be great coffee. Edinburgh. Edinburgh has horrible coffee and I'm embarrassed for them
and food right? They had great food. But really coffee. Oh yeah, great food. Yeah, a lot of
fantastic food. Really? Yeah. How about it?
Welcome to Game of Modes, a weekly podcast from independent validator teams.
Welcome to Game of Modes, a weekly podcast from independent validator teams and
Schultz's busy defending the honour of all of Scotland as far as I can tell.
He is. After the Schultz European tour, which has just concluded, if you didn't come to your city,
hard luck. Wait till the next album cycle. Next go around maybe.
Yeah, next go around when that finally releases that, what was that one called that never got
released by that fucking shitty man? Chinese Democracy. When he finally comes out with the
Chinese Democracy double LP, maybe you'll get him visiting your city and playing the enormous
game outside of town. You better hope not. Yeah, there was a missed opportunity there for some kind
of Duke fame reference, but I haven't got it. I sat down the other day and I noticed that Spinal
Tap was on iPlayer and I was like, I kind of put it on and was just a joke. Just in the living
room. I was like, Spinal Tap's on and put it on and then just end up sitting down and watching the
entire thing. If you catch that movie anyway, you're watching the whole thing. Yeah, exactly.
You see the first two minutes and you're just like, yeah, this is the greatest comedy ever made.
I had the same thing with everyone. I watched Fight Club this week, too. Same thing. It was
a ston and that movie for some reason, I don't know. Anytime that thing's on, I just watch the
whole damn thing. There are some films that just have very good natural pacing and you just start
watching. I find that with Saving Private Ryan, obviously because the first scene is so dynamic
as well, the way it's shot and everything. The first scene is a fucking hour long. It's like maybe
an hour before the pace drops and then I don't even know how many times I've watched the first hour
of Saving Private Ryan and then the first time the pace drops just been like, holy shit,
if I just been sat here watching Saving Private Ryan again, I'm going to go do something else
because I should be aware. Whatever the fuck it is. There's a bunch of movies. Blues Brothers is
always like that for me. After that time, I always watch it. Blues Brothers. Blues Brothers. I don't
know. It's just from like Childhood or something, but I watched that when I was a kid and I know
that whole damn movie. I can't sit through it. Really? It's also a Chicago movie, so maybe that's
maybe that's part of it too. It's been very long, I think. Yeah, is it? Yeah, it could do with a
little, I couldn't even tell you how long it is. There's something about it that I just can't sit
through. Like the humor doesn't doesn't hit for me or something where I just have to like,
I've seen it. I've tried to push through it each time I'm like, nah, fuck this. Really? Yeah.
I think it's really good in Bad Boy Bubby. Is that a real movie? Yeah. 133 minutes. So
Blues Brothers is only just over two hours long. Waking Fright, Cracking, Pacing on that one.
Very hard to not sit through that. Mastering Commander. Don't know how many times I've thrown
that one on and then just before you know it, you've got the, what is it, Boca Rini,
Chalo and Violin, Concerto. I don't know, D'you at, I guess, that closes out the film and you're
like, oh, how did we get here? Anyway, I can tell you one time, this is vaguely related,
that I was done wrong going to the movies. I want some friends to go see Les Mez, but they
didn't tell me what it was beforehand. They were like, it's an action flick with Hugh Jackman and
Anne Hathaway. Like what can go wrong here? And I didn't look into this at all. Les Mez is of
course like a play and it's like three and a half hours long. So like, and the Wrestle Crow,
I think they named those three off and they're like, it's an action flick, it's gonna be awesome.
That's like the longest movie I've ever sat through. I was like, what the hell? How are we,
what? It's the really brought me to this. At least it was my warm piece or something.
So was it Wrestle Crow that's in the continental? Or was it someone else?
No, he's not in the continental. Are you thinking about, are you thinking about,
what's the other, the Aussie one? Mel Gibson. Eric Bam? No, no, it's Mel Gibson. Is that who you're
talking about? Oh, Mel Gibson, yeah. Yeah, yeah, yeah. Yeah. Mel Gibson's Australian. Yeah,
I didn't know that either, actually. I think I don't know that Mel Gibson was Australian.
I, I, no, I didn't really recognize it. I figured he was Australian for his historically accurate
rendition of William Wallace. Well, I mean, what, to be fair, I was turned out in the end of his
career when he kind of scandalized himself as, as a bigot. You're like, hey, bigot Australian.
There we go. Checks out. Sorry, no. I don't know if he's from the 60s.
They did the, there was a lot in this video. I can't remember what it was.
Russell Crowe is the fighting around the world. Mel Gibson's the anti-Semite. It's that way.
Yeah. So there's like this video of Russell Crowe like cruising around on a boat fighting everyone.
It's like a, yeah, South Park. Oh, it's South Park. Yeah. Yeah, South Park. They have a theme,
a theme tune as well. I can't remember it, but I remember it ends with fighting around the world.
And yeah. So, so have any of you seen that bad boy, Bobby? No. Oh, it's a wild movie.
Is that a real movie? Yeah. It's a, so I saw this movie when I was on SBS, which is like our
government's free channel thing that they just put all this wild shit on in the middle of the night.
Like it's got all the international movies and shit. And so I was like 13 or so. And I had a lot,
I was like dismantling a fucking TV in my bedroom at like two in the morning. And this was on SBS.
And my life was forever changed. Bad boy, Bobby. Damaged after this.
Is this another one? Right. 15 seconds like drill, tweak kind of length. Like why
USA is shocked by this film? Well, looking at the front page of bad boy, Bobby, that's kind of what
I imagined drill looks like. Is that like an actor? It's kind of like, I haven't watched this for a
long time and you can't really explain it at all without ruining the plot. But basically, there's
like this guy and he's like, I don't know, 40 or 50. And he's like living at home in this apartment.
And he's never left it his entire life. His, his mum is like kept in there. And let's just say he's
a little bit fucking weird. And then he finally kind of like you before you became a cosmos validator.
Yeah. And then you just, you just like in your parents' basement, not allowed out, you know,
whatever. And then, you know, everything changes. All you had to do is start making some blocks,
right? Yeah, make them block, man. The blocks must go on, right? And so one day he like
discovers that he can get out of the apartment and that shit exists outside of there. And it's,
you know, it's his Ferris Bueller's day out. That sounds actually kind of fun. Yeah, it's kind of
fucked. Like, from a cursory glance, the Wikipedia page, it sounds fucked up and weird and
quite possibly the sort of thing that I would actually go watch. So I'm going to maybe go and
watch it. Well, I mean, yeah, there's, there's choice sentences in here, like he and his mother
regularly have incestuous sex. But Bobby goes to the pub and fondles another woman.
Well, after all that time, yeah. There's just, you know, there, you know, I think you get
damaged just reading the plot on Wikipedia. This actor's been some fucked up movies.
Anyway, I mean, it's a wild movie, but can recommend, I guess.
All right, I'm watching the trailer. I'm checking out for two minutes.
Okay, well, I'm going to report back on that. This is, this is, this is my homework for this
week. I will watch it. Right. Yeah. In the meantime, well, Shultz is doing that. Let's do
drill tweet for week. Noel, did you go last week? Did I go last week? I think you, you chose last
week. Didn't you say? Oh, yeah. I chose. So surf, I think it's you. All right. Say when other ones
are in the back, right? There. Oh, you went too far. Oh, fucking earth legs. That's the end of the
bike. That was speed of light. Like though, no, I, that was, we got delayed. You got to back it up.
Okay. I'll go slowly. Okay. There. Wait, we are really lagged. Okay. So life hacks is the section.
Do you want left page or right page? Right top. That pick a good one. As usual. Okay. This is a
good one. Buffs and showers are fucking stupid. Here's what you do. Get one of those big rotisserie
ovens and rotate inside of it until you're dead. Okay. That's fucking great.
Feel like it was not in a good place when you wrote that one.
That one feels more like a cry for help than the, the Taptic comedy, doesn't it?
I feel like you just, just gotten back from a viewing of bad boy, bubby.
Yeah. Just climbed straight into the rotisserie oven and that's, and then that's how the police
find him. That's right. So I had a message from, from, from friend of the podcast,
who I went docs asking for tax advice the other day.
