Steady Lads Podcast (Live) - TOKEN2049 Singapore 2024

welcome this is episode 61 61 crazy we've done 61 episodes um we're excited to do one live we have a nice little episode for you today I think the event has been intense 20,000 people 30,000 people I don't even know what's going on out there uh how have you guys been finding it so far have you been doing a lot yeah I've been enjoying it um the event is so well organized shout out to the Token 2049 organizers it's been really special uh I've been exploring going around different booths meeting new people and one thing that surprised me is you know I'm pretty crypto native we all live and breed this space right so I'm a little confused I'm seeing projects I've never heard of before I'm looking at badges people have projects that I'm not familiar with people have booths that I'm not familiar with and got me thinking what's the Zebo stage you know where are we going to be speaking at what's going on here so I did a little research I thought it was a Marina Bay Sands thing maybe it had to do with the Singapore Zoo with zebras it turns out it's actually a project uh in our space a telecom infrastructure project and it's actually one of the largest projects in our space that you've just never heard about it's ranked number seven by fully diluted valuation at a $24 billion fdv which is pretty staggering so real honor to be at the Zebo stage and and thank you guys for coming to listen know who who's ever heard of zeu before anyone we got one there you go there you go do you work at zebu or no you don't work at zebu what what's the project is it a deepin or what so it's decentralized Telecom okay um I'm not sure how far along the development road map you could say they are but it's a billion dollar valuation yeah yeah it's a big one yeah very bullish people don't know yet you know oh the FTV is 23 billion 23 billion FTV it's seventh biggest project in our space by fdv why El all right I mean for that kind of fdv they should have put some like you know some fruit baskets for us we should get some a watch for coming on stage the Rolex yeah but you know speaking of you know what's happening in markets let's talk about you know binance's recent listings uh recently I mean we've they've been posting all these different tokens notably baby Doge Naro turbo I mean you know if you don't know what Nero is uh you know if you know Dogecoin the original dog kabosu he unfortunately passed away and everyone was speculating on who the new dog is going to be or what the dog's name is going to be and as soon as kabosu Mom announced you know the dog's name everyone started pumping you know through pump fun all the dog coins and there I think there was like what dozens or I mean there were a lot of people ready for the death of this dog this is so sad that so many people are like waiting for you to die as soon as the dog died everybody was already waiting for the name and the name came out and just salana coins ethereum coins both exploding yeah you know the story CH like the nuro yeah yeah yeah it went like it got listed on binance so and then it went from like 15 million million to like 150 or something might be at 300 now 3 yeah yeah so um I think Zach put it pretty nicely here so he says we've come full circle so was an OG Nero and it became the cabal Nero and after the sex cabal listed two neros so they listed a different Nero for for pers and for spot and they both became the cabal Nero because they're both on binance even though the kabosu owner States all Nero coins are grifts to begin with so there is no official Niro and if you go to coin Market if you go to coin gecko the binance one that you mentioned is Nero 3 I don't know you can't see like um if you look at the URL they just put Nero Dash three apparently binance chose Nero 3 and we have to listen to that this is the other one this is the Nero one I think um got listed on pers and um this is the one that I have a little bag of and not not not the right one apparently so I chose the wrong Niro so that's what I get for trying to dabble into mcoin land so what's binance doing like why are they going about this are they just trying to find smaller cap projects or is there some something nefarious going on so if if you guys remember there was the big backlash against binance for every list thing being 90% down for the first half of the Year everything's been down and um you know they have some people trying to listen to customers and they're saying you know low float high fdv is the cause of this so this is their response 15 million market cap and uh you know up 20x so we have um hey here saying that um in the dispute between the big and small and it's so funny because it used to be big and small but after they listed they just now it's like this so they super big and super small well they flipped um she thinks that this is a anti-wall street movement and um the tokens are concentrated and people want anti- Wall Street so I think they're trying to list things that will not be lowf flow High FV is that is that the solution I yeah so but but this one Nero in particular is the most head scratching token listing I've ever seen of in the history of crypto I don't I don't get it I agree but in general do you guys know when was the last time a Serious Coin got listed on binance do you remember I don't even remember when the last Serious Coin was listed take a guess uh is Renzo serious like that was three months ago that's a serious project built on E it's an ethereum based project few months ago it sounds serious L zero and that was do you guys remember L zero super serious project half a year ago or something 3 to six months ago three months ago and