Well, GM, everyone I know on on again. Oh God, Jazz. Jazz has been with us for a year and a half and there's a double entry theme time for us. OSF and Cows both decided they weren't going to go on stage, but there are three of us here again today is the whole of the Canary Labs team known each other for years. This is basically like our morning meeting which you guys will invited to. It seems like every day at the moment we are, we are sponsored by Kraken NFT.
The whole of the GM show is broke. We'll be back next week. You can go check out their new exchange that NFT exchange on kraken.com rugradio, they're obviously make it push into the NFT centralized exchange. We haven't been particularly pleased with what's been going on. Absolutely decentralized exchanges things like blur. So hopefully hopefully this is going to be a better place to reward to reward creators as well as a better experience for people who are are not
professional traders. We are we are going to dive straight into the same format as we've been doing recently top five things to to speak about today. At the moment it does feel as though markets are slightly higher like we are. We are kind of pushing pushing towards 27 K it looks like on Bitcoin Ethel Ready is pushing towards maybe 1650. Who knows if we if we go a little bit higher over the course of today, but definitely better, better day to to have it started.
I'm feeling pretty pretty pumped about stuff. The first thing though that big cause a little bit of FUD was this FDX headlines, which again came out yesterday. I'll bring you up on stage Cals as quickly OSF I still don't see you. I don't know if that's an. Interesting. I thought the way that you said, it was like an invitation to not have to go on stage. But I'll go on stage now. You're that much of a big dog, are you? I see how it is.
Yeah, it is. I post the show by myself with Cali for well and meet you for a week and then you just don't know. The problem is I get the echo when I go on stage. Hear it, You just can't involve. It that would never be it. Okay. So the main thing today, yeah, the headline that shows a little bit low yesterday was FTX and then started acting. So they hadn't seen this news before. We've been flagging it for a long time that they were going to get this approval. They got that approval.
It comes now. I think they can sell 50 million worth of vaults this week, 100 million next week. They have 3.3 billion worth of assets. The majority of that is in Solana and then followed by Bitcoin. Then it looks like they also have some of the grayscale trust assets. They have GB, TC and the GE. So maybe there's some follow through there, but yeah, it's mainly those.
It doesn't look like they there's 22 interesting things I thought here and I'll bring up Amanda Minutes just to to help describe what's been going on. It doesn't look like they maybe have to even sell the the the Ethan Bitcoin, they just have to. They just have to hedge it. So to a large extent, I think we could be in a situation where where it's not actually that bad they they just have to hedge it which which they can just do with put options.
So in terms of the alts that will be sold, I think it could be some of the salon that they have, they have a bunch of different like smaller alts which I don't think will be a big deal for the broader market. It might hurt some of those things like Actos. I think they have a pretty big amount of and a few other a few other decent chunks as well as stables. And then for Solana, I even saw yesterday that they might not even have any salons to sell.
Apparently I didn't even confirm this because I I just there's been so many different people saying stuff and I didn't know if this was a this was something to to say as truth. But this is Alameda's Solana wallet, which has the rights to 26,000,000 stakes, sold in 2025, two 1028. This one's keys will be sold in the FTX liquidation, which makes sense, not the Solano, which cannot be unlocked until 2025 to 2028 as I've been posting for weeks.
FTX Alameda only have 7 million sold and Rapsol which has already been presold at the Solanos Foundation when the transfers happened later this week, I will share. But no, the 26,000,000 sold is locked and the only key holder to this wallet can then stake in the future. So, and it says here is the 7 million soul that's already been sold for 17 1/2 a point. So I don't there's huge Solana shorts been added and it doesn't even seem like there's going to be any to sell. What do you guys like?
It could squeeze feels like it's textbook squeeze, right. Everybody gets bearish for over some half true headline puts on shorts and then lo and behold they haven't. It's all locked up or it's all been. We literally said these two things previously, right, I think last week that an OTC buyer would step out from.
For some of these assets, which it looks like it has for that Alameda wallet or that it would be locked up for varying degrees of time, but it doesn't matter how long it's locked up for really. It's just that it's not like a market sell event like on Monday. So yeah, it's kind of what we were saying last week, I think, right? And it's just kind of validated the view. I don't know if they would hedge it though, right? This is like.
