Weekly Roundup 11/22/24 (Bitcoin $100k?, Gensler Resigns, Nocoiner Rankings, Looking Back) (EP.577)
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Not while nicaro or partners of castle inventors, all these expressed by them where the cases the forests are so their opinions and do not reflect the opinions of castle inventors, those many positions in the assets discuss on this post. You should not treat any opinion express by anyone on this bus as a specific induction to make a particular investment or follow particular stange, but only is an expression of their personal option. This broadcasts for informational purposes only brought down by bad mortgage investments, lemon, which has twenty five thousand employees, real government loans, american international group, a eighty five billion dollars. This.

this is the federal government is stepping in to a stabilize fanning.

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to by coin metrics. And here is the matrix minute.

For today's matrix minute, we're digg into stable coin data. Are the supply of stable coins continues to grow. It's at one hundred and ninety one billion LED by other at one hundred and twenty six billion. The theory issued stable coins are the majority at one hundred and seven billion, fifty five percent of total supply. Seven spot volumes surged past one hundred and twenty billion on november twelve.

I was driven by other well, first you gain lot attraction of the stable contrasting pairs B T C U S D T LED the pairs with two hundred and five billion and small uh followed by eth usdt uh and uh also in the top and do U S C T and pepper usdt adjust the stable coin? Trans for volume topped fifty billion in november, driven by teller on train a theoria, while U S, C, C on a man slam also gain min tum. The theme is U S, D E emerged as the fastest growing stable coin, relatively speaking. Q, with supplies rising forty percent to three and half billion LED by positive fining rates, that is your matrix minute.

You had a love coin metrics coming in with the metrics. S minute, all around the coins on the week. That big coin is going to one hundred. They're not they're not all about the number going up. They're all around the true metrics and the true you told you you got a tip cap.

Yeah, just another time on it's not all about Price.

Not all about Price. What's the worth doing? This podcasting person today is is going to be a .

hundred party tonight. They could well be. We recorded our annual meeting today, another year in the books.

another year. What is six year .

feels like it's been forever.

So twenty oh, we started working together in twenty.

Twenty feels like an absolute, still strong branding.

A lot of things are breaking our way.

I have to say, yeah, things are looking up. We have in the trenches this whole dam time.

That is just incredible how your body feels Better when the regulators trying to kill your industry.

You know, I thought after trump on us, like, dam, I really gotta my health in order so that I can live long enough to see the new golden age is about the dawn for america.

I don't think i've ever been more optimistic about this country. Did you read the in the.

the .

ambitious?

the? I do wonder, because of strong personalities we've had to make on this podcast, in fact, on this very podcast, and I wonder if you be able to work together. I could foresee that falling apart um you know within a month or two actually .

you know a kind of reminds me um so Harry truman came to real prominence uh, in a world that he was he was in the senate and he was investigating how because of the government was being defrauded by all these private contractors during world or two and he is doing these investigations into the waste and abuse and he became a national figure as well that is why F D R pictures as A V P. Because he was just really prominent and he was perceived as this very honest broker who is investigating all of this, uh, government corruption and all of these and that sort of what .

we wake has the opportunity do that could be a VC trajectory, right?

Yeah from those .

zar to V P to present a very I think is an excEllent speaker.

He is a his intellect is really.

really of the transacts. I remember or never forget, I saw a speaker for worth for the north american blockchain summer um that's actually happening I believe, next week, maybe again and dallas and last year and he spoke for twenty thirty minutes with no notes. He spoke clearly about cyp to about uh regulation reach and cypher about the severn doctor actually well and he didn't use a single failure word. He just spoke fluid clearly. And i've never seen anything like IT.

I don't know how you learn how to do that. If he took courses to learn how to do. If you sing that fires. What is that? The fires club.

I mean, I was the link and Douglas debater too. I I was pretty good, but not that good.

But you still have the arms and the like.

Sometimes I do. I certainly do. I have the fill words.

So well, there is a lot to talk about this week. Uh, had a podcast this week with iron mcDonald. This was our first podcast about the metaverse. So uh, iron is the founder of future verse, really cool category. We don't invest in watching in this gaming, but I am interested in that would say.

yeah mean, it's been around for a long time. Gaming metaphors, themes in cypher haven't really seen anything materialized.

