What does the orbital ape seem to think?
Have you seen the here wallet though?
That one, this is totally unrelated, but here wallet.
I posted a link to it.
It's, it's, it's mainly for near, which is why I'm a stand for it, but, uh,
it just looks nice.
Oh, I like this UI.
Yeah.
Welcome to game of notes, a weekly podcast from independent validated teams.
Um, and this week I've forgotten to get myself a cup of tea and I have, um, a
marg on my desk, uh, which is currently being used as a paint, uh, a paintbrush
wash and, uh, for various reasons.
And I nearly picked it up and drank from it.
So that would have been a short podcast for me.
Uh, it's
on tangentially related.
No, I have tried Horlicks for the Horlicks.
I think it's called it's like a.
Yes.
Yeah.
I tried it for the first time, um, last week and I really enjoyed it.
It's, I mean, I'm a huge fan of barley, just kind of in general.
My buddy, he brought me barley tea home from, from China one time.
I just love it.
Ever since.
Isn't it?
Yeah.
Everyone that I've tried afterward, man, they're like, it's like drinking mud.
It's the best.
I'm like, yeah, it is the best.
I don't know why.
It's absolutely great.
Like, like, you know, do you ever try to, um, like puer tea where it's like, um,
it's like roasted green tea.
I think it's like roasted or it might still be fermented.
It's blackish in kind of color, but it's, it's green tea, um, with, I want to say
Mandarin peel in the mix when it's fermented or roasted, whichever one it is.
It's like a breakfast tea in some parts of China.
It's absolutely amazing.
And if you try and get it anywhere else, you're just like, they'll be like, oh,
buddy, fucking hell, you have that.
Okay.
And then you try it.
You're like, oh, it must be, there must be something about it that doesn't
travel well or whatever.
Um, so yeah, I maybe, maybe if you went to like a, like a Chinese supermarket, you could,
you could get lucky, but, um, but yeah, barley tea is the absolute shit.
Confirm.
Ovaltine and Horlicks pro tip.
If you make a milkshake, uh, add a scoop of it.
As long as it's like, as long as it's like of the malt drink, uh, mix, as long as
it's like a compatible flavor, like chocolate, this works well with, um, and that
extra mall, the extra malls to do important bit.
I had it with, uh, with oat milk and oat milk.
I don't know.
It hit it really well.
Frozen.
That's good.
We need a topic change anyway.
Which tea talk.
Oh, I thought that was my incident.
Nope.
Fucking up.
Things are, things are absolutely fine in Australia.
It's just center of Europe.
My, uh, my camera looks fucked for some reason.
I looked, I looked like old speckling.
No, uh, you look very high resolution.
Yeah.
This, this, this is your little iPhone camera thing again.
Uh, yeah.
It's duct taped to my monitor.
Yeah.
It's looking good.
Yeah.
I mean, that's better than what you normally do.
Yeah.
It's, it's got really good sharpness in that, in that do.
He's a sharp boy.
Uh, yeah.
So, I mean, so what, what blew up, I've been pushed to get onto the, the fucking
podcast this morning, I was like, you know, trying to deal with a few things.
Have to pinch a shit.
Have to go back and finish that later.
It's kind of half a mill.
What blew up?
Yeah.
It's like, I need an axe to cut it off though.
It's just fucking gone.
Um, I don't know, just a server just decided to not work, but actually it
recovered itself.
So I didn't have to fix that.
Oh, by the time I like got to it, it had already recovered itself.
So I was like, oh, tick.
It's good.
The best type of issue to have.
Yeah.
And so now I'm just,
Your do list has completed.
Do you get the extra little bump of it of adrenaline for fixed?
Yeah.
I use paper though.
So it's like on my little paper notebook, it is ticked it done like I wrote it on
there and then ticked it immediately.
So I could have something done on the list today, scratch it up.
Perfect.
Yeah.
Do you ever have like, you haven't felt like you've had a productive day.
So you sort of just write things down on a piece of paper and then put a line
through them in case anyone ever looks.
Yeah.
That's like how my life rolls.
That's all my life.
It does.
There's nobody looking at that list though.
Just wow.
I'm like me and myself with my own thoughts of not productivity.
I mean, I mean, what if the misses come snooping at the desk and she's like,
what would you do today?
What's been going on today?
You stay at home all day and I came home and the dishes weren't done.
So I had the server blow up.
You know, next to prove to me that you've done something.
I got this list, man, and it's got crosses on it.
I've been ultra productive.
Meanwhile, you know, really leveling up in Diablo.
All right.
The phrase is going to grab my coffee.
So we moved on from T Talk.
Good.
That was probably for the best.
Now it's had to my phone because I am.
Yeah, got wrecked, got rugged by my internet service provider apparently.
It was, yeah, it was.
There's been a whole bunch of problems in our area today.
It's like a major outage.
So I think it might just be a continuation of that bullshit.
And there's a whole fucking there's a whole bunch of fucking stuff like the.
We got my business phone got reprovisioned with an e-sim.
As you know, you were there in Barcelona.
And now now I've gone and got like everything reissued and got a physical
sim for the company phone and blah, blah, blah.
The e-sim just keeps causing the physical real sim.
All right, just they have zoom into now.
That was fucking hilarious.
It just it just disconnects all the time randomly.
It just goes, hmm, this other sim you've got in there can't be as important as this e-sim.
I'm just going to deactivate that for you.
And it's the one with the unlimited data that I'm always using to tether.
It does it quietly.
And my personal contract is like some bullshit data allowance.
And so I was just like working on my laptop.
And, you know, as you know, like there's a bunch of stuff going on at the moment,
means there's quite a lot of server shuffling and whatnot and some some get some
get shenanigans going on.
And then get burned through my personal data allowance on my contract in like a day.
And I was like, hang on a minute.
Why am I getting a data warding?
And it's like some sim one is disconnected.
I was like, fuck yeah.
It was just like e-sim is being used as the default.
And I'm like, well, we need to get that fucking sorted out.
But anyway, so if I disappear again, it's because the e-sim has rugged me.
Just it's there's a lot of interest in rugging me today, apparently.
But the other so the other thing that happened actually when I got home
was that the nobody was getting hold of me for a couple of days on the company phone.
And our finance guys were trying to tell me that there was maybe sort of a bank run
in progress in the UK.
This is actually the title of last week's podcast.
I'm not even sure we mentioned it.
And so I called them back when I finally got home from all the shenanigans
and then got stuck in the train strikes and and then got got to near a station to me.
Got a taxi home, finally got home.
I was like, oh, fucking Chad, what a what a busy week of yorping and shilling,
mainly yorping.
What's a little bit of shilling?
Yeah.
And then like was like, oh shit, right?
I've got my backup phone and got the thing called them up, got the eSIM.
And that's like, you have three missed calls called these guys back.
And they're just like, yeah, there's kind of a bank run in progress.
We've noticed that you mainly use this bank that's affected.
You need to you need to go deal with this.
And this was like 430, let's say 430, 435 in the afternoon.
And so I had to then before the end of the working day get to a bank in the nearest city,
the closest place there was still a bricks and mortar bank.
And then I got there and think about five minutes before they closed.
And I had to run across town and I arrived there completely covered in sweat,
like head to toe.
And they're just like, hello, we're closing in five minutes, but what can we do for you?
And I'm like, I would like to make a withdrawal.
So when you say bank run, it was a literal bank run.
Meaning there was a concern that the bank was going to be liquidated, right?
It was one of those situations where they were like, look, there probably won't be an issue.
But in the event that there is and you rely on the money in this bank for your short-term liquidity of your business,
make sure you have enough to cover that say three months in another bank.
Because I think that's how long it takes.
There's a deposit guarantee scheme here just like there is for you guys.
It's not as generous as you are actually, not nearly as generous.
But I think there's a period you have to wait till you're going to get your funds, right?
Yeah, as a business.
And you're at the back of the queue for your business as well,
because they care more about consumers than businesses.
What's the deposit guarantee in the States?
250,000.
Yes, big.
Per account.
Yeah, that's what it is.
Per account.
Yeah, it's per account type, not necessarily per account.
But you have your Kanga Box on, 250,000.
Oh yeah, 250,000 Australian dollar reduce.
But I think that's per bank though.
And I think that's per account.
So no, it's well, for us, it's per, usually you have a single check-in account.
But you can have multiple check-in accounts at one bank.
Each one of those accounts is covered up to 250,000.
No, I don't think that's true.
I've talked to a couple of people about it specifically.
And they said that if you, your checking accounts,
all counts is one checking account.
Right?
And then, but if you have a separate mutual money market account,
then that'll count to a separate 250,000.