Bankruptcy proceedings where people have to get paid out based on recovery. So hedging doesn't really solve the problem like maybe they do some kind of like short term hedging, but they also if that was something that was a concern then they would have done it a long time ago. This has been going on for over a year now. So I don't think they, I can't see them hedging. They need to like sell these assets, realize real dollars and then pay them out to creditors, right.
So I just don't see why they would hedge like they haven't been. They haven't really cared about. They've just got approval to sell the assets. They probably never didn't have approval to hedge so I don't see why they didn't have approval to do anything. They never approval to literally do anything. That's why they've kept all the same assets on the.
This is the first time they've been able to because there was they've been competing claims about what to do with FTX like some people have been trying to get it restarted so they didn't know what to do with the assets. This is the first time I think. I think I agree with you though. It's been a long time like they I'd be pissed if now Bitcoin needs to drop like 30%. You know it was just because they were they, they were went dicking around, but. But think, but think about the
incentives, right? Like the liquidators and the lawyers who are getting paid insane amounts of money. They're incentivized to keep this going for as long as possible. Like, the creditors who are owed money don't really get a they're really get a say in anything. So if you're the lawyer or the credit or the liquidator, you're saying, yeah. It's just like those are the incentives. That's how it's all set up.
So like show me incentives and I'll show you the outcome is kind of the the way these usually play out. The other thing to know was that in a second tweet this yesterday. So the new FTX liquidation proposal that would wouldn't issue advanced public notices before we start liquidating assets, but would let members of the creditor committee know the same committee with a bunch of market makers and OTC desks on it.
So he's basically saying that there was a the they have to change how they're going to do this sale that they can't really tell you when they're going to do it. They we can say we're going to do it on this day, but a committee will know when they're going to do it and that committee is full of the market makers and OGC desks that can basically front run these trades. So it's kind of a bit of a joke if you're a retail trader because I think you're going to see market makers know and
they're going to do these sales. I suspect they can only sell 50 million of volts this week and it's 100 million. They can go up to 200,000,000 but it's only going to start
with 100 million. I suspect they will probably hedge the Bitcoin needs to start and they will probably look to try and move some of the other alts they had even said that they they can stake as well so they might just decide to stake the I I have no idea but it really depends on how how risky the the the estate is willing to be in this scenario. But I agree with you, I said that I guess waiting has made the money. Or has it lost the money? Made the money because when after FTS crashed.
Yeah, we've. Sold it the next day. Yeah. Yeah. So it's not like, oh God, we're so down bad. They're probably, they're probably thinking we don't have to like, absolutely shit the bed here. Yeah, I thought that was interesting. The market did sell off briefly. We were doing rap radio last night with Anson and it sold off during that period. And then it subsequently bounced to a decent level and we're kind
of where we are today. They have some slight, a few different macro things that already happened today. You have the ECB raising rates. You had PPI coming in slightly better than expected. And then you have a very big IPO in the AI space, a lot going on in the AI today which is ARM, which is, which is what do you call? It AI ARM is a chip manufacturer, UK chip manufacturer. But it's not AI. But AI is AI is what's the right demand? Yeah. I know it's not an AI company.
Yeah, it's NVIDIA. No. Well, that's shit makers. That's like saying yeah, I don't know, Alice. Alice aims fight here I can only tell. Classic Pali fight in government. I'm just. I just want us not. AI they they're not AI. They are big in AI and Internet of Things. It's a computer company. OK. All right, fine. I will give you that technically it's sic 5/07/77 for an argument. So ARM, which is a technology company may or may not be released to a I is doing an IPO today.
It is owned by one of the biggest tech V C's on the planet which is SoftBank. You may have heard of SoftBank because they previously owned We Work. They've also been involved in basically a number of different private company pump and dumps which have gone horrifically wrong. ARM I think is a decent company. It's been priced at 52 billion which is one of the biggest IP O's of the year. If not for the last two years, I think you could trade up on the break.
I think that's an OK valuation. The last funding round that SoftBank did they they thought it would be worth 60 to 70 billion. And I just think with demand for this sort of stuff and arms a good company, I think I think this will trade well that will define macro sentiment. You actually saw a bunch of the other tech but related to a I stocks like NVIDIA up premarket and that was driving the the strongest stock market performance.