The future verse is cool because they're been acquiring all these different properties, different studios. So he's gone out and acquire, I think, ten different companies over the past couple of years. So keep an eye on future of verse. There was really, really cool.

So to do had a lot of fun with that one. So so much news. But before that, also a bunch of deals talk .

into the business the week first one up as an acquisition. So paxo has acquired member in finance. This is a european e money stick tion that issues stable coins. E, U.

stable coins. I mean, you know, under Michael, the problem is I think this capital requirements for stable coin issues in the E U. So that is onna handle the growth. So it's not that economical to issue a euro based stable coin. So there is a slight missed step in my opinion from perspective.

Well, there is not a lot of european stable coins out there in the market. Still ninety nine point, something percent dominated by U. S.

dollars. Next up, blow fish, a crypto wallet security platform they required by phantom, a leading while in the island ecosystem, phantom is climbing the rankings of the upstart, by the way, just becoming a mainstream consumer product.

So contest by the west back up to like number one in the upstart.

I've been unit's funny because we always have those top signals that we monitor and coin base hitting number one in the APP store is one. But then when that happens, you're just too busy you know being you for work to remember hey, the top signal just hit .

yeah the super cycle.

So yeah, maybe maybe i'll disregard the top cle.

Next one up is barter. This is a defy trading infrastructure platform. There is three million dollars from maven, eleven, latest and anagram.

Then you have noble, a stable coin. R, W, A protocol is fifty million from paradigm.

polygon and winter mute. Then its open later to centralized data collection protocol. There is five million dollars from recent I O S G, spartan and others.

Next up you have bit finite bitcoin layer to network. There is twelve million from parishes, polygon and others.

Next one is monkey tilt. This is an online casino using crypto. There is thirty million dollars from panta, a hacky C, P, chain and a cams monkey.

Tell what that makes me think of a super monkey bodies.

Ever play that game? No, I didn't play. I remember I don't play. I'd never play games, but the board games.

having found the fund, is named after a very famous.

now the fun is named after a very famous ford, where fortunately, the believe the british might be slightly Victorious. But IT is named after for .

a fort and consistently sive civilization. Great game, the next of valentia labs, developers of decks. There are seven and half million from seven next ventures. Crack adventures in cyberpunk.

Then it's rise. This is a stable coin power payroll platform. There is six point three million from driver associates, polymorphous capital, D, C, G and others. Coin payroll mds like that, that's going to be a thing.

It's happening. It's definite happening, tilly, that next number of d block cypher welcome area sixteen million from headline ventures, hawk ventures and twenty VC .

exponent uh finance is a salona defy protocol. There is three million dollars from rockaway x sala and mechanism.

And lately, very interesting. D, C, G is launching huma, which is a fund incubating and investing in companies building on bitten, but is entry is a network. Berry silver will be, see you of huma. wow.

yeah. This is really on .

all big swing for guys.

So interesting to see that well.

bitcoin is cruising to a hundred k. We have a special bit on that we're going to do at the end of this podcast to celebrate premature, perhaps the hundred k threshold. Um so no no, no that can be a secret till the end. Um another insane peace and news chancellor is resigning I I don't even know to say but the so .

gary dancer lor is announced that he is resigning as of inauguration day. So is technically still there. There's still a lot of damage you can do to your country, to your fellow citizens in this two month period. There's still there is more carnage that you can inflict upon the capital markets and consumers.

This is a bit of a theme uh embattled to put IT um very favorite ably. Um F I C chair martigny g has also announced intention resign, but not yet.

I I don't know why you went to step down now and let someone else have the interim and the person who has the injure me then can go to get a job and say what I technical was in charge the agency forget about this interview.

So historical bad term as S, C, C, chair from gun, not bad things to say about him.

I I think we will have to have a longer podcast, maybe when he's out of office to actually go through the laundry list, just the laundry list of things that we're not done properly during this administration.