But all check-in accounts are considered the same check-in count
with regards to the $250,000 limit.
Ditto for the savings accounts.
Per what?
Per bank.
Per bank, yeah.
No, I think I've had two,
actually I don't even know if I've had two at the same location.
But money markets would not be covered out of this.
This is purely checking, right?
That would be separate.
All of the money markets are separate.
And so are savings.
Savings accounts would be, that's also covered separately.
Wait, is it?
I don't, hold on.
Now I need to look up.
In the UK, it's only about $100,000 by comparison.
Really?
So yeah, anyway, the long and short of it is that's not material,
really.
The money would be covered.
It's more that we would go bankrupt.
It just takes time.
Yeah.
Yeah, I mean, AWS don't accept their bill in, I'm sorry,
but our bank folded and we don't have any money to pay you right now.
But in three months, we will have your money.
Don't worry about it.
So that's how I ended up covered in sweat at the bank teller,
five minutes or whatever before they closed.
And they're like, yes, and what's the reason for this transfer?
And I was like, no reason, no reason, routine de-risking.
Our finance guys, they gave me a call and said,
why haven't you done this?
And you know, you don't want to piss those guys off.
And they're just like looking at me covered in sweat.
And they're thinking, there's a news headline about our bank not doing so well.
This guy is the worst.
But it was just like the most British thing in the world.
Like I can't say to them.
Or it is your fault.
Yeah, I can't say to them.
I think there's a 3% chance.
Just really?
What would be the Australian response to that question?
I mean, I wouldn't have been able to help myself.
I would have been like, there was a very nice gentleman on the internet who's
accidentally overpaid me by $200,000 on my internet banking.
And I'm just trying to repay them over fucking Western Union.
The Nigerian Prince messaged me about the credit cards.
And it seemed like such a good deal.
Well, at least you're just shitting around.
Like whereas, you know, I just in my head, I'm like,
there is a small chance your bank is going to go under tomorrow morning when the market opens.
But I'm going to say that.
No, no, it didn't as it turned out, of course it didn't because it was like a 1% chance,
a 3% chance.
But if there's like, if somebody tells you, look, you can get off the sofa right now,
get on your bike, ride a train, then run a mile.
Get on your bike, get on a train, get on a bus.
It was convoluted because of time.
If, anyway, whatever, it's not important.
Like it was one of those when you know we look at Google to get the quickest way there.
And it's like all of these ways are really slow for some mad reason.
And I know how to get there the quickest way.
Okay, fine. We're just going to do my way.
And it was anyway.
If somebody tells you you got 1% to 3% chance to your business folding, unless you
really get off your ass off the sofa, let go over, put yourself at massive inconvenience,
and have a socially embarrassing interaction at the end, what do you do?
Because apparently I fucking literally physically run.
I become a part of the problem.
I joined the bank run.
I'd have to be 15% for me.
15%?
I should know that.
Did you to run 25?
25.
To walk casually 15.
If I could do it like tomorrow, I could drive up.
If I had done anything less than pull on sprint, I would not have made the bank.
25, 33% maybe.
Mate, it was like the bittersweet symphony video.
I was like Richard Ashcroft fucking elbowing people out the way in the street.
That is what happens in that video, right?
Hard pass.
Can you make a recreation video?
It was just usually about springing down the fucking main street of London.
You're putting your pajamas in the wall.
To be fucking clear, this was about my like 5.30, right?
It's just before they close.
So it's at the time when everybody gets off work.
So everybody's coming out of offices.
They're all heading towards the ways to get out of the city.
I am heading the other way.
I'm literally fucking, I'm sprinting and punching and sprinting and punching.
I'm like Russell Crow fighting around the world.
And then I get there covered in sweat.
They're like, is there a reason for this?
And I'm like, no, no, no reason.
There is absolutely no reason.
So, okay.
Absolutely no reason.
Did you take every penny out?
Were they like, all right.
So I'd like to wire transfer a thousand dollars and you're like, no, no, no, no, no.
A thousand dollars and 27 cents.
It was social embarrassment central.
It was like, yes, the number we've been given that I've been told to transfer is this.
It's a very arbitrary number.
Again, it's just saving face because I did want to say, I think there is a charge your back is
going under.
So it was just like a calculator guess of like, how much do we need for the next three months?
Guarantee just in a different bank account.
Yeah.
And then the rest, it was just like, oh, it would be really bad if we never got that back.
But apparently that kind of whatever it was, I think 15,000 pounds was the cost of social
embarrassment.
So if we never got that back, then we so we know that 25% to get us up at a run anywhere,
we know that 33% sorry, why my it costs more than 15,000 pounds to get me to
drop the veneer of social decorum.
That is what we've learned, which is funny because most times in my life,
there's absolutely no way I'd be in a position where that would be the case.
But right now, apparently running a business, that's where we've got to the other the other
notable thing, right?
It's obviously we have a bunch of our stuff ledgers and whatnot in a bank vault,
obviously with with the same bank we mainly bank with.
Wait, hold on.
Let's pause this for a sec.
So in the UK, are those bank vaults actually protected in the US?
They're considered like, if you put them in there, that's great.
But if someone takes them out, they're like, that sucks.
It's not like we have insurance on it or anything.
Well, they don't even know what's in there.
They have to get in there, I guess.
So it's like, it's inside a vault.
First of all, we know with a big swingy oceans 11 door.
And inside there's like a box and it has two keys and you have one key and the bank manager has
another key and you have to know the bank manager to access it.
So you come in, say is the manager in and let me tell you, this is a faff when there is a
a bull market and you want to cash out more regularly because you have to go in every week,
do this same 15 minute shuffle where you talk to them.
What are you doing?
Oh, we're just picking up some accounting books or something.
Just whatever bullshit that week.
No, no.
But anyway, and then you go to like a safe room with your thing and then you get out of ledger
and you tether to your phone because there's no, well, this is no internet.
You're in a safe room.
So you just like wave your phone around until you get a little bar of signal
and you're like, right, prop it up on whatever that shelf is.
And then you get your laptop out of your backpack and you do the dance, right?
And you should do whatever shuffling or whatever you need to.
But anyway, the point is that like, I realized as I was coming back from the bank,
having participated successfully in a bank run, like I gather a number of people and businesses
did in the UK on that day on that afternoon, although not enough to destabilize the banks,
everything was fine in the end.
It didn't even cross my way for one second that obviously when a bank becomes a solvent,
one of the problems is actually it takes a long time to be able to access the
deposit boxes and whatnot in the safe, in the vault, sorry.
And that can be a real problem for people that need that stuff more in a time-sensitive way.
And it didn't even occur to me for a second to collect any of the Cosmos ledgers that were
in the bank, not for a fucking second.
Well, a forced shitcoin collection period.
I'm sure the bank manager is hugely impressed with your huge process here to transfer out
$48 in fucking Juneau commissions.
Yeah, just like we did back in the day.
I just saw a lot of Jeff there.
I'm sure they're all like, wow, that's amazing.
Yeah. Anyway, so I can't, I can't, this is the name of last week's episode, I can't believe.
So anyway, that was quite exciting. I participated in a bank run, which was wild.
And as I was coming back from there, not only was I like, oh, it's funny,
I didn't even think of the ledgers.
The second thing I thought was, if only that money had been stored on some kind of permissionless,
decentralized system so there's no way that the bank folding could possibly cause us any trouble.
And I instantly leveled up into crypto CTO, whoever's the bigger shill than we are.
I just, it was like a Pokemon evolving.
I evolved into crypto CTO and became 20% more of a shill.
So I just have to say that like the UK banking system is pretty shit then because in that
same scenario, I would not have to have had left my couch and I could have instantly transferred
that money to another bank.
I mean, it's worth saying that the only reason I had to physically go in was because A is a large transfer.
And so like, you know, up to half, half, like my bank, I can transfer a million dollars
over internet bank.
Normally, most banks here is either five or 10,000 pounds.
They'll be like, not sure about that.
And how does anyone do business there?
Well, if you, you, you can arrange a few things.
If you, you, you can arrange in advance where you say, we have to regularly do this and then
you do some additional authorization and then you can do it.
So, you know, we, as you know, had a hilariously large AWS bill once, but our AWS bill at that point,
especially for some of the app to stuff was already pretty large.
So we obviously have multiple bank accounts as well.
One of them is with a, you know, like an online challenger bank.
And we've already prearranged with them that, yeah, we're going to pay invoices that are
over a certain amount and they just, it just goes through.
Our primary bank, however, is a bricks and mortar bank.
And for Opset reasons, I don't have any online banking.
