Who was muted the How's my darling getting. Is it getting better you I'm. I'm trying to practise your ohh. Anyways I'm not gonna anyways. yo-yo yo-yo yo what up What up? Good morning. Good morning G MG Friday September 22nd, 2023. Another beautiful day to have a beautiful day one day until the end of summer. Well, officially right. And then the fool ohh Cowie and there was a Callie. I mean not so much of a fall I think you know if if this he sees close for business.
But anyways we'll time show we'll talk about that. But anyways today on the show today today of course this show as usual is powered by cracking. So if you go to rockcracking.com/rug radio you know give your boys bum big because it was a shout. I can't wait to be with the team later in October at F1 should be hello from. Anyways, today's topics Today's show topics Are we headed to recession? Call of Duty Drugs. Warzone. What? Hold on. Ohh Wow. Diamonds. Rolex is wine NFT Plunge.
Well everything's going zero. This should be articles about that too. Base mate token may be coming Friend tech points tonight. What to expect Stubbs reading But first but first but first Mando Cali. How are you guys doing today? Beautiful Friday. Friday in Lisbon. Another beautiful day in Lisbon. Gonna go. This weekend. This is the message from the Lisbon Tourist Board, right? I swear to God I'm starting to think he's sponsored by the
London terrorist. And there's the Lesbian Training Board. They should move over the background deal somewhere. You know what, I agree he should. So we're going to get the team on board on on that ASAP. We we ask you that we need to get the team on board with that. We need to them to contact the London Tourism Board and while they're at it maybe they can get me a a speed visa or something say listen, Farooq will also move there. So we have Farooq Commando
promoting. Actually met, like the unofficial mayor of Lisbon. Domain. Is that like a gang thing or knows all the parties and stuff like that, that he knows the city? Does he goes to my gym? I've been seeing him for like. Two people go to my gym, actually. One of them owns all the restaurants here and the other one is this unofficial mayor guy that the big property developer out here. And I was just walking.
We went for lunch a couple days ago and this guy's connected like he's the guy walks down the street and everyone like it's like, you know, knows him like the godfather. OK, like he's so he is a mafia boss. Get the buildings up. Let's put it that way. So I'm leaving. Yeah, maybe. Maybe we'll get into business. Maybe I'll maybe I'll be shilling some some this Lisbon properties or whatever the fuck he's going to get me involved in.
Get me in on that get just get me in on a on a free apartment so I can move there. OK, that's all I want or. Studio 10 hundreds of 1,000,000. We had that look about it. You know what I mean? I always wondered, yeah, I always wondered, like, why my family didn't think of like, getting richer earlier. So just be born with it. Yeah, but why? Why didn't they about when they were. Yeah. Like why? Why does like, I don't know,
like, hmm. Like why didn't have the the hindsight to buy all the like the we have the same thing in Montreal. I feel like every city has that, like one person that's known to own everything. Like there's the same thing in Montreal. There's a lot of real estate developers and a lot of successful people. But there's like one family that owns 4000 buildings and units in Montreal, the Sergachev's family, right. But he also owns all the strip
clubs, the casino, they all. And so he's like, he's like, yeah, it's it's it's a Greek and so and there's another guy who is anyway, he owns my squash club. He wants to start naming people here on the show, but also want to be able to go back to Montreal. But then the entire saint-laurent St, which is the street north from nightclubs and everything and for a moment he was banned from selling and buying more from the government. So there's there's a bunch of stuff like that.
I always wonder, like, what if we, you know? Biggest Lando owner in Lisbon is actually the Church. I didn't know that and until after speaking to this guy. But yeah, like, the Catholic Church owns a lot on this. Amen Montreal. So they. Like the Probably like the second or third biggest landholder globally, right? Like they're the third biggest landholder in UK and. Traditionally it was a pretty
big power base. Yeah. I often think that, like, maybe that's just like a great way to just like, you know, have a good life and just chill. Be like the head of like property for the Catholic Church and the What's it Bank the. They have that Vatican bank. Yeah. Yo, this is Glenn. Sorry. What's this? Yeah, I don't know if using the Baskins that cool, but I'm sure you're probably good. Pretty good. Pretty good. The Catholic Church want to sponsor this show. I'm down like.
That nobody told me. Somebody told me that they were looking for NFC advisory. You are back to go up every. I will start the show with a prayer for NFT. Took all my bags to go up everyday. You know another deal deals that positive spirit to Santi. Amen, right? So we may lose some of the others audience now. With Google up with the Pope let's make it happen bunch of anyways we're Oh my God this is
bad. Anyways I was gonna say Montreal they they it's this thing on the Amphi theosis which is when you can rent a building or land for 99 years and up where you have the full rights of property enjoyment on top of it. So in Montreal the nuns, they rented all the buildings everything like all Of Montreal was owned by the nuns and they pretty much rented most of that out for 99 years plus. So they built skyscrapers on top of them.
So they don't make money at all from the skyscraper if it sells buys or the property. But they own the actual land of where the skyscrapers was built and you get to rent it every 99 years. Fun things you learn in law school. So I guess it is worth it after all. But it's called I had to Google in France the name but it's M EM5 CU sis. It's a Greek word and yeah it's complicated. But anyways so one fun fun thing I I I saw so it's one of the Craftsman scenes brothers shared.
That live video now is pushed on Twitter spaces on X and it is. So if you go check this out, this is new. If you go on Rug Radio's Twitter and I go open live video now and it's they. Push. Ohh wow. You know now at the same place that they push spaces at the top of the bar. That's awesome. They like, if you go on your phone, look at that. Look this, this is. Look at that. It's pink. Now it's us and you do this. Yo, this is pretty. Cool. Yeah, there we are.