Yeah I don't even know where to start. Mean, not only not providing any kind of constructive guidance, what's so ever to the group to to space, but being distracted by nonsense that is very little to the security markets like their climate push things like that. And then of course, this systematic campaign of harassment for the all of the major U.

S. Space crypto firms. I mean, it's and then all the scandals, the dead box case losing in court consistently one of the biggest losers from a little litigation perspective out there, even h as recently as today.

Well, you know, well, we're talking about things. How about completely missing F, T, X having a meeting with them in twenty two to discuss in no action letter? That wasn't a great look for medium, not a great look.

Custody rule, private funds rule, changes to exchange act, getting the answers to the test from those with warn prior to a congressional hearing. Sad on twenty one. The list goes on and on.

I mean, it's just so much. And just today, another alf cancer, a judged in texas, tossed out the dealer rule, which is implemented by the S. C.

C. Earlier this year, job. In the scope of a burger dealer um would have probably force certain define front answer or just the S C C. Um what is significant this one .

I mean this rule was completely incense. So this deal rule Brown, all sorts of front ends into this broker dealer apparatus so are talking about even in try file outside of curb, talking about some messaging platforms that would have been regulated as a broken deal. This would have been devastating to defy uh and so but before judge, as many of these things have been under the biden and solar regime and uh promptly just toss out similar to to the private funds world, just hey, this is not legal uh so council versus the administrator procedures act has gone really well for the .

administrator procedures act. And of course, we have seventeen or eighteen state attorneys general that have now also sued the uh finally LED by uh attorney general genter drama of oklahoma alleging that the hostile treat of the cypher space .

by the S C C has been unlawful. Le, we've seen this more and more um groups pushing back against C S C C. Bringing these lawsuits obviously were so far beyond the rule of law with this current administration. It's really interesting to think about just who would you attribute the fun raising success uh of this past election to in terms of fair shake and all of the process pto candidates that were supported with undeliverable amount of capital? I i'd really say it's gencor Warren and biden really yeah .

um another interesting development breaking in last year to the trump adman is mulling the creation of a cyp to azar that I think will live inside the White house potentially at the N C. Uh their job would be to promote trh procreate al platform h already named of being tossed out including Christian carlo further position well.

this is kind of above beyond what I would even have known to ask for in terms of things that could be phenomenal for the industry. I just hope that they give the the office of john don burg to this person so john dunn burg is a former alias with warn chief of staff that was brought into the uh to the White house to really implement uh just financial terrorism against these cyp to startups and companies. And I think it's only fitting that this new person who gets crypto, our role, gets to sit in the number one cypher to hater role.

That would be quite fitting. So not entirely clear what the crypto zr would do there is now reporting that the zr would also be tasked with implementing the quote, strategic biton reserve, which I continue to think bitcoin ers are off sides on this, to be honest with you.

I mean, yeah, I don't see a law going through. I guess the question is whether or not the administration can do something outside of the legislative process.

I suppose you can do that. Those probably ways the executive branch can utilize the first strings, the resources they have. I'm sure there's loopholes they can find, there's money they can spend.

But then I don't think we would be very endorsing if they did that. I think we very easy to undo. So I don't think we should even push that because there be easy come, easy go. If we were to get there was a true big one reserve, I would want I prefer that we come through congress that would be more democratic. Yeah.

you wouldn't wanted to be something I can get roll back so that that kind of goes in the same thing as Operation truck. Point two, point out where the new head of the O, C, C. In the trump administration can, of course, just implement fair banking practices at the regulatory level, but you do need this qualified and more if you want IT to .

not happen again. Yeah, a french will have a great tweet about O C P. Two point. Uh yesterday um he's running for chair of the financial committee, the house financial services committee. Uh hopefully he gets that I told us that they would be aggressive in pursuing that uh if you got IT. Um and actually in the hearing yesterday, the hs fc had a hearing um and Greenberg testified um french cil ask them, do you have any quote to any evidence the fc examiner is attempt to use verbal direction of banks about the asset d banking to avoid for years grim berg says not that i'm aware of um in my humble men and I think this is pretty how .

would he not have been aware of IT? We know this was happening left .

and right yeah so we know for a fact that this happened, that they had turned from the reaction to choke point one point out to try and keep the stuff off the books, keep the guidance informal, verbal, and avoid putting these fifteen percent to posture thresh holds and writing whatever possible. So either Greenberg didn't know how his own agency was Operating, which is troubling ling, or is just lying.

