ROLLUP: Record ETF Flows, Up or Down? | Trump's New Crypto Policy | California Going Onchain?
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Bank of nation, happy friday is the first week of August, and here we cover all the weekly news in crypto sh is always an ambitious endeavor to help me in that endeavor. A anthy is on a stepping in for a ran chon atos as he takes a well deserved to break because go on anthy.

i'm good. I'm good. Thanks having me back once again. I've lost a count of how many of these i've done with you at this point.

Honestly, you might as well be in in trying host of the bengalese podcast, at least on the friday weekly roll .

up yeah yeah definitely. Ah that thank you for that that that makes me feel special.

We appreciate you and on and everyone enjoys IT right? So was got into the news. Will recap the neutral quick trump showed up at the bitcoin conference in nashville and set a lot of words about crap to that people enjoyed. What did he say? They got the biggest year.

Meanwhile, the entire industry is still waiting for commoner to say cyp to, for the first time, the eth etf flows keep on common eat headed first day of net inflows, uh, the same day that bitcoin headed first day in a while of net outflows. Coincidence or noise eclipse later two on a theoria that runs the so on of virtual machine that just hit my net and opened up the doors for deads. And also, california is moving its car titles on chain.

Usually I wouldn't excited about this, but I think it's actually worth unpacking because we're getting to get to all of this news before we get into all of that news. And more a messed from my friends and sponsors over zero x and their flash ship product marcha, who is just a new pricing engine as a theory um has grown pricing and finding the right order and finding the right way to make the most optimized order has been Henry. But their brand new pricing engine has contained all the chaos of a theoria m liquidity and put IT all into one easy to use pricing engine, which you can access.

There's a link in the show notes to get serious about your trade, whether you're trading a thousand dollars or multimillions of dollars. Congrats to you. If you are, there's a link and they shown to make sure that you get the best Price for your trend. We going to talk about some Prices, some Prices.

Uh, thank you to the track and charts for shown the the big coin Price a because hitting a little bit of a low in the almost like ten days, two weeks of time, sixty four thousand and six hundred ninety dollars is where we are at right now, up about half a percent on the week, which I would call flat uh, and that is similarly true for a syrian h starting the week at thirty one hundred seventy, ending the week at thirty one, one hundred and ninety, about half a percent on the week. So overall flat times in the market. But of course, all the real news are the bitcoin flows, the big coin etf flows and the either etf flows just to compare bitcoin to a theoria.

Bitcoin has taken in sixteen billion since launch, and they actually lost one point four billion dollars in TV l in A U M, as they call IT in trade line land over the last week. And IT, also something that actually happened new in the world of the bitcoin etf this week is that g BTC launch, which is the gray scale many trust for a bit coin. So it's actually been a long time coming.

Is interesting that the theory um etf got their Grace. How many trust before the bitcoin etf trust but this is why ah the the gray scale gp T C uh etf on the york actually ten percent because ten percent of that A U M went into the many trust um where you get much more fees than the gray scale bigger bitcoin etf a anthy. I know you're excited about this.

Uh the e etf uh have been trading for six days now, six days now. Yeah and while we are losing A U A U M because of the outflows out of the grey scale eat e trust, we did have our first day yesterday of thirty three point seven million dollar lar inflows that's on the thirty th of july. Now that either etf are far the hearing any of such the etf, so are overall just five ject sentiment. What are you watching for as you are watching the either E T flows?

yeah. I mean, I think I ve been saying this for a little while on my own show. The two main things that I be watching for, we're pretty obvious basically the inflows from the new A, T, F, and also the outflows from the existing A A product which which was converted into an etf are recently, as you were just talking about with regards to great having the gb tc product.

Same thing happened with kind of ac. And honestly, it's all playing out as expected. You know everyone expected that to be to be these big outflows out of ec for whatever reason, right? May be people wanted to change which atf there with, because he is two point five percent fee.

You can go get a zero point one five percent on the grass scope. Any trust you can actually just get out of ac and go straights to the grass com mini trust um and you'll be able to to take advantage of that. But then every other etf is like point two point two five percent fees.

So you actually like mad if you're paying two point five percent fees in in AA, just especially if you're paying attention. Obviously grew is banking on a lot of people not paying attention because they still like forty, forty percent. I think of the inal A U M in G B, see wherewith ec.

They saw a large chunk e as well. But if you look at this table that you've got in front of, you are basically shows that most I mean, all the outflows came from the being pretty big. IT was front loaded like in the first, there was a lot, but it's started to slow down.

And we've got some big inflows to, I think, total inflows like one point three billion dollars, something like that. So the inflows have offset a lot of IT. But I think last time I checked, the total flows is like negative four hundred, three hundred million .

or something like that. The whole three million is not outflow, so out of grey scale that we not regained in the other the mets, yep.

And and honestly, I think that this is all very short term noise because we know that this is final selling, find out outflows from ac, and we know that with the A, T, F, there are passive flow long term vehicle. And we know that we from the cats that did just kept sucking in money over like the last six months. So we can expect the repeat in the eighth. Atf, s, so yeah, that doesn't concern me at all, but I think it's only been a week. You know there's not enough data to look at, but playing that exactly as expected.

I think yeah, bit wise still coming in in second place behind black rock for A U M. Bit wise got two hundred and eighty four million dollars of A U. M.

Black rockets, six hundred and twenty three. So not too many days away before black was going to punch through that one billion dollar number for delhi. Finally catching up to bit wise with two hundred and seventy nine, but still in that third position spot.

I do like I do like looking at this start, which is the comparing the great scale gb tc outflows when the big one etf launched. First is the gray scale eat e outflows. And you can see that eat e is outflowing at a faster rate than the gray scale e tf um when the bitchin etf launched.

And I feel like there's a number of different possible interpretations. And maybe as the truth is a little bit of all of them A A we've seen this story before. So like we know, hey, like what what happens when the E T.

S launched. Like if you're in great scale, the answer is to get out of great scale. Another answer is just like, well, maybe there's just actually just less uh, interest in holding the eat e versus gray scale.

Maybe there was more of a trade on eth. E, then there was on gb. Tc, what would you account for the faster outflowing out of east e in the itt? F, first is a big on tf.

yeah, I mean, I definitely think that you're on the money with like people know we already know this story, how plays out? People are just getting IT out. Mean, I fast at this time, but also in different market conditions were essentially when the BTC A T S launched. IT was much more bullish period than IT is for the eighth att. S so that might be influence ing things as well. But ah IT has been interesting to say that the flows are coming out faster here, but IT also might be that there are potentially bigger holders of ec than they were of gbs, maybe the big holders of g BTC, who already sold off everything in the eighth ones of whistle in there and they were just waiting into a got converted in order to do this. But at the same time as well, uh, the mini trust for the eighth and the eighth product was launched by gray scale from day one.

Not like with J, B to c and B, C launch with outlook two.

Yeah yeah, more than the so there is another place to have floor to end. As I said, he has got the cheapest free now zero point one five percent, which is extremely tempting if if you think two point five percent in ac and you got that option, you're not onna, stay in ac and somebody will bring up that.

The fact that um long term capital gains for these holders, where they just waiting until they hit long term capital gains because maybe they had bought when the discount was closing because sorry, when the discount was very steep, I think was like fifty percent at some point or something like and then once that goes into long term capital gains theyll rotate out of ez into another product. I mean, I as you said, like the story seems the same IT seems like they will have some retained, maybe like forty percent of the original am, but most of them should outflow over time into these other etps. And the net flows is all that matters as long as the net flows are positive, I don't think any of the other stuff matters.

