ROLLUP: A New Era For Crypto | Bitcoin All Time High | Polymarket Dominance | Where Do We Go Next?
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This afternoon of laying out my plan to ensure that the united states will be the crp capital of the planet and the big going super power of the world and will get a the day I take the oath of office jobs and koala harasses anti cypher crude will be over. IT will end. It'll be done. It'll be done. One day one, I will fire gary gangster in a point of new C.

But IT is to, with the absolute loudest cheer on the firing of gary gansler, gotta say on the week gary gansler, rain of tair is over, over, man. And where at all time has I think those two things are related.

David and these clubs he just heard that was from the bitcoin conference a number of months ago, but is just a reminder for what is going to happen. I some trump says will happen when he enters office on and weary twenty th twenty twenty five. So we still have a couple months technically, gary, against are still has a couple months to shoe in notices that technically so possible.

Yes, should I not put in? I not put, put a passive, the guy, the guy is getting the boot. He could cause some chaos on the way out.

But nonetheless, like you said, the rain of terrors definite going to come over. And the day that we get a bitcoin president, bitcoin gets an all time high, brand new, all time high. Pretty exciting regards. Regardless of your personal politics. You have to say that like it's a huge win for cyp du in america.

But I think everyone listening, you know i'm sure a lot of a folks voted a trump or or blank less list. I'm sure you like a fair number also voted the other side. I mean, regardless of which way you voted, got to be happy about this outcome of gary games.

Iller is leaving office and you said, um your truck was talking about he's talking to a bit on conference, of course. Yes, let's also keep in mind he has like eat. He is like five million dollars of ef t.

an etherium defi project founder, A D, Y project founder is the president of the united states, the president elect. This is so craze is so crazy.

And let's just start there. okay? Ah, the big news is, of course, U.

S. elections. And IT was a complete red with sweet OK. So let's talk about the the presidency is the case that truck not only want the electoral college and of those from that, he also won the popular vote, which was completely unexpected by a lot of people. I don't know what Polly market predicted.

but comly market predicted haris would win the a popular vote. Like sixty percent, sixty four percent. And for the abroad listeners and on american listeners, the way there are three things at stake uh every um election there is the president, there's the senate and there's the house.

And what ryan means by red wave is that the conservatives of republicans won all three of those. And now whether or not they're going to win all three, IT was up for debate. There was some, the polymer was leaning towards that outcome, but a complete red wave was a surprise. And then the Cherry on top is that even though the democrats, commonly Harris, was expected to win the popular vote and why why the popular vote is not equivalent to the president is like, that's our electoral college. M we know it's weird. Um the regardless comment was expected to win the popular vote sixty forty and even that the Cherry on top the insult to injury for the democrats was that Donald trump also won the popular vote so to say that Donald trump and um being more right is invoke is like kind of understatement like the people are looking towards Donald trans leadership in america.

The one thing I should qualify is like officially officially the republicans have not won the house yet. Finally, officially, I guess like the final numbers are nothing, but it's looking like they're going to win the house as well. So that would be a complete clean sweep.

Of course. Trump, in his Victory speech, called this the golden age of america. He also spent a few minutes praising elon musk and thanking him for donating one hundred and twenty million dollars to the campaign.

And if you saw the commonly Harris concession as well. But he conceded that IT was over. We got a free and fair election. There was no dispute. I mean, that is another plus side in the back of these two.

I would agree. Moving on to the senate. The republicans flipped control over the senate, which was the expected outcome.

As they know, there are now more republican senate than democrats uh and again, this means that we we crypto to industry have a much favorable able uh, legislative body for any possible future legislation that we want to push through in the united states. There was a key senate race in ohio, bernie marana, the republican, and defeated shari Brown. This was very important for the crypto industry.

Shared Brown is the current chair of the senate banking committee, which oversees the S. A. C. He is gay gangsters.

Boss.

this is gay. Gansler, one of gary gansler. Boss, ah he has been the major road block for getting many things done. Encrypt u he voted against sab one and twenty one. He has been a big ally of eliza's warn.

Uh this was also one of the races that fair shake the crypto, the pro cyp tou super pack spent the most amount of money on out of all of the senate and house races, specially twenty twenty million dollars on IT. And the signal here is that this was specifically a crypto, a crypto issue, a crypto race. So this has been called by aliston, who we had on the podcast to kind of unpack all this a big shot across the bow for every antiChrist to member of congress.

wow. Well, I mean, they literally painted A A target on his back and then like went and spent in this election to just like make sure that .

he didn't win and this guy sure I Brown who gone now was a player in Operation show point two point o and so Operation show point two point who lost a big key player today this last and the house.

as we said, it's looking like that's going to flip, uh, red as well. Some commentary from brian armstrong, the CEO of coin base. He said, welcome to the new members of america's most pro crypto congress ever.

There were two hundred hundred and one thousand nine procyta candidates and counting that have been elected to the house and the senate. That number is a major take away for everybody who has worked in kind of the cypher lobbying space. Twitter, nineteen proscriptive candidates that were just elected to the house in the senate.

I remember entering the bear market post F, T X, thinking like what rh, what regulatory rh have we just brought upon us? And that was two years ago, and now I would say, like, we got that rap. But now the pendulum is shifting so far in the other direction, just as a reaction to the unfair rh that we got.