I don't have any access to online banking.
Don't have it on my phone.
You have to go into the bank and talk to a person who has to check your ID to do anything.
So we have a thing over here called BPAY.
And it's just, it's short for bill pay.
And I think you can pay like 25 or 50 grand or something in a single bill.
But then like just on the internet banking, we've got a process over here called OSCO.
And that's like the back end of that.
All the banks built themselves.
They're like fucking the old, the old bullshits a little bit slow and everyone's getting
a little bit pissed about waiting a day for their funds to show up.
It used to be a couple of days and then they got it down to like a day.
Like it had to be an overnight like bank journaling thing.
And everyone's like, why?
Like you have a database.
They have a database.
You know, can't you just send it?
And so, yeah, I think they just like collaborated for a few months.
They're like, oh, it's not so hard.
And then they came up with this OSCO thing, which is like the settlement back end.
Yeah, that's probably people who the fuck knows.
That's the same as here.
The same as here.
So we haven't seen like one to three seconds maybe even for a very large sum of money.
So then, yeah, and then the next thing was like, well, you know, for business accounts,
obviously you can't get by on these like five or $10,000 limits.
So on our like on my personal account, I think I can just go into my app and temporarily
increase it to like 50 grand or something like that if I needed to.
But on the business account, like I can just increase it all the way up to like a million
dollars for single transfers or daily limit is like a million dollars.
That's kind of horrifying.
Why?
We don't like people aren't walking around here pulling out fucking toenails.
Well, yeah, but like you just don't really want access to shuffle around that kind of
money if you don't need it.
Like we don't have.
So I mean, it's somebody picks up a phone number like here to do to do a for example
to do a like term deposit, right?
To get interest.
A lot of times that's like a new bank.
Well, all the time it's a new bank account, right?
And then so you have to make a deposit to that new bank account of the amount that is
the the term deposit.
And so the first time I did was I was fixed term savings account.
Yeah.
So you do for a kid where you say like you're going to go to this in 10 years time when
you're whatever a teenager.
Well, it's it's more short term than that.
So say they have different interest rates for different terms, right?
So say on a three months term, they might give you like, I don't know, 3% interest rate.
And then like on a six months term, they might give you 5% interest rate or something like
that, right?
And so usually it's like risk based over time depending on what's going on with the economy
and whatever.
But you usually get like more of a return over a longer period of time, unless it's like
into the tens of years.
And then usually it actually comes back down again because they don't know what's going
to happen down there.
So anyway, to like finalize the account, you need to put the money in there.
And so I had to do this once by getting a cashier's check from the bank the first time
I did it because I didn't have the facilities set up where I could send a decent amount
of money.
It was like $10,000 or something limit.
And I'll tell you, that was a huge pain in the ass.
Firstly, I had to go to the bank, which I don't like doing because there's people there.
And so I don't want them to look at me.
Also, I'm guessing the nearest bank is about 400 miles away.
And you know, kangaroos, they move like eight hour drive.
Yeah, as I say, it's like a 24 hour kangaroo hike with your convoy of camels and kangaroos.
And once you get to the other side, you're awfully thirsty.
You stop for a beer.
You forget why you even went to town.
You get in a fight with some alcoholic doctor.
A couple of games or two up.
And before you know it, you're stuck in the upper again.
Next thing you know, it's Tuesday, the bank's closed.
So one of the problems I came across when I got to the bank is that no one knew what
the fuck was going on at the bank.
They're like, what was their bank deposit?
Like, no, just no one knows.
The branches are just full of dumb people now.
They like, they're like, you can do that on the internet.
Like, why are you here?
They got a room with like a couple of people.
They don't have cash at the bank anymore.
You're not getting any money.
And yet they keep building more like fucking banks here.
You're exactly right.
But there's these branches and they got no one there.
And then I was like, I want to talk to your business bankers and they're like, yeah, we
didn't have those here.
I'm like, what do you have?
They're selling mortgages.
Like, what are you doing?
We can, you have to make an appointment to see someone.
And I'm like, I drove nine hours.
I see a couple of desks with people at them with no one else standing by them.
Like, surely I can talk to one of them.
They're like, oh, they're helping people on the internet.
Oh, you fucking hell.
That sounds like me.
I get hold of a GitLab account at New University, which is like, it's like, oh, yeah, there's
there's a bunch of GitLab servers in the, in the CompSci lab in the server farm on the
roof and you're like, oh, cool.
Who can give you access?
It's like, oh, yeah, it's the IT guys.
And then you go to their room.
It's literally like the IT crowd.
There's like four guys with their feet on the desk and you're like, hey, who can I give
my public key to to get access to the GitLab server cluster?
And it's like, oh, that used to be, that used to be Jeff, I think, but Jeff left.
So here's Brian now, but he's got COVID.
So he's probably just fill in the form.
And then when he's back, he'll probably look at the form.
Brian with a Y.
Like, oh, sorry, we actually use four digit pin numbers in you.
Are you really, you're a bit like, I have an enterprise GitHub account.
You know, I could just, or I can just install GitLab on a server.
I could do it.
Why am I doing this?
Not for the first time in this five year period.
Why am I doing this again?
Has come up as a question.
So anyway, the process ended up being that they had to survey the people who were in
the building to see if any of them knew how to do what I needed to do.
And then I had to make an appointment several hours into the future and then return to the
bank at a later date.
And then they had this fucking machine that had to like print this check and have it signed
by different people.
And then they offered me security to walk to the other end of the fucking street to
like give the cashier's check to another person.
What other person at the another bank for the transfer for the transfer?
Yeah.
They're like, this, this, this is as good as cash.
And I'm like, okay.
I'm like, I'm gonna give you a check.
And they're like, do you, do you want us to send someone with you to the bank down the
road to make the deposit?
I was like, no, I fucking unit.
Look at me.
Like I'm bigger than all you.
I'm 24% body fat.
So, so I was like, I think they were threatening you.
I think what just blew over your head there is that they were saying, they're saying you
need somebody to go with you or one of us is going to give you a wedgie nerd and take
your cashiers.
Wedgie in the public bathroom.
Exactly.
But I was like, I don't think there's like people standing around here that are just
gonna like, am I going to look different when I leave here with a cashier's check in your
pocket?
Like if I just fold this and put it in his pocket, it's because they live in your, and
you're like, and you're like swinging your arms and you've got like, obviously like a
tuxedo on it.
You're genuinely swinging your arms down the street and you know, they got that pimp cane
as well.
I mean, there's a lot of clues that you're carrying $10,000 in your pocket.
You know what I mean?
Like all of a sudden, walk out with a crown on my head.
Yeah.
Like just genuinely swinging my arms.
That's the one with the check in it.
I'm on the check.
The bank.
So one of the other things I've noticed at the bank is one of the main reason people
still go into the bank who are going to the business desk are like companies that do a
lot of business and cash like cash and carry wholesaler, I guess, like mechanics, stuff
like that.
And there's one of the other people when I was doing the bank run, one of the other
people who was next to me, who was talking to another person, which just to your point
was fucking coolly just dropping off 8,000 pounds in cash.
I've never seen that much physical money.
I was like, I was like, how's that guy not got, you know, but I guess he must have looked
like you, though.
That's why they were worried that you would get mugged because he had a tuxedo on how to
pimp's cane and he'd been swinging his arms as he came in.
So it was just like that guy's carrying buddy.
That guy's got the fucking wad.
So when I was at uni, I used to have like a safe in my room that, you know, I kept my
nice lighters and cash, right?
So I don't know why I just liked to have cash because I went to the pub a lot.
And at that time in history, you'd use cash at the pub and, um,
Well, the 1940s.
Just, just like in the 2010s, you know, um, well, the, you know, the late, the late thousands
like the late 80s.
So you'd go to, uh, you do like, um, it's like, so vacation work.
I don't have the same over there, but when you get off on your holidays, you go and work
at places, right?
And some of these places that I worked, we were like overseas and then you'd bring your
money back in your suitcase because of, you know, the government.
Um,
Wait, wait, wait, wait.
So these places I worked, they were overseas and then you have to bring your body back in
in a suitcase.
We working as a mercenary for the vacna group.
No, no, it's just, uh, you know, I don't, I can't remember exactly what the tax situation
was, but it seemed easier to just bring it back as cash rather than pay tax or something
like that.
So, um, anyway, so it ended up on me like, well, if I put this in the bank now, they're
going to know about it.
So I just, I'll leave that in my safe.
And, uh, and then just very well prepared for the validate to like,
You weren't right.
Exactly.