And the the east mini trust with the point one five percent Grace gale fee that the mini fer IT for the thermal tf has taken in two hundred million dollars of inflows, two hundred on the dock, where as the great .

to plus they had that automatic conversion of about one billion dollars of ec into the mini trust like they just do with gbt c interesting. So but that doesn't count in in I mean, it's at the top, but that doesn't. Like the seed capital.

But IT doesn't count as the influxes because I was an automatic thing but that also yeah I mean counts, right? That's one million years that that's not coming out of A V. It's the many trust .

now because that would have otherwise have totally come out OK, just some for the listeners at genocides. When we launched the authorities, e tf, the gray scale eat, the e trust, which got converted into the e tf, had nine point two billion dollars a worth of east in IT. And then one billion dollars, one point zero two billion dollars got automatically rolled into the east mini trust with a much lower fee. Um and so that would as presumed to what would have been outflows, is now just going to stay as the the lowest fee on the market, which is the gray scale many trust with point one five uh and in an addition to that uh the great scale ing trust has also absorb two hundred million dollars so we are now at one point h through two a billion dollars of eat in the grey scale mini trust uh, which we could have only assumed would have been outflows. Nonetheless, gray scale of the etha has still lost basically two billion dollars worth outflows, which has mostly been absorbed by the rest of the market except for a net loss about four hundred and eighty three million dollars of east sense the launch.

And I think that just one thing on that, like the fact that maybe there are people that came out of ac and they're expecting the Price of east to drop because of these kind of continued to outflows and they don't want to buy back in yet. Maybe they do plan to buy back in, but they are just waiting because maybe they can get a Better entry.

Like there is definitely element of that, especially if there was a bunch of people playing this as as a way to trade, there's a way to kind of stuck more apia. So I think that, that that's happening there because there's so much I don't know, I won't call IT fun, but there's so much attention on this where people like look at all these outflows, you know, the eight Prices going to go back to the two thousands, then we can buy back in. Obviously, playing that game is risky, but i'm sure there is A A chunk of that capital playing that game that will eventually come back in. And that's why I said that the net flows over time as long as the positive, that's all that really matters. I think and I .

think we saw the same exact dynamic with the biton etf once they launched. Everyone was surprised, surprised by both amount of inflows, but they are also the amount of outflows from gray scale.

And everyone realized like the bitcoin Price is not going up until the Grace ale outflows seas, and that's more or less what happened under I expect that kind of like the same the same dynamic that's outplay here, like why I wouldn't be so like, in fact, that we're seeing faster ethe outflows. It's like, well, that's fit thing in preventing the eat Price from going up, but it's happening faster. So at least we're getting IT out of the way. So like a watch, I don't really have any like strong opinions.

That's whether it's barry, it's noise and it's the same as the what summer has been for the Price. It's just that summer last summer. Yeah, yeah, it's noisy. Like if you go back and look at the historical summers of crypto, a most of them have just been flat because people are outside doing things except covered where we had locked downs and that .

was actually cose where we had deep by summer instead.

Yeah exactly. So that's just the classic thing in cyp t or and I don't know people get anc because I like the the stock market going up so well. The stock markets are different base. It's not the market. Market isn't viewed as this hype.

Risky asset class, like people are paid to stay home and pay attention to the market. Vacation policies are a little .

bit more for now. Yeah naja sy .

tweet out in one week of trading the eyes shares at theory etf that say a black rock r is in the top fifteen inflows of all etps launched this year. Top fifteen out of approximately three hundred and thirty new etf. Top four inflows all pot bitcoin etf, by the way.

So in one week, syria, the syrian etf from blackrock has taken in more total A U M than all the other e tf. launch. This city top fifteen of of the etf launch this year. So you can get in one week, seven months.

Yeah, I can't wait to say what that's like in a few months. I think it's going to be much, much than that, which is pretty cool.

IT is pretty interesting to note that um in just on july thirty, S H so two days ago at the time of recording, bitcoin had a day of outflows, which is rare for bitcoin n lost eighteen million dollars in A U but that was also the one day that either the easier me to have had net inflows of thirty three million dollars. So and so IT IT could be noise. But also we do know that there is going to be some amount of rebalancing between people with a bitcoin only etf portfolio looking to have both of the major crypto assets in, in their baLancer. I don't know if you have any comments or insights on that.

Anthony Y, I mean, I fully expect that, that happening. There's this kind of thing with portfolio theories where you wait things on market cap, right? It's a very standard thing. So if you're waiting like seventy percent BTC thirty percent each because as the rough market captial right now, then I would expect there to be a lot of people are doing that because especially if if maybe they were like more bullishness on eat than B, T, C, but they bought B2C bec ause the re was the onl y thi ng the y goo dbye wit h the etf for six mon ths.

And now they like, well, I don't want to hold the bac to if anyone actually wanted to hold eighth and y're converting into eight instead of being in in bac. So there is definitely conversion going on. I think that's pretty clear from the numbers, but I do think it'll settle at that like a market cap waited thing and then rebaLance every so and so months like what happens in the the trade, the world about.

This was pretty cool. A on the twenty fifth of july, bit wise and bit wise, friends and and family got to go to the stock market, ring the bell, ring the bell. And I raise the eth W A bit wise eeta flag in front the stock market, which I think is just like it's the jack opposition there I think is is pretty call nature of sy eetes out.

What a moment. The word of theory hanging from one hundred and twenty year old's stock market building in new york picture might end up in the history books someday, to me, is kind of like advertising and internet service provider on a phone company or in like a White paper like the White pages. I like patio .

in a library. Yeah.

right. Something is funny about this. Like we're having some sort of like technology and version where like we have we have the deeper stack, the deeper text action advertise on just like some anarchic technology. I thought that was pretty cool.

I saw IT tweet about IT with someone said, do you know today the themes on the stock market but tomorrow the stock market will be on a theory um well, that was a very goodbye .

put IT exactly yeah the stock market gets to raise an a theoria flag and then theoria gets to put the entire stock market on itself yeah yeah ah that's why it's there a one thing of no, as we are watching the materia of the etf, the state of michigan and pressure, Anthony's is on our favorite state. Do you know where michigan? An do you know where are? I got no idea where IT is.

I, if you paid me money to point to IT on the map, I would lose that. I would lose that money like, I ouldn't get that money I point to like new or something.

And IT is the state of mind. Gan retirement system has reported owning six point six million dollars of the arc bitcoin etf and so congratulations to all the student to be retirees in the state of mind gan because then you now have a bitcoin in your pension portfolio. Uh and this is where starts at the first date out of the fifty uh to get uh bitcoin in their pension.

Uh, this is what happens. We have an etf, uh, the world of E T S uh, in retirement and diversification funds and all these things. Their disposition is like what they actually have to have a reason not to invest.

It's not like he should we add Victorin to our baLanced should we add east to our baLance sheet is actually why would we not do this? Why would we not diversify into this new asset that has been legitimized by blackrock? That's just the order of Operations of how people trying to preserve wealth think.

I think crypt a, we are all trying to grow wealth, which generally means concentrated assets, concentrated bets. But in the world of wealth preservation, you diversify. And so your disposition is to include more things into your portfolio. And so this is big coin just getting into the world of uh, this state of mind gan, the great state of michigan. Um and i'm sure this is just going to be a trend that michio just like leading this like trend here.

Yeah yeah. I mean, I I go through now that the E S. Alive, like these things can happen before they couldn't. And that simple as that.

totally total clip to market cap, two point four trillion on the week, still struggling to get out of the two rain. We've been in here for a really long time getting into the world of a layer tues. This layer update, right you by mental, a layer two of which I enjoy very deeply.