I got, I like this tweet from victo bunin who tweet out cypher a one. Next we're going to free ross fire, gary and Operation ship point two point o pass common sense, uh, stable coin legislation, enable in kind redemption ons, turn on staking in the atheros etf, shutter the c lafin investigations and provide regulatory clarity for cypher. I think there is just a great big, wide open, clear path for the next steps for what we want out of the next four years of leadership in america. We can now get things done. Now it's our turn to actually get things done.

at least in the crypto IDE that that's certainly true. And a lot of question, I think there's can be a hand ring a lot of hand ring on like where the democrats went wrong this cycle. This is polygram commenting.

So a notable investor, their biggest mistake he's talking about the democrats here, their biggest mistake was integon ized, the entire cypher community. And this was entirely unnecessary. There wasn't some other constituency they were trying to win points with by doing IT.

This is program noticing this. He's not he's preferable to cypher. He's not actually he's not a cyp to person.

He's a cyp ta person. And this is something that you and I had mentioned. You like proceeding this other when com a Harris was nominee. okay.

Could this be an opportunity for commerce to vivid? You actually never pivot IT, right? I remember thinking, like this whole anti crypto army thing, and like not speaking in kind of pro crypto terms at all, like would be very easy for a commoner herri in the campaign, kind of notify everything that trumps said by being like work, procreate t to two.

Why would you not be procured? T so pro technology, pro amErica is all the same thing. And I remember thin.

This is got, there must be a method to the madness here. They must see something I don. T they must see some collection of votes, or there must be some reason that they are doing that.

IT turns out, David, there was no method to the madness. There was no strategy here. IT was just old fashion, I retour, hubris, that let them down this path. I feel like IT wasn't truck who who won so much as the democrats decided to lose like they were completely ignoring not only cyp to, but other at large constituencies in the U. S.

Voter base. Yeah, I would agree with that. Paul grow, all the chief legal officer from coin base, says, I hope the S, C, C, under stands.

What happened tonight on many, many issues of voters said loud and clear that they want change. Cypher is no exception. Stops s owing cyp to start talking to cypher, initiate rule making. There's no reason to wait. Ah I think we're going to look back on this election and there against there was a key player in this election for losing IT for the democrats uh and the democrats not hearing those signals at all from the cypher, the cyp to constituency, which they also underestimated Emily choy SHE witted out a headlined saying the critical industry spent over one hundred and thirty million dollars on the election and IT paid off in SHE comments or just getting started. Uh, interesting to know. Do you know you see the Harris campaign is actually ending twenty million dollars that right? This I don't know, I don't know, I don't but bright and frying and other fair shake pack, uh, members and or commentators talks about how like fair shake is already accepting donations and spending money to win the in term elections in two years.

already gearing up for the next one. IT was fantastic. I and this is why I think crypto is definitely here to stay.

Alex made the comment. What does this mean? IT broad strokes.

Can you hear that? That's the sound of thousands of crypto and blockchain founders booking tickets. The united states looking up office space.

You saying there's going be a flood of founders and entrepreneurs. We're going to come back to the us. For crypto. Crypto is now turning towards a friendly jurisdiction, which I think is a big freaking deal.

You remember all of the wealth notices that we got this year, all of those will just like evaporate in a puff of smoke. I think they're going to be gone. So many the things that gary gangster or the cftc Operation took point fc treasury we're doing to push against clipton to try to squeeze out of existence.

That's going to be not just stopped. It's going to be actually reversed. We're actually going to get tail winds in our direction on the regulatory front.

And i'll just point out, we have never had that before. Encrypt a we have never bending cypher. Cypher s never existed at a time when the us.

Had a crypto friendly regulatory regime the way the U. S. Was cyp t IT. Was internet friendly in the inds. I think this is the opportunity to swing cyp du friendly in the twenty twenty years at the first time ever.

if anyone knows him, a job for someone who is good gasoline and just bureaucracy. Gary ganzel ler, open to work. He's looking at, looking for work.

We could ship in the year up, dave.

He would fit in so well over there. Another big player out of the election this weeks, of course. Polly, market a right. You were watching the election. I am assuming i'm assuming you had I mean, to guess that you had mainstream media on your television and you in some way shape perform ipad, phone, computer, laptop had also market open.

Yeah exactly. I mean, that's the way i've traditionally done IT. You like main media, some sort of A, B, C and b ever, like calling election results in real time and then add my phone with polling market, just like hitting refresh.

right? Yeah I think most people who are listen to pockets probably had some form of that. But having Polly market open was such an asset. IT was so cool to sea because you are watching the the the results come in. You're seeing some number ers show up on the screen, but playing market is just getting you such a clear picture so much faster than what's on your television hours.

Head s ahead.

So remember listening to a podcast, I think he was the daily and they talked about when they were talking about when the commonly campaign realized that like something wasn't so great yeah and they said, like I was at eleven P M. Eastern time was when they can't, when the campaign realized that the votes in the swinging states were not coming in. And like, what do you mean?

Seven P. M. Polly market was reacting before eight P M.