So you've got that you had higher PPI which is probably bad and you had the the Eurozone randomly raising rates although the dollar we'd be a little bit strong on the back of that which I thought was which I would not have expected. So yeah, macro feeling a little bit better. Crypto has been bouncing a lot of people pointing to kind of 27, just over 27 K on Bitcoin and around 1700 on it is as the first like targets that need to be breached before we start
getting out of this downtrend. It's been nine straight weeks of us going lower, so hopefully we have a little bit of a stronger base with which to, with which to rally on here. The second thing that came out yesterday was Stoner cats. Stoner Cats, which was the infamous project by Mila Kunis And what's this? Ashton Kutcher.
Ashton Kutcher Yeah, which was kind of like a Stoner cat TV show slash like IP play quite early on in the NFT space like when everyone was piling into Nft's they raised $8 million from their mint. I remember it being kind of they they do remember they were like can we call Ethereum cuz gas. Cuz gas was too high during the mint and they came out yesterday and have settled with the SEC. They settled with the SEC for unlicensed sale of securities. They're going to pay $1,000,000
fine. Semi cats actually rallied on the back of it. They did like a 2X or something stupid, but what do you think of it? I kind of get that that it's rally because you have regulatory clarity like that it you can't be, they can't come after they've already settled, so they can't come after them even more, right. Yeah, it's quite interesting it's I have two interesting or like there are two interesting
angles on this. I think the 1st is that the SEC is just getting people refunds on stuff and so that's 8 million that's going to flow back into the ecosystem eventually. I think they only well 1,000,000. No, I think there are like 1,000,000 is the whole men. They have to. They have to. Be the whole men. Yeah, but who's do you think people actually get go with that refund? I think it's well, do you think people remember mentioning your the Stoner cat? Yeah, I think so.
Yeah, there was a thing, there was a I mentioned this today because there was a, there was a let me bring it up. Actually, there was a another scam where people were giving back their money and only like 33 fat bit. Rex, you see this. Bitrex, which filed for bankruptcy in May, may profit as customers failed to claim the money. Only 36,000 out of 1.6 million customers have withdrawn 143,000,000 worth of crypto before the claim deadline expired. Like people? Just and that's the NFT crowd
are a bit more. I think the NFT crowd are a bit more involved and a bit more up to speed with what's going on versus like random retail guys who put money into a crypto exchanges then went bust and they probably forgot about it. This is quite recent having. Said that, I bet is strong having said. That I bet. I bet the number of people, the number of NFT users has gone down a lot. And I bet you the people who are still here aren't the ones that meant to current donor cats.
So you all even want to miss it, you know? You can't. You can't even reach out to these people because it's all just like Ethereum addresses, right? So you can't send. Messages or emails, they might just they might just say you've got to send this much Ethereum back to the address which meant to that, like, it's a very easy refund process, right? It's not a claim. Like in bankruptcy, it's a
claim. Whereas in refund, in a refund situation, we don't know the details, we're not involved with this project for the any scrutiny of any three, that's their agency, blah blah blah. But that's a very easy refund process. Also, the other interesting thing is that like the SEC is going after celebrities who have tons of money, like for me, Kunis and Ashton Kutcher, settling for 1,000,000 is literally just avoiding a
headache like. And they went after the guy, Tom Billy from Impact Theory. These people have much bigger, more profitable profiles outside of Nft's and they just pay the fine to avoid the headache like it's quite clever from the SEC actually. Whereas if they go after somebody like, I don't know, let's just say you labs where they can't really afford to pay the fine because it's their whole business model and everything is central to like it
not being a security. Then I think they're gonna come up against pushback in the same way that they have done with Coinbase, right? They went against Coinbase. Yeah, yeah, exactly. And Coinbase were the people, the one, probably the one out of one 2-3 people who would push back Ripple, Ripple back. That was the other one. But yeah, random enforcement action is not a substitute for actual regulation. They're just basically in the
work for the regulation. So they're just like, well, OK, well, we can just say you did something similar to them. If you don't settle with us, we're going to. Come after you? Yeah. And once you've got two settlements, everybody would just be like, oh shit, I should probably settle like it's yeah, it's cynical, I think, but it's quite clever. This is not like the other the other case in my opinion this.
The other case but the targeting, the profile of the person of the people is Tom. Billy is highly successful entrepreneur with revenue streams outside of our teams, of course. Of course what I mean is like this to me is far more like several other projects in the space. Oh, I see. Yeah, yeah, yeah. Wasn't they weren't saying you're getting in at Series A for some. Remember they did that enforcement a couple weeks ago and that was like, well, that's clearly a security.