It's I wonder if this is something that can be proved because they were so careful not to put this in writing when they spoke to the bank executives, they are literally get on the phone with them and say, you have a fifteen percent deposit cap towards script to but they would .

not put that in writing yeah. So I am optimistic that we will not only entr o point both throw the appointments out of to I C O C C pressure is are on the fed to knock IT off um the rolling back of bad rules like step onto one and maybe legislation. But then also going to go further and find out exactly what happened. That's really what I wannsee that's my stretch goal here.

Yeah I think we need to figure out the the human beings that enacted this damage uh, on the whole capital markets. So uh, moving on here microstrip gy, they're at IT again. Oh my godness.

They have outsized, there are latest convertible note from one point seven five billion to two point six billion. Uh, the stock is just crazy, is the highest volume stock in the world this week. Uh, they're require another fifty, one thousand, seven hundred and eighty big coins at the average Price of A D A K uh, six A D six k per bitcoin. So what an incredible story here.

You, I mean, congrats to them, uh, for persuading people to buy bitcoin and effective Price of hundreds of thousands of dollars at a huge multiple because of course, microstrip trades at a big premium to the underlying which which they're busy harvesting and converting in a bitcoin. I don't quite understand why anyone is now buying the stock. I mean seems little dangerous Frankly. Um in theory IT should trade IT now it's not um but you well under them so last friday there .

was A N A K that microstrip gy put out tweet about IT this week in in IT they disclose that sailor has last voting control of the company so he used to have super voting uh on the just based on how the company was structured yeah with these equity issue and he's gone below that fifty percent voting thresh hold. And I think there's a lot of logic to that to know the fact that he has gone below because they want to continue as capital.

There are obviously trying to forty two billion dollars here over the next few years. And IT also allows them to get into certain in desease is the other thing. So the if microstrip gy were to get into some of these top indexes that everyone benchMarks against, more institutions will just have to buy microstrip gies.

So that part of the the angle here, but I wonder what happens like could you imagine a world wear in a risk of scenario bitcoins going down? You know, maybe there is a macro and shocks or something like that. Why wouldn't microstrip eventually trade at a discount to the net asset value of background, kind of like a closed end fund?

yeah. I mean, if it's kind of like the GPT seat trade back when he was a close and trusted, the flip side of trading at a big premium in all the trades associated with that is the possibility of trading a discount. There's there's no easy way to break IT open and get the coins out. Yeah, so, you know, be the same advice that pretend to G, B, T, C, A back and they pretend M, S, T, R. So be careful yeah be .

careful there. And i'm not trying to because I like he's just below the fifty percent ratio, so he doesn't need that many more shareholders to agree with them. But is there a world where N N activist could start to build up a microstrip gy position and influenced liquidation here? It's a long ways off.

Obviously, this thing is trading at a ridiculous premium to now right now. And he probably has a lot of friendly shareholders around him. And I guess in order actually get into the stock, you'd be driving up the Price of microstrip. Gy, so IT may be a lot of far fish, but IT, I don't see a reason why this couldn't try the discount .

at some point in the future. Also on the same theme, uh, we now have made a planet japanese investment firm and some more scientific. They make medical devices. They have ve added to their big coin treasuries and bought one hundred and twenty four and two hundred and fifteen in BTC, respectively this week.

So looks like this is gonna A A big trade here where there's going to be a number firms to try to do this baLance money, but no one is going to catch .

up to sailor and F, T, X news. Gary wang, one of the co founders of F, T, X, was given no jail time for his role. The judge praised him for his CoOperation. I guess he saying like a bird, but um I don't know, I am not too happy about the the total lack of jail time for the top executives here.

Yes, I mean, gary wang g was involved in the fraud. Ran salem wasn't right. Salem got seven years.

Yeah, that should be revisited at some point. Coin base is delisting. W B T C has been acquired reportedly by at least part by Justin son a from big go h that's W B T C A cobs also list their own competitive b tc rap uh C B B T C. So IT could be being again for W, B, T, C here.