Here we are here. We are shipping. Show Google live proof is live also from Marfa it seems with snow fro. Great way for live events by the way. Since I know you're watching this is great and it seems like proof is live with snowfall and whatnot. So you love to. We do a lot of live events that we're doing zebu next month and we do a lot of that stuff. So consensus ohh also shows the spaces on top of that. So you have the spaces and the video. I like, I like.
Anyways, we called this. I don't know if you guys saw the the updates from Twitter. They have a whole bunch of stuff coming. Linda Yaccarino that the CEO like she shared all this stuff coming up like it's really becoming the Super app, right. And I was talking about super apps in Asia when I was there like grab and all the stuff people use out there. So I don't know.
Anyways this is gonna probably be one of the biggest onboarding to crypto if those two perhaps get wet through integration. And the West side in the West side of the world because it did on the other side of the world, right. Everybody's got a wallet because of that. We wish you Polygon ways. Alright, so why don't we get started with the with what's happening in the market and Mando, are we headed into a recession, What's happening with? Big question, big question I
guess. I guess there's two, two sides to the story. There was a very. Bill Ackman, who's a very well known hedge fund manager, probably most well known like during COVID as well, he put out a pretty bearish post today. Type in Bill Ackman, you'll see it. But he basically goes into the idea that he thinks that bond yields continue to go high, inflation is going to go higher, oil is going to be pushing it.
And a lot of people have been saying this, you know, we're going to end up with some sort of doomsday scenario in next year and this is at a time when global debt is at. 300 million, I think it was a household debts, the highest ever been in the US. Auto debts, the highest it's ever been. Student loan debt, the hearts it's ever been. Credit card debts. The highest it's ever been. That is just out of control.
So high interest rates just mean that people firstly dip into their savings and then they run out of money. So you start to see some some evidence of of delinquencies go up particularly on small banks. And it's not looking good on that that front. Do I think we're going to head to a really bad recession. What's interesting is saying is that the Fed came out yesterday in amongst them being hawkish. They basically said look we we don't think it's gonna be
session anymore. We're taking the word recession out of our guidance. We just think there's that low likelihood it's going to be a recession. Goldman Sachs have also been very, very keen in saying that no recession main bit of that is because there's been. Employments going down, sorry, unemployment is going down or at least stayed very, very low for a long time. And there are a couple of other signs that that show that we're slightly bottoming in terms of economic activity.
Retail sales, the consumer has been pretty strong over this whole period. The main worry has been this yield curve inversion as well that people have said like that's one of the telltale size signs that heading to a recession that's like 2 year interest rates are higher than 10 year interest rates and that's been going on for a long time and that's one of the best predictions of a recession. Umm, my gut. And maybe Carly can come in here as well. But my gut is that we will not
have a recession. But I think we were probably in for a decade of under. Underwhelming returns just because of how high rates rates are right now. And the reason why I didn't there's gonna be really bad recession is I don't see there being a credit crisis in the same way that it was in like previous recessions. Like the bank banking system in my opinion is in a better spot.
Higher credit spreads or junk bond credit spreads, what we we used to trade the types of the year very in both Europe and the US it shows very little stress in terms of companies or in terms of banks and the main stress here will be from the consumer. Um, and potentially from governments. I I think that's going to happen. Like, we will probably be a period of less spending, but I don't think we're gonna head to
a recession. So in that world, what happens to like markets, I think markets? The stock market is obviously not reacting that well right now, but I think medium, medium term again it's just this period where I think stock market returns are not gonna be that high. Bond yields are suddenly now higher than equity yields the first time in 15 years. So I do think you can probably get better returns than bonds than than in stocks right now. But I don't think anything is
going to be cataclysmic. We're not going to get like these 6070% drops in my opinion and in stocks that you saw during O 8:00 just because I don't think there's going to be a blow up in the in the credit systems and. In the banking system. But yeah, Carrie, I mean, you have strong views about all this other stuff. What do you think? I'm definitely more pessimistic than Mando in in general about everything, but also also about the economy. That's just like a British
thing, isn't it? I think. I'm Portuguese now. He's pushing exactly a happy disposition, like tourism of Portugal. Yeah. I mean, I think what's interesting, I think Mando is right. I think the stress is on the consumer. But the interesting thing is like cycle all of this, all interest rates and all this stuff.
Don't really matter that much. It's more about like the psychology of how people feel and whether they want to start a business, want to hire more people, want to buy more stuff like interest rates effects that, but they're not the only input into that. And so if you have a couple of years where like. Stock returns underperformed massively. Then I wonder, in such a crowded market, that people just say, you know what, fuck this and just dump it. And then that's when you get the
massive drawdowns. It's not even because like the underperforming cash flows are like changed that much. It's just been, yeah, a few years into that decade of underperformance and then people just get tired and then you see these, it probably doesn't happen all at once. It's probably not like a 100 to 40 drop, but then you'd see these multiple like 1020% drops. That's one situation which I think psychology and like drawn out underperformance could
materialise into like a severe. Underperformance over longer to medium term. I think the other thing which Ackman says in that tweet, which I really agree with, is that people for the past 1020 years we've had massive deflationary forces on pretty much every element of our lives. Everything's now made in China for like a tenth of the price that it was previously there's been like reasonably benign.
Before COVID at least, the whole global economy and global like geopolitical structure was reasonably reasonably benign. And kept energy prices pretty low. It kept like there wasn't that much disruption to the whole globalisation machine. And I think his view and my view is that that kind of is not going to be the same for the next 10 years and that's going to be inflationary. And so that's where you get this higher for longer narrative from as well. So which real Ackman tweet are
you guys like agreeing with? Like are you guys talking about the one where he said call me crazy but I think SBF may be telling the truth Or the tweet where Bill Ackman says many have expressed surprise about my interest in FX situation blah blah blah. And my openness of possible FBX may be telling the truth as I have no economic interest in relationship blah blah blah. So you know, we talk about. One thing and then doing another.