He knows where to go. To which I obviously replied, I'm not an accountant, but they're based in the
UK. And so I sent over the, the link to the crypto assets handbook on HMRC. Issue was, I believe,
resolved over dissatisfaction. But the thing that was referred to, I've noticed this is in our news
segment as well, smooth segue. The reference was to the TIA tier airdrop. And I was like,
thanks in advance. This is Africa. Like I would, I just, do you remember that from, from Blood Diamond
when Leonardo DiCaprio, there's like, DIA. No, he said it bro after the EIA group.
Exactly. But I was just like, I was like, is there something going on to do with Blood Diamond?
They were like, no, it's an airdrop. But I was like, what airdrop? They're like, Celestia. And I was
like, TIA. Like, you know the, what's the principle skinner? You know that am I so out of touch? Is
it the kids or is it me? Am I so out of touch? I feel like that. So no, it is the kids who are wrong.
Is the kids who are wrong? Is this where you came across the shit coin get out of jail free card?
What's that? Sorry? The, the, the, the other rule that you posted in the, in the group chat the other day.
Oh, again, not financial advice. Very much not financial advice. But yeah, the, what is it? The
nil rateable value clause where you negligible value value. Yeah. Where you say effectively,
you state that you are hypothetically selling something worthless at essentially zero cost and
then immediately purchasing it back to create a taxable event. Yeah. It's like a tax loss yielding
without having to do the fucking sale. It's pretty fun. Yeah. I thought, I thought it read it as
you weren't selling it, that it was unsellable. I thought it read it like you couldn't get rid of
this. Not unsellable, just worthless. No, both. Like you, you literally could not, you can't, you're
just, you're disposing of this and you're disposing of this with like, you're ignoring it. Like, I'm,
like it's never going anywhere. So therefore, I'm, I'm, I'm creating this loss, right? Not,
not that you're actually liquid. If you sold it as a loss, it'd be a loss, but I thought it was more
like it's fucking useless, right? So in Australia, you would just declare it as lost or, or nil value.
Like this, this stuff on my ledger, I just declare as nil value as unsaleable.
Do you open a sliding glass door and just shout it out to the Australian countryside?
What do you do? Do you have to drive four hours for something?
Drive four hours to the front of my driveway and just shut the door.
I declare this worthless. Fuck this shit.
Fuck these shit.
We actually did segment on the podcast, like what, what ledger is now thrown out into the
the outback? Can you hear me, Rama?
Rama, why have you forsaken me?
This is, this is worthless.
I'm pretty sure I once just deleted a private key and then right next to it on my,
on my balance sheet, lost.
I think that's fine. If it's useless, then yeah.
There's a whole different, the, the provisions for, um, lost theft, fraud, um, and loss of
private keys is like a separate clause here. So the, really?
Yeah. Yeah. Yeah. So, um, I think because people were just being like, oh, I've lost my private
key. And so there's like a, there's like, I think there's like an element of it that's like
mildly punitive. So it's like, um, it's not so attractive to just be like, oh, I've lost my
private. I mean, you pay a, you pay a fine for that type of idea or that there's some sort of
I think you pay some nominal value, whatever happens, whereas the, because they want you
to instead just do the nil rateable so that you actually have to declare everything and
account for it and write everything down. So I assume that that's why the, yeah, vaguely remember
like citation needed on that one. I have to go look, I'll go look it up for the totally tax time
segment in next week's show, which I can say confidently because next week's show I won't
be on because I'm going to be on a train. Actually, I'm not going to be on either because I'm going
to be on a plane. So we might have to. Barstle on. Yeah. We might have to.
Barstle on. You guys might need to bring in another bringing some pinch hits. You need another
Brit and a yank. Yeah. That's how it was. Round it out. Huh? Huh?
Both the Frey and I will not be on next week. Oh, she she. Oh, that's right. You're at the
conference. Yeah. Actually, let me double check that. Yeah. I mean, you should probably won't
be watching next week anyways. I landed. I landed 7 p.m. so I ain't gonna happen.
Yeah. Is it Cosmoverse next week? It is. Yeah. So we're going to like chat conference when we
should be going to Chimdosh. Yeah. Is it maybe? I don't know. Are we going to Strongdosh conference
while everybody else is going to Chimdosh conference? Is that what's going on? I don't know.
There's no Lambo's at each. I know that. I either. Right. Okay. Yeah. Everybody achieved.
It's all a strong elsewhere. I think I heard that there's an ice cream truck at one of them,
which is better than a lambo if you ask me. There is ice cream truck is believable is attainable.
Right. You know, have attainable goals. It is. Yeah. The feels like a very long time since Cosmoverse
was in 2021. That was a, I mean, it has been a long time. It has actually been two years. So
I'm excited. I think it's ever had like offices. It would be in a warehouse and in one corner,
there would be an ice cream truck and in the other corner would be like a beer truck.
Now, when you say in the corner, do you mean like an opposite side? So you have to like go
walking between them to exercise, like to burn it off as you know, no, no, no, no, between them or
no adjacent corner. So what's the. Obviously, it would be a red brick warehouse with the
cascading roof type thing. And there would be like exposed brick on the inside with a very
hipster concrete floor, but there would be like with black trim windows, a office in one side of
it covering one length. And then with a mezzanine on top of that, of course, with couches and a TV.
And then on the other side of the building in one corner, there would be the ice cream.
You thought about this awful lot for the match. Yeah. You visualized this a little bit.
And it's like the other corner on the opposite side, there would be the craft brewery truck.
This is like the most hipster coffee shop I've ever heard of.
Yeah. And is this a real place or is it, this looks, it sounds like I have one of those passage
videos, those demo videos. This is from my, this is from Nells Imaginarium.
You talking like those graphic designer guys, passages, as you're saying?
Yeah. Yeah. Yeah. Do you see that little demo video where like they have like the little hoops
that float around, everybody's like floating around like this. Was anybody floating around
as a hoop? No. Or is like, it's like a real thing. Did you have, did you have, did you have legs
you floating around like a bubble? To be fair, Nells office is probably more real than passage. So.
That's fine. I like it. You can spot the passage validators because they didn't laugh. Oh,
wait, there's none of us. No, I am. I'm still in it. Yep. I'm still in it. I think it's big.
You're just cutting. You're just cutting. We're letting you, we're just letting you cut in the
corner. If it, it's, if it doesn't make any noise, it's fine. Once it starts alerting me on
shit and like it gets in pager duty, these are not, I get a single page of duty notification.
It's kind of immediately wound down. Right. I get it. I get that. So as long as there's no need for
racing anymore than one, seven, eight months. Yeah. Right. Right. If I can, right. If it sits
here and we'll just handle itself for years, it's fine. Whatever it wants to do. Basically
kind of ideal parenting strategy. That one. It is. It is. It's exactly what it is. Sit in the corner.
Okay. Let's go back to whatever we were doing. Cool. Cool. Cool.
Um, still talk right. Throwing raw bones at it once every six hours. Basically. It's all right.
So which are, do you want to do some news? Do you want to talk about news?
Sure. What do we got? Let's, let's, uh, let's rephrase that first one though. If you're going
to do that, Dr. Frey, just, uh, maybe don't be so like disclosing of the thing in brackets.
Why? I don't know. That seems pretty entertaining to me. There's like a median post all about it.
Oh yeah. I don't know. Is that one of your clients? Wow. I didn't realize that happened.
That's outrageous. I'm not surprised too. Wow. Okay. So ST Atom,
Depegged by impatient validator showcases the power of the exit liquidity module.
A prominent Cosmos validator SG1 decided to unload 430 K atoms through the liquid staking module
in around three hours, showcasing the fluid dynamics of the module.
Suffering substantial impermanent loss and depegging the ST Atom token.
They then left through Binance CEX with 260 K atoms worth of loot.
That is quite the fucking loss. Wait. So, so, so through impatience and stupidity, 430,000
turned into 260,000. Yeah. So 200,000, uh, atoms worth of impermanent loss is my,
what is that? That's 1.4 million. That's, I'm kind of impressed. That's seven bucks, right?
That's 50% like slip. I just, you must be pretty fucking bearish on Adam to do that.
Like wait the 21 days to, to like, but I guess people are going to know that you're
unbonding and there's a lot of people unbond and sell all the time.