And then, and then I'd distribute that to the, uh, pub over the course of the year,
discreetly every Thursday.
So your money laundering, fire the medium of drinking and asking for change.
No.
Yes.
No, that was the change.
Change when you go to the pub.
Amazing.
There was no, yeah, I was, you know, you come home when you run out of money.
So, um, yeah, I, that's the process.
You go there at midday and at the point at which you no longer have any money, you come
home.
I worked for like the year before I went to university and then, uh, I still, I, you
could get debit cards at this point.
And that was, I think the principal problem I had in my first year.
I was working as well while I was at university and, uh, at least for the first while.
And, uh, you, you just keep tap, you just keep putting in your card and drinks keep
coming.
And it was written like that first semester, you just like, you start doing the maths and
you're like, how much have I spent on booze?
And you're like, Oh shit.
So you're, you're not far off.
You should probably take, you should probably pay in cash when you go out drinking because
that shit gets out of control so fast.
I would not like to add up how much I have spent on the devil's nectar over the years.
Yeah.
I would be like considerable man.
Hey cheaper than smoking.
Yeah.
Did I tell you how much cigarettes cost here now?
It's like for a pack of like 30 cigarettes, it's like $50.
Oh, yeah.
What?
Yeah.
It's like 35 us dollars or something.
Holy shit.
That's the way to kill yourself.
How much bullets over there?
Cheaper.
Far cheaper.
You can get like a pretty decent caliber bullet for two bucks.
They're, they're rated by caliber.
The more expensive the higher the caliber.
Well, you know, the higher the caliber and grain count.
Yeah.
The more, the more out.
You know, you just put your hand in.
So at the risk of breaking out party, I'm very well aware we have actually like a bunch
of news and stuff to get through.
Yeah.
It's not importantly.
We've got the drill to the week.
Mm hmm.
Sure.
Last week.
So you serve.
I think that means it's you.
I think it's, I think it's nocturn actually.
Is it now?
Yeah.
We can go clockwise.
No, I went, I went the week before.
He always picks a good one anyway.
All right.
He's got that sixth sense for say when.
Yeah.
Go towards the back.
When the book is empty.
Right.
Just go back a page, go back a page.
Yeah.
Bottom, bottom on the left hand side, bottom on the left hand side.
Last one.
We're in the section marked wisdom.
Unlike normal humans, geniuses do not like bullshit.
Nice.
Worth saying is right, it was very specifically bull shit.
Bull shit.
Leaving one to wonder whether they meant the colloquialism bullshit or whether they
meant physically.
Well, if it was, if it was two words, it's the actual shit.
So are they insinuating that normies are quite fond of old.
The feces of a bull, perhaps.
Perhaps.
A lot of time packed there.
A lot of bullshit.
A lot of back there, arguably.
Bullshit one word though, in that particular instance.
Look, Funky's just come in and he's already hanging shit on my cam.
Thanks Funky.
Different for better.
Yeah.
I mean, this looks very actually, it looks like very good quality at the moment, I think.
You missed a bit where you walked away and it just tracked your ass.
It's just tracked your ass in the refrigerator.
He's in the refrigerator baby.
I'm actually, well, sorry Funky.
I mean, you were hanging shit on my other cam and now that I've got my iPhone tape
to the screen of my monitor.
It does look pretty good.
All of a sudden everything's good.
It's got nice bokeh going on.
Yeah.
The tone's nice too.
It's like the, you know, the other one's a bit aggressive.
I noticed like my eyeballs look washed out on the other one.
Not because of lack of sleep.
It's a very odd complaint.
I try not to look at your eyes.
Yeah.
I mean, if you go back and have a look, you see like my face is a normal color and then
my, around my eye sockets are just like washed out white.
I look like the fucking guy off Star Wars, you know, the main guy that's not Darth Vader.
Palpatine.
With the cape.
Palpatine, yeah, the guy with the cape.
That's the reminds me.
All the Jedi?
Yoda.
I mean, Yoda.
The emperor.
No, that looked like Yoda.
There's a bit in a British comedy where somebody's trying to convince somebody else to do something
and he goes and he says, oh, it's going to be great.
It's like that fucking, it's like that fucking film you love, you know, where there's that
guy and he's got a fucking carpet for a pal and then they've got, there's like a wheelie
bin or some shit, you know, the one where the guy fucked his sister is like, are you
trying to describe Star Wars Malcolm?
It's like, it's like whatever.
I don't like wizards.
It's from Snitch.
Snatch.
No, it's from the political comedy in the thick of it.
He's trying to convince somebody to end the political career of somebody by leaking something.
Okay, okay.
It's.
Oh, sorry.
Just, I just thought before we get like, in the news too far into the podcast.
Into the news.
Did anyone watch bad boy, Bobby?
No, I started it and I fell asleep, but it's on my list.
How could you fall asleep?
It's like, oh, God, it was the yellow.
It's been a show is.
I didn't watch it, but I did watch Ren, which is very good.
What?
Akira Kurosawa.
I recommend it.
What is it?
Run.
R-A-N?
Yeah.
No.
Is it that running to the bank?
No, as luck would have it.
I did.
I did think, you know what?
I think I said this.
I think I said this on the group chat after I ran back.
After I got ran back on the other direction to get out of town because I was like, I didn't
want to miss my train.
I think I caught what's the line from the Beatles like made the bus in seconds flat.
It was basically that.
Funky has said that bad boy, Bobby's a great movie.
Just, just pointing that out.
There you go.
But I think I said on the group chat after participating in the bank run, like that's
the closest I'll get to margin call.
Which is a good movie.
It's a really good movie.
I love that movie.
I feel like, because I feel like we were talking about that at some point.
I think this might have been why.
I think it might have been my bank run participation that inspired that one.
But yeah, no, I would recommend seeing Run.
It's a great film.
I've seen a bunch of Kurosawa.
I hadn't seen it before.
But the visual design is amazing.
It's like really interesting to look at a film where so much of the film is done with
one dominant color in shot.
Like really deliberately, so no matter how complex it gets, and there's a lot of extras.
At some point, there's hundreds and hundreds of people on screen.
You can follow very clearly the action of what's happening.
And in fact, you could probably follow most of what happens in it without even seeing
the words.
It's Japanese, obviously.
Because the colors and the movement, like the dynamics of how the people move, they're
kind of, oh, he's done again.
It's like a third world country over there.
What the hell's going on?
I think that we figured out the internet.
Fucking gotta run to your banks.
You can't get a fucking cell phone signal.
It's unbelievable.
There is.
He's back.
Hey, it's going on.
Incredibly pixelated.
Man, I had better internet out in the middle of the bush.
Seriously.
How am I supposed to?
Yeah, I know.
It's been a tough week.
We're going to tell you.
It has been.
So that's a little bit squalor over there.
I understand.
Do you know what?
It's really humbling to go from fucking one gigabit per second or whatever to whatever
this is.
Whatever that is.
It is trash.
Yeah.
What it is.
It's trash.
Not very well.
I mean, yeah, not very fast is what it is.
14 megabit per second.
I'm a pleb.
That's like rural plebspeed.
All right, let's do some news.
Let's get this podcast going.
Let's do it.
No fucking FDIC rules and running down the street and your damn 40 minutes on your on
your camera.
I've been up and spread sheet.
I can't find it.
This seems like a pretty saucy week for news from what I'm seeing.
I can't wait.
You know, we should just get ramen on to talk about these because this is good enough that
I think I need like a firsthand accounting.
There were complaints last night from the fray.
I was I was reading the the groupie where there were complaints about the lack of news.
Well, I think it was empty at that point, which was the result.
Oh, yeah, it was there last night.
Yeah.
Last night your time was not Ram was saving the source for the last minute.
It was more of an observation.
Yeah.
I was just, yeah.
Look, all I'm saying is I was worried that I was going to have to backfill news.
And I was like, I don't really know how much this happened this week other than the Binance
thing, which I did put in the form, which was kind of I caught kind of interesting.
Oh, yeah.
We were going to talk about our our amazing customer sponsorship as well.
Oh, yeah.
Do you want to talk about that first or?
No, let's do let's let Nell run his good news.
Let's do it.
I thought you guys say let's let Nell run his mouth for a bit longer.
Nell, has anyone else actually read this yet?
Yeah, I looked through.
Yeah, maybe maybe you would be more suited to take a look at the link section.
I've even added a couple of snarky comments.
Did you?
Yeah, the link.
Well, and actually phrase snarky comments after reading the pieces.
Oh, so this is your your your.
Yeah, that's snarky.
Yeah, snarky GPT breakdown, how do I make this even more cynical?
I mean, has anybody snarky GPT?