And he's also famous for just like being wrong with certain things that no one ever remembers. It would be great if they found the Big Short guy. It would be right if they didn't run their mouth when it comes to our industry and just kept doing their thing. Ackman during March of 2020, like when COVID was.
Or maybe it was April. He went on to Bloomberg or CNBC and was literally just saying everything's going to end, the world is going to end like, and then it turned out the next day that he had just been buying so much stuff that exact day. And because he was like, it's so bad that it's gonna be good. So he has this like way of, I don't know, profiting by maybe doing the. Exact somebody else say it's so bad, it's good. I've heard someone.
Is that what you're taking from? You take it from Bill Ackman. CNBC said the world is over. It's it's quite famous thing that he did so like he's known for doing this like these are the sort of things and he might today he might just go really like long being short. So it's it's you have to kind of reverse these people. He makes money, though. He's been making money. Yeah, it was. I'm sure. I just.
I just will never forget this. Like, that was literally the day the SBF destroyed everyone's lives. Like during the one tweet, I was literally in the thick. Of soldering the spirit. He was probably short Solana. He probably was like this guy's notoriously famous for counter trading. His what he says on TV like he has this opportunity in front of 300 million Americans to send the market down to the world is over. And he's not even short like. Yeah, he was pilot. He was sure. He was sure.
He was sure at some point, though, OK. That exact date for everything. Fear. You bought it all ohh Billy, I mean over time, right? Because then everything eventually recovered. But that's a wow ohh Billy. Billy, Billy. Alright. Today. Today. The Dow, the Dow Jones is actually kind of flat for the year. The Russell which is the top 1000 stock is flat. The the only reason the S&P and the NASDAQ hahaha because of these AI stocks. Which isn't isn't just like a US
phenomenon. the US, the US like Standard Company hasn't really had that great year. Like we kind of have been a bit of a terrible year for stock market returns and I think I think we could see a period here just like subdued stock market returns for the next five years. Which I agree with what Kelly
was saying there. Like you could have this sort of period where it doesn't go down 60%, but it just like it's almost flattish or like certain companies obviously weren't like AI and tech, but the rest of the press that stocks don't really do that well. Well, I guess don't buy stocks by Mint coins, this non financial advice, OK? Or any time of the day is having its day. Yeah. Let's let's quickly go over the market. Like the market seems to get
someone of something. I I don't feel anything with Pepe anymore because it's like I'm down so horrendous. They're like, get me back to like that decimal to feel anything. But hey, I'll take it, man. Small wins? Yeah, it's back. Where are we? Are we so fucking back? Or not yet? We're not. Saying that we are so fucking not back. Cool. Whoa, go. Just dying, man. Umm. The the crypto has done OK, but it's back to kind of where it
was yesterday during the show. At least it dipped and then it's come back to almost unchanged. Umm I. What I said today in my French chat was that if you didn't sell the yesterday, I don't know why you selling today like this seems very, very silly. Like yesterday was peak, the stocks were down the most, they've been down in six months. Bond yields were hitting a record in 15 years. We didn't start yesterday. I was freaking you out today to
sell, sell crypto. So I kind of felt like we were going to edge a little bit higher and that's kind of what we do. I don't know where we go medium term, but today just didn't seem the day that we were going to puke. Given how bad yesterday, I'm always saying you can't. I'm always scared of. Weekends don't come down, come down slightly as well, so slightly. Better day in the markets. No real massive movers from what I could see.
All right, well, we'll move forward from that and see what happens in market after the weekend on Monday morning. So topic #2, which is actually a gaming topic, it's pretty fun. So Call of Duty it looks like you know they've they've rugged War zone. I mean, see, like, see gamers. You only get rugged and Web 3 gaming. OK, like this happens everywhere, even on your home turf. So I'm quoting a a tweet from from Spike. Spike reacts. The biggest theft in gaming is happening today.
Oh where's that? We have OOH button. But anyways, Call of Duty Warzone One is shutting down and players won't be able to transfer their original Horizon skins to Warzone 2. Gotcha. You see why NFT's come into play here? Billions of dollars of worth of in game. Items are being taken away. This is why of the main reasons why we need web 3 gaming. I mean that's absolutely crazy.
I'm actually I'm gonna go to you man though and get your thoughts but I'm gonna bring Sims on stage two are are the producer of our morning show cause your your backgrounds in game of Mando. If that's not a use case for web 3 gaming, I've never seen them. Best better use case as the beginning of what 3 gaming? So I agree with this guy and I don't agree with him. At the same time, I think, I think it's. I think it is.
It does show that the idea that if you have NFTS, you can trade in and out of them while the game is still active. There is like towards the end of the game, there's very few players playing it as a reason why they close down. This is just War Zone One, right? I still think there's a lot of people playing Warzone One, right? There's still enough, actually not like peak. There's not peak amounts of LIKE. It's not like game game users normally go up parabolically. Yeah, yeah.
And anyway, like so. I think NFT Challenge is great for that as the game dwindles, but I don't know if NFT's really really would fix this totally. Because. They, I mean, if they did this even with the Web three-game and they discontinued the game, you're asked that you currently use the assets anyway, unless they were interoperable with the next version of the game, and that's not always the case.
So I think NFT's improved during the life of the game, they improved the trade of it. I still think NFT's leave you vulnerable even to this sort of a rug where the game gets discontinued unless they are seen as some sort of like collectible item that like everyone remembers and it was great from the game, but the utility. These games will die when the game developer decides to stop having them, and that will happen in Web Two and Web Three.