basically since then binance has been listing only meme coins right like popcat a month ago and then earlier this week three meme coins on the same day nuro Turbo baby baby do I I guess I have two questions like why won't binance launch my upcoming token and why won't binance launch launch puff I mean that would be nice if we're launching some smaller cap projects bring support to the lads yeah maybe you know apparently they talk about you know compliance review and token concentration uh so I don't even know what binance's compliance review is we need to be anti- Wall Street so we need to uh get puff with like an anti- Wall Street sign and and maybe that'll get their attention look I I don't know what they're doing I really like it is a head scratcher for me um I think people are scrambling trying to understand what to do after this constant like 90% down of tokens I have been thinking about what we can do about it I I generally my hot take of the day is uh I think that we should not really have these fixed supplies because um it creates like a very unstructured opportunity for uh for Founders to either they have two choices either you know you just throw everything out at the beginning so you have this like big airdrop everything's decentralized and then you have a problem incentivizing Community or even the founders or you do low flow High FV you lock up the investors as we think they should be locked up because they should be align long term and then you just have unlocks for years like even arbitrum which is like the leader in the market it was looking really good until the unlock started and now it's just going to be years of unlocks um I think I mean let me get you guys thoughts first and I'll explain a bit more yeah didn't we talk about this in the last part when we had you Ona where if no one's buying High FTV coins and everyone's buying memes then teams have to try harder right uh you mentioned that was like a positive externality of the meme coin season yeah can you do you want to expand on that well so I I think uh the the game has fundamentally changed in the sense that it used to be the case that um you can just play the hype and marketing game and get listed on on on binance uh and that that was the game but that game does that Playbook doesn't doesn't work anymore for the very reason that we just discussed which is the moment you get listed on binance the the to the price drops and then everyone gets heard um and as a result binance doesn't list these serious coins anymore right like empirically they've been listing mcoins over the last few months and the fundamental reason behind it I think is because if the users binance lose money by buying these uh high fdv low low flow uh tokens and lose money ultimately it's binance that get hurt right they lose customers and in the medium to long term they lose revenue and that's the primary reason why they stop listing those serious coins and that was the the posit for me that's the positive externality of the meme coins because it's the meme coins that caused that that led to this phenomenon Jordan can I ask you when these small cap meme coins launch with binance how much coordination is there I mean you're a market maker yourself are these projects reaching out to binance getting contacted by by binance and then reaching out to a market maker for the launch or is binance just you know willy-nilly picking these projects and launching them um I'm pretty sure there's usually a um discussion almost always and also even though they're meme coins and supposed to be fair launches you know they'll still somehow have 10% that they can you know pay so someone did very well off this well the thing went from 15 to 300 I'm sure like um there was money to made um yeah don't and yeah okay this is like the the real new one now this is the small one became the real one um it's up 2700 per in a few days but um yeah what's the next Slide the next slide was the old n oh okay we're just going back and forth just to like make me get tilted there's too much Nero great thank you yeah um but going back to my point I think you know the the fact that Bitcoin did so well with a 21 million fix Supply and that's part of the meme has led so many Founders and so many projects in that direction when it's really not suited for other use cases apart from you know what was supposed to be a 100-year project of of of fixed money I don't know about you but like even like AI projects that we talk about a lot of the AI coins I don't know um if I can mention some like uh you know even benser net mind all of these kind of coins they take inspiration from the Bitcoin model and then they try to apply it to what is just completely different product that needs a very different distribution and even at the beginning you guys were talking about the FTV of Zebo Zebo zebu zeu and it's like 23 billion and the market Cap's 1 billion a lot of people have tried to have discussions on podcast and stuff like which one should we listen to is it market cap or is it FTV and the unfortunate answer is you can't know until you look specifically at how do you get from market cap to fdv is it investors unlocking is it just a Community Fund that only decides when to allocate it's completely different Y and no no no nobody in retail understands like these differences yeah and in fact that information is not a lot of it is not transparent you can't find that information on coin gecko or coin market cap for retail it's impossible to know those those very important pieces of information so what what I think is a better model is basically you start with um some Supply let's say you know instead of starting with 1 billion tokens like like