm going to get it in here.
This happens all the time in rare books like this happens in Harry Potter. A lot of the time loads of people own sign Harry Potters and they print massive prices, really high on the first editions, like the really rare ones, so that the other signed ones start to go up in price. And I feel like maybe there's a bit of that going on here. Like he owns so many floor rates that he's trying to set high prints. On the good one, I love how you brought in your I love how you say rat books.
You are literally just buying Harry Potter books. Well, some Harry Potter books are very rare. I thought it was tripping out. I'm like in this like I'm a rare. I'm a rare book collector. I'm actually. A rare book. Trader Harry Potter key. But you know what? Somebody. Just happens all the time. In rare books, it happens all the time. That's why I'm such a successful NFD trader, because the two trade in very similar ways. Oh yeah, unbelievable success.
Yeah. Look, there's a lot of leverage added to the Yuga Labs ecosystem. I don't know if you saw Cyrus put out tweet over the weekend. Well, if I can find it, but it looks like a large amount of loans are being taken out to bid up the Yuga Labs ecosystem right now. Which is? Yeah, it looked like it was 11 borrower, right. It is one borrower, so some absolute DJ has borrowed 642 weeks over the last few days. A PL. is up to 1000% to sweep Yuga Labs for on 10 times leverage.
Up to 14 newtons, 47 dogs and 11 BAYCI. Think he put out an update to this tweet. Yeah, here we go. Yeah, the sophisticated entity with a DJ Long and Yuga NFT has borrowed another 168 and now is a 950 eighth position on a 9X leverage it's costing. US one 1.8 a day in interest. Could this be matchy as well? It could be matchy. It could be matchy. It could be anyone. Clearly it's a sophisticated entity, as Cyrus says, but this is a bit of a Hail Mary play, it
looks like in the ecosystem. Obviously this week there are gonna be events in Is it this week? When is? When is? Do you know they're doing an event with rug radio? Shout out rug radio in Korea When is the When is the big event in Hong Kong? Do you know who that is? In November, November 4th or 5th or whatever. OK, so they got the event in Korea and then they got. So maybe people are hoping for stuff into that. They've got the beta launch for Legends of the Mara.
I know this month, which could be quite a big event, but clearly somebody is playing quite for big in the utilizing ecosystem. Hopefully this goes well, like I think they've lost them around in the low 20s. I think people will continue to buy them there. It's madness to me that people can't think they can build a brand of apes at that sort of price point. Okay. I don't know if there's anything else. The final thing was this, this
loaner. If you saw the the loan that was taken out on Supreme Tshirts over the weekend. We touched upon it very briefly on on on Friday but I think this is a big trend. I think this is if we just spoke about again to bring it back to collect quite a dry thing but the the amount of treasuries right now which are being tokenized is massive. So it's something like $650 million of U.S. Treasuries is being is tokenized
treasury bills. You can see this is actually a really good website for it at the moment which is called RWA dot XYZ and I would recommend anyone goes on to it. It basically tells you all the risk weighted all the real world assets which are moving on to blockchain at the moment and at the moment tokenized treasuries makes up $636 million of assets there. Real estate sections, they've got a private credit section, private credit, 552,000,000 real
estate coming soon. So this is going to be a big trend. This is a website I think to pay attention to. RWA dot XYZNF T's is also seeing a small a small bit of this pie in that you're seeing again it's Cyrus. Jesus Christ these guys, these guys everywhere. Someone just took out $1.1 million loan on a supreme box logo tshirts as collateral. I don't know this. You even messaged me over the weekend, Kelly and said. What's tokenized treasuries,
Tokenized treasuries is, is U.S. government bonds. So the stuff that a lot of people, the thing that backs up your savings account essentially you can now buy them directly and you can get about 5% interest on them. But that's a huge market that's like multi trillion dollar market which is just slowly moving on to book chain.
The idea that the same technology is the same technologies will now back up the idea that you can get a loan out on a watch or a set of Supreme Tshirts or a car or a, you know, a Van Gogh or something like that. Like people will start doing these sort of loans on chain. Yeah, I think it's huge. I think it's huge.
Basically it means that a much bigger pool of kind of global money can like offer to lend you cash against your assets rather than that guy taking it down to his local like porn dealer or like talking to his mate or something porn broker. Sorry about like. Alone it means that anyone in the world can just send you east and it's verified by some.
There's a degree of centralization in the the verification and the storage and the production of the NST has to be done by like an entity that both people trust i.e., one of these kind of platforms. So there is quite a lot of scope for like fakes I think and you know scams, but. Like seeing through that and looking through that, I think this is enormous. As you said, like cars, all of this stuff will now be freely tradable on blockchain. It'll just be stored in a really secure warehouse.
This, this is already how a lot of wine trades because of the tax on you basically pay tax when you take wine out of a warehouse. So everything, if you're a big wine collector, all of the wine, you just buy certificates basically, and all of the wine stays in the warehouse. So if I sell Mika some wine. I just sent her the certificates that the bottles don't move out of the warehouse and then if you do want to drink them, you can send the certificates to the
warehouse and and get them. And that's going to be the same here with NF T's. So I think real like collectible asset trading is just going to explode. I think like, yeah, Pokémon cards, cars are anything which was hard to transport, hard to store. I think you'll see like an explosive growth in in that kind of stuff and I think that's really exciting because. I again the books. You could even tokenize books. No. One's no. One's I'm kidding you. I also Are you a Emerald Life
collectibles person? Yeah. Yeah. Big time. Big time. Yeah. You call it. It's like a magpie. I'm watching magpie. Listen, I don't stop. No one. Wants to stop Excited. I'm excited about the world going into more. Digital collectible era, because I travel a lot and I I'm like very like nomadic. So like for me, I have a bunch of stuff like everywhere as you could see. So the fact that soon, especially with like the Apple Reality Pro, that all of the collectibles that like all want
will be pretty much just like. On my headset or around me, you know, So that's the future that I'm excited about or even my art because it's like there's so much art and things that I want to collect, but I'm like, oh, well, I only have my whole life in like 2 suitcases, so where's this going to be room for? And I think a lot of people are, are actually in that that vibe, you know, in like this generation. So I know that it's just, you know, collectibles in general,
the the whole energy. And consciousness of collectibles is not going anywhere. It's only just gonna like, you know, trans and mute into, you know, the digital. So yeah, I'm all for like collectibles having value. Like it's only more bullish for us. So, you know, send me over that wine. You know, I'm saying. And I actually think, I know I'm being extra boring. It's just like a finance person here. But like, I think there's money to be made in this as well.