But they wonder about that. That's a big number. That's a big number enough that
maybe that's going to cause additional price action that might affect you or
Would it, would it cause a 50% slide in the, in the price? I don't think so.
I guess it depends whether you're control freak or not, right?
Uh-oh. It just seems like, I mean, it's a really weird, it's a weird set of transactions
without understanding the idea of liquidity for a validator. So prestigious, old.
Yeah, I guess so, but it's a really, it's a weird step to be able to just dump that much
in a very short period of time without understanding, oh, like maybe this doesn't exist.
Maybe these liquidity isn't there. Maybe we can, some, I don't know, was that like,
we was automated in some sort of sense.
What the fucking big red button?
Well, it took over three hours. So if it took over three hours to be able to do,
I wonder if it was automated or they, but they scripted it out or some sort of structure to
be able to move that where they weren't even looking at the DPEC, right?
They were just doing it over a short period of time.
I mean, it sounds very lucky.
Who is the winners out of this transaction then? Like, who absorbs that extra 200K?
That must be the LP, right?
Yeah, imagine, right?
Yeah. So it's a big win for the, for the LPs.
Is it?
Million bucks, yeah.
Wait, why, help me out with that. Why would that, why would that slippage?
Why would that item move?
Well, I mean, ST Adam to Adam is a one to one pool, basically, with one of them's got a
fucking 21 day unbond time. So if you lose 200,000 Adam through the pool, you've effectively
just gifted someone a million dollars or the public cash flow.
Well, yeah, people are being right. I mean, I don't know. I don't understand DFI, but I understand.
No, it doesn't. It doesn't matter. It's slippage in the pool. There wasn't enough
liquidity in the pool and it slipped. So basically they got, you know, someone got a lot more
ST Adam in exchange for a lot less Adam.
I see.
They've gained an ST Adam through the pressure.
Probably arbitrage bots that got the most of it, right?
No, it would have been the liquidity.
If they're folding in, it depends. If they did it all in like one trade, then it would be like that,
that mad kid that bought one Juno for like $3,000 or whatever. Do you remember? Like back in the day.
But if it was...
Wait, hold on. What? You can't just drop that and...
What? Someone did that?
Would you remember when Juno got first listed on Osmosis, but before everything was stabilized
and it was in the UI, somebody was trying to front run the pool and they just submitted a
trade blindly and they swapped 105 Adam for one Juno or something like that or 0.1 Juno
because the pool liquidity was so low and so it cost like...
Maybe it was only like... I don't know what the math would be like. Maybe it was only like a few
hundred dollars per Juno, but they basically just evaporated about $8,000 worth of their money.
Wow.
It was the subject. When I'm into the first NFT on Juno via a custom contract, it was just a one
and one NFT, which was the Elmo apocalypse face looking with all of the screenshots of that
guy's telegram messages as they realized that they just evaporated like $8,000 or whatever.
If you could find that for me and share it, I would love to see it because I feel like I've
missed this really important piece of history and I need to be learned.
Yeah. I'm sure because the NFT is of course just a JPEG and because it's really hard to index
NFTs and it's lost the fucking mist of time on the Juno, I'll go on my hard drive and find you the
JPEG on my hard drive because it's actually easier for me to do that than it is to find it on the
blockchain you'll see. Thank you. I appreciate it. NFTs, though, they're going to be around longer
than us, though. They're going to live forever on the blockchain. Anyway, that's kind of funny.
I think that's quite funny and spicy news pieces, isn't it? That.
It does show how little liquidity is in those things too, right? Because I mean,
it's a lot of money, but it's not like in the larger scheme of things, it's not like an insane
amount of money. Yeah. I mean, it's also, I mean, like somebody just said, it's quite a
bearish signal, isn't it, from one of the biggest validators to be like, yeah, we're just going to
liquidate hundreds of thousands of atom at literally whatever we can get for them. Fuck
the consequences. Yeah. Yeah. What the fuck do they know? What the fuck do they know? When was
that? Was that this week? Yeah. It must have been, huh? Yeah. Cosmos has been on a bit of a,
it's down 5% for the week, but not worth it to sell it 50 cents on the dollar. Yeah, exactly.
Rahman said, by the way, it's not one to one, it's one atom to 1.2 ST atom.
You know, just to be 100% accurate. Yeah, we get it. It goes up over time.
Yes, you know, you know more than we do. Yes, we've established that over 81 episodes. We get it.
Hold on though. We got to take a moment and appreciate this. That's why investing in
ST atom is the way to go, sirs. Listen, this is not financial advice, but by now, it'll be more
later. The ratio will only keep increasing, boys. That's the way that's how math works.
I'm just surprising that it's already 1.2, actually. I think Stride's been available for
about a year now, right? So like over time, that'd be about 20%. Yeah.
Yeah, okay. That's a fairly long time. I didn't realize. I mean, honestly, it's a year minus
the amount of time it takes for the interchange security validators to actually do upgrades.
So it's more like 363 days, maybe. Well, in that case, that was a good dig.
It's a salty dig. Didn't fucking pick it up. It's salty as fuck.
It's just like, oh, do we just sound like bitter old spinsters if we jump on that one?
Yeah. I don't remember upgrades taking that long in the past, but it could be wrong.
I mean, I remember. Do you remember left it? No.
Do you remember giving a shit about upgrades? Anyway,
no, we had to run one this afternoon. It was very different network, not cosmos.
So, you know, actually, this is a validator podcast. We can actually say networks outside of
those. Oh, yeah. All our news is cosmos based. Wait, wait, but is this publicly released now?
I think it is. The upgrade that went through release groups today.
Yeah, I know that. I think so. It wasn't even a hard fix. There was nothing security related.
No, it just wasn't a schedule release. Yeah. So just to clarify that it's actually the slippage
was more like they lost about 100 out of 100,000. Not 100,000. That's it. Well, how? Okay. So if it
goes from 432.60, that doesn't equal 100,000, right? No, no, but if the ratio is 1.2, then actually
to swap it is 360,000. Oh, it was 460. St. Adam. Is that what it was? So they would have
moved their stake from Adam to ST Adam, which they would have ended up with about 360,000
ST Adam and then swapped ST Adam to Adam, losing 100,000 Adam and then going to Binance and selling
it. I wonder if they actually shifted the price when they sold that much.
Interesting. Reading this Twitter thread, apparently arbitrageers pulled it back up
basically immediately. So that would be market makers, sir. Hey, I have no fault in people
that are doing arbitrage. I mean, I think that's a valuable service. Yeah, I love the market makers.
Thank you for your service. Is that just another word for groups that lose money?
I think they are groups that lose money that are funded by foundations. Yeah. Okay. Well,
maybe they're shorting it somewhere else and then it's all just part of the same glorious,
beautiful circle, Jack. Well, I mean, some of it's part of it's part of it's like arbitrage,
part of it's hedging, part of it's reimbursements or reward for providing the service.
Part of it is like taking a hit and then rebinding it over time. Yeah, I'm sure they do a lot of
things, but ultimately it keeps the price more or less more stable. It's kind of like an interesting
concept really to like, I can't imagine like, and I think this will not really come as a huge
surprise to anybody. I think I'm probably the more risk averse end of the validates on the show.
But I can't really imagine being in the shoes of, yeah, like a market maker where they have to make
that kind of commitment over a longer term period to an asset like crypto asset and be like,
this is fine madness is total insanity as a business model. I mean, I know they make money and
clearly they're smarter than I am because they do that and fine, whatever, you know, but it
spicy meatballs, but I guess no, no, nothing ventured, nothing gained, right? Or maybe you
can maybe you just have to be so fucking absolutely gone to the tits with institutional money that
you're too big to fail if you want to actually be a market maker, right? Like everything,
everything doesn't look so stressful when you've got 100 million in your pocket. But
that's right. Yeah, I assume that they're in that rarefied atmosphere. Anyway, so
I'll just bend down here commenting on the on the tax advice you received this week,
probably from Dr. Frey. No comment. No comment. Don't don't hand out tax advice. Go and find a
chartered accountant that has read the UK government crypto assets manual, just like I have. Anyway,
before we move on, I have a quick story for the week. I haven't been to the Royal Show in Australia
ever, which is like, you know, the show is like, you know, how you have the fair or whatever,
like the big show that comes to your region. So we have some really big ones in the capital cities,
like Sydney, Melbourne, Brisbane, that type of stuff. Never been to one like all the kids used
to go there when we were young, because I was like poverty stricken. We just sat at home and played
with that sticks. Anyway, is that metaphor? Play with what now? Play with that dirt. Anyway,
so when I was walking to the gym the other day, I walked past the showgrounds, which I didn't
even realize was showgrounds. I walked past these fucking things 100 times. They were
setting up the Melbourne Royal Show and I was like, oh, shit. Is this like a farm show? Like,
is it like livestock? Like that? Or is it more like technology? Is like a World's Fair? Like,
what are we talking about? No, it's like, you know, they got spinning mechanical spinning things.