this one has a billion tokens you would start with 100 million and just not have a fixed Supply you just every year you have a 10% dilution and those funds can get used for validators for um you know Community for whatever it is maybe investors get some percentage of the dilution and then the only thing that people need to get used to is basically this bias against comparing prices over time because in traditional equities you have stock splits you have like the unit changes it's not such a big deal if your Amazon stock went from $200 to $30 because they did a 10 to1 split but actually you're up 50% and everyone in crypto just shows the chart is that something you think that people can get used to like not looking at the price but um maybe looking at the price over like even ethereum you look at eth BTC can you bring the E BTC chart this is going to make everybody cry so don't look if you have eth we every single week it's always like a therapy session we're all coping that we're holding e except Chia I'm not coping I told you guys a year ago he's not coping he's he's out I'm very happy you're very happy okay here we go all right take a deep breath I can hear them so for our therapy session the one small cope that I have to give is that you know if you have been staking if you have been no no no if you have been getting some sort of you 2% more 3% it's not 2% if you did like uh you know igen layer and like all this stuff for the last year instead of being at 0038 I really think that you're you're at like 044 so it's not that bad guy no no it's like if you played everything absolutely perfectly you farmed the right Farms you were in aen layer at the right time early enough sure you're at 044 but for the average person and even myself I feel like I'm right here at 039 Jordan yeah I feel like this chart is one to one correlated with like the average mental health of people in crypto right 30g how does this chart make you feel Shia uh this is uh one of the two most ugliest charts in crypto the other one being Soul e Soul actually Soul e is the opposite Soul e is one of the most bullish charts and E BTC is one of the ugliest charts let I think we have a tweet about uh about my point so G for for longtime listeners knows this is a a common pasta uh producer it's not your fault the market is too stupid to understand ultrasound digital oil triple point asset internet Bond deflationary monetary premium social layer money so do you think we'll ever see a triple digit Shin well let me let me tell you what Arthur hay said yesterday he did a really big presentation and he's actually quite bullish bu eth now and his justification was as the treasury rate goes down they just cut 50 bips the eth staking rate gets more attractive that thesis felt a little Hollow to me but that's literally that's literally what he said Jordy I'm repeating I don't think I don't think it's right I hope it's right I'm the eth guy on the show I I think Arthur Hayes you know he he fills the room but um the last time Arthur Hayes was read was when he called eth a double digit shikin and right when when 19 20198 2018 2018 yeah I agree with your iroll the uh interest on dollars cannot be compared to the interest on something else like if that was the case you know people would just uh sell every yen in the world and buy every dollar in the world and I guess they have done that but the world's not I we want to feel a little better this is the eth BTC therapy session we're supposed to not keep on it well we have to look at our demons I mean you were saying Kyle samani had a a different take sorry say it again said uh Mr Sani uh was saying there was going to be a flipping oh so sanii gave a talk earlier today about why soul will flip e um because he has a really big bag yeah because he has a really big back but I hope that marks the bottom for for eth cuz uh back in 2021 he also said there won't be another bare Market uh in our lifetime I remember that yeah that that was the pickle toop for 2021 I mean um I at least they've they've survived I mean even mental healthwise I think most people taking these like draw downs from Solana was at 300 and then down to8 250 to to 8 yeah wow 96% draw down yeah that's um that's dedication we've talked a lot about the price I mean I guess the bull case is that the vast vast majority of all activity happens on eth L2 volume truly is up and to the right we can talk about how l2s can be parasitic to the L1 but I mean isn't there something to be said about the fundamentals it's not as though people have unlocked these brilliant use cases on Solana all right guys let's talk about fundamentals so let's go around um metallic singing on stage is this bullish or bearish I've seen both I've seen both takes is this the top or the bottom like what it's definitely bearish but I've heard the case is bullish because then maybe his girlfriend will break up with them because it's so cringe and oh my God that is that is the ultimate mid curve like perfect you got both together what do you think I tweeted about it and I said that's it I'm done I was very close to being out to me this stuff it's not cute I don't find it funny it's kind of low effort and it's just sort of it's not reading the room right you got to read the room and who's the audience here what are we all feeling we don't need you to sing to us we need a road map pitched by you or a business person telling us how you're going to drive value to ethereum so very bearish for me I saw another tweet of uh uh saying e BTC was down has been down 25% since Vali got a girlfriend I saw that this is like really nice chart you can see exactly uh the drop um does he actually have a girlfriend he he does