Forty one point seven billion dollars locked in later tools, which would there's a number that's like flat for quite a long time now. In march of this year. March of this year, we hit forty three billion for the first time, and we've been ranging around there ever sense.

But if you go to activity, that activity number is really, really good. We've been holding twenty two, twenty three x scaling factor. And the scaling factor is you take the number of transactions per second that you can do on the theme layer one.

How many transactions per second are doing? Are all the layer tools doing an aggregate? And the answer is twenty three a theorize that we've been holding twenty three theories, uh sense for two months now, two months in a row. Uh and then what do you thought? Just like the growth of delayed to ecosystem.

not surprised at all considering that we kind of injected a massive stimulus package into the lay to ecosystem when we put lobs live in march. and. Blobs are still free, will basically free at this point time because they haven't reached the saturation point yet.

Well, they haven't like some periods of time, but like not sustained. So yeah, IT makes a total sense here that we're seeing this. And also I think now that there's just all these extra space build as building new and novel things, I think gaming is definitely kind of taking off on these alphons like I think proof play and zi.

I think there's two a gaming alphy or there are yeah, there's a lot of happening that wasn't happening before because of the extra capacity. Uh, but IT just shows that the international system is is growing and the role of centric road map is definitely playing out as we expected. But I do wonder what this looks like kind of long term because as we know, if blogs are refine our resource once they start reaching sasser ation, the costa up. So we need to we will definitely need to like scale blobs.

Again, we are already doing that, that there's already a lot of work on that, but i'm curious to see when we reach that point where where they become saturated, just like our blocks space is saturated, when will blob space be saturated? And I think it's coming sooner than than people think because if this is like this during like A A summer low kind of crab period in the market, imagine what it's going to be like when the market hates up again. And all that activity follows with that.

And we bring all these new people along with base pushing really hard, especially in base pushing the uses, the base pushing payments on there. So I fully expect these activity to just sky rocket. It's it's going to be very, very call to say.

yeah, and you're totally write a lot of this new transaction demand zi and proof of play. These are both later three, I think plays.

You can click roll ups only on on the thing there and will filled out just the out the rollout, just just the things using blogs. And it's still like you be click that year, it'll still be up at all time high, right?

So take away the trees and you have just layer tools that are consuming layer one blog space. You have a scaling factor of ten. You are on a layer three days though, like I perfect play.

I is a gaming specific, a layer three. I think this is correct. Where is actually just one game? This one game consuming a lot of this transactional demand, and we're getting one hundred and five transactions per second over the past, like twenty four hours.

And so like this is like a frontier of all ups that we are just beginning to breach. You can only imagine once like this world becomes saturated and we have like hundreds of games, or individually, having their own role up space, selling down to layer tools. I like the a whole entire, like a theoria roll up centric co grap.

Is that really just, we are just crashing the service of what we can do IT make sense to start with chains that are very proximate to what the serum is. This is arbitrary. This is optimism.

Generalized ed blocks space uh, on layer two that just use generalized block space on layer one. But as we get more specific, we're also going to get more scale. And so i'm expecting this kind of scaling factor, which that art is to just hockey sick even further. Like we jumped from IT would like we were hanging around like sixty transactions per second and then we had then con and then we got up to like one sixty, one eighty an hour at two eighty. Uh this number of transactions per second secured by a theory um secured in the network of chains at the theory um secures, I just expected, just blow through thousands and thousands and thousands .

yeah and they do are doing their own scalability. So I mean, base has been talking about not based Jesse pull out from bases has been talking about this a lot on tour where they are raising the gas limit. It's at like ten mega gas per second right now.

I think they want to get to like one gig gas. That's the all star, but that's up from I think I started like two or two point five or so. They've done an an extra like four, five x capability increases themselves, which will keep pushing their tps up, keep pushing their activity up.

Well, fees remain low. But as I said before, once we start a blob space and blobs start getting, you know, if they will see probably see fees start going up a little people, but that's just by design. And then we give more blob space for the altus and and way we go, it's like that catch and mouse game of spoken about before, I think hundred .

percent last thing in the market section, uh fed, we had there was A F O M C meeting that kind of went under the rear. People weren't really talking about IT. People weren't really bullish or barchon IT ah and that's because the fed decided to hold rates uh steady while also noting progress on inflation so slowly incrementally approaching that two percent target.

But the fed not really ready to make any decision about raising or lowering interest rates. I think everyone is kind of gearing up for the lowering the rate cut cycle, the lowering of interest rates. But we all kind of know like not not here yet. It's on the horizon but not hear. Yes, I don't know if comments in the micro world.

Anthony y and I think people are just bought of at this point. Remember when everyone was watching like every inflation day and like the CPI numbers and like glued to the screen and the market would react violent to IT. Now it's like, yeah as you said, it's a nothing about and and no one really cares and you more because it's just been such a long time of the same story.

And I think at this point, people are just bored of IT. That's just the way he goes. I think with the new cycles. And yeah, I mean, I expect the fed to cut rather than rise in the next kind of a few months. But I think the market already front ran that like I brought this up before.

But eighth bottom inflation was at its peak in june twenty twenty two like so the market doesn't wait around for for jay powers to say, oh, you know, tick, you can go gig alone now in the market? No, no. IT does that in anticipation of you gotten saying .

that Powell did say that, well, there's no decision being made. Now I could could come as soon as september if the economic data showed inflation easing, which that is the trend. And so we just need that trend to continue.

I don't really think we're going to have like the rate cut bull market, like the Price appreciation of all these like risk on assets because of very cutting until we get like our third. We're currently at um five and quarter to five and a half of short term interest rates. When do we get into the low force with the trend? Can not like pointing down to the trees.

Then all the same number ones like you like that moneys coming out of those money markets because there's all time highs in money in money markets, dollars and tea bills in money markets, earning that like high for low five percent interest rates. And that's because like this stock market, it's been told to offer you somewhere between the seven to eight percent usually return on an average, but that's on risk. So why would you why would you take risk when you could just get an assured five percent in money market? As soon as that number people started to realize that numbers going to hit three, all of the sudden people are going to going to logo seek risk elsewhere, which is exactly what we saw during the twenty twenty one market mania.

And then people are going to pile on down the river of that kind of the thing that everyone's waiting in anticipation for. Well, since we know it's not happening right now, it's still on the horizon. So we haven't made that movie yet. That's kind of my analysis.

Yeah, yeah, yeah. Classically could do cycle things, as you mentioned, like they're just money right right now. I just locked in in one place. And then once that place not doesn't become close a little, how many more and they want to go somewhere else, they'll leave. And that's when we get the craziness I thinking, especially encrypt or because crip tor is so risk on and IT really requires those, I guess, like for the long time. And that made me off for eighteen BTC before, like the long tail that really aren't really a kind of worth list to begin with. But the reason they go up because because it's just so much money coming into the market at once and everything like i've got so much money, i'm rich, i'm going going to go gambled IT on these things and yeah, they get rewarded for a while doing that. But I think yeah, that will definitely happen at some point in the near future.

I do ever said this before on weekly roll ups, and i'll say you again, the like sixteen trillion dollars that was printed in two thousand and one in response to covet of m to money supply, we we printed like four trillion. And then as a result of that, sixteen trillion was created because that's how the banking system works. That money is still out there like just because we've had high interest rates.