Like amusement park shit. Yeah. Yeah. So they got the amusement park shit. And then they've got like,
you know, bull showing and, you know, like a county fair. We were both showing.
They're way they're nuts. And then they have like, you know, horse jumping and horse showing.
And so it's like a it's like, it's like a, like we were kind of like a county fair. Like you have
a lot of different livestock type of things going on, like whatever it is. And you might have like,
like, you know, like by us, it's like a demolition derby. And then you have a covers band playing
Lenskinner covers. Exactly. Right. And then stage collapses halfway through their step. And it ends
up on YouTube and everybody in countries where they have like, you know, legislation on how you
can and cannot rig a stage at a mass event, a mass, mass spectator event, are like, oh my god,
how are they able to build it? So poorly that it fell on the crowd. And then people are like,
Merrick. Okay. Yeah. Okay. So you want to, you want to say next bike still on double backies and
that type of stuff. Anyway, so you get to punch a kangaroo or anything? No, actually, I looked
around and they didn't have one of those punchy things either that you get the numbers.
Haunted house. Haunted house. Yep. Oh yeah. There you go. Yeah. They had some seriously sketchy
looking spinny around mechanical things that I was not getting on. But so you guys got the
corn dog over there, right? It's like the we got the corn dog. It came to the US. Yeah.
Frankfurt on a stick dipped in batter. That seems like a US. Yeah, that has to be embedded here,
right? So they have. Oh, you know what? I've heard that it's actually invented in Oregon.
Oh, okay. I mean, no state wants that. So if you want it, sure, you could take it. But it's that
it's got to be a US state. It's corn fucking mash wrapped around a process fucking. Yeah,
it's definitely a US thing, right? Yeah, I'm glad it made it. So we I got one right in Australia.
We call them a Dagwood dog, right? And I went up to this sketchy looking fucking like thing on wheels.
And like a hot dog cart, you mean? Well, yeah, but it's a big one. It was like a hot dog,
fucking Taj Mahal. Yeah, and signs and shit right? Yeah. Yeah. But the signs that and this
should have been like, you know, some sort of warning sign that all of the prices were missing
from from the signboards, right? Like they had spots to put prices to write them in, but there were
no prices. And, you know, I was like, I'm at the show, I'm going to get a Dagwood dog. So anyway,
I go and order this fucking Dagwood dog. And I'll make it hands me this slop on a stick.
And then I just like, you know, puts out there for us to terminal. I'm pretty used to just scanning
that shit these days. And there was no price discussed. And I later realized that I paid
15 fucking dollars for that shit on a stick. And that's about 10 US dollars. I was raped.
That's about what I would expect to pay for at the county fair, honest.
Yeah, that's that's a fucking $1 fucking lips and arsehole roll on a fucking 10 cents,
please way less. Yeah, by the way. Yeah, 50 cents, fucking lips and
arsehole. Convenience fee, right? You're not making those that lips and arsehole roll at home.
You're out in the middle of people, you're looking at bulls nuts, whatever else.
Getting some and you can eat those balls as well, actually. Yeah, that's a yeah.
So another funny story on the way. So anyway, I got two of them on the way to the county.
Anyway, I got to eating the bulls nuts and so we were we walked to this thing, right?
Because it's like only three and a half Ks away.
But it was a house. Yeah, you're you're in Melbourne, though, right in Melbourne.
All right, not from your place because there's nothing three and a half Ks away from your place,
right? My mailbox. Okay, just checking this to make sure I was like, is there you put a fare
at the end of your driveway? Yeah. I mean, technically, that'd probably be before the end
of my drive. It's on my property. The things you can do with a government contract.
I know, right? The power. So we're walking to the to the fair, right? And I had some like
apples and shit for breakfast before we left, but the misses hadn't eaten anything.
And so we stopped by this like Polish deli on the way. And I didn't get anything because I was
hungry. By the way, that's not a thing. Polish deli is nothing. So like restaurant? Yeah.
Polish deli is absolutely a thing. What would what what what cold cuts are Polish specific?
Like I don't know. And then like, you know, stuff. I mean, that's there's nothing.
It's not called sovami, but it's like, same thing as like spec and stuff like that, right?
Okay. The Polish have the biallies and biallies are to die for.
And so when you go to Delhi, that would be a bakery.
It's to do donuts, doesn't it as well? I'm not saying they don't do these things. I'm saying
like, yeah, I'm sure there's Polish delis, but I'm saying there's nothing like, it's not like
an Italian deli where you're like looking at prosciutto and things like that are very specific
to that region. I'm trying to understand like what's specific. Biallies are a good example.
It's it. That's it. But that's a more of a like Polish. It doesn't fucking matter. All right.
I'm defending. All right, go ahead, please. It's it's it's non it doesn't matter for the story.
What the fuck they were telling. And so anyway, they told me that they had been investing in
ST atom when it was he pegged by some fucking mad person. They lost their life saving. They have
to sell the deli. They owe the Australia. It was a deli. Like the fact that it was Polish doesn't
matter. It was just a fucking deli. All right. So I waited outside because I didn't want anything.
Kelly went inside and she comes out with this like pasty, right? You know what a pasty is?
It's like the it's like a mince pasty, a Cornish pasty like a cornwall. Yeah, like a Cornish pasty,
like a fucking but not from Cornwall. Yeah, it's like a piece of pastry with some mince and fold
it over. You should know that almost no one in the US will understand what you just said. I make
pasties often. I'll tell people make pasties and they're like, what are you saying to me? Are these
words a pasty? Do you mean pastry? What? No, it's a pasty. It's like a rectangle folded over.
Literally, like the definition of a good honest at the cold face meal because it was designed
to be good and honest and eaten at a cold face. It's just fucking mits and in like it's in pastry.
Yeah. Yeah. Okay. Anyway, so we get about halfway between the deli and the story forever,
by the way. And the show. That's because I'm big into rockin' at every fucking turn.
So we get halfway between the deli and the show, right? And Kelly looks, sorry,
fucking my partner looks down at her at her. You've docked them twice, by the way. At her pasty.
And it's like in this big chunk of mold. And then. Oh, really? Oh, you know,
maybe a spinach. She's like worried from now on that she's going to get like gastro and like
all this other stuff. I'm like, don't worry about it. Just fucking move on with your life. So if
you get it, you're fucked anyway. So just pretend like you're not and then pretend it's a surprise
if you do. You're fucked anyway. So basically, so you didn't walk back and demand another one.
I would have walked back and been like, listen, no, another moldy one. What we did was we took
a photo of it and then continued on with our life. Meanwhile, the messos. It's how much you
also get the bloody, the, you know, the repercussions. So we drink some water and that type of stuff.
You want to kind of coke really in that situation, don't you? Like full.
Had some electrolytes and whatever you want to like fucking you want to like fully just be like
neutralizing shit down there, right? Man, I've eaten mold all the time. It's fine. Like I was
just like, you'll be fine. There are different types of mold though. Like penicillin is a type
of mold technically. Yeah, from the mold. That's like, that's been not dissing the mold in Stilton.
Yeah. So I mean, this mold is very nice. It was strong whiskey as well. Everyone eats
fucking mold, right? Occasionally. I was like, you'll be fine. And she was fine. So I was right.
I win. Do you win on the way home armed with the photo of the mold, we went back to the deli and
I'm like, here's your pasty. You should probably take the rest of them off the shelf. And anyway,
we're like, she's like, Oh, we'll give you a refund. And I'm like, how about we just swap this
for some of those beers? So we did it work. Yeah, I got two beers in exchange for the moldy pasty.