It's a great fucking idea.
Let me tell you snarky GPT.
Have you been on eBay recently?
eBay uses chat GPT now to recommend you a description for your item.
And now every item description every item description is just garbage, garbage level
or AI descriptions.
It will be like, this is the greatest blah, blah, blah, blah, blah.
And they all look and sound the same tone of moron trying to sell you something.
And you just go like, fuck, I much preferred it when every seller listed a plus plus plus
fucking lack, you know, do you remember that capital L at at K and they were like lack,
new whatever.
What does that mean?
Yeah, what's that supposed to mean?
It was like eBay speak for look.
Oh, yeah.
With the at symbols.
We're talking proper old school eBay like 2005, 2006, somebody would be like, oh my
god, I'm selling something brand new for like 40 pounds off and it's definitely not stolen.
Lack.
Yeah.
I always pronounce it by headers.
Lack.
With a little jazz hands.
I got the gist of that.
All right, I'll do, I'll do, I'll do, I'll do one kick us off.
This is an I'll do one.
I'll do one.
This is in this is in a Romer snarky tone, but Jack's Amplin is proud dad after seeing
his son Crypto Ceto following his in his footsteps again by being appointed as an advisor for
composable finance.
Many questions in which way Crypto Ceto will provide advice, give his history as a YouTuber
with no business experience.
But we have high hopes for composable now that they have the A team on board.
There's like five layers of snark in that one.
But yeah, I feel like it's not entirely fair though, like presumably running that conference
is some kind of business, right?
Or to pay you're actually being rude to me because as we described earlier, I actually
evolved into Crypto Ceto.
It's my Pokemon Evolution tree.
I am Crypto Ceto and I will next become Charizard.
Are you saying I can trap you in a ball?
Put you in my cupboard in my cupboard.
He's frozen.
No, it's just eight megabit, one megabit.
Yeah.
So I mean, this is, I don't know, whatever.
There's a long, there's a long history of celebrity people getting associated to projects
when they have no knowledge or understanding of the products that are being associated
to.
So I think this is entering into the crypto space now.
Makes sense.
It seems.
No, I'm good.
Please show us.
Yeah, I think you have something to add.
Known for it in composable says known for an in depth research and insights in the Cosmos
ecosystem.
His content, he's a content creator and a thought leader that shares his findings on
Twitter and YouTube.
Okay.
Yeah.
I mean, it's a bit chilling, but okay, whatever.
I mean, this is going to change the whole composable viewpoint, I think, right?
I love one of the comments in here, do you realize that if you fail to propagate the
bright image of composable, the consequences for your own reputation might be devastating?
The legacy of composable being an alleged scammer team is too much to handle.
That's from Waggar.
Dude, Waggar, nobody gives a shit.
Like nobody gives a shit about either side of this conversation.
As long as they have the correct amount of money.
Nobody gives a shit.
So no, I think you're good.
What has composable finance achieved to date as a network?
I think there've been some shitty upgrades.
That's a pretty good achievement.
And so what like what is the...
Maybe Chris Tosito wrote them because he's a thought leader.
At what like, I'm just, you know, I'm just thinking out loud, like at what, what benefit
is there to them to have an advisor?
Ah, short C, I've got it right.
I've got a question for you, short C.
Would you rather have as a dev for your blockchain, would you rather have Crypto Sito or Jacob
G?
Ooh, that's an easy one.
I'm not going to answer though.
But I will answer those question.
I think they want CETA one because they want to become a, a sub chain for, from Adam and
they wanted like a big buyout for it, right?
So if they get CETA on board, then maybe he can try and like bump elbows to, to steer
the conversation in the way they want it to go.
That's my guess.
So, so in your opinion, in words, they're after a cheerleader.
Yeah.
Well, yeah, you want a marketing part.
You want somebody to be able to espouse the benefits of something that's not coming from
your own team, right?
Is that your opinion or is that shilling?
That is...
It's really important that we clarify for the...
I think that's yapping because they're trying to get bought out, which means they're trying
to go up, which means they're yapping.
But they're doing it via a platform that's primarily broadcast down, which is shilling.
Well, no, I think, I think that's a fish.
That would be Crypto Sito yapping to Adam, right?
That's your point, right, Chelsea?
Yeah, he's yapping up.
Yeah, he's yapping up, shilling down.
Yeah, they're not shilling down.
So he's not going to be making a bunch of videos about how great Composable are to his...
He's a really massive fan base.
Well, he might, but...
And whilst to you, Dr. Frey, that might seem like a shill.
That's right.
It is actually a yaw to Adam.
That is right.
That is exactly right.
That is a...
Well, it's like a secret yaw.
That's a secret yaw.
Yeah, it's like a...
The semantic distinction is really something here.
I think I might have to write...
I think I might have to do some research and then write a paper on this because...
It's one of those...
It's a Russian doll.
It's a Russian doll of yours.
That is a yaw.
That is a yaw masquerading as a shill.
That's exactly what that is.
I know it's shill masquerading.
No, it's shill.
It's the word yaw.
No, yeah.
It's a yaw masquerading as a shill.
It's fucking genius.
Maybe they're playing fucking 3D chess over here.
It's nice that the Cosmos ecosystem is actually going to follow the actual Cosmos, which is
that at first it's small and then it expands and then suddenly it contracts because everybody
is going to fucking bot.
Right?
We're going to go from millions of chains back down to two that, hey, there's only
ones that have any TBL.
Well, there'll still be millions of chains that will just all be using the same fucking
security.
They're all ICF, right, exactly.
They're all minting empty block after empty block.
That sounds like a good solution.
Adam Balladator is living in cardboard boxes because they're fucking all their money's going
to server bills.
Holy shit.
That's exactly right.
That's fucking hell.
What kind of epic return will the Composable Finance investment be making to the Adam holders,
do you think?
They actually have a proposal for this and they want to be bought out.
I can't remember the exact numbers.
I want to say like $400,000 to $600,000.
That's how much the item would have to buy Composable for.
They put out a bunch of math on how much the bridge would bring in.
It would be fees based on bridge utilization, which of course it's not really used right
now.
It's all theoretical fees.
Which the team's really loving the buyout lately.
It seems to be the new, it's because they want to get the new house.
They want to get the fuck out of this ecosystem.
That's the exit.
That's an exit.
Yeah.
I think that's an exit that maybe didn't know exist and then look at all then strike
in Zen or something else comes in.
Oh shit.
Is this an exit?
It seems like a relatively modest buyout.
What was it for half a mil?
SG1 could have probably done that in fucking trade losses.
That's just slippage, baby.
That's just a bit of slippage for us.
Don't you worry, buddy?
I'll do one more.
That's on you.
Okay.
Why can't it be on the cover?
Your name is closest to the word news.
That's it.
That's the only reason.
It's just the fucking end.
That's it.
No, it's not.
He wanted to.
He said, listen, if we do news, the only thing I ask is I'm the one that does the news.
I envision the news to be different.
I imagined that a set would pop up.
There'd be some well endowed lady standing near me that I could banter with.
What?
None of that shit happened.
That's like a shade when I do the news.
Don't get shady.
It's only you giving yourself shade on the news.
That's it.
So it feels shady.
Does that help?
Yeah.
As an aside on that last one, Jack's a proud dad.
Why is Jack a proud dad?
I don't know.
Yeah, I don't know the relationship between those two.
His son, Cito.
Maybe.
Well, anyway.
I think it was a general Yop comment.
I think it's because Jack got shit on a bunch for over the last couple of weeks because
he was an investor in Composable.
And so Cito jumping on is kind of just following that path of joining Composable regardless
of intent.
Okay.
Fair enough.
Because there was the previous week wasn't there with the whole Chango thing.
Yeah, exactly.
Yeah.
I think it was like a back reference.
Exactly.
Which all bust one out the all bust.
What's it called?
The the the one let's move on.
Have you seen the Chango drama thing because that was that was a news point from previous.
Yeah, I don't know.
I don't know why we skipped it because it was like the spiciest thing.
Did you watch the did you watch the clip?
I started it.
I lost interest like everything else.
I watched the whole thing.
Yeah.
I watched the whole thing.
It was, I mean, a lot of it is basically, look, you have this person that is very, very
central to the ecosystem.
Maybe that's a problem.
That would be my non spice emotion taken out of its summary.
A fair point.
The the actual sort of 12 to 15 minute takedown video was a bit gratuitous, but I think the
underlying question was that long.
Yeah, it was long.
Yeah, I think I like the underlying point, which is that maybe not maybe this ecosystem
isn't in any way decentralized.