We've recalled maybe like three percent of that money in interest rates, but like sixteen trillion dollars is still out there ready to buy risk on bags as soon as we can get that money out of out of the money market funds. Like I thought that money disappeared like we still have covered levels of money. It's just like locked up in tea bills.

And so as soon as the rate cuts um come, you're going to see like asset just sort that's my hot it's not happening soon. Um maybe i'll happening in twenty and twenty five hopefull happens in twenty twenty five. That would be enjoyable, alright.

Coming up next to what was everything that does not trump said at the bitcoin conference, but also not just trump r fk junior made in appearance, Edwards noted, was there for truly a synthesia lamas proposed a bill so are going to get to all of that everything that would happened at the bitcoin converse and more. But first, a moment to talk about in these fantastic sponsors that makes the show possible. Special cracking are preferred place to dump your feet and buy a cyp t to do IT before all the money comes out of the money market funds.

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So go and download the union of extension today by clicking the link in the show. And Donald trump made an appearance at a gypt to conference at the bitcoin nash fill conference, twenty twenty four. This is the big one conference that happens every single year.

Started off in miami. So even before coffee was in send from cisco moved to miami. Post cover now has moved a nash fill because I think the biton conference keeps on growing bigger and bigger and bigger.

Uh, and Donald trump was there. Donald trump was there for day through. He gave forty minute speech.

So that's too long for us to play, but we'll play some other clipsed. Actually, we're gna play a bunch of clips a from various speakers of the bitcoin conference. So let's go ahead and start with some of the words that donor trump said. H going into bitcoin or ending bitcoin. Twenty four.

Hello, bit corners. Thank you very much. Hello, it's good to be with you. It's good to be with you.

But i'm thrilled to be here and ash will to become the first american president ever to address a bitcoin event anywhere in the world. But as well as all of the bitcoin luminous and legends, here you have a legends in this room. They really are.

Congratulations with the legends. Please stand to everyone standing. Anyway, that's nice. As we have to talk about hypo, we have to talk about bitcoin, we have to talk about all these great company.

So that was his introduction. Uh, just call on everyone geniuses. And I thought the phone is part of this speech was when interest, the entire bitcoin conference is high IQ, and is when he was calling Cameron entire whincher boss, two male models with a brain.

You, that's a good description of man.

did you re not the entire page.

but I saw, I saw the clips on twitter.

And I thought, I mean, that the funniest clip was when he basically said that he would fire gary agains law because like, yeah, he was like telling the the wolves that he was about to fade them like, yes, IT was just amazing and I was like, you know what? Like that would be nice if if someone and doesn't have have to be trump h IT can be anyone just fired gary ginza because he is public any number one for cypher? But I think what I mean, a lot of the comments he was making a lot of grand promises, of course, as politicians do.

And I I don't know like I don't want to get political about IT, but I feel like a lot of a there's a lot of pain dering as well as i'm going to tell them what they want to hear, you know, because these guys have been treated so badly by by the democrat party brings a hostile towards crypt, which is fair enough. Like I don't think anyone in cyp tor can be criticized for being very, I guess, like hostile to back a democrats. Ince, we've been so hostile towards couple people. But yeah, I was just find listening to some of the comments being like this guy would feed in writing on cyp tato IT all like trump was on cypher to with all he's fit right in and the .

firing gary ginza, we're going to play that clip that was absolutely the loudest part of the speech. We're got a few more clips to place. Let's play the section right here.

They might promise to each and every one of you is this, I will be the pro innovation and pro bitcoin president that american needs and our citizens are. This will be one industry, but this will be a thriving industry, a great industry. And i'm going to be doing the same thing for every other industry.

Also, our nation has never thrive by trying to send your new ideas and shut down the dreams of our people. AmErica always plants our flag on the next frontier and pushes boldly ahead. We have to do that. We haven't been doing that for a long time .

that was towards to the end of his speech and in the middle there so is IT, like I said, a forty forty minute speech. But here is the section where he talks about how fire fire gary .

gensler day one I will fire gary gansler er and a point, I new S. C. china.

Crowd stands, everyone stands up.

starts sharing. I didn't know he was that unpopular.

and that's why I think I was interesting. He actually didn't know that gay ginza was that unpopular with us. Yeah yeah.

But I think, like, I mean, he was gna fire him anyway. Like that's typically what happens, right? You know he's not going let a democratic a point a being charge of the c of he's president like but what I also found a little be funny was that a lot of bitcoin ers have actually been praising the esc for for them targeting like the things that they consider to be scams.

So IT was kind of funny seeing that that that got such a positive reaction. Who was like, guys like garages? I left you a learn. He hasn't gone after bitcoin. Like, so like a lot of you hate team so much.

Yeah ah okay so the bit is is that like there's a lot of the the bitcoin maxi is a hard core big corner. The cyberhomes nts are like yeah theory um is a security and you should go after all securities uh totally like backwards to like crypto, just like trying to shut the door behind them. But I would definitely say that that is a minority of bit corners.

These are the loud bit corners on crypto to twitter who just want like they just want to shot the door behind them. I don't think that is the majority of bit corners. I think I like people at bitcoin. Twenty twenty four are are crypto o people even though crypto is kind of like a bad word in these like hyper bitcoin circles.

none on the less bread for saying crypto didn't ma pt, we got bad. Something judging of judging. I don't know what makeup obviously is, but i'm sure you're right that they're wearing different people there. But I did say some comments from like the the bitcoin maxes on two to being like why are we hearing for this? Look, we like garages like he protects bitcoin and goes off to the shoot coin is right?

Wow, wow. Okay, let me let me play the second half this clip where trump realizes that he has stumbled into something that is very popular with this crowd of people.

You know that popular? Let me say you again. One day one, I will fire gary against oh, so he's surprised .

that this proud of people is just so into the fact that he's going to fire gary against A N aren't day one.

What what's funny about that is that you can actually translate beyond trump. I actually think a lot of politicians don't realize just how like hostile gandle has been towards script on yeah know there just not paying attention to IT because it's it's just not something that they never meet and it's not something they really care to pay attention to like so I feel like if they knew, just tell I guess like popular was to say that you've been going to do these things like fire gary against that be procured or they would probably do IT. And as you say, we're still waiting for um the democrats well basically on the kala now we are still waiting for them to say positive things about cypher and actually make an action towards that as well. Not just say things, but I do think a lot of its due to that like if I mean trump has been closed to cook up for a while now and if he didn't know just how long popular against la was, like what do you think other politicians I know are in the know about right?

To me, this whole like trump at bitcoin twenty and twenty four years, just like free notes for the democratic party, just like they get to have some all the same data. The trump kt, well, he gave his beach. Okay, so he was a forty five, forty minutes beach.

Uh, and if you've ever listened to a trump ech, it's kind of just like a long when he he just goes around in the circles, he kind of rambles. This is like Normal. This is how trump ech works. But like once you summarized everything, the court put IT up and summarize IT pretty well. Here's all the things that trump in his very long speech, fire gary against ler and Operation choke point two point o which I was pretty cool for.

Dont trim to actually name Operation choke point two point o which is, uh, coined bind the Carter and the progressives war encysted heavy strategic bitcoin reserves clarify crypt to rules within one hundred days, and then embrace stable coins for dollar dominance. Now, are these all original ideas that trump thinks are good? Or is this somebody an advisor? Either David bai or jd.