They'll only the NFT would only last as some form of a of a I don't. Know as a trophy, let's say which. People might want to have but I think. I think the utility still does die. I don't know what you think, Sims. I mean there's there's two sides to this and you can play devil's advocate kind of in the way that you're going with it. Like there's there's the one side which is good and bad and was like Oh yeah, This is why we
fucking need NFT's. But in the in the previous site to that it's one of the reasons why gamers hit NFT. It's like you need them you you have to have NFT. They're the future and just ramming them down the throats and we've had years of snake oil salesman who never actually been in gaming just continues to telling people they have to have NFT otherwise gaming's going to die. So there is that side to it, and it's understandable why.
You know a topic like this as as kind of rattled some cages and made some noise within our ecosystem of cryptos. Like yeah, this is what an NFT is do it saves you from this. But then there's the other side of it where it's like, you know, was I gutted back when Halo two and Halo three died and they shut down the servers? Of course I was.
But was I pissed that I lost all the extensions, all the battle passes, all all the packs, all the stuff that I bought skins went around them but you still paid for map packs for example. I want piss that I lost them because it's a new game, right? It shutting down was on 2.0 is out.
Know they're going to be looking forward to building that up and introducing new things and if there's anything that we know about Call of Duty they they launch and flip a new game every single year that that that fucking franchise absolutely prints money. But they flip-flopped between developers. It could be sledgehammer one
time, Infinity War the next. It could literally be that the the tech the skins that they made there are not compatible with the the next engine or if it's a different developer they might have not may not have a licence to actually move those skins over to the next thing. What they have done is and it's not a complete. You know, disaster. The game itself still stays alive. War Zone was a free to play game, remember.
That's it. It's a it's an add-on, it's an extra that that you get essentially. You don't have to buy the game. I don't believe you could just download it on standalone thing, but the skins will still be available. I think Modern Warfare, Cold War and Vanguard, they still have all their multiplayer servers online. Warzone became so big of a free thing it had to disconnect from the game.
It was phenomenal. Like I think at one point it like the the the player base that it had was infinitesimal. It was massive. It did so much for the college. The franchise, it had to become its own thing and and that's good. And Warzone 2.0 is just as good, but can you continue to run a redundant product? No, not really. The the skins were there and you purchased them. Yes, you are going to lose them. You can't carry them over, but. OK, such is life.
You know you it's a a new game's going to come along. I get people will be upset that they can't carry the skins across and I also understand this is gonna be a very loud noise for people to say it. Now is the time of NFT so this is what they do. But. Look, if it's not compatible or it's a different developer, it's tough shit and it what what can you do about it? I think it's an advert for interoperability rather than NFT's like NFT's don't solve this issue.
Interoperability solves this issue. Like even if you own the NFT's and you own the skins, you're ultimately still short the option to the developer as to whether they want them to be interoperable or not. But I think with the NFT's at least you have an idea if they're going to be interoperable before you buy them. So maybe there's there is an argument that like it's a bigger part of the ethos and you know you have put more perfect information going into the the
thing. It's not great if you're the video game developer. Obviously you want the zero everybody's skins because then they buy more skins. So there's definitely like a a power imbalance and the like. It's not 33, let's put it that way, It's 03. Exact This is the exact scenario that caused Ethereum to be developed. Do you know this story? Vitalic got Rugged on Warcraft. Was it? Is this truthful? He's gone back and forth on whether this was true, but he said that.
Ask him. And that and that. He got so pissed about that, that he wanted to create a like a decentralised ownership model. And that's that Led him into blockchain, led him to Bitcoin, led him into Eve. So I mean. This is the Call of Duty situation. We get another the talent coming through and changing the world. Let's go.
I mean, we're gonna get it. Is it to be fair has done me over on multiple times so I can somewhat kind of excited them on that but it you know whether or not NFT's do fix this. You look at CES 2. Counter-strike is by far one of the biggest games in the world if not the biggest game in the world right It's it's huge and their skin ecosystem is by far probably the the most robust on the market. Skin gambling, skin trading, skin selling the skins can go.
We've seen a more recently again that's when they start becoming in the NFT crowd. Oh, they're over $100,000. What Digital collectibles. They're transferable to the next game. Now, Valve obviously owns the engine, runs the game, so it's it's a piece of piss for them to move it across. But they're not using NFT technology, so the technology doesn't It doesn't necessarily save it, so to speak. If they can move it to the next game, so can anybody else with enough money.
The other thing, the other thing I think is one last thing about like, yeah, distributed ownership is that I think with Web 3 and NFT's and. An EF I guess Like players could own the game and the servers and choose whether or not to switch it off, which I think is appealing to like hardcore players like of Call of Duty 2 on Wii who still fucking. There's like 30 guys who play that and maybe they would want to keep playing it rather than like.
Yes, that is one of the 30 guys people play Call of Duty on the Wii. It was just too. Specific a reference. I love that. I I think Sam's gone. No, no. So like if you could own the game and then you can decide what to do with the servers and you can decide what to switch it off. And I think that's way more interesting than, you know, just getting told what to do by some some dude. At Modern Warfare 5, seven or 10 or whatever, I don't care if it's gonna be worth it or not.
I think owning the assets important. Like one thing I like about Fortnite is like the season moves on, maps changes if they make changes. I still have all my my, my, my inventory, like I don't lose my my games and whatnot. But I'm bothered right now that my brother had the season 2 John Wick outfit and an account that we don't have. And when I made a new account, I don't have the season 2 OG John Wick Fortnite asset.
Like genuinely I'm like, fuck, Because to me that's like OG, like Fortnite becoming what it is today. You could argue that season one skins are worth something you could argue but I'm not so and people were signed to account so that that John Wick one John Wicks legend right. So I don't know it's just things like that so I I find it super interesting but it's good that we got Sims on the show here to give us his two cents. Just Sims. We're gonna need subtitles right.