Yeah, I think B, T, C, in one down at this point. This was interesting that gold min sax is planning on spinning out its digital asset platform into a new company. The reports said that I could happen over the next year to year and a half.

Uh, I would maybe be heading to ours of conservation type of model kind of everything. I I would think that now would be the time where you want to bring a bunch of the stuff into the form is supposed to be spinning IT out. But yeah, interested to see where this guys, I know you ve, in a word, one gone, probably going to get the S, C, C.

Giving out exempted relief, the no action letters, two number of platforms. You know, maybe get a market structure bill here prety quickly. I think you want to bring this stuff in, not push IT out.

Yeah, the banks are most likely going to be able to touch cripe to for the first time now here in the U. S. So it's a little surprising they would spend out at this time.

Looks like the S C, C is reportedly engaging in conversations with multiple firms around sAlina etf. So vent act twenty one shares in bit wise have all signal their intention to launch a salona product. This this won't be far away, although there isn't the um there's no you see me futures contract on sala, but I would argue that, that should not have been a prerequisites.

Approve these bitcoin and theory. M T, F, S. I think the S C C just get themselves in some gymnastics uh to try to come up with a theory for why they make sense. So I could see a world where song etf actually go out next year.

Yeah, song has obviously been a huge winner in this cycle, actually didn't mention that, but they are trading in a new all time high as well. And yeah, I think the C, C will probably just devise new forms of rule making for, uh, the E, T, P. asset. So completely plausible that, uh, this could be a product .

so you could have V, T, F on way more than just sona.

A harley has had an interesting art care. He pushed very aggressively for the treasury secretary role. His efforts have been conditionally rewarded.

He is now been nominated for the next h security of commerce pending approval by the senate. Has obviously been um no super favorable to crop zones, a lot of bit coin. He is a service of retailer, so definitely good outcome for tether. And you know one of crypto s key champs in washington now gets a having at all.

So I wonder who takes over counter is jailed that's so these are pretty good trades. I don't know if that applies to all cabinet positions, but believe you can sell your shares and, uh, the company for tax free. Yeah, good deal.

thanks. It's a great deal. That's why everyone wants IT.

On another week, this would be a headline story. Options trading has opened for black cross I bit, but I tf town's a notional trading on the first day. I don't know how much I contribute to the Price action. I know certain people are very excited about the merging of options on the E T. S.

Think IT makes IT easier for traditional farms to get involved. Options market in non Crystal world is unbelievable, large. In the cypher world, options are still pretty small as a total percentage of spot volume.

And what night. So uh, I would think that these E. G, after going to be massively successful.

one slightly negative piece, knew SHE kill a neel has settling a class action loc for eleven million for his role in promoting in N F T collection that should be unregistered securities.

Chak common. Man, what was this?

This was the aster's nf t project i've never even heard about.

Man, ten thousand .

salona b aster's end of teas and the galaxy, you token connected to a doll. Uh, he has A A judging. Miami ruled that they resumed security, named him as a seller on the securities act. He was the face of the astral project. On this score, he posted a jeff from the movie the wolf of wall street reading i'm not exploded leaving okay, so but um he has its large that he did a man on the project so he did leave.

So what is your favorite chicken onion baseball team that he was on and what is your favorite colonial movie that he ever been in?

Um this is the section of pub trivia where I don't do well OK. So ask me about history, geography. I can do that. Um I don't know what teams played for.

You don't know anything. no. okay. Well, what you tell me, big ones were the magic. He was on the heat. He was on the lakers .

who's on the .

celtics I he's a bunch .

teams I was in um what was the cartoon basketball movie? Was he in space? Um I might wrong about that. He was not in spaceship.

Well, he might have in spion. I'm not sure that was definitely Michael Jordan special Larry .

bird in that one google ck moves. He's been a lot of films he was in. Uncle drew showed gs blended grown up scaring before the wash friday got figured what kind of name for movies that we we called. Steel.

you're ready. Wasn't in space cham.