Advance, his vice president, who's a bit corner? Are these people just like telling him what to say? Like is definitely the latter. But I also how politics works like this isn't like Normal or this is an irregular like I I don't necessarily believe that any meaningful politician is going to deeply care about our industry. I think they're just going to get elected and say needs to get elected, and that's kind of how IT works. Uh and so uh, these are like kind of, uh, what nick Carter says, everything we could have possibly asked for and more. And so if this is where the over ten window has moved for at least one of the two political parties, uh you can't really be disappointed about like cyp tos legitimacy with in the united states.

Yeah what gives me pause is the fact that like it's all still just words, right? And obviously trump can do anything right now because he's not president. Like I understand that.

But at the same time, like yeah until it's actually kind of putting into action, I mean, i'm learn a us that is and I can't vote anyway IT doesn't matter up actually you put into action here. I I tried to take a step back in the like OK. Politicians make promises all the time.

They break promises all the time. Let's just be real about this. But I also wish the group that was just the biotin thing.

I don't wanted to be a potius an thing IT doesn't actually help anyone for be this much of a kind of divide between the two parties. So I do hope that over time the two parties can come together. I know that might be unpopular.

Take people say democrats in the progressive, you've hate the clipt t for so long. Why you're trying to get them on sides like because everyone benefits. If both of the parties are on side, I don't understand why we should just like give up and be like, okay, well, they going to hate us forever.

Let's give up on them. What if they win? What if if if come all becomes president but what then guys like so let's try and work to bring everyone towards the procyta side instead of alienating a one side and and focusing on the other because yes, okay, they've alienated us theyve hate IT us for a while now. But um yeah I mean, I just gets worse if if we will give them even more reasons not to like us .

one hundred percent don't trump not the only person to speak at bitcoin. Twenty and twenty four R, F, K, junior also came on stage and a sets in very big words. Here they are.

On day one, as president, I was signed another executive order directing the U. S. Treasury a purchase five hundred and fifty a bit going daily, until the us. Has built a riser of of at least four million bitcoins. And so .

we're going to buy according to ark junior, if he's elected president, uh, which she's probably not can be elected president, words is going to dca into bitcoin, five hundred and fifty bitcoin a day until we own four million bitcoin out of the twenty one million bitcoins um I mean, it's a great sentiment uh these are empty promises because he is not going to become president but also the like it's a terrible strategy. I've just like if you want to own four million big coin on broadcast that you're going to buy five hundred .

and fifty biton a day if we're speaking of pandering. This is like the most pin. This this is pig paint, very like one of the U. S. government.

Owning four million bc would be one of the most barriers ed things to ever happen to bitcoin if they earned that through the supply because I mean, that's like what a quarter of the like circulating supply you said twenty one million, but I like this like a lot of IT that's actually not speculating because I was mine in the early days, the lost and things like that. But that's just so much supply concentration. So essentially you've just got like it's just the U S coin.

Now your book just becomes like the U. S coin. Like IT wouldn't be good. But also like the fact that he's saying this like it's never gonna en like this, just ridiculous.

And when I saw this was just like, is he just trying to still trump s on all because trump s said something similar. Where is like credit beechen reserve? And jeff, I think this speech is before trumps and he's like, yeah like .

bigger a bit coin reserve.

He may as well have just told everyone I want to make you all rich. I'm literally trying .

to here's another quote from the from his the cascine impact of these actions will move back going to evaluation of hundreds of millions of dollars. He's literally saying I elect me. I will pump your bags like in too many words, just like saying he's going to pup your bags.

Yeah, yeah. He's almost that like just one one kind of sentence or removed from literally saying that edr noted .

was there an edroy ton has appeared at previous bitcoin conference and he just talk to actually about just the progress of the bitcoin industry as he has washed IT from a far in russia is where he is believe winning, ladies and gentleman, he says. But we haven't one yet. We have to make sure that we don't get cocky.

Uh, I watch actually H I was in live in in person. He was in person, but I was at the biton conference in twenty twenty or twenty nine right before copy. Uh and he was like deeply aware of like some other issues.

Bitcoin like name dropped erris who was there at the conference. IT was pretty cool. Black rocks head of digital assets team robbie a. Says as a result of the etf, they get to look at like who's buying and whose are selling uh and he he says that the etf buyers of the black rock macon utf have almost entirely been by and hold investors, others SE on as toddlers and the black rock spot etf has had one day of negative flows in six months he said.

So kind of just like speaking to the long time arizonans nature of bacon holders, which bitcoin is really like uh, senator synthia lamas actually did introduce legislation to establish a strategic bitcoin reserve uh so at least when all the other politicians. Like saying words about saying how they're going to buy bitcoin and put on the baLance sheet the elements who's a politician, the senator comes in and said she's going to establish legislation trode ce legislation. So slightly more real, slightly more real.

Um and then overall, nick ter sums IT up uh the big come conference, probably the most abolish single political event in bitcoin history uh even if you think a lot of these promises are aid of which I I do and I think that's the kind of the devolved case, you can't really deny the fact that like the words also do matter uh and we could Scott some of the most bullish words from the most biggest people uh inside of in the biton conference like the fact that dont trump is at a bit on conference is kind of huge. Whether he was paid to be there or not, I does not really matter. In my opinion, the overton window has shifted so far away from the extremely negative sentiment that the crypto industry had in twenty twenty two to be probably some of the most positive that we've ever had ever. Only that way. Flash is kind of insane.

嗯， yeah, yeah. I think it's an overall positive. Not not to say to negative, definitely not a regardless of your politics that you definite have to recognize that it's a huge deal for a presidential candidate to be at a bitcoin conference like that is just I mean, just saying that and just saying that actually happened even a few years ago.

If you told someone that a presidential candidate was going to actually be to be going conference and be actually saying the things that b coin is believe in, bitcoin is not have a strong kind of liking of, the people would have call you crazy. We would have said, now that start ridiculous because actually trump in particular was barish on cyp da, at one point. I think I don't remember what I was. He twist out saying .

he didn't .

believe, but I think that was maybe so yeah, I mean, that's a massive of shift that happened as well. And this goes back what I am saying earlier about how the fact that well, if trump can come around to cripple or why can't the democrats as well, like I know right now, IT seems bleak because they're been so hostile. But if we keep working to bring them to the table and bring them around, which you're about to show here on on twitter, I think that's a net positive for everyone as well.

yeah. And speaking up not to be ignored, some democrats are starting to be frustrated, fed up with a the lack of positive stance to crypto O H of their own party. And so this is a letter that democractic politicians have written to the dnc, the democratic national convention, asking the party to pivot away from the anti bitcoin policies of Elizabeth warn. They know this here.

Is this likely in response to polling data of the republicans probe itchin policies and president trump speaking at the bitcoin conference? So the timing of this letter was interesting. Twenty six the same time as the conference.

The conference has just started. This is actually the day before uh the trump um the trump speech. I I ve read one segment out of this letter is not a terrible long letter. So there's a link if you read the whole thing.

A representing the emerging stance of the democratic party in the estates leaders such as senate majority leader chuck summer, speaker a Nancy poli and a majority of house democratic ader ship have recently supported pro digital asset legislation. However, there is a public perception that the party holding negative view point on visual assets, largely due to the current s approach to these transformative technologies. We believe this is previous hostility does not reflect our parties progressive, forward liking and inclusive values.

A refreshed leader of the ticket represents an opportunity to change that perception. And then IT goes on and on about why why this ought to be the case um and then they said we respectfully call on you the you being the dnc, which is basically the whole entire democratic party to do four things, include a pro digital asset language in the party's platform, select a vice president candidates sophisticated in digital asset policy. Select a pro innovation s chair and engage with industry experts basically asking for a full pay a of the dnc of the democractic party stance and then signing this letter are a number of congresswomen and women and a number of other democratic politicians are about like twenty to twenty five of them, so like not an insignificant number.