It works. Wow. I'm not sure that was a good deal. This reminds me of the time when I was at a bar
and with a couple of Dr. friends of mine and the barman passed out, he had an epileptic fit.
And one of my mates stepped behind the bar to basically like check that he hadn't like swallowed
his tongue or something and then put him in the recovery position and whatnot and call the
paramedics and yada yada. And it was like towards the end of the shift anyway. And they were like,
right, we got to shut the place up and yada yada kicked everybody out. And as we left, he revealed
he had like a few beers in his jacket. And I was like, Oh, cool, right. They gave you a couple
of beers for helping out the man. Cool. And he was like, Oh, no, no, they just reopened the bar,
sell me three beers, although they were kicking everybody out. And I was like,
you just help that guy. They weren't like, hey, have a couple of beers on us. He was like,
no, I think they gave me staff discount. And I was like, kind of seems like you help them out,
and then you help them out again by buying their beer. I mean, you just got shafted, my guy.
He was like, whoop. You're the one that made that negative story. He was all excited about it and
ready to share. And then you're like, you got shafted. He's like, I got beers. Yeah, exactly.
He's all excited. He was like, I got three beers. How did I get shafted? I was like,
did you pay for those beers? Yeah. And he was like, well, but I would have had to,
I would have helped anyway. Like this is my profession. I help people. And I was like,
this sounds like a suckers game to me, man. Fucking doctors. All I heard throughout that
whole thing was yada, yada, yada. I got a free massage and a face. So you weren't listening at all.
That was a different. And in your mold story, I mean, really what happened there
is that your significant other had a moldy piece of food. You slapped her in the back and screamed
yellow low. You went back to the place and you got a free beer out of it. Is that basically what
happened? That checks it out. Yeah. Yeah. It's basically what it's like. Suck it up. This is why
you're never going to be a storyteller on the even say, I was, I'm sorry this happened to you,
but you took it back and then you got a free beer out of it. Yeah. Did you eat? I didn't expect
someone to be bitching about fucking mold. It's too sunny. They got other shit to do like throw
shrimps on the bar. You know, that's time you could be drinking. My wife ate mold. I want a free beer.
Yeah. I love it. But isn't the is like the default reaction for almost any situation.
Like, well, let's get a beer. Something something happened. Crack a beer.
That happens with kids. I think the concern was is that the meat may have been in a poor condition
if it has been around long enough to grow a pocket of mold. But it's cooked, right?
That's what I said. I'm like, they just fucking melted that thing in the microwave for four minutes.
You get very bad. That is not the way how food porn pathogens work. But
more power to you, man. I mean, they are in the microwave, though, I think I'm dead or stronger
one of the two. That's the video game version of how bacteria works, isn't it? So should we
go on some more? Let's go on to another spicy one. Let's go to the Juno one. Yeah, let's talk
about that shit. Oh, yeah. Okay. That's pretty spicy. I'll do. So Noel, do you want to introduce
this one? Sure. So you might notice the little tagline today was born from this news. So Juno
announces a $1.5 million Juno to $600,000 USDC over the counter swap after several months of
negotiations with various Core One members and affiliates, many of which said not go through
with the deal. A proposal arrives on Commonwealth for the Juno community to decide on.
Who put that proposal? That's Reese's proposal. Is that right? I think it was from Dimmy.
I think Dimmy was on Commonwealth. The response has been, I would say, negative.
So what can somebody explain what the fuck this is? So somebody came to the Core One team and said,
the concern is why in the fuck would anyone want to swap for Juno at 200% above market value?
And the conclusion that anyone can come up with is that someone is going to buy that and then dump
it as money laundering. It's 245% of current price. So who cares if they dump it? Like, I don't
understand. Dump what? Dump at a 70% loss? The argument is let them buy it, let them dump it,
and then the community can absorb the tokens at the lower price having already made the
money on the USDC. That is the argument for who gives a shit because there's such a premium being
paid. But as Null says, it's suss as fuck, dot friends. So nobody knows who this prior is, right?
It's anonymous. There's no understanding of why someone would buy a 30 cents on the dollar, right?
Other than they're like a crypto faithful. Okay. So what would be the concern by people?
There's an individual would dump on day one because it seems like that is the...
I think it's more about supporting or facilitating money laundering if that's what's going on. So
people don't know who the person is and I think they're just concerned that they may be facilitating
money laundering. Agreed. That is a clear issue which resides 100% on Core One.
Yeah. So without knowing... And also there's a whole... There's like the whole like you're creating
another like pretty massive whale. And as... So viewers of the podcast, listeners on podcast players
will not be familiar because I don't think we've ever mentioned it on the podcast before,
but there was this thing called Prop 16 which was all about... I mean, it was about an airdrop
being gamed and yadda yadda yadda. But it was also about a bunch full mass mob action against
somebody who had a very, very large wallet of Juno. And look, if I was going to OTC for Juno
and receive 1.5 million Juno in return, I would be a little bit like... I would have my eyes
on my wallet as it were. Even when you're in like a bit of a shitty bar, right? And you kind of just
like... You've had a few drinks and whatever and like you just like... You're not going to just like
put your wallet on the table next to your beer and then just like take your eye off it. You're
going to keep your wallet in your back pocket and you sit down on it and you're like, I'm a bit
uncomfortable with my wallet in my back pocket, but no big deal. I don't feel like... If you end
up with 1.5 million Juno, who the fuck are you? It's like the ideal place to be there as a very
public whale, maybe? Honestly, this is a... Why? If this is a money launder, they're picking some
shit chains to be able to... Yeah, like what? I don't understand. If you go OTC, typically you
pay less, right? So why are they voluntarily paying more? That doesn't make any sense to me.
Good question. So I don't know. This seems very strange to me.
They could dollar cost here, right? Like they could DCA over a period of time. There's plenty
of sales within Juno. They could acquire... If they really wanted to acquire 1.5 million dollars,
it wouldn't take them very long to be able to do so. And obviously a much better rate than what
they're getting here. So I just want to understand that.
Yeah, 1.5 million Juno for... Well, actually, so Ramas said in the chat, you could buy in market
the 1.5 million and probably only drive up the price to around 30 cents if you did it in
100k increments and that's kicking. That's probably not far off actually.
So yeah, 40 or 50 cents is an absolutely mad premium to be paying for buying that much Juno.
And not to mention that amount at one time. I just don't understand why you would,
regardless of the whale size, it just seems like a very odd type of thing.
But so away from the reasoning for this purchase, what's the downside?
Yeah, I mean, if it's a legit purchaser, then it really isn't the downside other than creating a whale.
But let's say it's not legit. Let's say it's totally fucking shady. Still, what's the downside?
That you're facilitating criminal activity.
Why is this all for prop anyway? Is this because Core 1 couldn't agree on this?
And why is this multi-signature only three individuals out of Core 1?
And why did it take five months to get through? Four months? They said it started on May 25th.
That's when conversation started. Have you guys been talking about this for five months?
Okay, bluntly, some of us are like, this is very, very suspect. We're not touching it.
Obviously, no. Since your name's not in this bullet list, I'm guessing you're in it.
Fucking obviously not. I don't want to call you up, but your name's not on this
bullet list of all the members. So anything to do with this, I guess, is suck as fuck. But you know.
I guess the one good thing is that there would be money there to pay.
Yeah. So there's a thing here where Core 1 as a delegated group of individuals who represent
the interest of Juno to some degree, if there was a legitimate purchaser, like another foundation,
an entity that was sort of KYC'd or known or something like that, then I think there is an
argument. I mean, even the Core 1 treasury is substantial. There isn't absolutely an argument
for having USDC to pay contributors. All this stuff is expensive. And some of the burn on
Core contributors. Now, to be clear, this is worth the money because without it, Juno does not have
a future. But the burn on that stuff is like well over 100,000 Juno a month, right? And that's
a significant chunk of the liquidity available to pay for contributors and development and all
that sort of stuff. Like current price is significant amount of Juno is getting burned,
right? To pay for what are quite normal and reasonable dev salaries.
That's 16,000 a month. That seems very reasonable. Yeah.
Yeah, exactly. And you add together everything is probably substantially more.
Yeah, that seems extremely reasonable. So when you say 100,000 Juno, like people,
back in my 2021 days, right? Yeah, but that seems pretty reasonable. Yeah.