If you're so reliant on one person is a fair question to ask.
And it's a necessary question to ask.
I think all of the rest of it was basically window dressing and a little bit of vendetta
re.
There's also like, you kind of throw your argument out the window if you're like, strange lover
relied upon too much to do blah, blah, blah, blah.
They're the primary.
They're the primary mantainers of IBC.
They relied upon because they're one of the only teams that understand IBC and can do
meaningful work to it.
Absolutely.
That's not that's not their fault.
And that, you know, that is like, okay, fine.
If you think that's a problem, find some money, pay a bunch of other devs.
And also work on IBC.
I think there's plenty of white space, right?
Like for capable teams like that, I think there's, there's tons of white space to be
able to be able to do that if somebody can actually produce that team.
And they have a pretty long, don't get me wrong.
There's a, it's a pretty long lead, right?
In terms of projects they've built and the tools that they have and they're tie into
the ecosystem.
Obviously that's a, that's a tough thing to chip away at, but there's still white space.
I think you could still, you could, if you wanted to compete, if you wanted to build
Strangelove too, I think you could do that.
Right.
And I think you could be successful.
I think a more interesting question really is like, why is there not a second Strangelove?
And like number one is like, there's no money in the ecosystem, right?
Obviously.
Is there not?
Is it informal like a second Strangelove?
Yeah.
I mean, they would be the closest, right?
Wouldn't they?
Well, so this is actually kind of, I guess, relevant to the follow up thing, which is
that I think like perhaps the way that the SDK itself is fucking.
What a horrible time to start.
I mean, on my screen, it's just like seven pixels.
Yeah.
The defined name Dr. Frey is like perfectly, like juxtaposes it.
Like, yeah, it's horrible.
Yeah.
Meal comes back to you.
He could turn off.
Maybe we can move on to another topic because this one's going on for 20 minutes.
All right.
Do you want to, do you want to take on this next one?
Yeah.
I'll do the Reddit one.
So.
Okay.
Reddit.
Reddit phases out block chain community points announcing on Reddit due to regulation uncertainty,
they're ending the program immediately.
They rubbed their token moon 90% to flat zero.
Yeah.
I feel like that's 100%, but you know, I take your meaning.
So I thought that that was built by the community.
I didn't think that was actually built by Reddit.
Well, presumably it was integrated into the Reddit platform.
That's a good question.
I don't know where that actually, if that was community built or, but either way, I
think it was, it wasn't integrated, right?
It says it was first launched in 2020.
I can see if that is who actually built that.
I mean, this isn't at the moment, it's becoming more and more and more evident about how scared
teams are of the US regulation.
Because there isn't a clear one and it seems like people are afraid of retrospectively
being prosecuted for or gone after for things they don't know now.
And so, a lot of the new projects that are operating are geo blocking the US and other
countries.
And yeah, just generally shutting down because of regulation uncertainty, it's kind of stifling.
Is that their plan?
I don't know.
But that's what's happening.
And it seems like, well, Reddit's a big company.
They want to be caught up in that shit.
So easiest just to put a lid on it, right?
Yeah, it's easier to burn.
And it seems like it's just a rewards points thing anyway, right?
I thought it was like, I haven't used Reddit in a while, but I thought it was somehow related
to if you were upvoted to other types of things, basically turn into community points, right?
And then at some point, the idea was that you could monetize those in some sort of way.
So the more you contributed, the more you got upvoted or other types of things, like
no different than anything else.
Okay, so I was thinking of moons.
Moons are a community built thing on the cryptocurrency subreddit.
The community points thing is actually Reddit built.
Okay.
And it has a lot of weird requirements like, okay, so here's kind of requirements.
Redditors who earn at least 10 gold within a third of the period are eligible for a monthly
withdrawal.
Reddit users who have over 5,000 karma total upvotes can earn $1 per gold.
So I can see why that wouldn't be considered scalable because some people get like tens
of thousands of karma and so then it would be, yeah, turns into some dollars.
Yeah.
Plus gas.
Look, maybe this isn't like non-trivial as well to shuffle.
It's basically like as soon as they start, well, speed plus as soon as they start trying
to use it for payments, it doesn't work, right?
Well, so it uses arbitrum.
It's sitting on arbitrum.
It used to use Ethereum.
So gas wouldn't be quite as big of an issue.
Yeah.
But again, in my opinion, as far as closing it down goes, is that if they close it down
responsibly and honor any obligations they have, don't really see it being a big problem.
I don't think anybody in the world cares.
Yeah.
I don't think anybody in the world cares either.
The one thing I'll say is that I can see where there might be merit in having points
on a blockchain like Sephora points or whatever, but just the tax implications of it, I think
are just too much.
The fact that Reddit even tried it out is kind of astonishing to me because everyone
having taxable events just because they got upvoted, like, no, absolutely not.
So now we'll do, it's almost better to just have a database with points in it and then
give people money.
I think you just have to instead say like their utility tokens or something, go back
to the seaside arcade model where you get tickets when you enter and you can throw the
basketball into that hoop and try and win the bear.
And then when you leave, you hand back in the tickets and you get a couple dollars back,
right?
Yeah.
So argue for that, maybe.
And even in the article at the end, basically talking about, we're able to scale several
products that accomplish what community points was trying to accomplish such as subreddit
karma and GIFs.
So instead of giving away things that actually have monetary value that requires some sort
of taxable event, I can give away useless fucking GIFs and like stupid badges and shit
that have no monetary value at all, but have some sort of emotional value, right?
Which means they're not really, they can't be traded, they can't be sold, can't do whatever.
So therefore, you know, they're just, you kind of get the same idea without actually
having the monetary piece out of it.
Well, this kind of follows in suit with, I mean, so I keep still hearing that blogs
chain gaming is the future.
And then I've heard so many times that blockchain gaming is going to be what brings the bull
run back.
And I just don't see it like blockchain gaming is this points brought up to the Mth degree,
right?
Like you go and get a green sword, but that green sword has to be one cent.
You're supposed to be taxes on that.
No, absolutely not.
Like as interested as I am in the idea of blockchain gaming, just the risk of that.
Absolutely not.
Yeah.
I think there's a lot of that too, because you could even in some of those types of things,
we're talking to somebody that like you could just walk around, you know, earning anything,
but you just walk around picking things up, right?
And those things actually have monetary value to them.
And are you, are you responsible for that?
Since they have value, are you responsible or is it only at the point of sale or at the
time you pick it up or, you know, like all those types of things, right?
So they do end up having value.
There is a market for them.
But again, like you can buy that shit on Steam, but at that point, that's, I mean, that is
still, you could still buy and sell on Steam, right?
So I assume that there is.
It's like the Eve problem, isn't it?
We talked about it on a previous podcast where the Eve online really aggressively tried to
avoid that situation because they were like, we've genuinely created an economy and we're
a little bit concerned that our video game will get shut down if our actual functionally
working simulation of an economy starts generating real world value in a way that makes a regulator
interested, which is interesting because their economy is in some ways more successful than
almost any of the crypto economies that have been built.
But hey, you know, what are you going to do?
It's almost like you need to build a thing that users want to use first and then an economic
case will, and system will come out of that.
I think we were all fooled by that one baseball movie, Field of Dreams.
That catchphrase, if you build it, they will come.
Man, entire generation, let us stray.
I was going to such a different place.
I was like, what baseball movie?
And I was like, I was like, Moneyball?
I was like, what do you want to do?
Do you mean it's better to have one in the head than three in the chest to bleed out?
I was like, I'm not sure that's relevant.
Here, she'll see.
You're thinking of something else.
Well, I don't think there's a non-zero chance you might survive if you get three in the
chest.
The head is like kind of a death cross.
You weren't paying too much attention to the moral of that story.
That's not quite the right.
It's like quite the...
All right.
What's next?
Explain it.
Jonah Hill.
I think Schiltze is best suited to take this one.
Oh, the bold one, the only one I haven't read.
Okay, here we go.
The middle ones, man.
I just...
My ADHD goes, not past that.
I've got to read the first and the last ones.
That's funny.
That's right.
If there was only like one row between each one, I could focus better, but there's not.
So I can't focus.
All right.
In an effort to recover some reputation within the community after the merger debacle, the
Stride team implemented substantial changes to their chain, introducing invariance checks
on the ST-Adam and ST-Osmo rewards, which caused both assets to halt minting of ST assets
due to volatility in rewards, which is to say mass unbondings of the base assets.
This caused the Stride chain to require upgrades slash forks, as well as on-chain proposals
to receive the two IBC clients between the chains for ST assets.
Wow.
Okay.
So it sounds like...