Like that was really dumb in the marketing. This feels like this is just a stone's throw away from how half of the projects in the space actually raised. Do you think entities are securities? Depends. Well, it depends. It just depends on like what the NFT is like if it's like, hey, with these proceeds we're going to make a film and you're going to earn a share of the profits of the film, then yeah, that's
absolutely security. If it's just like, hey, this is a piece of art and it's not security. So I think it depends on the NFT itself. Like I think the the two things about the Tom Billy, one of the and the millions one is yes, because they're celebrities have big followings. It was easy for them to make a case about it knowing that it would get to the mainstream
media. So I think that's definitely one of the reasons why they did it. And the second reason is it was quite clear in both of those things they were like trying to imply that the energies would have higher value because of like things that they were doing. And I think that's not technically the definition of a security, but it does give it an investment like.
Feel to the to what you're purchasing which I understand because I think the whole point of securities laws like if you're if someone is making an investment they need to be protected by certain laws. So when you're like, oh, by the 10FT. And by the way, we're going to do this, this and this and you know something.
But they literally said it's like investing in the seed round of Disney. Or this one was like, yeah, like we have Hollywood producers on board and we're going to like, you know, say it like they're saying all this stuff, which. Make the Just to quickly push back. Isn't that just the same as like, Kickstarter, A Kickstarter, you invest in something, they often say, like you're gonna. Get started. You don't invest Kickstarter. You have. No. No you don't.
No, your starter is good. You don't own. You usually get prior access to the good. There's not a forward purchase agreement really. They they often provide benefits. I've done kicks up like that. If you do a kick start campaign, you're often providing utility utility to the people who have helped fund it. You can't resell your You can't resell your your donation. So it's not like how to. Get in market for it. Yeah, it's true. But is is that what's the issue you think?
I think so because they then and if you look at the read the Mila Kunis, the second point is they then applied a 2.5% royalty and. It was phrased in a way that it would encourage like secondary trading and market in the second like trading in the secondary market. So it seemed it was like those two things in conjunction. So if the is the NFT market discruited? No, I don't. I don't think the whole NFT market screwed.
I think there are some Nft's that have either clearly broken securities laws of have have had complete disregard for them or people who have done bad actors who have just tried to like. Pipe their projects up by putting in implied values based on what they're doing, which I think are also in trouble as well. That's why I think a lot of people who have been like distant, like we're going to do this, this and this and like if we're going to put these entities are going to go a lot higher.
And I know like a lot of the projects I've done that have been smaller projects and they're not maybe going to be the ones that will be made examples of, but I think a lot of a lot of them will be in trouble. Yeah not I don't. It doesn't mean the whole NFT market is screwed because NFT market is very broad as a whole thing. Like do you think wrecked guy is screwed to this? No, because. We haven't done any of that stuff right, but do I think?
I don't know. Why is regulation getting in the way of technology? This is a completely revolutionary way. The other thing is, and I'll just bring it up now, is the there was internal descent on the back of this again. So this this Hester Pierce who is people say could be be the next Gary Gensler came out and basically said we shouldn't be doing this like we are way too early and too heavy-handed with what is clearly like leaked.
Like it says, where we apply the security stores to physical collectors in the same way that we apply them to NF T's. Creativity would wither in the shadow of legal ambiguity. Rather than arbitrarily bringing enforcement actions against entity projects, we ought to lay out some clear guidelines for artists and other creators who want to experiment with entities as a way to support their creative efforts and build their fan communities. I just completely agree with
this. It's like, what the hell are they doing? I agree. I really highly handed without any writing any laws and just being like, you know this is all crap. But I agree with, I definitely agree with Hester Pierce. I think regulation should come to provide clarity and should come to encourage creativity and technological advancement. But at the same time, it's just like I do think regulation is
required. Like there's been think about how many bad actors ever have been in the NOT space, like more projects than not projects have come from bad actors who just walked away with the money and who's like paid the cost of that. It's been retail investors. So I do think it's needed. I do think they've gone for two. The two projects they've gone for. I do think they have legitimate, you know, reasons to go for them. Like the Tom Bellier thing was a
joke. Like you see all the shit that they wrote joking as a sort of thing that was obviously a very obviously a cash grab. Stoner cats maybe is a bit more of a Gray area, but like they did things that aren't within the current framework. So I think in their original road map they did have revenue sharing as part of the thing.