Like people clearly have these like crazy sets of collectibles which they decided to blow their savings on and spend all that money on because people love this stuff and then they want to take money out. So you like. And clearly these loans are quite high interest, like it's like 1020%. So would you rather put it in your savings account at like 3% in the US?
Or would you rather you know lend against somebody with a collection of the tax or like fucking Richard Milly's or you know pretty dodgy Harry Potter books and get and get 10 to 25% interest like I think I think people might they don't mind if the person defaults you end up with the with the with the assets and they're often done in pretty favorable terms in terms of like how much you're protected as well if if that
person defaults. So I think I think this is this is really really really good use use case of blockchain. I think this is the sort of stuff that if, if I was to say what underpins the next rally over, like the whole of the next bull run for blockchain, it's this sort of stuff. It's not the stuff that we have to explain to our friends, our relatives, like, Oh no, it's like you're buying a digital picture. Like you got to understand.
It's like digital identity. It's like, no, like they will understand this. They will understand this very, very quickly. I think it's just a different way for people to do current transactions in a much better way. Instead of going down to a pawnbroker, you can go online and find a better loan and this is done in a better way rather than having to explain them why
Monkey J Pug is valuable. So I think this is this is the sort of stuff which we're reporting on a lot more Like I said rwa dot XYZ is a really good website for it. Arcade which Cyrus is a is a I believe an advisor for has been doing a lot of these sort of loans as well. So check out that I think this is I think this is going to be a real big, big move for the space. I think those are the top five things that we were going to
talk about. The only other thing I want to talk about was I don't know if you guys have been seeing what's been going on at Burning Man this year. Just gonna bring it up because we were, you were just talking about like, you know kind of exchanging something for another you know, like collectibles, like, whatever. And I know that Burning Man's whole thing where it's like there's no money. It's only like you you use your, your, whatever you have to exchange.
So yeah, it ain't working out for Burning Man this year while Room is not along the timeline. You give me Ebola, everyone's saying there's a bowler there. Everyone's saying that, like they kept, kept there under like, duress. Apparently it's gonna rain again, so they're gonna be there for days. Although I guess. Why is no one like coming? I thought it's all like. No, there's no. What about a helicopter plane? No, I saw a video of Diplo. You're just following everyone.
You're just like follow follow. This is Diplo and Chris Rock managing to get out of Burning Man on the back of a truck seeming me, he says. I think he said it just walked five miles in the mud out of Burning Man with Chris Rock and a fan picked us up. It looks like the elites. If you're proper elite like Diplo, Chris Rock level you can get out. But for everyone else, it looks like 75,000 people. They might be stuck. And The thing is, it's literally in the middle of nowhere, like.
It's so in the middle of nowhere, buddy, man. You look at it on a map, there's just nothing. Even in the airport itself. It's like a makeshift airport, only really gets used once a year. So it is. Yeah, the. The runway is mud, so it can't, they can't land that. Usually it's dry, so then small planes can land, but right now the runway is totally out of of action.
The other thing which is quite interesting, which I saw, which is like quite bad, is so it's actually like a prehistoric lake is it's like a lake bed basically, where where the Burning Man is not not a desert, but well, it's now a desert, but it used to be a lake and the silt is like very alkaline. So when it gets wet and gets on your skin, it basically extracts like every single bit of moisture from your skin. If you leave it on there, like, it's really fucking bad.
Like the pictures of people like swimming in the mud and stuff. I saw this thing where this health lady was like, if those people are moisturized, they're going to have like, scars all the moisturized for months. They're going to have scars all over their body because the alkaline is going to like extract everything from them and make their skin like blister and crack. So it's like. Pretty bad. All the hippies right now are just like, this is like, I would be there.
You know what? I would be one of those happy like, Oh my God, the mud. It's so moisturizing and like, put it off exactly, yeah. My God. Yeah, it's the opposite, which is pretty bad, but it's I tweeted this morning, actually. Like, this happens every year in Glastonbury and it's fine. So. I don't know. Yeah, but it's not like you just said it in the mid. But yeah, that's probably, yeah, you can't even land a helicopter. The last three is also near a civilization.
I would say than. People have been trying to get helicopters in. They can't even land helicopters. So yeah, this is going to turn into a humanitarian disaster, which I am all here for. Like I really want to see. Lando since what are you such a like I'm all for it. I'm going to see this. I've got the pop point out like I think. I think I'm just saying what the people are also thinking. Anyway, let's see how that develop. That develops tomorrow. We're going to be doing this for
the week. Ashley ran a little bit over. I know Sims was trying to get us. Well, I was trying to get this a 30 to 45 minute show. It's end up being a 45 minute to an hour show. This was this is the first Mando, Mika and Ashley cows take over for the week. We're going to be doing this every single day. We're powered by Kraken. Thank you guys for coming. We will see you when. All gives me wings. Sorry, how do I go tomorrow?