Well, I kind of assumed that you would already be all over it is why I was like, this one's
probably a Schiltze thing.
So I was loosely following, but I didn't get the context.
I didn't realize that this was like a mitigation.
There has been several Stride upgrades lately, and I wasn't really clear as to what was going
on, but this makes a lot of sense.
I thought I read somewhere that they had halted, but that's a lot of context that I kind of
needed.
Though I'm not entirely sure I understood.
This is why we need to...
As Schiltze struggles through this, and I read the tweet and the stuff, and I was like,
oh yeah, that kind of did happen.
I'm not sure I technically know enough to really say something useful.
And I was thinking, kind of be easier for Robert just cave on and set this with it.
Yeah.
This drama eating is with walls of text like this is too deep DGN for me.
This is short, easily digestible news.
We've got some...
Yeah.
Because every news item have to be like nine layers of crypto horseshit to figure out the
hell's going on.
Maybe we should have all the news be posted on some platform that's like a maximum of
160 characters.
That would be sensational.
I think these are probably not far off 160 characters.
They would be uproar, and we would have to increase it to 250 characters, and then just
unlimited characters, truncated.
That's how it goes.
All right, I got the last two since you guys are struggling with these two.
All right.
Second to last.
I just opened up Twitter for that.
Now I've seen the Telstra live earnings call.
Why?
Very distracting.
Now I'm just interested.
Are they making money?
Are they not making money?
For what?
Who?
I'm guessing they're making money.
Are they making enough money is the question.
Developers rejoice as plebs.
Geez, tough language on the Game of Notes podcast.
As plebs fail to understand how to get around some of the toughest geo-blocking node-a-man,
meaning only that 33% of all the TIA airdrop was claimed at Celestria, this means that
likely everyone who did claim will potentially get three times their airdrop as developers
receive substantially more than the plebs were holding another conference to celebrate.
Long story short, is Celestia airdrop only, I think, was it two weeks it was open or something
like that?
It wasn't long for sure.
Yeah, it was a couple of weeks.
Usually it might be upwards of, we've had one third, like five or six months, right?
Were they still allowed that?
But it looks like only about a third was actually claimed.
We were blocked because of the US and honestly, I didn't even bother.
I know we had some in there.
I didn't even bother.
That's how much I don't care.
Why did you, I didn't look.
I'm not a developer, so I assumed I did not have any.
I thought it was more than developer though.
Developers, Stakers and Relayers were really free.
Because of what though?
Adam or Osmo.
Osmo.
What else are we talking about?
Nothing for me.
It wasn't very, the translation wasn't very much either.
Overall my Cosmo or Osmo, Adam and Osmosis, which is like 2000 Adam, you can see that
from my validator.
I got like 100 TIA and even more Osmo.
So yeah, probably wasn't worth it.
For Relang we did 100.
For Relang we did get quite a bit.
They think it's going to be $1 each.
So 100 bucks.
Yeah, there you go.
Free night out.
You said it was right to stay on the couch.
I didn't even, again, 33% or I don't, we're on down the street.
So it wasn't that.
It was just, I don't know.
I kind of, I figured I actually had more time and then I kind of lost interest in the whole
thing.
Last news item is,
It sounds like a lie.
Yeah.
It's really dynamic with the reason, so at Quasar, quasar.fi, the reason, the recent
Osmo price action, which is really a name for drop, blockchain sleuth and extraordinary
Rama.
Holy shit.
Look at this fucking self-grandiizing in here.
He is just giving himself a hand job.
Extraordinary.
Anyway, big douche, Rama, notice that Quasar's Osmo slash USDCA plus volts, which are meant
to be dynamic had fallen out of range, meaning that around the $235,000 volt was 100% Osmo
and zero USDC.
Once notified by a friendly reminder, Quasar volts rebalance selling 35% of the Osmo balance
to USDC and two swaps tanking the price.
The dynamic volts are back in range.
The new lower bound on the vault is Osmo at 22 cents, which is not too far off or it's
still at 23 and a half.
So there we go.
I just actually took a look at the vaults based on this as well to see kind of where
they are.
Yeah, there's like a, and also there's like, I think it was USDC, if it was USDCA plus
volt or one of the end vaults, but the spike and the pullback and the actual number of
value in those vaults is like pretty dramatic.
So not sure what's exactly going on with that, but there you go.
So I guess there's a minimum range on there and it fell out of that range and you have
a vault that has no USDC in it and something that's supposed to be 6535, I think is what
it was supposed to be.
It seems pretty interesting to me that that happened because my understanding was that,
so was that quasar is totally automated, right?
Like that's kind of his claim to fame.
I, yes, agreed.
And quasar, I've always been like a pretty big fan of because the way that Osmosis payouts
work on an epoch basis for US residents, like that's a taxable event every day, right?
For maybe not a lot of money, however, if you use the vaults, then it kind of like just
rolls it all in and then once you pull it out, you actually get it, right?
I've always been a big proponent of that and seeing that there was in my mind such
a big discrepancy and expected behavior versus actual behavior that phrase you're looking
for was fuck up.
Fuck up.
Thank you.
I was trying to be a British of it there and so you called me out on it.
This is crypto.
This is why British people love crypto.
It's the one place we don't have to do the normal social, social glue stuff because it's
all bullshit.
You don't have to be polite.
It's garbage.
People are DJs.
They're happy if you've called them DJs.
It's great.
Everything's on fire.
This is fine anyway.
Yeah.
So I don't know, but that's a red flag for me and it makes me really curious.
How far has Osmo fallen in the last two months?
It must be a significant light.
It's unlikely.
It's fucking brutal.
It's interesting because Osmo is meant to be the flagship of AMMs in the cosmos, but
I think it feels like it's starting to wane a little bit.
It is.
Well, also, what's the primary use case for Osmo is getting liquidity into the cosmos
ecosystem to take it where?
Yeah.
There's got to be projects there to be able to do it, right?
There are no fucking projects in the cosmos at the moment.
So Stargaze and Stargaze are so cheap, you only need to bring in like 50 bucks.
I guess it's...
You can play the machines forever.
You can complete time crisis too as many times as you want, 50 bucks on Stargaze.
Yeah.
The price has been cut in half since, I guess, since July, maybe August.
I think most of the bigger projects in the cosmos try to direct traffic to centralized
exchanges anyway, which is kind of where the users are.
Well, I mean, a lot of people like to shit on it, but a lot of chains spinning up and
then taking advantage of Osmosis' rewards, that benefited Osmosis' price as well because
they still got that pairing, right?
So chains would spin up, they would go for rewards, it would be have a huge APR and then
the team would cash out, happen time and time again.
Osmo benefited from that without a doubt.
And now that there aren't chains constantly doing that, now that the chains that have
been done haven't been called out, that means there's no longer that circular dependency
of price going up.
I mean, it's not just about the lack of liquidity, which is a huge issue.
But yeah, now it's like pools and super fluid and stride and like it's all shuffling.
Yeah, it's just shuffling, right?
It's all more shuffling.
The last time that Osmo had real upward momentum was at chain winter, which is when every
Cosmos chain had upward momentum and crucially, there are a bunch of new Cosmos chains launching
all the time.
And it's like that.
It's just pure inertia as it turns out.
Because as soon as it hit the top, it all just, you know, it gets to the other side
of the coin, isn't it?
Basically, it's where we've been for some time now.
Yeah, there's, yeah.
And these pools actually, I mean, I'm looking at the Coisar pools.
I know these, the new dynamic ones are probably what, like that hasn't been that long.
It's maybe been a month.
Something like that.
I can't even tell you how long ago those launched because we, I still have stuff in the Osmo
pro pool when I pulled stuff out of just staking.
And I mean, they're still like even from a market, from a deposit perspective, some
of these dynamic pools are pretty low.
Like they're $350,000 in terms of cap and they're still a 45, 50, 60% hitting those
caps.
Largest one being the Noble USDC USDT pool, which is right now at 1.6 million at 16% for
stable coins.
I've heard that story before, right?
Somehow making 16% of stable coins.
What was that?
Yeah, right.
Yeah.
It's a big worry.
I should get that paper back that you remember that conference I went to and then I saw that
paper and it was just like, here's how you can track what happens to stable coins and
whether they're going to go to zero.
It's like, oh, imagine my surprise.
Yeah.
But yeah, in this case, probably not, I guess, because it's USDC, but.
Yeah.
Anyway, that's what's up with that.
So I guess the, I guess back to this vault, the idea that this was supposed to drop this
far did not fit into the computer programmer, which was resolved by dumping the price and
selling 35% of the Osmo balance.