have a girlfriend yeah anybody know for real I know for real yeah you know for real yeah is that you you is that not it's not Dy it's not D is it you that's you it's you huh for our podcast no for falic are you willing to no no we don't need girls okay cuz maybe we could use a second girl to like interfere and mix a love triangle it's called activist investing right we have to change the chart so activist investing could work yeah yeah are you willing to participate no okay okay have you seen the metallic picture are you sure you're not willing okay all right which picture Jordan moving on yeah oh also like apparently like 20,000 people at token like if this is true right like if if all of us bought 10k of we it would pump but it's also a lot more than 20,000 right 20,000 people bought tickets but probably half of people don't get tickets and just attend to the parties and we all want to get drunk and all that good stuff but uh I think everyone's already everyone that wants to buy eth owns it so that's the problem the problem that that's that's actually the the right curve explanation for why it has been down only yeah there's always sellers there's always back holders it is interesting I mean yes that was true but the BTC ETF ignited a whole new market the E ETF did zero like it's literally seeing zero dollars of inflows there were outflows they've slowed down to zero net is is a negative so far yeah so why do you think that is why didn't the ETF bring in a new buyer cuz cuz the the the Bitcoin brand name matters like this the second mover people don't remember the second mover like like you guys know Kleenex but what is the second facial tissue brand you don't know right so for retail for normies I think it's probably the same thing I also think I'm a big salable but I don't think the salana ETF will will do um do well either for the same reason you don't think salana provides like a little bit being a little bit earlier as a service earlier it's the future that's sort of the narrative they could spin it's not going to work yeah I doubt it Jordy you have thoughts on Solana right it's been underperforming for the past couple of days you wanted to talk about this particular tweet here you know the market uh just keeps like tapping this like you know 127 and it's bounced thankfully like yesterday but I love this duck he's just what's below 127 Soul what's below um we we won't find out yet we don't really know of course we know the private rounds you know when FTX were selling through Galaxy was around $84 so there's some gaps still between um any any of those people being underwater but yeah there's there's something below 127 but did those unlocks start in March is it of next year something like that there's a huge unlock in March and um kind of goes from there but there's a big Cliff around there so we'll see um I think you know I mean people made the same argument when when Soul was at $15 there was a big uh sale pressure from from was it from FTX or alamida I can't remember and then it ripped from 8 to like 160 yeah I was I was super mid curve I fell into that I was like oh yeah like you know the supply so I'm not going to buy and then it we just ripped from 20 to 100 in like two months yeah I I guess for you Jordy I'm curious is it can I think about these unlocks as like the bigger the market cap and the volume of the token the more it's priced in so for instance what's happening in March with Solana it's such a big asset in our space that can be priced in but a longer taale asset unlock can't be or how should we think about that as investors um I I think you look at it unfortunately as a percentage of market cap so Celestia for example has like a 100 plus percentage unlocking and you know that's very meaningful no matter what because the people that we're going to buy um already bought I'm underwater we're stuck in a huh you're stuck in a I'm I'm staking a yeah yeah you're everything staking unstaking what are you thinking I'm scking a what's the yield 8% 6 five why in case they do an air drop but aren you locked for a couple weeks if you can't s 20day on bond period what but I'm I'm a mid curve my Celestia still St I still believe in the airdrops uh yeah I would unstake that not Financial advice the VCS are Shilling soes right now so yeah yeah yeah but but Jordy can these 100% unlocks be priced in or you just structurally can't definitely not in my opinion I think 0% chance it did price in a little bit last time but it was because FTX and Alam were like hunting stops purposely just like hunting people that were shorting they could see in the books in their own books that they were shorting and like uh you have these like bullish unlocks uh I don't think that we have an actor that will bullishly unlock we do have some people trying to do with Celestia now so it's interesting we had negative funding rates and Celestia has been pumping but the unlock hasn't happened yet it's in October I really don't think it's going to pump through everyone's selling it's impossible in my opinion it's interesting that the Shing happens right before the unlock would you expect anything less in our industry no that's how it is I think it's a mistake I think let it unlock let people kind of distribute the tokens to their long-term holders and then you know be bullish trying to do it before is just giving people that want to J it an opportunity to do it at the highest price and those are the people you don't want to anyways help but see a little bit of this is making me bullish Jordy for by the way who's a listener of steady lines can we get a show of hands all right like good group of people if you guys have been watching since I think December