Because the northern. I think that the I think people just got used to mando cows and and OV but you know we got Sims on so we got the heavier Brits on the show today Guys I I'm about to I'm about to become a whole fish and chip myself you know so it's actually can't wait Oh my God it would be fun but yeah I think I think I think that kind of like closed it for this but I was reading some of the articles it seems like people are happy about the move like the actual gamers cause
wars on the map Caldera apparently was like not good and blah blah blah. And like you have Modern Warfare and everything but look it's just another example that you could not potentially not use those assets if there was some technology. It's not that it has to have a Ponzi or tokenomics attached to it just like anyways I wish I
was there that week. They guys talk gaming with the whole guy that was angry and like the near protocol thing it is that was that was probably a really funny topic anyways. Alright well let's go into let's go into topic #3. Thank you very much Mr Simms. OK The Sims. Make sure you follow Sims because you know he knows his gaming that's that's our guy at rug radio when it comes to gaming that knows everything in and out. OK, he was like the US of the ESL in the Halo days.
OK the guy gets stopped in the street still about that so I'm sure he follows says you're from more gaming tag stag stamps and so next topic here. Yesterday, Mando, you brought the topic of our NFT's or like most of the NFT's being down 95%. But look, it looks like this extends beyond the NFT's right and to the, you know, to to collectibles and general diamonds. Down 40, Rolex is down 15, wind down 9%. So what's happening? What? What? What? What's? What's going on in the world?
I mean, over the course of the last five years, all these assets are up a lot. But this has been a really tough year. This has been a really tough year. Like if you're in the collectible business, it kind of peaked first quarter 2022, so exactly when NFT basically peaked and then it's been kind of down only since. So you've seen the rock down between 15 to 20%. You see the diamond market down about 40%. There is some, there's something
about supply there on diamonds. So it's a bit more attenuated. Wine and spirits are down about 9% over that period. Classic cars are down about 9 to 10%. The only real one that's OK is WW Investing, if you're involved in that. It's been a very it's been a very there's a there's a who does the report, there's a very famous report which is done in the UK which like. Looks over all that. No, it's done by. It's like Coots or something like that, but it's Saviles.
I think Savills do it all night. Frank Knight, Frank Do it, Knight, Frank the Knight Frank. Luxury Report. They do a really good report on it all. But it's just been a really bad period for collectibles. Some money's come out of the system after a very, very frothy period. So you can get good deals kind of across the board for some of these, for some of these assets at the moment. And that's kind of the same with
NFT's. Not just been announced, these obviously entities had the most parabolic run up of those collectibles and then they came down the hardest, but the the. Collectables just across the border down. So if you're looking to invest and I think they're now OK, I like collectibles investment medium for long term like they're just good investments in my opinion, but they had a really crazy run up, so it seems like. People would have wrecked at the top and not wrecked, but they're
down. Yeah. And these things will have value. I mean, we know these things a lot of value over the next 50 years, so. In a world of high inflation as well, like, these are the sort of things you want to own. So this is like, is this just everything is like rates correlation here or like why are these actually falling do you think? People dipping into their savings like the the, the, the dent on US savings actually across the world and the savings is the highest it's been since
07/08. It's insane like everyone saved up and I don't know if everyone felt like this. Everyone saved a lot of money during COVID, like everyone's savings went crazy. Not only was the government giving you money but generally people were saving a lot of money. So savings kind of peaked after COVID. We spent a lot of money went into this sort of like. You have collective assets and then since then savings have gone down massively.
It's been the biggest dent saving and now we're kind of at that point, which is what I just said. This is why credit card debt is going up, is that you get into the stage where people actually can't. They've dented, they're saving so much, they're having to now borrow against it and that's why people are getting more scared about the economy in general. So I think. We're selling these assets to raise cash, basically because cryptos down. Their Rolexes are down though,
let's be honest. The incremental bias crypto is it's very. Linked to this sort of stuff as well, right? No crypto to literally Like when we went to $800 there was a direct correlation on the massive price of Rolex specifically going down and I remember reading about that when so and so. This website was just sharing something Cali was showing me before subdial.com which gives you a permits to Bloomberg subdial Watch index which says down 14.7% of the last 3-4
months. It's a really good one you know buy when others are fearful right? I cannot believe we're spending 10 Rolexes on NFTS in the last bull market. I think gonna go throw up while you guys talk in the next thing. I swear to God, I paid $142,000 for World Woman once like this is crazy. I could have bought. I could have bought Platinum Daytona could have bought. What else? I mean the price of shut up, Kelly. And I'm just, I'm in that example by Moonbird.
Same thing. Like it's like you're looking at that cause you were talking about these prices are gonna go up. Like while a lot of these NFT projects are not gonna come back, there are some hard assets that you know always come back. You know Rolex is no longer producing the Hulk. The Hulk is the iconic green dial, green bezel Rolex. They they they're not making, they're not going to come like an NFT founder saying, oh, we're
really seeing it again. That's what FMF right Rolex will never do. Because the thing of trust when I was talking about this Kelly, right before coming on in the back and in the studio it's like Patek like you know not of this you know an aquanaut certain certain like 5712 are that things always gonna be worth 100 something it could be worth 101 day maybe 180 in the bull market but it's going to come back most, most like unless you get a mega ultra recession type event
right. But it's probably these assets recovered before NFT. So I think we'll be looking at those assets recovering before even NFT's. Now you bring this up because. I was showing Kelly expensive wine yesterday from a broker. He he he back. Baby 10%, hang on, hang on. Send it to me. We'll send it to Charlie. Send it to me. Send it to me through with me is I'm gonna do. You want some DRC? Yo, give me that. I'm going to drink it. And I've always wanted to try
DRC. I've never tried. I think I was saying, actually I was saying Danny last night. Let's see, 2006. I think it would cry. Think would cry while I'm drinking it like I have tears coming out of my face. Like the first time I saw Rebellion concert start crying when he like walked on stage. I don't even know why. Like he just didn't sing like he walked. I cried. Like I said, I saw Jesus walking. Water, Thomas. Like insane. Champagne. Burgundy. It's all down 25%. Some of it's down a lot.