Was he in space cham, okay.

so actually got one right. You got one right. Mine would be blue chip, blue chips. So that was the with penny hard away. And nickell ty, I believe this .

is before my time. Yeah.

think we were a speaking before your time. We were in a team meeting and I I brought up a very boston red socks player, then brand down back, and no one knew he was except for shine. So I I felt very old.

Well, that spent seven years, but you have to know at this point that I don't know baseball and I .

never will strip strip .

um we have a new segment for you all today to celebrate big coins, petition all time hires humida hit hundred thousand at some point.

I hope we're not celebrating too early, but where we're unlike ninety eight point four land right now. And so what is the new segment?

So we've completists of thirty, no tourists, no corners um arranged by most effective to most clown's. And we are going to do a fantasy draft with them.

This is the bitcoin haters ball. And so we're going to do a fantasy draft. You pick your number one, uh, big coin hater.

I'll go with my number one draft peck and will just go down the list. So these are all the people that told us for years the bitcoin wasn't going to work, that IT was a sm. We're going to we're going to pick our favorite.

And I think with the way we're actually ranking them is in order of effectiveness. So actually how good they were at trying to hinder bitcoins progress, although they did all ultimately fail, to be clear.

Okay.

i'll like that. So you go for some of the first overall draft pick.

first overall draft pick. I take none other than the corrupt Elizabeth war in the democrats senator from message to sets, who uh is from oklahoma and does not do anything for the people of message uses, is with warning just an all time back?

That's a good pic. I have to go with the one. And only paul krugman, he wrote the economics textbook that I used in ap.

Micro back in the day. Uh, notorious big coin hater. Calm st. Hate big coin so much, but it's so many calms about IT. And I think he has been implemented al, in the discourse in in causing certain segment of the population to dislike backhoe uh.

that's a good peg. Paul rugen is gets a ton of mainstream clicks in his new york time article and I get sent them all the time. Have been for breath past ten years with people in my life telling me what what I do is not a good thing to do as a professional curve.

So paul curry to get back um i'll go with jammy diamond from my number two pic. Jamie diamond with uh, I think is probably the most well respected banker out there in traditional channels, certainly not among people in the crypto industry. But he has suggested that bitcoin is just for criminals.

H he had some very strange congressional testimony with us with warn, where he seemed to be giving him the answers to the test. This seems being full agreeement. And just why big one was terrible.

And then he had that weird, uh, C N B C. Appearance were called the shi sattar. I.

He going, he said, SATA, he is gna come back atash is gna .

come back and delete all the coin so this guy clearly doesn't notice talking about but a lot of people listen to him. And you know just a friendly reminder that if you are in the cypher industry uh and you are even thinking about doing business with J. P.

Morgan, just know that your dollars, your few dollars, are going to support that message. So highly encourage anyone who has a banking relationship with J. P. Morgan that could go elsewhere.

Please do that would be me. Actually.

I have a relationship with them. You got grandfather in first republic ga ya, but someone that actually .

supports the industry. My second, my second pick is alevis notorious hate of bick mining, and for many years, labor and relative abundance to publish basically fake data on how much eric bakun consumes in the carbon emissions. Eventually Better people came along and able to basically debunk, uh, his analysis.

But he really did a ton of damage for the longest time, his work. So shot out debris. Now he's pivoted to being an A I hater.

And singly he did a lot of damage that paper got a lot of reads. Um i'll go warn buffer t warn buffer has just spent, can't really blame on me, didn't really dive in and understand the first wave of technology and took a while and didn't understand this wave, but really had no problem or pointing about something they didn't know anything about .

and having a negative opinion on my next one is male, right? Mali White SHE of the web three is going great blog. Ah she's been quite effective at harassing just I D say, the entire cyp to space and created more of a summer approach to harassing crypto, creating consuming content, make us look bad.

Web three is going great. Molly IT is going great. So take that.

I think SHE is intelligent writing.

So SHE smart? Yes, no. Were not saying that you people aren't smart. We're saying they're been good foes but util VS .

um who will I go with next year? I mean, so many good options here i'm going to go with Dennis kelleher who leaves an outfit called Better moppets or as we like to call, IT bitter markets.

markets, Better markets. What did I call? He said, bitter is Better markets.