So the timing of this is obviously very strategic. I think the pressure is on, uh, to get the commute a campaign to say something about crypto. Uh, the word on the street is if you're talking to uh, people who are in dc were familiar with the matter, uh, the crypt to issue is on the radar of koala herri in her campaign and IT has been on the radar since the moment of her enormous by president.

And there is a crypto super pack in the united states that has now the number one amount of capital raised two hundred million dollars. Two hundred and two million dollars is the fair shake political action committee. Uh, and IT is this is a byproduct of san committee.

IT now surpasses both the biggest republican and democrats. Superba s make a amErica great again, packed on the republic inside and the same majority on the democratic. Uh, so like we ve got the numbers, if these aren't just like words about politicians, we got the numbers in the capital, in the money to show for IT, which is really important. We have the voters.

We know we have the voters, uh, we have the swing state voters, like twenty percent of voters in the swing, in the swing states of america, know that uh crypt o is a hot election issue and are ready to align with cypher voters, but that also we have two hundred and twenty two, two hundred and two million dollars of a single super pack ah that is all about promoting cyp dou. So you know politicians are like they will line up with both folks and money and we've got both of them are. So that's pretty ool in the last thing in this political section, uh, adj said, but super relevant, a shame.

Coplin, the C, E, O and founder of polymer, featured on in a big forbes article titled the twenty six year old building a billion dollar prediction marketplace. And so not only is main media citing Polly market, but there are there are now interviewing the founder. And so this is just another way, like crypto, we're getting legitimized by our politicians, but we're also getting legitimized by our apps to, at least this is one of them, any thoughts for reflections as we close out this political section?

Anthony? no. I mean, I think it's cool to see party market breaking out of crypto and into different audience.

I mean, they brought on his name's nate silva, who's been in the prediction space for politics outside of cup heretics. You about, yeah, yeah, yeah. So they brought him on.

I don't know what position like. It's some executive position, I think of something. So that was a pretty big get and a pretty big tide change. I think where you really bring these people that traditionally don't really pay attention, the cyp tor and they now working within the industry and polymers is definitely in an APP that is very different to other apps that we've been used to encysted up before, like define and stuff like that tenny ally, you could say it's some form of d five because it's a bedding market essentially, but our prediction market, I guess, technically, but IT is distinctly different, I think, and it's bringing in a different crowd because a lot of the political bets are happening on there.

And i'm sure that it's not just script natives on there is new people coming in to script or being like, oh, well, I want to bet on this stuff on here and I got to set up wallet, right? So the new users coming in so and point market makes IT really easy to do this. By the way, they're a nice interface going as well.

So yeah, and I am jeff of you, Anthony y, that you're actually able to use polling market because we're not allow to use IT.

There are other things that I can't use here is actually in australian founded company called, I think that they called shufu or something they do. They are building like a gambling side could put up a site. I can't use IT because australians can't use IT.

So don't worry about you live in a financial prison is a different prison.

Yes, IT was a literal prison once upon a time, right?

That's all for the politics. We're moving on to the rest of the news. If the aram had a birthday, eclipse is on main, that usc c is growing on base and california cartier les are on avent trying to get to all this and more.

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Yes, the next birthday, my birthday. So we're got a picture nine years ago, I believe of win. The first block evasion was the genesis block. I can named some people in this photo that's lads and fair, or nAiling on the left that's govern wood right there that .

can see the photo too well, but I can named like half of them from memory.

I think this is a lot is really good. Is that left us?

Yeah, I think so. Yeah, yeah, yeah yeah I can really say the image .

and then here the .

very fast yes, I K he's like off cutt off just like he's just some guy that we have hung around there that day, right?

Hey, like nine years ago, the cameras on phones, we're just like, not that great. No yeah yeah yeah. Also new telephoto just dropped you you the context of this, uh.

it's he's in edcon, which is a conference of hem conference. I don't know the exact context there was context given somewhere, but I just came across the picture and I was like, i'm going to tweet this out with these silly caption that people like to use.

I may not even get a bother to try and to explain what's going on to this photo. Is val wearing some like asian garb? And yeah, pretty fundy anyways.

If you want to watch IT, see IT in real life. I'm not going to do anything further than that. You are getting into technical releases. The eclipse of main net is now open for builders. Um so if you are unfamiliar with eclipse, we did an episode with eclipse a while ago. A eclipse is the sona virtual machine coming to be a roll up on a theory um so you're taking the the sv m from a popping into a layer two, having having a title down to the theory um and the one I believe that also uses last year for data availability people have been anticipating the long a virtual machine coming to a theory for a while now IT eclipses the first one to do IT uh Anthony comments or thoughts here.

I'm just curious to say what kind of gets popular on this right like you fig up with a salona, you can see which apps are like leading the ecosystem there. Some very curous to say if we see like those apps get ported over to this and they become popular ones or if there's new apps that actually don't exist on salona but do exist on eclipse like that, that's what i'm excited to see because it's going to be interesting, the interesting dynamic because then the sonic connections there because of the SVM.

But do the ecosystems actually form differently, like design to have its own kind of social? Ya and then the sbm eclipse thing has its own social is different to sana. So I think that's gonna something we save over the next year or so maybe but i'm curous i'm sure this is going to be this sooner apps coming over as well. But will they be entrepreneur s being like, well, i'm not going to go complement salona because they they got these big apps. I'm going to do something on a clips and try and be the number one APP on .

here yeah I think I was talking to the eclipse. Um I think there's a lot of questions about how this thing grows because like traditionally when to roll up deploys on the theory um they just get all the same apps, deploy unswell, you you deploy all a you deploy it's an borrow all em stuff with sana is like what we're not borrowing all the evm stuff because that's just not how works. You can do that.

You can borrow SVM stuff. But what kind of sbm stuff also is not like you're like unus wap wallet or mamas wallet are going is going to work with eclipse like you will need to use a sona while you're in need to use backpacker phantom. Uh and so like does that mean that the demographics using this ah this roll up is going to be predominated like a so on a user base it's going to so long to apps who makes sense of his sona users.

But then also there are the execution environment of eclipse gets to jest in a bunch of the text tack of salona because it's slayer too. Like you don't need the consensus of salona, you just need the execution environment. And so like eclipse gets to go faster than salona like buy a long shot uh and so like eclipses is kind of taking the SVM, which was that was a visual machine, like just juice up and get to juice IT up even more.

And so like there's a lot of questions, I think like who's and use the thing? How are they getting use this thing? What can you do if you take a virtual machine and put that on a layer to what is that unlock? And so this is a main net for builders. Main net for users comes, I think, sometime in h september, but don't caught me on that because i'm not on the team um but can go to the eclipse me to forget .

this out the door yeah yeah I think on that note as as well like it's going to be interestingly save the eclipse S P M A kind of goes down its own in path because typically what you see is that what traditionally the later two a vm have followed, like main net A V M and but now they want to do their own thing, but now signed to their own thing and innovate their own way, especially with these kind of other projects like mega eighth and rise like these, just just like my mona, as well as a layer.

These do stop evm. So I think that we're going na say the same thing happen here where eclipses gna build on the S B M, but they onna go down their own path. And so I aren't got this as well. sorry. It's going to interesting.

There's also less there's fewer competing SVM implementations like one of the reasons why a lot of the etheria layer to roll ups all kind of share the majority of the evm code base is because all the other ones are doing IT. Uh, but when there's only two, if if eclipses like the second major SVM implementation, they do kind of have there are more tolerance, more letter to fork the sbm and take IT down their own path and make kind of a new version of the sbm that's optimized for being a layer two because there there's less of of a crowd using the sbm. Is just this on a net?