Jordy I don't want to put you in the hot seat here but me Justin the eth guy was really taking a deep dive in so I was like wow it seems pretty undervalued relative to e this could be a big buy and we were talking through it on the Pod where I get most of my brilliant ideas and Jordan you had told me about the unlock schedule presented the same thesis here for Tia and of course the opposite happened is is there any risk of that in your mind or is Solana sort of a unicorn special case I mean people who follow me for a long time know I'm often early too early um like the E merge oh be case I laid out very clearly as we talked about last episode and it took a couple years to play out the salana thing is even worse because I've been pointing out this March unlock when it was yeah you're right I was way too early it was like $20 it it's going to be six times as big now because the price is six times bigger so before I was talking about who's going to buy 500 million now the question who's going to buy 3 billion and maybe like there will be people who buy it um what percentage of the market cap is being unlocked or is that would be 5% if it's 3 billion it's it's probably like 4% over what time period it's a cliff it's a day 4% of Salon is going get unlocked in March yeah it's over it's over really right you're right he's going to sell guys not so but Jordan can't they structure a new deal give someone another discount keep pushing this out or no it's coming this was not a deal um from theate this is the actual deal I think they did they did with um SPF and uh the the huge bag that alamaa and and FTX had yeah which is now being given out to funds who have bought it for $83 yeah well I think we're getting somewhere productive here and this might be a little proe but we've got the soul bear case you were long Soul okay Soul might be having some trouble coming up I don't see a sec you know it's Soul vers eth I don't know yeah sui's got some Buzz at the conference they threw a great party that's cool cute but if Soul's you know if Soul underperforms a little is everyone going to go back to eth is do I have a shot here or what do you guys think no no so what you just buy BTC then that that's it um BTC and popcat BTC and popcat what what's pop cat it's the best cat it's the best cat but it's not the cat that anom like anom likes the other cat why is pop cat the best cat I don't know it's cute okay cute you're getting some Alpha guys yeah he he was early to whiff so are we still early to pop no it's 800 million whiff is only 600 M yeah it's only 600 million so 10x from here I would not be surprised it it's it okay okay all right let's let's move move to the [Laughter] next uh you um you put out a tweet in July and then you repeated very recently you think that um alltime High decisive by end of year is this regardless of the election um I think it's yeah I I would say it's regardless of the election but the election will make a big difference right like over the the night of the election we're going to see a 5% move five 5% we had 5% last night like it's just oh we did oh but that was JP JP yeah he RI the shirt the only person who matters more than kamla Harrison and Trump is J palal okay but you 5% move 5% up if Trump wins 5% down if kamla wins how how are you thinking I think so okay yeah maybe between three and 5% and you came out because of all of your portfolio companies is very publicly Pro Trump is that correct no none of them is publicly Pro Trump but the so the a lot of them are making very important business decisions based on who's going to win so like they're all like if Trump wins I'm going to launch my token Kam wins I move to Dubai that kind of like literally that like verbatim wow makes sense I mean this election matters for crypto for sure for for crypto in the US for sure crypto in the US let's let's go to uh you have another very hot take I was asking Chia what his hottest take is I don't know if you guys have seen this tweet we're in Asia right now so this is going to be very non-consensus people hated this tweet it it was a spicy tweet you're saying basically um the future isn't in Asia the future of the 21st century is going to be the us Americans have something nobody else has to instinct to challenge authority um I I think this one probably takes couple hours to really expand because there there's a lot of things going to this this tweet but the high level is um I think most people over the last decade or so think that Asia is the future of the 21st century primarily because of China right because China has been doing extremely well since the 1980s but something has changed over the last few years with China and that is that the smartest people are leaving the country and the root of the problem is politics isn't it the same politics for the last 30 years no it's actually very different over the last few years compared to uh a decade ago and and two decades ago um the from 1980s to 2010ish that was that was the golden age that was the freest China we've ever seen in modern history and that's why China was doing really well economically socially culturally politically the last few years something fundamentally changed and the smartest people are leaving you don't see the smartest people leave the the US I mean with with all the problems that the US has the smartest people are still in the US and enjoying their freedom and um building cool stuff and innovating except the ones who may move to Dubai if Calo wins exactly except for that so crypto is is the is is the small exception in this grand scheme but are you saying that like um because of China specifically you think that that affect as the economic engine of Asia