Like you just can't do that within the current framework that there is. There are projects have clearly broken existing guidelines that are very clear and they have to have, they have to be, you know, they have to be regulated after they're going to get penalized because there is some clarity on some things that is very clear and people have broken even those. So I agree like with everything that has appears to saying, I don't think the two that have
come for are bad things. I think they've come, they've come for them within the existing framework. I think they've broken laws within the existing framework. But the next stage isn't just to come for everyone. They haven't come for everyone is to create a clearer framework. So I think there's merit in both sides. We're gonna hear now the court
cases. I really hope the next move is we are now gonna put together some sort of committee or to look into like an independent committee alongside Congress or whatever to look at some of the regulations of this, not just right now. We're gonna go after you go lapse. Is this just I hope? I hope they go after every single project that's broken law. I really do because.
All the all, there's quite a clear correlation between every project that's violated SEC laws with the ones that ended up rugging or ended up being cash grabs. Like it's very clear the people who are hyping up their projects saying all the stuff which was basically illegal, or also the same guys, funnily enough, who just walked off with the money and haven't done anything. So I really, really hope they penalize all of them and find all of them and go after all
those guys. And in conjunction, they provide some clarity and regulation for people who are acting in good faith and they don't just come after people going in good faith. But so far the two that they've done, you can't contest them like they've done wrong. They've done wrong things and they come for them.
I think that's absolutely right. But they do that and they don't need to provide more clarity or change of framework to do that because it's in the existing framework that they've violated. Can I get a SEC? Hell yeah. Yeah. I'm not. I'm not pro. I'm not. I'm not. I'm not fed. I will. There's completely a Fed outed out there, OK? Cool. What is the NFD market outed as an undercover Fed? Wow. OK, so the next. Thing's down in that scenario. I I've been.
I hope down. I hope down within within the framework. Standing behind Gary at the Senate. OK, so to mention is what's going on. Talking about buying back of Nft's. Cyrus posted a good post yesterday and this has been up for debate for a long, long time. But after months of theatrics, matchy, matchy, Big Brother, famous, a collector slash
purchaser. Matches 8 point proposal to use 11,000,008 to purchase 8 mutants and punk and place them into museums is finally going live for voting tomorrow. It pass if passed, feels likely a new government's token dam will be launched and we used for selection and creation of Antise. You'll be able to get DAM allocation by time locking APE. Probably to counteract the selling pressure of 11,000,008 used to buy FTS, at least 50% of the capital will be deployed in year one.
There's also a clause that prevents any buyer of buys of Nfc's directly from Matchy. What do you think about this? There's two interesting this is not to buy his own Nfc's or. I mean. Well, it's buying my bags indirect. And it's come on in the same wallet and. But do you think this is a good use of APE? Do you like Okay? So what? What have APE been used for so far? They did. They did pass at the same day yesterday.
They passed the documentary. People have felt as though, I mean, Ape has been using some of the games. It's been useful, but largely Ape trades at just over $1.00 now. And that is kind of understandable given all the unlocks and everything. But there clearly has not been value created with Abe. Should these sort of tokens just be used to just buy back the?
NFTS what do you think build circular Just like we're going to use this thing which have we don't have A use for yet to buy this other thing which we don't have A use for yet and it's they need to. I guess they need to prop up the value so that people can exit until the game comes. There needs to be value creation until other side, which is the main use case. We think for it. Until that's ready. That's what it feels like to me.
It feels like a combination of that and I'm actually saying buy my bags. I've been propping up the price alone for too long and I need some help. That's not too since. What do you think, NSF? Look, I think it's maybe it's an exit strategy for Matt Machi, I don't know. It's a bit of a weird exit strategy because like he's bought ape and he's put this through which has caused the price of ape to go lower and then he's going to be able to sell his apes, but then in turn
like eight coin goes lower. So I don't really, I don't really know what's going on and yeah it's just it's very recursive isn't it? Like I didn't understand how this solves anything in the long term. I guess it takes some supply of apes off the market and maybe he has a view that you know 1000 apes is what, 10% of the supply maybe has a view that will wipe out most of the supply, but that people want to sell and it has a big impact on it. But I don't know like I think it'd.