I need towards truth. Apm, three hours ahead of win. The color campaign realized IT at seven thirty.

eastern georgia start on Polly market was starting to swing. Yeah, you can see o polymer tenting georgia swinging. That was the first like swing state. And then by eight or eight thirty, I was like, it's over. I can go to bed.

Thirty eight thirty, we realized IT. Like if this trend continues, like this is a traffic tory.

And the reason why is like people say you, Polly, market prediction, markets all probabilities.

But when you start to see a market at the tail, and right, that's an indicators like it's just this this divergence in the charts and in the markets like, okay, this markets resolving because you see like trump jump up to like eighty percent odds and commonly know dropped down to like less than twenty percent and IT resolved and is so cool to watch this in real time is much faster than any of the mainstream media or organizations are able to to call these elections. It's just a different tool to different type of. It's a different intelligence and truth.

And we can talk about like whether you think like M S N B C, N B C, A B C commentators are biased. But also when one of the conversations was like the swing states, they're just waiting for the very end to call the swing states, even though they are obviously leaning trump. Well, msm c humans, they cannot cause dates until the very until is completely objective that the state is one for one side or the other.

So they can't undo a call. They can't they can't think more that is going. They're more conservative.

So like they're kind of hand drunk by their own mechanism. Where's Polly? Market is an alternative mechanism that just moves so much faster.

Shame coplin at the a founder of polymer tweed out. I just got word that the trump campaign hagglers literally found out that they were winning from Polly market history was me today. Wow, so cool.

That is so cool. yeah. And actually the Polly market forecasts, this is the the chunk of the U.

S. Map, the public market forecasts, right? You can see red states, blue states. You see the actual results.

This is the poly market forecasts on october twenty fifth. So uh.

ten days ago, ten days before Polly .

market had the actual results nailed.

much different than the poll data like you in poll data, IT would be just like completely different in the market for Polly market test from yesterday got twenty million website views, three hundred million in volume, one million concurrent users across the web and apatite. I mean, safe to say crypto has a mainstream applications.

It's built on polygon, by the way, which I think the future of polygon is to become a layer to, you know, roll up on top of the theory. So very bullish and people don't even know they're using crypto to, of course ironic, David, that um you know U S. Citizens cannot actually bet in these markets. It's part of the irony of this whole election .

win cannot legally bit I think there's plenty of U S. citizens. Another tweet from shame saying with a picture twenty twenty running out of money solo founder headquarters in my makeshift bathroom office, little did I know polymer was going to change the world and he's treating out what kind looks like.

Je office super jane. He's got his laptop on like a laundry hamper, has got his keyboard on his like knees. I mean, hey, that's what a great dy founder looks like gratulations to in the entire poly market team.

A also behind the scenes, like you said, ryan heh, put out the tweet. Can we just take A I, D to shut out polygon for handling all the Polly market road right now? Volumes going crazy, zero downtime or issues as far as we've seen.

So h there are certain poly market activities that are all done on chain. Basically all of the market actions, activities placing in order, taking in order, no, all, all the things that are going to a market on Polly market are done on chain, on polygon. Uh, so both Polly markets like back end, it's it's back in front and all all of its servers stayed online.

Good job guys. Polygon, the block chain also stayed online. Probably one of like crypto s most traffic events ever. Well done。 Well then. Pretty impressive.

Uh, meanwhile, in france, I know if you saw this, but france is planning to ban users access to Polly market, according to a report. Okay.

so oh my god, they would literally the government in france.

he thinks that, like institutional, trusted at all time low in the solution for that is to ban prediction markets like very bad idea. And these are the types of idea that is coming out of bureaucrats. So good to see kind of the us.

Swing in a different direction. Bye bye. Gary gansler, a summary bye bye Operation check point.

I don't think we've ever existed in a world with the U. S. Government is openly supportive of crip. Do this is like uncharted territory.

We're going to get into the markets in a second, but we got a word from our friends and sponsors over at legion. This is a really cool application. Tell us about legion.

Yeah, legion. We did have a conversation with her on twitter. Legion is bringing back this is perfect timing um trying to bring back the ico mechanism, making IT cool again.

I always thought I C S were cool, but in scammers, grifters kind of got, they got bad. Uh, we are trying. But the ico mechanism itself is good.

People enjoy the I I C O mechanism. What do we need to make a Better? Well, I think legions merit based ico mechanism is a potential answer to that. They are offering mega compliant merit based ico.

So you can go to legion and you can get a legion scores can like a reputation score IT will measure your on chain activity, it'll measure your social influence IT it'll measure your death skills. Uh and then we will give you a score. And uh people, organizations, startups, projects who are looking to raise capital can solicit you as an individual to join in the sale.

And so this is like a mechanism to become an Angel investor. This is for people in europe, unfortunate, not for americans, but if you are credit investor than you can do this, but this trying to open up and, uh, add some more reputation to the ico mechanism, which I think we all want. If you guys want to check this out, you can go get your legion score and potentially invest in some Angel opportunities, if you so choose. There is a links in the journey that bank start .

cc flash legion, oh, he said, is not available for american underground IT investors. And that is true from an investment perspective. But everybody can go get their legion score, but in the us.