so I mean the other countries will could do really well like Vietnam or even Singapore can do really well but these countries are just are too small to really drive the entire continent right the the the China is the the the country that matters the most for Asia followed by Japan just for the sheer size of it but Japan is truly late Empire um and then Korea and so so is your thinking with this election if Kamala wins we have operation choke point I guess we'll be at 3.0 now part part three coming up and if Trump wins it's in some ways open season for us to launch what we really wanted to launch from the states so yeah so I'm I'm I'm conflicted there because I I'm I'm very bearish the in the US um but even like let's say Kamala wins um the US uh goes to I think it's still better than the rest of the world like the the problem with the Americans is like Americans complain all the time about the US um but they don't talk talk enough to people outside the US like every person talk outside the US you realize how good the US is yeah especially if you talk to Europeans or well that's a different case that's a different case yeah sorry but I think the the US is is fine it's us is still probably the the best country in the world but Ty you've on our podcast actually shared a very different Viewpoint you think the election although we might get this 5% up or down move on the short term you have sort of been hypothesizing on the show that the election's actually not that important operation choke point3 not too important crypto is going to do well either way yeah I in in one way maybe this is more short-term driven but I think the election removes uncertainty I feel like everyone's so worried about the election and oh my God if Cala wins we're going to go to zero if Trump wins we're going to go to but crypto should be an anti fragile industry right no matter who wins we should be able to thrive and of course you know I think Trump is more incrementally bullish but I do think that you know the election removes uncertainty similar to how know the 50 basis point re hike removed uncertainty and now it seems like we're well it moved uncertainty in the right direction we don't know the ab my so the my Nuance take is uh BTC will do do well regardless because BTC depends on how much money printing there will be and both parties will print a lot of money yeah um but the alss are what going to be affected by who wins 100% 100% I think that's uh that's the right take um I think we should uh try to get to our pastas in a little bit yeah this is the pasta of the week so let's kick off yeah I think Justin's first I'm first okay let's see what we got here so I I took a normal peaceful flight I flew in from Los Angeles I stopped in Taiwan ran into suzu on the flight from Taiwan to Singapore had a great time and I'm so thankful I didn't accidentally catch myself on this flight I just wanted to sleep I wanted to rest relax and enjoy myself and get ready for the conference um unfortunately we can't play the video here but these videos on Twitter going around I highly recommend you guys check it out just imagine you're flying from LA from New York you've got a 16 or 18h hour flight you accidentally booked the wrong plane on your 18-hour flight to Singapore and you just want a few hours of sleep before the crypto conference but instead you've got karaoke you've got people popping champagne screaming Shilling shitcoins slinging coins No Sleep No Sleep allowed so I'm so thankful I wasn't caught on that this is real or is real I met somebody a couple days ago that was on this flight yeah was anyone at the audience raise your hand if you were on this flight don't don't be embarrassed it's okay you know we all we all like to have okay I see someone in the picture in the audience I I I I did talk to somebody that was on the flight he says he's not in the video he's like hiding in the corner well what did he say did how much do they pay for the tickets so is a good experience they um it's like this mem coin guy who's it's an unlaunched memec coin the mcoin hasn't even launched yet and they're already spending this much money what's the ticker it's going to be redacted coin right or something another redacted coin yeah that was redacted cartel now now it's the coin I don't know um all right who's next so I'm going to be next so I'm sure if you I mean if you're on CT you saw this right so there's this the agen Summit 2024 I mean this is my first time in Singapore um I don't know much about conferences so apparently this came or you know this happened a couple days ago I don't even know who these you know sponsors are but uh they were handing out Awards I think it's good that they're recognizing you know the immense talent in the space yeah the immense talent in space so I just want to show some of the awards that they were handing out here uh so you know we have no UTS the best nft art all right all right big boy best video content creator and I mean I mean I I guess I haven't been paying attention because I didn't know Avalanche was pivoted to a layer two that's Layer Two that's Layer Two wait what Avalanche is becoming a layer 2 no no no like they gave out an award for best layer 2 to Avalanche mistakenly or just jokingly I don't I mean this actually happened this is serious wow yeah Mario is our K I thought the KO was the professor crypto guy the professor crypto guy was the best uh best YouTuber best YouTuber best paid show yeah yeah okay CH You' really you've like really been off CT huh you haven't been seeing any of this I wasn't on CT for the last week I I just tweet but I don't I don't read he's locked in you're locked I'm locked in you're locked in yeah I