Be pretty funny. It'd be pretty funny if this if this did pass. Like it feels like it will. Yeah, that's what I think, like it's it's kind of reminds me of what the nouns that we just spoke about. It's just we tried some, we tried something, It didn't quite work out. And now we're just buying back the original thing that we had because we think that's the best thing. Would you be happy to see board apes in museums? Were you going to see that board apes in museums? That's where.
That's where he wants to showcase them. I mean, I. Think it'd be a pretty cool exhibition I'd take. Take my mates. You know, like there was a time when that board apes had this board apes for like the thing about board apes was so amazing. Like they went from there just being like the coolest thing in the world to the least cool thing in the world is.
That off you help them? Well no. Like I think that I think that was already in motion at that point in time like you just, I don't know like. I know what you mean. Price lower. Blood and bloods like they they they look behind. As they go lower, they'll look better as they go higher. Suddenly, crypto punks just like incredible again because of the highest Has anyone, Has anyone ever hated crypto punks as
they've gone lower? Like, I guess people have hated the elitism of them when they've been at higher prices. I think that's something that's existed. But is that a bad type of hate? Or is that an envious type of hate like? Well, I think it's a bit of, but I think it's a it's kind of a bit is the psyche of it is a bit like, well, we don't need to do anything. We were first. It's kind of like that Bitcoin psyche that everything came after us.
It's just it's just a bit crap. Interestingly, most Nft's are being absolutely hammered right now. You've seen Friend Tech again, just, like, smashing. The the volumes going into NF T's I think crater royalties in Franteca something like 6 times what's going on F T's and you've seen kind of across the board all dates are down. Even on the back of this, like we're talking about buying hundreds of apes, all dates are down, sent today into down 10.
We will get on to the number three now, which is Nakamigos are down. Checks, notes, 22% they were down. As much as 40% they came out. There were a lot of hype going into what they were going to do and they really changed the game. Actually, they really changed the game. They came out with A20K20K Mint at nought point nought 5. If you own an akamigo you get exactly nothing. Same price as the public mint. And I forget what they called cloaks. Cloaks. Yeah. What did you guys think of
Nakamigos, Cloaks, man? Like that was one of the projects that came this year. Everyone was like, yeah, so good, like organic vibes and all this stuff. And then they just like, yeah, and then there's like fall is coming and they just come to the market. It's like, hey, we're just doing another 20 K drop in the 0.05 E we're trying to take out thousand ETH of this market and they're not really doing anything that wrong. Like they never promised anything.
They don't have a road map. They a lot of what's happened has been speculation and hype and there's not like anything specifically wrong that they're doing here. But it's just once again like a sign of there being no creativity or like innovation. And these guys are obviously experts that they're they're who knows, there's a lot of speculations to who they are, but these guys know what they're doing, right? So they haven't done this without knowing that it's going to get fudded.
But I think they're like, you know what, let's just try it and see if we can get away with it. If not, we'll move it back to a free min. And now it's free min to. Be Yeah, to be fair, they responded to the feedback and now it's free for holders. Yeah. But corn, do you think, do you think these guys didn't know what they were doing like Corset is like? I really love. It only and I just, yeah,
literally that. Option 120 thousand 3 = 3 Option 220 thousand and oh .05 = 1000. I just think option two is significantly better. Five so true, I just. Don't understand, like I don't understand that every element of this, right like the team, like we've seen this strategy fail so many times. Everybody knows that you can't just extract that much value without. Impacting the current collection, Maybe they don't care, whatever, but also they were tricked.
Like how many times have we seen this happen from people in retail buys, in buys, the announcement, and then the announcement is more NF t's? Well, that's the only. Way I feel like, I feel like we've seen this on repeat this year and I know that's the end because the business thanks to Blur and I know you can see to be fair, there's no creative
royalties, but I feel like. We at least deserve some ingenuity or innovative way of creating value, rather than there's another 20,000 NFTS that nobody wants how you left. It is literally the only way to make money unless you go down the alternative revenue streams like we're going to use the IP to build build consumer products business or I don't know, maybe some tech business, the only way is just to give you more NFTS. So expect expect this from literally every team that has
some sort of a bun. What I would say is Nakamigos is not the one I would have chosen for this. Like I could imagine, I don't know a Doodles or a Yugo or a or being like what we have significant cash burn guys like we need to need to raise some cash. Nakamigos was a free mint which they made a bunch of trading fees. It's very difficult to say how much because of because the volumes were. Post blur and it's it's very very difficult to work out.