Or not and I you guys to go do this and connect your twitter account, you could see how you, uh, rank against vid, as I did. Uh, and you get on the leader board is really cool. I mean, this is the way ico should be done, and we will be done in the future. So really cool. Go check out legion right now and get your score.

David.

let's make icc OS great again. Let's move to the the markets. okay?

We got a all time high week over here at bank less. We don't often get those. So let's let's celebrate IT for a second. We had all time highs for biton. Was this before or after the election results .

came right after right after the election, like born thirty minutes an hour after he became clear that Donald trump is going to win. So we got seventy six thousand dollars on baLance, seventy six thousand four hundred and sixty on cracking, and seventy six thousand five hundred dollars on coin. Coin echo is reporting this as seventy six thousand two hundred and fifty.

So kind like a medium between all of those. So somewhere around seventy six thousand, two hundred, three hundred times is our new for time, high for bitcoin, for bitcoin. wow.

prety. Seven, five, nine number. You too far away from one hundred thousand. Man, like we could see a hundred thousand by the end of this year.

Did you know that? David? Fun fact, each us. Election week has set a bitcoin Price for IT has never been revisited. Wo so is this the new form? You know that seventy, five hundred thousand, six hundred, this is the new code.

Look at that placement on the chart that is .

a frg tak some these other forms from other election events.

all the first bit election eleve bitcoin was eleven and eighty one sense. November twenty sixteen there was seven hundred and twenty dollars. In twenty and twenty he was fourteen thousand nine hundred dollars. And of course, now is at seventy five thousand dollars, which is just. A great, great trajectory.

Yeah I mean that I mean, according this doesn't mean it's not going down from here IT. IT doesn't an if IT follows this pattern four years from now, it'll be much higher or IT will be higher, right?

That's right. We could not will be my tire four years from now.

Talk about the eat Price. David, if is IT get .

a little doing great. Man is doing great. We started the week at two thousand and five. We actually, I really didn't even talk about how much was four percent last week after the week, uh ending the week where we are now at seventy four thousand eight hundred either starting the week at two thousand five hundred and eighty, up seven .

percent.

we now at two thousand and eight hundred, one thousand at two thousand eight hundred. Uh the E U S D R, ryan, yeah, when you zoom out looks so good. E U S IT looks great.

So we're looking at monthly sly candle. So every candle is one month ah we are just like on a long term floor because we've got down so much. But man, we like, like pop right off the floor.

What does this look good and give me some T A inside?

I don't know. Look at an .

over crack like big Green ganser candle, fire co. candle. It's going up, but this chart looks .

good to you. Yeah, yeah, yeah, yeah, yeah. I think so.

Yeah it's just this is like for back we go and we're going back like almost four, five years. But I think it's good. The first is good. You know what else is good? Uh, eh, B, T, C is up on the week.

We bounced off a point zero three five, which was very low uh to point zero three seven um and i'm not going to get too excited about one week of Green on S P T C. Except then coin. We had been corn on not too longer.

Who says he's like, soon he's going to call the bottom he tweed out. I would watch A, B, T, C here. If we can get above the fifty day simple moving average.

There is a good chance that eat BTC is bottom. And so he is saying the bottom is approaching. Maybe it's here. Uh i'm seeing different people call the bottom around myspace. Uh similarly also bitcoin dominance.

Uh, he has some tea here, he saying tagged the other part of this wedgewood ty five percent um which course once sixty percent including stables, a bitcoin dominance has gone high enough for me as my target has always been sixty percent including tables. Still chance dance dominance go slightly higher before interview. But I think IT makes sense to start planning for this this thing to turn around and two and twenty five right for the crypt to movies out there. Tell me what happens when bitcoin dominance goes down?

Well, day we get in all coin season not happen.

See, IT is tradition is what? Usually when bitcoin dominance goes down is not because the bitcoin Prices is going down. It's because everything else is going up.

Big little, a stable coin or excuse me, mean coin dominance, which is a very rough metric currently, is around like two percent. So like the entire clipper market, market cap is like two percent mean coins. We've seen mean coins be as high as eight percent in the past.

So some people are calling for like a mean coin season. But overall, uh, when bitcoin stops going up so much from bitcoin, bitcoin smash season is over. Uh, then you get all coin season.

Okay, okay, that's create all coin season that that be fine. But David, I just for a few weeks or a few months, would I be too much to ask for an each season, just like IT, just a straight up eat god .

candle season? I mean.

haven't i've been hurt so many times? I don't want to wish this. I I don't to assume that this is going to happen.

but like you could have comes to you, you can go to each season and you got a wait for each season though.

is that blob season though what we looking at a new blob, uh, like all time, I is what blob .

consumption over the seven days has in all time high. So we are consistently seeing, uh, later to a pay for blogs rather than blogs by feet. We are at the blob target have been for over a week now.

Uh, in the last seven days, a serum has had a allow, but used to be zero amount of revenue from selling blob space. Uh, it's a crude hundred thousand dollars in seven days of selling blob space, which is course kids burned yeah and we are just hit the back space. Actually.

this could be enough to swing the narrative just a little bit, right, because the narrow happens. The narrative has swing in the recent of like well, east will ever be burnt again because like there's infinite block space is not enough to mand and IT will never like be a cash line.