You. Well, you're no longer part of this conversation. One No, they're sending it to me. Send me the deal flow. 25% but Carly just didn't wanna Didn't want another. I want it in scope. All of cows is our own. I love the disclaimer. What's up, Kelly? Tell me. Tell me how you feeling? I wanted a scout. I wanted to. I wanted a 30% distressed sale that I could then flip for serious profit. Mando shows me this DRC Magnum case down 2%, I mean 2%. Not even the breaking.
Percent on the to buy it. I I I showed the wrong level. Who knows if he comes back and hits me, but I showed the guy level. Ohh you. I will. I'll hit you. I will hit anything you, I'll hit you. No, I'm alright. You hear me? Coming in now, Internet's coming out. Be right back. I think, I think one last thing on the Rolex is and the collectables market, I think the great thing about them is that people actually want them like they're not 100% speculative assets.
There's like a base level of value where like. You know, people always look at a classic car like whatever it is, like a yeah, of course, classic Corvette. People think, yeah, that's cool. And so there's a base floor price level there, which is comforting. OK. Not a monkey JPEG. I think that's similar to punks actually, right? Like people, punks is the best example. I want to hear this. Kylie's a punk maxi. He doesn't know more, but he's an absolute, basically.
Yeah, this has a brain in between that thing. Yeah, I've got the Braintree. Anyone. Anyone wants to buy some DLC? Hit me up. I've got the guy. Honestly, I'm gonna talk to you about this because we were talking about 1:00 last night. We were putting wonderful Teen Anello 2019, actually, two of them. My favourite super Tuscan and.
And it's, you know, I think. Italian wine is not that much I had a cool with because I invested 1, so there's a cool with the guy and the guy sounded so shaken up. I was like, hold on, you sound so scared. I should be putting more money in. And then and then he proceeded just showed me like 2% down 2%. Yeah, I was like, you didn't really sound like that when we
spoke, so, but yeah. I used to try exotic derivatives like call me back when they're down 80% and then you should be scared, like that's affecting your eyes. Told him like not. Distress it's it's crazy. I get when I look at these real life assets, like the true life story, everything, like the trade art even. And I look at how much money I spent on the randomness, like picture of an animal online. I'm like I could own so much sick trader. I probably had a Picasso.
Ohh like yeah, I don't like what the cheaper ones right? Or like. Another lot of people you can get them for. Yeah, ohh, I went to, I went. ERC for 65 grand. What? What was that during the bull market That was like wait half of five for like, well, hold on £65 for a bottle or for the whole set 3 magnums. That sounds cheap because you know how much they sell DRC at restaurants for And then it's
the restaurant markup. Yeah, but but Joe Salad to the restaurants we. Could start a restaurant and then sell the three Magnums and then close the restaurant down. That's all about. The arts is like a regular bottle goes for like 12 to 17 K minimum at a restaurant, and that's you're talking 20. 16 I know, I know, I know there's money to be. Made be made No. OK, Why don't we? Why don't? We talking to be involved in. Why don't we start a little watching? Well.
At least. Right now, we're having a meeting. Even when you are you. If you have a restaurant, there's tax. If you said that restaurant, ohh yeah, I'm I'm. Saying it's the only exit here. We know this. It's fine. We're gonna start a restaurant when we're rich and like we were right down to lose money on something. Like there's gonna be a time in my life where I'm gonna own a restaurant because I'm old.
I wanna have everyone gathered around me and stuff like I'm gonna own a restaurant once in my life. For sure. That's peak mental health finesse. And if you don't like it, I'm sorry, turn this off of Italy and I'm gonna exactly, I'm gonna die on that land and my kids will put their ashes out there and and that's. It, you know that's in the, you know the. Don't laugh anyways so alright sorry sorry that's enough with with with with assets.
But look I I think it is a good time for for for for to get newest speed things up. So base is a base talking gonna come. Obviously a lot of says speculation here right when there's when there's a new chain that pops up, you know what comes next. You saw people like at the Arbitrium, AirDrop, blah, blah, blah. You know, launching summer was kind of successful on the Bayside. For now though I saw Mando officially put an end to on Chain Summer earlier today in a tweet or reply whatnot.
We do have Jesse Pollack, the CEO of BASE coming on next Wednesday, so stay tuned for that. That's gonna be a big episode. A big guess, but we have base some rumours about the token stuff, so we'll base have a token, not something we've ruled out entirely, says Coin
business. Paul Grewal, Coinbase's Chief Legal Officer and I talked to decrypts Andre Veganski shot decrypt about recent unit swap court ruling tokenizing its base L2 and the companies own battle for clearer regulations in the US So let me ask you boys Mando, do you think that we will see a base token in within a year? Within a year I'm going to do like a Bloomberg thing. Within a year, I think like 6070% with like it's lifetime, one hundred 100%, like 100%,
there's no way literally. No way to do this. I don't know. I think, I think I'd give it like I give the 70% like a six month mark and I give it a year 99% just cause I think they're gonna cook by the, by by the bowl and it's gonna be like Frontex base and everything at the same time. Yeah. Look, I think, I think being involved in in France tech, this is, I mean we can get into the next topic as well just like
what's happening at the moment. But it does feel as though there are some competitors on other change like this story came out and I feel like, yeah, people are now just going to going to be on front deck, aren't they? Like if there's some there's like a double AirDrop coming now then then I think people could really because you're transacting on base single frantic transaction that you make you're transacting on that blockchain right. You could really go on base scan
that I or whatever. You never have to connect your wallets to these by the way. So just heads up but you you can see all the transactions buy and sell of of someone like corn or key or whatever. So we are transacting on there. That's why one of the reasons I'm saying just move some money into base just in case there's an AirDrop at some point because arbitrary end up giving people like $1200 a pop right. If you use the you used it right.