I'd get the USDC amount back up.
So.
Normal everyday behavior.
Just win after win, maybe it was racking them up.
This is just how it works.
So I think that's a pretty good segue to be fair into the other thing, Fallout we had,
which was asked about in the comments section yesterday.
God, I'm tired.
Last week, which was usurpers hot takes or right, I should say, Rhino, it was, I think,
a Rhino Twitter account.
Not sure we can be certain it was usurper over the whole.
So the background to this is that Larry, friend of the show from Mars, CWSDK, whatnot, did
this thread about ETH and what was it?
Oh, that fucking.
Yeah.
Yeah, it was like, it was like a DeFi thing, basically, is about how simple it was to get
your ETH into this DeFi protocol from offside of my head, right?
And I read that and I honestly wasn't sure whether this was very dry humor from Larry
and he was taking the piss and it was kind of like a performative joke about how complicated
DeFi is and how much it makes kind of no sense.
I kind of genuinely read that and thought, oh, is this Larry making a joke?
And then usurper replied to this thread, taking it as face value, which I think you're right.
I think he was actually genuinely trying to explain.
Oh, he was definitely trying.
I mean, he took the time to make a diagram with like 75 boxes and 300 lines on it, right?
So right.
But that's what I would be doing if I was making a joke.
So it's difficult.
Yeah, but it actually had like real labels on it.
It wasn't like a picture of a donkey and shit on there.
Like it was like a real, all right, all right, okay, fair enough.
There was a real diagram though.
And it was like, I didn't even know how you got this in a tweet.
He must, oh, maybe this is like a special thing because it's like 2000 words in this
fucking Twitter.
So yeah, but he was basically, I think he was walking through, you might have heard
of how the ST ETH farm on Neutron, but how exactly did you get in to understand this
being established a theoretical background on how ST ETH works on Neutron?
And it keeps going on and on and on.
It was this giant diagram of like all this shit to get into this ST ETH thing.
And he had like six URLs.
Here's the tools you need to do it.
Thanks for tuning into my lecture.
And the irony is he only needed one image to explain the whole thing.
Yeah.
So my only comment was like, people say D5 won't overtake TRIFY, right?
Because it's so fucking easy to get into these circle steak type of situations.
And yeah, anyway, like, and I think like the responses and they were like, hey, thanks.
And someone were like, you know, at least Aiden from Stride was like, my God, this is complex
and things like that.
But, but yeah, it's just, I don't know.
It's just, it was like, it was like a, like if you looked up circle steak in the, in the
fucking dictionary, this would be the definition, this tweet.
Yeah.
100%.
I thought it might be a joke, but I realized, you know, it can't be that it was, it was not,
of course it's crypto.
So it's, it's completely po-face serious.
Of course it is.
But hey, so the other interesting thing, so we, we talked about in the podcast, if you
a couple of, we've been nearly a month ago actually about the fact that the regulation
for advertising of crypto assets is changing in the UK.
And you now have to register with the regulator, the FCA, which would, you know, be bad if crypto
CTO was based in the UK, bad for him anyway.
It cost him a few Bob.
And what's happened is that Binance and a number of other exchanges, they basically thought
they could get around this by essentially nominating a completely legitimate sounding
business.
Fuck, I didn't write it down.
It was cool.
Let me see if I can find the name of the company.
It was called literally like, we are great guys limited.
Not a blockchain.com.
Yeah.
It was like a third.
Not a blockchain.
It was, it was literally like a third party that they could nominate as their, essentially
their outsource marketing agency and be like, hmm, what marketing to people?
Oh no, no, no, no, no.
We don't market to people.
That's our third party.
Okay.
Right.
The, okay.
So.
Totally, totally tranfied.
I've got it.
We engaged a firm authorized by the financial conduct authority FCA.
We engage FCA authorized firm, rebuilding society.com limited.
Also, hereafter known as REBS in all caps.
That's awful.
To review and approve our UK financial promotions in compliance with the new rules.
However, as fortunately this didn't work.
I'm literally reading the email that Binance sent to every UK user on 10th of October, the
FCA imposed additional legally binding requirements on REBS, which meant that REBS was no longer
able to approve financial promotions.
And with effect from 5pm on the 11th of October, 2023, REBS had to withdraw any existing approvals
of financial promotions on behalf of any crypto asset business, including Binance.
Binance is currently looking for a new FCA authorized approver.
So that's all the bunch of stuff where they basically tried to get somebody to just do
their laundering for them and the FCA tapped them on the shoulder and went, no, as of tomorrow,
you can no longer do that because we're not fucking five lads, which I'm kind of cheered
by because I think that's really funny.
Like they thought that Binance, who are massive, like somebody wouldn't Google what they're
up to or be on their mailing list and be like, but somebody at the FCA wouldn't be on their
mailing list and be like, lads, they're trying to do something really stupid to get around
this rule.
But the thing that I don't understand is that from my understanding from talking to a lawyer,
I'm not a lawyer, but I've talked to a lawyer about this.
If you're caught in the regulation, you fill in the paperwork, you hand over £10,000, and
that's not nothing to a business like one of ours that's fucking really bad.
To Binance, that's chicken feed.
Right.
And then once they've done that, I think it's a five-year approval and then they have to
reregister each year and pay some fee.
I don't know what the fee is.
Even if the fee were £10,000, Binance can afford it.
They make more than that of UK users.
But...
So why the fuck do they care?
Why don't they just pay the fee and then it's boys will be boys?
Maybe they're not as solvent as they're letting on.
I mean, SPF was making a big humdinger about how good they are and how they're going to
take down Binance, and then suddenly they were being stormed.
£10,000, she'll see.
I know.
£10,000, blah, blah, blah.
How many people do they have in their payroll?
Maybe they're just resting on the principles.
They're like, no, fuck you.
No.
We're going to try everything else.
We're going to be able to shell shitcoins to under-informed investors.
They're probably worried about larger...
If you fuck with the rules and you actually...
If you're bold around that, then maybe they get worried about some larger restrictions
coming in.
I think it must be because once you...
If you accept the regulation and then you go, okay, cool, we're going to buy by the rules.
If you're a business like one of ours, you'd just be like, well, all we want to do is run
servers at the end of the day.
We just know it's whatever.
But if you're Binance, they're continually going to be kind of fucking around with that
gray line.
Yeah.
And I guess they must be worried that they're going to end up paying 10 grand and then get
into trouble later anyway.
But it is bizarre to me that the way a lot of this stuff works at the end of the day
is as long as you make a show of actually doing the thing.
That's how you get leeway.
That's how you actually play the game.
I get that.
Who gives a shit about Britain?
I do get that.
I think it's a fucking tiny island in the Atlantic Ocean and Binance is an offshore
entity.
So there's a very big reason for them to just say, go fuck yourselves just right there.
Even if it was the whole of Europe, they could go fuck yourselves.
But by the same point, at some point, they're going to have to accept some kind of regulation
from somewhere probably.
So why not experiment with it while the stakes are low, while it's very early doors, while
they can influence the regulation, while it's cheap?
Presumably, the whole fucking song and dance cost them more than 10 grand anyway.
Yeah.
Exactly.
Yeah.
I mean, they must have some sort of reason for it.
Yeah, I don't know.
So the only thing I can think is that the lawyer I spoke to, obviously, I asked about what
hypothetical costs are for a small business and they gave me an idea.
There was some talk about how it could in future be a percentage, I think, of income
earned in that area in this territory.
And that could be a reason why they go fuck yourself.
Because if it was 1% of their earnings in the UK, then that would be a lot of money.
That wouldn't just be 10,000 pounds, right?
So I don't know.
Maybe that's because that kind of shit wouldn't...
I'd already tuned out by that point.
But maybe there's some additional cause that I've missed in the regulation, the registration
fee that adds up to a lot of money.
I don't know.
Well, maybe it's just like that they don't want to...
If they bend over now, then tomorrow they're just going to come up with another thing and
bend over again, bend over again.
Yeah, but nobody really wants to do that.
It's just like paranoid fantasy.
People look at the city of London, the city of London, literally money launders in plain
sight for massive organized crime.
If you just do the bare minimum, people just forget about you.
That's the reality of the real world, right?
And even when the actual beneficial solution would be to actually do it properly, I don't
know.
They're just so...
It just seems like a paranoid worldview that is completely in flight.
It flies in the face of how the existing financial system is regulated, which is a best effort
and even the definition of best effort is quite lazily done.
You can get away with bloody murder as long as you fill out your paperwork and pay your
fee is what I can see in TradFi.
So why are they so fucking paranoid?
That's the question I have, I guess.