We know that that's not true, right? But if the market gets a hint that eat is starting to burn again, these cash flows are going back to eat validators and eat holders, right? Maybe that'll be enough to just change the narrative on either. And that'll be a thing that people point to some hope .

that I think that's right. Yeah, in twenty twenty one, the narrative, the anti eath narrative, was that the east burn is just a theory and just extracting from users well, now if the burn happens from roll ups, are we extracting from rolex who are just, you know, advertising costs across .

thousands and thousands .

of users that really work the like?

Let's talk about E T. S. Because the volume and the flows have been hot. I think this is the biggest volume day for I bit, which is the primary bitcoin etf. This is eric belt.

I bit just had its biggest volume day ever with four point one billion traded. For context, that's more volume than stocks like berkshire, netflix or VISA saw today. IT was also up ten percent, its second best day since launching. So all time highs in etf world as well.

Yeah, you got appreciate that every single new bitcoin buyer that bought because the bitcoin etf are in the Green. So that's got to feel good for everyone. We're still kind of waiting for flow data to come in.

Uh, I bet actually, contact always comes in twenty four hours after the rest of the bitcoin etf. So in like bitcoin etf to report their their november six volumes, they know november six volume for I bit comes in on november seventh. Like there's like a low cork there.

I november six we had six hundred million dollars of net inflow into the collective bitcoin etf. We should actually that's a wash actually because there's been some outflows over the last four days. So the last like four, five days or so are a net wash.

Same thing with the ether etf. We had fifty million dollars of inflows, which is pretty good for the eh etf. But a with the vem forth in a day, we had sixty million dogs about S A wash.

I think we're looking for one more day of data here. So check me IT back in on this a next a tomorrow friday, which is which is today for the time of listeners. It's so kind of looking on for some data post election. okay.

Here's the biggest thing. The biggest bright spot, I think, for eth holders on the week is actually the first state pension, the state of michigan. Their pension bought either etf. The first one this .

recorded michigan owns either.

So the state of michigan filed, uh, disclosures that they have new eat etf holdings. They buy gray scales mini trust. They buy eat e shares as well.

I know why they bought eat e shares, but they bought e shares. And notably, they actually bought a more either, then they did bitcoin. So they bought them in bitcoin as well, but disproportionate either, which is another kind of win in the column for eat holder.

So Matthew segal said that this makes IT the fourth and second largest hunt holder of the fun shares on the state of michigan. So maybe some of that institutional demand is like creeping in there for ease. The bright Scott on the week.

Interesting, interesting. Uh, going into the world of the total eclipse market cap, we are coming in at two point six trillion dollars, two point six trillion dollars are on our way to that three number, uh, three point five, by the end of the years target, that would make me happy. Um that's the goal. Three point five, by the last week, december, that's what we want.

what i'm looking for. We ve got a more markets stuff to talk about, including a budgeted tokens that have been on the move. Which topics did have something do with switches? Is this the beginning of a defy raisons? People already talking about this because some defy tokens caught a bit last week. Also microstrip gy is raising another forty billion dollars to go buy some more big point.

Actually, you can say another forty two billion dollars because like, they don't have forty two billion dollars a bitcoin yet. They are I looking to triple the amount of bitcoin with a forty two billion .

dollars working a triple down, of course. And also there is a new stable point on the scene. One that could be a competitor could be the U.

S. D, C. killer. Maybe we'll see what that means. And we will talk about this consortium of exchanges as teamed up against U. S, D, C, all this and more.

But before we do, we want to think the sponsors that made this episode possible, including cracking in, are recommended exchange. I hope you are participating in these glorious pt to markets on the week, and I hope you're using crack. And crack and pro charts are absolutely beautiful. The best place are recommended place to go exchange your fear crypto. Go check IT out .

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If you go to a co and you sort by the biggest ten day movers, I think there is a very clear story being told. Uh, I call three categories. There's meme coins get coin's are up on the week.

Defied tokens are also up on the week. And S, E, C, orel tokens are also up on the week. And so what am I talking about?

Uh, in the S, C, C, A pressed category, we have kronos crypto dot com had a wells notice that is up seventeen percent on the week. Unis wap, which is both A D Y token and an c orestes token, up fifteen percent on the week. Doge coin, up thirteen percent on the week.

I got to hit to e on there. Uh, meme coins, radium, not a mean coin, but like me, coin info in mean coin marketplace of fifty percent of the week. Uh, etha lito and ova ea, up forty lito, up twenty two.

Ov, up twenty two percent on the week. Arrow drone, up thirteen percent maker dw, up thirteen percent. Defied tokens have caught one of its largest bids in years OK OK .

defy tokens catching a bit, which we're going to talk more about. This makes sense to me. This checks out. This is fundamentals .

being to .

the market like this makes sense. I will talk about why that makes sense, but not the only Price action catching a bit to coin by stocked the coin Price of thirty .

percent in one equity and equity was of thirty percent in a single day. Coin just started absolutely ripped.

okay. Well, let's talk about a defy tokens for a second because some people are talking about the the defi renison. So let's we're called defy tokens have not really been catching .

a bit this entire cycle ycl on twenty one.

And the criticism of them is that, oh like what are these tokens? I mean, sure, these protocols are producing a lot of value. But are these these uh, defied tokens?