Yeah. So the argument is just that the liquidity required in Juno to continue paying is substantial
and is having an effect. And also that obviously contributors are having to then sell out a market
in order to pay their fucking bills and whatnot. And also, if you're paid, that is how you're paid,
that is your salary. It is 100% your right. And in fact, I'm fiscally responsible of you
to convert that on to fierce immediately because most of your native jurisdictions do not give
too fucks about this shit coin bullshit. You want the money in a place where if somebody says,
yo, you owe me that, you go very good. Don't worry about it. You want to de-risk yourself,
you're just an employee, right? So the whole bunch of... The situation is very, very reasonable
in terms of why the burn rate is the burn rate. But there is like a, well, is there a way of
actually paying those salaries in USDC? But then the thing is the flip side of that is you go,
well, if you're already OTCing 1.5 million Juneau at current market price, although you're doing it
in one goes, there's no effect on price, no effect on price to the community, it's still...
It's just the same thing once, right? It's still selling a large amount of Juneau at current
market price from the community treasury. The end result is the same, which is you're depleting the
treasury of Juneau at a much faster rate because of the current price. And so to some extent,
you're like, well, if the burn rate is 100,000 a month, it's still like... It's a bit more than
that, obviously. But you're still like, it's over 10 months until you've burnt as much as this current
prop is proposing to OTC, right? Well, it becomes more as time goes by because the selling it
causes the price to drop, which in turn makes it have to be more Juneau every single month.
So... Sure, but you're assuming the price is only ever going to go down, which the reality is at the
moment, yes, but if the entire market turns around at some point in the future, which is again, not
unreasonable, markets are cyclical, that bottom will be lifted up by the adjacent liquidity in the
rest of the Cosmos ecosystem, even if you don't think that Juneau itself is going to outperform
the rest of the Cosmos eco is very, very highly likely. This is not financial advice. It's very,
very highly likely that that price will improve from its current position. And even given the
additional liquidity now in circulation that wasn't in circulation, say in AppChain Winter,
it's still highly likely that the price will go up a multiple of where it is currently, which in the
end might end up meaning it resolves itself, right? At least in terms of a really fast burn rate,
which is the current issue that's being seen. Maybe we're like 500 days into this bull or
something like that. There's no cyclical or not, there's no guarantee that any of these
chains move any sort of significant metric in terms of dollars. So this idea that rising
tide raises all ships when it comes to Web 3, I think is, I mean, it does into a point, but
like you can have a 20% increase. Well, everything's great about it.
Well, everything's positively correlated. The mechanics of the pools bring them up with,
so if Adam goes up in value, then the mechanics of the pool brings up the value of Juneau,
which is the way it is. Yes, but not one to one. And certainly not at a point that's going to,
I mean, they haven't decreased at one to one. There's no reason that they're not going to
increase at one to one either. And so the idea that, I mean, we're like 9 or 10,000% away from
all time highs, right? So in this chain. So the idea that this guy's actually going to move any
sort of significant way, back to that cyclical piece of things, I don't know if that's a real
argument associated with this. I mean, if like, say if Adam went up, doubled tomorrow,
right, then it's likely Juneau would probably go up like 25% to 50%.
Honestly, it lost 16% this week. Like you're talking about 25% is equal to a 16% drop.
It's saying the statement's true. The rising tide will bring up the price.
It's a big leak to be able to do that, but I'm with you.
I saw this comment and somebody said that like, probably best to wait, let the new Juneau crew
handle it. I didn't understand what that meant. Is there a new Juneau working group?
There's going to be a proposal to basically dissolve core one and move to a fully sub-dow situation.
So that would be like, like dows associated to specific types of actions or structures?
The head dower is like the community dower and then there's like a council
and the council's made up of like people on the sub-dows.
It's going to be like a full decentralization of any responsibility.
But you still have to have, don't you have to have a core one to be able to
dictate the structure of those dows or no?
That's what community dower ends up doing.
Yeah.
Yeah. The community pool can vote on that.
So, I got you. So the community pool ends up becoming
a core one that can drive some of the participation at the sub-dow level.
Yeah. Is that right?
Yeah. I mean, technically like the new core one, I guess would be the council
in some respects, but just different people with some advisors and that type of shit.
So that means, I mean, I kind of agree with that comment.
Like why would this decision be a multi-signature of a subset of core one then?
But whatever.
I think it's only meant to be like a reasonably brief engagement as a multi-seg right?
Just to send it.
Yeah. These are just a doubt out to make the exchange.
Send the exchange.
Yeah.
I mean, dude, vote yes. I mean, YOLO, who gives a shit?
You surface in the full game.
Let's take the 600,000. Let's fucking take the 600,000.
They can always buy back Juno at a lower rate later anyway.
It'll pump for a little bit and then if it goes down below 16 cents, you can buy it back.
That's the argument. So, straw poll of the podcast then. I'm skeptical.
Null.
I'm hugely skeptical and also voting yes.
Yeah. I mean, I mean.
Skeptical and no.
If it pays for development, fucking YOLO.
Null skeptical and yes. Serp skeptical and yes.
Should see.
Absolutely.
I guess I don't really understand what really the downside is.
I understand there's the argument for wandering and stuff and suspicious activity, but.
Lost my name's not on it.
Like yeah. My name's not on it.
Right?
For real, we know.
If we get the money.
I mean, like for all we know, it's just Jake trying to prop up the fucking chains and all.
Yeah. I mean, it could probably be SG1. It's probably SG1 on it.
SG1's funds only flow out.
Yeah. I mean, they just.
They just took all that out of the crack and to turn it into Juno to bring it back to.
Yeah. This is it.
Yeah. I mean, they just got two million YOLOs.
That's what they want. That's what they want.
Give a little back, you know.
I mean, honestly, if it was two years ago, this is so fucking shady that I think everybody would
say no. And today in September of 2023.
Yeah, sure. Sounds great.
Let's do it.
So if I feel like you've got the BitBoy one.
What's that?
No, the next piece of.
Can we skip down to this Cosmos million thing?
I don't want to talk about that stupid fucking douchebag.
Yeah. The other drama today was that Cosmos millions, which is basically lottery, right?
So I don't really know too much about this.
Prior. No, I think it's in the app.
Is this an Adam Dow or a Dow funded thing or something?
Wait, are we skipping the Ben and Armstrong thing?
We decided.
Yeah, we'll come back.
No, we'll come back to it.
You can do it.
Okay.
We'll leave time.
Yeah. So Cosmos millions dot com dot club dot friends has a bit.
So basically what they're doing is that they have the ability for individuals to stake.
I don't know if it's a contract or what the fuck it is, but it's basically a structure
that allows people to stake to that.
And instead of receiving their normal rewards, they run a lottery that has a not just a main
winner, but a system of winners that based on the size of that pool, that redemption of rewards
gets split up across people who stake into that pool at some sort of weighted type of structure.
And then usually they also add in from the hosting chain, that hosting change might sponsor
or basically build up a large pool of delegations to get it going.
So nobody wants to fucking win 20 stars based off of staking a certain amount, right?
But if they're asking stargaze to be able to put up, I think it's 8 million stars.
8 million yet.
It's 8 million stars, right?
I assume that's, I actually don't know.
I think it's being transferred and they stake it or something similar to that, but they basically
stake that to a subset of validators, which we'll never get into, which is still a fucking
pain in the ass, but whatever.
So they stake that to a subset of validators that gets rewarded out.
And I think it's weekly or some sort of situation of that.
Whoever stakes into that pool minus stargaze or minus that first 8 million type of stars,
that rewards comes due.
I think it's like 39, I thought math was like 39,000 stars a month or a week maybe.
Maybe it's a week.
And then there's a set of winners that could randomly draw on and whatever,
and then it gets distributed out.
So if I stake a couple thousand stars to that, I'll have the ability to win a tremendous amount more,
right?
So I think there was a, if I understand this correctly, there was a pretty large grant that was
maybe a $8, maybe somebody else, I don't know how to badmouth them, but that was created to be able
to generate this.
I think it happens within Adam today and with the stargaze.
And so now there's a pretty large amount of drama associated to that that is associated to
the idea that stargaze coming out of the community fund might put 8 million stars towards this.
So the idea is that also it's not a grant and so much is that it's a, I think that it has to be
transferred though.