Yeah and that's why I think we will say so sorry. Yeah that's why think we will different, different apps then on a, because they'll be different ways to to build apps on there.

right? You get you back into the world of evian based Brown. I'm strong, retreating a tweet from Jessie, who is Jessie pollock?

The create base, uh, just is saying weekly U S, D, C transform base have grown to twenty billion dollars a week, twenty billion dollars week in uc death nuts run. Armstrong, following up on the comment here, are saying the building blocks for cyp to payments are here. Base is offering one second one cent global transactions.

USD c is the stable coin. Smart wallets are the simplified on boarding mechanism, no more twelve war past raises, then also tapped to pay for NFC payments. Uh, and uh, I mean, I can I would love to tap to pay with U S.

C, C. Uh, that's that's gotta like pretty competitive feature. I would like to have that in my wallet.

Um and so you can kind of see if you spit and see, you can kind of see like the future of the global financial system to follow up this tweet, liam deef, uh, he says the best business in crypto is what he calls the holy trinity trinity of a stable coin issue, a blocks space reseller and a fiat on ramp so a savior coin issue where that circle in USD c the blocks space R E C eller that's a base and then the feet on rampa thet's coin base, really powerful trifecta business models kind of all coming together here. So it's no surprise that U. S, C, C.

On base has grown massively. Trading volumes to exchange volumes, transfer volumes of U. S, C, C on basis at twenty billion a week, which is nuts. Anthony, any comments or reflections? I mainly and put IT perfectly.

I think that going basis so extremely well positioned right now. They had the four sight to build out their own l two. They had the four sight to get really heavily involved with circle.

Also, for those who don't know, queen bed owns twenty five percent of circle, I believe so. They are very heavily integrated with that, which you know, that means they integrated with us. They see and they have that full stack offering now because they've got the food, the most popular feet on rap in the us.

By far. And they're also available globally, not in every country, but in a lot of countries. So they really have this beautiful ecosystem now that they can take any job. And I I feel like basis gonna like I don't know if it's going to be the number one l two like like it's number two right now, but it's going to be it's going to be like top free or for the very for stable future given they have got such a strong pipeline, like such a strong yeah.

No, I think that's right. I think one of the reasons why base hasn't taken that number one away from arbitrary our persons, the number one ah is mainly because like we actually as an industry haven't really taken on new people, a new new inflows of users in the last like two years a and so we've had new capital come in because of the etf um and then we've had like a rebalancing of capital towards islam. But like no users are are coming in.

And so really as soon as we are ready for mainstream, we have things for them to do. Payments is eating to do, and that's why we're seeing payment should about this. I do kind of think basis going to take the number one spot because like going basis of the biggest al entr ypo that exists.

I anything I got a story for. Walk you down A A little, a little investigation. I was going to try to understand this like a car title thing. So in twenty twenty two, this was actually news to me in twenty twenty, to Gavin new son, who is the governor of the california, signed his own like stay executive order to spur responsible web three innovation, grow jobs and protect consumers.

And so there was an executive order out of california called the executive order and nine twenty two, which like a pretty robust st of, like a request of the state of california till I can investigate and invest in specifically blockchain technology. So there's S A five page executive of order which just talks about like why california should invest in in blockin. Ing goes well as applications of blockchain technology to financial services, including cyp to assets, present some of the most staling use cases, posing both unique opportunities and risks.

The impact of blocks technologies is both uncertain and profound with the potential to reconfigure the logic and structure of the worldwide web. Just like a bunch of this kind of like blockchain bachi is is a big deal. Perhaps we should investigate IT while also making sure that we like medicate risks. So that was in twenty and twenty two actually didn't realize this. I think this is following the bite and executive order of the same vibe of just like, hey, bloch's the thing.

Let's like figure out what to do with IT um and then this last week, a california the california department of motor vehicles, which I know international listeners are familiar with the meme of the dmv but the mean of the dmv is a very stereo boring building that you have to go to to like renewing er drivers get like the title to your car. It's just like the caricature of a slow government bureaucracy. No one wants to go to the dmv because it's just got dim, boring.

They make you take a number. You sit for like two hours to do a thing that last like three minutes, and then you get to, you waste an entire day, have to take time off work. Anyways, I like the california dmv has digitized forty two million car titles, which have session as all of the car titles in california.

And then they put them on the valente blot chain. And so this is a press release out of available talking about this announcement. So basically there is an APP, a dmv, a california dmv, APP, which, if you have a cartier in california, apparently the title of that car is going to be digitized and sent to your APP.

And it's going to be like hosted on the avent blockchain. And so the idea here is you can actually send your car title to a different owner is esco de. By the D. M. V, by the state of california. So you is not like a true barrer asset in the same way like a token is is interesting that they specialize digital has not tokening zed because I don't think these are tokens.

Uh, but the idea here is that you'll be able to much more freely transfer car title with the approval of the dmv, who's like kind of the but you you can transfer a car title, this is what they are claiming is is going to be able to be true. You going to transfer your car title to someone peer to peer almost pear appear because that car titles is digitized on available um I think this kind of cool um I I like waiter this actually get like release and people actually have ownership of their car titles in their dmv APP. It's kind of like studio a jayson to the mean of putting healthcare records on the black chain um which would be terrible and we shouldn't do that without appropriate like privacy technology as well. But this is that has been like an early mean uh the idea of like uh digitizing car titles and making them more freely I guess is like part of the gypt revolution is not what I expected. Any any thoughts or reflections on this?

I mean, these are things of use cases, I guess, that have been talked about since forever, actually. And as you mention, there are things that stop these things from happening, like privacy concerns, especially when IT comes to health records. And typically, the question has always come up like, why are we're doing this White and we just use the traditional database because I doubt these dmv records are going to be plugging into any the other parts of the group to just so much gonna in a very close the ecosystem.

So those of my kind of open questions then, and as you said like this, once IT goes live and once you actually saw being used, we've able to pick IT a pot more and see what what's going on to the hood. But yeah, for now, I mean, if I can improve the experience of, I guess, like car owner ship, then that's a big loss. Because as you mentioned, I know the name of the day in vade being like the worst place in the us.

The guy like my boring plays in the us. It's not that that much different here to beyond. We have our own version of the envy. Of course it's not as brutal, but it's still pretty shitty like you don't want to be but yeah if you can make you more efficient, make a Better than i'm all for. But I do have that open question about everything these days, to be honest. Like does this actually need to be on on a block chain IT? Doesn't matter of what chain do is I just always have that that open question around that.

yes. I guess like the bullish version of this is like you you will be able to have your car title on your dmv APP, which is weird, and then you can just transfer to someone. I would like to see that happen live and to see like how that works and what that process actually is.

And so like as soon as this goes live, if any bank less nation listener is in california and is interested in selling their car ah and is going to this process, please let me I will buy your car, transfer your car title, we will talk discuss. It'll be a business six months, but okay, so that's kind like the foot in the door. But then also just like the the later version of this is like will not turn them into a token mait a token because then it's a financial asset.

And then maybe with like this gonna to be like with the approval of the dmv, but maybe you can put your car up as like cloud somewhere. And if the state of california is actually a testing to the legitimate of these tokens, then all the sudden defy apps do have some assurances like yeah that's a real token with a real car somewhere like you can't really third party this thing because it's it's basically like state run um but that's that's kind of the idea. I don't know how we get there, but this is a valid first step to getting there.