Are they just like worthless governance tokens? Are they just like kind of like futility kans? I mean, many these protocols don't have a fee switch, David.

We saw in the aftermath, even this week, proposals to put a free switch remaining the defy tokened. But i'm getting ahead of myself. So we're looking at this article, defy tokens jump on that. Trump will provide regulatory clarity. Some token names include lito uns wap a thea ov.

What's going on here with the researchers of defy token Prices and the very obvious conversation of, well, gary gansler ors about to get the boot and we're going to have a pro cyp du president who was literally issuing a token on a theoria for his dey protocol yeah, you put all these pieces together and like, well, like, come on. Let's be a little bit more liberal with some of the choices of how our doubts are structured and governed.

Captures of revenue. Let's turn on into that. Way into that is let's turn on the fee switch.

So there's a handful of protocols out there that have a fee switch that is turned off. As in the protocols Operating at is at a loss, it's subsides ing growth. A but in theory, you could make a ton of revenue.

Unip is the big obvious one of these. The other one, athina, actually has a proposal to turn on the fee switch. There's a proposal out there for thea to say, hey, guys, let's capture some of I was just .

published on november six.

November six I was created ah and so I think there is some thin that's potentially happening in the DIY revenue category. Also interesting, ly morph has a vote, a proposal that has passed to make the morph token transferable. So they're been issuing morpher tokens to people who are supplying liquidity into the morphology.

Col, it's kind like an ova competitor, but that more for token has been given out to people supplying liquidity but has been locked, is just like you're giving this like a nerd token. But now the proposal has gone through to turn that transferrable, which makes that liquid, which means we're onna get a market Price for morpho, which is exciting. Congratulations to the morpho team.

所 we have a defi thong right now。 Like Prices are going up, fees wishes are turning on, tokens are being issued. So all happening so quickly.

we can add value to our tokens. Again, at least were being less cautious like because is in your mind, David, is the reason that the units free switch not on? And by by the way, what that would mean is based, you know all of the volume that goes through uni swap right right now, uni swap unique token holders don't receive, don't collect, proceed from that that value because the fee switch is off, it's at zero percent. But if they turned IT to like what you know, ten basis points or something which has been discussed ten fifteen basis points, something like that, then a portion that that amount times all of the volume of uni swap would be generated in cash like either some other cash USD c something and directed to the the unis wap uni token treasury.

right?

And then from there IT IT could IT looks more like a protocol equity at that point because you can distribution .

of those under the against their campaign.

We can say that now we don't have to whisper er anymore is this what has been blocking the fee switch on on tokens like unis wap? Do you think it's just purely regulatory we don't want? And yet another wells notice you on the c kind of like you bringing uh double token holders to court an individual basis. Do you think this is the reason why there husb no fee switch? historically?

I don't think this accounts or are one hundred percent of the reason, but I do think it's a very large like chunk of the reason. There's the issue of like the equity versus token misaligned and VC investors mislead with a token, but vcs might have been using like the regulatory uh landscape, the hostile regular ory landscape as an excuse. And so that excuses gone.

Now there's we're entering new territory here. So we kind of have to see overall, I would say i've been calling this like the middle of the market hallowing over the last two years because gary ginza, L E R and the S C C campaign. And just a hostile choke point to two point out.

And this hostile regulation environment has hollow out the middle of the market and put a lot of value into bitcoin, which has no regulatory concerns, and then a lot of value into mean coins. I also have no regulatory concerns, but if you are trying to be a project founder, a token founder and provide value and create value in your token, then you're getting just a cuddle of the c. And so the middle the market has had this hallowing out that i'm hoping is restored because that is where a lot of the growth from cyp to comes.

I completely agree with you. I mean, we saw this in early days of you know compound in the initial defy summer of twenty twenty, right? This idea of a protocol network revenue, right?

The idea of a token behind a protocol network being a form of, uh, network equity, you that generates cash flows is being sort of an equity type instrument. I feel like I don't have to whispers that anymore because the reason you can say equities, because gary, again sers like, oh, did you say equities? That's mine.

Where's you? Here's a wealth silence. yes. Here's a wealth notice for even like speak the words. And some of that is now gone. Love to see how the shakes out, but I think that's what the market is largely reacting to. okay.

So that is all of the ecliptic markets were going to warm out now and ryan going to walk us through the fed and was going on with the fed.

yeah. So apparently today, the time of recording, we don't know whether the fed has indeed cut rates, but everyone is projecting that they will cut rates by another twenty five basis points that's Priced in basically in the fmc meeting, a another cut is expected by markets in december. So I think big little listers, I should know by now what what pala has done, but that's the anticipation at the time of of recording.

He's basically said i'm going to stay a political know the fed is independent, register to the plan. Election outcomes don't matter to me. We're going to stick to the plan of continuing to cut rates.

So that's going on, uh, which means easy money type policy. Also, David, in china, there is a lot of money printing that is expected. We have Arthur haze in the podcast.

You kind of walked through the chinese real estate property bubble and the stimulus outcome that he anticipates on the back of this, that that range into the one point four trillion dollar range that could be starting to come into place soon. So we ve got the fed with easy money. We've got china with massive projected stimulus.