And so that's something I regret it because I know people that just like farm the shit out of that nice little 304050 K check and a bull market these airdrops are worth a lot of money CSO SCENSC where it wasn't there sorry it was looks so those three that cooked very hard in the in bull markets so I think it would be it would be pretty would be something that would
see on there. So look it hasn't been ruled out by Paul Grill. It seems like it's also a big month for Coinbase. What's with the C potential dismissal decision that could come in October? Is that is that something that's. Right. Yeah, yeah, yeah. I put them. There's October could be a big month in 10 days. Let's get the. Yeah, but I think the ETF the. Yes. Actually just needs to be rejected rather than accepted. So you have the SEC either has to reject the ETH futures ETF or
let it happen. They have the they either have to reject the Bitcoin one or they have yeah, then you get the Coinbase potential dismissal like if Coinbase. Gets it thrown in that case thrown out, like that's really bullish for alts in my opinion. And so yeah, we'll see what happens. I'm so bullish on Paul Grewal by the way, that's why I I how many times I shot him out in the show so far. He's gotta come at this stage but it says the chief legal officer.
I love his updates weekly on like the Coinbase legal case kits, CSC, I love his threads. I love how he's like being super transparent pressing DC. I mean you follow him cause that's that's someone I really appreciate also, what do you think? Are we getting a base token within your or what? 100% like nobody that at the initial announcement was like we have no plans to issue a token and then like whatever two months later it's like, ohh yeah, it could be doing a token. Nobody can.
Nobody can resist the. Value creation, so we say of of a token which can be hundreds of 1,000,000 and the and the chain activity that it that it incentivizes, right. But I 100% agree with you on he's a great follow in the space and it's just nice seeing somebody dismantle the SEC in real time with like clear thought out logic. I've said this before, but I think that SC picked like, literally the worst. Counterparty for like a fight
basically in in Coinbase like. The business model is probably the most like rigorous and closest to what it what can be considered kind of like regulatorily approved given there's no rules out of any company. They have a tonne of money. So they and a tonne of really smart lawyers including ex regulators, like just a stupid fight to pick. And yeah, I think I said it when the case got brought and I say no, I I think there's like very, very, very little chance of the. See.
Winning this like like so small, I definitely agree. And then Speaking of base, Speaking of front tech, I mean that was kind of going to become the the last topic of the day. It's Friday. It's Points Day is the reason why we're still in Front Tech Day. Are you guys in? Are you guys in chats that are active? Like I'm trying to drum up activity in those chat is acting other people's chat. Mando didn't let me in his chat. This is extremely active on.
What you In my chat? There's one way to get into my chat, like I have some second back door that you can get in your mind that very personally too. By the way. Kelly, I've seen him shame Ovie to death and sometimes give him a death stare. So you got. Owned and then sold. This catalyst has good, good First of all it's Trump investigation. But but anyway, so today is the big points day. Listen, I'm so confused about
what happens with points. But if you go to YouTube on this very channel, Rec Radio's last episode was Captain Levi. And he's like, he's the guy, he's him, He's Mr Frantic, right? So I'm sure he broke it down. But what what are we expecting here, Mandel? Today? I saw this blur. Farmer joined, of course, crushed it right away. But what do we? Have off his own brought up his own shares and then then sold the shares. And then now it's like sitting there profit free.
I didn't really know who this guy was, but he was like the biggest blur farmer. I was surprised at how many people wanted to be in the same chat as bluff farmers, just because I thought they all lost loads of money. But it does feel as though that is the narrative taking over. You wanna be inside their crew because they have tonnes of liquidity that they're bringing on. And he he bridged 505 Hundred Eve.
This is sort of thing like if you start talking about air drops on base as well people people will just start putting. He's going to be farming the share of us on fighting. We're gonna be we're gonna become like you're gonna get pumped and dumped by the Blur farmers on frantic like. I mean, yesterday we were talking about the security worries of it. Today we're saying like, just fucking put as much in as possible.
Media now we're like don't. Don't just throw all your stack into friend tech or even put it on the on on like everything in crypto, right. I think at this stage our audience that is still there, it means you're all Djinns. I understand this, but for the newcomers, like you know, this is all stuff that you have to be careful with and there's always security risk and I feel like it's been a while, but.
In case of an investigation by any federal entity or similar, I do not have any involvement with this group or with the people in it. I do not know how I'm here, probably added by a third party. I do not support the actions of this group. I have it. I have it on speed dial at all. Times all the time, yeah. What is? Is this just going to make friend tech like another pointless farming exercise like if All the blood Hydrop? Farmers have come to Canada. Yes. You know, like.
I don't know, it just I want somebody to come up with an AirDrop mechanic that encourages actual usage maybe and not just like pointless farming. That would be valuable. Maybe I should create an air drop incentive for somebody to create that in air drop incentive, do it, send it to racer. I hope that's not.