Yeah yeah no I totally agree. And i'm i'm onna dip, say we have this play out and hopefully we'll get some more insights into IT over time.

Somebody sell your car for science and let let me know how that goes. Uh, out of the icon layer system, uh, the icon layer ecosystem, they say coming soon in avs rewards, in icon programatic incentives. And so the agony system, of course, has been this massive system of many moving parts.

They are kind of all hooking together and starting up, uh, as rewards is the newest part, newest component of the ignition engine that is being hoped up. And so ABS s will actually like be charging fees and spitting out rewards to Operators. And then if you are the way that this might be relevant to you is if you are depositor into an lt ever, I am that lr t is allocating capital to Operators.

Operators are then uh executing their duties to ae ses and then ABS is are speeding off fees to Operators, which goes to you, the lt. holder. And so this part of the system is up and running along with agon programmatic incentives.

So this is also related to season two of the iconic airdrop. H, just a reminder, I think what was at twelve percent of the total icon supply has been earmarked for distribution. Five percent came in season one, they said five percent, another five percent coming in season to um and so this is related this season to icon air drop. You can find out more in the shown us below any common s antony.

No, I mean, this is pretty standard stuff, I think, and it's great to see more news come out around this. I'm just most excited to see these kind of girl life people start using them, see what they look like, concerns of both, I guess, like the toker incentives and then the natural kind of fear of that they generate.

And then last, a bit of news. Fellow syrian member, community member, a Johnson man and previous bank with podcast guest at brian fry or suing the sec. Did you see this, Anthony?

I saw a mention all that I didn't to get .

a chance to dive into what there. yeah. So basically, as a result of donor cats, which was the milla cunis assent, cuter animated um is like television series, online TV series, which had to settle with esc for a million dollars, the president was created that artistic creations are security because of the nfs.

And if this threatens the livelihood of any nf t artist who is making a living, creating nfs, because the president is that those are security so Johnson man who writes and token ized a song every single day and has for like five thousand days, he's written as long for five thousand days he's token nizing as long as as the only thing uh his he and um brian fry who's also a lawyer are suing the scc saying no nf r nfs are not security a buzz off 啊 and so they're actually taking the offensive to the S C C H。 This actually made news in bloom world law. Uh, and so this is making mainstream news pretty cool.

And I think is just like one one of many things added to the list of a grievances from around the world that are being applied to the S. E. C, I think is very cool.

I wish them the best. I think. I mean, i'm not a lawyer, but the case is saw lid to me like you can't just like a expensively define art to be security just because IT has a token associated with IT.

Yeah, yeah. no. I mean, I totally agree, the Normal losses that we can get the S, A, C to rack up, the Better for us. Sorry for this.

And then we did an episode with Johnson man and brian fry. I'm bang, if you guys want to earn more about IT. And then he also made he made the song of the day that he made IT was about him showing the cc and there was also hilar music video to go with IT.

Uh and I actually now I don't have this link pulled up, but maybe I can find IT. Uh, is that um. There's a bidding war going on a between four four, the nf t, uh, so like and you know who's that? The number one position for the bid is jr.

Vin ski coming in at a two point two eat bid, a crypto lawyer, uh, trying to buy the arms soon the sec but I just think like crypto lawyers are kind of based I don't know where this option has ended up um but the ocean ends in six days so if you're all are interested in buying the i'm swing the sec uh song is currently being bid for a two point to eat. Uh that's a little bit of news ah for the week and raises out of the bank ventures university is a hyperbolic labs announcing a seven million dollar raise to become the leading open access A I cloud. Hyperbolic is basically trying the way I would describe this is trying to put A I infrastructure protocol ze A I infrastructure.

And so like right now you can like rent GPU from amazon, you can go to OpenAI and get some inference done. That's what's happening when you are typing into open ChatGPT is doing for you. These are all like website apps.

Hyperbolic is trying to make a AI related infrastructure that's access to GPU, that's access to AI. They're trying to uh, inference. They're trying to make that kind of a deeper level of the internet deck like making a democratize so you can contribute your GPU.

They're trying to make IT like permissionless and open access and sensors of resistant so that like they were trying to make AI resources a deeper part of the internet. Airforce is his AI application that that he is now like pioneering. This is built on hyperbolic.

And so it's basically A I infrastructure, uh, very deep, very deep in the internet. Uh, they raise seven million dollars. Spanking centres was a part of this race.

And then a second raise other binkle centers. Is joe Grace a joke race? Is the on IT chain contest platform.

And so you you can just make a contest. You can a customize them in any different ways. You can charge for entries. And there's a the way to use this.

This is pretty unless the way that we have uses a bink centres is to uh, crowd source, a part cast episodes, our listeners, that episode currently being scheduled. So it's A A way to engage your community is a way to cross source ideas. Or you could just do a know is a contest american ido, you could do american idle.

Uh, and so this is from a founder, uh, David helps and the number others. So congratulations about hyperbolic and joke race for their raises and thin in my men. IT has been a pleasure having you hear.

It's nice that both right now and I can go on vacations at times, and that's only made possible because we have you to step in and step for the weekly roll up, which we have never miss. We bank less, has never miss a weekly roll up. And a large part of that is because Anthony so generous with this time and comes in a substitute teachers for us.

Anthony, I sure enjoyed your presence, which is why I listen to you on the daily gray every single day of the week that you put one out. Where can people find the? What is the daily way?

And where can people find IT? Yeah so the daily way, just a theory of educational resource kind of podcast every other day going over the latest news, new theme system, pretty deep stuff s not really high levels are if you just want to get deeper with the theory um then you can listen to my ramblings on there but you can just find that on my on my twitter page I got all the links relevant there for people .

yeah it's a youtube. I listen to IT on my poca feed. It's great. It's just a great and whenever I get IT in the morning, and so is just the way to catch up, Anthony is in australia time. So whenever happened, something happens while i'm asleep.

Anthonis got uncovered if you putting in eight hundred episodes IT, congratulations on eight hundred episodes. I do. That's a lot of episodes.

Yeah, yeah, yeah. Thank you. Yeah yeah, it's been a journey since think the twenty, twenty actually I started doing the episode. So yes, it's been it's been a journey. But I mean, theoria is just so interesting, so many things happening all the time, so it's not hard for me to get content. That's for sure.

being the nation. I'm about to read to you the risks and disguise. But then after that, there is going to be one of the mohila ous trump bitcoin impressions at all time.

We're going to add that to the end roll up. So stay tuned for that is from this, uh, tech and comedian guy who leads in inference to go. He does a good job, you know, the deal cyp to is risky.

Bitcoin is risky. Etf are risky. You can lose what you put in. But we heard west, this is a frontier. It's not for everyone, but we are glad you are with us on the bingles journey.

Thanks a lot. I love the bitcoin. A lot of people are saying that it's not real money, quite Frankly.

I know some people they're saying it's fake money. We know it's very real. We know it's tremendous and it's doing very well for a lot of people.

It's a coin and the computer, a computer coin. And by the way, we love the bitcoin. We love you.

We love the, we love the d genes. They call themselves D, G. apes. They call themselves apes.

And we're, quite Frankly, when i'm president, we will be freeing the eight from the zoos, and we will be buying them bitcoin, and we will have more bitcoin in the united states than anywhere. We will be digging IT out of the ground. We will be mining and maintain and printing IT and stealing IT whatever IT takes. We're going to have more bit coin than most people. We also love .

athon atha.

And we don't forget, don't forget dog do.