That looks like that's going to be A A money can. And then you have regulatory tailwinds in our favor, which is what we've been talking about for the entire first half of this episode. So you have a fed, you have china. The summaries got to be a bullish crip to because we now have regular ory wins in our favor as well. Of this uh, feels like I could be a good end of the year and a fantastic set up for twenty twenty five.

right? You know who else is trying to get into the the printing game?

Who said are are you launching a coin?

I am not launching a coin micro strategy plans to just print to more microstrip gy stock in order to raise forty two billion dollars to buy more big coin, right? Pop quiz, how much? Does microsys currently have.

I can be forty two billion. What does he have? Like one percent of all bitcoin? So whatever the multiple is on that does, does he have one percent?

He has one point two percent. One point two percent is knocking him in at nineteen billion dollars of of bitcoin. He would like forty two more billion dollars.

we say, we say him, but of course, as microscopic holders of which Michael sailor, of course, holder, yeah, wow, that's a lot.

That's a bit going. This actually happened last week, but we did all up a week a day early last week. So he plans to raise over the next three years in the so called twenty twenty one, twenty one, twenty one plan consists of twenty one billion dollars equity raises and twenty one billion dollars of debt offerings in order to raise what comes of forty two billion dollars to buy more bitcoin.

He just loves IT can get enough bitcoin.

honest you like, how can you compete with that? The bitcoin has this like infinite bid for microstrip gy. And for some reason he can just make more money out of the air. How do you how do you do this?

Ah it's pretty smart. I mean, there there few business models like this. I can cypher to that that work so well. The one is the microstrip gy thing that Michael sailors playing gather is tether, where they're just like printing money on, like the spread between their their stable coin and interest strates. I mean, these are pretty good crip businesses that won't last river, but he got to get him now .

like this is leverage though, and I don't know how much how is possible for him to have so much debt and just get more debt. He just keeps us on getting more debt. IT just totally .

works as long bitcoin is going up. Is we just set at the top of this episode four years? Is bitcoin to be higher, lower, David? yeah. So if it's go and then he there's no way he can make money. I mean.

I wish I had just so I don't even know that micros said software. I wish I was just generic company. Take the bank .

of public IT could be immediate company and all that does is just like bias.

Eat what could we do that?

Yeah we .

totally could. Why haven't we done that?

It's a lot of .

work did will take that, will talk about that offline. The global dollar stable coin network um introducing this is a brand new network, stable on network is trying to compete with U S, D C. I think that's the implied promise here, but it's like a collection of a collection of different institutions encourage bullish galaxy crackin, paxos and Robin hood are all teaming up to issue U S D.

G. The global dollar saver coin network are trying to take on U. S, C, C with one secret trick up their sleeves. They take take was the trick that they can think that they can take uh and penetrate the U. S, C, C.

Market, which is uh just like how you said with tether, right? And like a the tether company issues to a dollar stable coin with no yield gives out to the market. They take all of that money.

They put IT into treasuries. They collect the yield of the treasury's circle does the same exacting is the same business model for circle, right? Uh, the global dot network.

Uh, why is providing a solution where partners, people who are issuing the global dollar can receive a hundred percent of the yields generated by the assets that prop up U. S. D.

G. And so not they are opening up the ability to issue U S. D G. You have join the conservation is not permissionless. But if you an institution that you could be like letting and you could issue the usg and run for the share of U S, D G that you issue, you get to provide a kick back of all the yields generated by the treasuries OK.

So it's like this consortium trying to compete with U S, D, C. And uh and circle. And so I guess if you're like Robin hood, you'd be more incentive to do trading pairs on the Robin hood APP in this new like global dollar network stable coin because why? Because you get a portion of all of the the interest like proceeds on that has become .

a part owner of the network for all of the activity of usg that you create.

Yeah where with .

usc you'd sense .

sense, but doesn't imply that users of the U. S, D G will actually .

get neither. In either case, users get nothing .

because that would be a .

security because that legal if if you either circle or U. S, D, G sent the yields from the treasuries over to the users of the stable coins. That would be a security. So you can't have IT.

Even if gary gang's lers out, we can have IT. David, I think we can.

all the things now, we would still need some like reform and the city in order to do that. I hate.

What do we have coming up.

coming up next? A brand new competitor to black rock's build fund has entered the them's blocks space, which three point five million dollar asset manager is the issue, and what is the issuing base the chain has shipped? Fraud d proves.

So if thim later tools are continuing to mature and also death, car d is happening next week, right after this for up, I am getting on a flight. Uh, so what's expect out of a theory? Ms, biggest conference, all of that and more.

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What is ubs to say? Three point five trillion dollar asset manger financial services company, a one of the largest private banks in the world. Uh, they are launching you mint, which is U B S U S D money market investment fund token on healthy erie. I was out. Th, uh, I didn't disclose what financial instruments make up this fd, but I think you could imagine something comparable to black rock will find probably dominated dollar and IT probably gives you yield.

This is so cool. Remember when black rock this, we said the take was basic. O, okay, this is black rock opening up a money market branch. Bank branch, on a theory, is exactly what you B S is now. So this is going to be there.