I was thinking about this today my doctor was asking then we can you know kind of go off with our Fridays or weekends here but I think I think so much about take his tweet and he will know he was acquitted guess as well as why I I followed him saying the day you get bored on fintech and he's not trying to hate he's like they get bored. It's today a lot of people also start getting bored friend of mine that they got bored right away not a big audience so I could understand why he's like
doesn't see the thing. Look I'm trying to keep my chatting entertained but I'm a project founder like I barely have time to do 33 stuff, though I try barely have time to talk to them because I have a seventeen person team to talk to plus organisers show with you guys. I was doing so much stuff. Plus at some point I I kind of wanna have my own life and on top of that I have to keep up with making them happy. People have to make holders
happy. And I have to run a company and have to make my family like people around me. I was like, that's what point is it like, do you, do you wanna keep substantial? And then I think, well, why am I asking all these people? Like, we had an exercise on my friend tech chat, which was like, give us your BIOS so we can maybe connect with one another. I think the power of a chat is that it is a small chat and group of individuals. So it's the power of its
network, right. And so if I can make everybody network on, that's the utility of Frontex And maybe if I share, but I'm not an alpha caller, I don't call trades like you do here and there. I don't add that value. And no matter how much I3333 has a finite limit to how much it's going to work some, and you're already starting to see it like not workers more. So I'm just thinking like at what point does that end right and what will they need to do to make to keep that going? Yeah.
Look, I think if I look at the top accounts now and I look at it. I would say when I first joined French, I you kind of knew all the top accounts. Now I look at it and it's probably 4030%. And they're being outcompeted by people that I do not know and part of that was a three, three and part of that is this like blur. Farmers like pumping each other because they realise it's like an AirDrop game. Ohh which adds just buying their own thing to Valhalla just for
ego like those that as well. So, so you look at the top accounts, it's going to be, I still think the platform can work. But the the top accounts will increasingly not be. Um, content driven or access driven, that is a worry for me for the platform. But at the same time, we had Levi on the show on radio on on Wednesday and he actually painted like a very bullish view for French. He's like, look, I think this is like revolutionary in terms of access for people.
A lot of people have tried this. It hasn't worked yet. It's a little bit expensive, but like this could be very, very big giving people access. I think that is a that is a medium term. I've said that since the start, like this isn't your regular Ponzi. The plot AirDrop farmers might make it feel like that which is a detriment to the whole platform, but I think there is real value to being in small groups with people that you respect. So I think, I think that will last. I agree.
I mean, look, maybe I have access to that. Most people don't and I can ask you advice here and there for trade but like most people like what was that? That was wild. You're having a crazy Friday for sure that was crazy. Kelly didn't see that we have it on record. But you know maybe some people would have access or some people told me that it's been fun to just chat one-on-one with me on there cause I have active daily every morning, every night. I'm very active.
Don't get me wrong don't sell this because I said that I'm gonna stay active cause I wanna, I rather build a group of people that are fired. Like I read the BIOS first of all tunnel golf players and people just writing these long ass BIOS about themselves and like maybe they'll never want another just deal flow going on. So I think it could be a group
like that. They're like deal flow or like brain flow, man goes through this, but that's about as much as I can do cause I'm a facilitator and I've always been, but I'm not like an alpha fucking dog. I tell you like your trend line, there's like resistance at $0.52 from Matic and then go up or down from here, like I don't wanna do that so we'll see what happens. But anyways, anyways, anyways, this is our thoughts. That's what's going on. It's the weekend.
What are you guys doing this weekend? What are the big plans for the weekend? Sports gambling on the Rugby World Cup. It's generational wealth, Rugby World Cup. It's true. Who? Who are we picking? I'll pick game. Who do you think is winning? I'll bet on them and we'll see Monday if I won. Look at. These pets, yeah. 88% win rate so far. OK, so send me the best. Send me the best. Friend Tech. They're my friend Tech. Yeah, they are. All of them. You're not, you know, gatekeeping.
You're putting even the. Losses. All of them are in my friend tech, but nobody seems to care so I'd put them on my Twitter as well. Wait, is that the 15 holders? 17? Is this your friend tech here with last seen two days ago motherfucker. What do you mean they're on your friend tech? They are my friend tech. You were last. He just wants his key pump. He just wants his key pumped. He was last year, two days ago. What do you mean there's nothing? On there. Ohh. OK. I see.
Listen. I'm I I listen. You're under .1. You're fam. I gotta buy it. You don't. Have to put on your at .03. Yeah. So I think you know, I'll, I'll, I'll take. Here you go. Quite funny. If they're not in there for the proof of friend, yeah, But no, not. Just now you're good. Now you have no choice. Now you have your no choice. I would love to see a OK. You do Look at you. Ohh. Sorry. I'm not gonna. I'm not gonna. But you know, send send some sense of stuff. OK. I got you.
I'm. Not 88% win rate, 88% in my fintech. I'll funnel them in. I'm kidding. And listen, let me know. Let's see what happens. Hope you have fun weekend. I don't know you I'm doing but probably be around Zurich. So if you see me in Zurich long hair, that's definitely me. We do have the stoves burn today so just a quick reminder, our Jedi came on Monday. Awesome interview.
Great arts if you're mint dot fair dot XYZ 4 slash Stubbs forward slash our Jedi but it's always uploaded on the rugby radio channels and whatnot so make sure with the fake links So what not this is 3 stops the bird. They can get the incredible piece that that our Jedi made and go back to if you like. Alright go back and listen to the interview. It was from Monday, that was a cool week. We have a packed week coming up next week. I'm excited for Wednesday cause
we have the CEO of base. I think we have another great artist on Monday and I'm working on think Luca to bring him on to talk pudgy cause just some stuff coming on on on his end that he's been tweaking tweeting about a lot. So we got a busy week coming on the show next week and that's usual. This show is powered by cracking NFT. Go to kraken.com Kraken forward slash rug radio RUGRADIO to check out. So with that, with that, with that, have a great Friday, boys.
Have an incredible Friday. Thank you all for supporting us for tweeting, sharing the show as usual. Excited for you all to see what's coming next. Seems like the video is going to be big on on on this platform. So make sure you watch us on video. It's always more fun. We're always sharing everything. And with that, we'll see you on Monday, 10:30 AM Eastern Standard Time, 7:30 AM Pacific Standard Time for another episode of Gym Web 3 on rock radio. Let's go.