I mean, these guys are a complete Marks. So, uh, this is a group that has test is a trade roup or something? I don't know. They raise money in.

The advocate for IT was with warn wing financial policies, and they put out all sorts of research about how you big coin and cypher currencies are just for criminals and you would say, well, hey, whatever is just a trade group. Dennis color her has had something like nine meetings with the S C C. Over the past year. It's while I mean, the level of access the Better markets had in the by administration was craze.

Yeah there and every mainstream article giving a quote by how cropt socks they do a good job of their evil task.

Yes, they are the evil of the evil empire of just you trade groups that raise a bunch of money and don't do anything.

You know we actually could do this hours because or less is so long. Um my next one is Chris lass and I guess go found a rebel. Yeah um who's your first clifter industry participant but he's not been in a live bitcoin.

And ah they funded, I think, this opposition research with Green Green peace five million dollars and Greenpeace basically got this environmental N G O. To focus on bitcoin and theyve just spent big time, big coin haters over the years, I think completely unwarranted. We don't need this kind of friendly fire. Uh, so special. No thanks to Chris ARM.

No thanks to i'll go with til lab and the seem til lab who I think is just a great author, generally speaking, of enjoying so many pieces of work by him. What happened to him? Because he was sort of into the coin initially and seemed to understand that. And then he had a big falling out with safety, right? yeah.

He did especially were covered. yeah.

So I think maybe that personal animals state safety ah who worth the bacon in standard might affect IT into his thinking but tab is someone who is very well respected and people listen to him and so to have him out there just uh bashing .

bitcoin has has not been helpful over my next tim wants and I don't know if people know all the names on this list um he's just I think one of the most audience he might be the person on this list I personally dislike the most okay um I don't even know what does I guess he works at metics something I know um but he's just like this huge and big time hater he compiles docia on cypher people including myself just trying to directed us and this is a huge, gigantic, colossal loser in every sense of the world and I just don't have enough bad things to say about him so not to come off as petty but you know, whatever I am petty OK h screw these people on screw tim swan.

uh, in particular time swan, alright. Um my next one will be it's tough toughness we're getting we're .

getting to the like, the less effective. No corners at this point.

Well, i'll go with bill gates. So bill gates has talked about background the past IT basically he just in the camp of is just as good for criminals and you know people this in a bill gates. So I think in general, that wasn't very .

helpful to the industry. Yeah, next step for me. And then after this, I think we've reached the tear of like no corners that haven't been very effective. This next one is August and carston had to the bi hate speak coin hate script um kind of looks a bit like a mob boss he does um and yeah he spent opponent uh all right .

next one we we are kind of scrap in the barrel here so I will go with um noise rubini doctor dome himself so he is called what is he called? Like twenty seven of the last four recessions something like that um but enough doesn't really like the coins.

No not at all. Um okay. So for now they were drafting in the fifteen surround and whatever I think this is like when you draft a kicker, yes, and and a defense and special teams.

So these are like or now at the part where we're drafting and people that we're not effective, right? So my these are like the ones that have amuses me the most OK. So the easiest one is, of course, this is the macana bm eny.

He is an actor.

He was an actor yeah so he was in the O C which I he watched as a kid. I never watched. And um he read a whole book about hot cropt was bad. He just had the second crew.

We decided a moral, cruder attacking grip to and since it's become clear that I know he also lost lot of shorting tother, maybe your bitcoin really yeah yeah, this is a part of his law and now he's completely disappeared from the scene. Doesn't tweet anymore, tweet for months. Uh but but you know I was amusing with a good time with you.

i'll go with Peter chef. Peter chef, a big goal bug somehow just never came around you but wrote a good book about gold back in the financial crisis days and uh you know IT didn't really work out very well on the big coin side .

of thanks for him. And so for my last pic, we're going for no corners that actually like um and I think did add some value to the discourse. So i'm going for my Greens.

You had a big debate with that. I had a big debate with my Green. I got a little heat at in that debate.

I actually spoke at this conference recently. He's IT simplify now they have bitcoin assets from products actually to their credit. Um and I got the chance to meet my Green recently and I I think we obvious ly disagree bitcoin. I think he's great and really sharp so he's my favorite no corner all right .

that's that's a good pick. And I allowed to pick someone who's desist.