Ubs money market bank branch on a theory um where you you put in a stable coin to get treasuries on the other side and in all kind of works in smart contracts. Very bullish I think for a theory in the network that happened last week and like people were barely talking about IT because of everything else that was going on. But this is a very long term blush. We should check in on cognized treasuries because look at this, David, this is a tokenistic treasury since, I guess, the the beginning of twenty twenty three, where they are effectively zero and now they're just under two point five billion on jane.

This is growing quick.

This is growing far faster than table points have in like this india sector. Of course, this is still a far lower. But like toga ized treasury's are becoming a thing on chain.

Yeah uh three billion dollars of total, totally ized ed. Real world assets grow on a four four percent in last thirty days. This is harder to grow and stable coins because there's a more diverse set. There's non fungible like a lot of different.

different regulatory crap.

Yeah, but the nonetheless the flow is inevitable. Everything's coming on chain, base. Base shipped fault proofs so anyone can now participate in a submitting a fault t proof to base.

This is now permissionless. Uh, fault proof have two important capabilities, a permissionless proposals and permissionless chAllenges. Uh, base now has both of those and this almost gets them to stage one.

They are not right there. They need to set up a security council, which is I mean relatively trivial. That's on the technical chAllenge.

And then also his contracts are currently still instantly upgrade able once a security council comes in. And then also once they have a like a seven day delay on a on the incredible contracts, then base will become stage. And I would take like both of those are engineering chAllenges. Both of those are just like .

technical experimentations. Yeah.

I was like social technical and that means.

by the way, of the can talk about the next year. Remember he said i'm not going to talk about your roll up unless stage starting in twenty twenty five. So I guess maybe he'll soon be able to talk about base. The other stage one altus right now are arbitrary. One op may net also the old like easy case sink light for those .

paying attention to romans storm and one of the developers of tornado cash a his trial has been delayed until April um so that's up there that .

that would be post trump you coming in off.

Interesting, interesting. What I don't know the D.

O, J is so separate. I don't think that changes anything. But I mean, if you're freeing ross, I don't know that's .

a little bit of hill mary, but a little bit of hill mary.

A, L, mary, uh, okay, David, you are getting ready to butterfly, to bank. You are going to defcon. What's happening at defcon.

Defcon IT is theoria s largest conference. One of the one of the largest conferences other than bitcoin conference is pride, the second largest conference. IT happens all over the world .

so that right I yes .

yeah one of the most attended like one of the most attended a sense of developer conference. So it's like more on the technical side of things. But everyone in theory um goes last last year happened and in bogota, columbia, this time is happening in bangkok, thailand. I've never been to asia, so i'm about to get on this got seventeen hour fis. What's the feel of this .

conference like versus others you went to is that is techniques .

is kind of for IT is nurse IT is very nurse that I mean, last year we were talking about like roll up the centralization. This was eighteen months ago. Uh, a lot of like public goods funding type thing, identity is actually one of the more is the largest and most nearly of their own conference. I mean, one is the one of two conferences organized by, via theory, an foundation. everyone.

Yes, there's lots of side and so a lot of the apps and altus will be there as well. Like everybody in the area shows up.

Yes, kind like the theory during festival. So i'm going to be at home and .

a angler summit is also happened on the saturday after dev con. So did did we just roll out the the agenda for bank summer?

We did. So bank of summer is going to be where dev con is mostly technical. A bank of summer is going to be more like ted talks, presentations, ted talks were there and much less technical and also ethe asa has hythloday ally, not had too much presence and content terms at defcon is no they do not have the last, uh, bogota a dev kn.

The only talk about ether of the asset was given by a Justin drake on the main stage. Uh, in the whole rest of the conference had nothing. So the bank of summer is the unofficial al. Either the asset track is what i'm calling IT.

it's conference IT is money conferences.

Yeah but we also have the centres, the centers like max resonate and in area walls arques talk titles called going bankrupt on a theme, how the centric road map bank rut, my first company but it's going to be entertaining is going to be great. Uh, m team from spire cycled based rolls and eat value a cruel a mike order talking about, uh, his talk titles called the ticker of eat the ticker is he going going to be pretty so listener?

If you are not a bank of citizen community, thirty will will get you thirty percent off the bank limit if you are a bankwest citizens, you will get seventy five person off with a code that is in the bank less summit discord channel or on the perks page. But that is not all for conferences. Is ryan because permissionless for just got announced? Wow, where is he going to be? Going to be you? What's always in the united states is in birkin, which means I don't have to go anywhere to come here.

man.

Well, both mike and piano from blocked words are also berkley natives. So I actually use the only one who is not.

It's just a simple train right away.

though I know you you know how to him.

Very happy .

about that. Is the united states conference actually like there's all the other new york conference of just left, uh, consensus now in Austin. So permissionless a rate that new york yeah especially when the pendulum shifts back in the united states because of our much more favorable of regulatory environment, is definitely coming. This can be pretty hot. This is in june twenty twenty five for marker calendars.

June twenty twenty five. All right, there we go. Big week, all time.

High week, lots going on as usual. Got IT in with this. Of course, you know, cypher is risky.

You could lose what you but we are at at west. This is the frontier. It's not for everyone, but we're glad you with us on the bangles journey. Thanks a lot.