mean I feel like this is so this Ser this industry is so unserious I was like you know what like like it you know like maybe I I can get an award right the most misp 2024 and actually no like seriously like I saw this DJ and something I was like what the is this right so I went to the website like yesterday and they literally took it down they wanted to hide all evidence that this ever happened you know you know what's funny tyy if you go back to that last picture I saw you tweet that it was like I was jet lagged I was kind of confused it and I'm I I actually had to look at the as aspect ratio of tyi's picture there and see if it lined up with the borders of the projection I thought it was fully real I was like Wow ta you got a really nice award congratulations were you jealous that you didn't have a chance was a little jealous I was a little jealous I wanted the best right curve award but I'm holding e so maybe they're going to throw me back to the left I don't know I still can't believe that guy who made like the the 3X3 put me as a mid curve I'm still like hoping from that they had me as the far right most intellectual lad right yeah that was the mid curve mid curve all right yeah that's a strong pasta that's going to be hard to beat yeah so I think next is chia so you want to talk about this uh I mean everyone knows this Bal was singing on the stage and um there who who watches soccer here who's who's a soccer fan only one two okay three three four um I mean this one is really sad cuz I Messi is is my favorite player of all time even though I really respect Ronaldo but uh last year was when both Ronaldo and Messi were near at that age where they just can't handle the competitive nature like 90 minutes of play playing time anymore and and in this game Messi got injured and he was crying and a few days later Ronaldo was crying as well because they got knocked Portugal was got knocked out of the Euro like that was the that was the end of an era for for end of an era that was actually the the end of the era for like cuz this Ronaldo and Messi shared the stage and they were the two most dominant players during the last 20 years that was the saddest time during the last 20 years of soccer and then what's funny is so when I first saw this tweet come across my my feed here I looked it up and I saw I just saw the headline vitalic singing and I didn't even let myself click it I I didn't need to hear I've seen this before and I had the I was at my hotel and I just slump back to my chair exactly like that it's spoton it it like this is like an end of era kind of moment it is end of era end of an era so for everybody on audio only um it just says e holders watching vitalic sing and it's it's the sad sad picture of Messi either the end of the era or beginning of another era yeah you know you're singing BDC just hit three or low and you're singing it's like every all the e tolder is myself included I I I just shook my head I was like why did I still hold this all right let me round up our pastas um so obviously we had jpw last night and people on crypto Twitter were very eagerly awaiting and we have a Pepe here uh by reidus he's writing a letter in this old fashion style Dear Mother and Father the jocy is about to start cutting the rates of Interest I am hopeful it shall cause my magic internet coins to ascend steadily in an upward trajectory yours with love Anon I just thought this was beautiful piece of poetry art Shakespeare very wholesome Jordan very wholesome very wholesome that was a little weak for a posa though I didn't hear a chuckle not one chuckle all right let's see we're going to do a live uh we'll see if this works uh we'll see if this works so please take out your phone uh and you can vote on the pasta of the week yeah so I have to go to the next slide to let people vote but I'll give people a minute to pull this up our panelists recommended to vote or oh you got your phone out I'm I'm going to civil this let's it's too big I can't get it all right is it working everybody is it working yeah yeah okay okay give a few seconds yeah okay wait 10 more seconds and I'll go to the next slide and then people can start we got a couple phones still uh yeah all right guys so he says he says my pasta is the worst maybe maybe let's let's get a few V to so the recap Justin was the airplane karaoke I was the djun summit Chia end of anera and the Beautiful poetry beautiful a little piece of poetry Shakespeare Pepe Shakespeare Pepe all right all right let's let's let's let's everyone's at zero what's going on oh yes oh oh okay coming in come on guys vote orange or yellow for just I'll share one more Alpha if if you guys will it's he's ring okay yo what oh oh wow it's close is it done we need we need a few more there there's definitely more than what can the camera guys can you guys like give a couple votes I need five votes oh yes we're getting there it's like a perfect symetric wait this is I literally had objectively the best pasta how am I coming in it last that's ridiculous I disagree it's very close it's very close um wow okay we have to wait a couple more seconds it's like getting within it's getting within one yeah is this not the most fun talk you guys have been to at token it's interactive right it's the best talk in entire then yeah yeah f for we will have a couple minutes by the way um let's get some audience questions um while this finishes wow you just got overtaken okay well you have to share the alpha if you win uh I think we have some mic Runners if anyone has some questions we have 7.5 minutes so we can go through a couple questions there's 54 votes now there's definitely more than 54 people here I think people just really