Go for IT. Yeah okay.

i'll go to change monger. I went with the warned buffet, but his partner, charlie monger, you know, phenomenal all time investor, but what a lot of comments about how bitcoin was worthless for criminals, and you know, the right poison type c comments.

So that is your no corner draft. Formidable, an interesting, varied group of people, all united by their shared hatred of bitcoin, all united in being wrong.

all united and, you know, hopefully wouldn't drinks IT here, because this is a hundred k and a dress, and watch bitcoin beat like seventy thousand dollars by the time this comes out.

I know this would be an all time top signal. Hopefully it's not that's your big when he is draft.

right? I think that is IT for the week. Um IT is just an exciting time to be in this industry, even be on just the Price. I mean, it's funny because the to me, the Price is, uh, it's not really getting my energy flowing in the way that I maybe thought I would.

And I think is my mental model on this is what did we hit in the twenty twenty one cycle that coins, sixty five, sixty five, sixty seven, something like that. I mean, and then you just go on this post F T X regulatory bar. So if you adjust this for where we were back then before everything kind of fell apart, this is not a crazy move.

Is a crazy move relative to the law, is post after ex. But I think they are more exciting part to me has just spent the movement on the company side, the start up side, I think we're about to see so many more companies launched in the the states. Think about just the playing field now.

So you're now you go to start a business. You will probably have clarity on security risk model here in twenty twenty five. You probably get a bank account as a startup. And we take these things for granted if you're not in crypto, I guess. But it's about to be a golden era of building things in that states.

Yeah I think they're so one wrong with my brain because i'm just not feeling too excited about one hundred K I mean, it's very symbolic. I think of all of the thresholds, the big ones ever hit one hundred case the biggest one um I am not even sure I thought we would get two hundred to be onus with you yeah and I guess the other big one is a million dollars that that would be eclipsing the market of a gold, by the way.

So problem is really the ultimate long term goal is magine goal is matching gold. But I don't know, I don't know. I mean, I get a lot of excitement from the fact that this stuff is useful in the real world. Now there's is real businesses that build on IT that have real cash flows and provide actual value to people. I guess that's that's what I care about now.

Yeah, I totally great. I mean, this is A A technology that is widely useful uh across lot of different dimensions, but when obviously super useful to people that want to preserve uh their wealth store value over time. Stable coins just came out of nowhere of the sudden, just the next generation of financial technology.

This kind of a bitter, sweetest when you achieve something you've been yearning for, for well over a decade. I mean, i've the first crypt, I think that that was in twenty thirteen. I think you got started before that I mind doge coin, that was first thing ever dead and gone a bit coin after that I I guess maybe half thought that we would achieve this. But I also held this way after the year after finally approved, I thought that bitcoin had succeeded IT had one and that its its success was basically guaranteed at that point, which kind of cross the cases in full institutionalize said everything when you finally hit a goal that you've waited for, for a decade, it's like not it's not as fun as you thought I would be. Yeah.

it's well, it's funny. I often thought about when I was evanishing big coin on the inside of a big financial institution. I would often find myself on the spot t, where I almost have to talk about black chain and not talk about bitcoin just to get people interested.

And if you brought up something like bitcoin being a global reserve asset, you would have gotten laughed out of a lot of rooms. And now that is just totally Normal. Now we're literally talking about trump maybe doing a big in strategic reserve.

How far we've come is incredible, I may believe. And h you've got bakelite posting screen shots from his mobile wallet APP where apparently guess he holds all the ation speakin on IT looks like on a spying now holds they're mining at other nation states. Have a presume people try to run the U.

S. And I I mean it's being actively talked about the U S. Will maybe at least retain the bitcoin, but perhaps even acquire more.

And it's kind of beyond the wild dest dreams of even you know the the bits deans and the peer with shared. So I mean beyond almost anyone's well to dreams what happens? We need to reflect on that for minute. I well, I think .

that's a good place to leave IT. We'll be back with another episode on monday. Everybody have a safe and happy.