I'm not exactly sure, but I think it has to be transferred since the rewards have to come back to the pool.
I think.
And then, and then I would assume over time after that gets bootstrapped enough that 8 million might come out.
But I don't know how long that would take to be able to do that.
And so there's a, there's just a lot of drama around there's a stargaze proper on it and it's turning into a
like a whole fucking thing.
So I mean, what's 8 million stars like?
It's like $17 or something.
Yeah.
It's a, oh shit, I can do a quick math here.
I think it is.
60,000 or something like that.
Yeah, it's probably about, yeah, 64 grand.
It's not too much actually.
So, you know, back to the yellow piece of our last news segment.
Romer says it's a multi-stake that controls it for one year.
I think that's correct.
So I think that they do transfer those stars back.
If there's an agreement to be able to return those back, something similar to that,
then so be it.
But the idea would be that it gets us going and then you kind of build this.
And I had a pre-call with this team because they wanted to reach,
I think they're reaching out to validators to get their opinions on it because this is an elected official
stupid fucking Cosmos SDK governance thing.
And my count to them was like, I guess it makes sense and like I understand what they're
trying to be able to do and it's kind of fun and those types of things, which whatever.
But there's such an opportunity here, both in terms of the NFT side of the house,
in terms of maybe kind of doing some tie-ins with either new creators or other creators
to be able to drive some use there from NFT holder.
Maybe I get something extra on top of that, something similar that you can do with that.
And the other thing that we haven't, we've talked about last week was that like we have,
we have this idea of this influx of MetaMass snap users and this capability
of being able to expose like Stargaze and other great chains to a huge
number of new users.
Like how do you do that?
Like how do you actually, that great, that capabilities there,
but that doesn't mean anybody's actually figuring that shit out.
And so how can you build like marketing around this and find something more
interesting to be able to attract more eyeballs?
Because it is a great marketplace and it's a great tool set.
So it'd be nice to be able to find ways to be able to do that.
And I didn't see either of those in this prop and I don't think they have much of a plan around those.
And so anyway, I think it's just more, it kind of goes back to the same idea, which is like prices
are down and it's a, nobody wants to spend anything coming out of the community pool,
but at the same time that when props do come up, it turns into how is this going to expand out and
do more.
So it always becomes a bit of a challenge.
I hope you guys saw this or not.
My question is, is does the draw use noise?
That's a damn good question.
I don't know how the draw works actually.
Yeah, I don't know.
Should.
Are you saying you're in favor of it?
It's just so much random.
Who me?
Yeah, you.
Yeah, I'm kind of in the YOLO who gives a fucking stage of this, right?
So since, since I would request would be that there is a time limit and it's a bootstrap
over a period of time.
And since we are losing like the community would lose the, the, the gains from those
stake stars over that period of time.
But if we had six months of say, hey, it's eight, it's eight million stars over six months.
And therefore we have whatever it is, like 40,000 stars times, times six times 20, 24
weeks or whatever that is.
If that's what we're, if that's what we're losing, is that the community is losing to
be able to give it a shot and find other ways to be able to bring more eyeballs in,
then maybe that's worth it.
Right.
And actually, I kind of don't think those, those stars should be staked anyway, but that's
different.
So, so the idea that, that it could create something.
Yeah.
Originally, I was really negative around it, but at the same point, if it could turn into
more eyeballs or it turns into a marketing thing, it's a marketing thing.
And if those stars come back, then maybe it's not that bad of an idea.
If those stars are gone, like it's, hey, it's $100,000 or whatever it is that eight million
times eight cents, that it's gone forever, then that's different.
Marama says, he's a huge vote.
No, I feel like Rama has an opinion.
Yeah.
He's not a big fan.
So I don't know.
I'm also, we're also at the point where like, like we got, you got to throw some caution to
win and see what the hell works.
But, you know, I also, since it wasn't a grant and they're not going away, it kind of reduced
my overall negativity towards it.
Yeah.
I guess my question is, does it increase self pressure by you, by using it and then it returns?
I mean, I suppose it would cause you said it increases the reward amounts that correct.
Well, the mint goes to individuals versus to the community.
So yeah, it would, it wouldn't, it would, the mint doesn't necessarily change, but the,
the number of stars that are available to be sold does.
Sure.
I would think I must be misunderstood.
Anything I thought you said it was coming from the community pool and the community
pool does not have a stake right now, right?
I don't know if they do or not.
Oh, okay.
I don't, I don't know, because there are some validator delegations and those types of things.
I don't know if it comes out of that or if it's, if it's not.
There's no on Stargates.
I don't think there's any community pool staking or anything.
Okay.
There are valid, there are validator foundation delegations though.
I don't know where those are coming from.
I mean, it's like a different wallet.
I guess it's a really matter for me asking because I don't have a Stargates validator.
So.
Oh, yeah.
I don't have a Passage, we have a Passage validator.
Listen, I'm long on Passage.
I think that it is going to change the face of the metaverse.
I couldn't even say at the straight face.
Dang, I cracked at the end.
I thought you were going to put it off.
I was like, I was like, I kind of know he's fucking with me, but I also really want to
believe in the sincerity.
I want, I want to buy into this lie.
How can I buy an interest by?
By going to Osmosis and buying Passage tokens is the answer to that question.
That's not financial advice.
You shouldn't do it.
Um, yeah, cool.
Okay.
Anyway, women can be surprisingly convincing.
When you just look straight in the webcam and just whisper sweet little nothings into the
external Mike jacket.
Hey, look, I do want them to be successful.
Whatever's good for like any network individual is good for the ecosystem.
So who's they go you guys, you know, any of them, them capital capital T, you know,
it's that was really close to the, the Spital Tap thing.
Wasn't it where we're a real huge fans of your music, not yours specifically, but the
whole genre role.
You're speaking of your shit change.
But, but, but, but more generally all of the, the genre of shit chains.
Dude, I just use that.
I use the Spital Tap reference with a, we were at a party last Saturday and I was meeting some,
some guy like we're just for kids things.
So there's a bunch of, you know, kid dads and things like that, which is always like
a weird conversation because you're always like, what's going on?
Right.
Cause like we're not friends, but our kids are friends.
So therefore we got to hang out.
That type of thing.
Like you'll, you guys, okay.
So here's a question.
Is it weird doing that versus meeting like your wife's friends, which is, which is
like on a weird scale, which is better.
Honestly, I do way better with what even in those situations, I hang out with all the women.
I don't know.
It's just more, more, they're more fun.
There's less like big ball type things.
I'm like, where do you work?
I'm like, fuck, I don't get, I sell shit coins.
That's what I do.
Do you know what that means?
I don't want to fucking tell you.
Go to door shit coin snails.
I'm like, good artist at the coface job.
What do you think of prop 16?
Yeah.
Like I don't give a shit.
Like I, whatever.
So, so anyway, so what am I always like you, you drop like movie hints.
Like you want to figure out like if dudes know what the fuck you're talking about, right?
Like, or just like, like if you can joke around with them or whatever else,
because it becomes so formal in some of these types of things, situations like,
you know, where do you live and what do you do?
And I'm like, I don't, I'm over 50.
I'm not making new friends.
Right. So those days are over.
Like it's just, it's just a matter of like, I just want to be kind.
And so, so what are the, so in this conversation, I said, dude, I'd love to talk to you,
but we gotta go wait.
I gotta go wait in the lobby because we're waiting for the limo.
You don't love the talk here, but I really need to get a play with this role,
which is a spinal tap reference.
If you remember when they're in the hotel, I breathe.
Yeah.
When he goes, I guess like, look, so we have to talk, but we gotta go, we gotta go in the
lobby.
We gotta wait for the limo.
Like remember, so I said that.
And the guy looked at me like, you had no fucking clue what I was talking about.
Like at all.
I was like, that's quite a bleak.
It is.
I know.
Enjoy the awkwardness of the Duke fame scene in order to
I fucking love that.
Listen, I'd love to talk to you, but I was sitting in the lobby and waiting for the limo.
That's one of those lines that I don't, I wouldn't have gotten the reference.
I know.
Nobody.
But man, I would have frigging laughed.
I've been like, what did you just say?
That's kind of like, I buy T-shirts like that.
I had like really random shit on them and like every, like every once in a while,
like somebody picks on, I was like, oh, like that type of thing.
Like not like really random.