love Messi that's that's I think people want the alpha I think this was a fraudulent a fraudulent voting yeah it it was a very good delivery right the end of an era end of an era I think we all we here I have to call it I have to call it it stop moving so ciao you are the pasta of the week winner uh we should have brought a pasta hat a round of a hand thank you thank you yeah um what's what's the alpha I have to come up with the alpha he scammed you all I just wanted a free and fair election but that's not popcat you can't say popcat there's nothing contrarian anymore like I agree with the market the market is correct the market is correct Market is right I'm bullish Soul I'm bullish crypto in general till the end of the year at least we I think we'll see alltime High by the end of the year for Bitcoin or most alts as well uh Bitcoin yeah Bitcoin alts alts are dead alts are dead does altime high mean 100K to you um no I don't think we have alltime high uh 100K but for sure alltime high should we get a couple questions any if you want to raise your hand I think we have uh we have mics so maybe in the first front row here um is is there a camera the mic's coming there oh M why why are you so bearish on China yeah have you you been to China recently do you know do you even know Chinese come on [Laughter] man um I have not been to China recently because I'm too scared to go um it's a fair that's a fair that's a fair reason and I just keep hearing like I I I talked to friends um in crypto and outside crypto um who live there and or I just hear the same thing very consistently over the last 3 4 years that uh they want to get the out and I I like you can you can probably guess what the reason is um it's sad I'm I'm sad I'm not I don't I I wanted China to be the the the center of the 21st century but I I don't think it's going to happen all right all right next question raise your hand if you want over there oh okay that guy oh he has the mic right can you stand up please okay there you go okay technical difficulties uh this is like super unrelated but Jordy am I going to see you at the tables anytime soon and if yes at what time at the at the tables the poker tables ta the poker tables here yeah oh man NBS doesn't even have uh doesn't even have poker tables like they just love their back rat and their little uh pwow and all this stuff there no no room for us here why didn't you bring your bracelet I'm just not going to go there cool that's all I ask yeah that's we got a all right how about how about how about this guy uh the guy in the black the at the front can you oh there you go there where is the Tikki what ti where's thy oh Thy Thy if you're here we're ready to take your question let's say that I think thy thicki probably uh did not have a good night he's been so bearish that I don't think I don't think last 24 hours have been kind to him he has been crushing the year though like for the year he has been so correct and so directionally strong but I think um you know the last 24 hours he's he's probably trying to he got liquidated by JP JP so he liquidated GCR and then JP liquidated thi so that's he did make an appearance we did a meet up a lot of you guys were there two days ago and thi was there shaking hands meeting all you guys so it was really good to see him there too yeah yeah and hopefully we'll have on this the show soon next oh hey uh hi tyi you've talked about uh defi a lot what's your uh bull case for uh defi this cycle and uh why have you sted a what's your thoughts on the recent move like the 10 20% move on a so what's the Vol case for Defi and why am I sing a is that the yeah so I mean I I don't know if this will happen but I mean Stan is building lens which will launch in Q4 so if they were to air drop I think it would make sense for them to air drop to a Acres potentially and I'm high conviction a so I don't mind the 20-day on bond period And this is maybe this is like Incorrect and may maybe I'm biased um and of course I shouldn't bet my chips depending on like what I want to happen but I think the market has strayed so far on on the pendulum of towards Financial nihilism that I think it makes sense for the next leg to be driven by fundamentals and I think defi has the best product Market fit uh most defi tokens are uninvestable I think 99% is like complete Vapor but I think the ones that are high quality category leaders I think they can do well um and that's why I like a they have like 70% Market chair Unis swap also good um but yeah just can I give you the barricades for defi yeah please I'm I'm just playing Devil's Advocate um the baras with defi is that uh everyone who's Shilling defi right now are liquid funds and and right now def the the major defi coins are basically PVP between those big funds like literally like I've been going to meet up events and a bunch of liquid fund managers have been coming up to me saying oh like I love a I like your thesis and I'm like dude literally half the liquid fund managers that I talk to own a I feel like it's the rotation has already happened I don't really know who's next that's in the retail they're they're playing they're playing popcat and Mew and and all that but we got to give tii a lot of credit here because he is like the quintessential activist investor he's posting his thesis you're meeting with vitalic tomorrow to tell him why defi is so important like tyi is grinding he is locked in he's trying to make the def Renaissance happen so credit to you for that yeah I'm going to tell vitalic to break up with his girlfriend just kidding all right thank you guys thank you chiao for doing this we really appreciate it and thanks guys for joining us by everyone thank you