But let's say they made millions, low millions in trading fees. They didn't really need to do this like it was just an artist and seemingly some devs. Which have been is it, what's the name of it? High, high, high for labs. Yeah, high for labs. They're all anons. I don't know, like the community didn't never really felt like it was expecting anything. From what I saw it. Just might sell out. We don't know. It might sell out. 100%, it's going to sell out 100%. Is it the wrong play?
Are we just being kind of snobbish because we think it's there are too many Nfds? Everybody's doing this, but if it sells out, isn't that telling you that there is demand for it? Well, I just tell any of that people wanna gamble. Yeah, that's just people wanna gamble, in my opinion. You have people a way to gamble, that's fine. But the medium term prospects for that project now in my eyes have been massively hurt. It was already A20K project,
right? Yeah. Like Amigos, so now you have 40,000 NFT. Broaden the community. It's a broad church. Everybody's welcome. That's the more the more the merrier we. Just want to get more people into NF. T's just a million We want to go mainstream. Yeah, I think it will 100% sell out just like any project, like any project with a floor of nought .5 plus or around nought .5 that decides to do a mint, it will probably sell out at that level. But then it's just the wrong play.
I don't agree with it, and I agree with you that it hurts me then. So the team is a great play and at the end of the day, they're going to do what they want. They're not. They're not going to pay
anything in trading fees now. Now that is sitting there going like, well, if we're not going to get paid trading fees does it, We can just do what we want and you'll see that more and more like there's now a bit of a competition I think situation between holders and and teams because why should you? I shouldn't you mean? Yeah, exactly. Why? Why shouldn't? Why shouldn't you do this sort of stuff? Because no, no one's paying anyone so. I just think it's an interesting one.
That's why you need your founders to not be, not be desperate for liquidity. We will move on from that to the moving on. Swiftly moving on from that to the comments by CZ, there is obviously we've mentioned this yesterday, there was Token 2049 going on in Singapore right now, a couple of different. Comments which were made. Their first one was Brian Armstrong. He was basically saying he thinks defy should take the CFTC to court, which I kind of agree with.
I think it's this random enforcement action over regulation. It's just a joke. People need to start regulation and then work backwards. And then the the other one was CZ who basically came out oh isn't that working? And said finance CEO's signing up for 100 million Crypt users will be a big challenge unless they can buy crypto cash. There he is looking. Look at him. Look at him. He looks pretty happy. That's a four right there. He looks like he's already in a fucking cell.
Does it look like he's in a cell? Is that a mugshot? Focus, yeah. He's only got 2. He's only got 2 fingers. Up there, he's the other one handcuffed to the wall man. Two is the new 4 for CZ, according to this photo. Yeah, he's basically said that finance CEO has difficulty converting Fiat currencies like the dollar to crypto. A big hurl to bring on the next 100 million users. We're seeing a lot of traditional investors institutions. That used to provide Fiat ranch
house pull away. This is basically what we said two days ago. It's very, very clear that they are being choked through the trap fight channels that they can use to get money in and out of finance and finances. Market share continues to plummet like it went. It's gone from 60% of the whole market to now 40% and it looks like it's down only at the moment, do you think? Do you think we will get another 100 million uses into crypto? Are there even like 1000 people here at the moment?
Like 100 million seems like a pretty high figure to be going for next, but I think it's something that he was talking about during the bull market. Do you think do you think it will that is a general problem for the for the industry or just a problem for buy Nets? It's just a market cycle thing isn't it? I think more than being an industry problem or a buy net problem.
Yeah I don't, I think it's I think it's just a balance problem but I think I think there are it's more difficult to do fear on off ramps but like we've just said BlackRock coming in bunch of different massive money managers are coming in. I don't see an issue in on boarding 100 million people, just perhaps not too centralized exchanges in the way that they have been. And to be honest, the market's history of centralized exchanges is pretty fucking terrible so.
I'm not really that worried about 100 million users not joining crypto via centralized exchanges. I think it's it's kind of a bit of misdirection there from CZ to make a generalization that that is going to be a problem for everyone is the calendar just drop off because this final story was to be like his big one. Where? Did you go Cass? The Wi-Fi in our area has been super patchy.