It's kind of the, there's some comedians that are really like that.
And they will, the common, I've heard this joke several times from several different
comedians, but especially the comedian Tom Lisle with the.
Sounds English.
I've got, I've got only one, I've got one joke for every member of the audience.
So it's going to be very, very, very awkward hour until your joke rolls around.
And the first time we saw him do an hour, he told one about German Cosmisch bands.
And I was like, got you there, buddy.
Love it.
And then about 35 minutes later, he told a joke about the Keswick Pencil Museum
and my wife lost her shit.
And for some British people will get the Keswick Pencil Museum.
The best thing about the Keswick Pencil Museum, right, is the, especially in the old building,
which was a real shit hole, there was a pencil that ran most of the length of the building,
right?
And they want you to assume it's the biggest pencil in the world, right?
Because it's really big.
It's like 20 foot long.
And so it's like, well, why would they have it on the ceiling?
Because if it's not the longest pencil in the world, it's not the fucking longest pencil
in the world.
The plaque is just a little bit out of the way, right?
And when you look at it, it's like...
Did he seriously just grease on the punchline?
Specific, easily way of describing what it actually is.
It's like, it has like a really non-specific description of what, where it sits in the
ranking of pencils.
And you have to look online to discover where exactly, like, because it's like the biggest
coloring pencil or something like that.
And it's really specifically like it's the biggest red pencil in the world.
But it's not the biggest coloring pencil.
It's not the biggest pencil.
It's not any of the important big hitters.
It's actually way smaller than those.
And the best thing about this is I didn't even find that out from Wikipedia.
I found out later from looking at Wikipedia after I went on TripAdvisor.
Because the most negative...
You know, TripAdvisor has like the most positive review and the most negative.
The most negative was one guy, just full Alan Partridge going like,
let me tell you, I spent 16 pounds 50 going around this museum, if you could call it a
museum.
And just like slated specifically things he didn't like about various exhibits.
And one of them was he itemized all the factual issues with the massive pencil.
And it was, I was like, oh, thank you.
You've done all the research for me.
And then right at the end, he was something like, oh, I did like the wartime spies exhibit though.
One out of five.
Yes.
What a TripAdvisor review.
Love it.
Absolute full Alan Partridge.
It was magic.
Listen, this conversation was really interesting, but I gotta go sit and lie me and wait for limo.
Hey, on that reference, right?
You know, you know the band.
I'm pretty sure you Serpa knows the band Ocean Size.
The guy from Ocean Size, the singer went and did a band after that called Venar.
And on the first Venar album, track five, I think is called Duke fame.
And it is a reference to that.
So we're on a bit of a time crunch now.
You're going on.
You could have summarized all of that with yada, yada, yada.
All right.
So 15 minutes talking about a pasty.
I mean, I'll spend 15 minutes waxing poetic about a pasty, but not if it involves mold.
Dude, moldy pasty.
Get any of this.
You want to pick out of here, Schiltzee?
I'm busy registering moldy pasty.com.
All right.
You Serpa has a domain addiction.
It's sorry that it's come out so publicly on the podcast, but it's well known.
Well, amongst the podcast.
For five dollars.
I mean, what the hell?
Let's go.
Before we knock it by.
Let's go to the informal news before I have to fucking mute all of you.
I don't know.
So, okay.
In informal slash high five, road map 2024 community spend proposal, presumably on Adam.
Um, due to ICF cutbacks in funding informal and hyper hyper co-op have decided to put
a proposal forward to the cosmos hub community to fund development and R and D of the hub
for 2024.
The spend prop is 5.7 million US dollars worth of Adam and would be converted from Adam
to USDC with vesting occurring monthly to the fund.
The teams.
Oops.
That was me.
The prop includes maintenance of hub upgrades to ICS testing and test net support and R and
D for atomic IBC mesh security and IBC routing.
Isn't the fucking isn't there a fund for this?
Aren't they already rich?
Yeah.
What?
What's enderman or all in bits or whatever the fuck has like 700 million dollars.
Seven hundred million.
It was some comedy number like I was told the number that they had in the bank and I
was like, that's not a real number.
I might have mine by an order of magnitude.
Maybe 70 million or something.
I don't know.
It was a big fucking number though.
There was some big number knocking around.
Oh, but are they the ICF?
They're not.
So why is an ICF paying for this though?
Isn't that their fucking job?
Yeah, that makes me confused about the purpose of ICF.
Why would they?
I think the ICF is confused about the purpose of the ICF.
That's why we need to elect Jacob Notional.
Let's do it.
Oh, shit.
Let's try it again.
Use.
Yeah.
Just like Jeff, we need to get Jeff Amazon, but Jacob Notional onto the ICF board to
straight this whole thing out.
That's what we need to do.
I don't know if that fits in my new YOLO governance structure.
I don't know.
I might be a bridge too far.
AIBs rug the hub to pay for noobs.
Dang.
Yeah.
So I mean, that seems like a little, a little strange.
I am almost 100% positive that it'll get passed because yes, voters.
Because it looks like it's positive.
There was a word doc that was created that's more than two pages long,
and it followed some sort of bullshit structure around proposal generation.
That's usually, you get over those three hubs, like those three hurdles, usually pretty good.
Right?
I really enjoy that it has become a norm to tell you what the different votes mean.
Like a yes vote means this outcome will happen.
A no vote means you wish babies were punted off of the entire state building.
I don't think you get to tell me what my no vote means.
A no with veto means you will burn in hell for eternity.
Yeah.
I'm saying you wish to contribute to the quorum,
but you formally declined to vote either for or against their proposal.
Comma pussy.
Stop being a pushy.
Yeah.
You are Switzerland in World War II.
You want the gold, but you are not that interested in combating fascism.
But you have a lot of nuclear follow centers just in case.
Well, I guess that's post that would be post dub dub dub dub dub two.
That's true.
That's just called war era.
So in other news, the the TIA airdrop is live.
TIA is Celestia.
The the denom for Celestia.
For those plebes who do not keep track of all of the tickers.
Yeah, fucking plebs get up today.
Hold on.
I feel like we have a little bit more to discuss with the informal thing.
I haven't we ever talked about this before that?
No, I genuinely want to talk about this.
Like this is like, hold up.
What the fuck?
I did not agree to be.
Oh, I wasn't done with the previous subject.
I wasn't.
I had a little bit more to make fun of it for.
We'll delete this other news continue.
So the TIA thing is we're saying, okay, let me give me give me one more moment.
Of of of prime time.
I mean, there's three minutes.
So okay, I'll be quick.
I feel like we've talked about before that these proposals really need to be broken down a lot.
There's a lot of topic being covered in this that they want funding for, right?
Like the comment testing thing, I feel like that should be its own thing in general.
Atomic IBC funding control mechanism.
That's great.
This is great content.
I appreciate you thought about it.
Why are they all in one single thing?
Why if you want to go to the community for funding?
Why is the community not defining what is worth pursuing?
I grant that there should be some things that like there's like a phrase of like
people don't actually know what they want.
You kind of have to tell them what they want to certain extent.
And I appreciate that I do.
But this is too much in one prop.
This is too much in one prop.
No, no, props should be $5.7 million.
I mean, it kind of seems like words for the sake of saying words to bring across the punters to a yes vote.
You know what I mean?
Like no single prop should be over like whatever.
Say it's a million, say it's $700,000, say whatever the hell it is.
But anything that this is that this large at $6 million,
fucking break it up.
Since when did mesh security become like a priority of the hub?
I feel like this is already basically funding that anyway.
Yeah, I feel so too.
Is that in here?
Great call out.
Probably like the accelerated down.
And also like there are other people working on Atomic IBC as well.
Why will all the money go to informal?
Yeah.
Well, I mean, that's kind of the challenge, right?
When you have multiple teams working on the similar type of thing is how do you fund?
Yeah.
I mean, like it was a different team who actually did the spec for Atomic IBC initially.
So this and this multi-seg is, well, it's a multi-seg.
What the hell it is, but it's Stry Neutron, Avril from Neutron, Polkachu, somebody from Peridot,
Josh Akepler, somebody TBD, just Polkachu's intern who's gone rogue, finally gone fully rogue.
Yeah, I'm surprised that there's naming names on that.
I wonder what component of this has anything to do with that knowledge space.