I think there was a. Big like water leak and now it's run through all the utilities and then drilling and stuff like this. It was out for a bit yesterday and it was out. Keeps going back today. Well, this is the this is the big story, the final story that we'll end on which is alien corpses shown to Congress that this is in Mexico as USUFO expert forced to not to testify under oath. What do you think of this? They look kind of like the the. They kind of look fake, let's be
honest. Like they if I was to picture right we're alien folks with my mates. This is, this is what I would go with. And they've been revealed. They they're apparently 1000 years old. I mean, look at those. Dragons. What do you think of this? The first thing which is great is why are they not in like an airtight like moisturizing like? Case right rather than a coffin with silk lining? Seems odd like.
Anyway, The thing is, I think people have the the relationship between everyone says like, oh what a coincidence it looks like, ETI think people have that relationship the wrong way around and that like people will have known about this, whispers will have got out and like Hollywood will have made aliens based on these things if they are real. You're in that. You're in that. Okay, but I don't know if they are real.
But they why not I think. Apparently, I'm sure. 40% human According to this, the event was spearheaded by journalists not looking great, who claimed under oath okay that a mummified specimens are not part of our terrestrial evolution, with almost a third of their DNA remaining unknown, reported Mexican media. That's huge because, like humans, I can't remember what the number. Is but by a journalist, right? Yeah. But humans share like 97% DNA with bananas, right?
So like 60% share is very low, right? So people have said this could be just a collection of animal parts which have been put together and done as a hoax. Apparently that's been done a few times as other as other ways to to fake this sort of stuff. I'm not a UFO expert. These do not. I believe that we are not alone, but I do not believe that This Is Us finding aliens. What do you reckon, OSF? Aliens or not aliens. I think they are aliens. I think he.
Just loves the conspiracy. That's true, I mean. Is it just? Yeah, 100%. What do you think the chances are that we have this idea of like, what aliens look like? And then when you get the closest thing to actual, this is what I. Just said image of aliens. They look like what we thought, what has been in like mainstream media for a while, like I think, but that's. Because people will have known about these corpses for ages, they will like exactly the other way around. Exactly.
Yeah, that's what I'm saying. Like. You had like, you're just believing everything together, agreeing on literally everything. And then it I think it's true. And if you think about like the Roswell incident and how that was all covered up many, many years ago, like I think there's been clear sightings of aliens and in the past and every time someone tries to raise it, they
just get like shut down. But enough people know about it such that we've had that idea that's built of what they look like, etc. And this is the closest, you know, all this information I think is going to start to come out now. It's very clear. It's all start to come out. This is one of the closest things we've seen to it, like being pretty legit. And yeah, lo and behold, they look the same as what we thought they look like, like slightly big heads, like smaller bodies.
So I think. Lo and behold, yeah, I think this is for me, it's more proof that they exist. I'm not sure I would. Sure, I would sure. The Mexican place, because they're probably doing this to deflect like attention away from the fact that something really bad is about to come out about the Mexican government like corruption or something like that. That's the. I saw that, yeah, I saw that, like. Traditionally they that. Events ahead of something for Rick happening so.
That's the same in the US as well. Too far. And the other thing was. Bullish or Baish or crypto is saying for aliens, I think it's bullish crypto. Everything's bullish for Bitcoin. OK, cool. Can we fix? This Bitcoin fixes this. They can't steal your money in Bitcoin. The aliens can't take your money if it's in Bitcoin, Exactly. It feels as though the tone of the show is significantly deteriorated over the last few days, but it's a good ending. Point. How?
Poor cows. Actually, you're the one who returned cows. It's basically whatever conspiracy theory gets brought up. You and Cali both dives. Head first into it. They've all been through. All conspiracy theories have turned out to be true in the like in the past two or three years. They're always true. They'll never get debunked. No smoke without fire, yeah. No smoke without fire. That's really the new name of this chat. No smoke without fire.
OK, we will. We will be back in tomorrow with the top five things across crypto and T's macro general. Whatever the stuff that we thought was fun, We are sponsored by Kraken and FT They are the new exchange making big moves into crypto. Check them out at kraken.com/rug Radio. Tomorrow will be the final show of the Mando takeover next week for we'll be back, I think. Actually, he may away for another week, right? I know he's going across Europe, so we'll find out.
So maybe another week of us three, maybe it'll be US four next week. Cals can come back on. But thank you for joining us and we will see you again tomorrow.